达梦数据，AI算力的基石！

Core Viewpoint - Dameng Data is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2024, marking a significant milestone for the company founded by Professor Feng Yucai, who has been involved in database development since the late 1970s [1][2]. Group 1: Company Overview - Dameng Data was established in 1992 and has developed its first domestic database management system prototype, CRDS, in 1988, becoming an expert in the field [1][2]. - The company focuses on traditional local deployment relational databases and has updated its database to the eighth generation by mid-2025 [2][5]. Group 2: Market Position and Financial Performance - The global data generation has surged from 2ZB in 2010 to 147ZB in 2024, highlighting the increasing importance of data as a production resource in the AI era [4]. - In the first half of 2025, Dameng Data achieved revenue of 523 million, a year-on-year increase of 48.65%, and a net profit of 205 million, up 98.36% year-on-year [5]. - The company's gross margin reached 96.22% in the same period, indicating strong profitability [7]. Group 3: Competitive Landscape - Dameng Data holds a 13.48% market share in the centralized transaction database segment within the financial industry, ranking first among domestic manufacturers [19]. - Despite its strong performance, the company faces significant competition from tech giants like Alibaba, Tencent, and Huawei, which collectively hold over 50% of the domestic relational database management software market [21]. Group 4: Research and Development Focus - The company has increased its technical staff from 385 in 2021 to 1,156 in 2024, indicating a focus on enhancing technical services rather than solely on marketing [13][16]. - Dameng Data's sales expenses in the first half of 2025 were 171 million, compared to 112 million in R&D expenses, reflecting a strategic investment in both areas [11][14]. Group 5: Future Outlook - The domestic database market is projected to grow from 60 billion to 93 billion from 2024 to 2028, presenting opportunities for Dameng Data [17]. - The company’s ability to fully self-develop its core source code and maintain compatibility with Oracle systems positions it favorably for future growth, although it still has challenges to overcome in competing with established players [21].