Group 1 - The company expects a net profit attributable to shareholders for the year 2025 to be between 348 million and 399 million yuan, representing a year-on-year growth of 76.77% to 102.67% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 236 million and 278 million yuan, indicating a year-on-year increase of 207.23% to 261.91% [1]

Core Viewpoint - The company, 深信服 (300454.SZ), has announced its earnings forecast for the year 2025, projecting a significant increase in net profit attributable to shareholders, indicating strong growth potential in the upcoming fiscal year [1] Financial Performance - The company expects net profit attributable to shareholders to be between 348 million yuan and 399 million yuan, representing a year-on-year growth of 76.77% to 102.67% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 236 million yuan and 278 million yuan, showing a substantial year-on-year increase of 207.23% to 261.91% [1]

Market Overview - The software development sector experienced a decline of 2.45% on January 30, with New Zhisoft leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the software development sector included: - *ST Huike (300561): Closed at 17.72, up 6.43% with a trading volume of 148,400 shares and a transaction value of 259 million [1] - *ST Guohua (000004): Closed at 12.62, up 4.99% with a trading volume of 55,300 shares [1] - Yingfang Software (688435): Closed at 61.91, up 4.19% with a trading volume of 63,600 shares [1] - Significant decliners included: - New Zhisoft (688590): Closed at 18.95, down 10.82% with a trading volume of 238,700 shares and a transaction value of 46.2 million [2] - Keda Automation (920932): Closed at 19.86, down 6.10% with a trading volume of 38,500 shares [2] - Deepin Technology (300454): Closed at 160.67, down 5.23% with a trading volume of 174,000 shares and a transaction value of 2.776 billion [2] Capital Flow - The software development sector saw a net outflow of 5.195 billion from institutional investors, while retail investors contributed a net inflow of 4.201 billion [2] - The capital flow for specific stocks showed: - Wanxing Technology (300624): Net inflow from institutional investors was 10.8 million, while retail investors had a net outflow of 12.4 million [3] - Xinghuan Technology (688031): Institutional net inflow was 71.7 million, with retail investors showing a net outflow of 5.7 million [3] - *ST Guohua (000004): Institutional net inflow was 15.9 million, while retail investors had a net outflow of 722.88 million [3]

Group 1 - The company expects a net profit attributable to shareholders of 348 million to 399 million yuan for 2025, representing a year-on-year growth of 76.77% to 102.67% [1] - The main reason for the performance change is the positive trend in the cloud computing industry, along with the company's continuous improvement in operational management capabilities [1] - The company's operating revenue is projected to be between 7.93 billion and 8.059 billion yuan, reflecting a year-on-year increase of 5.46% to 7.17% [1] Group 2 - The comprehensive gross profit margin of the company has slightly decreased, primarily due to changes in the business structure [1] - The company has continuously enhanced its refined management capabilities, resulting in a decrease of approximately 1% in total operating expenses [1]

Financial Projections - The company expects a net profit of between 348 million and 399 million CNY for 2025, representing a year-on-year increase of 76.77% to 102.67%[4] - Revenue is projected to be between 793 million and 805.9 million CNY, reflecting a growth of 5.46% to 7.17% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be between 236 million and 278 million CNY, indicating a significant increase of 207.23% to 261.91% year-on-year[4] - The company anticipates that non-recurring gains and losses will impact net profit by approximately 108 million to 137 million CNY, primarily from government subsidies and investment income[6] - The financial data in the earnings forecast has not been audited but has been discussed with the accounting firm, with no significant discrepancies reported[4][7] - The company will provide detailed financial data in the 2025 annual report, urging investors to make cautious decisions[7] - The earnings forecast period is from January 1, 2025, to December 31, 2025[3] Operational Insights - The cloud computing industry trend is favorable, contributing to the company's revenue growth and improved operational management capabilities[6] - The company's overall gross margin has slightly decreased due to a higher proportion of lower-margin cloud computing business[6] - The company has successfully reduced its combined R&D, sales, and management expenses by about 1% during the reporting period[6]

Core Viewpoint - The Xinchuang industry index experienced a decline of 2% on January 30, with significant drops in several companies, indicating a negative trend in the sector [1] Company Performance - Deepin Technology saw a decline of over 8% [1] - Zhongke Xingtu, Hu Silicon Industry, Langxin Technology, and Lens Technology each fell by more than 4% [1]

Group 1 - The core announcement from the company indicates that from January 12 to January 28, 2026, the stock price has closed at or above 130% of the conversion price of "Xinfeng Convertible Bonds," which is 144.21 yuan per share [2] - If the stock price continues to meet this condition for 30 consecutive trading days with at least 5 days satisfying the requirement, it will trigger the conditional redemption clause of the "Xinfeng Convertible Bonds" [2] - The company has the option to redeem all or part of the unconverted bonds at face value plus accrued interest [2]

Core Insights - Shenzhen's Nanshan District is set to become the first district in China to surpass a GDP of 1 trillion yuan by 2025, marking a significant milestone in the country's urban economic landscape [1][3] - The economic density of Nanshan has reached an impressive 54 billion yuan per square kilometer, with a per capita GDP exceeding 540,000 yuan, showcasing its economic output comparable to that of a nation [3][4] Economic Growth - Nanshan's GDP has grown from 652.7 billion yuan at the end of the 13th Five-Year Plan to over 1 trillion yuan in just five years, achieving an average annual growth rate of over 5.8% [3][4] - The district has successfully crossed multiple GDP thresholds (700 billion, 800 billion, 900 billion, and 1 trillion yuan) during this period, demonstrating resilience and vitality in its economic structure [3][4] Innovation and Industry - Nanshan has transformed from low-end manufacturing to high-end intelligent manufacturing, becoming a key center for technological innovation and industrial manufacturing in the Guangdong-Hong Kong-Macau Greater Bay Area [4] - The district is home to 218 publicly listed companies and over 5,500 national high-tech enterprises, with significant contributions from industry leaders like Huawei, Tencent, DJI, and others [4] Innovation Ecosystem - By 2025, Nanshan is expected to have over 860 invention patents per 10,000 people, approximately 22.9 times the national average, indicating a robust innovation output [4] - The district has established a comprehensive innovation ecosystem that includes basic research, technological breakthroughs, industrialization of results, financial support for technology, and talent development [4] Strategic Importance - Nanshan benefits from its strategic location adjacent to Hong Kong, the policy advantages of being in a special economic zone, and a long-standing industrial foundation, making it a unique case in regional economic development [5] - The district's development model emphasizes innovation-driven growth, industrial upgrading, reform and opening-up, and an optimized business environment, which can serve as a reference for other regions [5]

Core Viewpoint - AWS and Google Cloud have initiated price increases for their cloud services, indicating strong downstream demand for computing power, which may lead domestic cloud providers to follow suit [1][2]. Group 1: Price Increases - AWS has raised its EC2 machine learning capacity block prices by approximately 15%, with the p5e.48xlarge instance's hourly cost increasing from $34.61 to $39.80 [1]. - Google Cloud has announced a price adjustment for data transfer methods effective May 1, 2026, with North America seeing a price increase from $0.04 to $0.08 per GB, while Europe and Asia also experience increases [2]. Group 2: Demand for Computing Power - The price hikes are attributed to recent increases in CPU and storage costs, alongside a surge in computing power demand driven by complex task execution by agents [2]. - Clawdbot, an open-source project, has gained significant attention and is expected to further increase demand for computing power due to its ability to execute complex tasks continuously [3]. Group 3: Development of General-purpose Agents - Domestic model manufacturers are actively developing general-purpose agents, with Kimi releasing the K2.5 model that enhances capabilities in everyday office software [4]. - Alibaba's Qianwen app has integrated various services, evolving into an entry point for AI-driven tasks within the Alibaba ecosystem, reflecting a trend towards multi-agent collaboration [4]. Group 4: Investment Recommendations - Recommended stocks include Deepin Technology (300454.SZ) and other beneficiaries such as Parallel Technology (920493.BJ), Qcloud Technology-U (688316.SH), and others in the cloud computing sector [5].

深信服科技股份有限公司 关于信服转债预计触发赎回条件 的提示性公告 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。 重要提示： 自 2026 年 1 月 12 日至 2026 年 1 月 28 日，深信服科技股份有限公司（以下 简称"公司"）股票已有 10 个交易日的收盘价格不低于"信服转债"当期转股 价格 110.93 元/股的 130%（即 144.21 元/股）。根据《深信服科技股份有限公司 向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 的有条件赎回条款，在本次发行的可转换公司债券（以下简称"可转债"或"信 服转债"）转股期内，如果公司股票在任意连续三十个交易日中至少十五个交易 日的收盘价格不低于当期转股价格的 130%（含 130%），公司有权决定按照债 券面值加当期应计利息的价格赎回全部或部分未转股的可转债。 敬请广大投资者详细了解可转债相关规定，并及时关注公司后续公告，注意 投资风险。 | 证券代码：300454 | 证券简称：深信服 | 公告编号：2026-005 | | --- | --- | --- | | 债券代 ...