上海宝信软件股份有限公司公告 股票代码：A600845 B900926 股票简称：宝信软件 宝信 B 编号：临 2025-038 上海宝信软件股份有限公司 第十届董事会第三十三次会议决议公告 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。 上海宝信软件股份有限公司第十届董事会第三十三次会议通知于 2025 年 9 月 9 日以电子邮件的方式发出，于 2025 年 9 月 15 日以现场和视频会 议相结合方式召开，应到董事 10 人，实到 10 人，监事和高级管理人员列 席了会议。本次会议符合《公司章程》和有关法律、法规的要求，会议合 法有效。 会议由董事长田国兵先生主持，审议了以下议案： 一、续聘 2025 年度财务和内部控制审计机构的议案 具体内容详见《续聘 2025 年度财务和内部控制审计机构的公告》。 本议案已经公司董事会审计委员会审议通过，同意提交董事会审议， 尚需提交股东大会审议通过。 表决情况：同意 10 票，反对 0 票，弃权 0 票。是否通过：通过。 公司拟将第十一届董事会董事人数确定为 11 名董事，此事项以 ...

Group 1 - The core viewpoint of the article is that Baoxin Software held its 33rd meeting of the 10th Board of Directors on September 15, 2025, to discuss the proposal regarding the number of directors for the 11th Board of Directors [1] - For the first half of 2025, Baoxin Software's revenue composition was as follows: software development and engineering services accounted for 64.02%, outsourcing services accounted for 35.31%, system integration accounted for 0.48%, and other businesses accounted for 0.2% [1] - As of the time of reporting, Baoxin Software's market capitalization was 67.9 billion yuan [1]

Summary of Key Points from the Equity Research Report on China Software Equities Industry Overview - The report focuses on the **China Software Industry**, particularly in the context of **AI monetization** and competition dynamics within the sector [2][3]. Core Insights 1. **AI Monetization Stage**: - AI monetization is still in its early stages, with significant policy support leading SOEs to prioritize AI projects, particularly in finance, healthcare, and education [3][4]. - SMEs in the manufacturing sector show strong demand for cost control, benefiting software companies like Yonyou and Nancal, which are experiencing good order momentum [3][4]. - Consumer-oriented software companies are currently focused on user acquisition and loyalty rather than immediate monetization of AI functionalities [3][4]. 2. **Competition Landscape**: - Simpler AI applications face intense competition, leading to a decline in Average Selling Price (ASP) [4]. - Complicated software, such as ERP systems, is less likely to be replaced by AI due to the necessity of industry-specific knowledge, which AI cannot easily replicate [4]. 3. **Stock Recommendations**: - **Sangfor (Buy)**: Expected to benefit from AI-driven IT infrastructure upgrades, with a target price of RMB143.00, implying a 30% upside from the current price [5][13]. - **Yonyou (Buy)**: Notable for its rapid AI order ramp-up, with 1H25 AI orders reaching RMB320 million, approximately 9% of total revenue. Target price set at RMB22.00, indicating a 54% upside [5][13]. - **ThunderSoft (Buy)**: Positioned to benefit from strong software upgrade demand from AI IoT suppliers, with a target price of RMB90.00, suggesting a 25% upside [5][13]. - **Kingsoft Office (Buy)**: Unique position as the only office software vendor in China with a closed-loop system for AI, targeting a price of RMB353.00, reflecting a 20% upside [5][13]. Financial Metrics - **Yonyou**: 1H25 AI orders at RMB320 million, with expectations for further growth in 2H25 [5][9]. - **Sangfor**: Revenue CAGR of 15% from 2018-2024, with a projected revenue of RMB9.1 billion by 2026 [13]. - **Kingsoft Office**: Historical average PS multiple of 33x, with a projected revenue CAGR of 15% for 2024-2026 [13]. Additional Insights - The report highlights the importance of **on-device AI** products, such as AI glasses and toys, which are seeing robust demand [3]. - Companies like Arcsoft and ThunderSoft are noted for their strong order momentum in the AI hardware space [3][5]. - The report emphasizes the potential for AI to enhance existing software capabilities rather than completely replace them, particularly in complex applications [4]. Risks and Challenges - Key risks include fierce competition, weaker-than-expected business expansion due to macroeconomic challenges, and potential chip shortages impacting production [13]. This summary encapsulates the critical insights and financial metrics from the report, providing a comprehensive overview of the current state and future outlook of the China software industry, particularly in relation to AI monetization and competitive dynamics.

Group 1 - The software ETF has shown significant liquidity with an intraday turnover of 5.62% and a transaction volume of 275 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past month at 568 million yuan [3] - The software ETF has experienced a notable growth in scale, increasing by 1.93 billion yuan over the past three months, also ranking first among comparable funds [3] - The net value of the software ETF has risen by 21.38% over the past three years, with the highest monthly return since inception reaching 39.35% and an average monthly return of 10.06% [3] Group 2 - In the first half of 2025, China's software business achieved a revenue of 70.585 billion yuan, reflecting a year-on-year growth of 11.9%, while the total profit reached 8.581 billion yuan, growing by 12.0% [3] - The implementation of the "Artificial Intelligence +" initiative is expected to drive the industrialization of AI, with significant advancements in AI applications and infrastructure development [3] - In August 2025, companies like DeepSeek, Zhiyu, and Alibaba updated and open-sourced their latest models, highlighting the trend of smaller models that lower the development threshold for AI applications [4] Group 3 - The top ten weighted stocks in the CSI Software Service Index include companies such as iFLYTEK, Tonghuashun, and Kingsoft, collectively accounting for 62.05% of the index [4] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [4]

Summary of MSCI China 2Q25 Earnings Review Industry Overview - The report focuses on the **MSCI China** and **A-shares** performance during the second quarter of 2025 (2Q25) - It highlights the earnings results of various sectors within the Chinese equity market Key Findings MSCI China Performance - **Earnings Results**: MSCI China reported earnings in line with consensus forecasts, with a weighted surprise of **+2.7%** and a miss by number of companies of **-2.7%** [2][26] - **Comparison to 1Q25**: The results showed a similar trend to 1Q25, which had a miss of **-3.8%** by number of companies and a weighted surprise of **+3.1%** [2][26] A-Shares Performance - **Earnings Results**: A-shares missed consensus forecasts by number of companies by **-13.8%**, but were in line by weighted surprise at **+0.2%** [3][26] - **Comparison to 1Q25**: This represents a softening compared to 1Q25, which had a miss of **-4.8%** by number of companies and a weighted surprise of **+3.3%** [3][26] Revenue Performance - **MSCI China and A-shares**: Both indices missed consensus revenue estimates by number of companies but posted in-line results by weighted surprise [4][44] - **Cost Control**: The better revenue trends were attributed to improved cost-control measures and self-help strategies [4] Sector Performance - **Strong Performers**: - **Communication Services** and **Financials** led with solid earnings beats [5][26] - **Pharma & Biotech** and **Materials** saw strong returns with earnings upgrades, with gains above **20%** [6] - **Weak Performers**: - **Onshore Real Estate** and **Utilities** posted net earnings misses by both weighted surprise and number of companies [5] Market Returns - **Overall Returns**: MSCI China delivered a **13%** return from end-June to September 9, while MSCI China A onshore gained **15%** [6][18] - **Sector Returns**: Notable sectors with returns above **20%** included Consumer Staples Retailing, Pharma & Biotech, and Semiconductors [15][18] Earnings Revisions - **Upward Revisions**: Sectors such as **Pharma & Biotech**, **Materials**, and **Tech** saw upward revisions to 2025 consensus EPS estimates [6][16] - **Downward Revisions**: The **Semiconductors** sector experienced downward earnings revisions [6][16] Notable Contributors - **Key Contributors to Earnings Beats**: - **Communication Services**: Mango Excellent Media and Giant Network [28] - **Consumer Discretionary**: PDD, XPENG, and TCOM [28] - **Financials**: BOC and CCB [28] - **Key Drags on Earnings**: - **Consumer Staples**: China Feihe, China Mengniu, and Yanghe Brewery [28] - **Energy**: ShaanXi Coal and Yankuang Energy [28] Revenue Surprises - **Aggregate Revenue Miss**: Reported revenue missed consensus by number of companies by **-12.5%**, an improvement from **-16.6%** in 1Q25 [45] - **Sector-Level Revenue Beats**: Only **Communication Services** and **Real Estate** posted beats by number of companies [45] Conclusion - The earnings season for 2Q25 showed mixed results across sectors, with some outperforming expectations while others fell short. The overall market demonstrated resilience with positive returns, but challenges remain in specific sectors, particularly in revenue generation.

Core Viewpoint - Baoxin Software's stock has experienced a significant decline in 2023, with a year-to-date drop of 17.93% and a recent net outflow of funds, indicating potential investor concerns about the company's performance and market position [1][2]. Financial Performance - For the first half of 2025, Baoxin Software reported a revenue of 4.715 billion yuan, a year-on-year decrease of 30.08%, and a net profit attributable to shareholders of 713 million yuan, down 46.46% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 10.067 billion yuan, with 5.736 billion yuan distributed over the last three years [3]. Stock Market Activity - As of September 9, Baoxin Software's stock price was 23.52 yuan per share, with a market capitalization of 67.521 billion yuan. The stock has seen a trading volume of 266 million yuan and a turnover rate of 0.53% [1]. - The stock has faced a net outflow of 37.284 million yuan from major funds, with significant selling pressure observed [1]. Shareholder Structure - As of July 31, the number of shareholders for Baoxin Software increased to 129,300, reflecting a rise of 9.61%, while the average number of circulating shares per person decreased by 10.50% to 20,430 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 67.0865 million shares, which is a decrease of 14.7907 million shares from the previous period [3].

Group 1 - The 2025 Global Industrial Internet Conference focused on the theme of "Digital Intelligence Empowerment, Integrated Innovation, and Green Development," aiming to explore trends in green low-carbon future development and share successful practices in digital and green integration [1] - The Ministry of Industry and Information Technology emphasized the importance of digital and green integration for high-quality industrial development and the promotion of new productive forces [1] - The conference highlighted the need for collaboration in building a digital and green innovation ecosystem to drive industrial low-carbon development [1] Group 2 - The China Industrial Internet Research Institute is actively building a public service platform for industrial digital carbon management and a carbon emission database to support green manufacturing and zero-carbon upgrades [2] - Liaoning Province is focusing on high-end development, intelligent transformation, and green enhancement, leveraging technological innovation to guide industrial upgrades and promote sustainable development [2] - A partnership plan for the construction of a credible carbon data space was initiated by the China Industrial Internet Research Institute in collaboration with several organizations, aiming to create a cooperative mechanism for sharing industrial carbon data resources [2] Group 3 - The "Liaoning Resource Recycling Industry Brain" platform was launched to enhance resource efficiency and promote smart management in industrial green low-carbon development [3] - An Industrial Digital Carbon Management Public Service Platform and an innovation center for industry-education integration were established to foster high-level carbon management talent [3] - A list of "Industrial Digital Carbon Management Service Providers" was released, featuring 12 companies, to standardize and professionalize the industrial carbon management service ecosystem [3]

- The "China Cloud Computing 50 Index" is composed of 50 stocks from the A-share market, focusing on companies highly related to cloud computing, including IaaS, PaaS, SaaS, and cloud computing hardware. The index emphasizes growth characteristics by ranking companies based on their three-year revenue growth rate and excluding the bottom 20%, resulting in a focus on small and medium-sized market capitalization and sector leaders[29] - The index structure is diversified across IT services, software development, and communication services, with IT services and software development accounting for nearly two-thirds of the index. The top 10 weighted stocks represent 63.11% of the total weight, showcasing a high concentration of leading companies[30][32] - The index's historical performance demonstrates "high growth and high elasticity," with strong returns during key periods such as the "new infrastructure" boom in 2019-2020 and the rapid adoption of AI applications in 2024-2025. As of August 25, 2025, the year-to-date return is 68.88%, significantly outperforming similar indices[39][40] - The index exhibits aggressive characteristics, with high exposure to Beta, growth, momentum, and liquidity factors, alongside elevated residual volatility, indicating strong offensive and elastic attributes[43] - Financial metrics show the index's superior profitability and growth potential, with sales net profit margin and ROE levels significantly higher than other cloud computing-related indices. The projected two-year compound growth rates for revenue and net profit are 21.8% and 48.3%, respectively, maintaining competitiveness among peers[45][47]

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [5] Core Insights - The computer industry experienced accelerated revenue growth in the first half of 2025, with total revenue reaching 550.38 billion yuan, a year-on-year increase of 13.18%. The net profit attributable to shareholders was 4.87 billion yuan, up 92.51% year-on-year [1][13] - The median revenue for the industry in the same period was 336 million yuan, showing a slight decline of 0.16% year-on-year, while the median net profit attributable to shareholders decreased by 26.01% to 3 million yuan [1][13] - The gross profit margin for the industry was 20.87%, down 2.67 percentage points year-on-year, indicating a decline in profitability [2][26] Revenue and Profit Analysis - The total revenue for the computer industry in 2025H1 was 550.38 billion yuan, with a year-on-year growth of 13.18%. The net profit attributable to shareholders was 4.87 billion yuan, reflecting a significant increase of 92.51% year-on-year [1][13] - The median revenue for the industry was 336 million yuan, with a slight decline of 0.16% year-on-year, while the median net profit attributable to shareholders was 3 million yuan, down 26.01% year-on-year [1][13] - The industry saw a decrease in gross profit margin to 20.87%, down 2.67 percentage points year-on-year, indicating pressure on profitability [2][26] Expense Management - The total expense ratio for sales, research and development, and management decreased, indicating a continued focus on operational efficiency. The combined expense ratio was 19.91%, down 2.62 percentage points year-on-year [2][26] - Sales expenses increased by 0.15% year-on-year, while the sales expense ratio decreased to 6.63% [2][26] - Research and development expenses decreased by 0.95% year-on-year, with a research expense ratio of 8.21% [2][26] Cash Flow and Receivables - The accounts receivable for the industry reached 323.57 billion yuan, up 4.49% year-on-year, but the proportion of accounts receivable to revenue significantly decreased to 58.79% [3][48] - The net cash flow from operating activities improved, with a net cash flow of -41.03 billion yuan, an increase of 125.17 billion yuan year-on-year [3][48] Market Segment Performance - Large-cap companies in the industry saw a revenue growth rate of 26% and a net profit growth rate of over 40% for the first half of 2025. Mid-cap companies experienced a slight revenue increase of 4.8%, while small-cap companies faced a revenue decline of 6.4% [3][58] - The AI computing segment and intelligent driving segment showed strong revenue and profit growth, with significant contributions from key players in these areas [4][69]

Company Overview - Baosight Software Co., Ltd. is located in the China (Shanghai) Pilot Free Trade Zone and was established on August 15, 1994. The company was listed on March 11, 1994. Its main business involves research, design, development, manufacturing, integration, and related outsourcing, maintenance, and consulting services for computer, automation, and network communication systems and software and hardware products [1]. Financial Performance - As of July 31, Baosight Software reported a total of 12.93 million shareholders, an increase of 9.61% from the previous period. The average circulating shares per person decreased by 10.50% to 20,430 shares [2]. - For the first half of 2025, Baosight Software achieved operating revenue of 4.715 billion yuan, a year-on-year decrease of 30.08%. The net profit attributable to shareholders was 713 million yuan, down 46.46% year-on-year [2]. Stock Performance - On September 4, Baosight Software's stock price fell by 2.10%, trading at 23.32 yuan per share, with a total transaction volume of 539 million yuan and a turnover rate of 1.07%. The total market capitalization stood at 66.947 billion yuan [1]. - Year-to-date, the stock price has declined by 18.63%, with a 9.93% drop over the last five trading days, a 6.23% decline over the last 20 days, and a 4.70% decrease over the last 60 days [1]. Shareholder Information - Since its A-share listing, Baosight Software has distributed a total of 10.067 billion yuan in dividends, with 5.736 billion yuan distributed in the last three years. As of June 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 67.0865 million shares, a decrease of 14.7907 million shares from the previous period [3].