证券代码：301208 证券简称：中亦科技 北京中亦安图科技股份有限公司 投资者关系活动记录表 编号：2025-002 | | 特定对象调研 □分析师会议  | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | 现场参观其他 | | 参与单位名称及 | 睿华资本：刘琨 | | 人员姓名 | 神农投资：孙一明 | | 时间 | 2025 年 6 月 16 日 | | 地点 | 北京市丰台区保利佲悦大都会 3 号楼 12 层会议室 | | 上市公司接待人 | 副总经理、董事会秘书：乔举 | | 员姓名 | 证券事务代表：何欢 | | | 1、观看公司宣传片，董事会秘书介绍了公司的基本情况。 | | | 2、作为一家技术型公司，公司有哪些技术上的核心竞争力？ | | | 公司近二十年来深耕在 IT 基础架构领域，积累了三大技术核心竞争力：全覆盖 | | | 技术能力、全周期咨询能力、最佳实践产品能力。 | | | （1）全覆盖技术能力：公司在 IT 基础架构的六层均有覆盖和储备，架构及产 | | | 品间综合问题定位能力凸显。 ...

Group 1 - The A-share computer sector is performing well, with Software 50 ETF (159590) rising by 2.2% and Xinchuang 50 ETF (560850) increasing by over 1.5%, indicating strong market interest and capital inflow [1][2] - The Software 50 ETF has seen a net inflow of funds last Friday, while the Xinchuang 50 ETF has experienced over 230 million CNY in net inflows in the past 10 days [1] - The geopolitical tensions have led to a decrease in market risk appetite, but analysts believe this presents a buying opportunity, with a focus on technology sectors such as AI, TMT, military, and innovative pharmaceuticals [1] Group 2 - The AI model development is in a positive feedback loop, with continuous iterations and decreasing prices, which is expected to accelerate AI applications [3] - The launch of the Doubao model 1.6 has introduced a new pricing system based on input length, significantly reducing costs and enhancing capabilities [3] - Ant International is planning to apply for a stablecoin license in Hong Kong, indicating a positive outlook for the stablecoin market driven by major payment players [4] Group 3 - OpenAI has released the o3-pro model, which outperforms competitors while also reducing prices significantly, enhancing the potential for AI adoption [5] - The Xinchuang initiative is seen as a major trend for domestic control and replacement, with a complete technology stack from hardware to applications [6][7] - The Xinchuang industry is accelerating, with significant growth in related companies' performance, particularly in finance and telecommunications [7]

Group 1 - A-shares opened slightly lower but rose throughout the morning, with major indices turning positive, particularly in sectors like telecommunications, electronics, and computing [1] - The recent surge in the theme of self-controllable technology has led to significant gains in the Xinchuang ETF (562570), which rose over 1% [1] - Key stocks in the Xinchuang ETF include Jingbeifang (002987), Zhuoyi Information, Advanced Datacom (300541), Hengsheng Electronics (600570), and Xinan Century, all showing notable increases [1] Group 2 - Ping An Securities believes that the computer industry, as a crucial part of new productive forces, is expected to see both performance and valuation improvements due to accelerating demand recovery [2] - The Xinchuang ETF (562570) tracks the CSI Information Technology Application Innovation Industry Index (300832), which focuses on leading companies in self-controllable technology, covering areas such as artificial intelligence, data computing, industrial software, and information security [2] - The Xinchuang ETF (562570) is the largest ETF tracking this index, indicating strong investor interest in the sector [2]

Investment Rating - The report suggests a focus on the generative AI model leaders such as iFlytek, AI hardware companies like Yingzi Network and Hongsoft Technology, and AI-related applications that can enhance user engagement and payment rates, recommending attention to Kingsoft Office and Wanjing Technology [4] Core Insights - The AI industry chain is expected to maintain high prosperity, with computing power sustaining high levels and applications accelerating upward [3][12] - The current macroeconomic environment is characterized by relative chaos, with some high-frequency domestic data not appearing weak, while investor expectations for the future remain low [2][12] - The report anticipates that the second half of the year may yield better operational performance due to base effects, new technology/product launches, and policy implementations [2][12] Summary by Sections Current Week's Insights - On June 12, Volcano Engine released the Doubao model 1.6, achieving significant advancements in multimodal understanding and reasoning capabilities, supporting 256K context input [12] - OpenAI launched the new multimodal reasoning model o3-pro, which supports text and image input with a maximum context of 200k and output of 100k tokens, showing improvements in clarity and instruction adherence [12] Industry Prosperity by Segment - High prosperity maintained or increasing: AI industry chain (computing power high, applications accelerating), LiDAR, software outsourcing, and Huawei's supply chain [3][11] - Upward turning points with strong potential: education IT, cybersecurity, enterprise services [3][11] - Stability at the bottom: smart transportation, security, government IT, and construction real estate IT [3][11] - Slight pressure on prosperity: industrial software, medical IT [3][11] Investment Recommendations - Focus on leading generative AI model companies like iFlytek, AI hardware as new application carriers, and AI-related functionalities that can drive user engagement [4] - The report highlights the potential for AI applications to thrive as domestic internet giants continue to iterate their models and products [14] Market Performance Overview - From June 9 to June 13, 2025, the computer industry index (Shenwan) fell by 2.52%, underperforming the CSI 300 index by 2.27 percentage points [17] - The report notes that the average daily trading volume in A-shares increased by 105.9% year-on-year, indicating heightened market activity [22] Upcoming Key Events - Anticipated events include the Huawei Developer Conference and the Shenzhen International Consumer Electronics Exhibition, which may present opportunities in related supply chains [27]

Group 1: ETF Market Developments - The largest ETF in the market, Huatai-PB CSI 300 ETF, announced a cash dividend exceeding 8 billion yuan, setting a record for the largest single dividend in ETF history [2] - Public fund dividends have surged this year, with total dividends exceeding 95 billion yuan, a year-on-year increase of over 50%, and index funds contributing over 20 billion yuan [2] - The bond ETF market has reached a significant milestone, surpassing 300 billion yuan in total scale, with nearly 10 bond ETFs exceeding 10 billion yuan [6] Group 2: Innovation Drug Sector - The innovation drug sector in Hong Kong has seen a remarkable increase, with some stocks rising over 60% this year, leading to record trading volumes and turnover rates exceeding 100% [2][3] - A major Chinese biopharmaceutical company is in discussions with several multinational pharmaceutical companies for significant licensing deals, indicating strong growth potential in the sector [6] Group 3: Public REITs and Fund Performance - Public REITs have experienced a "one-day sell-out" phenomenon, indicating strong investor interest and demand [10][11] - The first "doubling fund" of the year has emerged, driven by the strong performance of innovation drug sector funds, with some funds reporting over 100% returns [7] Group 4: Regulatory Actions - The Shandong Securities Regulatory Bureau has taken administrative measures against Lide Capital Management, indicating ongoing regulatory scrutiny in the financial sector [8]

Group 1: Company Overview and Market Position - The company actively participates in the formulation of industry standards in the smart grid and smart energy sectors, showcasing its professional influence [2][3] - The company has a differentiated layout compared to peers, focusing on business informatization during the design, construction, and operation phases of power grids [3] Group 2: AI Integration and Future Prospects - AI technology is deeply integrated into the company's software products, driving business innovation and transformation [4] - The company plans to leverage AI models for intelligent prediction, decision support, and information management, enhancing its operational efficiency [4] Group 3: Revenue Model and Financial Performance - The company employs a licensing model for software sales, with a high repayment efficiency, while also developing SaaS products [5] - In 2024, the company achieved a revenue of 95.66 million yuan, a year-on-year increase of 15.42%, but reported a loss due to increased project costs and market competition [6] Group 4: AI Product Development and Implementation - The company aims to integrate AI technology into core software products, with plans for quarterly updates and annual major upgrades [8] - By the end of 2025, the company plans to launch its first generation of software products compatible with domestic operating systems [8] Group 5: Microgrid Business and Market Strategy - The company focuses on providing intelligent microgrid solutions to high-energy-consuming enterprises and industrial parks, utilizing IoT and edge computing technologies [9][10] - The company is exploring interactions between its microgrid management system and provincial virtual power plant platforms to enhance energy efficiency [10] Group 6: Participation in Electricity Market Reforms - The company is expanding its electricity market trading business by aggregating user-side resources and commercializing energy storage stations [11] - It is developing a unified price prediction model for energy storage stations to optimize trading strategies [11] Group 7: International Expansion and Localization - The company targets regions like Africa and Southeast Asia for international promotion of its energy information products and services [12] - It is establishing localized business development through vocational training institutions in Africa, promoting digitalization in the energy sector [12] Group 8: Cost Control and Efficiency Improvement - The company has implemented a three-year action plan for quality improvement and efficiency enhancement, focusing on optimizing personnel structure and business lines [13] - Strategies include personnel optimization, business specialization, and management centralization to achieve a dynamic balance between cost and efficiency [13]

Core Viewpoint - The Tianjin International Shipping Industry Expo showcases Tianjin Port as a leader in smart and green port transformation, emphasizing its role in China's modernization efforts [2][7]. Group 1: Smart Port Transformation - Tianjin Port is recognized as a "testbed" for smart port transformation, successfully launching the fully domestic JTOS control system for container terminals [4]. - The port has implemented over a hundred AI-powered transport robots for coordinated operations, demonstrating a significant advancement in national key industry innovation [4]. Group 2: Green Port Initiatives - Tianjin Port has established China's first breakwater wind power project, achieving an annual power generation capacity of 340 million kWh, which meets 60% of the port's energy needs [5]. - The port has transitioned to 100% new energy vehicles for container handling, reinforcing its commitment to green initiatives [5]. Group 3: Logistics and Trade Connectivity - By 2025, Tianjin Port's sea-rail intermodal transport volume is expected to reach 1.5 million TEUs, enhancing connectivity with the Belt and Road Initiative and RCEP trade zones [5]. - The integration of industry, academia, and research has led to the development of 12 core algorithms and over 40 international standards, facilitating customized logistics solutions for the Beijing-Tianjin-Hebei and "Three Norths" regions [5]. Group 4: Innovation and Future Outlook - Tianjin Port is at the forefront of global shipping industry transformation, promoting automation and smart solutions as part of its 2.0 initiative for container handling [7]. - The port aims to achieve a significant reduction in import container pickup time from 4 hours to 20 minutes through its smart logistics platform, indicating a leap in digital port development [5].

Core Insights - The smart healthcare industry in China is rapidly developing, leveraging innovative models to enhance the convenience of medical services and the precision of health management [1] - Shandong Mobile is significantly advancing medical information cloud construction, integrating cutting-edge technologies like cloud computing, 5G, and AI to support the digital transformation of healthcare [1][8] Group 1: Medical Service Cloud - Shandong Mobile has built an intelligent medical service cloud platform for Rizhao Traditional Chinese Medicine Hospital, utilizing a "one cloud, two platforms" architecture to ensure efficient data flow and secure storage [1][2] - The platform integrates core business systems such as HIS, PACS, and LIS, breaking down information silos and improving overall hospital operational efficiency [1] - The application layer covers various medical services, providing a seamless experience for patients through online and offline processes [1] Group 2: Imaging Cloud - Shandong Mobile is actively involved in the construction of imaging cloud platforms for both individual and regional hospitals, enhancing the efficiency of medical imaging services [4] - The imaging cloud platform enables interconnectivity of imaging data, allowing real-time access to cross-hospital information and facilitating remote diagnosis and consultations [4] - The integration of AI technology into the imaging cloud platform improves diagnostic accuracy and efficiency, while also serving as a foundation for big data analysis in healthcare [4] Group 3: Domestic Innovation Cloud Platform - Shandong Mobile has developed a fully domestic innovation cloud platform for Weifang Health Commission, focusing on "domestic adaptation and secure autonomy" [5] - This platform represents the first instance of 100% domestic practice in the medical information field, overcoming key technical challenges related to distributed storage and cross-platform transmission [5] - The platform features a comprehensive security architecture that meets financial-grade protection standards, ensuring the safety of sensitive medical data [5][6] Group 4: Future Outlook - Shandong Mobile aims to continue leveraging its technological advantages to drive further innovations in medical service models, enhancing service quality and optimizing resource allocation [8] - The company is committed to contributing to the health rights of patients and advancing the healthcare industry towards a smarter, more efficient, and secure future [8]

Core Viewpoint - The report highlights the potential of AI Agent to open a second growth curve for the company, positioning it as a leader in the collaborative office software industry [1][2]. Company Overview - The company, 泛微网络, is a leading player in the domestic collaborative management software sector, serving over 80,000 users across 87 industries, with a diverse product portfolio including e-cology, e-office, e-teams, e-nation, and Xiaoe.AI [2][4]. Market Potential - The AI Agent market is projected to reach 852 billion yuan by 2028, primarily driven by B-end applications, with OA software serving as a key application area [3]. - The company is focusing on a "RPA + LLM + Agent" AI development path, enhancing its product offerings and capabilities in intelligent task processing [3]. Industry Growth - The collaborative management industry is experiencing significant growth, with ongoing demand for new and upgraded enterprise management software as companies evolve [2][4]. - The digital transformation of government and enterprise sectors, coupled with domestic software and hardware replacement, is expected to accelerate the company's business growth [4]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 0.94, 1.13, and 1.34 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 62.83, 52.48, and 44.08 [5].

Group 1: Company Overview and Strategy - The company focuses on "ICT infrastructure and AI application solutions," driving transformation and upgrading of the industry with innovative products [1] - Key areas of development include network infrastructure, optical communication, AI applications, and the metaverse, aiming to capture market opportunities [1][2] Group 2: Business Segments and Performance - Besides Ruijie Networks, the company is active in optical communication, automotive networking in the U.S., and financial sectors through its subsidiaries [1] - Ruijie Networks contributes over 50% of the company's revenue, primarily from switch products, with significant growth in intelligent computing center switches [2] Group 3: Financial Performance and Goals - The company aims for strong performance returns to shareholders, with a focus on various smart solution applications across multiple sectors [2] - In 2024, the company reported revenue from international transactions totaling 3.393 billion yuan, accounting for 20.25% of total revenue [2] Group 4: Future Outlook and Development Plans - The company plans to enhance its capabilities in ICT infrastructure and AI applications, leveraging national policies to capture growth opportunities [2] - For 2025, the company will continue to expand its overseas strategy, focusing on compliance and local partnerships to support market entry [2] Group 5: Dividend Policy - The 2024 dividend policy includes a cash distribution of 2.5 yuan per 10 shares, totaling approximately 146.44 million yuan based on the adjusted share count [3]