Summary of the Conference Call for Zhongke Chuangda Company Overview - **Company**: Zhongke Chuangda - **Industry**: AI, Automotive, IoT, Smart Hardware Key Financial Performance - **Revenue**: In the first half of 2025, the company reported revenue of 6.7 billion yuan, a slight decrease of 4.7% year-on-year [2][3] - **Net Profit**: Net profit attributable to shareholders was 158 million yuan, an increase of 51.84% year-on-year [3] - **Cash Flow**: Operating cash flow net amount was 267 million yuan, a slight decrease of 4.7% [3] Business Line Performance - **Smart Software**: Revenue of 841 million yuan, up 10.52% year-on-year [4] - **Smart Automotive**: Revenue of 1.189 billion yuan, up 7.58% year-on-year [4] - **Smart IoT**: Revenue of 1.27 billion yuan, up 136.14% year-on-year [4] - **Market Growth**: Overseas market revenue grew by 81.41%, while revenue from China increased by 12.96% [2][6] Strategic Focus - **Core Strategy**: The company adheres to an edge AI core strategy, focusing on AI-defined automotive and smart terminal industries, while expanding globally [2][7] - **Product Lines**: Established six major smart hardware product lines, including smart cameras, conference systems, and robots, in collaboration with Qualcomm [2][9] - **Automotive as a Platform**: The company views automotive as a comprehensive computing platform, integrating AI technology to build complete vehicle systems [15] Market Dynamics - **IoT Growth**: The growth in IoT revenue is driven by increased demand for Edge AI, with sustainability depending on client investments [12] - **Automotive Sector Uncertainty**: There is uncertainty regarding client investments in the automotive sector, which the company will monitor closely [13] AI and Robotics Development - **AI Robotics**: The company has significant capabilities in the automotive sector and industrial IoT, focusing on AMR (Autonomous Mobile Robots) market expansion [5][29] - **AI Glasses**: Launched a leading dual CPU architecture platform for AI glasses, indicating a significant expansion in overall solution value [17] Competitive Landscape - **Collaboration with Qualcomm**: Achieved a 14 billion parameter large model on Qualcomm's 8,775 platform, enhancing user experience through integrated navigation and real-time data [5][19] - **Partnerships**: Collaborates with various chip manufacturers, including Horizon and Huawei, to enhance automotive smart driving capabilities [33] Future Outlook - **Global Market Expansion**: The company plans to continue expanding in global markets, leveraging product and talent advantages [7][34] - **Investment in Talent**: Focus on recruiting talent in robotics and edge intelligence to support new business directions [24][25] - **Long-term Strategy**: Emphasizes strategic investments for long-term growth rather than short-term profit margins [28][27] Conclusion Zhongke Chuangda is positioned to leverage its strengths in AI, automotive, and IoT sectors, with a strong focus on global market expansion and innovative product development. The company is navigating uncertainties in the automotive sector while capitalizing on growth opportunities in smart hardware and robotics.

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.

分区域看公司来自中国的营业收入17.42亿元，同比增长12.96%。来自欧美、日本等海外国家或地区的 营业收入15.58亿元，同比增长81.41%。 下半年，中科创达披露将进一步巩固优势，并在端侧智能的大时代中不断进取突破。坚持端侧智能核心 战略，深耕AI定义汽车，AI终端智能的巨大产业机遇。 本报讯 （记者贺王娟）8月26日晚间，中科创达软件股份有限公司（以下简称"中科创达"）发布了2025 年半年度报告，上半年公司实现营业收入32.99亿元，同比增长37.44%。公司归属于上市公司股东的净 利润1.58亿元，同比增长51.84%。 中科创达披露，主要得益于人工智能产业浪潮日新月异的蓬勃发展，公司在操作系统和端侧智能领域的 坚定投入与不断深耕，公司业绩实现营收净利润双增。 具体来看，分行业看公司智能软件业务线实现营业收入8.41亿元，同比增长10.52%。智能汽车业务线实 现营业收入11.89亿元，同比增长7.85%。智能物联网业务线实现营业收入12.70亿元，同比增长 136.14%。 一方面，发挥软件定义汽车时代积累的产业和技术优势，将AI塑造为驱动智能汽车发展的核心动力， 将面向中央计算的AI原生整车 ...

Group 1 - Youyou Food achieved a net profit of 108 million yuan in the first half of 2025, a year-on-year increase of 42.47%, with a revenue of 771 million yuan, up 45.59% [1] - Keda achieved a net profit of 255 million yuan, a year-on-year increase of 16.49%, with a revenue of 2.163 billion yuan, up 14.35% [1] - North Navigation turned a profit with a net profit of 116 million yuan, achieving a revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [1][2] Group 2 - China Satellite Communication reported a net profit of 181 million yuan, a year-on-year decrease of 55.59%, with a revenue of 1.221 billion yuan, up 6.33% [3] - Huqin Technology achieved a net profit of 1.889 billion yuan, a year-on-year increase of 46.3%, with a revenue of 83.939 billion yuan, up 113.06% [4] - Huasen Lithium reported a net loss of 72.739 million yuan, with a revenue of 350 million yuan, up 72.02% [4] Group 3 - Putailai achieved a net profit of 1.055 billion yuan, a year-on-year increase of 23.03%, with a revenue of 7.088 billion yuan, up 11.95% [5] - Suochen Technology reported a net loss of 45.698 million yuan, with a revenue of 57.351 million yuan, up 10.82% [5] - Canqin Technology achieved a net profit of 51.912 million yuan, a year-on-year increase of 51.94%, with a revenue of 287 million yuan, up 52.76% [6] Group 4 - Hengtong achieved a net profit of 99.3648 million yuan, a year-on-year increase of 38.86%, with a revenue of 669 million yuan, down 44.66% [6] - Sanan Optoelectronics reported a net profit of 176 million yuan, a year-on-year decrease of 4.24%, with a revenue of 8.987 billion yuan, up 17.03% [7] - New Dairy achieved a net profit of 397 million yuan, a year-on-year increase of 33.76%, with a revenue of 5.526 billion yuan, up 3.01% [8] Group 5 - Yiling Pharmaceutical achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, with a revenue of 4.040 billion yuan, down 12.26% [10] - Baosteel achieved a net profit of 4.879 billion yuan, a year-on-year increase of 7.36%, with a revenue of 151.372 billion yuan, down 7.28% [12] - Feikai Materials achieved a net profit of 217 million yuan, a year-on-year increase of 80.45%, with a revenue of 1.462 billion yuan, up 3.8% [13] Group 6 - Lier Chemical achieved a net profit of 271 million yuan, a year-on-year increase of 191.21%, with a revenue of 4.507 billion yuan, up 35.36% [15] - Shaanxi Coal achieved a net profit of 7.638 billion yuan, a year-on-year decrease of 31.18%, with a revenue of 779.83 billion yuan, down 14.19% [16] - Dongfang Materials reported a net profit of 654,400 yuan, a year-on-year decrease of 88.48%, with a revenue of 174 million yuan, down 5.06% [18] Group 7 - Blue Sky Bio achieved a net profit of 26.7163 million yuan, a year-on-year decrease of 8.98%, with a revenue of 652 million yuan, up 7.05% [19] - Shanghai Jiubai achieved a net profit of 23.7897 million yuan, a year-on-year increase of 0.24%, with a revenue of 45.0535 million yuan, down 1.09% [20] - Two Sides Needle reported a net loss of 5.0842 million yuan, with a revenue of 522 million yuan, up 1.02% [21] Group 8 - Shanghai Yashi achieved a net profit of 20.3263 million yuan, a year-on-year increase of 42.56%, with a revenue of 2.044 billion yuan, up 56.75% [23] - Bayi Steel reported a net loss of 697 million yuan, with a revenue of 8.733 billion yuan, down 6.73% [25] - Hongrun Construction plans to repurchase shares worth between 150 million and 300 million yuan [27] Group 9 - Kaile achieved a net profit of 10.9193 million yuan, a year-on-year increase of 280.42%, with a revenue of 137 million yuan, down 17.89% [28] - Jingda achieved a net profit of 306 million yuan, a year-on-year increase of 6.03%, with a revenue of 11.856 billion yuan, up 14.28% [29] - Blue Light Marker reported a net profit of 96.4427 million yuan, a year-on-year decrease of 47.33%, with a revenue of 32.36 billion yuan, up 4.87% [30] Group 10 - KOTAI Power achieved a net profit of 23.994 million yuan, a year-on-year increase of 35.52%, with a revenue of 711 million yuan, up 49.51% [33] - Bo Rui Data reported a net loss of 26.1918 million yuan, with a revenue of 70.1997 million yuan, up 5.19% [34] - Jiuzhoutong achieved a net profit of 1.446 billion yuan, a year-on-year increase of 19.7%, with a revenue of 81.106 billion yuan, up 5.10% [37] Group 11 - Aier Eye Hospital achieved a net profit of 2.051 billion yuan, a year-on-year increase of 0.05%, with a revenue of 11.507 billion yuan, up 9.12% [39] - Nandu Property achieved a net profit of 130 million yuan, a year-on-year increase of 532.87%, with a revenue of 914 million yuan, up 2.75% [41] - Weiyuan reported a net loss of 168 million yuan, with a revenue of 4.601 billion yuan, up 1.82% [42] Group 12 - Zhongke Chuangda achieved a net profit of 158 million yuan, a year-on-year increase of 51.84%, with a revenue of 3.299 billion yuan, up 37.44% [43] - Zhongjuxin reported a net profit of 8.1377 million yuan, a year-on-year decrease of 64.57%, with a revenue of 567 million yuan, up 20.40% [44] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87%, with a revenue of 80.192 billion yuan, up 90.05% [45] Group 13 - Shenghong Technology achieved a net profit of 2.143 billion yuan, a year-on-year increase of 366.89%, with a revenue of 9.031 billion yuan, up 86.00% [46] - Cambrian achieved a net profit of 1.038 billion yuan, turning a profit, with a revenue of 2.881 billion yuan, up 4347.82% [48] - Longteng Optoelectronics reported a net loss of 121 million yuan, with a revenue of 1.289 billion yuan, down 27.91% [49]

业绩超预期，物联网业务高增 TMT 及中小盘/计算机 公司发布 25 年中报，业绩超预期，其中物联网业务线同比增长 136.14%。报 告期内公司端侧智能产品已进入量产阶段，后续将成为公司收入增长的核心引 擎。公司全球化布局成果显著，期间费用持续优化，围绕 AI 在整车操作系统、 机器人、端侧智能等领域加大投入，维持"强烈推荐"投资评级。 ❑ 风险提示：AI 业务发展低于预期；行业竞争加剧。 证券研究报告 | 公司点评报告 2025 年 08 月 27 日 中科创达（300496.SZ） 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 5242 | 5385 | 6934 | 8108 | 9564 | | 同比增长 | -4% | 3% | 29% | 17% | 18% | | 营业利润(百万元) | 428 | 445 | 544 | 675 | 767 | | 同比增长 | -45% | 4% | 22% | 24% | 14% | | ...

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 report from Guosheng Securities highlights that Zhongke Chuangda achieved operating revenue of 3.299 billion yuan in the first half of 2025, representing a year-on-year growth of 37.44% [1] - The net profit attributable to shareholders of the listed company reached 158 million yuan, marking a year-on-year increase of 51.84% [1] - The smart IoT business is experiencing rapid growth, confirming the ongoing trend of prosperity in edge AI industries [1] Business Strategy - The company is focusing on a hybrid AI approach that is applicable to nearly all generative AI applications and terminal fields [1] - Zhongke Chuangda is integrating existing products, technologies, and development elements with edge intelligence to position edge intelligence as the core foundation for the development of all-scenario smart terminals [1] - Over the years, the company has leveraged its positioning and ecological advantages to expand partnerships with leading players in the industry chain, including chip manufacturers, operating systems, and cloud vendors [1] Market Expansion - The company is actively exploring global markets, creating new sources of revenue [1] - The report maintains a "buy" rating for the company's stock, indicating positive investor sentiment [1]

Group 1 - The core viewpoint of the news highlights the strong performance of the digital economy theme index and its related ETFs, indicating a bullish trend in the sector [1][2] - As of August 27, 2025, the CSI Digital Economy Theme Index (931582) rose by 3.41%, with significant gains in constituent stocks such as Zhongke Chuangda (300496) up 16.86% and Wealth Trend (688318) up 12.62% [1] - The digital economy ETF (560800) also saw a half-day increase of 3.30%, with a recent price of 1 yuan, and a weekly cumulative increase of 12.01% [1][2] Group 2 - The State Council has issued opinions on the implementation of the "Artificial Intelligence +" initiative, focusing on enhancing intelligent computing power and supporting AI chip innovation [2] - The report indicates that the investment in the computing power industry is entering a heated phase, with significant capital expenditure from domestic and international CSP giants directed towards AI computing power [2] - The digital economy ETF closely tracks the CSI Digital Economy Theme Index, which includes companies involved in digital economy infrastructure and high levels of digitalization [2][3] Group 3 - As of July 31, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 50.74% of the index, with notable companies including Dongfang Caifu (300059) and Zhongxin International (688981) [3][4] - The top ten stocks showed varying performance, with Dongfang Caifu increasing by 1.15% and Zhongxin International by 5.47%, reflecting the overall positive trend in the index [4]

Core Viewpoint - The A-share market has shown a strong upward trend, with the ChiNext Index surpassing the 2800-point mark, indicating a shift in market risk appetite and an overall improvement in the market's profitability since September 24, 2024 [2][6]. Group 1: Market Performance - The ChiNext Index has reached a recent high, driven by significant gains in stocks such as Zhongke Chuangda, Changchuan Technology, and Xinyi Sheng, all of which rose over 10% [4][5]. - Notable stock performances include Zhongke Chuangda (up 15.37% to 79.18), Changchuan Technology (up 13.62% to 57.88), and Xinyi Sheng (up 11.90% to 315.60) [5]. Group 2: Sector Analysis - Recent strong performances in sectors such as new energy, innovative pharmaceuticals, optical modules, and electronic communications have contributed to the sustained strength of the ChiNext Index [4][6]. - The market is entering a valuation expansion cycle, with certain sectors like biomedicine, power equipment, and new energy experiencing a turning point in their economic outlook [6]. Group 3: Investment Outlook - Despite a recent surge in July, the ChiNext remains undervalued, suggesting continued investment opportunities with favorable risk-reward ratios [6].

Group 1 - The core viewpoint of the news highlights a significant surge in the AI industry chain, with stocks in the AI ETF (515070) experiencing substantial gains, including notable increases in companies like Lexin Technology, Zhongke Chuangda, and others [1] - The AI ETF (515070) saw an intraday increase of over 3%, and its fund size has surpassed 7 billion yuan [1] - The government has outlined a plan to promote the integrated development of AI-driven technology research, engineering implementation, and product landing, aiming to accelerate the transition from "1 to N" in technology application and iteration [1] Group 2 - Long-term investment recommendations from招商证券 suggest focusing on the progress of societal intelligence under the new technology cycle, including continuous iteration of large models, improvement of computing infrastructure, and the realization of AI business models [1] - The report emphasizes the importance of self-sufficiency in the relevant industrial chain under the replacement cycle, particularly in domestic large models, AI applications, computing power, and integrated circuit industries [1] - The trend towards carbon neutrality and the reduction of costs and efficiency across the entire industrial chain, including solar, wind, energy storage, hydrogen, and nuclear power, is also highlighted [1]