证券代码：300339 证券简称：润和软件 江苏润和软件股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系活动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □一对一沟通 □其他 参与单位名称及人员 姓名 中金基金 侯明威 长盛基金 杨睿琦 合众资产 胡纪元 长城财富 江维 人寿养老保险 高媛媛 国寿资产 刘伟军、曹阳 诺安基金 左少逸 国新国证基金 张洪磊、范贵龙 时间及地点 2025 年 09 月 24 日-25 日 北京机构、金融街威斯汀大酒店会议室 上市公司接待人员 姓名 证券事务代表 李天蕾女士 证券事务高级经理 刘婕女士 投资者关系活动主要 内容介绍 一、公司情况介绍 润和软件深耕新一代信息技术领域，将先进技术与行业深度融合， 以数智技术与创新服务铸就企业核心竞争力和创新驱动力。在传统业 务稳定发展的基础上，润和软件立足国产操作系统和人工智能核心技 术，自主研发软硬件一体化产品及解决方案，构建全生命周期软件服 1 务体系，助力价值提升，赋能产业升级。 2025 年上半年，公司主营业务保持稳健发展，实现营业收入 17.47 亿元 ...

Core Viewpoint - The company is experiencing significant growth in its non-GAAP net profit and maintaining a high level of prosperity in its smart IoT business, driven by initiatives in open-source HarmonyOS, open-source Euler, and enterprise-level AI [1]. Financial Performance - The company forecasts a target price of 76.80 yuan and maintains a "buy" rating, predicting EPS for 2025-2027 to be 0.24, 0.28, and 0.33 yuan respectively, with a PE of 320 times for 2025 based on comparable company valuations [2]. - In the first half of 2025, the company reported revenue of 1.747 billion yuan, a year-on-year increase of 10.55%, with a net profit attributable to shareholders of 60 million yuan, down 29.43%, and a non-GAAP net profit of 52 million yuan, up 47.33% [2]. - In the second quarter of 2025, revenue reached 914 million yuan, a year-on-year increase of 12.88%, with a net profit attributable to shareholders of 29 million yuan, down 51.60%, and a non-GAAP net profit of 25 million yuan, up 69.61% [2]. - The financial technology business generated revenue of 890 million yuan in the first half of 2025, up 6.06%, while the smart IoT business generated 606 million yuan, up 23.85% [2]. Business Development - The company is actively integrating AI technologies into its financial services, covering six major state-owned banks, 12 joint-stock banks, and over 280 licensed financial institutions by mid-2025 [3]. - In the smart IoT sector, the company is developing a domestic "end-edge-cloud" security digital foundation for industrial interconnectivity, leveraging AI technology for advanced applications [3]. - The company plans to implement new intelligent equipment-based solutions for smart distribution networks, substations, and new microgrids over the next three years [3]. - Innovative business segments achieved revenue of 368 million yuan in the first half of 2025, representing a year-on-year increase of 8.96% and accounting for 21.07% of total revenue [3]. AI Strategy - The company is focused on building a comprehensive AI technology stack, centered around a triad framework of "knowledge-perception-decision," which includes various AI-driven products such as multi-modal knowledge engines and decision-making agents [4]. - The company has developed an "AI hub" product matrix, including integrated hardware and three core software platforms, along with AI-driven testing service platforms and financial knowledge assistants [4].

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 76.80 CNY [5][12]. Core Insights - The company has shown significant growth in net profit excluding non-recurring items, with a strong performance in the smart IoT business, driven by open-source HarmonyOS, Euler, and enterprise-level AI [2][12]. - The financial forecast indicates a steady increase in revenue and net profit over the next few years, with projected revenues of 3,838 million CNY in 2025 and 5,072 million CNY in 2027, reflecting growth rates of 12.9% and 15.4% respectively [4][12]. - The company is actively integrating AI technologies into its financial services, expanding its reach to major state-owned banks and over 280 small and medium-sized banks [12]. Financial Summary - Revenue is projected to grow from 3,106 million CNY in 2023 to 5,072 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 15.4% [4][12]. - Net profit attributable to the parent company is expected to increase from 164 million CNY in 2023 to 266 million CNY in 2027, with a notable growth rate of 20.6% in 2027 [4][12]. - The earnings per share (EPS) is forecasted to rise from 0.21 CNY in 2023 to 0.33 CNY in 2027 [4][12]. Business Development - The company is focusing on building a comprehensive AI technology stack, including a product matrix centered around knowledge, perception, and decision-making [12]. - The smart IoT segment is expected to maintain high growth, with revenue from this sector projected to reach 6.06 billion CNY in 2025, reflecting a year-on-year growth of 23.85% [12]. - The company aims to implement innovative solutions in smart energy, including new intelligent equipment and smart distribution network solutions over the next three years [12].

Core Insights - The company reported a revenue of 1.747 billion yuan for the first half of 2025, marking a year-on-year growth of 10.55%, and a net profit of 52.17 million yuan, up 47.33% year-on-year [1] - The company is focusing on innovation in areas such as open-source HarmonyOS, open-source Euler, enterprise-level AI solutions, and StarFlash, with innovative business revenue reaching approximately 368 million yuan, accounting for 21.07% of total revenue [1] - The expansion of the Harmony ecosystem is accelerating, with over 10 million Harmony 5 terminals and a developer community of 8 million [1] Financial Performance - The company's main business segments showed steady growth, with financial technology revenue at 890 million yuan (up 6.06%), smart IoT revenue at 606 million yuan (up 23.85%), and smart energy information revenue at 200 million yuan (up 4.65%) [1] - Innovative business revenue grew by 8.96% year-on-year, contributing significantly to overall revenue growth [1] Industry Applications - In the electricity sector, the company is enhancing the IoT operating system ecosystem, improving data management and integration with grid operations [2] - In the oil and gas sector, the company is collaborating with key players to develop smart multiphase flow meters using open-source Harmony technology [2] - In healthcare, the company launched an AI-assisted traditional Chinese medicine solution, currently implemented in various hospitals and health centers [2] - The company introduced the HiHopeOS industrial version for mining and industrial applications, becoming the first certified partner in this ecosystem [2] Open-source Euler Developments - The company has made significant progress in the open-source Euler domain, launching the HopeOS V22 for big data and AI needs, and achieving compatibility with multiple domestic CPU architectures [4] - The HopeOS has been commercialized in various sectors, including finance, energy, and telecommunications, establishing stable market sales [5] AI and Technology Integration - The company is building a comprehensive AI ecosystem, offering end-to-end solutions across various industries, including finance, energy, and retail [6] - The AI product matrix includes various solutions aimed at enhancing industry capabilities, with successful deployments in sectors like electricity and education [6][7] - The company is committed to continuous innovation and commercialization of its technologies, focusing on AI, Harmony, and Euler to drive industry upgrades [7]

Core Insights - The company reported a revenue of 1.747 billion yuan for the first half of 2025, representing a year-on-year growth of 10.55%, and a net profit of 52.17 million yuan, up 47.33% year-on-year [1] - The company is focusing on innovation in areas such as open-source HarmonyOS, open-source Euler, enterprise-level AI solutions, and Star Flash, contributing to a revenue of approximately 368 million yuan from innovative businesses, which accounts for 21.07% of total revenue [1] Financial Performance - Revenue for the first half of 2025 reached 1.747 billion yuan, a 10.55% increase compared to the previous year [1] - The net profit attributable to the parent company was 52.17 million yuan, marking a 47.33% increase year-on-year [1] - Main business segments showed steady growth, with financial technology revenue at 890 million yuan (up 6.06%), smart IoT revenue at 606 million yuan (up 23.85%), and smart energy information revenue at 200 million yuan (up 4.65%) [1] Business Segments - The financial technology segment generated 890 million yuan, reflecting a growth of 6.06% [1] - The smart IoT segment achieved 606 million yuan in revenue, with a growth rate of 23.85% [1] - The smart energy information segment reported 200 million yuan, growing by 4.65% [1] - Innovative business revenue reached approximately 368 million yuan, growing by 8.96% [1] Innovation and Technology - The company is actively expanding its HarmonyOS ecosystem, with over 10 million HarmonyOS devices and 800,000 developers engaged [2] - The company has launched 13 versions of the HiHopeOS software based on open-source HarmonyOS, leading the community in terms of software releases [3] - In the open-source Euler domain, the company has developed solutions for big data and AI, including the HopeOS V22 versions [4] Industry Applications - The company is enhancing the electric power industry by developing a comprehensive IoT operating system and collaborating with key players in the oil and gas sector [2] - In the healthcare sector, the company introduced an AI-assisted traditional Chinese medicine diagnostic solution, which is being piloted in multiple hospitals [2] - The company has also launched an industrial version of HiHopeOS for the mining sector, becoming the first certified partner in this area [3] AI and Digital Transformation - The company is committed to an "All in AI" strategy, providing end-to-end AI solutions across various industries, including finance, energy, and retail [6] - The AI product matrix includes various solutions aimed at enhancing industry capabilities, such as JettoPro and AI assistants for the financial sector [7] - The company aims to leverage its technological advancements in AI, HarmonyOS, and Euler to drive innovation and commercial success across multiple sectors [7]