机构：中信建投证券 研究员：应瑛/张敏 核心观点 9 月25 日，公司发布2025 年中期报告。2025H1，受益于"Datax AI"战略的深化落地，公司经营业绩增 速表现亮眼，实现营业收入78.65 亿元，同比增长12%；实现归母净利润1521 万元，同比增长41%；新 签约订单94.76 亿元，同比增长98%，为公司业务持续增长奠定坚实基础。9 月17 日，公司在昆山举办" 智链神州.NextChain"2025 智慧供应链创新大会，重磅发布供应链智能体"小金"，正式启动"供应链+AI 生态联盟"，加速推动" 客户战略+生态战略"双轮驱动，有望核心受益于AI 在供应链领域加速渗透。首 次覆盖，给予"买入"评级。 事件 （1）9 月25 日，公司发布2025 年中期报告。 （2）9 月17 日，公司在昆山举办"智链神州.NextChain"2025 智慧供应链创新大会。 （2）8 月27 日，公司发布《截至二零二五年六月三十日止六个月之中期业绩公告》。 简评 经营业绩改善显著，在手订单充裕。2025H1，受益于"Datax AI"战略的深化落地，公司经营业绩增速亮 眼，实现营业收入78.65 亿元，同比增 ...

2025H1，受益于"Datax AI"战略的深化落地，公司经营业绩增速亮眼，实现营业收入78.65亿元，同比 增长12%;实现归母净利润1521万元，同比增长41%。分业务来看，大数据产品及方案业务收入14.30亿 元，占比18%，同比增长12%;软件与运营服务业务收入24.48亿元，占比31%，同比增长13%;信创及传 统服务业务收入39.87亿元，占比51%，同比增长11%。公司在手订单充裕，新签约订单94.76亿元，同 比增长98%，为公司业务持续增长奠定坚实基础。 "数据-决策-应用"全栈数据智能解决方案率先落地，供应链智能体"小金"赋能"研产供销服"全业务链条 公司基于内部行业知识库、操作手册、日志、数据集等数据，构建"KingKoo智链"物流垂类大模型，打 造小金智能体体系，并完成"研产供销服"全业务链条覆盖并实现内部试点应用。9月17日，公司重磅发 布供应链智能体"小金"，定位为"供应链企业级智能体套件"，以"3+N"智能体架构实现全场景覆 盖："3"个核心智能体包括数据助手(查询效率提升90%)、决策助手(数据分析效率提升70%)、客户助手 (减少客服工作量50%);"N"个岗位智能体涵盖标 ...

Core Insights - The article highlights the strategic brand and operational upgrades of KJ, a subsidiary of Shenzhou Holdings, aiming to position itself as a technology-driven industry supply chain expert [1][2][4] Group 1: Brand Positioning and Strategy - KJ has introduced a new brand positioning focused on becoming a technology-driven industry supply chain expert, emphasizing deep understanding of customer needs and industry pain points [1] - The company aims to enhance its supply chain service capabilities through an AI-driven core engine and a "customer + ecosystem" dual-drive model [1][2] Group 2: Technological Innovations - KJ has developed innovative technologies such as "full tracking management" to address industry challenges and has successfully penetrated the telecommunications market [2] - The company has implemented "micro-innovations" like order forecasting and pre-sale strategies to support major fast-moving consumer goods (FMCG) companies during high-demand events like "Double 11" [2] Group 3: Service Offerings and Ecosystem Development - KJ provides end-to-end lifecycle services, leveraging digital analysis capabilities and timely customer response to reduce costs and enhance efficiency for clients [1][2] - The company has established a comprehensive knowledge base across various industries, enabling the creation of customized solutions that meet specific client needs [2] Group 4: AI Integration and Future Plans - KJ is leveraging Shenzhou Holdings' "Data x AI" strategy to combine industry knowledge with fulfillment data, resulting in the development of a supply chain-specific large model [4] - The introduction of the "3+N" architecture for AI-driven intelligent agents aims to bridge the gap between large models and practical enterprise applications [4][6] Group 5: Leadership and Vision - The President and COO of Shenzhou Holdings emphasized the importance of integrating AI capabilities with industry knowledge to drive growth in the AI era [6] - KJ is positioned to be a key player in advancing smart supply chain development in China as it continues to enhance its intelligent service offerings [6]

Core Insights - The launch of the supply chain intelligent agent "Xiao Jin" by KJ Technology aims to address the pain points of enterprise-level applications of general large models, focusing on enhancing efficiency across the entire supply chain process [1][3][11] - "Xiao Jin" is part of Shenzhou Holdings' strategy to elevate its "Data x AI" approach, leveraging the "Yanyun Infinity" platform to empower core business scenarios in supply chain management [1][5] Group 1: AI Application Challenges - A report by MIT indicates that while 90% of employees frequently use general large models, only 5% of enterprises achieve quantifiable business returns, with 95% of investments yielding no results, a phenomenon termed "shadow AI" [3][10] - The disconnect between general large models and actual business needs is identified as a core issue, as these models fail to convert insights into actionable solutions [3][5] Group 2: Features of "Xiao Jin" - "Xiao Jin" is designed with a "3+N" architecture, which includes three core intelligent agents that address common enterprise needs: a data assistant, a decision assistant, and a customer assistant, significantly improving efficiency in data queries and decision-making processes [6][10] - The intelligent agents can enhance data query efficiency by 90%, improve decision analysis efficiency by 70%, and reduce customer service workload by 50% [6][8] Group 3: Future Development and Commercialization - KJ Technology plans to implement a pilot program for "Xiao Jin" in 2025, targeting benchmark clients in retail, 3C, and fast-moving consumer goods sectors, with a focus on providing customized AI services [10][12] - The company aims to build a large-scale cluster of vertical intelligent agents covering various supply chain scenarios, transforming traditional processes into AI-driven operations [9][10] Group 4: Industry Impact - The global generative AI market is projected to reach $10 trillion, highlighting the urgent demand for intelligent transformation across industries, particularly in supply chain management [10][12] - The introduction of "Xiao Jin" is expected to shift the supply chain from a reactive to a proactive model, enabling smarter inventory management and operational efficiency [12]

Core Insights - Traditional IT giants are transforming into AI-native enterprises, with Digital China (000034) reporting that AI-related business has become a key growth driver, achieving revenue of 13.332 billion yuan in the first half of 2025, a year-on-year increase of 56% [1] - The company's full-stack AI strategy is accelerating, indicating a shift from single tools to a collaborative innovation ecosystem covering various enterprise-level AI scenarios [2] Revenue Breakdown - AI software and services revenue grew by 100% year-on-year - Proprietary AI computing equipment revenue reached 660 million yuan, up 14% - Third-party AI computing service revenue increased by 62% to 950 million yuan - AI-related IT distribution revenue was 11.7 billion yuan, a 59% increase [1] Full-Stack AI Strategy - Digital China has developed a comprehensive full-stack AI capability, covering everything from underlying computing power to platforms and applications [2] - The company has launched various intelligent computing products tailored for different industries, including the KunTai Cube and KunTai R624K2 servers [2][3] Infrastructure and Application Development - The company has established a commercial PC production line in Hefei, filling a gap in the local market for Kunpeng technology [3] - Digital China is building an enterprise-level intelligent process management system to enhance operational efficiency and reduce execution deviations [3][4] AI Ecosystem and Collaboration - The company aims to create a one-stop AI-native technology system for enterprises, focusing on AI for Process to drive business model innovation [5][6] - Digital China is collaborating with leading ecosystem partners to promote AI industry transformation [5] Market Trends and Projections - The global AI IT investment is projected to reach 815.9 billion USD by 2028, with a compound annual growth rate of 32.9% [8] - China's AI investment is expected to exceed 100 billion USD by 2028, with a compound annual growth rate of 35.2% [8] Future Outlook - Digital China plans to align with national policies on AI and digital economy, focusing on enhancing its full-stack AI capabilities and exploring AI application scenarios [10]

Core Insights - The company reported a revenue of 71.59 billion yuan for the first half of 2025, marking a year-on-year growth of 14.4% [2] - The gross profit margin of strategic businesses increased by 6.4 percentage points to 26.2% [2] - AI-related business revenue reached 13.332 billion yuan, reflecting a significant year-on-year growth of 56% [3] Financial Performance - The company’s AI-related distribution business generated revenue of 11.7 billion yuan, up 59% year-on-year [6] - AI software and service revenue doubled, achieving a 100% year-on-year increase [6] - Revenue from self-branded AI computing equipment reached 660 million yuan, a 14% increase [6] - Third-party AI computing services revenue grew by 62% to 950 million yuan [6] Strategic Focus - The company emphasizes "AI for Process" as a core strategy to adapt to digital transformation in enterprises [5] - The CEO highlighted that the AI strategy has created a new growth curve, with AI-related revenue significantly contributing to overall performance [5][9] - The company is committed to increasing R&D investment, with 210 million yuan allocated in the first half of 2025 [4] Industry Trends - McKinsey predicts that by 2025, over 60% of global enterprises will adopt AI, transitioning from "point efficiency" to "systemic reconstruction" [7] - Gartner forecasts that AI will automate 30% of business processes within the next two years [7] - IDC projects that global AI IT investment will reach 815.9 billion dollars by 2028, with a compound annual growth rate of 32.9% [8] Future Outlook - The company plans to align with national policies on "Artificial Intelligence+" and deepen its AI capabilities [9] - There is a focus on exploring AI scenario value to support sustainable development for enterprises in the digital age [9]

Core Insights - Shenzhou Digital's AI-related business became a key driver for overall performance growth in the first half of 2025, achieving revenue of 13.332 billion yuan, a year-on-year increase of 56% [1] - The company has established a comprehensive strategy for AI development, focusing on infrastructure, platforms, consulting services, and ecosystem partnerships to support enterprise AI implementation [2] - Looking ahead, Shenzhou Digital plans to align with national policies on "Artificial Intelligence+" and digital economy, increasing investment in AI and enhancing its full-stack AI capabilities [3] Group 1: Financial Performance - AI software and services revenue grew by 100% year-on-year, driven by the "Shenzhou Wenxue Enterprise Agent Platform" and "Shenzhou Wenxue Intelligent Process Workbench" [1] - Revenue from self-branded AI computing equipment reached 660 million yuan, a 14% increase year-on-year [1] - Third-party AI computing service revenue amounted to 950 million yuan, reflecting a 62% year-on-year growth [1] - IT distribution business related to AI generated revenue of 11.7 billion yuan, up 59% year-on-year [1] Group 2: Strategic Initiatives - The company aims to enhance its AI infrastructure by expanding computing device forms and innovating architectural designs [2] - Shenzhou Digital provides comprehensive technical services from knowledge integration to scenario adaptation, facilitating the integration of AI into client businesses [2] - The company offers full-spectrum consulting services across various dimensions, including strategy, processes, and technology, to help enterprises build competitive advantages in AI [2] - Collaborations with leading companies in the robotics industry are being pursued to develop solutions for specific scenarios such as inspection and security [2]

Core Insights - The core viewpoint of the news is the introduction of the "AI for Process" initiative by Digital China Group, Deloitte China, and the China Academy of Information and Communications Technology, aimed at transforming enterprise processes through AI technology [2][3]. Group 1: AI for Process Initiative - Digital China Group, in collaboration with Deloitte China and the China Academy of Information and Communications Technology, released the "AI for Process" blue paper at the 2025 World Artificial Intelligence Conference [2]. - The initiative emphasizes the need for enterprises to transition from traditional digital transformation, which focuses on information systems like CRM and ERP, to a more integrated AI-driven process intelligence approach [2]. Group 2: Challenges and Solutions - The current challenge is that while large models have surpassed human capabilities in various fields, their application in enterprise scenarios remains difficult due to a lack of specific data and expertise [2]. - The proposed solution involves a "Twin-Drive" model that combines top-down and bottom-up approaches to implement AI for Process effectively [3]. Group 3: AI Readiness and Penetration Rate - Companies need to develop "AI readiness capabilities," which include knowledge governance, organizational process restructuring, talent development, and industry ecosystem collaboration [3]. - The concept of "AI penetration rate" is introduced, measuring the proportion of AI operations in overall business processes, with predictions for future penetration rates: 10%-20% in three years, 30%-50% in five years, and potentially 80% in ten years [3]. Group 4: Future Directions - Digital China Group aims to continue promoting the AI for Process concept across various industries and scenarios, assisting global enterprises in achieving intelligent upgrades in competitive environments [3].

Core Viewpoint - The rapid development of AI technology, particularly large model capabilities, is driving significant interest among enterprises in effectively applying AI to business scenarios for positive returns [1] Group 1: AI Implementation in Enterprises - Shenzhou Digital emphasizes the need for deep integration of AI into business processes to achieve scalable applications [1] - Dongfeng Lantu has implemented AI across various functions, including marketing and R&D, but faces challenges such as talent shortages, unclear application scenarios, and the need for value demonstration [2][3] - The automotive industry is increasingly recognizing the necessity of building enterprise-level AI platforms to adapt to rapid technological changes and enhance internal processes [4] Group 2: Challenges and Solutions in AI Adoption - Key challenges in AI application include the need for composite talent who understand both AI models and business, the high cost of trial and error in selecting application scenarios, and ensuring that AI initiatives provide real value to internal customers [2][3] - The establishment of an enterprise AI platform is crucial for managing sensitive knowledge and data, maximizing internal computing resources, and ensuring data security and system stability [4][5] Group 3: Innovations in Specific Sectors - In the carbon assessment industry, Jia Yue Smart is addressing efficiency challenges by leveraging AI to streamline the preparation of carbon assessment reports, which currently face issues such as data dispersion and high manual costs [7][8] - Shenzhou Digital is focusing on empowering businesses through AI by developing a self-service platform that includes various ready-to-use AI agents, facilitating the application of AI in real business scenarios [9] Group 4: Evolution of AI Capabilities - The evolution of AI in enterprises is categorized into four stages: language capability, cognitive deepening, behavioral capability, and innovative capability, with a focus on delivering efficient, low-perception intelligent services [10]

Group 1 - The core viewpoint of the news is that Shenzhou Digital Group has achieved significant growth in revenue and net asset scale, with a focus on artificial intelligence applications and a commitment to digital transformation for enterprises [1][2]. - In 2024, Shenzhou Digital's operating revenue reached 128.166 billion yuan, a year-on-year increase of 7.14%, marking a five-year high [1]. - The company's R&D investment for 2024 is approximately 410 million yuan, with a five-year compound annual growth rate of 22% [1]. Group 2 - Shenzhou Digital is developing an AI-native empowerment platform called "Shenzhou Wenxue," which integrates computing power support, model training, data governance, and scenario applications [1][2]. - The company has established partnerships with over 100 leading enterprises in sectors such as retail, finance, and automotive to accelerate the implementation and value release of AI technology [1][2]. - The company emphasizes the importance of intelligent transformation of business processes and aims to create a complete product system for AI applications [2][3]. Group 3 - Shenzhou Digital has identified three major challenges for enterprise clients: data mismatch, business logic gaps, and deployment environment barriers [3]. - To address these challenges, the company offers a clear AI strategy, a comprehensive AI tool platform, and professional AI application services [3]. - The "Shenzhou Wenxue" platform has launched various versions, including an agile version, a platform version, and a local deployment version, to support full-stack AI services [3].