石基信息：汇丰前海证券投资者于7月4日调研我司

Core Viewpoint - The company is actively integrating its DYLIGHT PMS with Marriott's new CRS and other systems, which is crucial for the rollout of its services in the hotel sector [1] Group 1: Business Operations - The SaaS business model charges subscription fees based on the number of hotel rooms and the features used, with different pricing for Full Service and Limited Service hotels [2] - The rollout of DYLIGHT PMS in hotels outside of InterContinental's China region is still under evaluation [3] - The company has recently signed a contract with Marriott, which is expected to accelerate future signing processes with other hotel groups [7] Group 2: Financial Performance - The company's hotel business gross margin is projected to decline in 2023 and 2024 due to increased amortization costs of intangible assets starting from the end of 2023 [4] - The first quarter of 2025 showed a revenue of 592 million yuan, a year-on-year decrease of 6.2%, while net profit attributable to shareholders was 21.11 million yuan, an increase of 85.36% [10] - The company plans to maintain its R&D investment to integrate more subsystems with DYLIGHT PMS and continue developing its software products [5] Group 3: Market Position - The INFRSYS POS system has been adopted by all top five global hotel groups, with a total of 4,333 clients expected by the end of 2024 [8] - The company aims to enhance booking efficiency and reduce costs by connecting its information systems with various booking channels and payment institutions [9]