Core Insights - Huawei Euler concept stock rose by 3.11%, ranking 8th among concept sectors, with 42 stocks increasing in value [1] - The leading gainers in the sector included Creative Information with a 20% limit up, followed by Tianyuan Dike and Tuosida with increases of 8.89% and 5.38% respectively [1] - The sector saw a net inflow of 172 million yuan from main funds, with 24 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow [1] Fund Flow Analysis - Creative Information, Tuosida, and Jingjiawei had the highest net inflow ratios at 26.97%, 9.50%, and 9.21% respectively [2] - The top stocks in the Huawei Euler concept for net fund inflow included Softcom Power with 149 million yuan, Creative Information with 98.79 million yuan, and Tuosida with 77.79 million yuan [2] - The trading volume and turnover rates for these stocks indicate strong investor interest, with Creative Information showing a turnover rate of 9.93% [2] Performance Summary - The overall performance of the Huawei Euler concept was positive, with several stocks showing significant gains, while a few experienced declines, such as Xincheng Technology and Zhongke Tongda, which fell by 1.20% and 1.04% respectively [1][3] - The concept sector's performance was contrasted by other sectors, such as Free Trade Port and Dye, which saw declines of -1.28% and -1.21% respectively [1] - The data indicates a robust interest in AI and technology-related stocks, particularly those associated with Huawei's initiatives [1][2]

Group 1 - Huawei Pangu concept stock increased by 3.94%, ranking second in the concept sector, with 27 stocks rising, including Creative Information which hit a 20% limit up [1][2] - The leading stocks in the Huawei Pangu concept include Changshan Beiming, which also reached the limit up, and other notable gainers such as Hanxin Technology, Jiulian Technology, and Tuolisi, with increases of 7.91%, 6.25%, and 6.11% respectively [1][2] Group 2 - The Huawei Pangu concept sector saw a net inflow of 1.291 billion yuan from main funds, with 15 stocks receiving net inflows, and 11 stocks exceeding 10 million yuan in net inflow [2][3] - Changshan Beiming led the net inflow with 1.138 billion yuan, followed by Softcom Power, Creative Information, and Kute Intelligent with net inflows of 149.9 million yuan, 98.7943 million yuan, and 26.8907 million yuan respectively [2][3] Group 3 - In terms of net inflow ratios, Changshan Beiming, Creative Information, and Jiulian Technology had the highest ratios at 53.92%, 26.97%, and 13.97% respectively [3][4] - The trading performance of key stocks in the Huawei Pangu concept shows significant turnover rates, with Changshan Beiming at 6.00%, Softcom Power at 5.25%, and Creative Information at 9.93% [3][4]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Insights - The company reported a significant revenue increase of 78.13% year-on-year, reaching 31.316 billion yuan, while the net profit attributable to shareholders decreased by 66.21% to 180 million yuan [3] - The company is strengthening its core competitiveness as a leader in the Huawei supply chain, with three main business segments showing robust growth [4] - The company is actively developing its hardware and software integration strategy, including advancements in the HarmonyOS ecosystem and robotics, which are expected to drive long-term growth [8] Summary by Relevant Sections Business Performance - The software and digital technology services segment generated 18.121 billion yuan in revenue, up 3.08% year-on-year, with notable projects in AI and strategic partnerships [4] - The computing products and smart electronics segment achieved 12.920 billion yuan in revenue, with a 106% year-on-year increase in PC shipments, capturing a 9% market share [4] - The digital energy and intelligent computing services segment reported 25.9 million yuan in revenue, focusing on new energy systems and smart infrastructure [4] Future Outlook - The company is expected to see net profits of 454 million yuan in 2025, 710 million yuan in 2026, and 983 million yuan in 2027, with corresponding PE ratios of 118X, 75X, and 54X [9][10] - The report highlights the company's unique positioning in the market due to its comprehensive software and AI platform integration, which is anticipated to enhance its long-term growth potential [8] Financial Projections - Revenue projections for the next few years are as follows: 37.689 billion yuan in 2025, 44.899 billion yuan in 2026, and 52.649 billion yuan in 2027, with growth rates of 20.4%, 19.1%, and 17.3% respectively [9] - The net profit is projected to rebound significantly in the coming years, with a growth rate of 151.9% in 2025 and 56.2% in 2026 [9][10]

Group 1 - The third Fujian-Hong Kong Digital Economy Cooperation Forum and A.I³ Exploration Conference was held in Fuzhou, focusing on digital economy and AI collaboration to enhance regional development [1] - The forum emphasized the strong foundation for cooperation between Fujian and Hong Kong, leveraging AI as a core driver for new projects and collaboration [1] - The president of the Greater Bay Area International Information Technology Association highlighted the complementary strengths of Fujian and Hong Kong in digital economy, with Fujian excelling in application scenarios and talent, while Hong Kong leads in financial trade and data flow mechanisms [2] Group 2 - Hong Kong has made progress in digital economy strategies since the establishment of the Digital Economy Development Committee in 2022, including cross-border data flow standards and AI application guidelines [2] - A strategic partnership was signed among various entities, including the government of Changle District in Fujian and Hong Kong Youth Technology Association, to enhance the digital economy industry chain [2] - A roundtable discussion on "Data + AI" provided insights into data circulation and AI implementation, contributing to the digital transformation of enterprises [3]

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。 软通动力信息技术（集团）股份有限公司（以下简称"公司"）根据《企业 会计准则》《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》《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》等 相关规定，对截至2025年3月31日合并财务报表范围内相关资产计提减值准备， 现将有关情况公告如下： 一、本次计提资产减值准备情况概述 （一）计提减值准备的原因 为更加真实、准确地反映公司财务状况及经营成果，依照《企业会计准则》 《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》 等相关规定的要求，基于谨慎性原则，公司对公司及下属子公司存在减值迹象的 各类资产进行了减值测试，并计提相应减值准备。 （二）计提资产减值准备的资产范围和总金额 证券代码：301236 证券简称：软通动力 公告编号：2025-040 软通动力信息技术（集团）股份有限公司 关于 2025 年第一季度计提资产减值准备的公告 2025年第一季度计提信用减值损失和资产减值损失共计7,587.72万元，具体 明细如下 ...

软通动力信息技术（集团）股份有限公司 第二届监事会第十六次会议决议公告 本公司及监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。 软通动力信息技术（集团）股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日发出通知，2025 年 4 月 29 日以现场及通讯表决方式召开了第二届监事会第 十六次会议，会议应到监事 3 名，实到监事 3 名。会议的召集和召开程序符合有 关法律、行政法规、部门规章、规范性文件和公司章程的有关规定。本次会议由 监事会主席唐琳女士主持，公司部分高级管理人员列席了本次会议，经过认真审 议，形成如下决议： 一、会议审议通过如下议案 1、审议通过《关于 2025 年第一季度报告的议案》 证券代码：301236 证券简称：软通动力 公告编号：2025-037 监事会经认真审核，认为：公司董事会编制并审核的 2025 年第一季度报告 程序符合法律、法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司 2025 年第一季度的实际成果和财务状况，不存在虚假记载、误导性陈述和 重大遗漏。 具体内容详见同日刊登在巨潮资讯网上的《2025 年 ...

软通动力信息技术（集团）股份有限公司 第二届董事会第十七次会议决议公告 证券代码：301236 证券简称：软通动力 公告编号：2025-038 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。 2、深圳证券交易所要求的其他资料。 特此公告。 一、会议审议通过如下议案 1、审议通过《关于 2025 年第一季度报告的议案》 董事会认为 2025 年第一季度报告的编制和审核的程序符合相关法律法规的 有关规定，报告内容真实、准确、完整地反映了公司 2025 年第一季度的财务状 况和经营成果，不存在虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊登在巨潮资讯网上的《2025 年第一季度报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 二、备查文件 1、第二届董事会第十七次会议决议； 软通动力信息技术（集团）股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日发出通知，2025 年 4 月 29 日以现场及通讯表决方式召开了第二届董事会第 十七次会议，会议应到董事 9 名，实到董事 9 名。会议的召集和召开程序符合有 关法律、行政法规、部门规章、 ...

Financial Performance - The company's revenue for Q1 2025 was ¥7,010,697,880.51, representing a 28.65% increase compared to ¥5,449,386,077.01 in the same period last year[5] - Total operating revenue for the current period reached ¥7,010,697,880.51, an increase of 28.8% compared to ¥5,449,386,077.01 in the previous period[16] - The net profit for the current period was a loss of approximately ¥221.51 million, an improvement from a loss of ¥292.44 million in the previous period[17] - The total comprehensive income for the current period was a loss of approximately ¥220.26 million, compared to a loss of ¥295.24 million in the previous period[17] Profitability - The net profit attributable to shareholders was -¥197,688,316.74, an improvement of 28.76% from -¥277,477,788.94 year-on-year[5] - Operating profit for the current period was reported at -¥254,511,565.97, an improvement from -¥288,287,708.90 in the previous period[16] - The basic and diluted earnings per share were both -¥0.21, an improvement of 27.59% from -¥0.29 in the same period last year[5] Cash Flow - The net cash flow from operating activities decreased to -¥1,837,125,519.39, a decline of 32.88% compared to -¥1,382,589,903.74 in the previous year[5] - The net cash flow from operating activities was negative at approximately ¥1.84 billion, worsening from a negative cash flow of ¥1.38 billion in the previous period[20] - The company received cash inflows from financing activities totaling approximately ¥1.77 billion, a decrease from ¥3.68 billion in the previous period[20] - The company paid approximately ¥1.09 billion in debt repayments during the financing activities, compared to ¥481.29 million in the previous period[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥22,593,260,896.50, down 2.54% from ¥23,181,406,235.97 at the end of the previous year[5] - Total assets decreased to ¥22,593,260,896.50 from ¥23,181,406,235.97, a reduction of 2.5%[14] - Total liabilities decreased to ¥12,180,332,544.90 from ¥12,515,729,186.38, a decline of 2.7%[14] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 141,888[9] - The largest shareholder, Liu Tianwen, holds 23.75% of the shares, with 116,530,748 shares pledged[9] Equity - The equity attributable to shareholders decreased by 2.13% to ¥10,349,654,560.39 from ¥10,574,475,341.18 at the end of the previous year[5] - The total equity attributable to shareholders decreased to ¥10,349,654,560.39 from ¥10,574,475,341.18, a decline of 2.1%[15] Other Financial Metrics - Non-recurring gains and losses totaled ¥18,328,608.61 for the reporting period[6] - The company reported a weighted average return on equity of -1.89%, an improvement from -2.66% in the previous year[5] - Research and development expenses were ¥239,279,398.93, slightly down from ¥246,671,210.38 in the prior period[16] - The company reported a net loss of ¥12,099,394.51 from investments, compared to a gain of ¥6,615,084.23 in the previous period[16] - Cash and cash equivalents decreased to ¥3,950,179,063.68 from ¥7,189,778,583.93, a decline of 45.0%[13] - The cash and cash equivalents at the end of the period were approximately ¥3.83 billion, down from ¥4.24 billion at the end of the previous period[20] - The company reported a tax expense of approximately ¥24.49 million, significantly higher than ¥2.78 million in the previous period[17] - The company received approximately ¥2.86 million in tax refunds, an increase from ¥740,010.59 in the previous period[20]

软通动力（301236）公告，2025年第一季度营收为70.11亿元，同比增长28.65%；净亏损1.98亿元，去 年同期净亏损2.77亿元。 ...

Core Insights - Goldman Sachs recently engaged with Chinese software supply chain companies to discuss customer software budgets, advancements in generative AI, and growth and profitability prospects for the second half of 2025. It is anticipated that the average revenue growth for Chinese software companies covered by Goldman Sachs will be 26% year-on-year in 2025, with sequential revenue growth expected across all four quarters [1]. Group 1: Generative AI Impact - The emergence of enhanced local foundational models, such as deep search models, has shifted customer software budgets from functional tools to generative AI software, leading to increased average revenue per user and attracting new paying customers [1]. - As demand rises and profitable business models for enterprise (B-end) and consumer (C-end) users become clearer, more software companies are investing in the development of application software based on foundational models [1]. - Generative AI is enabling enterprises to reduce operational costs, such as recruitment tools, with revenue from generative AI for covered Chinese software companies expected to rise from 0%-10% in 2025 to 10%-50% by 2028 [1]. Group 2: Revenue Contributions and Projections - The contribution of generative AI revenue to various companies is projected to increase significantly by 2028, with specific companies like Kingsoft Office and iFlytek expected to see substantial growth in their generative AI revenue contributions [2]. - The revenue growth for different segments, including electronic design automation, marketing, CAD/BIM, and automotive software, is expected to be robust in 2025, with generative AI applications playing a key role [10][29]. Group 3: Software Company Strategies - Companies are shifting their business models to subscription-based services, which provide predictable revenue streams and better operational leverage, particularly in the context of generative AI applications [7]. - Software companies are focusing on providing customized solutions for large clients while also developing standardized solutions for small and medium enterprises [24][25]. - The monetization of generative AI is occurring in both B-end and C-end markets, with existing clients paying more for upgraded versions with AI features and new clients converting from free to paid status more rapidly [26]. Group 4: Growth and Profitability Outlook - Companies like Kingsoft Office and Yonyou are expected to achieve steady revenue growth, with Kingsoft focusing on expanding its AI user base and Yonyou optimizing its product mix to improve gross margins [31]. - The automotive software sector is witnessing increased demand due to the push for intelligent vehicle strategies, benefiting the entire automotive technology supply chain [29]. - Cybersecurity companies are adapting to market demands by integrating multiple point solutions into platform offerings, driven by the increasing need for security solutions in the context of generative AI [30].