Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance was below expectations, with revenue of 1.575 billion yuan, a year-on-year decrease of 13.39%, and a net loss attributable to shareholders of 1.39289 billion yuan, an increase in loss of 272.23% year-on-year [2][9] - The company aims to enhance its core product competitiveness and expand its data element services, focusing on digital applications and cloud transformation [9] - The earnings per share (EPS) forecast for 2025 has been adjusted down to 0.48 yuan, with expectations of recovery in business as downstream customer orders resume [9] Financial Summary - Total revenue for 2024 is projected at 1.575 billion yuan, with a year-on-year decline of 13.39% [10] - The net profit attributable to shareholders for 2024 is expected to be a loss of 1.39289 billion yuan, with a significant increase in loss compared to the previous year [10] - The company anticipates a gradual recovery in revenue, with projections of 2.108 billion yuan in 2025, 2.677 billion yuan in 2026, and 3.298 billion yuan in 2027 [10] - The EPS for 2025 is forecasted at 0.48 yuan, with further increases to 0.81 yuan in 2026 and 1.26 yuan in 2027 [10]

Group 1 - Financial sector stocks, including brokerages, banks, and insurance companies, saw significant gains, with several stocks rising over 4% and others over 2% [1] - The Financial Technology ETF (159851) turned positive, increasing by over 1% with a trading volume of 300 million CNY [1] - The overall sentiment in the financial technology industry is improving due to strong policy support and emerging demand in new sectors [3] Group 2 - The Chinese government is accelerating the construction of a financial powerhouse, enhancing financial support for achieving high-level technological self-reliance and building a strong technological nation [3] - Financial institutions are expected to increase IT investments driven by the transition to new systems and the construction of intelligent platforms, particularly among small and medium-sized financial institutions [3] - Cloud technology remains a core investment area for financial institutions, with advancements in AI and data utilization expected to enhance operational efficiency [3] Group 3 - The Financial Technology ETF (159851) has a current scale exceeding 4.2 billion CNY, with an average daily trading volume of 570 million CNY over the past six months, highlighting its scale and liquidity advantages [3]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) is initiating the third batch of pilot projects for the digital transformation of small and medium-sized enterprises (SMEs) in approximately 34 cities, focusing on key industries such as chemical manufacturing and fuel processing [1][2] Group 1: Key Tasks and Focus Areas - The pilot projects will emphasize practical transformation effects, addressing the deep-rooted reasons for SMEs' reluctance or inability to undergo digital transformation [1] - There will be a focus on strengthening professional supply by selecting service providers who understand both the industry and digitalization, developing targeted "small, fast, light, and precise" solutions for SMEs [1][2] - The initiative encourages the exploration of new technologies and models, such as artificial intelligence and cluster park transformations, to enhance the digital capabilities of SMEs [1][2] Group 2: Mechanisms and Implementation - The pilot cities are encouraged to explore new paths and methods tailored to their unique advantages, while ensuring the availability of essential resources like talent, funding, and data for digital transformation [2] - A dynamic tracking and experience summarization mechanism will be established to continuously optimize the pilot projects and improve their relevance and timeliness [2] - The selection of industries for the pilot projects will focus on those with significant production value, high SME concentration, and clear potential for transformation, avoiding dispersion [2]

Investment Rating - The report does not explicitly provide an investment rating for the financial technology sector in 2024 Core Insights - The financial technology sector in A-shares faced operational pressure in 2024, with total revenue of 1186.37 billion yuan, a year-on-year decrease of 2.73%, and a net profit of 147.62 billion yuan, down 13.85% [3][10] - Despite the overall decline, certain companies achieved double-digit revenue growth, indicating potential resilience within the sector [3][10] - The sector's R&D expenditure remained stable at 11.41% of total revenue, reflecting ongoing investment in innovation despite revenue pressures [3][12] Summary by Sections Industry Overview - The financial technology sector is experiencing a bifurcation, with significant support from policies aimed at enhancing digital finance and technological independence [4][21] - Emerging fields such as cloud computing, AI, and data utilization are expected to drive recovery in industry growth [4][30] Financial Performance - In 2024, 35 listed companies in the financial technology sector reported a total revenue of 1186.37 billion yuan, with a net profit of 147.62 billion yuan [3][10] - The banking IT segment showed a revenue decline of 3.41% year-on-year, with net profit dropping by 49.29% [3][10] R&D Investment - Total R&D investment in the financial technology sector reached 135.38 billion yuan in 2024, a decrease of 2.54% year-on-year, with a stable R&D expense ratio of 11.41% [12][13] - Companies in the securities IT and financial information services sectors exhibited significantly higher R&D expense ratios compared to the industry average [12][13] Market Dynamics - The report highlights a shift in IT investment focus towards emerging technologies, with traditional IT construction expenditures expected to decline [5][30] - The demand for IT services from small and medium-sized financial institutions is anticipated to increase, providing new growth opportunities [5][37]

Group 1 - The core viewpoint of the article emphasizes the comprehensive deployment of key tasks for the digital economy in 2025, focusing on market-oriented reforms and the integration of data elements into the real economy [2] - The document outlines seven key areas for the development of the digital economy, including the release of data element value and the establishment of a national integrated data market [3] - The "East Data West Computing" initiative is highlighted as a strategy to enhance collaboration and optimize computing power infrastructure, with over 425.1 million 5G base stations built nationwide [4] Group 2 - The article discusses the importance of building a globally competitive digital industry system, promoting high-end, intelligent, and green development of digital industries [5] - The "One Chain, One Policy" approach is introduced to customize digital technology applications around key industrial chains, breaking down "digital silos" and empowering various business processes [6] - The need for a robust digital governance and security framework is emphasized to ensure the sustainable development of the digital economy, with a focus on legal regulations and data security management [7][8] Group 3 - The document stresses the importance of international cooperation in the digital economy, supporting digital trade and expanding "Silk Road e-commerce" collaboration to help Chinese enterprises integrate into global value chains [9] - The release of the "2025 Digital Economy Development Work Points" signals a rising status of foundational elements like data and computing power, which directly influence the digital transformation capabilities and costs for enterprises [10] - The digital economy is positioned as a key battleground for service-oriented manufacturing and industrial collaboration, urging companies to adapt to seize opportunities in the upcoming industrial transformation [11]

中德证券有限责任公司 关于北京易华录信息技术股份有限公司 保荐机构名称：中德证券有限责任公司 被保荐公司简称：易华录 保荐代表人姓名：赵泽皓 联系电话：010-59026952 保荐代表人姓名：崔学良 联系电话：010-59026768 一、保荐工作概述 项 目 工作内容 （1）是否及时审阅公司信息披露文 是 件 （2）未及时审阅公司信息披露文件 的次数 章制度的情况 （1）是否督导公司建立健全规章制 度（包括但不限于防止关联方占用 公司资源的制度、募集资金管理制 是 度、内控制度、内部审计制度、关 联交易制度） （2）公司是否有效执行相关规章制 是 度 （1）查询公司募集资金专户次数 12 次 （2）公司募集资金项目进展是否与 是 信息披露文件一致 （1）列席公司股东大会次数 未列席，事前审议相关文件 （2）列席公司董事会次数 未列席，事前审议相关文件 （3）列席公司监事会次数 未列席，事前审议相关文件 （1）现场检查次数 1次 （2）现场检查报告是否按照本所规 是 定报送 营业收入方面，公司 2024 年前三季度营 业收入为 43,166.45 万元，较上年同期下 降 38.57%；净利润方面，公司 20 ...

唤醒"沉睡"的医疗大数据 广州发布卫生健康行业可信数据空间首批成果 近日，广州市卫生健康委员会举行广州卫生健康行业可信数据空间成果发布会，发布包括5个数据产品 及28个高质量数据集。据了解，广州卫生健康行业可信数据空间借鉴了国内外先进的数据技术和管理经 验，结合广州实际，力求打造一个能够实现医疗健康数据安全可信流通、促进数据价值释放的平台，解 决卫生健康数据"供不出""流不动""用不好"的问题，目前已成功汇聚了多家医疗机构的高质量数据。医 疗机构可依托空间在通用全科、专科专病和便民服务方面进行创新，破解"三长一短"就医痛点；药械企 业、科研机构可依托空间，在药械研发、临床试验和药械应用等方面进行场景创新，对生物医药产业实 现全链条升级，缩短药械研发周期，赋能生物医药产业高质量发展。 推动医疗数据合法合规安全流通 "共和国勋章"获得者、中国工程院院士钟南山在视频致辞中表示，当下"人工智能+""数据要素×"正在以 前所未有的速度改变着我们的生活方式、工作模式和社会结构，同样也牵引健康医疗事业深刻变 革，"从科学研究到临床实践各个环节，以新质生产力赋能医疗健康行业和生物医药产业的高质量发 展，聚焦民生福祉、开展行业 ...

Core Viewpoint - Guangzhou is actively exploring the construction of a trusted data space in the health industry, aiming to create a public platform connecting hospitals, enterprises, and research institutions to facilitate the circulation of credible health data [1][2][4]. Group 1: Data Challenges and Solutions - The medical data in Guangzhou is abundant, with outpatient visits projected to reach 187 million in 2024, but the development and utilization of this data face challenges such as fragmentation across institutions, security and privacy concerns, and limited computational resources [2][4]. - To address these issues, the Guangzhou Health Commission is working on establishing a trusted data space that will enhance data integration and governance, promote collaboration among medical institutions, research units, and biopharmaceutical companies, and accelerate the extraction of valuable data elements and AI applications in healthcare [2][5]. Group 2: Implementation and Standards - In July 2024, Guangzhou initiated the construction of a platform aimed at ensuring secure and credible data circulation, with a focus on releasing data value [4]. - The Guangzhou Health Commission released local standards for health data collection in December 2024, intending to establish unified data standards to support data governance and the construction of the trusted data space [5]. - The pilot work plan for the trusted data space emphasizes establishing mechanisms, building platforms, data integration, and creating scenarios, with initial results including five data products and 28 high-quality datasets [5]. Group 3: Benefits and Innovations - The establishment of the trusted data space is expected to facilitate data exchange between different medical institutions and biopharmaceutical companies, promoting breakthroughs in medical technology, drug development, and medical device innovation [6]. - The trusted data space will enhance hospitals' digital transformation, allowing them to monetize high-quality data while improving medical efficiency and service levels [6]. - The space will also support the entire biopharmaceutical industry chain, shortening drug development cycles and enabling innovative clinical trials and applications [6]. Group 4: Future Developments - The next steps include connecting the trusted data space with Guangzhou's health big data platform, expanding the data resource range to various medical institutions, and attracting third-party data service providers [7]. - The design mechanism will adopt a "one scenario, one authorization" approach for data usage, ensuring that personal data is only used with individual consent [7].

Core Viewpoint - Company has reported strong order growth and is positioned well within rapidly evolving technology-driven sectors, particularly in smart healthcare, governance, and finance [1][2][3] Group 1: Recent Performance - In Q1 2025, the company signed new orders exceeding 500 million yuan, marking the best performance for the same period over the last three years [1] - The company's revenue for Q1 2025 was 464 million yuan, a year-on-year increase of 32.61%, while the net profit attributable to shareholders was -152 million yuan, improving by 28.27% [20] Group 2: Industry Outlook - The year 2024 is expected to accelerate the technology-driven development landscape, with AI technologies penetrating various industries, creating unprecedented opportunities [2] - The company believes its industry has vast growth potential based on policy, technology, and market demand [3] Group 3: Financial Performance - For the fiscal year 2024, the company reduced its net loss by 213 million yuan, achieving a reduction rate of 23.7% [4] - The company's gross profit margin stood at 14.59% [20] Group 4: Growth Drivers - The company plans to enhance its core competitiveness and profitability through five key strategies, including improving market development capabilities, strengthening innovation, and optimizing cost management [5] - The establishment of a Smart Finance Center aims to deepen collaboration with major shareholders and expand market space in the financial sector [9][18] Group 5: Technological Advancements - The company has made significant advancements in AI, including the development of a digital brain platform and a new AI healthcare ecosystem [8][19] - The integration of AI technologies is expected to enhance decision-making efficiency and reduce misdiagnosis risks in healthcare settings [19] Group 6: Data Management and Services - The company has established a comprehensive data product system and is recognized as a third-party data service provider, focusing on the commercialization of data elements [10] - It has developed a one-stop settlement platform for commercial insurance, enhancing the efficiency of claims processing [10][11] Group 7: Smart Elderly Care - The company has been active in the smart elderly care sector, creating a digital platform that integrates various services for elderly care [13] - It is involved in projects that leverage advanced technologies for improving elderly care services [13]

Financial Performance - In 2024, the company achieved operating revenue of ¥223,633,009.1, with a net profit attributable to shareholders of -¥49,552,838.46, indicating a significant decline due to market demand slowdown and intensified competition [3] - For Q1 2025, the company reported operating revenue of ¥48,422,939.96, net profit of ¥567,488.39, and net profit after deducting non-recurring gains and losses of ¥1,414,010.09, marking a turnaround to profitability [3] Reasons for Performance Decline - The primary reasons for the 2024 performance decline included a slowdown in market demand for smart city solutions and increased competition, leading to cautious business engagement [3] - The company recorded a significant increase in accounts receivable, resulting in a provision for bad debts of ¥25,110,000 and stock incentive expenses of ¥9,511,800, adversely affecting profits [3] Growth Opportunities - The company is expanding into new business areas such as smart rail transportation, smart enterprises, and smart energy, while consolidating its advantages in government, education, and healthcare sectors [3] - As of the report date, the company has secured orders worth approximately ¥800 million, laying a solid foundation for improved performance in 2025 [4] Industry Context - The overall performance of the smart city industry in 2024 was affected by reduced market demand and heightened competition, prompting the company to focus on core strengths while exploring new business avenues [4] - In Q1 2025, the company reported a year-on-year revenue growth of 21.95% and a significant improvement in cash flow from operating activities by over 79% [4] Strategic Planning - The company aims to leverage opportunities in the digital economy, focusing on internal growth and external acquisitions to enhance its core competencies [4] - Plans include strengthening project reserves, enhancing capital operations, and optimizing product structures to drive business transformation and quality improvement [4] Computational Power Business - The company has signed contracts for computational power services worth ¥330,860,400 and ¥51,697,584, with a total computational capacity of 1000P@FP16 [5] - The establishment of the Shenzhen Open Intelligent Computing Center is expected to bolster the company's position in the AI computational power market [5] Risk Management - The company is implementing multi-dimensional strategies and refined operations to ensure sustainable development amid intense competition in the computational power market [5] - Enhanced project management and risk control measures are in place, particularly for heavy asset projects like computational clusters [5]