Core Viewpoint - The company plans to sell an idle property for 6.6 million yuan (including tax) to optimize its asset structure and resource allocation, reduce maintenance costs, and improve asset utilization efficiency [1] Group 1: Transaction Details - The expected profit from this transaction will account for over 10% of the company's audited net profit from the most recent fiscal year, exceeding 1 million yuan [1] - This transaction does not constitute a related party transaction or a significant asset restructuring as defined by the relevant regulations [1] - The transaction has been approved by the company's fifth board of directors at its fifteenth meeting and does not require shareholder approval [1]

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. has changed its counseling institution from CICC to CITIC Securities, indicating a strategic shift to accelerate its IPO process in the AI chip industry [1][6]. Company Overview - Shanghai Suyuan Technology was established on March 19, 2018, with a registered capital of 387.32 million yuan. The company focuses on AI cloud computing products, including intelligent acceleration cards and high-density servers, applicable in various sectors such as smart cities and autonomous driving [2][3]. - The company has attracted significant investment from various institutions, including Tencent and state-owned capital, reflecting its strong market position [3]. IPO Counseling and Fees - The change in counseling institutions has led to a notable increase in the fee structure. CITIC Securities charges a higher fee rate of approximately 5%, compared to CICC's 1.56% [4][6]. - Suyuan Technology's IPO progress has been slower compared to its peers, having started its counseling in August 2024 and completed five phases by September 2025, while competitors have advanced more rapidly [5][6]. Market Position and Performance - In the first ten months of 2025, CITIC Securities ranked second in the number of IPOs sponsored, with nine companies, while CICC sponsored only three [8][9]. - CITIC Securities has demonstrated strong performance in the A-share market, with a significant increase in investment banking revenue, while CICC has excelled in the Hong Kong market [7][8].

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. is undergoing a change in its sponsorship for the IPO process, switching from China International Capital Corporation (CICC) to CITIC Securities, indicating a strategic move to accelerate its listing progress in the A-share market [1][8]. Company Overview - Shanghai Suyuan Technology was established on March 19, 2018, with a registered capital of 387.32 million yuan. The company focuses on AI cloud computing products, including intelligent acceleration cards and high-density servers, applicable across various industries [2][4]. - The company has attracted significant investment from various institutions, including Tencent and state-owned capital, reflecting its strong market position and growth potential [4]. Sponsorship Change - The change in sponsorship to CITIC Securities is expected to enhance the company's IPO prospects, as CITIC has a strong track record in the A-share market, contrasting with CICC's broader focus [8][11]. - The average fundraising amount and fee structure have changed significantly, with CITIC Securities charging a higher fee rate of approximately 5%, compared to CICC's 1.56% [5][8]. Market Context - Suyuan Technology's IPO progress has lagged behind its peers in the AI chip sector, having started its listing guidance in August 2024, while competitors have advanced more rapidly [8][11]. - In the first ten months of 2025, CITIC Securities ranked second in the number of companies sponsored for IPOs in the A-share market, while CICC sponsored only three companies during the same period [10][11]. Financial Performance - In the first three quarters of 2025, CITIC Securities reported investment banking revenue of 3.689 billion yuan, a year-on-year increase of 30.88%, while CICC's revenue was 2.940 billion yuan, up 42.55% [9][10].

2025 年 11 月 3 日投资者关系活动记录表 编号：投 2025006 | | 特定对象调研 分析师会议 ☐ ☐ | | --- | --- | | | 媒体采访 业绩说明会 ☐ ☐ | | 投资者关系活动类别 | 新闻发布会 路演活动 ☐ ☐ | | | 现场参观 | | | ☐ 其他（线上电话会议） | | 形式 | 现场☐ 网上☐ 电话会议 | | | 兴业证券 杨海盟 | | 参与单位名称及人员姓名 | 光证资管 刘伯恩 | | | 博时基金 胡康 | | 时间 | 2025年11月3日 15:30 - 16:30 | | 地点 | 雄帝科技会议室 | | 上市公司接待人员姓名 | 财务总监兼董事会秘书 郭永洪 | | | 证券事务代表 刘秀芳 | | 投资者关系活动主要内容 | 一、董事会秘书郭永洪先生介绍公司2025年三季报的情况。 | | | 2025年，公司前三季度营业收入为337,916,794.90元，较上年 | | | 同期增长5.63%；归属于上市公司股东的净利润为18,384,707.64元， | | | 较 上 年 同 期 增 长 71.16% 。 第 三 季 度 单 季 ...

Group 1: Financial Performance - The company's net profit for Q3 2025 increased by 324.90% compared to the previous quarter, but the cumulative net profit for the first three quarters decreased by 61.19% year-on-year due to declining gross margins and rising costs from fixed asset depreciation and stock incentives [2]. - Revenue for Q3 2025 grew by 27.51% year-on-year, while cumulative revenue for the first nine months increased by 1.97%, primarily driven by steady progress in orders and projects [3]. Group 2: Product and Service Offerings - The company supported four major events in the National Skills Competition, including aircraft maintenance and integrated circuit engineering, showcasing its training platforms for these fields [4]. - The aircraft maintenance product is a comprehensive training platform for domestic large aircraft, featuring high-fidelity simulations and modular designs to meet various training needs [4]. - The integrated circuit product is a manufacturing process training platform aligned with national skill standards, providing practical solutions for talent development in the integrated circuit industry [4]. Group 3: AI Applications - The company has implemented AI applications in multiple areas, including enhancing product functionalities through technologies like image recognition and automatic content generation for training materials [7]. - AI is also utilized to improve internal work efficiency, enabling capabilities such as assisted programming and automatic generation of 3D scenes, which help reduce development costs and enhance work quality [7].

Core Viewpoint - The company, Bee Assistant (301382), emphasizes its focus on digital goods as a core business, leveraging high-frequency and essential digital product resources to enhance user operations for various lifestyle and payment apps [1] Group 1 - The company is committed to strengthening its digital service capabilities and aims to seize opportunities arising from the integration of new consumption and digital consumption [1] - The business model is supported by a channel capability that provides a stable cash flow foundation for the company [1] - The company plans to continuously expand its business boundaries through innovative service models [1]

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. has restarted its IPO counseling process, changing its advisory firm from CICC to CITIC Securities, citing changes in the capital market environment and strategic development needs [4][6]. Company Overview - Shanghai Suyuan Technology was established on March 19, 2018, with a registered capital of 387.32 million yuan [6]. - The company focuses on artificial intelligence cloud computing products, aiming to provide foundational computing power for general artificial intelligence, including AI accelerator cards and hardware-software solutions [6]. Shareholding Structure - The company is controlled by Zhao Lidong and Zhang Yalin, who collectively hold 28.14% of the voting rights through two limited partnerships [6]. - There is no single controlling shareholder, and both individuals have signed a concerted action agreement [6]. Recent Developments - The company has completed its fifth phase of IPO counseling in September 2023 and is committed to advancing its listing on the Sci-Tech Innovation Board [4][6]. - Tencent has been a significant investor in Suyuan Technology, participating in six rounds of financing since 2018 [6]. Industry Context - Several domestic AI chip companies, including Suyuan Technology, are pursuing IPOs, with varying progress [7]. - These companies, often valued over 10 billion yuan, face challenges in self-sustainability and may reach a critical point where listing is necessary for continued funding and expansion [8]. - The long-term competitiveness of these firms will depend on their ability to meet market demands and technological trends in the rapidly evolving chip industry [8].

Core Viewpoint - The company has developed a full-process traceability platform for fentanyl-based drugs in collaboration with Huazhong University of Science and Technology, addressing significant management challenges in medical institutions [1][2] Group 1: Platform Development - The platform is designed to provide a closed-loop management solution that complies with national standards, currently tested at the main campus of Huazhong University of Science and Technology [1] - It integrates unique identification codes for each drug, along with smart destruction cabinets and handheld PDAs, enabling real-time data interconnection and cross-verification throughout the drug lifecycle [1][2] Group 2: Management Challenges - Medical institutions face multiple challenges in managing fentanyl drugs, particularly in the complex three-tier management system from the pharmacy to clinical departments, where large quantities and complicated processes complicate oversight [1] - The platform addresses key pain points, including system disconnection, vague handling of leftover liquid, and ensuring traceability of medical actions in high-risk scenarios [2] Group 3: Technological Integration - The platform incorporates drug traceability coding technology aligned with industry standards, ensuring compliance and professional integrity [2] - It is compatible with domestic operating systems such as Tongxin UOS, open-source Hongmeng, and Hongzhi OS, utilizing IoT technology for real-time data uploads and dynamic monitoring of drug flow [2] - Blockchain technology is employed to ensure data integrity and prevent tampering, enhancing the overall security of the management process [2] Group 4: Implementation Results - Initial testing at Huazhong University of Science and Technology has shown positive results, achieving the goal of replacing traditional manual verification with technological solutions, thereby improving drug management efficiency and safety [2]

Core Insights - The company focuses on providing efficient human-machine collaboration operating systems and AI solutions, targeting G-end and B-end clients in sectors like smart finance, smart governance, and smart mobility [1] - The company has also ventured into consumer-oriented smart products through its ecosystem partners, including a stake in a subsidiary that developed the "Zhongxun AI Mouse" and strategic investments in elder care technology [1] - The company is closely monitoring the potential of the personal consumer market and plans to enter the C-end market when its technology and ecosystem are sufficiently mature [1] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 355 million yuan, representing a year-on-year growth of 56.81% [1] - The company reported a net loss of 310 million yuan during the same period [1]

Core Viewpoint - The company is committed to deepening its presence in the smart health sector, leveraging artificial intelligence and computing power to enhance healthcare and urban management services [1][2] Group 1: Business Overview - The company has developed a comprehensive intelligent solution covering pre-hospital emergency, clinical diagnosis, and logistics management in the smart healthcare field, serving over 5,000 medical institutions and more than 80% of the top 100 hospitals [1] - In the smart city and energy management sectors, the company utilizes digital twin and edge computing technologies to create platforms like "Rongjia Houqin™" for energy control and safety operations in urban governance [1] Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 292 million yuan, a year-on-year decrease of 7.01%, and a net loss of 272.29 million yuan, with losses expanding by 576.78% compared to the previous year [2] - For the first nine months of 2025, the company achieved revenue of 162 million yuan, a year-on-year decline of 4.49%, and a net loss of 446.11 million yuan, with losses increasing by 378.82% year-on-year [2]