Financial Performance - In 2024, the company achieved operating revenue of 165,217.08 million CNY, a year-on-year increase of 10.41% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 21,827.05 million CNY, up 16.81% from the previous year [1] - The overall gross profit margin for 2024 was 39.15%, an increase of 0.48 percentage points compared to the previous year [2] Product Development - The company launched Rich AIBox 2.0, an AI application development platform that integrates multiple advanced large models, including DeepSeek-V3 and DeepSeek-R1 [2] - Rich AIBox 2.0 aims to provide a one-stop intelligent agent construction solution, facilitating efficient AI application value transformation [2] Profitability Challenges - The net profit for 2024 was 23,013.91 million CNY, a decrease of 9,449.12 million CNY compared to the previous year, primarily due to fluctuations in the stock price of an investment made in 2023 [3] Future Growth Drivers - Future growth is expected to benefit from the rapid development of AI in China, with a focus on AI, intelligent computing, and the establishment of a complete AI ecosystem [4] - The company is developing digital employees for customer service, marketing, and internal office scenarios, anticipating significant growth in this area [4] Industry Context - In 2024, China's software and information technology service industry reported a total software business revenue of 137,276 billion CNY, a year-on-year growth of 10.00% [5] - The company's performance is favorable compared to the industry, with a higher growth rate in both operating revenue and net profit [5] Industry Outlook - The AI industry is undergoing rapid transformation, with intelligent agents and intelligent computing driving core growth [5] - The demand for computing power is expected to surge, prompting the company to focus on building AI-native cloud computing solutions [6]

Core Insights - ST Zhizhi (603869) reported significant improvements in its business structure and profitability, achieving a gross margin increase from 30.69% to 37.82% and a net profit of 20.74 million yuan for the fiscal year 2024, marking a turnaround from previous losses [1] Group 1: Urban Safety Business Growth - The urban safety sector, particularly the Ju'an business, has shown continuous growth, leveraging its competitive advantage in deepening industry applications such as gas safety and general safety [2] - The company is transitioning towards becoming a safety intelligent platform operator by integrating IoT technology, AI applications, and platform services [2] - Key products like the gas safety supervision platform and Ju'an Guardian are being utilized to serve government, enterprises, and gas users, enhancing the company's focus on comprehensive urban safety [2] Group 2: Breakthrough in Enterprise Intelligence Services - In the enterprise intelligence service sector, the company is focusing on industries such as glass and food while expanding into emerging fields like intelligent computing [3] - The introduction of the industrial internet "1+X" joint solution aims to diagnose issues through digital platforms, optimizing core business scenarios for energy efficiency and performance improvement [3] - The company is building a computing power ecosystem to support clients in regions like Qinghai, Gansu, and Ningxia, facilitating their intelligent business development [3] Group 3: Effective Internal Control Rectification - The company has successfully addressed the non-standard audit opinions from 2023 by implementing a series of measures to improve its internal control environment and effectiveness [4] - The successful elimination of risk warning situations related to the 2023 internal control negative opinions has been confirmed by the accounting firm [4]

21世纪经济报道记者骆轶琪深圳报道 中兴通讯执行副总裁、首席运营官谢峻石指出，2025年以DeepSeek为代表的大模型产品出现，让AI驱 动ICT未来3-5年快速增长成为确定性事件。与此同时，中兴通讯近两年来已经在进行战略转型，在 2023年开始提出连接+算力发展策略，将算力列入发展主航道，目前市场布局方面也初见成效。 2022年运营商业务占公司总收入的70%，到2024年比重已经低于60%；另外两大业务中，消费者业务收 入占比已经抬升到26%、政企业务抬升到15%。谢峻石指出，三大业务之间正进一步平衡，对公司稳健 发展有好处，2025年有信心重新回到增长轨道上来。 运营商业务寻增量 运营商业务一直以来是中兴通讯的核心业务，且维持着高毛利率表现。在2024财年，运营商网络业务实 现营业收入703.27亿元，同比下降15.02%，主要受国内整体投资环境影响；毛利率50.90%，同比上升 1.79个百分点，主要由于无线产品毛利率提升。 如何应对5G+AI的新发展浪潮，是中兴需要面对的下一个关键议题。 据分析，2024年，面对国内运营商5G投资下降超20%的挑战，中兴通讯挖潜增效、拓展新领域。国内 运营商市场收入 ...