Core Insights - The "Rights Guardian App" by United Trust won the "Legal Technology Engine Award" at the Shenzhen Legal Service Expo (2025), highlighting its innovative technology and practical value in the legal tech industry [1][4] Group 1: Product Features and Recognition - The "Rights Guardian App" integrates various evidence collection functions such as photography, video recording, audio recording, webpage capturing, and screen recording, addressing industry pain points of difficulty and high costs in evidence collection [4] - The app is accessible to both legal professionals and the general public, allowing users to collect evidence conveniently at an affordable price [3] Group 2: Market Impact and Future Plans - United Trust's timestamp service has served over 200,000 lawyers, 20,000 enterprises, and hundreds of thousands of users, with over 60 billion timestamps issued [6] - More than 116,000 judicial documents have utilized its timestamps as electronic evidence, gaining widespread recognition in judicial practice [6] - The company aims to continue enhancing its legal tech services, focusing on the digital and intelligent upgrade of electronic evidence collection to contribute to a more efficient judicial service system [6]

Industry Overview - The legal services industry has transitioned from a "labor-intensive" model to a "technology-driven" one, forming a complete chain structure from "basic support-core services-terminal demand-ecosystem cooperation" [1][33] - The market size is projected to reach 300 billion yuan in 2024 and 320 billion yuan in 2025, with a compound annual growth rate (CAGR) of 14.3% [1][34] - Top law firms dominate the high-end market, with red circle firms accounting for 17.1% of revenue, and the top 50 firms handling over 70% of cases valued at over 100 million yuan [1][37] Company and Regional Distribution - There are over 210,000 legal service firms in China, with 68.77% being private enterprises, and a trend towards scaling up [2][39] - The distribution of firms is uneven, with Guangdong, Shandong, Jiangsu, Shanghai, and Henan having the highest number of firms, while Beijing, Shanghai, and Shenzhen account for 57% of total revenue [2][45] Competitive Landscape and Business Changes - The competition in the industry has shifted from "scale expansion" to "value competition," with specialization becoming a trend [3][49] - The implementation of the new Company Law has driven compliance upgrades, with the data compliance market expected to exceed 20 billion yuan by 2025 [3][54] Incremental Customer Insights - In recent court cases, defendants account for 57% of the parties involved, with the wholesale and retail, construction, and manufacturing sectors being the most frequently involved [4][58] - The total scale of execution cases exceeds 5 trillion yuan, with over 40% being final cases, and the accommodation and catering industry having the highest application volume [5][68] - Intellectual property disputes have seen explosive growth, with an average claim amount of 2.87 million yuan, which is 15 times that of ordinary civil cases [6][54] Growth Direction Insights - Establishing specialized barriers in segmented markets and binding high-growth industries is essential for creating new sales capabilities [7][54] - The use of "legal health checks" can facilitate bulk signing, while AI can reduce service costs and enhance response speed [8][54] - Companies are leveraging policy dividends and other golden segments to build a robust industry foundation and increase customer unit prices [9][54] Conclusion - Law firms need to balance "hard power" and "soft power," with "technology empowerment + professional depth" becoming a dual driving model for future competitive advantage [9][54]

R&D Focus and Strategy - The company will prioritize R&D investments in AI technology for judicial and legal applications, enhancing AI capabilities and legal knowledge systems [1] - Key areas of focus include improving legal AI models, data governance, and developing voice and video engines for various applications [1] Product Development and Market Feedback - The "Hairei" legal AI model has been successfully implemented in cities like Nanjing, Chengdu, and Zhuhai, providing capabilities such as intelligent analysis and document generation [2] - The company aims to expand its application software development, particularly in AI and big data, despite a temporary downturn in 2024 due to market conditions [3][4] International Expansion - The establishment of "Tongda Hai (Hong Kong) Technology Co., Ltd." marks the company's entry into overseas markets, with a focus on the Egyptian "Smart Judicial City" project, which has a contract value of $100.11 million [6] - The company plans to leverage the success of the Egyptian project to expand into surrounding markets and enhance its international presence [6][9] Integration of AI in Existing Services - AI technology is deeply integrated into the company's services, with applications in legal assistance and intelligent case analysis, targeting courts and law enforcement agencies [5] - The company is committed to maintaining stable R&D investments to enhance its core competitiveness [7] Competitive Strategy - The company will increase AI R&D investments and pursue international strategies to serve a broader user base, focusing on various legal sectors [12] - Differentiation from competitors will be achieved through enhanced AI capabilities and strategic international collaborations [12][9]

Core Viewpoint - The company is a leading provider of products and solutions in the judicial industry, focusing on the integration of artificial intelligence and legal technology to enhance its service offerings and expand into new markets [7][18]. Company Overview - The company is a top-tier supplier in the judicial industry, providing services to courts and other sectors such as banking and postal services [7]. - The company is actively pursuing an "AI+" strategy to enhance its core business in court information technology while expanding into related fields [7][18]. Business Developments - The company has made significant advancements in its key products, including the "Horizon" legal model, which offers various intelligent assistance features for judicial processes [9][10]. - The company has developed a smart trial management platform that integrates data visualization and monitoring capabilities to improve case handling efficiency [11]. - The company has launched a multi-dimensional dispute mediation platform that provides diverse services, including remote mediation and legal consultation [13]. Financial Performance - The company reported a revenue of 438.5647 million yuan, a decrease of 20.08% year-on-year, and a net profit attributable to shareholders of -50.3265 million yuan, down 192.34% compared to the previous year [14]. - The company's equity attributable to shareholders decreased by 6.10% year-on-year, totaling 1.3557961 billion yuan [14]. Key Financial Indicators - The company has undergone a change in accounting policies, which has resulted in the need to restate previous financial data [21]. - The company completed a capital increase, raising its registered capital to 96.6 million yuan [26]. Strategic Initiatives - The company has established a wholly-owned subsidiary in Hong Kong to expand its business coverage and explore overseas opportunities [23]. - The company has invested in Shanghai Runzhi Information Technology Co., Ltd. to enhance its capabilities in the public security sector [28]. - The company is actively involved in projects such as the "Smart Judicial City" in Egypt, with a contract value of 1.0011 million USD [23][28]. Talent and Technology Development - The company is focusing on enhancing its AI capabilities and legal knowledge systems to support judicial processes [15][16]. - The company is committed to integrating AI technology into judicial services, providing comprehensive support for judges throughout the case handling process [17].

Financial Performance - In 2024, the company achieved a new contract amount of CNY 1.94 billion, a year-on-year increase of 14.4% [2] - The ending contract amount reached CNY 1.75 billion, up 10.3% year-on-year, marking the first increase in three years [2] - The company's total revenue for the year was CNY 799 million, a decline of 16.29% year-on-year due to insufficient initial orders and seasonal fluctuations [3] - The net loss, excluding non-recurring losses, was CNY 509 million, a reduction of 60.78% compared to the previous year [3] Business Development - The company strengthened its competitive edge in the digital court and digital campus markets in 2024 [4] - Focused investments were made in core applications such as digital court trials and educational information technology [4] - The "Wahyu Wanshang Model" was iterated to version 3.0 in 2024, enhancing its reasoning and compliance capabilities [5] Product Innovations - The "Wahyu Wanshang Model" provides eight capabilities including legal knowledge retrieval and document generation, aimed at improving legal work efficiency [8] - The "Yuan Dian Wen Da" application was launched in 2024, offering intelligent legal knowledge services [8] - The company has developed a series of intelligent applications that cater to various market segments, including government and enterprise clients [6] Strategic Partnerships - The company has deepened its strategic cooperation with China Mobile, signing agreements with multiple provincial branches [10] - Collaborative efforts have led to the development of the "Hai Suan Judicial Model," which has been successfully implemented [10] Future Outlook - The company plans to continue focusing on core business areas and leveraging AI to drive innovation and service improvements [10] - There is an emphasis on expanding external collaborations and integrating resources to enhance customer value [10] Risk Considerations - The company cautions investors that predictions regarding industry trends and future performance do not constitute guarantees [10]