2025 年第一次临时股东大会会议材料 证券代码：688088 证券简称：虹软科技 虹软科技股份有限公司 2025 年第一次临时股东大会 会议材料 二〇二五年十一月十九日 • 杭州 第 1 页 / 共 16 页 2025 年第一次临时股东大会会议材料 虹软科技股份有限公司 2025 年第一次临时股东大会会议议程 一、会议时间：2025 年 11 月 19 日（星期三）14:30 二、现场会议地点：浙江省杭州市滨江区长河街道滨兴路 392 号（虹软大厦） A6 层 2025 年第一次临时股东大会会议材料 目 录 | 2025 年第一次临时股东大会会议议程 | 3 | | --- | --- | | 2025 年第一次临时股东大会会议须知 | 5 | | 议案一：关于取消监事会、修订《公司章程》并办理工商变更登记的议案 | ... 8 | | 议案二：关于制定、修订公司部分治理制度的议案 | 10 | | 议案三：关于制定《未来三年（2025-2027 | 年）股东回报规划》的议案 12 | | 议案四：关于续聘 2025 年度审计机构的议案 | 13 | 第 2 页 / 共 16 页 三、会议主持人：董事长 H ...

Industry Insights - The AI glasses market is experiencing rapid growth, with major tech companies like Google, Apple, and Meta accelerating their investments [1] - Global AI glasses shipment is projected to reach 4.065 million units in the first half of 2025, representing a year-on-year increase of 64.2% [1] - By 2029, the global AI glasses market is expected to surpass 40 million units in shipments [1] - The period from the second half of 2025 to 2027 is anticipated to be a "mass production year" for the industry, with new product lines from companies like Meta, Apple, Xiaomi, ByteDance, and Alibaba [1] - Core components such as waveguides and main control SOCs are critical for the development and differentiation of AI glasses [1] Company Developments - Hengxuan Technology provides main control chips for smart glasses, with Xiaomi's AI glasses set to use the company's 2700 series chips and Alibaba's Quark AI glasses utilizing the BES2800 chip [2] - Hongsoft Technology specializes in visual AI and has signed contracts with 5-6 AI glasses brands, assisting several companies in launching their first products by the third quarter of 2025 [2]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has shown impressive performance with a 9.39% year-on-year increase in revenue to 628 million yuan and a 60.51% increase in net profit to 142 million yuan for the first three quarters of 2025 [1] - The mobile smart terminal business generated 512 million yuan in revenue, reflecting a 5.59% growth year-on-year, while the intelligent automotive and AIoT business achieved 105 million yuan, marking a 31.43% increase [2] - The company launched a new flagship imaging technology, ArcSoftVideoDragonFusion, enhancing video quality through hardware and algorithm collaboration [2] - Progress in new business areas such as AI glasses and commercial photography is notable, with contracts signed with 5-6 AI glasses brands and over 300 major brand clients for customized services [3] Financial Projections - The company forecasts net profits of 231 million yuan, 304 million yuan, and 402 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58 yuan, 0.76 yuan, and 1.00 yuan [4][6] - Revenue is expected to grow from 1.004 billion yuan in 2025 to 1.598 billion yuan in 2027, with annual growth rates of 23.2% and 27.6% respectively [6][12] - The projected PE ratios are 93.61, 71.26, and 53.89 for the years 2025, 2026, and 2027 [4][6]

Core Viewpoint - The A-share market is experiencing a strong bullish trend, with significant foreign investment interest and optimistic forecasts from major financial institutions regarding future index performance [3][4][7]. Foreign Investment Trends - Goldman Sachs predicts a 30% increase in major Chinese stock indices by the end of 2027, driven by 12% trend-based profit growth and a 5%-10% valuation adjustment [4]. - Morgan Stanley holds a bullish outlook on the Chinese stock market, with a total investment of approximately 75.70 billion yuan across 154 companies [7]. - JPMorgan has doubled its A-share holdings to approximately 79.31 billion yuan, indicating strong confidence in the market [10]. Institutional Holdings - As of October 30, 2025, Goldman Sachs has increased its holdings in A-shares to approximately 93.42 billion yuan, with 14 stocks valued over 1 billion yuan [6]. - Morgan Stanley's top holdings include companies like Si Yuan Electric and Jinko Solar, with significant year-to-date price increases [9]. - Barclays Bank has invested around 29.04 billion yuan in A-shares, focusing on technology, healthcare, and mining sectors [13]. Performance of Key Stocks - Goldman Sachs' top holdings include Hao Wei Group, Hua Gong Technology, and Xie Chuang Data, with average stock price increases of 52.97% this year [5][6]. - Morgan Stanley's top-performing stocks include Bei Fang Long Chuang and Shi Kong Technology, with increases of 360.29% and 341.75% respectively [8][9]. - UBS has invested heavily in San Huan Group, with a holding value of approximately 85.30 billion yuan, reflecting a focus on electronic components [16][17]. Market Sentiment - The overall sentiment among foreign investors is positive, with many believing that the A-share market is still in the early stages of a bull market, supported by ongoing asset reallocation by Chinese households [21][22].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 63.94 CNY, compared to the current stock price of 53.75 CNY [5]. Core Insights - The company reported a revenue of 628 million CNY for the first three quarters of 2025, representing a year-on-year increase of 9.39%. The net profit attributable to shareholders reached 142 million CNY, up 60.51% year-on-year [1]. - The mobile intelligent terminal visual solutions business generated 512 million CNY in revenue for the first three quarters of 2025, a 5.59% increase year-on-year, while the intelligent driving business saw a revenue increase of 31.43% to 105 million CNY [2]. - The gross margin for Q3 2025 was 87.76%, with a net margin of 24.48%, reflecting a year-on-year increase in net margin by 10.96 percentage points [3]. - The AI glasses business is progressing rapidly, with contracts signed with 5-6 AI glasses brands, and the AI commercial photography business has doubled in growth [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 217 million CNY, a 12.68% increase year-on-year, and a net profit of 53.18 million CNY, up 98.21% year-on-year [1]. - The company’s revenue projections for 2025-2027 are estimated at 997.2 million CNY, 1.226 billion CNY, and 1.506 billion CNY, respectively, with net profits of 241.1 million CNY, 312.3 million CNY, and 409.6 million CNY [9]. Business Segments - The mobile intelligent terminal visual solutions segment is showing steady growth, with Q3 2025 revenue of 172 million CNY, a 12.89% increase year-on-year [2]. - The intelligent driving business is entering a volume production phase, with significant advancements in product development and customer collaborations [2]. Profitability and Margins - The company’s gross margin for Q3 2025 improved, driven by the software-based delivery of intelligent automotive solutions, with long-term gross margin targets expected to remain around 90% [3]. - The sales, management, and R&D expense ratios have decreased, indicating improved operational efficiency [3]. Strategic Initiatives - The company is deepening its engagement in the AI glasses market and enhancing its AI commercial photography services, which have seen increased customer engagement and conversion rates [4].

Investment Rating - The report maintains a "Hold" rating for the computer industry [2] Core Insights - The "14th Five-Year Plan" has laid a solid foundation for industrial and technological accumulation, addressing some core "bottleneck" issues in the industrial chain, with technology expected to be the leading force in the next five years [6] - The report emphasizes that high-level technological self-reliance is crucial for leading the development of new productive forces, transforming technology from a supportive role to a core engine for economic transformation [6] - The "Artificial Intelligence+" initiative is integrated into the "15th Five-Year Plan," aiming for widespread integration of AI across various sectors by 2030 [6][7] Summary by Sections Technological Development - The innovation output index for 2024 is projected at 215.8, reflecting an 8.1% increase from the previous year [6] - The number of high-value invention patents per 10,000 R&D personnel increased by 12.5%, maintaining double-digit growth for three consecutive years [6] - The proportion of registered trademark enterprises rose by 8.4%, while the number of scientific papers and average contract amounts in the technology market both increased by 5.8% [6] Key Areas of Focus - The report identifies quantum technology, biological manufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [6] - Quantum computing is expected to achieve commercial viability within the next decade, with the global market projected to grow from $1.1 billion in 2022 to approximately $7.6 billion by 2027 [6][7] - The brain-computer interface market is anticipated to reach $3.3 billion by 2027, driven by advancements in technology [7] Investment Recommendations - The main investment focus remains on the AI+ action plan, with expectations for AI agents to be implemented in industrial, autonomous driving, and financial sectors from 2025 to 2027 [7] - Key investment areas include AI computing infrastructure, AI agents, intelligent terminals, and green low-carbon initiatives [7] - Specific companies to watch include Hongsoft Technology, Daotong Technology, Kingdee International, and others [7]

Investment Rating - The report maintains an investment rating of "Buy" for the company [1] Core Views - The company has shown strong performance in Q3 2025, with revenue reaching 5.148 billion RMB, a year-over-year increase of 39.34%, and a net profit of 0.229 billion RMB, up 50.72% year-over-year [1] - The company's AIoT business has returned to a growth trajectory, significantly contributing to overall revenue growth, with a 136.14% year-over-year increase in H1 2025 [3] - The company is benefiting from the AI wave, particularly through its "Operating System + Edge Intelligence" strategy, which is expected to drive future growth [1][3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a comprehensive gross margin of 31.72%, a decrease of 4.74 percentage points year-over-year, primarily due to the increased revenue share from lower-margin smart IoT business [2] - The operating cash flow was 4.01 billion RMB, down 13.70% year-over-year, mainly due to increased inventory [2] - As of Q3 2025, the company's contract liabilities reached 0.890 billion RMB, a growth of 52.92% from the beginning of the year, indicating a solid foundation for future revenue growth [2] Business Strategy - The company is implementing a dual-engine strategy with "AIOS + AI Box" to lead the new era of "AI-defined vehicles" [4] - The launch of the AI native vehicle operating system and the AI Box product at the IAA exhibition in Germany highlights the company's commitment to automotive intelligence [4] Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, expecting net profits of 0.536 billion RMB, 0.647 billion RMB, and 0.838 billion RMB respectively, with corresponding EPS of 1.17, 1.40, and 1.82 RMB [5] - The target price is set at 88.55 RMB, based on a 2025 PE ratio of 76 times, reflecting confidence in the company's future growth prospects [5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Insights - The company is a leading player in intelligent text recognition, with significant growth potential driven by new AI applications and overseas expansion [5][10]. - The global intelligent text recognition service market is projected to reach USD 12.558 billion in 2023, with a CAGR of approximately 14.8% from 2024 to 2030 [7][42]. - The company is expected to achieve revenues of RMB 17.31 billion, RMB 20.86 billion, and RMB 25.04 billion for the years 2025 to 2027, respectively, with corresponding growth rates of 20.37%, 20.48%, and 20.05% [6][8]. Summary by Sections Market Performance - As of October 27, 2025, the closing price of the company's stock is RMB 177.33, with a total market capitalization of RMB 24,826.20 million [3]. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 show a steady increase, with operating income expected to grow from RMB 1,187 million in 2023 to RMB 2,504 million in 2027 [6]. - The company’s net profit attributable to shareholders is forecasted to rise from RMB 323 million in 2023 to RMB 698 million in 2027, reflecting a strong growth trajectory [6]. Business Overview - The company operates in both C-end and B-end markets, with its flagship products, CamScanner and CamCard, leading in user scale and brand recognition [10][15]. - The C-end business is primarily driven by subscription models, while the B-end focuses on providing tailored solutions to various industries [18][64]. Revenue Growth and Profitability - The company has maintained a robust revenue growth rate, with a CAGR of 25.59% from 2020 to 2024, and expects to continue this trend [22]. - The gross margin is projected to remain high, with estimates of 84.6%, 84.9%, and 85.2% for 2025 to 2027 [9][31]. Product and Service Development - The launch of the TextIn xParse document processing platform is expected to enhance B-end commercial monetization and drive revenue growth [10][76]. - The company’s intelligent text recognition services are expanding to support various applications, including document parsing and AI model training [58][76]. Competitive Landscape - The company faces competition in the C-end market, particularly with its commercial data services, but maintains a strong user base and brand loyalty [66][69]. - The B-end services are evolving towards higher value-added solutions, indicating a shift in revenue structure [72].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index increased by 0.52%, with notable gains from companies such as Kingsoft Office (up 8.99%) and Hehe Information (up 6.46%) [3] - The Sci-Tech AI ETF (588790) rose by 0.59%, marking its third consecutive increase, with a latest price of 0.85 yuan [3] - Kingsoft Office reported a Q3 2025 revenue of 1.521 billion yuan, a year-on-year increase of 25.33%, and a net profit of 431 million yuan, up 35.42% year-on-year, driven by continuous R&D investment in AI [3] Group 2 - Qualcomm is entering the AI data center market with new chips (AI200 and AI250) aimed at competing with Nvidia, with the AI200 set to ship next year in various forms [4] - Guojin Securities expresses optimism about the AI-PCB and core computing hardware sectors, highlighting increased AI investments from major North American companies [4] - The Sci-Tech AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which includes 30 large-cap companies providing resources and technology for the AI industry [4] Group 3 - As of September 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index accounted for 71.9% of the index, including companies like Lanqi Technology and Kingsoft Office [5]

Group 1: AI Industry Developments - The domestic AI industry chain is experiencing strong performance, with the AI ETF (589520) showing a 0.32% intraday high and currently up 0.16%, indicating strong buying interest [1] - Key stocks in the ETF include Kingsoft Office, which rose over 6%, and other companies like Hehe Information, Star Ring Technology, and Foxit Software, which saw gains exceeding 4% [1] - The stock price of Cambricon has surpassed 1510 yuan, making it the new "king of A-shares" after exceeding the price of Kweichow Moutai [1] Group 2: Competitive Landscape - Qualcomm has launched AI chips, intensifying competition with Nvidia in the data center market, highlighting the increasing demand for AI chip resources among tech giants [3] - Chinese tech companies are more urgently seeking to reduce reliance on external computing power, with the domestic AI chip market expected to grow and optimize further [3] - The capital expenditure from major overseas companies, including Nvidia's $100 billion investment in OpenAI, indicates a complex capital cycle forming a closed loop in the computing power industry [3] Group 3: Policy and Strategic Focus - Recent high-level meetings have emphasized the importance of technological self-reliance, with plans to recreate a high-tech industry in China over the next decade [4] - The National Development and Reform Commission has highlighted the need for efficient supply of computing power, algorithms, and data as part of the AI+ initiative [4] - The focus on high-quality development and technological independence is seen as crucial in the context of the ongoing US-China competition [4] Group 4: Investment Highlights - The AI ETF (589520) and its connected funds are positioned to benefit from policy support and the rapid development of AI technologies, with a focus on companies leading in specific segments [5] - The ETF offers a low-threshold investment opportunity with a 20% price fluctuation limit, enhancing efficiency during market surges [5] - Since its low point on April 8, the AI ETF has increased by 66.71%, outperforming other indices like the Sci-Tech Innovation Board Index and the Sci-Tech 50 Index [6]