Group 1 - The industrial software sector experienced significant gains on October 13, with notable stocks such as Yingjianke hitting a 20% limit up, Huada Jiutian rising over 16%, and Haocen Software increasing by approximately 8% [1] - U.S. President Trump announced on October 10 that starting November 1, an additional 100% tariff will be imposed on Chinese products, along with export controls on all critical software [1] Group 2 - CITIC Securities indicated that the average tariff level imposed by the U.S. on China is currently around 57%, which could rise to over 150% following the implementation of the additional tariffs and software export restrictions [2] - The specific types of critical software subject to export controls have not yet been clarified by the U.S., but potential categories include database software, operating systems, middleware, office software, security software, and various industrial software [2] - The software mentioned plays a crucial role in enterprise management, daily operations, and manufacturing processes, highlighting the urgent need for domestic alternatives in certain sectors where China faces "bottleneck" challenges [2] - The issuance of state-led ultra-long special bonds began in the second quarter, with funding for domestic innovation and replacement projects gradually being allocated since the third quarter, accelerating the progress of related bidding and project acceptance [2] - Key industries such as finance, telecommunications, and energy are deepening their replacement processes, gradually penetrating core business systems [2] - The Ministry of Industry and Information Technology has set a target to replace 2 million sets of industrial software and 800,000 sets of operating systems by 2027, as outlined in the "Guidelines for Equipment Update and Technological Transformation in Key Industrial Sectors" released in October 2024 [2] - The increasing uncertainty in the international landscape may further accelerate the replacement process [2]

Core Insights - The company, Yingjianke, focuses on digital solutions in the construction, municipal, and power infrastructure sectors, emphasizing data generation and processing across design, construction, and management phases [1] - The company has expanded its core business to include carbon emissions, green energy efficiency, and AI applications, positioning itself at the heart of the data value chain [1] - Its products and services provide high-value data resources in areas such as BIM models, engineering design parameters, project operation information, and energy consumption data, enhancing its role in the data factor market through analytical tools, data services, and digital twin models [1]

Group 1 - The core point of the news is that Yingjianke experienced a decline of 5.09% in its stock price, reaching 24.44 CNY per share, with a trading volume of 18 million CNY and a turnover rate of 1.20%, resulting in a total market capitalization of 1.941 billion CNY [1] - Yingjianke, established on December 3, 2010, and listed on January 20, 2021, specializes in the development and sales of architectural structure design software, providing comprehensive solutions covering the entire design process from modeling to output [1] - The company's revenue composition includes software sales at 52.64%, technical development and services at 28.84%, other income at 9.94%, and software usage fees at 8.59% [1] Group 2 - Among the top ten circulating shareholders of Yingjianke, a fund under Dacheng Fund holds a position. The Dacheng CSI 360 Internet + Index A (002236) reduced its holdings by 34,900 shares in the second quarter, now holding 603,400 shares, which accounts for 1% of the circulating shares [2] - The estimated floating loss for the Dacheng CSI 360 Internet + Index A (002236) today is approximately 790,500 CNY [2] - The Dacheng CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a latest scale of 698 million CNY, achieving a year-to-date return of 34.45% and a one-year return of 90.82% [2]

Core Insights - The company, Yingjianke, reported that as of September 10, 2025, the total number of shareholders is 10,130 [2] Summary by Category - **Shareholder Information** - The total number of shareholders for Yingjianke is 10,130 as of the specified date [2]

Core Points - The company Yingjianke (300935.SZ) reported a decline in revenue and increased net losses for the first half of 2025 compared to the previous year [1][2] - The company's operating income for the first half of 2025 was 48.45 million yuan, a decrease of 4.11% year-on-year [2] - The net profit attributable to shareholders was -32.38 million yuan, representing a 32.01% increase in losses compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses was -36.56 million yuan, a 22.34% increase in losses year-on-year [2] - The net cash flow from operating activities was -40.72 million yuan, a decline of 14.78% compared to the previous year [2] Financial Performance Summary - In 2024, the company achieved an operating income of 133.82 million yuan, down 17.65% from 2023 [4] - The net profit attributable to shareholders in 2024 was -50.78 million yuan, a 26.35% increase in losses compared to 2023 [4] - The net profit after deducting non-recurring gains and losses for 2024 was -62.50 million yuan, a 16.54% increase in losses year-on-year [4] - The net cash flow from operating activities in 2024 was -32.42 million yuan, a 12.00% decline compared to 2023 [4] Historical Financial Data - In 2022, the company reported an operating income of 167.36 million yuan and a net profit of -27.94 million yuan [3] - The net profit after deducting non-recurring gains and losses in 2022 was -44.59 million yuan, with a net cash flow from operating activities of -50.05 million yuan [3] IPO and Fundraising - Yingjianke was listed on the Shenzhen Stock Exchange's ChiNext on January 20, 2021, with an initial issuance of 14.13 million shares at a price of 56.96 yuan per share [4][5] - The total funds raised from the IPO amounted to 80.48 million yuan, with a net amount of 73.74 million yuan after deducting issuance costs [5] - The company planned to use the raised funds for various projects, including the development of a Building Information Modeling (BIM) platform and marketing network expansion [5]

Core Viewpoint - The financial performance of Yingjianke (300935) for the first half of 2025 shows a decline in revenue and net profit, indicating potential challenges in its business operations and financial health [1] Financial Performance Summary - Total revenue for the reporting period was 48.449 million, a year-on-year decrease of 4.11% [1] - Net profit attributable to shareholders was -32.3764 million, a year-on-year decline of 32.01% [1] - In Q2, total revenue was 32.636 million, down 11.1% year-on-year [1] - Q2 net profit attributable to shareholders was -14.4984 million, a significant drop of 176.86% year-on-year [1] - Gross margin was 82.29%, down 11.18% year-on-year [1] - Net margin was -66.83%, a decrease of 37.67% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 47.3446 million, representing 97.72% of revenue, an increase of 7.91% year-on-year [1] - Earnings per share were -0.41, a decrease of 32.26% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 85.36% due to the purchase of bank wealth management products not yet matured [2] - Inventory decreased by 62.85% as contract performance costs were realized in sales [2] - Lease liabilities decreased by 34.67% due to a reduction in unpaid lease payments [2] - Long-term receivables decreased by 48.55% due to a reduction in receivables from long-term installment contracts [2] - Development expenditures increased by 58.71% due to capitalized investments in self-research projects [2] - Employee compensation payable decreased by 42.34% due to the payment of last year's accrued bonuses [2] - Tax payable decreased by 63.83% due to a reduction in value-added tax payable at the end of the reporting period [2] Cost and Expense Analysis - Operating costs increased by 130.93% due to rising hardware equipment costs [3] - Financial expenses rose by 54.02% due to decreased interest income from bank deposits and increased interest expenses on lease liabilities [4] Business Evaluation - The company's net margin last year was -37.95%, indicating low added value for its products or services [5] - Historical data shows a median ROIC of 37.4% since listing, with significant fluctuations in investment returns [5] - The company has reported losses in four out of its eight years since listing, suggesting potential concerns for value investors [5] Cash Flow and Financial Health - The company has a concerning cash flow situation, with a three-year average of operating cash flow to current liabilities at -128.27% [7] - Financial expenses have been consistently negative over the past three years, indicating potential liquidity issues [7] Business Model Insights - The company's performance relies heavily on research and marketing efforts, necessitating a thorough examination of the underlying drivers of these activities [6]

Core Insights - Yingjian Technology (300935.SZ) released its semi-annual report for 2025 on August 22, 2025, indicating a total of 3 institutional investors holding shares, amounting to 1.8666 million shares, which represents 2.35% of the total share capital [1] - The institutional investors include Shanghai Zijie Private Fund Management Co., Ltd. - Zijie Growth Selected No. 1 Private Securities Investment Fund, Industrial and Commercial Bank of China - Dacheng CSI 360 Internet + Big Data 100 Index Securities Investment Fund, and Shanghai Zijie Private Fund Management Co., Ltd. - Zijie Hongyang No. 1 Private Securities Investment Fund, with a total institutional holding ratio increase of 1.55 percentage points compared to the previous quarter [1] - In the public fund sector, there was a decrease in holdings from one public fund, specifically Dacheng CSI 360 Internet + Index A, with a slight decline in holding proportion compared to the previous quarter [1]

Group 1 - The board meeting of Beijing Yingjianke Software Co., Ltd. was held on August 20, 2025, with all 9 directors present, and the meeting complied with relevant laws and regulations [1][2] - The board approved the proposal regarding the "2025 Semi-Annual Report" and its summary, with a unanimous vote of 9 in favor [2] - The board also approved the "Special Report on the Storage, Management, and Use of Raised Funds for the First Half of 2025," confirming compliance with regulations and no misuse of funds [2]

Group 1 - The fourth supervisory board meeting of Beijing Yingjianke Software Co., Ltd. was held on August 20, 2025, with all three supervisors present [1][2] - The supervisory board approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's actual situation without any false records or omissions [1][2] - The supervisory board also approved the special report on the management and use of raised funds for the first half of 2025, stating compliance with relevant regulations and no misuse of funds [2]

Core Viewpoint - Beijing Yingjianke Software Co., Ltd. reported a decline in revenue and net profit for the first half of 2025 compared to the same period in the previous year, indicating financial challenges faced by the company [1]. Financial Performance - The company's operating revenue for the reporting period was 48,448,954.25 yuan, a decrease of 4.11% from 50,526,178.76 yuan in the previous year [1]. - The net profit attributable to shareholders was -32,376,350.39 yuan, down 32.01% from -24,525,118.96 yuan year-on-year [1]. - The net profit after deducting non-recurring gains and losses was -36,555,666.04 yuan, a decline of 22.34% from -29,880,540.13 yuan in the previous year [1]. - The net cash flow from operating activities was -40,718,924.13 yuan, representing a decrease of 14.78% from -35,474,752.56 yuan in the previous year [1]. - Basic and diluted earnings per share were both -0.41 yuan, down 32.26% from -0.31 yuan in the previous year [1]. - The weighted average return on equity was -3.93%, compared to -2.80% in the previous year [1]. Asset and Equity Position - Total assets at the end of the reporting period were 853,496,550.99 yuan, a decrease of 5.24% from 900,687,185.16 yuan at the end of the previous year [1]. - The net assets attributable to shareholders were 807,422,100.00 yuan, down 3.73% from 838,707,693.46 yuan at the end of the previous year [1]. Shareholder Information - The top ten shareholders include individuals with significant stakes, such as Chen Dailin holding 16.81% and Zhang Jianyun holding 15.34% [2]. - There were no changes in the controlling shareholder or actual controller during the reporting period [2].