Group 1 - The core viewpoint of the news is that CaiXun Technology Co., Ltd. has seen a significant stock price increase of 5.05%, reaching 27.44 CNY per share, with a total market capitalization of 12.381 billion CNY [1] - CaiXun's main business involves providing industrial internet technology and services, with revenue composition as follows: 61.25% from technical services, 17.77% from software product development and sales, 16.86% from system integration, and 3.56% from other supplementary services [1] - The company is located in Nanshan District, Shenzhen, Guangdong Province, and was established on January 6, 2004, with its listing date on March 23, 2018 [1] Group 2 - From the perspective of fund holdings, Guangfa Fund has a significant position in CaiXun, with its Guangfa Reform Mixed Fund (001468) holding 128,700 shares, accounting for 1.77% of the fund's net value, ranking as the tenth largest holding [2] - The Guangfa Reform Mixed Fund has achieved a year-to-date return of 29.81% and a one-year return of 33.53%, with a total fund size of 197 million CNY [2] - The fund manager, Chen Shaoping, has a tenure of 18 years and 309 days, with the best fund return during his management being 74.29% [3]

Investment Rating - The report maintains an "Outperform" rating for the company, projecting EPS for 2025-2027 at 0.61, 0.78, and 0.96 RMB respectively, with a target price raised to 33.42 RMB based on a 2025 PE of 55x [5][10]. Core Insights - The company has achieved a steady growth in net profit attributable to shareholders, with a 14.74% year-on-year increase in net profit for 2025H1, and a significant 50.05% growth in intelligent computing revenue [5][11]. - The integration of three product lines with AI has led to a steady business growth, with notable projects in various sectors, including telecommunications and government services [12][13]. Financial Summary - Total revenue for 2025H1 reached 920 million RMB, reflecting a year-on-year increase of 17.72%, while the net profit attributable to shareholders was 135 million RMB, up 14.74% [11]. - The revenue breakdown for 2025H1 includes smart channel revenue of 353 million RMB (+14.80% YoY), collaborative office revenue of 250 million RMB (+2.01% YoY), and intelligent computing and data intelligence revenue of 284 million RMB (+50.05% YoY) [11][12]. - The financial forecast indicates total revenue growth from 1,496 million RMB in 2023 to 2,807 million RMB by 2027, with net profit projected to increase from 325 million RMB to 431 million RMB in the same period [4][7].

Core Insights - The company reported a revenue of 920 million yuan for H1 2025, a 17.7% increase year-on-year, with a net profit attributable to shareholders of 135 million yuan, up 14.7% [1] - The growth in the intelligent computing (智算) business is significant, and its revenue share is expected to continue increasing in the future [1][2] - The gross margin has decreased by 8.25 percentage points to 33.6%, primarily due to the lower margin of the intelligent computing business, but the impact is expected to weaken over time [2] Financial Performance - For Q2 alone, the company's revenue, net profit, and net profit excluding non-recurring items grew by 20.8%, 80.8%, and -31.9% respectively [1] - The revenue breakdown for H1 2025 shows collaborative office products at 250 million yuan (+2.0%), smart channel products at 353 million yuan (+14.8%), and intelligent computing and data intelligence products at 284 million yuan (+50.1%) [1] Business Segments - The collaborative office business is stable, with future growth dependent on the promotion of new technologies and products [1] - The smart channel product line has seen rapid growth, driven by new products such as 5G new calling and AI marketing assistants [1] - The intelligent computing and data intelligence product line has shown remarkable growth due to increased investment in technology services and computing power services [1][2] Cost and Margin Analysis - The gross margin decline is attributed to a 2.4 percentage point drop in the gross margin of technology services and a significant increase in the share of low-margin intelligent computing business [2] - The overall expense ratio decreased from 25.1% in H1 2024 to 22.2% in H1 2025, with sales and management expenses down by 24.0% and 0.5% respectively [2] AI Integration and Future Outlook - The company has developed a comprehensive AI service system, integrating AI infrastructure, model training, and application development [2] - The acceleration of AI penetration in the B-end market is expected to enhance the company's full-stack AI capabilities, driving further growth [2] Profit Forecast - Adjusted profit forecasts for the company indicate net profits of 252 million yuan, 282 million yuan, and 360 million yuan for 2025-2027 [3] - The reasonable valuation level is set at 56 times PE for 2025, corresponding to a target price of 31.36 yuan, maintaining a buy rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.36 CNY based on a reasonable valuation level of 56 times PE for 2025 [3][10]. Core Views - The company reported a revenue of 920 million CNY for H1 2025, representing a year-on-year increase of 17.7%, and a net profit attributable to the parent company of 135 million CNY, up 14.7% [2]. - The growth in revenue and net profit for Q2 2025 was particularly strong, with increases of 20.8% and 80.8% respectively, although the non-recurring net profit saw a decline of 31.9% [2]. - The company's AI full-stack system is accelerating, with significant growth in its intelligent computing services and data intelligence product lines, which saw a revenue increase of 50.1% [9]. Financial Summary - The company's projected revenues for 2025-2027 are 2.062 billion CNY, 2.361 billion CNY, and 2.688 billion CNY, with corresponding net profits of 252 million CNY, 282 million CNY, and 360 million CNY [5][10]. - The gross margin is expected to decline to 33.5% in 2025, with a gradual recovery anticipated in subsequent years [5]. - The company has shown a significant reduction in sales and management expenses, contributing to an overall decrease in the expense ratio from 25.1% in H1 2024 to 22.2% in H1 2025 [9]. Business Segments - The revenue from the collaborative office products was 250 million CNY (+2.0%), while the smart channel product line generated 353 million CNY (+14.8%), and the intelligent computing services and data intelligence product line reached 284 million CNY (+50.1%) [9]. - The company is focusing on integrating AI into its product lines, which is expected to enhance its growth potential and drive further revenue increases [9].

Core Points - The company announced several important decisions during the fourth meeting of the fourth board of directors held on September 23 [1] - The board approved the proposal to permanently supplement the company's working capital with surplus funds of 61,868,281.00 yuan from completed projects [1] - The company plans to hold the fourth extraordinary general meeting of shareholders on October 10, 2025, to review matters requiring shareholder approval [1] Summary by Category Financial Decisions - The board agreed to conclude the "Operational Middle Platform Construction Project," "Enterprise Collaborative Office System Project," and "CaiXun Cloud Business Product Line R&D Project" [1] - Surplus funds amounting to 61,868,281.00 yuan, including interest and investment income, will be used to support daily operations [1] Governance - The proposal for the fourth extraordinary general meeting of shareholders is set for October 10, 2025, at 14:30 [1] - The proposal has been reviewed by the board's audit committee and strategic committee, pending approval from the upcoming shareholders' meeting [1]

中国国际金融股份有限公司 募投项目结项节余资金永久补充流动资金的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 彩讯科技股份有限公司（以下简称"彩讯股份"或"公司"）持续督导的保荐机 构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关法律、法规和规范性文件的规定，对 公司募投项目结项节余资金永久补充流动资金的情况进行了核查，具体情况如下： 一、2021 年度向特定对象发行股票募集资金及使用情况 （一）募集资金基本情况 经中国证监会出具的《关于同意彩讯科技股份有限公司向特定对象发行股票 注册的批复》（证监许可〔2021〕517 号）核准，公司向特定对象发行 A 股股票 44,001,100 股，发行价格为 11.46 元/股，募集资金总额为人民币 504,252,606.00 元，扣除发行费用人民币 11,285,923.32 元（不含增值税），实际募集资金净额 为人民币 492,966,682.68 元。以上募集资金到账情况已由立信会计师事务所（ ...

证券代码：300634 证券简称：彩讯股份 公告编号：2025-072 彩讯科技股份有限公司 关于募投项目结项节余资金永久补流 及募集资金专户销户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 彩讯科技股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日召开第四 届董事会第四次会议，审议通过了《关于募投项目结项节余资金永久补流及募集 资金专户销户的议案》，同意公司将募集资金投资项目（以下简称"募投项目"） "运营中台建设项目""企业协同办公系统项目""彩讯云业务产品线研发项目" 予以结项，节余募集资金 61,868,281.00 元（含利息和理财收入，实际金额以资金 转出当日专户余额为准）永久补充公司流动资金，用于公司日常经营活动，同时 注销相关募集资金专用账户。保荐机构中国国际金融股份有限公司（以下简称"保 荐机构"）对本事项出具了明确的核查意见。 根据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指 引第 2 号—创业板上市公司规范运作》等相关规定，该事项尚需提交公司股东会 审议，现将相关事项公告如下： 一、2021 ...

证券代码：300634 证券简称：彩讯股份 公告编号：2025-073 彩讯科技股份有限公司 关于召开 2025 年第四次临时股东会的通知 3、会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件及《公司章程》等有关规定。 4、会议召开时间： （1）现场会议时间：2025 年 10 月 10 日（星期五）下午 14:30 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 2025 年 9 月 23 日，彩讯科技股份有限公司（以下简称"公司"）第四届董 事会第四次会议审议通过了《关于召开公司 2025 年第四次临时股东会的议案》， 现将本次股东会的有关事项公告如下： 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：公司董事会 （2）网络投票时间：2025 年 10 月 10 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 10 月 10 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统 进行网络投票的时间为 2 ...

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 彩讯科技股份有限公司 第四届董事会第四次会议决议公告 证券代码：300634 证券简称：彩讯股份 公告编号：2025-071 公司保荐机构已就上述事项发表了核查意见。 一、会议召开情况 彩讯科技股份有限公司（以下简称"公司"）第四届董事会第四次会议通 知于 2025 年 9 月 18 日以电子邮件方式发出。本次会议于 2025 年 9 月 23 日在 公司会议室以通讯方式召开，会议由董事长杨良志先生主持，应出席董事 9 人， 实际出席董事 9 人，公司部分高级管理人员列席了会议。本次会议的召集、召 开和表决程序符合《中华人民共和国公司法》《公司章程》及《董事会议事规 则》等有关规定，合法有效。 二、会议审议情况 1、审议通过《关于募投项目结项节余资金永久补流及募集资金专户销户的 议案》 公司董事会同意将募集资金投资项目"运营中台建设项目""企业协同办 公系统项目""彩讯云业务产品线研发项目"予以结项，并将节余募集资金 61,868,281.00 元永久补充公司流动资金（含利息和理财收入，实际金额以资金 转出当日 ...

Core Viewpoint - The news reports that CaiXun Co., Ltd. (300634) has denied claims of establishing strategic partnerships with Moer Line and Suiyuan Technology for the domestic AI computing chip and server localization efforts [1] Group 1 - An investor inquired about the alleged strategic cooperation between CaiXun Co., Ltd. and key domestic AI computing chip companies [1] - CaiXun Co., Ltd. confirmed that the claims regarding partnerships with Moer Line and Suiyuan Technology are not true [1]