Core Insights - Huawei announced that the number of devices running HarmonyOS 5 has surpassed 17 million, marking a significant milestone in its AI ecosystem development [1][2] - The company launched the "Tiangong Plan," committing 1 billion yuan to support innovation in the HarmonyOS AI ecosystem, which is seen as a strategic move to build a self-sustaining ecosystem in the AI era [1][4] HarmonyOS Ecosystem Development - Since its release, HarmonyOS 5 has been rapidly expanding, adding approximately 1 million devices each month, which includes products from Huawei and its ecosystem partners [2] - The operating system is now integrated across various product categories, including smartphones, computers, tablets, smartwatches, and smart screens, showcasing a comprehensive smart experience [2][3] - The growth of HarmonyOS is viewed as a significant achievement for Chinese technology companies in overcoming technological barriers in a market dominated by Android and iOS [2][3] Open Source and Community Contributions - Huawei has donated the foundational capabilities of HarmonyOS to the OpenAtom Open Source Foundation, leading to the emergence of an open-source version of HarmonyOS [3] - Over the past five years, the open-source HarmonyOS has seen over 130 million lines of code contributed by more than 9,200 community contributors, resulting in over 1,300 hardware and software products across various industries [3] AI Integration and Future Plans - The upgrade to HarmonyOS 5 not only increases the number of devices but also enhances AI capabilities, allowing for seamless AI functionality across different devices [3][4] - The "Tiangong Plan" aims to support the development of over 10,000 AI-native services, 1,000 intent frameworks, and 5,000 intelligent agents, indicating a strong focus on AI integration within the ecosystem [4][5] Competitive Landscape - The competition in operating systems is fundamentally about ecosystem development, and Huawei's significant investment in the "Tiangong Plan" reflects its commitment to building a robust ecosystem [5] - Despite the ambitious plans, challenges remain in terms of application richness, developer profitability, and global market acceptance [5]

Core Insights - Midea Group and Huawei have signed a strategic cooperation agreement to leverage their strengths in technology and information communication across various key areas, including enterprise management, AIGC, ICT infrastructure, green low-carbon initiatives, cloud business, product development, and internationalization [2][3] - The collaboration in the AIGC field focuses on "technology empowerment + scenario implementation," with the establishment of a special working group to research AI applications in smart homes and smart manufacturing, addressing challenges in multimodal AI algorithm optimization, edge computing, and AI security [2] - In the smart factory sector, Midea will utilize its self-developed visual large model algorithm platform in conjunction with Huawei's Ascend AI visual inspection technology to enhance production efficiency and product quality stability [2] Smart Home and Ecosystem Development - Midea will collaborate with Huawei's HiSilicon and open-source HarmonyOS to create integrated smart home appliance solutions, enhancing product innovation and user experience [3] - The partnership aims to deepen the smart home ecosystem through cross-brand device collaboration and scenario linkage, creating HarmonyOS smart selection products for a smoother user experience [3] - The cooperation also includes interconnectivity among "people," "vehicles," and "homes," digital energy temperature control products, and the digital transformation of medical imaging equipment [3] Strategic Significance - The signing of the strategic cooperation agreement marks a new phase in the collaboration between Midea and Huawei, aiming to continuously deepen technological synergy and scenario innovation [3] - Midea's Chairman Fang Hongbo emphasized the importance of connectivity and computing technology in their core areas, including smart homes, smart factories, smart buildings, and smart hospitals [3] - Huawei's Supervisory Board Chairman Guo Ping highlighted the exploration of new paths for the integration of technology and industry, setting new benchmarks for industry development and enhancing user product and service experiences [3]

Core Viewpoint - The event highlighted the progress of the HarmonyOS ecosystem and its dual-driven strategy of "Harmony + AI," emphasizing collaboration among enterprises to build a new productive force in the digital economy [1][3]. Group 1: HarmonyOS Ecosystem Development - As of September 2025, the number of HarmonyOS 5 terminal devices has surpassed 14 million, showcasing the ecosystem's growth [3]. - Over 400 consumer applications and more than 150 government and enterprise applications have been successfully launched in Zhejiang, contributing significantly to the HarmonyOS application ecosystem [3]. - The "Zhejiang Service" platform integrates over 3,600 government services, while the "Travel Zhejiang" smart tourism service connects provincial resources for convenient travel [3]. Group 2: Developer Engagement and Tools - Huawei has established nine unified capabilities for developers, allowing them to create applications with a single set of skills and code for a full-scenario experience [3]. - The introduction of CodeGenie AI development tools and the Xiaoyi intelligent platform aims to lower development barriers and enhance application development efficiency [3][4]. Group 3: Open Source and Educational Initiatives - Huawei has contributed over 130 million lines of open-source HarmonyOS code and launched more than 1,300 software and hardware products across various sectors, including finance, education, and consumer electronics [4]. - Universities in Zhejiang are actively offering HarmonyOS courses, fostering a new generation of developers through Huawei's student developer program [4][6]. Group 4: Call for Collaboration - Huawei invites more enterprises and partners to accelerate the adaptation of applications to HarmonyOS, enhancing functionality and consumer experience [5]. - The company encourages consumers to actively use and provide feedback on HarmonyOS devices and applications to help refine the ecosystem [5]. - There is a strong appeal for more device manufacturers, software developers, and application creators to engage in the open-source HarmonyOS community to establish industry benchmarks and replicable solutions [5][6].

Core Insights - Guiyang's Yunyan District is accelerating the layout of the digital economy, focusing on attracting talent, industrial clustering, technological innovation, application implementation, and optimizing the business environment to drive high-quality regional economic development [1] Group 1: Industry Development - The district aims to introduce 9 digital economy projects by 2025, with a total investment of 9.93 billion yuan, including 4 projects exceeding 100 million yuan, covering areas such as artificial intelligence, data security, and innovation centers [1] - Key technological advancements include an 18% increase in energy utilization efficiency from smart microgrid controllers and a 40% improvement in teacher preparation efficiency through the SomaSeek intelligent platform [3][4] - The establishment of a digital economy ecosystem is evident with the occupancy rate of digital economy buildings rising from below 10% in 2023 to 80% [4] Group 2: Application Scenarios - In smart tourism, the "Huang Xiaoxi" intelligent tourism service platform provides personalized travel planning and has won awards for its data integration efforts [5] - The highway intelligent maintenance platform covers 6,200 kilometers of road network with an 85% accuracy in equipment fault warnings, while the tunnel intelligent dimming system saves over 1 million kilowatt-hours annually [5] - Innovations in cold chain logistics include a plan to enhance cold storage capacity to 600,000 cubic meters and increase refrigerated transport vehicles to 3,000, facilitating the distribution of local agricultural products [6] Group 3: Business Environment Optimization - The district is enhancing its business environment by implementing a digital platform for project management and an AI assistant to streamline administrative processes, significantly reducing processing times [7][9] - The "Enterprise Home" platform has successfully addressed over 20 business requests, with more than 3,500 enterprise visits conducted to resolve issues [9] - Support for innovation includes helping 10 enterprises apply for technology innovation vouchers and securing 8 million yuan in special funding for key data enterprises [9]

Core Viewpoint - Nanjing is actively developing its software industry, aiming to build a trillion-level software industry cluster through innovative mechanisms and collaborative efforts among various sectors and enterprises [1][11]. Group 1: Industry Development Initiatives - Nanjing has launched the "China Software City" initiative, targeting a trillion-level software industry cluster, which reflects the city's ambition for urban development [1]. - The city has implemented a strong organizational collaboration mechanism, establishing the "Nanjing AI (Software) Industry Task Force" to enhance coordination among over 20 municipal departments and various software parks [2][3]. - The "One Unit, One List" mechanism has been introduced to clarify responsibilities and tasks for different units, facilitating the execution of the "2025 Action Plan for Building a Trillion-Level Software and Information Service Industry" [3][9]. Group 2: Key Projects and Collaborations - Major global companies, including Dassault Systems and BMW, have established significant operations in Nanjing, indicating the city's attractiveness for IT talent and technological innovation [2][5]. - The city has seen the successful signing of 137 AI (software) industry projects, with 12 high-energy projects, including the establishment of regional headquarters for major tech firms [3][5]. - Nanjing has launched a 10 billion yuan industrial software special fund to promote collaboration among enterprises, research institutions, and financial entities [5]. Group 3: Focus on Industrial Software and Innovation - Industrial software is identified as a critical engine for Nanjing's software industry, with initiatives to create an "Industrial Software Innovation Center" and promote innovative cooperation models [5][6]. - The city aims to enhance its capabilities in the open-source ecosystem, with companies like Runhe Software contributing significantly to the development of the HarmonyOS platform [6][7]. - Nanjing has established itself as a leader in the "信创" (Xinchuang) industry, focusing on self-innovation and the development of proprietary operating systems and products [6][10]. Group 4: Ecosystem and Market Expansion - The city is fostering an ecosystem for leading enterprises through personalized cultivation plans and has organized numerous market connection events to support software companies [9][10]. - Nanjing has identified 95 application scenarios for Xinchuang and several for industrial software, facilitating the landing of various projects [10]. - The establishment of the Nanjing Intelligent Automotive Industry Park is expected to generate an annual revenue of 1.8 billion yuan, showcasing the city's commitment to emerging sectors [10].

Core Viewpoint - The company is experiencing significant growth in its non-GAAP net profit and maintaining a high level of prosperity in its smart IoT business, driven by initiatives in open-source HarmonyOS, open-source Euler, and enterprise-level AI [1]. Financial Performance - The company forecasts a target price of 76.80 yuan and maintains a "buy" rating, predicting EPS for 2025-2027 to be 0.24, 0.28, and 0.33 yuan respectively, with a PE of 320 times for 2025 based on comparable company valuations [2]. - In the first half of 2025, the company reported revenue of 1.747 billion yuan, a year-on-year increase of 10.55%, with a net profit attributable to shareholders of 60 million yuan, down 29.43%, and a non-GAAP net profit of 52 million yuan, up 47.33% [2]. - In the second quarter of 2025, revenue reached 914 million yuan, a year-on-year increase of 12.88%, with a net profit attributable to shareholders of 29 million yuan, down 51.60%, and a non-GAAP net profit of 25 million yuan, up 69.61% [2]. - The financial technology business generated revenue of 890 million yuan in the first half of 2025, up 6.06%, while the smart IoT business generated 606 million yuan, up 23.85% [2]. Business Development - The company is actively integrating AI technologies into its financial services, covering six major state-owned banks, 12 joint-stock banks, and over 280 licensed financial institutions by mid-2025 [3]. - In the smart IoT sector, the company is developing a domestic "end-edge-cloud" security digital foundation for industrial interconnectivity, leveraging AI technology for advanced applications [3]. - The company plans to implement new intelligent equipment-based solutions for smart distribution networks, substations, and new microgrids over the next three years [3]. - Innovative business segments achieved revenue of 368 million yuan in the first half of 2025, representing a year-on-year increase of 8.96% and accounting for 21.07% of total revenue [3]. AI Strategy - The company is focused on building a comprehensive AI technology stack, centered around a triad framework of "knowledge-perception-decision," which includes various AI-driven products such as multi-modal knowledge engines and decision-making agents [4]. - The company has developed an "AI hub" product matrix, including integrated hardware and three core software platforms, along with AI-driven testing service platforms and financial knowledge assistants [4].

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 76.80 CNY [5][12]. Core Insights - The company has shown significant growth in net profit excluding non-recurring items, with a strong performance in the smart IoT business, driven by open-source HarmonyOS, Euler, and enterprise-level AI [2][12]. - The financial forecast indicates a steady increase in revenue and net profit over the next few years, with projected revenues of 3,838 million CNY in 2025 and 5,072 million CNY in 2027, reflecting growth rates of 12.9% and 15.4% respectively [4][12]. - The company is actively integrating AI technologies into its financial services, expanding its reach to major state-owned banks and over 280 small and medium-sized banks [12]. Financial Summary - Revenue is projected to grow from 3,106 million CNY in 2023 to 5,072 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 15.4% [4][12]. - Net profit attributable to the parent company is expected to increase from 164 million CNY in 2023 to 266 million CNY in 2027, with a notable growth rate of 20.6% in 2027 [4][12]. - The earnings per share (EPS) is forecasted to rise from 0.21 CNY in 2023 to 0.33 CNY in 2027 [4][12]. Business Development - The company is focusing on building a comprehensive AI technology stack, including a product matrix centered around knowledge, perception, and decision-making [12]. - The smart IoT segment is expected to maintain high growth, with revenue from this sector projected to reach 6.06 billion CNY in 2025, reflecting a year-on-year growth of 23.85% [12]. - The company aims to implement innovative solutions in smart energy, including new intelligent equipment and smart distribution network solutions over the next three years [12].

Group 1 - The 2025 Harmony Ecosystem Conference was held on August 30, showcasing Guokewi's contributions to the OpenHarmony chip adaptation and ecosystem development [1][2] - Guokewi has launched 8 open-source Harmony chip platforms for mass production in various sectors, including smart home, smart vision, and commercial display [1][2] - In the smart home and education sectors, the GK6323V100C chip supports over 50 native Harmony applications and has been selected as the first development platform in the Harmony ecosystem [1][2] Group 2 - In the smart vision sector, Guokewi has integrated low-power AOV solutions and over 30 audio-video AI algorithms into the OpenHarmony 5.1 system, achieving a 20% reduction in media latency [2] - The company has collaborated with China Mobile to develop solar-powered cameras and pet companion robots based on the open-source Harmony smart vision chip platform [2] - In the large screen sector, Guokewi has enhanced the OpenHarmony 4.0 version to support 30 core functions and optimize 12 key performance indicators for video calls and network sharing [2] Group 3 - Guokewi's distributed display system, based on Harmony soft bus technology, enables multi-screen content synchronization and cross-screen control for commercial displays [2] - The company aims to drive breakthroughs in artificial intelligence technology within the open-source Harmony ecosystem, leveraging 16T-32T computing power chip platforms [2][3] - Guokewi emphasizes the importance of chip adaptation capabilities as a foundation for the development of the open-source Harmony ecosystem [3]

Core Insights - Huawei's HarmonyOS ecosystem has made significant progress, with major internet applications adapting to the platform and a growing number of mid-tail applications joining, indicating that the ecosystem is now fundamentally usable [1] - Guokewi, as a core chip supplier for the open-source HarmonyOS, showcased its achievements in chip adaptation and ecological co-construction at the 2025 HarmonyOS Ecological Conference [1] Group 1: Company Achievements - Guokewi initiated the adaptation of open-source HarmonyOS chips in March 2023, establishing a clear technical evolution path [1] - The company has completed a leap in iterations from OpenHarmony 3.1 to OpenHarmony 5.1 for smart vision, commercial display, and audio-visual solutions within two years [1] - Guokewi has set industry benchmarks by achieving multiple "first certifications" during the adaptation process [1] Group 2: Product Certifications - The ultra-high-definition display chip GK6780V100 received the first Harmony certification in the commercial display sector, while the ultra-video decoding chip GK6323V100C obtained the first certification in the audio-visual field [2] - The affordable black light AOV vision chip GK7206V1 set an industry record by achieving Harmony certification in just 70 days from chip submission to approval [2] - Currently, Guokewi has eight open-source HarmonyOS chip platforms in mass production across smart home, smart vision, smart display, and commercial display sectors [2] Group 3: Technological Advancements - Guokewi is focusing on AI technology breakthroughs within the open-source HarmonyOS, aiming to enhance ecosystem advancement [3] - The company plans to utilize a 16T-32T computing power chip platform to support mainstream large models through an open toolchain architecture, facilitating efficient AI capability transfer [3] - Guokewi emphasizes that chip adaptation is crucial for the depth and breadth of ecosystem development, and it will continue to strengthen its full-stack adaptation capabilities [3]

Core Viewpoint - The 2025 Harmony Ecosystem Conference held in Shenzhen highlighted the importance of the Harmony open-source platform in the digital and intelligent transformation of the transportation industry, emphasizing collaboration among various stakeholders to enhance the ecosystem's development [2][3]. Group 1: Event Overview - The "Smart Transportation Sub-Forum" was successfully held, focusing on the theme "New Ecology of Transportation for Common Development," bringing together government, enterprises, academia, and research institutions to discuss the value of open-source Harmony in the transportation sector [2]. - The event featured speeches from key industry figures, including the Secretary-General of the China Intelligent Transportation Association, who expressed strong support for the collaborative development of the Harmony ecosystem [2][3]. Group 2: Industry Impact - The open-source Harmony ecosystem is rapidly flourishing in the transportation sector, with the "Traffic Jiahong" distribution already applied in over ten provinces and more than 45 types of transportation equipment developed [3]. - The initiative aims to create a safe, reliable, and technologically advanced digital foundation for intelligent transportation, with a call for all industry players to embrace open-source Harmony [3]. Group 3: Technological Developments - The "Traffic Jiahong" operating system solution has shown significant results in urban rail transit, with a focus on operational needs and safety, efficiency, and sustainability [4]. - Key technological features of "Traffic Jiahong" include a unified system, distributed soft bus, and AI model empowerment, addressing various innovative applications and equipment needs in urban and rail transportation [4]. Group 4: Expert Contributions - Various experts presented on topics such as the characteristics and pathways of the transportation industry's innovation and development, as well as the application of artificial intelligence in the railway sector [5]. - The Harmony ecosystem exhibition showcased cutting-edge results in the transportation field, illustrating the core value of Harmony technology in driving industrial intelligent transformation [5].