Group 1 - The core viewpoint of the report is that China Software International (00354) maintains its profit forecast, expecting revenues of 17.8 billion, 19.46 billion, and 22.14 billion yuan for 2025-2027, with net profits attributable to ordinary shareholders of 610 million, 730 million, and 890 million yuan respectively, and maintains a "Buy" rating [1] - The chairman of China Software International, Dr. Chen Yuhong, has shown confidence in the company's long-term development by increasing his shareholding, acquiring 2 million shares on July 18 and an additional 1.5 million shares on September 23 [1] Group 2 - The company has been recognized as a city partner in the open-source HarmonyOS innovation application and ecosystem construction in the intelligent transportation sector in Xi'an, positioning itself as a full-stack service provider in the Harmony ecosystem [2] - The company has deep-rooted technology in operating systems, having developed a digital foundation based on KaihongOS and released a distributed heterogeneous robot operating system, M-Robots OS, while leading in code contributions to the open-source Harmony community [2] - The company has a significant advantage in the PC ecosystem, having developed a "Hongyun Virtual Machine" solution that ensures compatibility with the Windows ecosystem, supporting the initial promotion of HarmonyOS in the PC sector [2] Group 3 - The company has successfully secured a place in the centralized procurement project for human outsourcing services from Sinochem Information Technology Co., Ltd. for 2025-2027, covering key areas such as consulting services, ERP, and implementation operations [3] - This win further consolidates the company's penetration advantage in state-owned enterprises and lays a solid foundation for advancing its strategic layout [3] Group 4 - The company is developing an AI-native digital intelligence foundation by integrating cloud and computing power, leading in the Huawei cloud ecosystem in terms of business scale and market share [4] - The company is expanding its computing power operations by collaborating with Huawei and local governments to establish a "new triangle" model for domestic computing power, transitioning from simple computing power leasing to comprehensive AI services including model training and scenario development [4]

Group 1 - The core viewpoint of the report maintains the profit forecast for China Software International, expecting revenues of 17.8 billion, 19.46 billion, and 22.14 billion yuan for 2025-2027, with net profits attributable to ordinary shareholders of 610 million, 730 million, and 890 million yuan respectively, and maintains a "buy" rating [1] - The chairman of China Software International, Dr. Chen Yuhong, has increased his shareholding in the company, demonstrating confidence in its long-term development by purchasing 2 million shares on July 18 and an additional 1.5 million shares on September 23 [1] Group 2 - The company has been selected as a city partner for the open-source HarmonyOS innovation application and ecosystem construction in the intelligent transportation field in Xi'an, positioning itself as a full-stack service provider in the HarmonyOS ecosystem [2] - The company has deep-rooted technology in operating systems, having developed a digital foundation based on KaihongOS and released the M-Robots OS for distributed heterogeneous robotic systems, leading in code contributions to the open-source Harmony community [2] - The company has a significant advantage in the PC ecosystem by developing the "Hongyun Virtual Machine" solution, which ensures compatibility with the Windows ecosystem, supporting the initial promotion of HarmonyOS in the PC sector [2] Group 3 - The company has successfully secured a new order for human resource outsourcing services from Sinochem Information Technology Co., covering consulting, ERP, and implementation services, further solidifying its penetration in state-owned enterprises [3] - The collaboration with Silicon-based Flow aims to implement a high-performance AI platform that integrates heterogeneous computing power and vector databases, facilitating the large-scale deployment of intelligent agents across various industries such as manufacturing, healthcare, and finance [3] Group 4 - The company is developing an AI-native digital intelligence foundation by integrating cloud and computing power, leading in Huawei's cloud ecosystem in terms of scale and market share [4] - The company is expanding its computing power operations by collaborating with Huawei and local governments to establish a "new triangle" model for domestic computing power, transitioning from simple computing power leasing to comprehensive AI services [4]

Investment Rating - The report maintains a "Buy" rating for China Software International [2][6] Core Views - The chairman's recent share purchases demonstrate long-term confidence in the company's prospects [6] - The company is positioned as a full-stack service provider in the Hongmeng ecosystem, contributing to hardware access, software adaptation, and scenario development [6] - The company has a strong foundation in operating system technology, with advancements in IoT and distributed heterogeneous robot operating systems [6] - The self-developed "Hongyun Virtual Machine" enhances compatibility with the Windows ecosystem, supporting the initial promotion of Hongmeng in the PC sector [6] - Recent success in securing new orders for ERP services strengthens the company's penetration in state-owned enterprises [6] - Collaboration with Silicon-based Flow aims to establish a high-performance AI platform, facilitating the deployment of AI solutions across various industries [6] - The company is developing a cloud and computing operation model to create an AI-native digital foundation, leading in the Huawei cloud ecosystem [6] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are estimated at 177.98 billion, 194.64 billion, and 221.43 billion RMB respectively, with corresponding net profits of 6.06 billion, 7.26 billion, and 8.82 billion RMB [3][7] - The company expects a revenue growth rate of 5% in 2025, 9% in 2026, and 14% in 2027, while net profit is projected to grow by 19% in 2025, 20% in 2026, and 21% in 2027 [3][7] - The earnings per share (EPS) is forecasted to be 0.22 RMB in 2025, 0.27 RMB in 2026, and 0.32 RMB in 2027 [3][7]

Core Insights - Huawei's HarmonyOS 5 has surpassed 20 million terminal devices, showcasing rapid growth in user adoption and ecosystem expansion [1][6][10] - The transition from 10 million to 20 million devices occurred in just two months, indicating a significant acceleration in user acquisition [1][6] - HarmonyOS is expected to expand beyond smartphones and tablets to various sectors, including automotive, healthcare, and aerospace, with a potential scale of billions of devices [3][4] Ecosystem Acceleration - 2025 is identified as a pivotal year for HarmonyOS 5, marking the transition from initial breakthroughs to large-scale expansion [4] - The launch of multiple devices, including the Huawei Pura X and nova 14 series, has enriched the HarmonyOS 5 ecosystem, with over 40 products now utilizing the system [4][6] - The ecosystem has seen a surge in applications, with over 9,000 HarmonyOS applications participating in system-level innovations, and more than 30,000 applications and services in development [6][7] Differentiated User Experience - HarmonyOS 5 focuses on innovative, scenario-based experiences to retain users and create a unique competitive advantage [8][10] - The system enhances everyday activities, such as dining and travel planning, by streamlining processes and integrating AI for smarter decision-making [9][10] - The rapid iteration of HarmonyOS applications has led to improved user experiences, exemplified by the HarmonyOS version of popular apps like WeChat and Douyin [7][10]

2025年9月26日，HarmonyOS Connect伙伴峰会（以下简称峰会）在深圳璀璨启幕。峰会以"焕新出发"为主题，深度解读了鸿蒙智选焕新 升级以来的成果以及最新业务进展和发展策略，现场更有一系列鸿蒙智选秋季新品闪耀亮相。值此盛会之际，鲸鸿动能也正式发布全新 升级的全域投放服务，助力"鲸选计划"全面起势，依托数据科学与智能技术，为生态伙伴提供从洞察选品、创意制作、全域媒介投放到 效果追踪的一站式营销解决方案，助力品牌实现高效生意转化。 回首过去的一年，HarmonyOS Connect交上了一份精彩的答卷，鸿蒙智联生态伙伴数量已经超过3100家，SKU超过8100个，生态设备数 量突破7.4亿，生态设备累计GMV超过1800亿。 2025年6月起，鸿蒙智能硬件生态商业模式迎来了焕新优化，正式升级为"鸿蒙智选"，面向全行业，甄选"有能力、有意愿"的优秀合作伙 伴，通过深入理解用户需求、智能化体验加持、IPD&NPS管理方法融入等方式，联合共创高品质产品，提升消费者满意度。多款智选产 品一经推出，深受消费者喜爱，登上各大电商榜单。据统计，2025年H1规模持续快增，爆品迭出，10个主力品类新品进入TOP榜单 ...

证券代码： 301236 证券简称：软通动力 软通动力信息技术(集团)股份有限公司 投资者关系活动记录表 近期，公司陆续推出了更多新产品，发布了"智慧出行二/三 轮车解决方案"，该方案以"人机互联"为核心，整合鸿蒙生态 开放能力与软硬一体技术，通过语音/手势双模态交互系统、高精 度姿态检测系统，电子围栏系统，车辆生命周期评估系统等多项 功能，赋能骑行智能新体验。此外，公司还最新发布了矿鸿统一 装备解决方案，该方案是公司子公司鸿湖万联打造的矿山智能工 业数据中枢，是"矿鸿系统化改造+MDTP 协议应用+物模型标准制 定+智能管控系统集成"四位一体的全栈解决方案。通过统一协议 与近场交互技术，破解多厂家设备协议割裂、数据孤岛及运维低 效难题，为工业领域提供可复制的智能装备管控范式。 3、公司是否参加了近期举办的全联接大会（HC），有何新品 发布？ 答：公司参加了今年 9 月 18 日在上海召开的全联接大会 （HC）。本次大会期间，公司联合合作伙伴发布了多个领域的创 新成果，包括"智慧物流与仓储 SMART 解决方案"、"AI 视觉工 业质检解决方案"、全新升级的软通动力"ISSCloud AITSM 一体 化智能 ...

9月26日，HarmonyOS Connect伙伴峰会于深圳盛大启幕。峰会以"焕新出发"为主题，集中展示了鸿蒙智选生态的最新成果与系列秋季新品。峰会不仅是 鸿蒙智选的年度盛会，更成为洞察行业智能化演进趋势的重要窗口。箭牌家居（001322）作为卫浴行业代表成为鸿蒙智选首批生态合作伙伴，重磅发布鸿 蒙智选箭牌智能浴霸与智能花洒。 华为终端BG IOT产品线总裁余隽、华为终端BG OEM生态产品领域总经理杨海松，箭牌家居董事长、总经理谢岳荣，箭牌家居董事、副总经理谢炜共同 出席签约仪式，标志着中国智能家居产业正式迈向以"空间智慧"为核心的融合新阶段。 鸿蒙智选是华为推出的鸿蒙生态高阶产品品牌，由华为甄选优秀合作伙伴，共同打造基于鸿蒙系统的智能终端精品。箭牌家居凭借在智能卫浴领域的科技 积累，实现了从单品接入到渠道共融的全维度升级，双方将以"为用户提供极致智能卫浴体验"为目标的深度合作。 谢岳荣表示："成为鸿蒙智选生态合作伙伴，极大增强了我们在产品、品牌和技术领域的信心。通过融入华为终端战略'1+8+N'，箭牌家居产品实现了与手 机、平板、智慧屏等多设备协同，带来如一键沐浴、离家节水等场景化智能体验，将鸿蒙生态的智 ...

云智能业务增长显著，全栈AI 产品落地凸显增长潜力 （1）基石业务：ICT 服务是公司的基石业务，贡献主要收入和利润，2024 年下半年基石业务营收修 复，公司员工总人数回暖，大客户数达到2020 年来第二高，大客户拓展效果显著。（2）云智能业务： 疫情引发的市场波动已回归常态，随着云计算与原生人工智能、大模型以及算力资源的深度整合，下游 需求将快速增长。 公司在行业场景化领域占据优势，深度合作华为云能力，拓展全栈AI 产品落地可能性，2024 年公司全 栈AI 产品收入达9.57 亿元，增长曲线初步显现，未来将加速云智能业务增长。 机构：开源证券 研究员：陈宝健 国内IT 服务领军者，维持"买入"评级 公司是国内IT 服务领军者，是华为深度合作伙伴，华为贡献公司40%以上收入。 公司云智能业务增长显著，鸿蒙生态闭环初步完成，随着与华为云合作深入，公司有望持续受益。考虑 鸿蒙生态、AI 业务发展均在初期阶段，我们下调2025 年并新增2026-2027 年盈利预测，预计公司2025- 2027 年归母净利润为5.64、6.28、7.08亿元（2025 原值为13.42 亿元），对应EPS 分别为0.21、0. ...

Core Insights - China Software International (00354) is a leading IT service provider in China and a deep partner of Huawei, with over 40% of its revenue contributed by Huawei [1] Group 1: Business Performance - The cloud intelligence business shows significant growth, with full-stack AI products highlighting growth potential [1] - The cornerstone business, ICT services, is the main source of revenue and profit, with a recovery in revenue expected in the second half of 2024 [1] - The total number of employees is rebounding, and the number of major clients has reached the second highest level since 2020, indicating effective client expansion [1] Group 2: Strategic Partnerships - The company is a top-level partner of Huawei Cloud and is expected to benefit from the development of the HarmonyOS ecosystem [1] - The partnership with Huawei began in 2009, and the company has been deeply involved in Huawei's various strategic layouts, making it one of Huawei's core IT service outsourcing providers in China [1] - The company is closely tied to the construction of the Harmony IoT ecosystem, with expectations for further collaboration in 2024 [1]

消息面上，中国软件国际发布公告，紧接主要股东、主席兼执行董事陈宇红博士于7月18日收购200万股 公司普通股后，陈博士已于9月23日再次收购合共150万股份，总金额约为906.18万港元。于紧随股权增 加后，陈博士持有3.19亿股股份，相当于公司于本公布日期之已发行股份总数约11.68%。 开源证券发布研报称，中软国际是华为最高级别合作伙伴，有望受益于鸿蒙生态发展。公司与华为于 2009年开始合作，深入参与华为各领域布局，是华为在国内最核心的IT服务外包商之一。2024年华为终 端业务业绩修复，原生鸿蒙发布、鸿蒙PC发布后"1+8+N"物联生态实现闭环，软件生态重构需求快速增 长。原生鸿蒙软件重构、智能物联网设备持续发展，推动鸿蒙生态需求激增。公司是开源鸿蒙生态的核 心服务商，推出了适合开源鸿蒙开发者的工具，联合深圳市天使母基金等机构助力创业鸿蒙开发者。公 司占据鸿蒙生态先发优势，有望持续受益。 中软国际(00354)再涨超5%，截至发稿，涨4.33%，报6.51港元，成交额3.09亿港元。 ...