2026年1月6日，苏州浩辰软件股份有限公司(以下简称"浩辰软件")发布公告称，公司拟以自有资金6000 万元认购MetaworldCorporation(以下简称"标的公司")优先股，间接持有上海子虔科技有限公司(以下简 称"子虔科技")8.45%股权。 公告显示，浩辰软件与子虔科技的合作始于2025年9月份，双方彼时签署战略合作及OEM合作框架协 议，聚焦三维CAD(计算机辅助设计)软件重点领域及项目展开合作，推动国产3DCAD技术突破与全球 商业化推广。本次合作是前期协作的重要进展，交易相关文件已于近日在上海签订。 上海与梅管理咨询合伙企业合伙人沈萌对《证券日报》记者表示："这些权益设计既保障了浩辰软件在 合作中的战略话语权，也为双方业务协同的持续推进筑牢了制度基础，避免因企业经营决策分歧或外部 竞争因素影响合作价值。" 值得注意的是，本次交易仍存在一定不确定性。一方面，ODI备案或核准程序的推进进度、交割先决条 件的满足情况，可能导致交易出现延期或终止的风险；另一方面，子虔科技未来经营业绩受市场竞争、 技术变革等多重因素影响，存在业绩波动的可能性，进而可能导致浩辰软件本次投资回报不及预期。 林先平补充 ...

Core Viewpoint - Shenzhen Jialichuang Technology Group Co., Ltd. has launched its ECAD (Electrical Design Software) with a "perpetual free use" standard version, addressing a critical gap in electrical design tools for engineers in China and establishing a new industrial internet paradigm centered on "cloud collaboration and manufacturing feedback to design" [1][2] Group 1: Software Innovation and Features - The ECAD software addresses long-standing pain points in the industrial automation and equipment manufacturing sectors, allowing engineers to design without the high costs associated with foreign software or the inefficiencies of basic 2D CAD tools [1][2] - The software features a cloud-native architecture, enabling engineers to work from any location using just a browser, thus transforming the design process from manual drawing to a more efficient "building block" approach with over 280,000 component libraries and intelligent rules compliant with international standards [2][3] - The launch of Jialichuang ECAD signifies a shift of domestic industrial software from being merely "usable" to "user-friendly" and "intelligent," showcasing capabilities such as automatic layout generation and 3D previews [2][3] Group 2: Collaborative Ecosystem and Supply Chain Integration - Jialichuang ECAD aims to create a "super ecosystem" by integrating electronic, mechanical, and electrical design software, which has traditionally been dominated by foreign companies [3][4] - The software allows seamless switching between PCB design, mechanical structure matching, and electrical wiring, significantly enhancing R&D efficiency through multidisciplinary collaboration [3][4] - The integration of design and manufacturing processes enables real-time checks on component availability and pricing, thus resolving issues related to supply chain disconnection and enhancing the overall design experience [4][5] Group 3: Free Strategy and Industry Impact - The decision to offer a perpetual free version of ECAD addresses the challenges posed by software piracy and high costs, making professional-grade design tools accessible to startups and reducing legal risks [5][6] - The free access to ECAD is expected to have a profound impact on electrical engineering education, allowing students to engage with industry-standard tools and processes, thereby enhancing the future workforce [5][6] - The launch of ECAD represents a strategic move towards building a self-sufficient and globally competitive industrial software ecosystem, moving away from traditional profit models based solely on tool sales [5][6]

"这感觉不错啊！"当蔚来创始人李斌试驾深圳职业技术大学（以下简称"深职大"）学子设计制造调试的电动 方程式赛车时，连连发出感叹。 这是发生在11月23日举行的2025"蔚来杯"中国大学生电动方程式大赛（FSEC）暨无人驾驶方程式大赛 （FSAC）决赛现场上的一幕。 中国大学生方程式系列赛事（FSC）创立于2009年，涵盖4个赛项：中国大学生方程式汽车大赛（燃油 车）、中国大学生电动方程式大赛、中国汽车工程学会巴哈大赛、中国大学生无人驾驶方程式大赛。目前 系列赛事注册参赛院校244所，包含清华大学等老牌汽车强校，车队注册总数420余支。参赛大学生组织团 队每年独立自主设计、制造、调试一台方程式赛车。设计制造过程中除考验团队工程实践能力，还考量团 队工程管理、商业营销、成本控制、招商宣传等全方位能力。 这是一个与985、211高校同台竞技的舞台。决赛过后，深职大魅影方程式赛车队自主研发的两款赛车—— E57电动方程式赛车和A14无人驾驶方程式赛车双双荣获"全国一等奖"。在电动车一等奖仅15席，无人车一 等奖仅4席的激烈角逐中，深职大与吉林大学、同济大学这样的传统强队并排站在了一起。 深职大魅影方程式赛车队自201 ...

Group 1 - The core message emphasizes the need for the digital and intelligent transformation of the manufacturing industry to strengthen the foundation of the real economy [2] - The government aims to integrate artificial intelligence with enterprise research and production processes, fostering industry-specific models and promoting organizational changes for high-quality development [2] - There is a focus on enhancing the independent innovation capabilities of state-owned enterprises, with an emphasis on increasing investment in basic research and achieving breakthroughs in key technologies [3] Group 2 - The initiative encourages leading enterprises to establish internationally advanced "lighthouse factories" and smart production lines, while guiding small and medium-sized enterprises to accelerate their digital transformation [2] - State-owned enterprises are urged to collaborate with universities and research institutions to address industry needs, enhance the innovation ecosystem, and improve collaborative innovation efficiency [3] - The government is committed to promoting the development and application of domestic industrial software, ensuring compatibility with production equipment to solidify the foundation for digital transformation [2][3]

Group 1 - The core viewpoint emphasizes the need for the digital and intelligent transformation of the manufacturing industry and the innovation development of state-owned enterprises, aligning with the spirit of the 20th Central Committee of the Communist Party of China [1][2] - The focus is on integrating artificial intelligence with enterprise research and development, production, and manufacturing processes to enhance high-quality development in the manufacturing sector [1] - There is a call for state-owned enterprises to improve their independent innovation capabilities and to increase investment in basic research, particularly in key and frontier technologies [2] Group 2 - The initiative includes the establishment of verification platforms for concept and pilot testing, promoting a cycle of technological breakthroughs, scenario validation, and industrial application [2] - Encouragement for leading enterprises to build internationally advanced "lighthouse factories" and smart production lines, while guiding small and medium-sized enterprises to accelerate their digital transformation [1] - Collaboration between state-owned enterprises, universities, research institutions, and private enterprises is essential to optimize the innovation ecosystem and enhance overall collaborative innovation efficiency [2]

Core Insights - The recent product launch and seminar by Haochen Software showcased its latest offerings, including Haochen CAD 2026 and Haochen BIM 2025, highlighting the company's advancements in product development and strategic planning [1] Company Development - Haochen Software was founded by five classmates from Tsinghua University and has over 20 years of experience in core technology and global market expansion, achieving significant breakthroughs and successfully listing on the A-share market [2] - The company has transformed from CAD application software development to a 2D CAD platform software developer, overcoming initial challenges such as technology blockades and a lack of resources [2] - Since 2016, the company has been profitable, with a gross margin exceeding 90%, and has sold over 1.5 million software licenses globally [2] Market Position - Despite the progress made by domestic manufacturers, the 3D CAD market in China is still dominated by foreign companies, indicating a significant barrier to entry due to the complexity of 3D modeling technology [3] - Haochen Software has recognized the importance of mergers and acquisitions in the industrial software sector and has expanded its 3D business through the acquisition of CadLine, enhancing its capabilities in the BIM field [3] Strategic Collaborations - The company emphasizes the importance of collaboration within the industry and has established a long-term strategic partnership with Shanghai Ziqian Technology, aiming to create a comprehensive digital solution covering the entire product lifecycle [4] - The launch of Haochen-ZIXEL 3D CAD marks a significant step in expanding the company's 3D CAD product line and moving towards intelligent, collaborative, and high-performance industrial software [4] Product Innovation - Haochen Software has developed "Kantuwang," a cloud-based application that has become the most downloaded and active user software globally, with over 100 million users and 15 million monthly active users [5] - The company is set to launch Haochen CAD 365, a cloud design and collaboration platform, which integrates advanced CAD and cloud technologies to enhance flexibility and efficiency in design collaboration [5] Industry Perspective - The journey of domestic industrial software companies, including Haochen Software, reflects a long history of technological breakthroughs and market expansion, with a focus on resilience and continuous innovation [6]

Financial Performance - Company reported total revenue of 334 million yuan for the first half of 2025, an increase of 8.24% year-on-year [1] - Net profit attributable to shareholders was -52.41 million yuan, a significant decline of 976.9% compared to the previous year [1] - Gross margin decreased to 95.13%, down 2.64% year-on-year, while net margin fell to -15.26%, a drop of 634.85% [1] - Total operating expenses accounted for 74.86% of revenue, a slight decrease of 1.12% year-on-year [1] - Earnings per share was -0.31 yuan, a decrease of 875.0% year-on-year [1] Business Model and Market Position - Company relies heavily on R&D and marketing for its performance, indicating a need for thorough analysis of these drivers [2] - Historical data shows a median ROIC of 17.28% since its IPO, with a notable low of -6.12% in 2015 [2] - Company has faced challenges in maintaining strong capital returns, with a recent ROIC of 1.73% [2] Cash Flow and Receivables - Company’s cash flow situation is concerning, with a three-year average of operating cash flow to current liabilities at only 15.65% [2] - Accounts receivable reached 161.64% of net profit, indicating potential liquidity issues [2] Legal and Market Challenges - Company is currently facing a lawsuit from Autodesk, which it plans to address through negotiation and, if necessary, legal proceedings [5][6] - Despite the lawsuit, company believes that its sales will not be affected during the litigation period, as current laws allow for continued operations [6] - Company maintains strong relationships with its customers and partners, which it believes will support its ongoing sales efforts [6] Product Diversification - ZWCD is just one of many products offered by the company, with other products like ZW3D, CM, CE, and PLM gaining importance in revenue generation [7] - The company has been increasing investment in its 3D CAD product lines, which are expected to contribute positively to revenue despite the ongoing legal issues [7] Intellectual Property Management - Company emphasizes its commitment to protecting intellectual property and has implemented measures to avoid infringement [8] - It has received various accolades for its products, indicating a strong focus on compliance and quality in its R&D processes [8]

Core Viewpoint - The Shanghai Municipal Economic and Information Commission is organizing the application for the 2025 special funds aimed at promoting high-quality industrial development in the field of smart factories, focusing on enhancing smart factory capabilities and evaluation diagnostics [1] Group 1: Smart Factory Capability Enhancement - The initiative includes the deployment and application of innovative technologies such as domestic industrial software, industrial internet, artificial intelligence, and big data in smart factories [1] - It also emphasizes the large-scale application of smart manufacturing equipment, including smart robots, industrial mother machines, instruments and meters, smart detection equipment, and smart warehousing and logistics equipment [1] - The program aims to develop flexible production lines for smart manufacturing [1] Group 2: Smart Factory Evaluation and Diagnosis - The project includes a segment dedicated to the assessment and diagnosis of smart factories, although specific details on this aspect were not provided in the document [1]

Core Insights - The third Software Innovation Development Conference was held in Wuhan, focusing on opportunities in the era of artificial intelligence and key software innovation [1] - The conference featured a main forum, six thematic forums, and a special software innovation achievement exhibition [1] - The event aimed to promote investment in Wuhan by attracting high-quality enterprises and fostering industry collaboration [1] Group 1: Conference Highlights - The conference included a series of keynote speeches from experts, emphasizing forward-looking and leading insights [1] - A new "Yujia Mountain" forum for industrial software was established, along with the "Huazhong University of Science and Technology Industrial Software Alumni Wall" [1] - Six central provincial cities jointly released an initiative to boost software productivity in the central region, leveraging their industrial and innovation strengths [1] Group 2: Thematic Forums and Initiatives - The six thematic forums focused on industrial software, enterprise open source, basic software, cybersecurity, automotive software, and artificial intelligence [2] - The Industrial Software Forum launched the "Yujia Mountain Initiative" and established the Hubei Industrial Software Industry Innovation Expert Committee [2] - The Basic Software Forum initiated an AI empowerment innovation joint initiative to enhance the integration of basic software and AI [3] Group 3: Investment and Development - The conference facilitated the signing of 24 software investment projects, promoting business and investment opportunities in Wuhan [1] - The event showcased a software interactive market that enhanced communication and collaboration among participating enterprises [2] - Wuhan's software industry is making comprehensive efforts to build a solid foundation for high-quality development, aiming to become a strong force in the global software industry landscape [3]

Core Viewpoint - The collaboration between Chongqing Industrial Vocational and Technical College and Zhongwang Software aims to enhance vocational education through the integration of industrial software, addressing the challenges in talent cultivation and industry needs [1][4][6]. Group 1: Educational Initiatives - Chongqing Industrial Vocational and Technical College, established in 1956, is a national-level demonstration higher vocational college focusing on mechanical engineering and modern manufacturing [3]. - The college has launched the "Benchmark 100" case plan to share best practices in cultivating strategic talents in the education sector [1]. - The college's mechanical engineering department aims to align its curriculum with the needs of the Chongqing "33618" modern manufacturing cluster, enhancing the quality of its faculty and optimizing its professional offerings [3]. Group 2: Collaboration with Zhongwang Software - The partnership with Zhongwang Software focuses on creating a "Digital Technology + Professional Construction" collaborative system to improve vocational education quality in Western China [4][8]. - The establishment of a "Modern Industrial College" using domestic industrial software serves as a comprehensive training base, integrating teaching, skills competitions, and technical services [4][6]. - The collaboration has led to the development of specialized courses that merge industry standards and practical software applications, significantly improving students' technical skills [5]. Group 3: Outcomes and Achievements - The college achieved "Excellent" results in the national "Double High Plan" assessment, showcasing its unique vocational education model [4]. - Students participating in the collaboration have shown improved employability, with a 98% employment rate for those holding Zhongwang certification, which is 20% higher than their peers [7]. - The use of Zhongwang CAD/3D software has enhanced teaching and research efficiency, reducing design verification cycles by 40% and improving overall educational quality [7][8]. Group 4: Future Directions - The college and Zhongwang Software plan to expand their collaboration to include the development of training resources in smart manufacturing and virtual simulation [8]. - They aim to establish an "Open Education Ecological Alliance" to facilitate joint curriculum development, technical research, and talent cultivation [8]. - The partnership seeks to address common technical challenges in the industry through collaborative projects, enhancing the integration of education and industry [8].