Group 1: Company Overview and Core Competencies - The company has three core technical competencies: comprehensive technical capability, full-cycle consulting capability, and best practice product capability [2][3] - The comprehensive technical capability covers all six layers of IT infrastructure, addressing complex issues arising from large and heterogeneous systems [2] - The full-cycle consulting capability includes planning, design, implementation, and optimization solutions for IT infrastructure [2][3] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 37,786.72 million yuan, a decrease of 19.87% compared to the same period last year [5] - The net profit attributable to shareholders was 2,207.75 million yuan, down 44.22% year-on-year, primarily due to revenue decline [5] Group 3: Market Expansion and Client Base - The company has established business cooperation with over 150 new clients across various industries, including manufacturing, transportation, logistics, telecommunications, healthcare, energy, and education [4] - The company has a strong presence in the financial sector, serving banks, securities, funds, insurance, and asset management [4] Group 4: Future Growth Strategies - The company aims to expand third-party operation and maintenance services, enhance consulting capabilities, and strengthen product offerings [6][7] - The 2025 strategic goals include focusing on quality construction, cash flow management, and building differentiated advantages in technology, sales, and efficiency [7][8] Group 5: Innovation and Technology Development - The company is integrating AI and data analysis capabilities into its self-developed operation and maintenance products, creating a closed-loop system from data perception to automated response [3] - A dedicated service team for Xinchuang database services has been established to meet client needs, providing consultation, optimization, and operational support [9] Group 6: Partnerships and Collaborations - The company has formed partnerships with leading firms in the Xinchuang ecosystem, including Huawei, Tencent Cloud, and Alibaba Cloud, to enhance service capabilities and customer satisfaction [9] - In the first half of 2025, the company received certifications from major partners, reinforcing its position in the domestic industry [9] Group 7: Investment and Talent Strategy - The company has developed a comprehensive investment evaluation model and is actively seeking quality assets and talent to support sustainable growth [10] - Continuous improvement of incentive mechanisms and talent acquisition strategies is a priority for the company [10]

Core Viewpoint - The company is facing significant challenges due to a decline in revenue and net profit, attributed to reduced client budgets and increased market competition, prompting strategic measures to adapt to the changing market landscape [2][3]. Group 1: Financial Performance - In the first half of the year, the company reported operating revenue of 377.87 million yuan, a decrease of 19.87% compared to the same period last year [2]. - The net profit attributable to shareholders was 22.08 million yuan, down 44.22% year-on-year [2]. - The decline in IT operation and maintenance service revenue was 4.80%, primarily due to reduced client budgets and intensified competition [2]. - Revenue from technology architecture consulting and integration services fell by 40.64%, influenced by slower investment growth in financial clients' information technology and increased project complexity [2]. Group 2: Strategic Measures - The company is implementing several strategies to address market changes, including: 1. Continuous investment in service innovation and value delivery to expand customer coverage [3]. 2. Building a multi-layered and in-depth technical service and product system to enhance core technology [3]. 3. Expanding the sales team and training sales personnel [3]. 4. Utilizing big data and AI technologies to improve operational support systems and service tools [3]. Group 3: Technological Development - The company has established a dedicated team for Xinchuang database services, providing selection consulting, pre-launch optimization, and post-launch operational support [4]. - The team is certified in mainstream Xinchuang databases such as GaussDB and OceanBase, enhancing the company's technical capabilities [4]. Group 4: Partnerships and Collaborations - The company has formed strong partnerships with leading firms like Huawei, New H3C, and Inspur to enhance the Xinchuang IT infrastructure ecosystem [5]. - In the first half of 2025, the company received certifications as a "Huawei Cloud Service Capability Partner" and "OceanBase Gold Technical Service Partner" from Ant Group, supporting collaborative development in the Xinchuang ecosystem [5]. Group 5: Other Business Developments - The company is involved in the IT infrastructure construction and operation of digital currency systems for some clients, but has not yet engaged in stablecoins or blockchain-related businesses [6]. - The company has established an investment target evaluation model and maintains an open investment strategy [6]. - The company plans to implement stock incentives based on its development status and aims to build a differentiated advantage for sustainable growth during industry transformation [6].

Financial Performance - The company's revenue for the first half of the year was 37,786.72 million yuan, a decrease of 19.87% compared to the same period last year [2] - The net profit attributable to shareholders was 2,207.75 million yuan, down 44.22% year-on-year, primarily due to the decline in revenue [2] Market Challenges - The decline in IT operation and maintenance service revenue was 4.80%, attributed to reduced customer budgets and intensified market competition [2] - The revenue from technical architecture consulting and integration services fell by 40.64%, influenced by slowed investment in information technology by financial clients and prolonged project acceptance periods [2] Strategic Responses - The company is expanding its market presence by leveraging its experience in the financial sector to innovate services across other industries [3] - It is enhancing its technical capabilities by building a multi-layered service and product system to address customer pain points and create competitive advantages [3] - The sales team is being strengthened through ongoing training and recruitment to build a differentiated sales force [3] - Digital operations are being improved using big data and AI technologies to enhance operational efficiency and service quality [3] Technical Development - A dedicated service team for Xinchuang databases has been established to meet customer needs, providing consultation and optimization solutions [4] - The company has developed an intelligent operation and maintenance platform for databases, integrating over 30 database brands and utilizing AI for proactive issue resolution [6] Partnerships and Collaborations - The company has established strong partnerships with leading firms in the Xinchuang ecosystem, enhancing its service capabilities and technical strength [7] - It has received certifications from major players like Huawei and Ant Group, reinforcing its position in the domestic industry [7] Future Plans - The company is actively seeking investment opportunities and has developed a comprehensive evaluation model for potential targets [9] - Plans for equity incentives are in place to attract talent and support sustainable growth [10] - The company aims to navigate the transition from centralized to distributed cloud architectures while focusing on quality and cash flow management [10]

中信建投证券股份有限公司关于 北京中亦安图科技股份有限公司 2025 年上半年度跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：中亦科技 | | --- | --- | | （下称"中信建投证券"） | | | 保荐代表人姓名：张宇辰 | 联系电话：010-65608358 | | 保荐代表人姓名：关峰 | 联系电话：010-85156467 | 二、保荐人发现公司存在的问题及采取的措施 | 事项 | 存在的问题 采取的措施 | | --- | --- | | 1.信息披露 | 无 不适用 | | 2.公司内部制度的建立和执行 | 无 不适用 | | 3."股东会、董事会"运作 | 无 不适用 | | 4.控股股东及实际控制人变动 | 无 不适用 | | 5.募集资金存放及使用 | 公司综合考虑"全国 基础 公司在 年 月就该等 IT 2025 6 | | | 架构运维市场拓展和服务体 事项披露了公告。中信建投 | | | 系建设项目"的实际进展情况 证券已提请公司管理层关 | | | 和不可预期因素等影响，将募 注募投项目进度情况，如发 | | | 生延期或变更需及时履行 投项目"全国 ...

Core Viewpoint - Zhongyi Technology's stock performance shows a mixed trend with a slight increase in price but a net outflow in financing, indicating potential investor caution amid declining revenue and profit figures [1][2]. Financing Summary - On August 28, Zhongyi Technology's financing buy-in amounted to 38.50 million yuan, while financing repayment was 43.35 million yuan, resulting in a net financing outflow of 0.49 million yuan [1]. - The total financing balance reached 274 million yuan, accounting for 10.29% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, there were no shares sold or repaid on August 28, with a total securities lending balance of 0, also reflecting a high percentile compared to the past year [1]. Company Performance - As of June 30, Zhongyi Technology had 18,800 shareholders, an increase of 3.59% from the previous period, while the average circulating shares per person decreased by 2.49% to 2,629 shares [2]. - For the first half of 2025, the company reported revenue of 378 million yuan, a year-on-year decrease of 19.87%, and a net profit attributable to shareholders of 22.08 million yuan, down 44.22% year-on-year [2]. Dividend and Shareholding - Since its A-share listing, Zhongyi Technology has distributed a total of 114 million yuan in dividends [3]. - As of June 30, 2025, the sixth largest circulating shareholder is the Huabao Zhongzheng Financial Technology Theme ETF, holding 433,000 shares, which is a decrease of 86,000 shares from the previous period [3].

Core Viewpoint - The recent financial report of Zhongyi Technology (301208) indicates a significant decline in both revenue and net profit for the first half of 2025 compared to the previous year, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance - Total revenue for the first half of 2025 was 378 million yuan, a decrease of 19.87% year-on-year [1]. - Net profit attributable to shareholders was 22.08 million yuan, down 44.22% from the previous year [1]. - In Q2 2025, total revenue was 221 million yuan, reflecting a 25.2% decline year-on-year, while net profit for the same period was 11.09 million yuan, down 45.47% [1]. - The gross margin was 29.33%, a slight decrease of 0.2% year-on-year, and the net margin fell to 5.84%, down 30.39% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 63.04 million yuan, representing 16.68% of revenue, an increase of 17.29% year-on-year [1]. Cash Flow and Debt - The company reported a significant increase in cash flow from operating activities, with a change of 58.02%, attributed to reduced procurement payments [3]. - The net increase in cash and cash equivalents was up 56.35%, influenced by various factors including decreased net profit and reduced capital expenditures [3]. - The company’s interest-bearing debt increased by 32.20% to 1.72 million yuan [1]. Accounts Receivable - The accounts receivable level is concerning, with accounts receivable amounting to 190.66% of net profit, indicating potential liquidity issues [1][5]. Business Model and Market Conditions - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors affecting this drive [4]. - The decline in revenue and net profit is attributed to factors such as changes in client IT infrastructure replacement cycles, reduced budgets, and intensified market competition [5].

Core Insights - The core viewpoint of the news is that Zhongyi Technology has seen an increase in shareholder accounts and stock price performance, indicating potential investor interest and market confidence in the company [1][2]. Group 1: Shareholder Data - As of June 30, 2025, Zhongyi Technology had 18,881 shareholders, an increase of 653 accounts or 3.59% from March 31, 2025 [1][2]. - The average number of shares held per shareholder decreased from 6,602 shares to 6,373 shares, while the average market value of shares held per shareholder was 279,000 yuan [1][2]. - Compared to the IT services industry average, Zhongyi Technology's shareholder count is below the industry average of 61,700 accounts, but its average market value per shareholder is higher than the industry average of 167,300 yuan [1][2]. Group 2: Stock Performance - From March 31, 2025, to June 30, 2025, Zhongyi Technology's stock price increased by 12.42%, coinciding with the increase in shareholder accounts [1][2]. - During this period, the company experienced a net outflow of 296 million yuan from major funds and a net outflow of 56.11 million yuan from speculative funds, while retail investors contributed a net inflow of 352 million yuan [2]. - The stock was listed on the "Dragon and Tiger List" once during this period, with one instance of institutional special seat participation [2].

Core Insights - The company reported a revenue of 378 million yuan and a net profit attributable to shareholders of 22.08 million yuan for the first half of 2025 [1] Group 1: Business Overview - The company is a full-stack, full-cycle IT infrastructure service and product provider, focusing on the IT infrastructure layer [1] - In the "IOE centralized architecture" operation and maintenance market, the company aims to leverage its advanced experience and leading advantages in the financial sector to promote service innovation and value transfer across other industries [1] - In the "Xinchuang product architecture" operation and maintenance market, the company plans to expand its market share by utilizing its first-mover advantage in Xinchuang technology and comprehensive support capabilities during clients' transition to Xinchuang products [1] Group 2: Customer Acquisition and Technology Integration - During the reporting period, the company added over 150 new clients [1] - The company's database operation and maintenance platform has integrated AI technology to create a new intelligent operation and maintenance engine, achieving intelligent applications in various scenarios such as alarm analysis and SQL optimization [1] - The platform has expanded its management capabilities to cover the open-source database ecosystem and has obtained compatibility certifications with GaussDB, GoldenDB, Gbase, Tidb databases, openEuler operating system, and Haiguang CPU [1] Group 3: Talent Development - The company accelerated its talent layout in the Xinchuang field, further expanding its workforce [2] - Through a "training-certification-practice" closed-loop mechanism, the company obtained over 200 professional certification certificates from mainstream manufacturers in the Xinchuang field during the reporting period [2] - This initiative aims to enhance the company's technical strength in Xinchuang transformation and provide strong support for building a "technological differentiation" advantage [2]

Group 1 - The board of directors of Beijing Zhongyi Antu Technology Co., Ltd. held its seventh meeting of the fifth session, with 8 directors present, including some via telecommunication [1] - The board approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's financial status and operational results for the first half of 2025 [1][2] - The board also approved a special report on the storage and use of raised funds, affirming compliance with relevant laws and regulations regarding the management of these funds [2]

Core Viewpoint - The company, Beijing Zhongyi Antu Technology Co., Ltd., reported a significant decline in revenue and net profit for the first half of 2025, attributed to reduced client budgets and intensified market competition, while emphasizing its strategic focus on IT infrastructure services and digital transformation opportunities in various industries [2][15]. Company Overview and Financial Indicators - The company operates under the stock code 301208 on the Shenzhen Stock Exchange, focusing on IT infrastructure services [2]. - Key financial metrics for the first half of 2025 include: - Revenue: CNY 377.87 million, down 19.87% from CNY 471.58 million in the previous year - Net profit attributable to shareholders: CNY 22.08 million, down 44.22% from CNY 39.58 million [2][15]. Business Operations - The company specializes in IT infrastructure, providing comprehensive services from planning and design to implementation and maintenance, targeting large and medium-sized enterprises across various sectors [3][4]. - The industry is experiencing a transformation driven by policies promoting domestic software and hardware applications, particularly in finance and other key sectors [3]. Market Position and Competitive Advantages - The IT infrastructure maintenance service market is highly fragmented, with increasing complexity in client IT environments requiring advanced service capabilities [9][10]. - The company has developed a strong reputation and competitive edge through its extensive experience and comprehensive service offerings, particularly in the financial sector [10][18]. Performance Drivers - The company aims to leverage its technical differentiation, sales differentiation, and efficiency differentiation to navigate industry challenges and enhance market share [11][15]. - In the first half of 2025, the company added over 150 new clients, indicating a strategic expansion despite market pressures [11]. Financial Performance Analysis - The decline in revenue is primarily due to reduced client investment in IT infrastructure and longer project acceptance cycles [15]. - The company reported a significant improvement in cash flow from operating activities, reaching CNY -101.16 million, a 58.02% increase compared to the previous year [20].