公司研发费用分别为9697.27万元、9040.69万元、4699.10万元和4363.36万元，波动较大。研发活动与生 产活动划分标准清晰，虽存在人员共用情形，但研发费用和成本划分准确。 在合同履行方面，2023年"建造一体化及供应链项目"因未中标，相关项目实施成本转入销售费用，该会 计处理符合企业会计准则。公司合同履行相关内部控制制度健全并有效执行。 近日，普联软件股份有限公司（股票简称：普联软件；证券代码：300996）针对深圳证券交易所于2025 年5月13日签发的《关于普联软件股份有限公司申请向不特定对象发行可转换公司债券的审核问询函》 发布了修订稿回复。该回复对公司业务发展、财务状况等多方面问题进行了详细阐述。 业绩与财务状况：毛利率下滑，一季度业绩亏损 受市场环境及人力成本增加等因素影响，普联软件最近三年主营业务毛利率逐年下滑，2022 - 2024年分 别为47.71%、38.46%和33.25%。2025年1 - 3月，公司实现营业收入5876.37万元，同比下滑24.20%；归 母净利润为 - 1395.03万元，同比下滑526.51%。报告期内，公司经营活动产生的现金流量净额波动较 大， ...

Core Viewpoint - The company has been experiencing continuous losses since its establishment, primarily due to significant capital expenditures on cloud service infrastructure and high depreciation costs, which have not been offset by sufficient gross profit contributions [15][23][24]. Financial Performance - In 2024, the company reported operating revenue of 27,206.62 million yuan, a decrease of 18.95% compared to the previous year [1][15]. - The net profit attributable to shareholders was -9,575.77 million yuan, representing a reduction in losses by 43.72% year-on-year [1][15]. - As of the end of the first quarter of 2025, the company's net asset scale was 6,411.97 million yuan, continuing a downward trend since its listing [1]. Business Structure and Revenue - The company's main business includes cloud products and cloud services, with cloud products accounting for 53.48% of total revenue in 2024, an increase of 21.58 percentage points since 2021 [4][6]. - The sales revenue from cloud products decreased by 56.12% compared to 2021, primarily due to a strategic focus on high-margin software products and a reduction in low-margin hardware sales [6][15]. - The cloud service revenue showed a slight decline of 2.11% in 2024, but the gross margin improved due to the introduction of AI computing services [8][19]. Customer and Supplier Stability - The top five customers have remained stable since 2021, with significant contributions from long-term partnerships [17]. - The company has adjusted its supplier relationships to meet the demands of new AI computing services, indicating a responsive supply chain [10][17]. Market Position and Competition - The company ranks among the top six in the hyper-converged software market with a market share of 6.4% in 2024, reflecting its competitive positioning [18]. - Despite facing intense competition from larger players like Alibaba Cloud and Tencent Cloud, the company has established a solid reputation in sectors such as finance, energy, and education [18][22]. Strategic Adjustments - The company has implemented strategic adjustments to focus on high-margin business areas, optimize organizational structure, and reduce costs [24][25]. - Measures include enhancing the integration of proprietary software and core products, as well as streamlining personnel to improve efficiency [24][25]. Future Outlook - The company aims to improve its operational stability and reduce the risk of negative net assets, which could trigger delisting conditions [25][26]. - Continued investment in cloud computing product development is planned, although challenges remain in achieving profitability in the short term [23][24].

编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | ■现场参观 □其他 | | | 中信证券 韩林轩 高信百诺 李广帅 | | 参与单位及 人员 | 新华基金 张帅 | | | 中邮证券 陈昭旭 | | | 嘉盛兴业 战君屹 | | 时间 | 2025年4月29日 10:00-11:00 | | | 2025年4月29日 13:30-15:00 | | 地点 | 北京市东城区建国门外北大街8号华润大厦21层 会议室 | | | 山东省济南市高新区舜泰北路789号B座20层 会议室 | | 上市公司接 | 副总经理、董事会秘书 乔海兵 | | 待人员 | 证券事务部 张庆超、吴晨 | | | 本次交流简要介绍了公司2025年第一季度业绩经营情况以及2025 | | | 年公司经营发展思路，主要内容如下。 | | | 一、公司2025年第一季度经营业绩情况简要介绍 | | | 公司于4月29日披露了2025年第一季度财务报告。本报告期实现 | | | 营业收入5,87 ...