"2024年，松江新城在产城融合、功能完备、民生服务等领域实现突破进展，规上工业企业达1718家，连续三年全市居首"，这是记者近日从"媒体看新 城"松江专场采访活动上了解到的信息。 今年是"十四五"规划收官之年，松江新城正以《2025年松江新城发展行动方案》（下称《行动方案》）为蓝图，以产业引领、增强城市吸引力为核心， 明确四大聚焦方向、八大专项行动和30项具体任务，致力将松江新城打造成为现代化新城建设样板区。此次媒体采访团走进松江枢纽、启迪漕河泾科技园、 中山幸福里等点位，试图破译这个现代化新城的发展密码。 产业赛道"精准制导" 根据松江"2+7"产业体系布局，聚焦新一代信息技术、新能源设施两大主导产业以及先进材料、卫星互联网、智算服务等重点产业，打造"双链融 合"（创新链与产业链）产业布局，发力产业特色赛道。 "我们聚焦新能源设施和仪器仪表领域，编制专项产业图谱，建立'一赛道一专班'推进机制，加快正泰电源光储一体化基地、科隆测量、知楚仪器生物 医药仪器研发中心等项目建设。"松江区副区长周诚表示，将深化"产教融合"生态闭环，以松江大学科创源建设为抓手，推动大学城8所高校与新城产业深度 融合，推动高校科技成果 ...

Core Viewpoint - The company achieved a turnaround in Q1 2025, reporting a profit of 1.597 million yuan, marking a significant improvement compared to the same period last year, laying a foundation for stable operations and high-quality development throughout the year [1][2]. Group 1: Financial Performance - The company focused on improving business quality, resulting in a notable increase in gross margin by 8 percentage points year-on-year [1]. - The total operating expenses were reduced by 15% compared to the previous year, enhancing profit potential for the year [1]. Group 2: Strategic Initiatives - The company is actively embracing AI technology, particularly in the AI + security sector, and is accelerating the development of its product matrix to seize market opportunities [1][2]. - The company plans to implement cautious and steady management measures while leveraging breakthroughs in AI large models to drive applications in the security industry [2][3]. Group 3: Collaboration and Innovation - The company aims to maintain close alignment with China Mobile's innovation directions, focusing on areas such as low-altitude economy, integrated vehicle-road-cloud systems, satellite internet, and 5G [3]. - The collaboration with China Mobile is expected to deepen, enhancing the company's service capabilities in the enterprise sector and expanding its security offerings [3][4].

// 热点聚焦 // 1、 2025年国内核电项目审批首次开闸。国务院常务会议决定核准浙江三门三期工程等核电项目。以上新项目均采用自主三代核电技术，其中包含8台华 龙一号机组。核电工程历来是扩大有效投资的重要拉动力，以单台国产百万千瓦三代核电机组约200亿元的投资力度估算，此次新核准机组的投资总额超 过2000亿元。 2、 市场监管总局新闻发言人就长和港口交易事回答了记者提问称，高度关注有关交易，将依法进行审查。交易各方不得采取任何方式规避审查，未获批 准前，不得实施集中，否则将承担法律责任。 3、 商务部等六部门进一步优化离境退税政策，将离境退税起退点从500元下调至200元，将现金退税限额从1万元上调至2万元，且同步推动退税商店增量 扩容、丰富退税商品供给、提高退税便捷度。税务总局配套修订《境外旅客购物离境退税管理办法》，进一步推出离境退税便利化措施。 4、 "二套转首套"可享受住房贷款利息个税专项扣除。国家税务总局12366纳税服务平台近日以热点问题答复形式表示，"二套转首套"满足相关条件，可 以自按照首套住房贷款利率开始还款的当月起享受住房贷款利息专项附加扣除。 5、 上周，A股市场三大股指周线集体翻 ...

Core Viewpoint - In 2024, Changchun Jida Zhengyuan Information Technology Co., Ltd. reported a slight decline in revenue and significant changes in key financial metrics, including a notable decrease in cash flow and R&D investment, indicating challenges in operational efficiency and strategic focus [1]. Financial Performance Summary - Revenue decreased by 0.32% to CNY 406,670,205.27, with a shift in business structure; network security product revenue fell by 5.89%, while network security ecosystem revenue surged by 46.81% [2] - Net loss narrowed by 11.86% to CNY -138,517,791.75, indicating ongoing profitability pressure despite reduced losses [3] - Basic earnings per share improved by 17.44% to CNY -0.71, reflecting a decrease in loss magnitude [4] Expense Analysis - Sales expenses decreased by 6.31% to CNY 161,758,752.55, attributed to cost control measures and improved marketing strategies [5] - Management expenses significantly reduced by 25.00% to CNY 67,474,692.90, due to optimization of employee structure [6] - Financial expenses changed by 86.25%, primarily due to reduced interest income [7] R&D Investment Overview - R&D expenses fell by 34.63% to CNY 79,656,731.16, focusing on core business areas, with the proportion of R&D investment to revenue dropping from 34.33% to 24.75% [8] - R&D personnel decreased by 10.64% to 252, with a notable reduction in younger employees [10] - Capitalized R&D increased by 15.24%, indicating some projects met capitalization criteria [11] Cash Flow Analysis - Operating cash flow net amount declined by 26.66% to CNY -147,705,779.35, primarily due to reduced marketing project collections [12] - Investment cash flow net amount improved by 63.74% to CNY -153,557,888.60, reflecting a decrease in long-term asset investments [13] - Financing cash flow net amount decreased by 173.95% to CNY -101,428,691.88, indicating a change in financing strategy [14] Management Compensation - The chairman received a pre-tax compensation of CNY 1,090,600, while other executives received varying amounts based on performance assessments [16]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 8.55 CNY, indicating a potential upside from the current price of 7.19 CNY [6]. Core Views - The company has shown resilience by achieving a turnaround in profitability, with a net profit of 0.83 billion CNY in 2024, compared to a loss in the previous year. However, revenue is expected to decline in Q1 2025, with estimates between 3.20 to 3.40 billion CNY, reflecting a year-on-year decrease of 19% to 24% [2][3]. - The company is focusing on enhancing operational efficiency and quality, leading to an increase in gross margin by 0.85 percentage points in 2024 and over 10 percentage points in Q1 2025 [2][3]. - The cloud computing segment is anticipated to become a new growth driver, with a 10.09% increase in revenue in 2024, while the cybersecurity business faced a decline of 11.49% [3][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 28.20 billion CNY, down 9.73% year-on-year, with a net profit of 0.83 billion CNY, marking a return to profitability [2][3]. - The Q1 2025 revenue forecast indicates a decline, with expected figures between 3.20 to 3.40 billion CNY, but the net loss is projected to narrow to between -0.75 to -0.65 billion CNY [2]. Business Segments - The cybersecurity business generated 25.50 billion CNY in revenue in 2024, while the cloud computing segment reached 2.56 billion CNY, showing a significant growth trajectory [3][4]. - The company has been actively managing project quality and focusing on high-repayment projects, which has contributed to the improved gross margin [3]. Strategic Initiatives - The company is strategically positioning itself in the cloud computing space, particularly in areas such as hyper-convergence and intelligent computing cloud platforms, which are expected to drive future growth [4][10]. - The launch of new products, including the intelligent computing cloud platform and integrated computing machines, aims to enhance the company's offerings and support clients in their digital transformation [4][10]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 30.14 billion CNY, 33.00 billion CNY, and 36.39 billion CNY, respectively, with net profits expected to grow to 1.68 billion CNY by 2025 [11][12].

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for 2024, despite advancements in artificial intelligence and digital security sectors, highlighting challenges in financial performance and commercialization strategies [1][6]. Group 1: Financial Performance - The company achieved an annual revenue of 7.948 billion, a year-on-year decrease of 12.23% [1][6]. - The net profit attributable to shareholders was -1.094 billion, with a year-on-year loss expansion of 122.10% [1][6]. - The operating cash flow for 2024 was -0.567 billion, indicating worsening cash flow conditions compared to the previous year [6]. Group 2: Artificial Intelligence Sector - The company launched innovative AI products such as "Nano AI Search" and "360AI Office," which significantly increased user engagement, with monthly active users exceeding 19 million by March 31, 2025 [4]. - The self-developed general large model "360 Zhinao" achieved notable progress, ranking among the top domestic models in the SuperCLUE evaluation [4]. - High R&D expenses, accounting for 40.29% of revenue, and an uncertain profitability model hinder the short-term profitability of the AI segment [4]. Group 3: Digital Security Sector - The company maintained a strong position in national-level cybersecurity, identifying 57 APT organizations, which accounted for 98% of all domestic discoveries [5]. - The "360 Security Large Model 3.0" demonstrated excellent performance in real-world scenarios, receiving multiple certifications from authoritative institutions [5]. - Increased competition in the digital security market has limited revenue growth, despite efforts to provide cloud-based solutions for government and enterprise clients [5].

Core Viewpoint - The company reported better-than-expected performance in Q1 2025, driven by domestic demand, cloud orders, and a narrowing of net losses [1][2]. Financial Performance - Revenue increased by 21.9% year-on-year to 1.262 billion yuan in Q1 2025 - Net loss narrowed by 48.93% year-on-year to 250 million yuan - Non-GAAP net loss narrowed by 48.75% year-on-year to 261 million yuan [1]. Development Trends - The business continues to expand due to cloud computing, domestic production, and AI trends - The company's market share in hyper-converged infrastructure (HCI) increased from 18.8% in Q3 2024 to 20.2% in Q4 2024, maintaining the top position in the domestic market - The company holds an 11.1% market share in the domestic network security hardware sector, indicating strong market leadership - The company is expected to benefit from the clear window for VMWare's domestic production and the increasing demand for private cloud solutions driven by AI [2][3]. International Performance - The company anticipates significant growth in overseas market orders in Q1 2025, continuing the trend from 2024 - The overseas version of XDR was launched in 2024, contributing to a 39% year-on-year increase in overseas revenue to 480 million yuan, accounting for 6.4% of total revenue - The overall gross margin improved by 2.2 percentage points to 60.4% in Q1 2025, supported by growth in cybersecurity business [3]. Cost Management - Total operating expenses decreased by 8% year-on-year in Q1 2025 - Sales, R&D, and management expense ratios decreased by 14.7, 12.7, and 2.0 percentage points to 46.8%, 38.6%, and 6.7% respectively - Operating cash flow net outflow narrowed by 28% year-on-year to 831 million yuan, indicating improved cash flow management [3]. Profit Forecast and Valuation - The company maintains an outperform rating and profit forecast - The target price is set at 140 yuan, based on a 40x 2026 estimated price-to-operating cash flow (P/OCF) ratio, indicating a 57% upside potential from the current stock price [4].

南凌科技始终关注AI大模型发展趋势，并于2024年接入智谱、通义千问等大模型，用于内部数据处 理、客服问答等场景。DeepSeek出现后，公司迅速接入DeepSeek大模型，基于公司多年累积的网络和 安全运营数据，对DeepSeek大模型进行本地化部署，完成安全防护大模型NovaGuard，赋能SASE服 务，提升公司云智网安一体化服务能力。 同时，南凌科技披露2024年年度权益分派预案，拟每10股转增4股派1元（含税），合计派发现金红利 1302.64万元，预计派发现金红利总额占2024年净利润比例达71.17%。 2024年，全球经济面对多重压力，全球企业亟需在风险与机遇的平衡中重构发展路径。尽管数字经济凭 借技术迭代与模式创新展现出显著韧性，但其持续增长仍受制于多种系统性挑战。在此背景下，南凌科 技通过实施精细化运营管理、优化战略资源配置、前瞻性布局新兴领域等多元化策略，在稳固基本盘的 同时探索新的增长曲线，为公司可持续发展注入新动能。 报告期内，南凌科技推出安全托管服务(MSS)，这是一种覆盖基础安全监控到全面安全运营的全生命周 期安全服务。通过一站式云化安全管理平台。自主研发的凌云SASE实现多个安 ...

长江商报奔腾新闻记者 徐佳 伴随着行业回温，出口和内销需求提升，大豪科技（603025）（603025.SH）开年业绩延续增长。 4月21日盘后，大豪科技发布一季报。2025年一季度，大豪科技实现营业收入7.25亿元，同比增长 12.84%；归属于上市公司股东的净利润（净利润，下同）1.68亿元，同比增长13.46%；扣除非经常性损 益的净利润（扣非净利润，下同）1.72亿元，同比增长20.03%。 一季度，大豪科技经营活动产生的现金流量净额为679.81万元，同比下降77.89%。公司称主要是一季度 偿还采购货物支付的跨期到期应付票据同比增加约7000万，若扣减此部分影响，一季度实际经营现金流 净额约7700万，同比增长约150%。 资料显示，大豪科技于2015年4月在沪市主板上市。目前，公司业务主要聚焦于信息技术领域，涵盖智 能装备电控系统及相关产品、智能工厂云平台系统、信息安全硬件及网络通信硬件的定制开发及平台集 成服务等。其中，在智能装备电控系统领域，大豪科技是国内缝制与针织设备电控领域的龙头企业。 长江商报奔腾新闻记者注意到，随着全球经济复苏，国际主要缝制设备市场需求加快释放，我国缝制机 械出口加速 ...

1 | 附件清单 | | 无 | | --- | --- | --- | | 日期 | 归属于上市公司股东的净利润为 | 3,060 万元。 2025 年 4 月 23 日 | 2 杭州迪普科技股份有限公司 2024 年度业绩说明会 投资者关系活动记录表 | 投资者关 系活动类 | □特定对象调研 □分析师会议 □媒体采访 业绩说明会 | | --- | --- | | 别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 参与单位 | 迪普科技 2024 年度业绩说明会采用网络远程方式进行，面向全体投资者。 | | | 因本次投资者关系活动采取线上会议形式，参会者无法签署调研承诺函。在交流活动 | | 名称及人 员姓名 | 中，公司严格遵守相关规定，保证信息披露真实、准确、及时、公平，没有发生未公 | | | 开重大信息泄露等情况。 | | 时间 | 2025 年 4 月 23 日 15:00-17:00 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 | | 上市公司 | 董事长：郑树生 | | | 董事、经理、董秘：邹禧典 | | ...