Core Viewpoints - The company reported a significant increase in operating performance for the first half of 2025, with revenue reaching 7.865 billion yuan, a year-on-year growth of 12%, and a net profit attributable to shareholders of 15.21 million yuan, up 41% year-on-year [1] - The company launched the supply chain AI agent "Xiao Jin" and initiated the "Supply Chain + AI Ecosystem Alliance" to enhance its dual strategy of customer and ecosystem development, which is expected to benefit from the accelerated penetration of AI in the supply chain sector [1][2] - The company has a robust order backlog with new signed orders amounting to 9.476 billion yuan, representing a 98% year-on-year increase, laying a solid foundation for sustained business growth [1][2] Event Highlights - On September 25, the company released its mid-term report for 2025 [1] - On September 17, the company held the "Intelligent Chain Shenzhou.NextChain 2025 Smart Supply Chain Innovation Conference" in Kunshan [1] - On August 27, the company published its interim performance announcement for the six months ending June 30, 2025 [1] Business Performance - The company achieved a notable improvement in business performance, with a breakdown of revenue sources: big data products and solutions generated 1.43 billion yuan (18% of total revenue, up 12% year-on-year), software and operational services contributed 2.448 billion yuan (31%, up 13%), and traditional services accounted for 3.987 billion yuan (51%, up 11%) [1] - The company has established a comprehensive data intelligence solution, covering the entire business chain of "research, production, supply, sales, and service" through the "KingKoo Intelligent Chain" logistics model [1] Strategic Initiatives - The company is focusing on its "Customer Strategy + Ecosystem Strategy" to drive the acceleration of "AI for Process" [2] - The "Baby Plan" targets existing customers in key industries such as consumer electronics and retail, while the "Star Plan" aims to attract new clients, with strategic partnerships signed with four companies during the reporting period [2] - The company officially launched the "Supply Chain + AI Ecosystem Alliance" to foster an open and win-win smart supply chain ecosystem [2] Financial Projections - Revenue projections for 2025-2027 are estimated at 18.632 billion yuan, 20.687 billion yuan, and 22.889 billion yuan, with year-on-year growth rates of 11.86%, 11.03%, and 10.64% respectively [2] - Net profit attributable to shareholders is projected to reach 200 million yuan, 340 million yuan, and 472 million yuan for the same period, reflecting significant growth rates of 178.92%, 69.40%, and 39.12% respectively [2]

Core Viewpoint - CITIC Construction Investment initiates coverage on Shenzhou Holdings with a "Buy" rating, highlighting strong operational performance driven by a "Customer Strategy + Ecosystem Strategy" that is expected to accelerate the penetration of "AI for Process" [1] Group 1: Operational Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 15.21 million, a year-on-year increase of 41%, and new signed orders reached 9.476 billion, up 98% year-on-year, laying a solid foundation for sustained business growth [1][2] - The company reported operating revenue of 7.865 billion, a year-on-year growth of 12%, with significant contributions from various business segments: big data products and solutions at 1.43 billion (18% of total revenue, +12% YoY), software and operation services at 2.448 billion (31% of total revenue, +13% YoY), and traditional services at 3.987 billion (51% of total revenue, +11% YoY) [2] Group 2: AI and Supply Chain Innovations - The company launched the supply chain intelligent agent "Xiao Jin," which is expected to enhance the "Customer Strategy + Ecosystem Strategy" and drive AI's accelerated penetration in the supply chain sector [1][2] - "Xiao Jin" is designed as an enterprise-level intelligent agent suite with a "3+N" architecture, improving efficiency in various tasks such as data querying (90% efficiency increase), data analysis (70% efficiency increase), and customer service workload reduction (50% decrease) [2] Group 3: Strategic Initiatives - The company is focusing its smart supply chain business on key industries such as consumer electronics, communication services, fast-moving consumer goods, and apparel, launching initiatives like the "Baby Plan" for existing customers and the "Star Picking Plan" for new clients [3] - Strategic partnerships have been established with four companies, with expectations to exceed ten supply chain value cooperation clients by year-end [3] - The company initiated the "Supply Chain + AI Ecosystem Alliance" to foster innovation and collaboration with industry leaders, aiming to create an open and win-win smart supply chain ecosystem [3]

Group 1 - The intelligent agent "Xiao Jin" launched by Shenzhou Holdings' KJ aims to enhance supply chain efficiency through natural language interaction, automated report generation, and 24/7 online service [3] - The intelligent agent has completed a pilot in the flagship warehouse in Kunshan, resulting in improved order punctuality and reduced customer complaints [3] - The global generative AI market is projected to reach $10 trillion by 2025, driven by the urgent demand for intelligent transformation across various industries, particularly in the supply chain sector [1] Group 2 - The "3+N" architecture of the intelligent agent includes three general agents that cover 80% of query scenarios, improving daily data retrieval efficiency by 90% [1] - The N-specific agents target roles such as product design and operational analysis, compressing processes like demand breakdown, data collection, and document writing by over 50% [1] - Despite the market potential, the transition from "technical prototype to industrial application" remains a common challenge across industries [1]

Core Insights - Increasing employee usage of AI tools is not translating into cost savings or sales growth for companies, with 95% of generative AI investments yielding little to no return and half of the projects failing [1] - The phenomenon of "shadow AI" is prevalent, where employees utilize AI without clear visibility or understanding of its impact on business processes [1] - Shenzhou Holdings has launched a new smart supply chain strategy and introduced the supply chain intelligent agent "Xiao Jin" to address the challenge of integrating general AI models into enterprise-specific applications [1][3] Company Overview - Shenzhou Digital, established in 2000, offers services in IT infrastructure, integrated IT services, smart city services, and big data services, while KJ was founded in 2003 focusing on supply chain software [3] - Shenzhou Holdings aims to integrate its AI capabilities with KJ's 20 years of industry expertise to drive the intelligent transformation of supply chains [3] Product Features - The "Xiao Jin" intelligent agent suite includes three core assistants: Data Assistant, Decision Assistant, and Customer Assistant, enhancing efficiency in various tasks by up to 90% for data queries and 70% for decision-making processes [4] - The intelligent agents cover multiple roles, improving efficiency in tasks such as bid writing and product design by 70% and 50% respectively [4] Business Model and Strategy - KJ has developed a comprehensive service model that integrates trade and logistics, providing end-to-end, visual, and traceable services to clients [4] - The company has established a sales network with over 30,000 partners across 1,000 cities, leveraging AI and big data to transform supply chains from passive tools to proactive decision-making systems [4] Strategic Partnerships - During a recent conference, KJ signed strategic cooperation agreements with four industry leaders to provide integrated supply chain solutions and participate in digital transformation [5] - KJ has initiated the "Supply Chain + AI Ecosystem Alliance" with various academic and industry partners to foster collaboration and innovation in the supply chain sector [5] Future Directions - The alliance will focus on three main areas: accelerating innovation, creating a value community to break data silos, and building a new ecosystem for knowledge sharing and talent development [5] - The goal is to achieve cross-enterprise and cross-industry collaboration to maximize the value of the entire supply chain [5]

Group 1 - The core viewpoint of the news is that Shenzhou Holdings KJ has unveiled a series of achievements in the smart supply chain sector during the "NextChain 2025 Smart Supply Chain Innovation Conference" [1][3] - The company has launched a new smart supply chain strategy and signed strategic cooperation agreements with four industry benchmark enterprises [1][3] - The company has initiated the "Supply Chain + AI Ecosystem Alliance" with various partners from academia and industry to enhance collaboration and innovation in the supply chain sector [1][4] Group 2 - Shenzhou Holdings' President and COO, Cai Yinghua, emphasized a dual-driven strategy of "customer strategy + ecosystem strategy" to integrate AI capabilities with over 20 years of industry expertise in supply chain [3] - The newly introduced supply chain intelligent agent "Xiao Jin" is designed as an enterprise-level intelligent suite based on the "AI for Process" concept, featuring a "3+N" architecture for comprehensive scenario coverage [3] - The strategic cooperation agreements aim to provide end-to-end integrated solutions for supply chain digital transformation, establishing benchmark cases with the participating companies [3] Group 3 - The "Supply Chain + AI Ecosystem Alliance" will focus on three main directions: accelerating innovation through collaboration, creating a value community to break data silos, and building a future ecosystem for shared knowledge and talent development [4] - The alliance includes participation from various organizations such as the China Logistics and Purchasing Federation and Beijing Jiaotong University, aiming to validate cutting-edge technologies in real-world scenarios [4] - The initiative seeks to promote industry standards, knowledge sharing, and the cultivation of talent to create an open and win-win smart supply chain ecosystem [4]