Economic Policy Measures - The Chinese government has introduced a new set of policies aimed at stabilizing employment, businesses, markets, and expectations, following the "Four Stabilities" proposed in April 2025 [1][3] - The policies focus on five key areas: supporting employment, stabilizing foreign trade, promoting consumption, expanding effective investment, and creating a stable development environment [3] Employment Support - Key measures to support employment include encouraging companies to maintain jobs, increasing vocational training, expanding support through work-for-relief programs, and enhancing public employment services [5] - The government plans to accelerate the introduction of incremental policies to support job creation and provide subsidies to individuals affected by tariffs [5][6] Foreign Trade Stability - In response to challenges in foreign trade, particularly due to U.S. tariffs, the government has proposed tailored support for export enterprises to help them mitigate risks [5][8] - The Ministry of Commerce is working to facilitate the transition of foreign trade enterprises to domestic sales channels and is providing financial support to alleviate credit risks [6][8] Consumption Promotion - Measures to boost consumption include expanding service consumption, enhancing care for the elderly, and promoting automobile sales [8][9] - The government is focusing on key consumer products and is implementing policies to support the supply of services to meet growing demand [9][11] Investment Expansion - The government aims to enhance investment by improving consumption infrastructure, boosting private investment, and introducing new financial tools [11][12] - Industrial software has been included in the support range for equipment upgrades, which is expected to drive development in this critical sector [12] Stable Development Environment - Policies to create a stable development environment include maintaining a vibrant capital market, stabilizing the real estate market, and increasing financial support for the real economy [14] - The central bank is utilizing various monetary policy tools to ensure reasonable growth in money and credit, while also optimizing the credit structure [14][16] Economic Growth Indicators - In the first quarter, China's GDP grew by 5.4%, reflecting the resilience and vitality of the economy [16] - The contribution of domestic demand to economic growth has increased significantly, indicating a shift towards a more self-sustaining economic model [16]

在提振消费方面，赵辰昕表示，近期已经下达今年第二批消费品以旧换新资金，前两批一共下达超过 1600亿元，后续还有1400亿元左右，会根据各地支付进度陆续下达。与此同时，将建立实施育儿补贴制 度，创设专项再贷款工具，加大对服务消费重点领域和养老产业发展的支持。此外，还将深入实施提振 消费专项行动并抓紧出台各领域专项措施，指导限购城市针对长期摇号家庭和无车家庭等重点群体定向 增发购车指标。 在扩大投资方面，赵辰昕表示，将工业软件等更新升级纳入"两新"政策支持范围，加快消费基础设施、 社会领域投资，制定实施充电设施"倍增"行动，支持城区常住人口300万以上的城市特别是超大特大城 市建设停车位。力争6月底前下达2025年"两重"建设和中央预算内投资全部项目清单，同时设立新型政 策性金融工具，解决项目建设资本金不足问题。 在畅通循环方面，赵辰昕表示，将加快建设全国统一大市场，开展为期半年左右的市场准入壁垒清理整 治行动，加快出台民营经济促进法，帮助外贸企业拓内销。同时，加快科技创新和产业创新深度融合， 设立国家创业投资引导基金，推进人工智能与60个重点行业方向、700个基础场景深度融合。 谈及下一步稳就业的具体举措，俞 ...

Core Viewpoint - The concept of "domestic substitution" is evolving from a perception of being a second-best option to a strategic necessity, reflecting advancements in Chinese technology and manufacturing capabilities [1][2]. Group 1: Domestic Substitution and Technological Advancements - Domestic substitution is not merely about replacing imported components but involves a comprehensive restructuring of the industrial chain, technology standards, and market rules [2]. - In the medical device sector, companies like United Imaging Healthcare have launched innovative products that have entered the global high-end market, showcasing that domestic products are not inferior but competitive [1]. - The Chinese electric vehicle industry has established a complete ecosystem from lithium mining to vehicle manufacturing, pushing global automotive standards towards "Chinese standards" [2]. Group 2: Impact of External Pressures - The U.S. technology blockade has inadvertently accelerated the pace of domestic substitution, compelling Chinese companies to innovate and compete globally [2]. - DeepSeek, a representative AI company in China, has emerged as a competitor to OpenAI, demonstrating that external pressures can catalyze technological innovation [2]. - Following supply chain disruptions, Huawei's HarmonyOS has been installed on over 1 billion devices, indicating significant progress in domestic technology [2]. Group 3: Challenges and Opportunities - Despite challenges such as weak foundational research and a shortage of high-end talent, the environment for innovation in China is improving [3]. - In 2024, China's total R&D expenditure is projected to reach 36,130 billion yuan, an 8.3% increase from the previous year, maintaining its position as the second-largest R&D investor globally [3]. - Over 570 Chinese industrial companies are among the global top 2,500 in R&D investment, highlighting the growing strength of domestic innovation [3].

在扩大投资方面，将工业软件等更新升级纳入"两新"政策支持范围，加快消费基础设施、社会领域投 资，制定实施充电设施"倍增"行动，支持城区常住人口300万以上的城市特别是超大特大城市建设停车 位。力争6月底前下达2025年"两重"建设和中央预算内投资全部项目清单，同时设立新型政策性金融工 具，解决项目建设资本金不足问题。 在畅通循环方面，加快建设全国统一大市场，开展为期半年左右的市场准入壁垒清理整治行动，加快出 台民营经济促进法，帮助外贸企业拓内销；同时，加快科技创新和产业创新深度融合，设立国家创业投 资引导基金，推进人工智能与60个重点行业方向、700个基础场景深度融合。 作为全球第二大经济体和拥有14亿多人口的大国，我国扩大内需有巨大的潜力和空间，而且都是非常现 实的需求。赵辰昕表示，消费领域，我国汽车保有量3.53亿辆，冰箱、洗衣机、空调等主要品类家电保 有量超过30亿台，按照正常周期更新换代，每年能创造数万亿元的需求。投资领域，我国全社会设备存 量资产净值约40万亿元，随着高质量发展深入推进，每年的设备更新换代投资需求将超过5万亿元。据 机构测算，2024年中国人工智能产业规模突破7000亿元，已连续多年 ...

Core Viewpoint - Dingjie Smart reported its first annual report since its name change, showing a total revenue of 2.331 billion yuan in 2024, a year-on-year increase of 4.62% [2] Financial Performance - In 2024, Dingjie Smart achieved a total profit of 239 million yuan, up 4.7% year-on-year, and a net profit attributable to shareholders of 156 million yuan, an increase of 3.59% [2] - The revenue from four main business segments in 2024 was as follows: R&D design at 152 million yuan (up 23.33%), digital management at 1.189 billion yuan (down 1.43%), production control at 334 million yuan (up 0.17%), and AIoT at 631 million yuan (up 22.04%) [2] Business Segments - The R&D design segment saw the highest growth, driven by the launch of an AI-integrated PLM product, which improved customer pricing by approximately 30% [3] - Revenue from mainland China was 1.17 billion yuan, a 1.92% increase, while revenue from non-mainland regions reached 1.15 billion yuan, a 7.53% increase [3] Industry Context - The manufacturing industry is facing challenges such as profit margin pressure and rapidly changing market demands, necessitating deeper digital transformation and enhanced flexible production capabilities [3] - The next 3 to 5 years are seen as a critical period for global supply chain restructuring, with companies needing to adopt new production logic and data governance to enhance competitiveness [4] Strategic Initiatives - Dingjie Smart plans to issue up to 838 million yuan in convertible bonds, with 688 million yuan allocated for the "Smart Ecosystem Empowerment Platform" project, aimed at achieving comprehensive digital upgrades [5] - The platform will utilize AI, big data, and IoT technologies to support modular development and cloud-native architecture, facilitating intelligent transformation in production management and supply chain collaboration [5]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company achieved a total operating revenue of 888 million yuan in 2024, representing a year-on-year growth of 7.31%, while the net profit attributable to the parent company was 63.96 million yuan, up 4.17% year-on-year [4][6] - In Q1 2025, the company reported an operating revenue of 126 million yuan, a year-on-year increase of 4.56%, but the net profit attributable to the parent company was -47.97 million yuan, showing a decline [4][6] - The company focuses on CAx core technologies, with significant growth in 3D CAD/CAE products, achieving a revenue growth of 29.21% and 36.23% respectively in 2024 [6][7] - The overseas business has been expanding, with a revenue growth of 28.77% in 2024, and a gross margin increase of 0.38% to 99.35% [6][7] - The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares to all shareholders, which accounts for 94.35% of the net profit attributable to the parent company in 2024 [6][7] Financial Performance Summary - The company is projected to achieve net profits of 85 million yuan, 111 million yuan, and 137 million yuan for the years 2025, 2026, and 2027 respectively [7] - The expected EPS for 2025, 2026, and 2027 is 0.70 yuan, 0.91 yuan, and 1.13 yuan respectively [7] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 128.5, 98.7, and 80.1 respectively, while the P/S ratios are expected to be 10.7, 9.3, and 8.3 [7][8]

点击小程序查看报告原文 提振内需的必要性与政策实施的有效性正在提升 外部冲击之下，"扩内需"必要性进一步提升。 美国近期实施的关税政策力度远超预期，扰动全球贸易秩序，加剧全球经济放缓风险。中美贸易摩擦动态 演绎，截至4月16日，中国出口美国的个别商品累计各种名目的关税已达到245%[1]。在此背景下，我国政府迅速采取针对性措施，包括对等关税、出口管 制、反倾销调查、WTO诉讼等[2]，维护多边贸易。与此同时，在外部尤其贸易前景尚不明朗的背景下，更为积极地实施内需刺激政策必要性提升，以国 内增长确定性应对外部环境的不确定性。 当前时点"扩内需"的效果或优于以往。第一，从政策空间来看， 近期公布的物价数据显示，CPI同比2月起再次进入负增长区间，PPI同比持续低位运行， 通胀低位为货币宽松和财政刺激提供了更大操作空间。 第二，从政策目标来看， 扩大内需是去年底经济工作会议以及两会明确的首要任务[3]。特别地， 2024年地方政府债务置换计划落地后，地方偿债压力缓解，为新增投资及民生支出释放财政空间，地方政府配合中央逆周期调控的能力和意愿增强。 第 三，私人部门信心逐步企稳。 3月统计局公布的商品房销售面积、销售金 ...

Group 1: Business Outlook - In 2025, the company aims to optimize its business structure, focusing on core capabilities and enhancing operational efficiency and profit quality, targeting overall revenue growth [2][3] - The industrial operating system and related software services revenue grew by 25.8% year-on-year in 2024, with expectations for continued growth in key sectors such as rail transit, electricity, industrial robotics, and semiconductors [3] Group 2: AI Robot Operating System - The upcoming AI robot operating system will offer advantages over existing solutions by reducing costs and power consumption while improving real-time performance and control precision [3] - The company plans to release the AI operating system in the first half of 2025, providing customized services based on downstream manufacturers' needs [3][4] Group 3: System Compatibility and Migration - The company's operating system supports high-level interface specifications, ensuring good compatibility with applications, and can adapt to other operating systems with minimal changes [3][4] - The main costs associated with migrating other operating systems to the company's platform involve performance optimization for specific hardware and adapting complex open-source algorithms, which are manageable [3][4] Group 4: Humanoid Robot Applications - The integration of "big brain" and "small brain" in humanoid robots is achieved through the virtualization capabilities of the industrial operating system, enhancing real-time performance compared to systems using ROS [4] - The combination of DDS with proprietary deterministic technology improves real-time communication performance, providing better operational environments [4]

Core Viewpoint - The article discusses the innovative advancements of Beijing Youjie Future Technology Co., Ltd., which specializes in generative design industrial software and metamaterials technology, highlighting its successful funding rounds and the efficiency improvements its software offers in industrial design processes [2][4][18]. Financing and Growth - Youjie Future has completed multiple financing rounds, including A and A+ rounds, raising several tens of millions of RMB, with notable investors such as Zhongguancun Development Group and He Shijia Capital [2][3][18]. - The company achieved nearly 30 million RMB in business contracts in 2024, indicating significant commercial traction and a growing client base that includes major enterprises like China Aerospace Science and Industry Corporation and Volkswagen [4][17]. Product and Technology - The company's flagship product, OptFuture, is defined as a new generation of generative design industrial software that integrates design, simulation, and manufacturing processes, significantly reducing development time and costs [10][12]. - OptFuture utilizes innovative technologies such as spatial mesh technology and AI optimization algorithms, which allow for rapid generation of optimal design solutions, achieving a 40% reduction in development cycles and a 30% decrease in manufacturing costs [9][10][12]. Market Position and Strategy - Youjie Future aims to replace dominant foreign industrial design software in China, addressing the urgent need for domestic alternatives in sectors like aerospace and military [4][8]. - The company is focused on expanding its software's applicability across various industries, including automotive, marine, and robotics, while also planning to enhance its platform's capabilities and explore international markets [16][18]. Future Vision - The long-term vision of Youjie Future includes creating a comprehensive platform that integrates real-time simulation, generative AI, and metamaterials, with aspirations to build a community akin to GitHub for industrial design [18].

Summary of Conference Call Notes Company and Industry Overview - The focus is on a leading SoC (System on Chip) chip company that benefits from the rapid development of AI at the edge, with products widely used in TWS (True Wireless Stereo) earbuds, smartwatches, smart glasses, and smart speakers [1][2] Key Points and Arguments 1. **Market Growth**: The TWS earbud market is experiencing steady growth, while the smart watch and smart glasses markets are expanding further. The company's products are extensively applied across various terminals including TWS earbuds, smartwatches, smart glasses, and smart speakers [2][4] 2. **Diverse Clientele**: The company's downstream clients include major global Android smartphone brands such as Samsung, OPPO, and Huawei, as well as professional audio manufacturers like Harman, Anker Innovations, and Edifier. Additionally, internet companies like Alibaba, Baidu, ByteDance, and Google, along with home appliance manufacturers like Haier and Hisense, are also part of the client base. The BES2700 series wearable main control chip has been successfully integrated into products like OPPO Enco X3 and ByteDance's OlaFriend [2][4] 3. **AI Glasses Development**: The company is witnessing rapid development in AI glasses, with the new generation of smart wearable chip BES2800 achieving mass production. This chip utilizes advanced 6nm FinFET technology and has been adopted in various projects involving clients' earbuds, smartwatches, and smart glasses. The company's smart wearable main control chip has been applied in MYVUAR glasses. Furthermore, according to WellsennXR, the Xiaomi AI smart glasses' auxiliary chip is equipped with the Hengxuan BES2700 chip, valued at 7 USD [2][4] Additional Important Information - The company is recognized as a leader in ultra-low power computing SoC chips, indicating a strong position in the market [4] - The report highlights the importance of the AI edge development in driving the demand for the company's products, suggesting a favorable market environment for future growth [1][2] - The conference call notes also include insights into the broader industry trends and competitive landscape, emphasizing the company's strategic partnerships and technological advancements [5]