SUPCON Technology (SH:688777) Xin Lang Cai Jing·2025-09-05 06:38Core Insights - The article highlights the launch of TPT2, a significant upgrade of the time-series pre-trained transformer model by Zhongkong Technology, marking its strategic shift from an automation product supplier to an industrial AI platform provider [1][4][9] - TPT2 has received strong market interest, with 518 pre-orders and 112 transactions, indicating a robust demand for AI in industrial applications [1][4] - The model is designed to address core needs in process industries, showcasing the untapped potential of industrial AI [1][6] Group 1: Product and Technology - TPT2 is the world's first AI model deeply integrated with the first principles of process industries, utilizing a mixed expert model architecture [1][11] - The platform aims to transform the traditional project-based delivery model into a subscription service, enhancing long-term revenue stability [3][4] - TPT2's application has already been implemented in over 110 projects across various sectors, including petrochemicals and power [3][4] Group 2: Financial Performance - Zhongkong Technology reported a revenue of 9.139 billion yuan for 2024, a 6.02% increase year-on-year, with a net profit of 1.117 billion yuan, reflecting a 1.38% growth [6][7] - The industrial software revenue surged by 20.70% to 2.653 billion yuan, significantly outpacing traditional control business growth [7][8] - The gross margin for industrial software reached 54.03% in the first half of 2025, up from 31.67% in the same period of 2024, indicating effective conversion of AI technology into profitability [7][8] Group 3: Market and Strategic Positioning - The Chinese government's "Artificial Intelligence+" initiative emphasizes the integration of AI and industrial internet as a key driver for new industrialization [9][12] - Zhongkong Technology's TPT2 aligns with national strategies to cultivate intelligent native enterprises and achieve comprehensive intelligence [9][12] - The company is expanding globally, with successful bids in various international projects, showcasing its competitive edge in the global market [12][13] Group 4: Future Outlook - The industrial AI market is poised for significant growth, with TPT2 potentially unlocking a market space of 33 billion yuan annually [8][9] - Zhongkong Technology aims to transition from a product supplier to a platform-based company, enhancing its value proposition in the industrial AI sector [7][8] - The shift towards a subscription-based model is expected to drive sustainable business growth and reshape the economic landscape of industrial AI [3][4]