Core Insights - The article discusses the rapid development and increasing complexity of systems in various industries, highlighting the transition from traditional document-based systems engineering (TSE) to model-based systems engineering (MBSE) as a solution to manage vast amounts of information and data [1][11] - The MBSE market in China is projected to reach a scale of 2.87 billion yuan in 2024, with a growth rate of 16.2% [11] - The article emphasizes the significant reliance on foreign MBSE software providers, with over 70% of the market share held by companies like IBM, Dassault, and Siemens, while domestic companies are gradually increasing their market presence [15][17] Industry Overview - MBSE is defined as the formal application of modeling methods in systems engineering to support activities throughout the system's lifecycle, including requirements, design, analysis, verification, and validation [2] - The advantages of MBSE over traditional TSE include clearer depiction of complex system requirements, integrated system design, enhanced knowledge acquisition and reuse, and improved tracking and management of requirements [5][9] Market Status - The MBSE software market in China is heavily dependent on foreign suppliers, but domestic companies are increasing their R&D efforts and gaining acceptance among large domestic users, with expectations for local market share to exceed 30% by 2025 and 40% by 2027 [15][17] - The leading regions for MBSE software market development in China are East China, Central South, and North China, accounting for 33.5%, 23.7%, and 21.4% of the market share respectively, driven by strong manufacturing sectors and research capabilities [13] Policy Support - The Chinese government has issued several policies to promote the development of industrial software, including MBSE, highlighting its importance in the digital transformation of manufacturing enterprises [9][10] Company Landscape - Domestic companies such as Hangzhou Huawang System Technology Co., Ltd. and Suzhou Tongyuan Soft Control Information Technology Co., Ltd. are making significant strides in the MBSE software field, contributing to the goal of software independence [17][19] - The article lists several key players in the MBSE software market, including Beijing Shiguan Jinyang Technology Development Co., Ltd. and Shanghai Chuangjing Information Technology Co., Ltd., which have developed proprietary solutions and tools for various industries [19] Future Trends - MBSE is expected to evolve into a new generation of digital engineering, integrating various CAD/CAE tools and emphasizing the role of multi-stage models throughout the system development process [21] - The evolution of SysML, the primary modeling language for MBSE, is anticipated to enhance its capabilities for creating rich, interoperable domain-specific modeling languages [22] - The integration of artificial intelligence into MBSE is expected to improve the design and validation of intelligent systems, enhancing efficiency and effectiveness in complex system development [23]

Group 1 - The "German Enterprises Nanjing Tour" event attracted over 180 representatives from global top 500 companies, hidden champions, industry leaders, and local enterprises, resulting in the signing of 15 cooperation projects [2] - Nanjing is positioning itself as a globally influential hub for industrial and technological innovation, emphasizing opportunities in deep integration of technological and industrial innovation, green low-carbon development, and expanded openness [2] - CITIC Group has a long-standing partnership with Nanjing, with over 20 subsidiaries operating in various sectors, and aims to enhance Sino-German economic cooperation and contribute to Nanjing's high-quality development [2] Group 2 - Over 2,500 German companies have invested in China, with more than 100 well-known German enterprises in the chemical, home appliance, and equipment manufacturing sectors deeply rooted in Nanjing [4] - Siemens plans to continue collaborating with CITIC Group and other partners to create practical cooperation models between China and Germany in Nanjing [4] - The "Nanjing-CITIC Global Investment and Trade Joint Service Network" was launched to provide comprehensive services for European companies investing in Nanjing and local companies expanding overseas [4][5] Group 3 - A total of 15 cooperation projects were signed, focusing on industrial cooperation, trade collaboration, digital transformation, and financial empowerment for enterprises [5] - The "X Robot Battery Technology" project and "Jiangning Tengya Robotics Investment Project" are among the signed projects aimed at enhancing collaboration between Nanjing, CITIC Group, and German enterprises [5] Group 4 - The Nanjing business environment is highlighted as first-class, with significant support provided to foreign enterprises in terms of talent development, living conditions, and policy interpretation [7] - The company Dibi Xin Ke Information Technology Service (Nanjing) has received over 10 million yuan in various subsidies, which have significantly boosted employee capability, innovation projects, and fixed asset construction [7]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Viewpoints - The company reported a revenue of 2.331 billion yuan for 2024, representing a year-on-year growth of 4.62%. The net profit attributable to shareholders was 156 million yuan, up 3.59% year-on-year, while the net profit after deducting non-recurring items was 138 million yuan, showing a growth of 13.18% [2][5]. - In Q4 2024, the company achieved a revenue of 758 million yuan, a decline of 6.85% year-on-year, with a net profit of 106 million yuan, an increase of 4.28% year-on-year. The net profit after deducting non-recurring items was 92 million yuan, down 0.92% year-on-year [2][5]. - For Q1 2025, the company reported a revenue of 423 million yuan, a year-on-year increase of 4.33%, with a net loss of 8 million yuan, but a growth of 14.04% year-on-year in net profit attributable to shareholders. The net profit after deducting non-recurring items was a loss of 9.5 million yuan, reflecting a growth of 31.92% year-on-year [2][5]. Revenue Analysis - The company's revenue growth for 2024 was steady, with Taiwan outperforming mainland China. The revenue growth rates for 2024, Q4 2024, and Q1 2025 were 5%, -7%, and 4% respectively. In 2024, the revenue from mainland China and overseas was 1.177 billion yuan and 1.154 billion yuan, respectively, with year-on-year growth of 1.9% and 7.5% [10]. - By business segment, the revenue for 2024 from R&D design, digital management, production control, and AIOT was 150 million yuan, 1.19 billion yuan, 330 million yuan, and 630 million yuan, with growth rates of 23%, -1%, 0%, and 22% respectively [10]. Profitability Analysis - The company's gross profit margin for 2024 was 58.3%, down 3.7 percentage points year-on-year, while the gross profit margin for Q1 2025 was 59.7%, up 4.4 percentage points year-on-year. The company effectively controlled costs, with sales, management, and R&D expense ratios of 30.2%, 16.9%, and 7.1% respectively for 2024 [10]. - The net profit margin for 2024 was 6.7%, remaining stable despite a credit impairment loss of 48.85 million yuan impacting profits [10]. Business Strategy - The company is embracing AI strategies, with significant commercial progress expected in 2025. The rebranding to 鼎捷数智 reflects this commitment, and the company has made substantial investments in AI applications, achieving a revenue growth of 135% in AI business in Taiwan for 2024 [10]. - The company plans to raise 838 million yuan for investments in digital ecosystem empowerment projects, indicating strong potential for AI business growth [10]. Investment Recommendations - The company is expected to achieve net profits of 196 million yuan, 238 million yuan, and 287 million yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 26%, 22%, and 21% [10].

Core Viewpoint - The article highlights the emergence of a new generation of entrepreneurs from the Chaoshan region, characterized by high educational backgrounds and innovative technology ventures, contrasting with the traditional image of grassroots entrepreneurs from the area [7][12][20]. Group 1: New Generation of Entrepreneurs - Zhang Junbin, founder of Yunji Intelligent, recently secured $100 million in funding, led by Tencent and Beijing Robotics Industry Development Investment Fund [4]. - Lu Ce Wu and Wang Se Quan, founders of Qiong Che Intelligent, also from Chaoshan, have successfully raised several hundred million yuan, showcasing the rise of educated entrepreneurs from the region [4][9]. - Yang Zhilin, a 90s graduate from Tsinghua University, created the Kimi model, which gained significant attention in the venture capital circle [5][10]. Group 2: Educational Background and Achievements - Lu Ce Wu, born in 1982, has an impressive academic background, including degrees from multiple prestigious institutions and postdoctoral research at Stanford University [9]. - Yang Zhilin, who excelled in the Olympiad and graduated first in his class from Tsinghua, later pursued a PhD at Carnegie Mellon University, contributing to the development of the Kimi model [10]. - Zhang Junbin founded Yunji Intelligent while studying in Shenzhen, and his company has become a unicorn in the sweeping robot market [11]. Group 3: Changing Perceptions of Chaoshan Entrepreneurs - The article discusses the shift in perception of Chaoshan entrepreneurs from low-education grassroots figures to highly educated innovators in technology [16][20]. - The traditional view of Chaoshan people as primarily business-oriented with less emphasis on education is evolving, as more young entrepreneurs are emerging from prestigious educational backgrounds [15][17]. - The success stories of individuals like Huang Yuanhao, founder of Obsidian Light, and Qiu Chunxin, founder of Su Teng Ju Chuang, illustrate the new wave of educated entrepreneurs making significant impacts in their respective fields [21]. Group 4: Impact of Technology and Innovation - The rise of technology-driven businesses among the new generation of Chaoshan entrepreneurs reflects broader industrial changes in China, moving away from traditional grassroots entrepreneurship [19][20]. - The article emphasizes that the current era favors high-education founders who leverage technological advancements to create innovative solutions [20][23]. - The increasing popularity of Chaoshan as a tourist destination has also sparked interest among young entrepreneurs to return and invest in their hometowns [22].

Core Insights - The company reported a revenue of 888 million yuan for 2024, a year-on-year increase of 7.31%, and a net profit attributable to shareholders of 63.96 million yuan, up 4.17% year-on-year [1] - In Q1 2025, the company achieved a revenue of 126 million yuan, a year-on-year growth of 4.56%, but reported a net loss attributable to shareholders of 47.7 million yuan, indicating an expanded loss compared to the previous year [1] - The domestic commercial market showed steady growth, while the overseas market experienced significant expansion, with overseas revenue reaching 202 million yuan in 2024, a year-on-year increase of 28.77% [2] Domestic Market Performance - The domestic commercial market generated revenue of 561 million yuan in 2024, reflecting a year-on-year growth of 12.13% despite macroeconomic pressures [1] - The domestic education market faced challenges, resulting in a revenue decline of over 25% year-on-year due to budget constraints and policy changes [1] Product Performance - The 2D CAD product line generated revenue of 482 million yuan in 2024, with a modest growth of 2.12% [2] - The 3D CAD product line, benefiting from previous investments, achieved revenue of 242 million yuan in 2024, marking a significant year-on-year growth of 29.21% [2] Organizational and Operational Improvements - The company has made structural adjustments to enhance service quality for key accounts (KA) and small to medium enterprises, integrating business and R&D teams [3] - The sales expenses decreased by 4.87% year-on-year in 2024, with further reductions in Q1 2025, indicating improved cost control [4] Future Outlook - Revenue projections for 2025-2027 are adjusted to 1.011 billion yuan, 1.168 billion yuan, and 1.352 billion yuan respectively, with net profits expected to be 94 million yuan, 129 million yuan, and 175 million yuan [5] - The company maintains a "buy" rating due to competitive advantages in 3D products, rapid growth in overseas markets, and ongoing improvements in management and operational efficiency [5]

Core Viewpoint - The collaboration between Chongqing Industrial Vocational and Technical College and Zhongwang Software aims to enhance vocational education through the integration of industrial software, addressing the challenges in talent cultivation and industry needs [1][4][6]. Group 1: Educational Initiatives - Chongqing Industrial Vocational and Technical College, established in 1956, is a national-level demonstration higher vocational college focusing on mechanical engineering and modern manufacturing [3]. - The college has launched the "Benchmark 100" case plan to share best practices in cultivating strategic talents in the education sector [1]. - The college's mechanical engineering department aims to align its curriculum with the needs of the Chongqing "33618" modern manufacturing cluster, enhancing the quality of its faculty and optimizing its professional offerings [3]. Group 2: Collaboration with Zhongwang Software - The partnership with Zhongwang Software focuses on creating a "Digital Technology + Professional Construction" collaborative system to improve vocational education quality in Western China [4][8]. - The establishment of a "Modern Industrial College" using domestic industrial software serves as a comprehensive training base, integrating teaching, skills competitions, and technical services [4][6]. - The collaboration has led to the development of specialized courses that merge industry standards and practical software applications, significantly improving students' technical skills [5]. Group 3: Outcomes and Achievements - The college achieved "Excellent" results in the national "Double High Plan" assessment, showcasing its unique vocational education model [4]. - Students participating in the collaboration have shown improved employability, with a 98% employment rate for those holding Zhongwang certification, which is 20% higher than their peers [7]. - The use of Zhongwang CAD/3D software has enhanced teaching and research efficiency, reducing design verification cycles by 40% and improving overall educational quality [7][8]. Group 4: Future Directions - The college and Zhongwang Software plan to expand their collaboration to include the development of training resources in smart manufacturing and virtual simulation [8]. - They aim to establish an "Open Education Ecological Alliance" to facilitate joint curriculum development, technical research, and talent cultivation [8]. - The partnership seeks to address common technical challenges in the industry through collaborative projects, enhancing the integration of education and industry [8].

□ 南京日报/紫金山新闻记者 徐宁 "过去，我们在南京的客户相对不多。今天来的多是南京的行业龙头企业，也跟公司的客户群高度契 合，我们将以此为契机，积极融入南京工业经济生态圈，用好产品为南京工业企业转型升级作出贡 献。"日前举行的南京市"宁工品推"重点推广产品专场对接活动——南京国睿信维软件有限公司对接暨 观摩会上，该公司总经理余定方表示。 政府搭台、企业唱戏、共谋发展。记者从市工信局获悉，今年以来，我市已成功举办36场"宁工品推"拓 市场供需对接活动，且更加突出企业需求、更加突出活动实效、更加突出系统性，通过"再升级"进一步 助力企业抢订单、拓市场、促生产，促进产业链上下游、产供销、大中小微企业融通发展，推进产业集 群强链补链延链。 更加突出企业需求，"量身定制"精准对接拓市场 在国睿信维对接暨观摩会上，中国石化扬子石油化工有限公司、紫金山实验室、中车南京浦镇车辆有限 公司等近20家企业和科研机构齐聚一堂。"REACH睿知自主工业软件产品不断丰富完善、推陈出新，打 造了20多款相互关联的工业软件应用，已在C919大飞机、新型舰船等国之重器项目中大放异彩，服务 客户数量超千家，技术实力与行业影响力稳居全国前列 ...

Group 1 - As of May 6, 2024, 5,403 A-share listed companies have released their annual reports, with 5,087 disclosing R&D expenditure totaling 1,868.422 billion yuan, a year-on-year increase of 2.35%, with an average R&D expenditure of 36.7 million yuan [1] - 2,913 companies reported positive growth in R&D spending last year, and 260 companies saw their R&D expenditure increase by over 50% [1] - The manufacturing sector accounted for 862.630 billion yuan in R&D spending, representing 46.17% of the total disclosed R&D expenditure, with a year-on-year growth of 3.62% [1] Group 2 - BYD topped the high-end equipment manufacturing sector with R&D spending of 54.161 billion yuan, driving the Chinese electric vehicle industry towards the global value chain [2] - Companies like CATL and LONGi Green Energy have made significant investments in battery materials and photovoltaic components, creating a complete innovation chain in the new energy sector [2] - In the specialized equipment manufacturing sector, companies such as SANY Heavy Industry and Zoomlion have exceeded 10 billion yuan in R&D spending, promoting the electrification and intelligence of engineering machinery [2] Group 3 - The top 20 companies in R&D spending are concentrated in Beijing, Guangdong, and Shanghai, with Beijing having 13 companies, indicating a strong regional innovation ecosystem [3] - Increased R&D spending is expected to help companies develop more competitive products and services, enhancing market share and profitability, particularly in high-tech sectors [3] - Continuous innovation through increased R&D investment allows companies to identify new growth opportunities and maintain competitive advantages in a complex global economic environment [3]

Core Insights - The company, Dingjie Shuzhi, reported a total revenue of 2.331 billion yuan for 2024, marking a year-on-year growth of 4.62%, and a net profit attributable to shareholders of 156 million yuan, up 3.59% [1] - The company has undergone a brand transformation from "Dingjie Software" to "Dingjie Shuzhi," adjusting its business strategy to focus on data and intelligent technology for innovative productivity [1] Revenue Breakdown - In 2024, the company achieved revenue of 1.177 billion yuan in mainland China and 1.154 billion yuan in non-mainland regions, with a growth rate of 7.53% in the latter [2] - The company holds a 14.8% market share in the manufacturing ERP sector in mainland China, ranking first among local vendors [2] Business Segments - The company covers four major categories of industrial software: R&D design, digital management, production control, and AIoT, providing comprehensive services [3] - The R&D design segment generated 152 million yuan in revenue for 2024, growing by 23.33%, while the AIoT segment achieved 631 million yuan, up 22.04% [3] Technological Advancements - The Athena platform integrates AI, big data, and knowledge graph technologies, offering a PaaS solution with low-code and multi-end collaboration capabilities [4] - The company is collaborating with leading cloud service providers to enhance its AI capabilities, integrating various advanced AI models into its offerings [4] Market Potential - The global AI Agent market is projected to grow from $5.29 billion in 2024 to $216.8 billion by 2035, with a compound annual growth rate of 40.15% [5] - The company is launching an AI Agent development platform and enhancing its AI applications to meet diverse deployment needs [5] Financial Projections - Revenue forecasts for the company are 2.589 billion yuan in 2025, 2.903 billion yuan in 2026, and 3.309 billion yuan in 2027, with net profits of 201 million yuan, 249 million yuan, and 294 million yuan respectively [6]

Investment Rating - The investment rating for the company is maintained at Buy-A with a target price of 44.50 CNY, reflecting a dynamic price-to-earnings ratio of 60 times for 2025 [5][9]. Core Insights - The company has achieved steady growth in revenue and net profit despite undergoing a brand transformation and strategic adjustment, shifting from "Dingjie Software" to "Dingjie Smart" [2][9]. - In 2024, the company reported total revenue of 2.331 billion CNY, a year-on-year increase of 4.62%, and a net profit of 156 million CNY, up 3.59% year-on-year [1][9]. - The company is positioned as a leader in the industrial software sector, particularly in the manufacturing ERP market, holding a 14.8% market share among domestic vendors [2][9]. Revenue and Profitability - The company’s revenue for Q1 2025 was 423 million CNY, reflecting a 4.33% year-on-year growth, while the net profit was -8.33 million CNY, showing a 14.04% increase year-on-year [1]. - The projected revenues for 2025, 2026, and 2027 are 2.589 billion CNY, 2.903 billion CNY, and 3.309 billion CNY respectively, with net profits expected to be 201 million CNY, 249 million CNY, and 294 million CNY [9][11]. Business Segments - The company has diversified its offerings across four major categories of industrial software: R&D design, digital management, production control, and AIoT, with significant revenue growth in each segment [3][4]. - The R&D design segment generated 152 million CNY in revenue in 2024, a 23.33% increase, while the AIoT segment achieved 631 million CNY, growing by 22.04% [3]. Technological Advancements - The Athena platform and AI Agent products are pivotal in expanding the company's growth potential, integrating advanced technologies such as AI, big data, and knowledge graphs [4][8]. - The global AI Agent market is projected to grow from 5.29 billion USD in 2024 to 216.8 billion USD by 2035, with a compound annual growth rate of 40.15% [8]. Market Position - The company has a strong presence in the Taiwan region, serving 77% of publicly listed enterprises, and has accumulated extensive international experience by servicing approximately 800 clients in Southeast Asia [2][9]. - In the Chinese mainland, the company ranks first among domestic vendors in the PLM market and holds a top-three position in MES products across various high-tech industries [2].