Summary of Conference Call Records Industry Overview - The conference call discusses the software industry in China, focusing on nine companies: Kingsoft Office, Empyrean, Glodon, Thundersoft, Yonyou, Kingdee, iFlytek, ZWSOFT, and Sangfor. [1][2] Key Points and Arguments Revenue Growth and Profitability - Overall revenue growth is expected to recover in 2Q25 compared to 1Q25 due to improving client order momentum, although IT spending in certain segments, such as construction, may face near-term challenges. [1] - Profit growth is anticipated to remain weak in 2Q25, with potential improvement in 2H25 driven by better operational efficiency and headcount optimization. [1] Company-Specific Insights 1. **Kingsoft Office (KO)** - Expected revenue growth of 10% YoY in 2Q25, reaching Rmb1.3 billion, supported by an increase in paying users for upgraded WPS AI features. [7] - Focus on AI features upgrade and extending trial periods to expand the user base. [7] - Earnings revised down by 2% for 2025-27E due to lower revenues from ToB solutions. [16] 2. **Empyrean** - Anticipated revenue growth of 27% YoY in 2Q25, driven by expanding digital/memory EDA tools and increased client spending. [8] - Opex ratio expected to remain high at 114%. [8] - Earnings revised down by 3% for 2025-27E due to lower revenues from analog EDA tools. [20] 3. **Glodon** - Revenue growth projected at 2% YoY in 2Q25, with improving net margin expected at 4.2%. [10] - New business drivers include infrastructure and urban renewal projects. [11] - Earnings revised down by 6% for 2025-28E due to lower revenues from construction cost tools. [26] 4. **Thundersoft** - Expected revenue growth of 20% YoY in 2Q25, supported by IoT business growth from AI edge devices. [13] - Earnings revised down by 5% for 2025-27E due to lower revenues from automotive software. [30] 5. **Yonyou** - Revenue guidance for 2Q25 is in line, with a narrowed net loss expected. [14] - Earnings revised up by 1% for 2026/27E due to higher revenues from Gen-AI spending. [35] 6. **Kingdee** - Expected revenue growth of 13% YoY in 1H25, supported by large-scale enterprise client spending. [14] - Earnings revised up by 1% for 2026/27E due to improved operational efficiency. [38] 7. **iFlytek** - Midpoint revenue growth for 2Q25 is guided at 11% YoY, with a net loss expected due to higher spending on AI models. [15] Market Trends and Strategic Focus - Key questions for the upcoming results season include AI product upgrades, client IT spending outlook, headcount plans, and new business opportunities in vertical expansion and non-China markets. [1] - Companies are focusing on enhancing operational efficiency and exploring new business avenues to drive growth amid challenging market conditions. [1] Additional Important Insights - The conference highlights the importance of AI integration across various software solutions, with companies like Kingsoft Office and iFlytek leading in AI product development. [7][15] - The overall sentiment indicates cautious optimism for the second half of 2025, with expectations of improved profitability as companies adapt to market conditions and enhance their product offerings. [1][8]

Group 1 - The "Shanghai Summer" international consumption season has led to the opening of 16 new stores in the Port City Square, enhancing the vibrancy and diversity of the area around Dishui Lake [1] - Port City Square serves as the core carrier of the Dishui Lake AI Innovation Port, attracting over 200 innovative enterprises and more than 3,000 tech talents in fields such as smart chips and autonomous driving [1] - The area has seen the establishment of high-energy projects like the "Digital Nomad Community" by leading 3D digital asset company Wansheng Huatai, along with other digital transformation service platforms [1] Group 2 - The Port City Square has experienced a significant increase in foot traffic, surpassing 2.7 million visitors and generating over 40 million yuan in revenue in the first half of the year [2] - The newly opened specialty street has gathered over 50 brands, including national and local first stores, contributing to the formation of an innovative industrial ecosystem that integrates technology, culture, and commerce [2] - The "Port City Square Summer Carnival" series of events will continue throughout the summer, featuring various interactive experiences and performances to engage the community [2]

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

Investment Rating - The report maintains a positive investment rating for the domestic computing power and AI application sectors, highlighting significant growth potential in these areas [6]. Core Insights - A new round of AI "arms race" has commenced globally, with the release of major models like Grok4 and Kimi K2 expected to significantly boost domestic computing power demand and application ecosystems [4][10]. - The report emphasizes the importance of focusing on domestic AI computing power, particularly in chip design, advanced wafer manufacturing, and liquid cooling technologies [4]. - Various AI application sectors are highlighted, including office automation, programming, terminal AI, ERP/CRM, judicial applications, financial/taxation services, education, healthcare, and customer service [4]. Summary by Sections Market Review - During the week of July 7-11, the CSI 300 index rose by 0.82%, the SME index increased by 0.73%, and the ChiNext index saw a rise of 2.36%. The computer sector (CITIC) experienced a growth of 3.37% [2]. Industry News - Notable company developments include Zhuoyi Information's plan to reduce its shareholding by up to 2,271,445 shares, representing no more than 1.88% of total shares [3]. - Wanjie Technology received nine invention patent certificates from the National Intellectual Property Administration [3]. Weekly Insights - The report suggests focusing on key players in the domestic AI computing power sector, such as Cambrian and Haiguang Information in chip design, and SMIC in advanced wafer manufacturing [4]. - The report also identifies various AI application companies across different sectors, including Kingsoft Office, Hehe Information, and Keda Xunfei in office automation and education [4]. Recent Developments - The report outlines significant investments and acquisitions in the AI sector, including Amazon's potential additional investment in Anthropic and Google's acquisition of AI programming startup Windsurf's core talent and technology [16][17]. - The report notes that xAI, led by Elon Musk, is negotiating a new funding round that could value the company at up to $200 billion, reflecting the growing interest and investment in AI technologies [10][18]. AI Application Ecosystem - The report highlights the rapid growth of AI applications, with OpenAI and Anthropic achieving annual recurring revenues (ARR) of $10 billion and $3 billion, respectively [22]. - Domestic AI applications like deepseek and Doubao are showing significant commercial potential, with user engagement metrics comparable to leading international AI applications [22]. Global AI Company Rankings - The report provides a ranking of global AI companies based on their ARR, with OpenAI leading at $10 billion, followed by Anthropic at $3.008 billion [23].

Investment Rating - Industry Rating: Recommended [4] Core Insights - The expectation for stablecoin policy is likely to strengthen, with the Shanghai State-owned Assets Supervision and Administration Commission holding a special study meeting on the development trends and response strategies for cryptocurrencies and stablecoins [11][18] - The Hong Kong Stablecoin Regulation has been officially released and is expected to be implemented on August 1, 2025, establishing a licensing system for fiat-backed stablecoin issuers and enhancing the regulatory framework for virtual asset activities [2][19] - The tokenization ecosystem is extending, with application scenarios continuously enriching, as real asset tokenization is accelerating from regional pilots to global collaboration [3][12] Summary by Sections Stablecoin Policy Expectations - The Shanghai State-owned Assets Supervision and Administration Commission's meeting indicates a potential strengthening of domestic stablecoin policies following the implementation of overseas and Hong Kong regulations [11][18] - The Hong Kong Stablecoin Regulation aims to maintain financial stability while promoting financial innovation, with a licensing system for stablecoin issuers [2][19] Tokenization Ecosystem - The tokenization of real assets is gaining momentum, with companies like Ant Group collaborating with Circle Internet Group to adopt stablecoins on their blockchain platform [3][12] - The recent launch of GFToken by Guangfa Securities (Hong Kong) marks a significant step in deploying multi-currency interest rate mechanisms on-chain [3][12] Investment Recommendations - Beneficiary stocks include: - RWA: Xiexin Energy Technology, Langxin Group, Hongbo Co., Hainan Huatie, Youfang Technology, Yingfeng Environment, etc. - Stablecoins: Sifang Jingchuang, Yuxin Technology, Lakala, New Guodu, Jingbeifang, Tianyang Technology, Hengbao Co., Xiongdi Technology, Yuyin Co., Chutianlong, Dazhihui, Yonyou Network, Xinan Century, etc. - Hong Kong stocks: Zhong'an Online, Lianyi Technology, Lianlian Digital, China Everbright Holdings, Yika, etc. - Licensed: China Post Capital, Nanhua Futures, Hongye Futures, Ruida Futures, Guotai Junan International, Yaocai Securities Finance, etc. [6][34] Market Performance - The computer industry saw a weekly increase of 3.22%, outperforming the CSI 300 index, which rose by 0.82% [35][36] - Among 321 stocks in the computer sector, 256 stocks rose, indicating a strong market performance [42] Core Recommended Stocks - The top-performing recommended stock was Yuxin Technology, with a weekly increase of 7.59%, while Langxin Group experienced a decline of 3.42% [48] Valuation Overview - The SW computer industry PE (TTM) has risen from a low of 37.60 times in 2018 to 84.59 times, exceeding the historical average of 58.17 times from 2010 to 2025 [51]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 11, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,916.56 million [3]. - Tencent Holdings ranks second with a market capitalization of about $5,885.24 million [3]. - Alibaba is in third place with a market capitalization of around $2,544.49 million [3]. - Pinduoduo follows in fourth place with a market capitalization of $1,490.20 million [3]. - Meituan and NetEase are also notable, with market capitalizations of $947.31 million and $807.83 million, respectively [3][4]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) has a market capitalization of $472.08 million, ranking eighth [4]. - JD.com and Tencent Music are positioned ninth and tenth, with market capitalizations of $450.04 million and $309.78 million, respectively [4]. - Baidu and Li Auto are also significant players, with market capitalizations of $304.03 million and $291.16 million [4]. Group 3: Emerging and Smaller Companies - Companies like Xpeng Motors and ZTO Express have market capitalizations of $166.15 million and $154.59 million, respectively [4]. - Other companies in the list include iFlytek with $149.34 million and Baosight Software with $95.10 million [4][5]. - The list also features companies like Kingdee International and Wancloud Data, with market capitalizations of $70.72 million and $67.09 million, respectively [5].

Group 1 - The 2025 International Low Altitude Economy Expo will be held from July 23 to 26, covering an area of 60,000 square meters and expecting over 50,000 visitors [1] - Nearly 300 exhibitors, including well-known companies such as DJI, Puzhou, and China Post Express Logistics, will participate in the expo [1] - The number of low-altitude economy enterprises has rapidly increased, with 4,885 companies established in 2024 and 4,356 in the current year, nearing last year's total [1] Group 2 - The low-altitude economy in China reached a scale of 505.95 billion yuan in 2023, with a growth rate of 33.8%, and is expected to exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030 [2] - The civil drone industry in China reached a scale of 117.43 billion yuan in 2023, with consumer drones holding 74% of the global market share and industrial drones over 55% [2] - Low-altitude economy concept stocks have shown an average increase of 10.15% this year, with notable performers including Aerospace Nanhu and Tianshan Electronics, with increases of 123.65% and 87.15% respectively [2] Group 3 - Zongshen Power has forecasted a net profit of 479 million to 564 million yuan for the first half of the year, representing a year-on-year growth of 70% to 100% [3] - The median rolling price-to-earnings ratio for low-altitude economy concept stocks is 56.96 times, with only a few stocks, such as Design Institute and China Communications Design, having a rolling P/E ratio below 20 times [3] - 34 low-altitude economy concept stocks have been investigated by institutions this year, accounting for nearly 50% of the total, with nine stocks receiving over 100 institutional inquiries [3] Group 4 - Zhongke Chuangda has accumulated relevant technology in the low-altitude economy field, including IoT sensors, communication technology, and advanced navigation algorithms [4]

证券代码：300496 证券简称：中科创达 公告编号：2025-035 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。 中科创达软件股份有限公司（以下简称"公司"）于2025年4月7日召开第五 届董事会第七次会议审议通过《关于回购公司股份方案的议案》，公司拟以集中 竞价交易方式回购公司股份，本次用于回购的资金总额为不低于人民币5,000万 元（含），不超过人民币10,000万元（含），回购价格不超过96元/股。具体回 购资金总额以公司公告回购方案实施完毕之日实际使用的资金总额为准。本次公 司回购股份的资金来源为公司自有或自筹资金。回购的股份将用于员工持股计划 或股权激励。本次回购股份的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12个月内。具体内容详见公司披露于巨潮资讯网的相关公告。 根据《深圳证券交易所上市公司自律监管指引第9号—回购股份》等相关规 定，回购期间，公司应在每个月的前3个交易日内披露截至上月末的回购进展情 况。现将公司截至2025年6月30日的回购进展情况公告如下： 一、 股份回购进展情况 公司拟向银行申请回购专项贷款用于继续实施本次 ...

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 3, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - Alibaba leads the list with a market capitalization of $2,641.6 billion [3]. - Xiaomi Group follows with a market cap of $1,925.84 billion [3]. - Pinduoduo ranks fourth with a valuation of $1,476.01 billion [3]. - Meituan and NetEase are also notable, with market caps of $963.67 billion and $842.15 billion, respectively [3][4]. Group 2: Additional Notable Companies - JD.com and SMIC (Semiconductor Manufacturing International Corporation) have market capitalizations of $468.06 billion and $449.86 billion, respectively [4]. - Kuaishou and Baidu are also included, with market caps of $329.93 billion and $297.16 billion [4]. - Other companies like Tencent Music, Li Auto, and Beike have market caps ranging from $211.93 billion to $296.92 billion [4][5]. Group 3: Companies with Lower Market Capitalization - Companies such as Vipshop, Kingdee International, and Ufine Network have market caps between $61.18 billion and $77.59 billion [5][6]. - The list continues with firms like Perfect World and Reading Group, which have market caps of $39.38 billion and $37.76 billion, respectively [6].

证券代码：300496 证券简称：中科创达 公告编号：2025-034 中科创达软件股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 中科创达软件股份有限公司（以下简称"公司"）第五届董事会第八次会议及公司 2024年年度股东大会审议通过《关于增加公司注册资本并修改<公司章程>的议案》，鉴 于公司2024年回购的808,400股股份已完成注销，公司总股本由460,008,294股减少至 459,199,894股。此外，因公司2020年限制性股票激励计划第四个归属期可归属的 812,125股限制性股票已完成归属并上市流通，公司总股本由459,199,894股增加至 460,012,019股。 公司于近日办理完成了工商变更登记手续并取得了北京市海淀区市场监督管理局 颁发的《营业执照》。 具体信息如下： 统一社会信用代码：91110000672354637K 名称：中科创达软件股份有限公司 住所：北京市海淀区清华东路9号创达大厦1层101-105室（东升地区） 法定代表人：赵鸿飞 注册资本：人民币46001.20 ...