Group 1 - The company, 深信服 (Shenxinfu), announced a share buyback program, having repurchased a total of 364,900 shares as of August 31, 2025 [1] - The repurchased shares represent 0.09% of the company's total share capital [1] - The highest transaction price during the buyback was 55.00 CNY per share, while the lowest was 54.22 CNY per share, with a total transaction amount of 19,938,676.00 CNY (excluding transaction fees) [1]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于回购股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深信服科技股份有限公司（以下简称"公司"）于 2025 年 1 月 15 日召开第 三届董事会第二十六次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司部分社会公众股份（以下简称 "本次回购"），用于实施员工持股计划或股权激励计划。本次回购的资金总额 不低于人民币 1 亿元且不超过人民币 2 亿元（均含本数），回购价格不超过人民 币 80 元/股（含本数），具体回购股份的数量及占公司总股本的比例以回购期届 满或回购完毕时公司实际回购的股份数量和占公司届时总股本的比例为准。本次 回购实施期限为自公司董事会审议通过本次回购股份方案之日起不超过 12 个月。 具体内容详见公司在指定信息披露媒体巨潮资讯网（www.cninfo.com.cn ...

Summary of Conference Call Records Industry Overview - The computer industry has shown a strong performance in 2025, with a growth rate of 37.42%, outperforming most sectors despite varying market perceptions [1][2] - The total revenue of 399 companies in the computer sector reached 1.04 trillion yuan, a year-on-year increase of 18.32%, while net profit attributable to shareholders grew by 28.13% to 28.413 billion yuan [1][5] Key Companies and Performance - Major companies like Haiguang and Inspur have significantly outperformed the index, contributing to the sector's overall success [3] - The DFC market trend in the first half of the year has propelled the sector index to new highs [3] AI Integration and Trends - AI technology is increasingly integrated, with 87.69% of computer companies mentioning AI in their half-year reports [1][10] - Companies such as Kingsoft Office, Hikvision, and Yonyou have reported AI-related revenues and orders, indicating a trend of investment in AI in the first half of the year, with expected implementation in the second half and significant growth in 2026 [1][6] Government Policy Impact - The State Council's recent opinions on AI development set clear targets for AI application rates by 2027 and 2030, which will accelerate technological innovation and market application among enterprises [9][13] Notable Financial Metrics - Among the 399 companies, 216 reported positive net profit growth, with an overall growth average of 16.51% [5] - The average revenue for these companies was 6.3 billion yuan, with a median of 3.7 billion yuan [5] Future Outlook - The current state is viewed as a bottom phase for AI applications, with strong potential for growth in the application sector, particularly among leading companies [7] - Investors are advised to focus on leading companies in niche markets, such as Kingsoft Office in office software and Hikvision in video surveillance [12][13] Key Takeaways for Investors - Emphasis on the importance of the State Council's AI action plan and its implications for the industry through 2035 [9][13] - Attention should be given to leading companies in their respective segments, as they possess strong competitive advantages [12][13]

Summary of China Software 2Q25 Conference Call Industry Overview - The conference call focused on the **China Software** industry, particularly the performance of various software companies in the second quarter of 2025 (2Q25) and the first half of 2025 (1H25) - Average revenue growth for the covered companies was **9% YoY** in 1H25, with an average net margin of **-3%** due to weak seasonality in the first half [1][2] Key Company Performances - **Kingsoft Office, Thundersoft, and Sensetime** reported revenues in 2Q25 that exceeded expectations due to increased AI spending - **Glodon and Sangfor** showed better-than-expected net income in 2Q25, attributed to improved employee productivity [1] - **Yonyou** reported a revenue growth of **7% YoY** in 2Q25, recovering from a **-21% YoY** decline in 1Q25, supported by small and medium business (SMB) growth [9] - **Thundersoft** experienced a **50% YoY** revenue increase, driven by strong growth in its AIoT business [26] - **Glodon** faced a **-5% YoY** revenue decline, but net margin improved to **13%** due to product mix upgrades and cost management [17] Core Insights and Trends - Companies are focusing on: 1. **Monetization of AI tools** to provide value-added features [2] 2. **Diversification** into overseas markets or new categories to counteract slower IT spending in certain segments [2] 3. **Integration of AI** with core software products to capture a larger share of clients' budgets [2] - The average **P/E ratio** for China software companies increased to **55x-60x**, indicating early signs of AI monetization, while the average **EV/Sales** ratio rose to **8x-9x** [2] Company Ratings and Recommendations - **Buy** ratings maintained for **Empyrean** and **Kingdee** - **Neutral** rating for **Yonyou** - **Sell** ratings for **ZWSOFT, Thundersoft, Glodon, and Sangfor** [3] Earnings Revisions - **Yonyou**: Revised down 2025 net loss to **Rmb594m** from **Rmb517m** due to lower revenues during transformation [12] - **Glodon**: Revenue estimates revised down by **1%-3%** for 2025-28E, but earnings revised up by **18%/12%/2%/1%** due to improved productivity [20] - **Thundersoft**: Revenue estimates revised up by **8%/5%/4%** for 2025-27E, reflecting higher revenues from the IoT business [30] - **Sangfor**: Revenue estimates revised down by **9%/2%/1%** for 2025-27E due to lower security software revenues [46] Other Important Insights - **ZWSOFT** launched new products with enhanced 3D CAD features, which are expected to support long-term growth despite current muted growth in 3D CAD software [39] - **Sangfor** is expanding its cloud computing product offerings, which is expected to contribute to revenue growth [45] - The overall sentiment in the industry is cautiously optimistic, with expectations of improved productivity and revenue growth driven by AI integration and new product offerings [1][2][3]

周五（8月29日），AI行情普遍调整，创业板人工智能小幅收跌，但算力部分个股仍表现活跃！其中， 光模块龙头天孚通信大涨超10%再创历史新高，深信服、太辰光、昆仑万维、同花顺、中科创达等多股 涨逾1%。下跌方面，长芯博创大跌超11%，润和软件、创意信息、锐捷网络等6股跌超5%。 | 序号 | 证券代码 | 证券简称 | 壹业收入 | 蒙非收入(同比增长率) | 归属母公司股东的净利润 | 归属母公司股东的净利润 | | --- | --- | --- | --- | --- | --- | --- | | | | | [报告期] 2025中报 | [报告期] 2025中报 | [报告期] 2025中报 | (同比增长驱) | | | | | [报惠类型] 合并报表 | [单位] % | [报表类型] 合并报表 | [报告期] 2025中报 | | | | | 【单位】亿元 | [单位] 亿元 | | [900] %] | | 1 | 300548.5Z | 长志博创 | 11.9986 | 59.5385 | 1.6822 | 1,121.2070 | | 2 | 300541.SZ | 先进数值 | 13.7 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant improvement in Q2, achieving a net profit of 21.98 million yuan, marking a turnaround from previous losses, which exceeded expectations [7] - The cloud computing business is experiencing high growth, with revenue of 1.395 billion yuan in H1 2025, a year-on-year increase of 26.15%, becoming a core growth driver [7] - The security business remains stable, with revenue of 1.435 billion yuan in H1 2025, a year-on-year growth of 2.61% [7] - The company has seen significant improvements in cost reduction and efficiency, with operating cash flow improving from -977 million yuan in the previous year to -235 million yuan [7] - The international strategy is showing results, with overseas revenue of 254 million yuan in H1 2025, a year-on-year increase of 35.33% [7] - The company has adjusted its revenue and profit forecasts upwards for 2025-2027, anticipating revenues of 82.83 billion yuan, 91.73 billion yuan, and 102.37 billion yuan respectively, and net profits of 4.12 billion yuan, 5.42 billion yuan, and 7.52 billion yuan [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 8.283 billion yuan, with a year-on-year growth rate of 10.2% [6] - The net profit for 2025 is forecasted to be 412 million yuan, representing a significant year-on-year increase of 109.4% [6] - The gross margin is expected to remain stable, around 62% for the forecast period [6]

Core Insights - The article emphasizes the strategic importance of IoT security as a comprehensive system that ensures data confidentiality, integrity, and availability across the entire IoT ecosystem, driven by national policies and market demands [1][6][8]. Industry Overview - IoT security is defined as a system that protects IoT devices, communication networks, cloud platforms, and application services from various threats, ensuring data confidentiality, integrity, and availability [2][3]. - The Chinese IoT industry has surpassed 4 trillion yuan, with an average annual growth rate exceeding 17%, driven by "new infrastructure" and "dual carbon" goals [1][8]. Market Size and Growth - The market size for IoT security is projected to grow from 28 billion yuan in 2020 to 46.3 billion yuan in 2024, with expectations to exceed 51 billion yuan by 2025, reflecting a compound annual growth rate of 12%-15% [1][9]. Competitive Landscape - The IoT security industry in China is characterized by a fragmented market, with leading companies like Qihoo 360 and Deep Technology holding less than 20% of the overall market share, while small and medium enterprises dominate 75% of the market [1][10][12]. - Major players include Qihoo 360, Deep Technology, and Tianmao Information, with Qihoo 360 leading the boundary security market with a 21.2% market share [1][10][12]. Industry Trends - Future trends indicate a shift towards a collaborative development model where technology, application scenarios, and ecosystems work together, with a focus on zero trust and AI integration to enhance security capabilities [1][14][15]. - The demand for security solutions in industrial IoT, smart cities, and rural markets is expected to create a market worth hundreds of billions, with specific needs for device identity authentication and data encryption [1][14][15]. Policy and Regulatory Framework - The Chinese government has introduced several policies to establish a comprehensive IoT security standard system by 2025, which includes over 30 industry standards across various categories [1][6][8].

Summary of Key Points from Conference Call Records Industry Overview - The AI application sector has underperformed since August, but the long-term logic remains unchanged, with application revenue expected to grow significantly in the coming years [1][4] - The AI infrastructure industry is evolving with the increasing demand for resource management and application integration, driven by the AI wave [28] Company-Specific Insights Kingsoft (金山) - Kingsoft's WPS AI 3.0 aims to make AI the core of user interaction, with significant user growth and expected revenue from AI features to reach approximately 700 million RMB this year [1][12] - Monthly active users of WPS AI increased from 20 million to 30 million, with a projected growth to 60-70 million by the end of the year [10][11] - Kingsoft is focusing on attracting members rather than immediate monetization, with AI-driven membership revenue expected to double this year [12] - The company has made significant strides in the private enterprise market, with higher user value compared to state-owned enterprises [13] - Kingsoft's international revenue exceeded 100 million RMB, with plans for a unified global product launch [14] - Revenue for Kingsoft is projected to reach 5.8 billion RMB this year, with expectations of 7 billion RMB next year [16] Deepin (深信服) - Deepin's AI computing platform (AICP) integrates into its hyper-converged product line, enhancing its cloud computing business [1][17] - The company is expected to see a revenue increase of 10% this year, reaching 8.1 billion RMB, with profits projected to double [21][27] - Deepin's market share in hyper-converged infrastructure is around 20%, benefiting from the domestic shift towards local alternatives [27][23] - The demand for security solutions is increasing, contributing to stable revenue growth [24] iFlytek (科大讯飞) - iFlytek achieved a 17% revenue growth in the first half of 2025, with significant growth in its learning machine and enterprise deployment businesses [37] - The company is expected to release profits in the second half of the year as promotional costs stabilize [37] SenseTime (商汤科技) - SenseTime anticipates a 25% growth in AIGC revenue, shifting to a light-asset operation model to improve cash flow [38] - The company is optimistic about GPU cloud computing demand, indicating a positive outlook for its future [38] Innovation Flagship (创新旗帜) - Innovation Flagship has seen a significant revenue turnaround in the AI + manufacturing sector, with a 22% growth in the first half of 2025 [39] - The company is focusing on robotics and blockchain solutions, reflecting confidence in its growth strategy [39] Zhongke Chuangda (中科创达) - Zhongke Chuangda's IoT business grew by 136% year-on-year, with strong performance in both domestic and overseas markets [1][29] - The company is benefiting from the rise of AI smartphones and has seen a notable increase in its software and automotive sectors [29][30] Market Trends and Future Outlook - The AI application sector is expected to see significant revenue growth in the next two years, despite current market challenges [5][4] - Companies are focusing on product iteration and user accumulation to prepare for future commercialization [5] - The AI infrastructure market is evolving with increased demand for integrated solutions and resource management [28] Conclusion - The AI sector, particularly in applications and infrastructure, is poised for growth despite current market fluctuations. Companies like Kingsoft, Deepin, iFlytek, and others are strategically positioning themselves to capitalize on future opportunities through innovation and market expansion.

Investment Rating - The report maintains a "Buy" rating for several companies, including Kingsoft Office, Fourth Paradigm, Fanwei Network, Yonyou Network, Deepin, Inspur Information, Zhongke Chuangda, and Ying Shi Network [8][11]. Core Insights - The "Artificial Intelligence+" action plan released by the State Council marks a strategic shift in China's AI industry, focusing on deep integration with the real economy and commercialization [1]. - The report emphasizes the importance of AI applications, with a goal for integration rates in key areas to exceed 70% by 2027 and 90% by 2030 [2]. - AI infrastructure, particularly computing power and data, is highlighted as a national strategic priority, indicating a potential for rapid growth in these sectors [3]. - The concept of "AI-Native" businesses is introduced, which fundamentally differs from traditional AI models, suggesting new investment opportunities in companies that can create disruptive value [4]. Summary by Sections AI Applications - The report anticipates that various government departments will introduce supporting policies to facilitate AI application deployment, addressing the "last mile" challenges [2]. - A clear roadmap is established with quantitative targets for AI integration in key sectors [2]. AI Infrastructure - The report identifies computing power and high-quality data as critical components for AI development, with a focus on building a unified national computing network [3]. - The emphasis on data supply innovation and the construction of high-quality AI datasets indicates a strategic move towards enhancing AI capabilities [3]. Investment Opportunities - The report outlines four main investment themes: AI + Computing Power, AI + Data, AI + Applications, and AI + End Devices, recommending specific companies within these categories [5]. - Companies such as Kingsoft Office, Fourth Paradigm, and others are highlighted for their potential in rapidly deploying AI solutions [5]. Company Performance - Kingsoft Office reported a revenue of 2.657 billion yuan in H1 2025, with a year-on-year growth of 10.12% [12]. - Fourth Paradigm's revenue reached 2.63 billion yuan in H1 2025, reflecting a year-on-year increase of 40.7% [13]. - Fanwei Network's H1 2025 revenue was 808 million yuan, down 8.79% year-on-year, but with a significant net profit increase [14]. - Yonyou Network's revenue for H1 2025 was 3.581 billion yuan, showing a decline of 5.89% year-on-year, but with positive growth in Q2 [15]. - Deepin's revenue for H1 2025 was 3.009 billion yuan, with a year-on-year growth of 11.16% [16].

Core Insights - The A-share AI industry chain has shown strong performance, with the AI-focused ETF Huaxia (159381) rising over 3% on August 27, later stabilizing at a 1.34% increase [1] - The State Council issued an opinion on the "Artificial Intelligence +" initiative, aiming for deep integration of AI with six key sectors by 2027, targeting over 70% penetration of new intelligent terminals and applications [1] - The Huaxia AI ETF tracks the ChiNext AI Index and focuses on leading companies in the AI industry chain, particularly in AI computing power, software, and applications, with a low management fee of 0.20% [1] - The ETF has seen a cumulative increase of over 60% this year, outperforming similar AI indices [1]