Summary of Conference Call Records Company Overview - The company discussed is 深信服 (Deepin Technology), focusing on its subscription products and services in the cybersecurity and cloud computing sectors. Key Points and Arguments Industry and Business Performance - Subscription product lines, such as MSS (Managed Security Services), have shown significant growth of 20%-30%, while traditional hardware sales have declined. Subscription methods now account for 50% of the cybersecurity business [1][2] - The MSS solution integrates firewall, EDR, XDR, and situational awareness into a platform, providing a good customer experience, but only 10%-15% of long-term operational customers currently utilize it due to high costs. The goal is to increase this to 50% [1][2] - Managed cloud services maintain a growth rate of 40%-50%, primarily targeting medium-sized customers through competitive pricing, representing about 25% of cloud computing revenue [1][13] - EDS (Enterprise Data Services) has seen significant demand in manufacturing and finance, with a large market share and a new unified storage solution launched this year [1][14][19] Pricing and Customer Segmentation - The price for a complete MSS system is approximately 30,000 to 40,000 yuan, which includes bundled services like firewall and XDR. Customers typically increase their module usage over time, leading to higher renewal amounts [1][4] - 信创 (Xinchuang) hyper-converged products are priced 20%-30% higher than non-Xinchuang products, with Xinchuang customers accounting for over 50% of total sales despite being only 20%-30% of the customer base [1][21] AI and Technological Integration - The AICP platform aims to help enterprises utilize AI resources and optimize hardware performance through GPU pooling technology, but its high price is leading the company to adjust its pricing strategy [1][22][23] - The company has discussed AI products like email protection and security GPT, but market acceptance remains low due to high costs and the need for local deployment for data security [9][10][11] Market Dynamics and Competitive Landscape - The cybersecurity market is highly competitive, with price wars among leading firms, resulting in high investment but low returns. Despite some smaller players exiting, the overall market has not improved significantly [2] - The transition from centralized to distributed storage in the financial sector is ongoing, with some clients still using traditional databases, indicating a gradual shift rather than an immediate change [17][18] Future Outlook - The company expects to increase its enterprise user base from approximately 20 to around 100 in the future, with individual user spending gradually increasing [6] - The hyper-converged market is growing at 20%-30%, with a focus on filling the gap left by VMware's exit [20] - The company is exploring ways to leverage existing customers to expand its user base, particularly in AI technology [28] Challenges and Considerations - High costs remain a significant barrier for many potential customers, particularly in manufacturing, where investment decisions are cautious without clear ROI [26][27] - The company recognizes the need to balance hardware and software costs to make their offerings more attractive to customers [27] Additional Important Information - The company has a strong focus on providing high-level operational services, requiring a small team to manage multiple enterprise users [7] - The managed cloud service offers a cost advantage over traditional public cloud services by allowing flexible pricing based on actual resource usage [15]

中信建投证券股份有限公司 关于深信服科技股份有限公司 2025 年半年度持续督导跟踪报告 | 公司及股东承诺事项 | 是否 履行承诺 | 未履行承诺的原因及解决措施 | | --- | --- | --- | | 1.首次公开发行时所作承诺 | 是 | 不适用 | | 2.向特定对象发行时所作承诺 | 是 | 不适用 | | 3.向不特定对象发行可转债时所作承诺 | 是 | 不适用 | 1 | （2）关注事项的主要内容 | 不适用 | | --- | --- | | （3）关注事项的进展或者整改情况 | 不适用 | | 9.保荐业务工作底稿记录、保管是否合规 | 是 | | 10.对上市公司培训情况 | | | （1）培训次数 | 0 次 | | （2）培训日期 | 不适用 | | （3）培训的主要内容 | 不适用 | | 11.上市公司特别表决权事项（如有） | | | （1）持有特别表决权股份的股东是否持续符 | | | 合《股票上市规则》第 4.6.3 条/《创业板股 | 不适用 | | 票上市规则》第 4.4.3 条的要求； | | | （2）特别表决权股份是否出现《股票上市规 | | | 则》第 4 ...

Market Overview - The Shanghai Composite Index fell below the 3800 mark, closing at 3765.88 points, down 1.25%, while the Shenzhen Component Index and ChiNext Index dropped 2.83% and 4.25% respectively, indicating a recent market correction after a rapid rise in August [1][8] Stock Recommendations - A total of 42 brokerages have issued stock recommendations for September, suggesting 285 stocks, with ZTE Corporation, New China Life Insurance, and Kaiying Network being the most frequently recommended, each by 5 brokerages [2][3] - In the last three months, Muyuan Foods and Oriental Fortune have been recommended 14 times, the highest among all A-shares, while Luoyang Molybdenum and Kaiying Network were recommended 11 times [2][4] Performance of Recommended Stocks - Luoyang Molybdenum has seen a nearly 40% increase since August, while ZTE Corporation and Kaiying Network were only recommended by one brokerage in August [3][5] - Among the top 10 recommended stocks, only Luoyang Molybdenum saw a slight increase of 0.65% from September 1 to September 4, while the others experienced declines, with four stocks dropping over 10% [5][6] Sector Focus - Brokerages are focusing on technology sectors such as computing power, artificial intelligence, and consumer electronics, while also recommending attention to new consumption, large finance, and domestic substitution themes [2][9] - Long-term bullish sentiment remains for the A-share market, with expectations for economic support measures and a potential rebound in the Hong Kong market [9][10] Company Insights - Luoyang Molybdenum is highlighted as a major international resource company, with copper and cobalt contributing over 70% to its profits, and is expected to benefit from rising prices of strategic metals [7] - New China Life Insurance is favored for its high investment returns from equity assets, with a significant increase in new business from its bancassurance channel [5][6] - Kaiying Network's upcoming game releases and AI applications are anticipated to drive performance growth [6]

Group 1 - In August, the A-share market strengthened, leading to positive returns for most of the recommended stocks by brokerages, with 244 out of 287 stocks recommended showing price increases [1][3] - The average gain of the recommended stocks in August was positive, with notable performances from brokerages such as Kaiyuan Securities and AVIC Securities [1][5] - The top three performing stocks in August were Huasheng Tiancai (600410.SH) with a gain of 115.11%, followed by Hanwujing (688256.SH) with a gain of 110.36%, and Siquan New Materials (301489.SZ) with a gain of 100.66% [3][4] Group 2 - As of September 4, over 40 brokerages had recommended 285 stocks for September, with Kaiying Network (002517.SZ) and Deepin Technology (300454.SZ) being the most frequently recommended [2][8] - Kaiying Network was recommended by multiple brokerages due to its upcoming product cycle and stable mid-year performance, reporting a revenue of 2.578 billion yuan, a year-on-year increase of 0.89%, and a net profit of 950 million yuan, a year-on-year increase of 17.41% [9][10] Group 3 - The technology sector performed exceptionally well in August, with 7 out of the top 10 recommended stocks belonging to this sector [5][6] - Conversely, the healthcare sector underperformed, with half of the stocks in the top 10 largest declines being from this industry, including Yifang Biotechnology (688382.SH) which fell by 19.62% [6][7] Group 4 - Among the stocks recommended for September, Deepin Technology had a high price-to-earnings ratio of 240.05, indicating a significant valuation compared to other recommended stocks [12] - Deepin Technology reported a revenue of 3.009 billion yuan for the first half of 2025, a year-on-year increase of 11.16%, but also reported a net loss of 228 million yuan, which was a 61.54% increase in loss compared to the previous year [12]

Group 1 - The core viewpoint of the articles highlights the significant concentration of stock recommendations from brokerages for September, with 41 brokerages recommending a total of 281 unique stocks, indicating a strong market interest in specific companies [1][2] - Key stocks receiving multiple recommendations include Kaiying Network and ZTE Corporation, both recommended by five brokerages, reflecting a consensus on their potential for growth [1][2] - The overall sentiment among brokerages is optimistic, with expectations of a continued structural opportunity in the A-share market, driven by positive feedback from incremental capital inflows [2][3] Group 2 - In August, the performance of recommended stocks was validated, with 287 stocks recommended, of which 244 saw price increases, showcasing the effectiveness of brokerage recommendations [4] - Three stocks from August recommendations saw gains exceeding 100%, including Huasheng Tiancai with a 115.11% increase, indicating strong market performance in specific sectors [4] - The financial sector showed robust performance in August, with most recommended stocks in this category experiencing significant price increases, highlighting the sector's resilience [4][5] Group 3 - The brokerage stock index for August also performed well, with the "Kaiying Securities Stock Index" leading with a 25.58% monthly increase, indicating strong research capabilities among brokerages [5][6] - The liquidity and policy environment are expected to support a structural market trend, with a focus on sectors showing high growth potential, such as technology and consumer electronics [3]

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]

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]