瑞和数智(03680)发布截至2025年6月30日止6个月中期业绩，该集团取得是收益1.2亿元，同比减少 33.49%;公司拥有人应占溢利4318.6万元，去年同期则取得亏损3604万元;每股盈利6.28分。 报告期间溢利的主要由于报告期间本公司持有1500万股东京中央拍卖控股有限公司(01939)的股份，确 认公平值收益约6301.5万元;及报告期间本集团大力推动降本增效措施，从而令研发费用、行政费用、 融资成本及销售开支等较去年同期有所减少。 报告期间，本集团继续夯实在数据智能和营销科技领域的核心竞争力，深耕银行、证券、制造业等存量 客群，持续拓展战略新赛道，创新变革业务新模式，积极探索数据资产、金融AI大模型、信创国产 化、软硬件资讯科技等新领域，致力于向数智化综合服务商转型。 ...

瑞和数智(03680.HK)公布中期业绩，2025年上半年，受集团战略性调整业务构成影响，公司实现营业收 入约人民币1.20亿元，毛利率约为7.6%。公司拥有人应占期内溢利约为人民币4318.6万元，去年同期亏 损约人民币3604万元，同比实现扭亏为盈，每股基本盈利及摊薄盈利约为人民币6.28分。 2025年上半年，净收益约为人民币4109.8万元，2024年上半年净亏损约人民币3863.5万元。报告期间溢 利的主要原因：(1)报告期间公司持有1500万股东京中央拍卖(01939.HK)的股份，确认公平值收益约人 民币6301.5万元。(2)报告期间集团大力推动降本增效措施，从而令研发费用、行政费用、融资成本及销 售开支等较去年同期有所减少。 公告显示，集团将持续强化在金融行业的核心业务根基，巩固在数据智能与营销科技领域的领先地位， 坚持「数据筑基、智能驱动、创新赋能」的发展理念。在深耕金融科技业务的同时，积极开辟Web3.0 及数字资产、数据要素市场化、信创国产化、软硬件一体化、价值投资等新兴领域。通过多元化发展战 略，推动企业实现结构优化与可持续增长。 ...

报告期间溢利的主要由于报告期间本公司持有1500万股东京中央拍卖控股有限公司(01939)的股份，确 认公平值收益约6301.5万元;及报告期间本集团大力推动降本增效措施，从而令研发费用、行政费用、 融资成本及销售开支等较去年同期有所减少。 智通财经APP讯，瑞和数智(03680)发布截至2025年6月30日止6个月中期业绩，该集团取得是收益1.2亿 元，同比减少33.49%;公司拥有人应占溢利4318.6万元，去年同期则取得亏损3604万元;每股盈利6.28 分。 报告期间，本集团继续夯实在数据智能和营销科技领域的核心竞争力，深耕银行、证券、制造业等存量 客群，持续拓展战略新赛道，创新变革业务新模式，积极探索数据资产、金融AI大模型、信创国产 化、软硬件资讯科技等新领域，致力于向数智化综合服务商转型。 ...

Summary of Conference Call Notes Industry or Company Involved - The conference call primarily discusses the **cloud computing** and **AI application** sectors, with a focus on **domestic computing power** and **software companies** in China. Core Points and Arguments 1. **AI Application Trends**: The AI application sector is showing a positive trend, which is expected to continue driving the computing industry forward in 2021 and beyond. The computing sector was highlighted as a key recommendation in June [1][3]. 2. **Overseas Performance**: Companies like **NVIDIA** and **Oracle** have reported better-than-expected earnings, indicating a trend that is likely to continue in the second half of the year [2][3]. 3. **Domestic Market Outlook**: The domestic computing power sector is expected to mirror the positive performance seen in overseas markets, with companies like **Guangdian** being highlighted as key players [3][4]. 4. **Cloud Computing Recovery**: The cloud computing market is anticipated to recover, with expectations of a 20% growth in Q2, reaching approximately **2.3 billion RMB** in revenue [6]. 5. **Domestic Computing Power Development**: The introduction of Huawei's **314 system-level computing power** is a significant development, aiming to compete with overseas products [7][8]. 6. **AI Software Growth**: The AI application software sector is expected to see robust growth, particularly in management and office software, driven by domestic demand [11][12]. 7. **Investment Recommendations**: Key companies to watch include **Kingsoft Cloud**, **Hua Da 9000**, and **Da Meng Data**, which are expected to perform well due to their focus on AI and domestic market needs [15][19]. 8. **Market Dynamics**: The overall sentiment is optimistic, with expectations of continued growth in the AI application and cloud computing sectors, driven by both domestic and international demand [9][10]. Other Important but Possibly Overlooked Content 1. **Impact of Supply Chain Disruptions**: The inability to import certain overseas products, such as H20 chips, has caused disruptions in the cloud computing supply chain, but recovery is expected in the coming quarters [5]. 2. **Focus on Domestic Demand**: Companies with a strong domestic focus, particularly those meeting local needs for AI applications, are likely to outperform their peers [11][12]. 3. **Long-term Trends**: The shift towards system-level computing solutions is seen as a long-term trend that will continue to shape the domestic computing power landscape [8][9]. 4. **Sectoral Differentiation**: There is a noted differentiation in performance across various sectors, with energy, telecommunications, and military applications showing particular promise [28][29]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the cloud computing and AI application sectors.

Core Viewpoint - Yonyou Network Technology Co., Ltd. has submitted a prospectus for a dual listing on the Hong Kong Stock Exchange, marking its transition to an "A+H" listing model [1][3]. Company Overview - Yonyou Network, originally known as Beijing Yonyou Software Co., Ltd., was listed on the Shanghai Stock Exchange in May 2001 with an IPO price of 36.68 CNY per share. The company changed its name to Yonyou Network in January 2016 [3]. - As of June 27, 2025, Yonyou Network's stock price was 13.10 CNY per share, with a market capitalization of approximately 44.763 billion CNY [3]. - The company was founded in January 1995 and is headquartered in Haidian District, Beijing, with a registered capital of about 3.417 billion CNY [3]. Financial Performance - Yonyou Network's revenue for 2022, 2023, and 2024 was approximately 8.890 billion CNY, 9.443 billion CNY, and 8.817 billion CNY, respectively. The gross profit for the same years was about 4.892 billion CNY, 4.651 billion CNY, and 4.057 billion CNY [5][6]. - The net profit figures were 225 million CNY in 2022, a loss of 933 million CNY in 2023, and a loss of 2.069 billion CNY in 2024 [5][6]. - The company's revenue is projected to decline by 6.6% from 2023 to 2024, with cloud service revenue decreasing by approximately 3.5% and software product revenue dropping by 21.0% [7]. Cost Structure and Profitability - Yonyou Network's gross margin has decreased from 49.3% in 2023 to 46.0% in 2024. The company has also seen an increase in R&D costs and administrative expenses [7]. - Adjusted net profits (non-IFRS) for 2022, 2023, and 2024 were approximately 291 million CNY, a loss of 891 million CNY, and a loss of 1.990 billion CNY, respectively [7][8]. Management Changes - In March 2025, Yonyou Network's president Huang Chenhong resigned due to work adjustments, and the chairman Wang Wenjing was appointed as the new president [9][10][12]. Employee Dynamics - As of December 2024, Yonyou Network had 21,283 full-time employees, a decrease of 3,666 from the previous year. The company had previously increased its workforce significantly to capitalize on market opportunities [16][17].

Group 1 - The core viewpoint is that Beijing Geling Deep Vision Technology Co., Ltd. experienced a significant decline in revenue for 2024, primarily due to a substantial drop in sales from Agricultural Bank [2][3] - The company reported a total revenue of 117 million yuan for 2024, representing a year-on-year decrease of 55.30% [2][3] - Sales from Agricultural Bank decreased by 75.96%, accounting for 44.44% of the annual sales total [3] Group 2 - In the fourth quarter of 2024, the company achieved a revenue of 56.58 million yuan, which constituted 48.26% of the total annual revenue and marked an increase of 33.89 percentage points year-on-year [2][3] - The acquisition of Guokeyi Dao contributed an additional revenue of 15.26 million yuan from smart terminal products [2][3] - The company's accounts receivable at the end of the year amounted to 143 million yuan, reflecting a year-on-year increase of 24.68%, mainly due to the consolidation of Guokeyi Dao [2]

Core Viewpoint - The company, Yingfang Software, is facing significant challenges in 2024, with a notable decline in revenue and net profit due to macroeconomic factors, increased competition, and tightened customer budgets [2][4][19]. Financial Performance - In 2024, the company's operating revenue was 190.49 million yuan, a decrease of 21.65% compared to 2023 [2][18]. - The net profit attributable to shareholders was -28.59 million yuan, a decline of 164.29% year-on-year [2][19]. - The net profit after deducting non-recurring gains and losses was -44.74 million yuan, down 267.99% from the previous year [2][19]. - The company's cash flow from operating activities was -38.19 million yuan, a decrease of 1,273.24% compared to the previous year [19]. Investment and R&D - The company maintained a high level of investment in research and development, with R&D expenses accounting for 55.93% of operating revenue, an increase of 18.53 percentage points from the previous year [20][28]. - As of December 31, 2024, the company held 204 patents, including 58 invention patents and 146 software copyrights [29]. Market Position and Competition - The company operates in the data replication software industry, which is characterized by a relatively small market size in China compared to foreign counterparts [14][15]. - The domestic disaster recovery market was approximately 735 million USD in 2023, with a year-on-year growth of 11.8% [14]. - The company has developed a comprehensive product line that includes disaster recovery, backup, and cloud data management solutions, achieving competitive parity with foreign products in key functionalities [21][22]. Risks and Challenges - The company faces risks related to significant revenue decline and potential losses due to macroeconomic conditions, customer budget constraints, and prolonged approval cycles [4][19]. - The reliance on financial industry clients, which accounted for 30.44% of the company's main business revenue, poses a risk if investment scales in this sector decrease [8]. - The company is also exposed to legal risks, having been involved in multiple lawsuits, although recent rulings have been favorable [9][10]. Use of Funds - The company raised approximately 809.80 million yuan through its initial public offering, with net proceeds of about 731.66 million yuan after deducting fees [31]. - As of December 31, 2024, the progress of key fundraising projects was reported at various completion rates, with some projects experiencing slower-than-expected progress [34][35].

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the impact of tariffs on the technology and manufacturing sectors, particularly focusing on the U.S.-China trade relationship and its implications for various industries [1][2][3]. Core Insights and Arguments - **Export Dynamics**: China's export to the U.S. is projected to decrease to 14.7% of total exports by 2024, a decline of 4.6 percentage points since 2018, although the absolute export value has slightly increased by 4.9% during the same period [2]. - **U.S. Import Trends**: The share of U.S. imports from China has decreased by 3.4% since 2018, with Mexico now being the largest importer to the U.S. In absolute terms, U.S. imports from China are expected to be $438.9 billion in 2024, down 18.5% from 2018 [4]. - **Tariff Agreements**: The new Geneva tariff agreement provides a temporary buffer for U.S.-China trade, alleviating some immediate pressures from tariff increases [5]. - **U.S. Economic Challenges**: The U.S. economy faces multiple pressures, including supply chain disruptions, weakening demand, inflation, and recession fears, with a significant amount of national debt maturing soon [6][7]. - **Federal Reserve's Position**: The Federal Reserve may adopt a dovish stance in upcoming meetings, potentially considering interest rate cuts to address economic challenges and manage debt issuance costs [8][9]. - **Market Reactions**: A temporary easing of trade tensions may catalyze a rebound in U.S. stock markets, although the long-term outlook remains bearish due to ongoing economic cycles [11]. Sector-Specific Insights - **Technology and AI**: The AI sector is experiencing cost reductions due to the ongoing Moore's Law, despite tariff pressures increasing cross-border hardware costs. Companies are shifting from one-time hardware investments to subscription models to manage costs [3][16]. - **Communication Industry**: The latest tariff situation has improved marginally for the communication sector, with a focus on high-quality domestic production and self-sufficiency as long-term investment themes [20]. - **Investment Recommendations**: Key sectors to watch include core safety assets (transportation, finance), technology innovation (computers, electronics), and consumer themes, particularly in light of improving U.S.-China relations [13]. Additional Important Content - **Long-term Trends**: The trend towards domestic production and self-sufficiency in technology is expected to continue, with specific targets set for 2027 [18]. - **AI and Semiconductor Impact**: U.S. export restrictions on AI chips are likely to significantly impact China's semiconductor industry, particularly in high-end markets [27]. - **Opportunities in Electronics**: The electronics sector is seeing potential recovery, especially for companies involved in the supply chain for consumer electronics [28]. - **Mechanical Industry Outlook**: The mechanical sector is advised to focus on companies that can adapt to changing application scenarios and capitalize on domestic demand recovery [35]. This summary encapsulates the critical insights and trends discussed in the conference call records, providing a comprehensive overview of the current state and future outlook of the relevant industries.

Core Insights - The company reported a revenue of 2.955 billion yuan for 2024, marking a year-on-year growth of 15.65%, with core business revenue reaching 2.669 billion yuan, up 19.58%, both achieving record highs since its listing [1] - In Q1 2025, the company continued its strong growth trajectory, with core business revenue of 525 million yuan, reflecting a year-on-year increase of 1.92%, demonstrating resilience against industry cycles [1][2] - The company’s net profit for Q1 2025 was 9.49 million yuan, a significant year-on-year increase of 55.88%, while the net profit excluding non-recurring items rose by 91.87% to 9.42 million yuan [2] Revenue Performance - The dual drivers of "e-sports + domestic innovation" have provided the company with growth resilience, while the exploration of new product categories like smart glasses has created new growth momentum [1] - Despite the impact of the GeForce RTX 50 series product launch on consumer purchasing decisions, the company maintained revenue growth in Q1 2025 [1] Profitability and Cash Flow - The company faced foreign exchange losses due to the appreciation of the US dollar against the Chinese yuan, amounting to an increase of 7.9346 million yuan compared to the same period last year [2] - The net cash flow from operating activities surged by 17,993.88% year-on-year to approximately 249 million yuan, indicating strong self-sustaining capabilities [2] Market Outlook - The upcoming end of support for Windows 10, the proliferation of AI models like DeepSeek, and the domestic innovation strategy are expected to drive the PC industry into a "super replacement cycle" [3] - The explosion of the AI smart glasses market is anticipated to open a new incremental growth avenue for the company [3] - The company is expected to continue exceeding performance expectations, supported by its dual strategy and commitment to embracing globalization and leading the AI technology revolution [3]