Summary of Conference Call Records Company and Industry Involved - **Company**: Softcom Power (软通动力) - **Industry**: PC and AI Technology, Robotics Key Points and Arguments 1. **Upcoming Product Launch**: The HarmonyOS PC is expected to be released soon, coinciding with the Huawei Developer Conference (HDC2025) scheduled for June. The company is recognized as a rare player in the HarmonyOS integrated hardware and software market in China [1][2][4] 2. **Revenue Growth**: For 2024, the software and digital technology services segment is projected to generate revenue of 18.1 billion yuan, reflecting a year-on-year increase of 3%. The computing products and smart electronics segment is expected to achieve revenue of 12.9 billion yuan. In Q4 2024, PC shipments are anticipated to increase by 126% year-on-year, with the company holding the second-largest market share in China. The PC terminal business is the leading player in the government and education sectors [2][4] 3. **AI Collaborations**: The company has formed strategic partnerships for model applications with major players such as Huawei, Alibaba, Microsoft, Baidu, and ByteDance. In the infrastructure domain, it collaborates with Huawei Ascend to build an integrated AI ecosystem. The company has successfully implemented large models in sectors like insurance, retail, and healthcare [2][4] 4. **Robotics Initiatives**: In 2024, the company established the Softcom Tianqing Robotics Technology Co., Ltd. in Wuxi and has partnered with Zhiyuan Robotics to develop humanoid robots for general scenarios [2][4] 5. **Market Positioning**: The company is positioned to benefit significantly from the accelerated development of the HarmonyOS ecosystem, given its unique integrated hardware and software strategy [2][4] Other Important but Possibly Overlooked Content - **Competitor Insights**: The records also mention other companies in related sectors, such as: - **JACK Co.**: Reported a revenue of 1.79 billion yuan in Q1 2025, a year-on-year increase of 10.06%, with a net profit of 250 million yuan, up 30.76% year-on-year. The company is focusing on high-end AI sewing machines and humanoid robots [4] - **Yunsheng Electronics**: Achieved a Q1 revenue of 14.576 billion yuan, a year-on-year increase of 9.78%, with a net profit of 340 million yuan, reflecting a year-on-year increase of 11.08% [4] - **Market Risks**: The documents include a disclaimer about market risks and the need for independent judgment in investment decisions [5]

Core Insights - The report highlights a selection of stocks for May, including companies like SF Holding and Guizhou Moutai, indicating potential investment opportunities in various sectors [1] Industry Overview - The pharmaceutical industry faced challenges in 2024 and Q1 2025, with a slight decrease in revenue and net profit. However, R&D expenses continue to rise, and the impact of centralized procurement and anti-corruption measures is gradually weakening, suggesting a potential recovery in revenue and profit as innovative products are launched [2][7][8] - In 2024, the pharmaceutical sector's total revenue was CNY 2.47 trillion, down 1.53% year-on-year, with a net profit of CNY 122.83 billion, down 8.07%. In Q1 2025, revenue was CNY 603.70 billion, down 6.14%, and net profit was CNY 42.82 billion, down 15.66% [8][9] Company Performance - Anji Technology reported a revenue of CNY 1.835 billion in 2024, a year-on-year increase of 48.24%, with a net profit of CNY 534 million, up 32.51%. In Q4 2024, revenue reached CNY 523 million, up 53.90% year-on-year [3][12] - Foxit Software achieved a revenue of CNY 711 million in 2024, a 16.44% increase, and turned a profit with a net income of CNY 27 million. The company’s subscription business showed strong growth, with an annual recurring revenue (ARR) of CNY 411 million, up 64.42% [17][18] Market Trends - The semiconductor CMP polishing materials market is projected to grow, with Anji Technology increasing its global market share from approximately 7% to 11% over three years. The global market size for CMP polishing materials is expected to reach USD 4.4 billion by 2028, with a CAGR of 5.6% from 2024 to 2028 [14] - The functional wet electronic chemicals segment saw a revenue increase of 78.91% in 2024, indicating strong demand and market expansion [15] R&D and Innovation - The pharmaceutical sector's R&D expenditure reached CNY 138.33 billion in 2024, a 1.25% increase from 2023, with significant investments in chemical pharmaceuticals and medical consumables [10] - Foxit Software's dual transformation strategy focusing on subscription and channel prioritization has shown positive results, with a notable increase in subscription revenue contributing to overall growth [17][19]

Core Insights - Company reported 2024 annual revenue of 31.3 billion, up 78.13% year-on-year, with a net profit of 180 million, down 66.21%, meeting expectations [1] - For Q1 2025, revenue reached 7 billion, up 28.65% year-on-year, exceeding expectations, with a net loss of 198 million, reducing losses by 28.76% [1] - The company is deepening its integrated hardware and software strategy, with three main business areas expected to resonate positively [1] Revenue Breakdown - Software and digital technology services generated revenue of 18.1 billion, up 3% year-on-year [1] - Computing products and intelligent electronics achieved revenue of 12.9 billion [1] - Digital energy and intelligent computing services generated revenue of 260 million, focusing on new energy systems and smart infrastructure [1] Market Position and Collaborations - Company’s PC shipments in Q4 2024 increased by 126% year-on-year, securing the second-largest market share domestically [1] - The PC terminal business remains the leader in the party and government education sector [1] - Strategic collaborations with industry leaders like WanGuo Data, iFLYTEK, Intel, and MingYang Smart Energy Group are in place [1] AI Development and Innovations - The company is building a full-stack AI development system, collaborating with partners like Huawei, Alibaba, Microsoft, Baidu, and ByteDance [2] - In 2024, the company established a robotics technology subsidiary and partnered with ZhiYuan Robotics to develop humanoid robots [2] - Anticipation for the upcoming release of HarmonyOS PC, with the Huawei Developer Conference scheduled for June 2025 [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are 36.3 billion, 41.4 billion, and 47.0 billion respectively, with net profits of 400 million, 556 million, and 807 million [2] - The company is positioned as a leader in digital technology services, with positive growth across its three main business areas [2]

证券代码：301236 证券简称：软通动力 公告编号：2025-049 软通动力信息技术（集团）股份有限公司 关于担保进展的公告 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。 本次担保额度在前期公司审议通过的担保额度预计范围内，具体情况如下： 特别风险提示：软通动力信息技术（集团）股份有限公司（以下简称"公司" 或"软通动力"）对资产负债率超过 70%的单位担保金额超过公司最近一期经审计 净资产 50%，上述所提及的资产负债率超过 70%的单位均为公司全资子公司，财 务风险处于可控范围内，敬请投资者充分关注担保风险。 一、担保情况概述 公司于 2024 年 12 月 4 日、2024 年 12 月 20 日召开第二届董事会第十三次 会议及 2024 年第三次临时股东大会，审议通过了《关于担保额度预计的议案》， 同意公司为控股子公司预计提供不超过 70 亿人民币的授信额度担保（不含公司 之前审议通过的担保额度及于 2024 年第三次临时股东大会审议的《关于为全资 子公司申请授信额度提供担保的议案》涉及的担保额度），其中为资产负债率超 过 70%的控股子公司预计 ...

Core Insights - The financial technology (FinTech) industry is experiencing significant growth, driven by technological innovation and policy support, with an expected compound annual growth rate (CAGR) of approximately 13.3%, reaching over 650 billion yuan by 2028 [1] Group 1: Industry Trends - The focus is on building a technology-driven financial value enhancement system, emphasizing the importance of data elements in diverse and compliant financial applications [1] - The integration of technology and finance is becoming increasingly important, with financial institutions prioritizing the contribution of technology to business value [33] - The domestic financial technology regulatory framework is becoming clearer, leading to increased attention on compliance technology [33] Group 2: Key Players and Innovations - iResearch has identified the top 50 outstanding financial technology service providers in China, categorized into four types: comprehensive technology service providers, FinTech IT service providers, core technology application service providers, and digital innovation service providers [5] - Softstone Technology is leveraging generative AI to drive innovation in financial technology applications, focusing on areas such as intelligent customer service and risk control [11][13] - CarX Technology specializes in credit risk control, offering a comprehensive suite of platforms for automotive finance, including AI-driven risk management solutions [15][16] Group 3: Technological Advancements - The integration of financial cloud and core business middle platform systems is providing smart banking solutions for consumer credit [19] - China Mobile Financial Technology is developing a comprehensive enterprise consumption management platform, addressing various corporate spending scenarios [22] - The development of large-scale financial risk control models is enhancing capabilities in customer identification and credit assessment, achieving over 99% accuracy in production-level services [24] Group 4: Future Directions - The industry is moving towards a dual development phase of technological deepening and value release, with a focus on customized and scenario-based product capabilities [33] - The application of large models in financial scenarios is expected to drive a shift from basic digitization to deep intelligence transformation, addressing challenges in data privacy and algorithm transparency [36]

Core Viewpoint - The autonomous control of basic software and hardware has become a core support of national technology strategy, with the open-source HarmonyOS breaking technical barriers and empowering the safe and high-quality development of digital China [1] Group 1: AI Empowerment and Open Source HarmonyOS - The company focuses on integrating AI technology with open-source HarmonyOS, contributing over 1 million lines of code to the OpenHarmony community and investing more than 800 person-months in community development [2] - The launch of SwanlinkOS SDK by Honghu Wanlian promotes modular and customizable development of the technology architecture [2] - A project for integrating AI in various industries such as mining, transportation, and education has been initiated in collaboration with educational institutions and enterprises [2] Group 2: Full-Stack Capability Enhancement - The company plans to launch the open-source HarmonyOS AI PC and smart interactive tablets in 2024, with a focus on enhancing user experience through continuous R&D investment [3] - Collaboration with Huawei aims to develop an industry application ecosystem for the open-source HarmonyOS AI PC, providing end-to-end product and service capabilities [3] - Solutions for multi-screen collaboration and the integration of Deepseek large model applications have been developed to support the education sector [3] Group 3: Accelerated Application Scenarios and Scale Effects - In the residential service sector, 12,000 social security self-service terminals have been deployed, setting a benchmark for digital services [7] - The company has launched the WeOS open-source HarmonyOS industrial operating system and development toolchain to accelerate the adaptation of industrial equipment [7] - Recognition for a transportation project highlights the successful engineering application of open-source HarmonyOS [7] Group 4: Collaborative Innovation Ecosystem - The company has established partnerships with universities and industry leaders to create a collaborative ecosystem for open-source HarmonyOS, focusing on talent cultivation and industry standards [8] - The establishment of an industrial operating system laboratory with partners aims to enhance product technical support [8] - Future plans include deepening the integration of AI and operating systems, contributing to the development of China's autonomous operating systems and core technologies [8]

5月9日，A股早盘走势震荡，截至发稿，中证A500指数跌0.41%，成分股中，润和软件涨超6%，软通动 力、华能国际、百济神州-U、兴业银行等跟涨。 相关ETF中，截至发稿，A500指数ETF（159351）跌0.31%，成交额超5亿元，换手率近4%，早盘交投 活跃，溢折率0.04%，盘中频现溢价交易。 资金流向上，Wind金融终端数据显示，A500指数ETF（159351）昨日获超7500万元资金净流入，该 ETF已连续三个交易日获资金净流入，累计"吸金"超1.8亿元。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性强、 表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心龙头资产。此外，该指数在电 子、电力设备、医药生物、计算机等行业权重较大，成长属性更强。A500指数ETF（159351）还配备 了场外联接基金（A类022453；C类022454）。 消息面上，据中国证券报，中国上市公司协会5月8日发布的中国上市公司2024年经营业绩报告显示，截 至5月7日，除公告延迟披露公司外，沪深北三家证券交易所共5412家上市公司公布2024年年 ...

Key Insights - The report highlights a selection of stocks for May, including companies like SF Holding, Jitu Express, and Guizhou Moutai, indicating potential investment opportunities in various sectors [1] - The report emphasizes the need for the power equipment industry to adapt to the increasing demand for grid expansion and upgrades due to the rise of new energy installations and data centers [7][8] - The report notes that the AI text recognition and commercial big data sectors are experiencing growth, with companies like Hehe Information positioned to benefit from increasing user demand and favorable policies [11][13] Group 1: Power Equipment Industry - The global power system is facing new challenges, necessitating upgrades and expansions in the grid to accommodate rising electricity demand from new energy sources and emerging technologies [7] - The report anticipates significant investment in high-voltage transmission lines, with over 20 new lines expected to be operational by 2025, which will drive demand for related equipment [8] - The domestic and international push for distribution network upgrades is expected to increase transformer demand, with China holding a 35% share of global transformer production [9] Group 2: AI and Big Data Sector - Hehe Information is recognized as a leading player in AI text recognition, with a strong C-end user base and a growing market presence, particularly in the commercial big data space [11][12] - The company has seen consistent revenue growth, with a projected annual compound growth rate of 16.5% in the smart text recognition service market from 2023 to 2030 [12] - The synergy between B-end and C-end services is expected to enhance the company's competitive edge, with a focus on expanding into overseas markets [13] Group 3: Wind Power Industry - The report indicates that Haile Wind Power is positioned to benefit from the gradual release of offshore wind installation demand, despite facing challenges in 2024 due to project delays [19][21] - The company reported a significant revenue increase of 251.5% year-on-year in Q1 2025, reflecting improved performance as offshore projects commence [21] - The report highlights the company's robust production capacity and ongoing expansion plans, which are expected to support future growth in the offshore wind sector [21]

Market Overview - The Shanghai Composite Index rose by 0.28% on May 8, with 21 out of the 28 sectors in the Shenwan classification experiencing gains, led by the communication and defense industries, which increased by 2.60% and 2.57% respectively [1] - The computer industry saw a rise of 0.71% [1] - The beauty care and non-ferrous metals sectors had the largest declines, falling by 0.96% and 0.43% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 118 million yuan across the two markets, with 11 sectors experiencing net inflows [1] - The communication sector led the net inflow with 2.60% increase and a total inflow of 2.423 billion yuan, followed by the power equipment sector with a 1.62% increase and an inflow of 1.669 billion yuan [1] - The basic chemical sector had the largest net outflow, totaling 2.663 billion yuan, followed by the computer sector with a net outflow of 1.173 billion yuan [1] Computer Industry Performance - In the computer sector, 336 stocks were tracked, with 255 stocks rising and 73 stocks declining; three stocks hit the daily limit up [2] - The top three stocks with the highest net inflow were Donghua Software, with an inflow of 649 million yuan, followed by Wangda Software and Wanxing Technology with inflows of 264 million yuan and 234 million yuan respectively [2] - The stocks with the highest net outflow included Huasheng Tiancheng, Changshan Beiming, and Ruantong Power, with outflows of 548 million yuan, 454 million yuan, and 426 million yuan respectively [2][3] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Donghua Software: +9.96% with a turnover rate of 8.19% and a main capital flow of 649.29 million yuan - Wangda Software: +7.67% with a turnover rate of 22.22% and a main capital flow of 264.49 million yuan - Wanxing Technology: +6.17% with a turnover rate of 12.42% and a main capital flow of 233.92 million yuan [2] Top Losers in Computer Sector - The top losers in the computer sector included: - Huasheng Tiancheng: -2.64% with a turnover rate of 45.15% and a main capital flow of -547.88 million yuan - Changshan Beiming: -2.90% with a turnover rate of 11.66% and a main capital flow of -454.25 million yuan - Ruantong Power: -2.14% with a turnover rate of 6.06% and a main capital flow of -425.53 million yuan [3]

Summary of Key Points from the Conference Call Industry and Company Involved - The document pertains to the technology industry, specifically focusing on Huawei and its associated projects through a company referred to as "Softcom" (软通). Core Insights and Arguments - Softcom announced a private placement plan to raise no more than 3.378 billion yuan, which will be allocated to various projects: - **Beijing-Tianjin-Hebei Soft Communication Innovation Manufacturing Base Project**: 1.38 billion yuan [1] - **AIPC Intelligent Manufacturing Base Project**: 1.2 billion yuan [1] - **Softcom Power Huailai Intelligent Computing Center (Phase I) Construction Project**: 1.03 billion yuan [1] - **Computer Production Workshop Intelligent Upgrade Technology Transformation Project**: 160 million yuan [1] - Following the integration of Tongfang in 2024, the company has undergone comprehensive transformation with significant results: - **Overall Hardware Business Revenue**: Expected to reach 12.9 billion yuan in 2024, representing a year-on-year growth rate of 30% [1] - **PC Business Performance**: The company anticipates a year-on-year increase of 106% in PC shipments (including desktops and laptops), with market share doubling to 9%, ranking third in the domestic market [1] - **Huailai Intelligent Computing Center**: Aimed at expanding the company's computing power pool, with existing interested clients [1] Other Important but Potentially Overlooked Content - The document highlights the strategic investments in intelligent manufacturing and computing capabilities, indicating a strong focus on technological advancement and market competitiveness [1]