Core Viewpoint - The April economic data indicates a mixed performance in China's economy, with strong industrial production and consumption, but a decline in investment and real estate sectors [1][13]. Demand Side - April's external demand faced challenges due to reciprocal tariffs, leading to a significant drop in exports to the US; however, transshipment trade helped maintain export resilience [1][2]. - Internal demand showed a decline in both investment and consumption, although consumption remained at a high level; investment was dragged down by the real estate and manufacturing sectors [1][7]. Production Side - Industrial production maintained a high level, with April's industrial value-added growth rate dropping to 6.1%, supported by equipment manufacturing and high-tech manufacturing [3][5]. - The service sector's production index slightly decreased, but still benefited from low base effects and consumption recovery [3]. Investment Trends - National fixed asset investment growth rate fell by 0.8 percentage points to 3.5%, with real estate investment continuing to decline significantly [7]. - High-tech industry investments performed well, particularly in information services and computer manufacturing, with year-on-year growth rates of 40.6% and 28.9% respectively [7]. Consumption Patterns - Retail sales growth rate decreased by 0.8 percentage points to 5.1%, while service retail sales showed an upward trend, particularly in tourism-related sectors [9]. - Essential consumer goods saw a decline in growth, while sectors benefiting from trade-in programs performed strongly [9]. Real Estate Market - Real estate sales area growth rate worsened to -2.1%, with new construction area also declining significantly [11]. - Despite the drop in sales volume, housing prices continued to rise, with the decline in new and second-hand housing prices narrowing [11]. Employment and External Factors - The unemployment rate remained stable at 5.1%, indicating a steady employment situation despite external challenges [13]. - Future export performance may exceed expectations due to potential European recovery, although this could lead to a more cautious domestic policy response [13].

1.1数据准确性问题 在追溯系统中，数据的准确性至关重要。由于商品的流通过程涉及多个环节，信息在传递过程中可能出现错误或遗漏。这导致消费者无法获取真实可靠的商 品信息，从而影响他们的购买决策。 1.2信息孤岛现象 目前，许多企业在追溯系统中独立运行，各自为政，导致平台上的信息分散，难以形成完整的追溯链。消费者在查询商品信息时，常常面临信息不全或不一 致的情况。 1.3法规与标准缺失 上海追溯平台的建立旨在提升商品的透明度和消费者的信任度。然而，在实际运营中，平台面临着诸多挑战。本文将从现存挑战入手，分析可能的解决方 法，并展望未来的发展方向。 1.现存挑战 为了解决信息孤岛现象，建议行业内的企业建立合作机制，共享追溯数据。通过行业协会或平台合作，形成统一的追溯数据库，提升信息的完整性和一致 性。 2.3制定统一标准与法规 推动行业内共同制定追溯标准，形成统一的追溯规范。同时，相关机构应加强对追溯平台的监管，确保平台的合法性和合规性，为消费者提供保障。 尽管追溯系统在逐步完善，但相关的法规和标准仍然不够健全。缺乏统一的标准使得不同企业在追溯过程中采用各自的规则，导致信息不对称，影响了整个 行业的透明度。 1.4 ...

Core Viewpoint - The company, Zhaochuang Information, reported a mixed performance in Q1 2025, with revenue growth but a decline in profit, raising concerns about its excessive dividend distribution strategy [1][2][3] Financial Performance - In Q1 2025, the company achieved revenue of 79.51 million yuan, a year-on-year increase of 5.3% [1] - The net profit attributable to shareholders was 18.59 million yuan, a year-on-year decrease of 25.1% [1] - The net profit after deducting non-recurring items was 16.99 million yuan, down 23.1% year-on-year [1] - Operating cash flow net amount was 9.3 million yuan, a significant increase of 422.5% year-on-year [1] - As of the end of Q1, total assets reached 1.028 billion yuan, up 9.6% from the end of the previous year [1] - The net assets attributable to shareholders were 631 million yuan, an increase of 3.8% from the end of the previous year [1] Dividend Strategy - The company has a history of generous dividend distribution, with total dividends of 111 million yuan in 2024, significantly exceeding the net profit of 70.51 million yuan for that year [2] - In 2023, the company distributed a total of 123 million yuan in dividends while the net profit was only 52.06 million yuan, indicating a pattern of excessive dividends [2] - Over the two years, total dividends amounted to 234 million yuan, while the combined net profit was only 123 million yuan, showcasing a clear trend of excessive dividend payouts [2] Business Model and Cash Flow - The company operates on a "pay first, service later" model, which ensures a steady cash flow due to strong demand from a stable customer base in the bulk commodity sector [3] - The significant improvement in operating cash flow in Q1 reflects a healthy cash flow situation, supporting the company's ability to maintain high dividend payouts without impacting future operations [3] Strategic Outlook - In the context of increasing market volatility and accelerated digital transformation, the company aims to strengthen its existing information service advantages while exploring new growth areas in information technology and software development [4] - Despite the decline in profit in Q1, the company’s stable cash flow and proactive strategic initiatives position it well for sustainable growth in performance and dividends in the future [4]

Core Insights - The implementation of the "Interim Regulations on Accounting Treatment Related to Corporate Data Resources" on January 1, 2024, is driving a transformation in the A-share market regarding the recognition of data assets [1][4] - The number of companies recognizing data assets in their financial statements has surged from 17 to 92, with the disclosed scale increasing from 0.79 billion to 24.95 billion [2][6] - The trend is reshaping corporate asset structures and creating new markets in data governance, asset evaluation, and financial services, potentially unlocking a trillion-yuan data factor market [1][6] Industry Expansion - The data asset recognition process in A-share companies has accelerated significantly in 2024, with 92 companies reporting data assets by year-end [2] - The primary sectors involved include information technology, manufacturing, and infrastructure, which together account for over 90% of the total disclosed data asset scale [2][6] - New sectors such as leasing, retail, scientific research, finance, mining, and utilities have also begun to participate in data asset recognition [2] Standardization and Compliance - The accounting treatment of data assets is transitioning from diverse exploratory practices to standardized applications, with companies providing detailed disclosures in their annual reports [3] - Companies are now specifying amortization methods and key measurement aspects, indicating a move towards a more structured accounting framework [3] Financial Optimization - The recognition of data assets is enhancing corporate financial structures by expanding total asset scales and improving debt ratios [6] - Investors are now evaluating companies based on data asset size and quality, alongside traditional financial metrics, leading to a new valuation paradigm [6] Data Asset Securitization - The establishment of the "Ping An - Rugao Phase 1 Asset-Backed Special Plan (Data Assets)" marks a breakthrough in data asset securitization, with an issuance scale of 1.3 billion [7] - Data assets are being recognized as collateral for financing, and the trend of data asset securitization is emerging as a new financing avenue [6][7] Industry Ecosystem Development - A comprehensive service ecosystem is forming around data asset recognition, involving collaboration among various service providers, including accounting firms, technology companies, and financial institutions [8] - The number of data asset service companies in China has reached 3,553, indicating a growing market for data asset management [8] Future Trends - In the next 1 to 3 years, the number of companies recognizing data assets is expected to grow rapidly, along with improvements in standardization and compliance [7] - Companies with high-value data assets may achieve higher premiums as the valuation logic evolves [7]

关税和国际贸易不确定性飙升 美国4月就业大幅放缓 金十数据4月30日讯，ADP周三报告称，公司在4月份大幅放缓招聘，以应对特朗普总统对美国贸易伙伴 征收关税的潜在影响。私营部门当月就业人数仅增加6.2万人，为2024年7月以来的最小增幅，原因是关 税实施程度及招聘计划和经济状况所受影响的不确定性加剧。工资涨幅也出现了倒退，没换工作的群体 工资同比增长4.5%，较3月份减少0.1个百分点。然而，换工作的人增加到6.9%，上升了0.2个百分点。 从行业角度来看，休闲和酒店业增幅最大，增加2.7万个就业岗位。其他出现增长的行业还包括贸易、 运输和公用事业（2.1万）、金融活动（2万）和建筑（1.6万）。教育和卫生服务岗位减少2.3万个，信 息服务岗位减少8000个。 ...

Financial Data and Key Metrics Changes - Q1 revenue was $594 million, with a net loss of $104 million attributed to higher restructuring expenses related to the value creation plan [22][23] - Adjusted diluted EPS was $0.14, flat compared to the same period last year [23] - Adjusted EBITDA margin increased by more than one percentage point due to improved cost management [24] Business Line Data and Key Metrics Changes - Organic annual contract value (ACV) grew sequentially, with total organic revenue increasing for the first time in over a year, and recurring organic revenue grew nearly 1% [6][8] - In the IP Patent Annuity business, organic recurring revenue grew 5% due to higher volumes [12] - Subscription renewal rates in Life Science and Health improved to 90%, an increase of three percentage points over the prior year [13] Market Data and Key Metrics Changes - The mix of recurring revenue to total revenue is now 83%, an improvement of 200 basis points compared to the prior year [6] - The company noted that less than 3% of total revenue comes directly from the U.S. Federal government, indicating limited exposure to government funding cuts [10] Company Strategy and Development Direction - The company is focused on optimizing revenue, improving sales execution, and accelerating innovation through a subscription-centric model [5][8] - The value creation plan is on track, with a focus on business model optimization, sales execution, and accelerated product innovation [15][18] - The company is evaluating strategic alternatives to unlock value and maximize shareholder returns [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of research in academia despite potential government funding cuts, indicating minimal impact on business so far [39][40] - The company remains cautious about the macroeconomic environment but believes its products' recurring nature positions it well during uncertain times [34] Other Important Information - Free cash flow was strong at $110 million, with nearly half used for share repurchases [26][28] - The company expects annual contract value to accelerate by approximately 60 basis points to 1.5% at the midpoint of the range [29] Q&A Session Summary Question: Concerns about government funding exposure - Management indicated minimal impact from government actions and noted strong renewal rates in the A and G segment [39][42] Question: Inquiry about private equity interest in the IP segment - Management stated they are evaluating strategic options but had no specific comments on the private equity interest [47] Question: Drivers behind higher renewal volumes in IP - The primary driver for the increase in organic recurring revenues was a return to healthy growth in patent and trademark renewals [50][51] Question: Impact of funding cuts on large universities - Management confirmed that less than half of the A and G segment business is in the U.S., with a significant portion already renewed this year [55] Question: Expectations for transactional revenue growth - Management remains conservative about transactional revenue growth, focusing on improving recurring revenues [58] Question: Changes to the sales incentive model - Management highlighted upgrades in sales leadership and changes to the incentive model to reward subscription revenue growth [66] Question: Cyclical nature of patent renewals - Management acknowledged that while patent renewals can be cyclical, they expect the long-term trend to remain positive [70]

如果A股有一家上市公司，每年的分红总额都超过其净利润，甚至是其净利润的2倍以上，那是不是很有吸引力？近日，每经资本 眼研究员发现，大宗商品信息服务龙头卓创资讯2023~2024年度合计创造1.23亿元净利润，却向股东豪掷2.34亿元真金白银。为何 这家公司如此慷慨？超额分红的钱从何而来？接下来，每经资本眼研究员就来详细探究一番。 根据公司公告，卓创资讯2024年度共发布了三次分红方案，分别为半年度分红、第三季度分红和年度分红，分红金额分别为2700 万元、2400万元和6000万元，合计1.11亿元。而2024年度公司归母净利润为7050.95万元。据此计算，2024年度累计分红金额超出 该年度公司归母净利润4100万元。 卓创资讯这种多次和高比例分红策略，其实从2023年就开始了。根据公司公告，2023年度公司实施了半年度分红和年度分红，分 红金额分别为2400万元、9900万元，合计1.23亿元。而该年度公司归母净利润为5206.47万元，累计分红金额超出该年度公司归母 净利润7100万元。 也就是说，卓创资讯最近两年的分红总额均超出了同年度净利润数据，2023~2024年度累计净利润约1.23亿元，却给 ...

Financial Performance - The company's basic earnings per share increased by 35.63% to 1.18 yuan in 2024 from 0.87 yuan in 2023, but decreased from 1.23 yuan in 2022 [1] - The net profit rose by 36.54% to 0.71 billion yuan in 2024 compared to 0.52 billion yuan in 2023, and 0.58 billion yuan in 2022 [1] - The return on equity improved significantly by 42.93% to 10.92% in 2024 from 7.64% in 2023, but decreased from 17.54% in 2022 [1] - The company's total revenue increased by 3.52% to 2.94 billion yuan in 2024 from 2.84 billion yuan in 2023, and 2.73 billion yuan in 2022 [1] - The net asset per share decreased by 9.71% to 10.13 yuan in 2024 from 11.22 yuan in 2023, and from 11.55 yuan in 2022 [1] - The undistributed profits per share fell by 39.29% to 2.04 yuan in 2024 from 3.36 yuan in 2023, and from 3.72 yuan in 2022 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 13.7757 million shares, accounting for 39.11% of the circulating shares, which is a decrease of 1.8898 million shares from the previous period [1] - The largest shareholder, Lü Chunjiang, holds 3.8855 million shares, representing 11.03% of the total share capital, with a decrease of 1.6891 million shares [2] - The second-largest shareholder, Cui Kezeng, holds 2.4110 million shares, accounting for 6.85% of the total share capital, with a significant decrease of 5.289 million shares [2] - New entrants among the top shareholders include Yu Yonghuan with 0.6421 million shares (1.82%) and Liang Lihong with 0.4048 million shares (1.15%) [2] - Notable exits from the top ten shareholders include Zou Minggang, who held 0.7625 million shares (2.16%), and Shandong Duoying Energy Conservation and Environmental Protection Industry Venture Capital Co., Ltd. with 0.5000 million shares (1.42%) [2]

Investment Rating - Maintain "Outperform" rating with a target price adjustment to RMB 23.38 based on a 2025 PE of 60x [2][10] Core Insights - Significant improvement in cash flow and operational quality, with 2024 revenue at RMB 1.34 billion (-0.55%) and net profit attributable to shareholders at RMB 73 million (-55.96%) [2][10] - Operating net cash flow increased by 56.81% to RMB 295 million, indicating effective credit management and accounts receivable collection [2][10] - Q4 2024 revenue showed a growth of 23.53% to RMB 671 million, with net profit attributable to shareholders at RMB 54 million (+4.44%) [2][10] Contract Orders and Project Wins - Company won the Chongqing Hechuan District smart medical project with a contract value of RMB 91.73 million, enhancing its order book [3][10] - Additional contract with a subsidiary of China Academy of Engineering Physics valued at RMB 49.36 million, indicating steady growth in contract orders [3][10] Market Demand and Technological Development - Anticipated recovery in demand for medical and livelihood informatization, with a focus on enhancing product technology and service capabilities [4][10] - Leveraging self-developed models and platforms to support data governance and intelligent applications in the medical and governmental sectors [4][10] - Under the "Healthy China" and "Digital China" initiatives, the integration of AI and new technologies is expected to drive industry intelligence upgrades [4][10]

世纪恒通科技股份有限公司 2020-2022 年度审计报告 中国杭川市钱江新城新业路8号UDC时代大厦A座5-8层,12层,23层 Fronts 5-8, 17 and 23, Block A LIDC Times Building No Halling Shad Charolang New City Mangzhuar Tel. 0571 88879999 = Fex. 0571 80879000 www.zhcpa.cn 证明该审计报告是否由具有执业许可的会计师事务 您可使用手机"扫一扫"或进入"注册 te and 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | 7-20 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-13 | | (五) 母公司资产负债表 | 14-15 | | (六) 母公司利润表 | 16 | | (七) 母公司现金流量表 | 17 | | (八) 母公司所有者权益变动表 | 18-20 | | 三 ...