品茗科技在业绩说明会上表示，上半年造价软件业务增长主要在三个方面：一是新清单、定额的政策红 利，带来产值提升；二是AI智能组价产品、新算量软件等产品的持续升级优化，满足客户应用需求； 三是浙江省外市场拓展稳步推进。施工软件业务、BIM软件业务持续深化企业级战略合作，并聚焦基建 领域开拓市场，成为业务新增长点。 品茗科技指出，该公司在数字建造领域持续推进技术研发和产品创新，重点关注物联网、人工智能等新 技术的应用，以提升产品竞争力。未来将继续聚焦央国企客户，深化与头部客户的合作，推动新基建领 域的业务发展，以期在激烈的市场竞争中保持领先地位。 此外，品茗科技在解读未来并购整合计划时表示，将积极关注产业投资并购机会，依托上市公司平台优 势，通过战略投资、并购等方式寻求积极、稳健的外延式增长。公司目前重点关注建筑行业的数字化转 型、能源领域的数智化，以及人工智能的前沿应用等方向的投资并购。 资料显示，品茗科技是聚焦于施工阶段的"数字建造"应用化技术及产品提供商，提供自施工准备阶段至 竣工验收阶段的应用化技术、产品及解决方案。目前，该公司经营业务的变动情况主要集中在建筑信息 化软件和智慧工地产品两大业务领域。 今年上 ...

Core Viewpoint - Jianyi Group, a leading player in the decoration and construction industry, is facing significant operational challenges and potential delisting risks due to various factors including financial difficulties, management inefficiencies, and increased competition [2][5][6]. Company Development - Established in 1994 and listed in 2016, Jianyi Group has evolved from a decoration-focused company to a diversified enterprise with a full construction industry chain [2]. - The acquisition of Zhuhai Zhengfang Group as a controlling shareholder in December 2021 has provided new growth opportunities and strategic upgrades for the company [2][4]. - The company has expanded its business into six strategic areas: construction engineering, decoration, new energy technology, stone mining, health care, and commercial management [4]. Financial Performance - Jianyi Group's net profit has seen a dramatic decline, with figures reported as -0.26 billion, -0.984 billion, 0.11 billion, and -0.528 billion from 2020 to 2023, and an expected loss of 0.52 to 0.72 billion in 2024, totaling an estimated loss of 2.247 billion over five years [5]. - The company is projected to have a negative net asset value by the end of 2024, triggering delisting criteria from the Shenzhen Stock Exchange [5]. Operational Challenges - The company has faced issues with information disclosure, leading to a fine of 2.8 million and penalties for executives totaling 1.3 million, which has damaged its reputation and investor confidence [4][5]. - Performance guarantees made by the former controlling shareholder are expected to fail, with actual losses projected to reach 1.237 billion against a promised profit of 0.06 billion [5]. - Operational inefficiencies, including poor project management and cost control, have contributed to declining profitability [6]. Market Environment - The construction and decoration industry is experiencing intensified competition and changing market conditions, which have not been adequately addressed by Jianyi Group [6]. - The company has also initiated a response to national rural revitalization strategies by establishing Beijing Jianyi Agricultural Ecological Co., Ltd., participating in agricultural modernization [4].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][11]. Core Insights - The company has shown significant improvement in profit management, with a 116.2% year-on-year increase in net profit for 2024, reaching 250 million yuan, despite a 4.93% decline in total revenue [7][11]. - The company is focusing on cost control and efficiency improvements, resulting in a 5.97% reduction in sales, management, and R&D expenses [7]. - The introduction of an AI-driven solution for the construction industry is expected to enhance the company's competitive edge and drive future growth [11]. Financial Performance Summary - For 2024, the company reported total revenue of 6,240 million yuan, a decrease of 4.93% year-on-year, while the net profit was 250 million yuan, reflecting a 116.2% increase [6][7]. - The projected revenue for 2025 is 6,324 million yuan, with a net profit forecast of 502 million yuan, indicating a growth of 100.6% [6][11]. - The company's gross margin is expected to improve slightly from 84.3% in 2024 to 85.1% by 2027 [6][12]. Business Segment Analysis - The digital cost business is projected to generate revenue of 4,986 million yuan in 2024, with a gross margin of 93.42% [12]. - The digital construction segment is expected to see a revenue of 786.87 million yuan in 2024, with a gross margin of 35.87% [12]. - The overseas business is anticipated to grow, with revenue reaching 203.45 million yuan in 2024, reflecting a year-on-year increase of 5.08% [12]. Valuation and Market Position - The estimated market value range for the company is between 307.48 billion yuan and 338.46 billion yuan, with a reasonable value per share estimated between 18.61 yuan and 20.49 yuan [11]. - The company is positioned to benefit from the upcoming market reforms in construction pricing, which will enhance data service capabilities and accelerate AI integration [11].