NeuSoft(SH:600718) Sou Hu Cai Jing·2025-06-18 00:37Core Viewpoint - Neusoft Corporation has transformed from a traditional software service provider to a digital solution provider over its 29 years since listing, but its profitability has shown significant volatility in recent years [1][3]. Business Overview - Neusoft's main business includes information solutions, focusing on infrastructure construction for government and enterprises, software solutions around core business needs, and digital hospital solutions for medical institutions [3]. - The company's core products are categorized into proprietary software, products and services, and system integration, with proprietary software and services accounting for 83.94% of revenue, while system integration contributes 14.37% [3]. Financial Performance - Since its listing in 1996, Neusoft's cumulative net profit has increased by 92.97%, from 0.33 million yuan in its first year to 0.63 million yuan in the latest complete fiscal year of 2024 [3]. - Over the 29 years, the company has recorded a loss in only one year, with net profit growth occurring in 15 years, representing 55.56% of the time [3]. - Revenue has shown a consistent growth trend, increasing from 7.62 billion yuan in 2020 to 11.56 billion yuan in 2024, with a compound annual growth rate of approximately 11% [3]. - However, net profit has fluctuated significantly, dropping from 131 million yuan in 2020 to 63 million yuan in 2024, with a loss recorded in 2022 [3]. Market Capitalization - Neusoft's market capitalization has grown 13.78 times since its listing, indicating long-term investment value [5]. - The peak market capitalization reached 45.004 billion yuan on June 11, 2015, with the stock price rising to 36.66 yuan, but as of June 17, the market cap has decreased to 11.459 billion yuan, representing a loss of 33.544 billion yuan or 74.54% from its peak [5].