11月5日，"苍鹭"AI鱿鱼渔情预报系统正式上线。该系统由上海海洋大学、中水集团远洋股份有限 公司、中水集团舟山远洋渔业有限公司共同研发，可为全球大洋性鱿鱼作业海域提供未来5天精准的渔 场预测以及下一年度资源丰度预报，填补了我国在远洋鱿钓渔业智能预报领域的空白。 企业提出"缺什么"，大学就"攻什么"，让科研成果直接落在甲板上，是这次合作的最大亮点。目 前，苍鹭系统已在中水集团舟山远洋渔业有限公司北太平洋鱿钓渔船应用，截至2025年10月底，2025年 单船产量可达500吨左右，与历史产量每年330多吨相比，提高了48%，同时通过渔情预报系统的应用， 首次将北太平洋西经海域鱿钓作业渔汛延长到11月。 "苍鹭"涵盖多端覆盖适配全场景，网页端、船载端、手机端同步发力，无论岸上管理还是海上作 业，都能随时获取近20个与安全高效生产相关的海洋要素；融合人工智能、大数据挖掘、深度学习等技 术，结合生物学、生态学、渔场学等知识，可精准实现鱿鱼中心渔场预报与中长期资源量预测，让鱿钓 捕捞告别"凭经验"、转移渔场较为盲目的问题；自带船位监控、越界预警，能避免海域纠纷、提升管理 效率，更以"一张图"形式每日定时自动发布作业海域环 ...

Core Viewpoint - Qichacha Technology Co., Ltd. has been accepted for an IPO on the Shanghai Stock Exchange, aiming to raise 1.5 billion yuan, highlighting its position as a leading player in the commercial big data service industry in China [1][2]. Group 1: Company Overview - Qichacha, established in 2014, specializes in the collection, cleaning, mining, and analysis of commercial big data, becoming a key player in China's big data industry and digital economy development [1]. - The company's products serve various business scenarios, including commercial transactions, risk management, financial services, and legal affairs, enhancing information accessibility for individual users and decision-making efficiency for enterprise users [1]. Group 2: Market Position - According to the "China Commercial Big Data Service Industry Blue Book" and QuestMobile data, Qichacha ranks second in market share and active mobile users among general commercial big data service providers in China for 2023, while holding the top position in mobile app downloads [1]. Group 3: Fundraising and Investment Plans - The funds raised will be invested in enhancing the performance of C-end membership products and B-end professional versions, as well as data interface services, through increased equipment, technical talent, and cloud resources [2]. - Continuous research and development in data capabilities and artificial intelligence technology are planned to strengthen the company's technological barriers and expand market share [2]. Group 4: Financial Performance - As of June 2025, Qichacha has over 150 million registered users and more than 80 million monthly active users, with revenue growth from 518.482946 million yuan in 2022 to 708.412687 million yuan in 2024, reflecting a compound annual growth rate of 16.89% [3].

Core Insights - The Hong Kong Special Administrative Region government has welcomed a new batch of key enterprises, including PingPong Group's subsidiary, PingPong Zhihui Technology Co., Ltd, which focuses on emerging technologies like AI and WEB3 [1] Group 1: Company Recognition - PingPong Zhihui has officially become a "Key Enterprise Partner" of the Hong Kong government, indicating recognition of its contributions to global digital trade capabilities and innovations in cross-border payment technologies [1] Group 2: Business Network and Technology - PingPong Group has established a payment network that covers over 200 countries and regions, serving small and medium-sized enterprises, technology platforms, large brands, and institutions globally [1] - The company emphasizes self-research and development of its global payment underlying technology system, integrating advanced technologies such as artificial intelligence, big data mining, and complex system modeling into its cross-border payment services [1] - This integration has led to efficient operation and stable security of its payment service system [1]

Core Insights - The Vietnamese government has approved a proposal to build a comprehensive enterprise database that will include various data sources such as business registration, taxation, import-export, social insurance, credit, and labor [1][2] Group 1: Objectives and Implementation Timeline - The proposal aims to create a foundational database by 2025, integrating four key data sources to establish a basic health index for enterprises and entrepreneurs [2] - By 2026, the database will be upgraded to include credit and investment data, along with the development of an enterprise operation analysis system utilizing AI and big data tools [2] - From 2027 to 2030, the database will be further enhanced by incorporating data on labor, intellectual property, innovation, technology, digital transformation, and sustainable development [2] Group 2: Key Tasks and Solutions - Six key tasks have been outlined to achieve the proposal's goals, including the establishment of a legal framework for the enterprise database and the development of a core indicator-based health index system [3] - The Ministry of Finance is responsible for creating and guiding the mechanisms for data connection, synchronization, and sharing, ensuring the stable operation of the foundational database by 2025 [3] - The Ministry of Public Security will facilitate the integration and sharing of the national comprehensive database with the enterprise database, aiming to create a nationwide enterprise big data system between 2025 and 2030 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's brokerage business revenue has shown impressive growth, and profit margins across various segments are steadily recovering [7] - The company has a strong market position in the brokerage sector, with significant increases in transaction volumes and active agents [7] - The company is expected to benefit from its diversified business model, including home decoration and rental services, which are projected to contribute to future growth [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 77,777 million - 2024: 93,457 million - 2025E: 110,740 million - 2026E: 122,649 million - 2027E: 135,786 million - Year-on-year growth rates for revenue are projected at: - 2023: 28% - 2024: 20% - 2025E: 18% - 2026E: 11% - 2027E: 11% [3][8] - Net profit attributable to the parent company is forecasted as follows: - 2023: 5,883 million - 2024: 4,065 million - 2025E: 6,201 million - 2026E: 7,544 million - 2027E: 9,121 million - Year-on-year growth rates for net profit are projected at: - 2023: -524% - 2024: -31% - 2025E: 53% - 2026E: 22% - 2027E: 21% [3][8] - Earnings per share (EPS) estimates are: - 2023: 1.63 - 2024: 1.15 - 2025E: 1.77 - 2026E: 2.15 - 2027E: 2.60 [3][8] Business Performance - In Q1 2025, the company reported a total transaction value (GTV) of 843.7 billion, a year-on-year increase of 34.0% [7] - The breakdown of Q1 2025 transaction values includes: - Existing home transactions: 580.3 billion (up 28.1%) - New home transactions: 232.2 billion (up 53.0%) [7] - The company achieved a net income of 23.33 billion in Q1 2025, reflecting a year-on-year increase of 42.4% [7] - The number of active stores and agents has increased significantly, with 55,210 active stores (up 29.6%) and 491,000 active agents (up 23.0%) as of Q1 2025 [7]