Core Viewpoint - The China Automobile Industry Association has released an initiative to standardize payment practices between vehicle manufacturers and suppliers, aiming to enhance cooperation and promote high-quality development in the automotive industry [1][2]. Group 1: Initiative Details - The initiative emphasizes compliance with the "Regulations on Payment to Small and Medium-sized Enterprises," ensuring that large enterprises do not exploit their advantageous positions to harm suppliers' interests [1]. - Key aspects of the initiative include confirming order dates, timely delivery, and acceptance of goods, with manufacturers required to complete acceptance within three working days [1]. - Payment terms are set to a maximum of 60 calendar days from the date of delivery and acceptance, with provisions for concentrated reconciliation for continuous suppliers [1]. Group 2: Long-term Cooperation - The initiative advocates for establishing long-term and stable cooperative relationships, with contracts having a minimum validity period of one year [2]. Group 3: Market Impact - The automotive parts ETF closely tracks the CSI Automotive Parts Theme Index, benefiting from improved industry payment terms and cash flow, with an intraday increase of over 1.5% [3]. - The CSI Automotive Parts Theme Index includes 100 listed companies involved in various automotive components, reflecting the overall performance of the sector [3]. - As of August 29, 2025, the top ten weighted stocks in the index account for 41.54% of the total, including companies like Huichuan Technology and Fuyao Glass [3].

Summary of Key Points from the Equity Research Report on China Software Equities Industry Overview - The report focuses on the **China Software Industry**, particularly in the context of **AI monetization** and competition dynamics within the sector [2][3]. Core Insights 1. **AI Monetization Stage**: - AI monetization is still in its early stages, with significant policy support leading SOEs to prioritize AI projects, particularly in finance, healthcare, and education [3][4]. - SMEs in the manufacturing sector show strong demand for cost control, benefiting software companies like Yonyou and Nancal, which are experiencing good order momentum [3][4]. - Consumer-oriented software companies are currently focused on user acquisition and loyalty rather than immediate monetization of AI functionalities [3][4]. 2. **Competition Landscape**: - Simpler AI applications face intense competition, leading to a decline in Average Selling Price (ASP) [4]. - Complicated software, such as ERP systems, is less likely to be replaced by AI due to the necessity of industry-specific knowledge, which AI cannot easily replicate [4]. 3. **Stock Recommendations**: - **Sangfor (Buy)**: Expected to benefit from AI-driven IT infrastructure upgrades, with a target price of RMB143.00, implying a 30% upside from the current price [5][13]. - **Yonyou (Buy)**: Notable for its rapid AI order ramp-up, with 1H25 AI orders reaching RMB320 million, approximately 9% of total revenue. Target price set at RMB22.00, indicating a 54% upside [5][13]. - **ThunderSoft (Buy)**: Positioned to benefit from strong software upgrade demand from AI IoT suppliers, with a target price of RMB90.00, suggesting a 25% upside [5][13]. - **Kingsoft Office (Buy)**: Unique position as the only office software vendor in China with a closed-loop system for AI, targeting a price of RMB353.00, reflecting a 20% upside [5][13]. Financial Metrics - **Yonyou**: 1H25 AI orders at RMB320 million, with expectations for further growth in 2H25 [5][9]. - **Sangfor**: Revenue CAGR of 15% from 2018-2024, with a projected revenue of RMB9.1 billion by 2026 [13]. - **Kingsoft Office**: Historical average PS multiple of 33x, with a projected revenue CAGR of 15% for 2024-2026 [13]. Additional Insights - The report highlights the importance of **on-device AI** products, such as AI glasses and toys, which are seeing robust demand [3]. - Companies like Arcsoft and ThunderSoft are noted for their strong order momentum in the AI hardware space [3][5]. - The report emphasizes the potential for AI to enhance existing software capabilities rather than completely replace them, particularly in complex applications [4]. Risks and Challenges - Key risks include fierce competition, weaker-than-expected business expansion due to macroeconomic challenges, and potential chip shortages impacting production [13]. This summary encapsulates the critical insights and financial metrics from the report, providing a comprehensive overview of the current state and future outlook of the China software industry, particularly in relation to AI monetization and competitive dynamics.

Core Viewpoint - Zhongke Chuangda announced the election of Hu Dan as the employee representative director of the fifth board of directors during the employee representative meeting held on September 11, 2025 [2] Summary by Sections - **Company Announcement** - The company held an employee representative meeting on September 11, 2025, where Hu Dan was elected as the employee representative director [2] - The term of the newly elected board members will last until the end of the fifth board's term [2]

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。 证券代码：300496 证券简称：中科创达 公告编号：2025-049 中科创达软件股份有限公司 关于选举职工代表董事的公告 中科创达软件股份有限公司（以下简称"公司"）于 2025 年 9 月 11 日召开了职工 代表大会，经全体与会职工代表表决，选举胡丹女士（简历见附件）为公司第五届董事 会职工代表董事，与其他董事共同组成公司第五届董事会，任期自本次职工代表大会审 议通过之日起至公司第五届董事会任期届满之日止。胡丹女士符合《公司法》等规定的 职工代表董事任职资格和条件，当选公司职工代表董事后，公司第五届董事会中兼任高 级管理人员职务以及由职工代表担任的董事人数未超过公司董事总数的二分之一，符合 相关法律法规的要求。 特此公告 中科创达软件股份有限公司董事会 2025 年 9 月 11 日 1 附件： 职工代表董事简历 胡丹女士，1979 年出生，中国国籍，无境外永久居留权，毕业于武汉大学计算机 科学与技术系计算机应用专业，工学硕士。 现任公司经营管理部总监。曾任公司项目经理、运营经理、职工代表监事，日电卓 越 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于中科创达软件股份有限公司 2025年第二次临时股东会的法律意见书 致：中科创达软件股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受中科创达软件股份有 限公司（以下简称"公司"）的委托，指派本所律师列席公司于 2025 年 9 月 11 日下午 14:30 在北京市海淀区清华东路 9 号院 3 号楼创达大厦召开的公司 2025 年第二次临时股东会（以下简称"本次股东会"），并依据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司股东会规则》《深圳证券交易所创 业板股票上市规则》等中国现行法律、法规和其他规范性文件（以下简称"中国 法律法规"）及《中科创达软件股份有限公司章程》（以下简称"《公司章程》"） 的规定，就本次股东会的召集和召开程序、出席会议人员资格、召集人资格、会 议表决程序和表决结果等事宜（以下简称"程序事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提 ...

证券代码：300496 证券简称：中科创达 公告编号：2025-048 中科创达软件股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开情况 1、 召开时间：2025 年 9 月 11 日（星期四）14:30 6、 本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股 东会规则》《深圳证券交易所创业板股票上市规则》等有关法律、行政法规、部 门规章、规范性文件和《中科创达软件股份有限公司章程》的有关规定。 二、会议出席情况 （一）股东出席的总体情况 参加本次股东会现场会议和网络投票表决的股东及股东代理人共 508 人，代 表有表决权的公司股份数合计为 134,696,121 股，占公司有表决权股份总数（"股 份总数"为截至股权登记日公司股本总数剔除回购专用账户的股份总数，下同） 459,410,719 股的 29.3193%。其中：通过现场投票的股东共 3 人，代表有表决权 的公司股份数合计为 128,710,892 股，占公司有表决权股份总数 459,410,719 股的 28.0165%；通 ...

Company Overview - Zhongke Chuangda, established on March 7, 2008, and listed on December 10, 2015, is a leading global provider of intelligent operating systems and edge intelligent products and technologies [1] - The company's main business revenue composition includes software development (37.17%), technical services (31.38%), product sales and others (29.20%), and software licensing (2.24%) [1] Financial Performance - As of June 30, 2025, Zhongke Chuangda achieved operating revenue of 3.299 billion yuan, representing a year-on-year growth of 37.44% [2] - The net profit attributable to shareholders for the same period was 158 million yuan, showing a year-on-year increase of 51.84% [2] Stock Performance - On September 11, Zhongke Chuangda's stock price increased by 2.03%, reaching 73.73 yuan per share, with a total market capitalization of 33.945 billion yuan [1] - The stock has risen by 23.91% year-to-date, with a 1.07% increase over the last five trading days, 23.75% over the last 20 days, and 34.99% over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 9.07% to 86,000, while the average circulating shares per person increased by 9.97% to 4,275 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 11.056 million shares, and E Fund's ChiNext ETF, which decreased its holdings by 203,800 shares [3] Dividend Distribution - Zhongke Chuangda has distributed a total of 774 million yuan in dividends since its A-share listing, with 353 million yuan distributed over the past three years [3] Market Position - The company is categorized under the computer-IT services sector, specifically in IT services, and is involved in various concept sectors including smartwatches, neural networks, NVIDIA concepts, 5G, and mixed reality [1]

Company Overview - Zhongke Chuangda, established on March 7, 2008, and listed on December 10, 2015, is a leading global provider of intelligent operating systems and edge intelligent products and technologies [1] - The company's main business revenue composition includes software development (37.17%), technical services (31.38%), merchandise sales and others (29.20%), and software licensing (2.24%) [1] Financial Performance - For the first half of 2025, Zhongke Chuangda achieved operating revenue of 3.299 billion yuan, representing a year-on-year growth of 37.44% [2] - The net profit attributable to shareholders for the same period was 158 million yuan, showing a year-on-year increase of 51.84% [2] Stock Performance - As of September 10, Zhongke Chuangda's stock price increased by 2.03%, reaching 73.42 yuan per share, with a total market capitalization of 33.802 billion yuan [1] - Year-to-date, the stock price has risen by 23.39%, while it has decreased by 3.29% over the last five trading days [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 9.07% to 86,000, while the average number of circulating shares per person increased by 9.97% to 4,275 shares [2] - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 14.7818 million shares, an increase of 11.056 million shares from the previous period [3] Dividend Distribution - Since its A-share listing, Zhongke Chuangda has distributed a total of 774 million yuan in dividends, with 353 million yuan distributed over the last three years [3] Market Position - Zhongke Chuangda is classified under the Shenwan industry as Computer-IT Services II-IT Services III, and is involved in sectors such as smart watches, neural networks, NVIDIA concepts, 5G, and mixed reality (MR) [1]

Core Insights - The collaboration between Zhongke Chuangda and Geely Automobile Group resulted in the launch of a new product, AIBOX, at the 2025 IAA MOBILITY event [1] - AIBOX is based on the NVIDIA DRIVE AGX in-vehicle computing platform and features Zhongke Chuangda's DWater AIOS [1] Company and Industry Summary - Zhongke Chuangda and Geely Automobile Group jointly unveiled AIBOX, showcasing advancements in automotive technology [1] - The product leverages NVIDIA's cutting-edge computing platform, indicating a trend towards integrating AI and advanced computing in the automotive sector [1]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance across all business lines, particularly in the smart IoT sector [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.299 billion yuan, a year-on-year increase of 37.4%, and a net profit attributable to shareholders of 158 million yuan, up 51.8% [1]. - The second quarter alone saw revenue growth of 49.7%, net profit growth of 384.2%, and a staggering 1613.9% increase in non-recurring net profit [1]. - Revenue from the smart software business line was 841 million yuan (YoY +10.5%), smart automotive business line revenue was 1.189 billion yuan (YoY +7.85%), and the smart IoT business line revenue reached 1.27 billion yuan (YoY +136.1%) [1]. Business Segments - All three business lines showed growth rates higher than the full year of 2024, indicating improved downstream demand [1]. - The significant increase in the smart IoT product line's revenue was primarily due to the consolidation of T2Mobile at the end of 2024 [1]. - Domestic business revenue in H1 2025 was 1.74 billion yuan (YoY +13.0%), while overseas business revenue reached 1.56 billion yuan (YoY +81.4%), nearing the domestic revenue level [1]. Profitability and Cost Management - Gross margins for the smart automotive, smart software, and smart IoT business lines were 46.0%, 37.1%, and 18.5%, respectively, showing improvements compared to the full year of 2024 [2]. - The company managed to reduce its sales, management, and R&D expense ratios to 3.38%, 8.42%, and 17.23%, respectively, leading to a net profit margin increase to 4.8% (YoY +0.45%) [2]. Product Development - The company is enhancing its smart vehicle products, launching the AI-native operating system "滴水OS" and collaborating with Huoshan Engine on AI cockpit solutions [2]. - The product matrix in the edge AI sector is expanding, including new offerings like AI forklifts, TurboX AI glasses, and a new video conferencing all-in-one design [2]. Earnings Forecast and Investment Recommendation - Based on the latest financial report, the company adjusted its profit forecasts for 2025-2027, estimating net profits of 471 million yuan, 567 million yuan, and 665 million yuan, respectively [3]. - The reasonable valuation level is set at 73 times PE for 2026, corresponding to a target price of 89.79 yuan, maintaining a buy rating [3].