| 证券代码：688590 | 证券简称：新致软件 | 公告编号：2025-065 | | --- | --- | --- | | 转债代码：118021 | 转债简称：新致转债 | | 上海新致软件股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 25 日（星期二）上午 11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 二、说明会召开的时间、地点 投资者可于 2025 年 11 月 18 日（星期二）至 11 月 24 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor@newtouch.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 上海新致软件股份有限公司（以下简称"公 ...

Group 1 - The solid-state battery sector in Hong Kong stocks is experiencing a significant rally, with Longpan Technology rising over 10% [1] - Ruipu Lanjun, Ganfeng Lithium, and Tianqi Lithium have all seen increases of over 6% [1] - Zhongchuang Xinhang has also reported a rise of over 4% [1]

Core Viewpoint - The article emphasizes that "extreme efficiency" is becoming a competitive advantage for Chinese AI models, contrasting with concerns in the US market regarding the disparity between AI capital expenditures and revenues [3][29]. Group 1: Market Dynamics - Recent fluctuations in stock prices of major AI companies like Microsoft (down approximately 5%), META (down about 16%), and Oracle (down around 15.6%) reflect market anxiety over AI capital spending versus revenue [4]. - OpenAI's CEO Sam Altman stated that OpenAI's annual revenue is around $20 billion, which is higher than the market's estimated $13 billion revenue against $1.4 trillion in capital expenditure [4][28]. Group 2: Chinese AI Model Advancements - Chinese AI companies have been rapidly releasing new model products, with models like MiniMax M2 and Kimi K2-thinking gaining popularity among global developers, indicating that Chinese AI models are catching up and even leading in certain dimensions [8][9]. - The MiniMax M2 model is noted for its compactness, speed, and cost-effectiveness, featuring 230 billion total parameters and 10 billion active parameters, making it suitable for programming and intelligent tasks [10][11]. Group 3: Cost Efficiency and Market Position - MiniMax M2 has become the most called open-source model on Openrouter, showcasing its market appeal [12]. - The training cost of MiniMax's M1 model is approximately $540,000, significantly lower than Grok 4's training cost of about $490 million, highlighting the cost advantage of Chinese models [21][22]. Group 4: Commercialization and Growth - MiniMax's annual recurring revenue (ARR) has surpassed $100 million, indicating strong market performance and healthy cash flow compared to other domestic AI model companies [23][24]. - The article suggests that the current AI technology landscape is rapidly evolving, with a shift in valuation narratives towards efficiency and cost-effectiveness rather than solely relying on proprietary models from the US [16][29]. Group 5: Future Outlook - Chinese AI companies are expected to lead in the AI competition due to their efficient energy infrastructure and engineering talent, with potential market valuations comparable to major US AI firms like OpenAI and Anthropic [30].

Group 1 - The internet insurance sector experienced a decline of 1.43%, ranking among the top losers in concept sectors, with notable declines from Tianli Technology, Xinhua Insurance, and Jiayun Technology [1] - The main funds in the internet insurance sector saw a net outflow of 1.301 billion yuan, with 10 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2] - The stock with the highest net outflow was Dongfang Caifu, which had a net outflow of 1.230 billion yuan, followed by Weining Health, Jinzhen Shares, and China Ping An [2] Group 2 - Among the stocks in the internet insurance sector, the top gainers included Aishida, Tongfang Shares, and Qitian Technology, with increases of 1.04%, 0.80%, and 0.27% respectively [1][3] - The stocks with the highest net outflows included Dongfang Caifu (-1.85%), Weining Health (-1.81%), and Jinzhen Shares (-1.97%) [2][3] - The net inflow leaders in the sector were Tongfang Shares, Xinhua Insurance, and Xinzhisoft, with net inflows of 69.77 million yuan, 10.51 million yuan, and 5.81 million yuan respectively [2][3]

Core Viewpoint - New Zhi Software, a leader in insurance IT solutions in China, has shown mixed financial performance with a notable increase in shareholder numbers and a focus on AI applications for future growth [1][5]. Group 1: Company Overview - New Zhi Software was established on June 4, 1994, and listed on the Shanghai Stock Exchange on December 7, 2020, with its headquarters in Shanghai [1]. - The company provides IT solutions and services to financial institutions such as insurance companies and banks, as well as software project subcontracting services [1]. - It operates in the computer software development sector, specifically in vertical application software, and is involved in concepts like AI Agent, digital currency, and nuclear power [1]. Group 2: Financial Performance - For Q3 2025, New Zhi Software reported revenue of 1.439 billion yuan, ranking 20th in its industry, with an industry average of 1.712 billion yuan [2]. - The net profit for the same period was 22.547 million yuan, placing the company 36th in its industry, with an industry average of 26.431 million yuan [2]. - The company's asset-liability ratio was 53.13%, higher than the industry average of 31.94%, indicating a higher debt level compared to peers [3]. - The gross profit margin was 26.67%, which, while an improvement from the previous year, remains below the industry average of 41.71% [3]. Group 3: Executive Compensation - The chairman, Guo Wei, received a salary of 1.2573 million yuan in 2024, an increase of 113,900 yuan from 2023 [4]. - The general manager, Zhang Xiaofeng, earned 984,400 yuan in 2024, up by 126,700 yuan from the previous year [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.81% to 12,800, while the average number of shares held per shareholder decreased by 1.78% to 20,500 [5]. - New shareholders include Hua Bao Zhong Zheng Financial Technology Theme ETF and Hong Kong Central Clearing Limited, while Yi Fang Da Supply-side Reform Mixed Fund exited the top ten shareholders list [5]. Group 5: Future Outlook - Analysts predict a rebound in revenue growth due to the increasing adoption of AI applications across various sectors, including finance and automotive [5]. - The company is expected to see improvements in net profit margins as all business lines enhance their gross profit margins [5]. - Forecasts for net profit from 2025 to 2027 are 85 million, 122 million, and 161 million yuan, respectively, with a target price of 25.85 yuan [5].

Core Viewpoint - New Zhi Software's stock increased by 6.04% to 21.95 CNY per share, with a trading volume of 161 million CNY and a market capitalization of 5.771 billion CNY as of October 31 [1] Company Overview - Shanghai New Zhi Software Co., Ltd. was established on June 4, 1994, and went public on December 7, 2020 [1] - The company provides IT solutions and IT operation services to financial institutions such as insurance companies and banks, as well as other industry end customers [1] - Revenue composition includes: IT solutions (84.23%), innovative business (6.73%), IT product sales and value-added services (5.37%), software development subcontracting (3.57%), and other (0.10%) [1] Fund Holdings - According to data, one fund under Bosera Fund holds a significant position in New Zhi Software [2] - Bosera New Strategy Mixed A (001522) reduced its holdings by 7,802 shares in the third quarter, maintaining 63,400 shares, which accounts for 2.59% of the fund's net value, ranking as the third-largest holding [2] - The fund has achieved an 8% return year-to-date, ranking 6,251 out of 8,154 in its category, and an 11.58% return over the past year, ranking 5,566 out of 8,046 [2] Fund Manager Performance - The fund manager Li Zhongyang has been in position for 2 years and 268 days, with a total asset scale of 1.106 billion CNY and a best return of 17.72% during his tenure [2] - The other fund manager, Luo Xiao, has been in position for 3 years and 33 days, managing assets totaling 18.779 billion CNY, with a best return of 30.54% during his tenure [2]

Group 1 - The company reported a total revenue of 1.439 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.97% [1] - The net profit attributable to shareholders of the parent company was 31.0219 million yuan, showing a year-on-year decrease of 3.04% [1] - The basic earnings per share were 0.12 yuan [1] Group 2 - The company plans to distribute a cash dividend of 0.35 yuan (including tax) for every 10 shares to all shareholders [1]

Core Viewpoint - The company has announced a delay in the expected operational status date for its "Distributed PaaS Platform Project" from October 2025 to April 2026 due to the postponement of the convertible bond fundraising project [2] Group 1 - The company held the 27th meeting of the fourth board of directors and the 19th meeting of the fourth supervisory board on October 29, 2025 [2] - The resolution to postpone the operational status date of the fundraising project was approved during these meetings [2] - The project involves raising funds through the issuance of convertible bonds to invest in the "Distributed PaaS Platform Project" [2]

Core Points - New Zhi Software announced the resignation of independent director Wang Gang, who has served since October 2019, completing a six-year term [2] - Wang Gang has also resigned from his positions in the board's nomination and strategy committees, and will no longer hold any position within the company after his resignation [2]

长江证券承销保荐有限公司 关于上海新致软件股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐机构"）作为上海 新致软件股份有限公司（以下简称"新致软件"、"公司"）首次公开发行股票、向 不特定对象发行可转换公司债券并在科创板上市的保荐机构，根据《证券发行上 市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上市公司募集 资金监管规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等有关规定，对新致软件使用部分闲置募集资金暂时补充流动资金的事项 进行了认真、审慎的核查，核查情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海新致软件股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2022]1632 号）的同意，公司 本次发行面值总额 484,810,000.00 元的可转换公司债券，每张可转债面值为人民 币 100.00 元，共计 4,848,100 张，按面值发行，期限 6 年。本次向不特定对象发 行可转换公司债券募集资金共计人民币 484,810,000.00 元 ...