每日晨报 2025 年 8 月 28 日 交银国际研究 今日焦点 | 第四范式 | | 6682 HK | | --- | --- | --- | | 传统行业 | AI 生产力需求提振收入，2025 年扭亏 | 评级: 买入 | | 为盈目标不变；上调目标价 | | | | 收盘价: 港元 63.50 | 目标价: 港元 81.00↑ | 潜在涨幅: +27.6% | | 谷馨瑜,CPA | connie.gu@bocomgroup.com | | 我们上调公司 2025-2027 年收入预期 7-22%，维持 2025 年扭亏、2026 年 微盈利预期。公司持续探索 AI+X，预计到 2029 年，公司收入将达到 200 亿规模，对比 2025 年年化增速 30%，规模化效应持续显现，利润率或达 8-10%。我们将目标价滚动至 2026 年，对应 4 倍市销率，目标价上调至 81 港元，维持公司买入评级。 先知 AI 平台上半年表现超市场预期。公司上半年收入为 26.26 亿元，同 比增速 40.7%，其中先知 AI 平台收入增速达 71.9%。上半年，公司毛利 率 37.7%，对比 2024 年全年的 ...

本报讯 （记者李乔宇）2025年中国国际服务贸易交易会将于9月10日至9月14日在首钢园举办。 作为参展企业，北京国管所属北京国际人力资本集团股份有限公司（北京国际人力品牌为FESCO，以 下简称"北京国际人力"）是中国规模最大的综合性人力服务企业之一，2023年正式登陆上交所主板。46 年来，北京国际人力始终专注于人力资源服务领域，为各类组织和中外知名企业提供人事管理、业务外 包、薪酬福利、招聘及灵活用工、咨询与综合资源服务。 第二个内容板块是"科技汇聚"，AI赋能人力资源服务新场景，展现创新魅力。"数字伙伴联盟"将再度亮 相服贸会，聚焦招聘面试、业务办理、政策咨询等高频服务场景，为用户提供多维度人机交互体验，展 现人力资源服务的便捷与智慧。AI招聘解决方案，通过AI技术实现从简历筛选、面试评估到岗位匹配 的高效率运作，助力企业高效精准地挖掘和选拔人才，实现招聘从"成本中心"向"价值中心"的转型。 第三个内容板块是"效能汇聚"，多项前沿成果重磅发布，提升人力资本效能。北京国际人力将围绕城市 人才发展、新质生产力转型、多元化用工模式三大方向发布研究报告，为推动中国人力服务资源行业向 高质量、全球化发展提供理论 ...

Core Viewpoint - Hunan Friendship Apollo Commercial Co., Ltd. plans to acquire 100% equity of Shenzhen Shangyangtong Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds [1][2]. Group 1: Transaction Overview - The company received an inquiry letter from the Shenzhen Stock Exchange regarding its application for the issuance of shares to purchase assets and raise supporting funds [1]. - The transaction involves 37 counterparties, including Jiang Rong and Jiang Feng, as part of the asset acquisition [1]. Group 2: Report Amendments - The revised report includes updates and additions to definitions, significant matters, and risk warnings, with a focus on performance commitments and compensation related to the restructuring [2]. - New sections added detail the lock-up arrangements for shareholders of the counterparties and the historical capital increase verification of the target company [2]. Group 3: Financial and Compliance Information - The report updates the financial situation of the listed company and its funding needs, as well as the conditions for payment and financing channels for the transaction [2][3]. - The assessment of the target assets has been updated to reflect changes in the number of authorized patents and the rental terms of leased properties [2][3]. Group 4: Risk Factors - The report has been revised to include a new risk regarding high customer concentration and has reordered the importance of various risk factors [3]. - The management discussion section has been updated to reflect the company's long-term strategic planning towards a new quality productivity transformation [3].

8月1日晚，慈星股份（ 300307 ）披露《关于公司终止发行股份及支付现金购买资产并募集配套资金事 项的公告》称，公司原计划通过发行股份及支付现金的方式购买沈阳顺义科技股份有限公司的75%股 份，并拟向不超过35名特定投资者发行股票募集配套资金。但经多轮协商和谈判后，公司与本次交易的 部分交易对方就部分商业条款未达成一致意见，为维护公司全体股东长期利益，公司经审慎考虑，决定 终止本次重组事项。 公告称，根据《上市公司重大资产重组管理办法》《深圳证券交易所上市公司自律监管指引第8号—重 大资产重组》等法律法规及规范性文件的规定，公司承诺自终止本次交易事项公告披露后的一个月内， 不再筹划重大资产重组事项。 "进入2025年以来，电脑横机行业一季度实现平稳开局。但受终端消费需求影响，下游企业订单量短期 内面临滞缓情况。此外，横机行业同质化竞争加剧，企业整体利润空间不断受到压缩，行业发展格局面 临深度调整。"慈星股份称，现阶段电脑横机行业韧性与压力并存，公司亟需实现新质生产力方向的转 型升级，构建企业的第二增长曲线。 此前曾终止购买资产 慈星股份曾于1月14日晚发布公告称，拟筹划发行股份及支付现金购买武汉敏声新技术 ...

Group 1: Performance Decline Factors - The company's performance in 2024 and Q1 2025 has significantly declined due to several factors, including a prolonged adjustment period in the real estate industry, leading to reduced demand and order volume for construction materials [2][3] - Insufficient consumer confidence has resulted in a shift towards lower-priced alternatives, causing a passive adjustment in product structure and pressure on gross margins [2][3] - The new business lines are still in the cultivation phase, leading to increased depreciation, labor, and R&D costs, which have raised short-term expenses while capacity release takes time [3] - Seasonal fluctuations, particularly the impact of the Spring Festival in Q1 2025, have caused temporary disruptions in production, logistics, and downstream construction, further affecting revenue [3] Group 2: Company Responses and Future Outlook - The company is actively addressing these challenges by optimizing capacity layout, accelerating new business ramp-up, and enhancing supply chain cost control [3] - The company expects improvement in operational conditions as the market environment gradually recovers and new project capacities are released [3] - The transaction with Xingkong Technology is progressing smoothly as per the agreement [3] - The company has not yet initiated sample certification for semiconductor-grade quartz sand with relevant semiconductor equipment companies [3] - Future profit growth points will be pursued through solidifying traditional quartz stone slab business while actively cultivating new business segments and upgrading products [4] - The company is transitioning towards new productive forces and continuously optimizing its business structure to seize new industry development opportunities [4]