Core Insights - The company, Beijing Zhongchang Shiji Information Technology Co., Ltd. (referred to as "Shiji Information"), conducted a targeted investor research activity on January 14, 2026, with participation from four institutions including GF Securities and Guotai Junan Securities [1][2] SaaS Business Model - The SaaS business operates on a subscription model, with pricing linked to the number of hotel rooms and the functionality of the modules used. Different pricing standards apply for Full Service and Limited Service hotels, with more comprehensive features leading to higher charges [3] AI Technology Applications - The company is focusing on two main applications of AI technology: AI marketing tools that charge a percentage of the GMV generated from orders, which have started to yield some revenue, and AI-assisted product development aimed at improving efficiency through AI code generation tools [4] Strategic Focus - The company has completed its major business segment layouts and is now concentrating on globalization and platformization strategies, with no new acquisition plans currently in place [5] Product Line Differentiation - The company has a differentiated product matrix targeting various market segments, including DAYLIGHT PMS for international luxury hotel groups, Cambridge cloud hotel management system for localized star-rated hotels, and XMS and Qianlima iPMS for purely local star-rated hotels. The economic chain hotel information systems in China are primarily self-developed [6] International Collaboration Challenges - The company explained that the signing cycle with international hotel groups is lengthy due to the multi-stage process required for core system selection, which includes strategic planning, RFI, RFP, POC, and sometimes PILOT verification, along with legal reviews that consider geopolitical risks [7] Booking and Payment Efficiency - The booking and payment platform business enhances efficiency and reduces operational costs by directly connecting customer information systems with various booking channels and payment institutions, replacing manual operations [8] Cloud PMS Advantages - The company highlighted four core advantages of its cloud PMS: platform design suitable for group clients, microservices architecture, single customer profile and inventory management, and robust data security that complies with local regulations [9] Global Team Structure - The overseas business team has exceeded 1,000 members, primarily composed of R&D and technical personnel, with a low proportion of sales staff. This structure supports the company's global strategy and leverages the concentration of technical talent in the hotel management sector [10]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The computer industry index experienced a decline of 2.54% during the week of November 3 to November 7, 2025, underperforming major indices such as the Shanghai Composite Index, which rose by 1.08%, and the Shenzhen Component Index, which increased by 0.19% [1][11]. - The release of Kimi K2 Thinking, an advanced open-source thinking model, is highlighted as a significant development. This model demonstrates state-of-the-art performance in various benchmark tests and is expected to enhance AI applications, suggesting potential investment opportunities in companies with customer resources and large model implementations [4][21]. Summary by Sections Market Review - The computer industry index fell by 2.54%, trailing behind major indices. The performance of sub-sectors included a slight increase in computer equipment (+0.27%) while IT services II and software development saw declines of -3.13% and -3.82%, respectively [1][11][13]. Major Events - Notable announcements include Google's plan to release Gemini 3 Pro, which features a context window of up to 1 million tokens, and a partnership between Gaode and XPeng Motors to provide Robotaxi services globally [16][17]. Key Announcements - HaiLanXin's subsidiary won a bid for a project worth 1.097 billion RMB, and Guoneng Rixin is developing a power market forecasting system to enhance the profitability of independent energy storage stations [2][18]. Investment Perspective - The report indicates that the computer industry index has ended its previous upward trend, suggesting a cautious outlook. The introduction of Kimi K2 Thinking is expected to drive further AI application developments, making it a focal point for potential investments [4][20].

Group 1 - The core product of the company in hotel management is the cloud PMS, which is determined by hotel management groups [1] - The company enters the procurement list of hotel management groups through signing a Master Service Agreement (MSA) [1] - The MSA includes a service agreement template that hotel owners must sign, as they need to procure information systems according to the standards set by the hotel management group [1]

Group 1: SaaS Business Model - The SaaS business charges subscription fees based on monthly usage and the number of hotel rooms [2] - Cloud PMS pricing varies depending on the type of hotel (Full Service vs. Limited Service) and the number of functional modules used [2] Group 2: Contractual Agreements - After signing the MSA with hotel management groups, individual hotels still need to negotiate service agreements [2] - The MSA includes a service agreement template that hotel owners must sign according to the management group's standards [2] Group 3: Revenue Growth Drivers - Revenue growth in the SaaS business relies on the accumulation of single hotel clients adopting various cloud systems [3] Group 4: Product Implementation - The implementation of cloud products in signed hotel groups follows a slow start, requiring system integration and certification before rapid deployment [4] - Once a certain number of demonstration hotels are successfully launched, the rollout speed for other hotels in the region increases [4] Group 5: Market Opportunities - The Asia-Pacific region shows faster adoption of cloud products due to higher familiarity, followed by Europe and then the U.S. [5] - The company has already signed landmark clients in the U.S., including Peninsula and Langham hotels, and aims to leverage these clients for market penetration [5] Group 6: Competitive Differentiation - DAYLIGHT PMS is designed as a platform for group clients, utilizing a microservices architecture that allows for external integration [6] - The system centralizes customer data, simplifying data management for hotel groups and ensuring compliance with local data security regulations [6] Group 7: Cloud Service Providers - The company primarily recommends using Amazon Cloud, with partnerships also established with Alibaba Cloud and Tencent Cloud [7] Group 8: Strategic Partnerships - The collaboration with Alibaba is strategic, covering various sectors including hotel, restaurant, and retail information systems [8] - Alibaba's decision-making team provides significant support and understanding of the company's platform and globalization transformation [8] Group 9: AI Integration - AI is being utilized in two main areas: marketing tools that generate revenue based on GMV and predictive analytics within PMS and POS products [9] - The company is actively using AI in product development to enhance efficiency, particularly in its European R&D center [9]