Core Insights - The company reported a revenue of 358 million yuan and a net profit attributable to shareholders of 4.4153 million yuan for the first three quarters of 2025, with a gross margin increase from 40.51% to 45.91% year-on-year, reflecting a 5.4 percentage point improvement [1][2] Financial Performance - Revenue for the first three quarters of 2025 reached 358 million yuan [1] - Net profit attributable to shareholders was 4.4153 million yuan [1] - Net profit excluding non-recurring gains and losses was 2.4264 million yuan [1] - Gross margin improved from 40.51% to 45.91%, a year-on-year increase of 5.4 percentage points [1] Business Strategy and Developments - The company has built a knowledge graph, document knowledge base, and model collaboration mechanism, completing the overall technical architecture for its intelligent application service platform [1] - The focus areas for future growth include employment and social security services, while medical and government services are identified as key operational breakthroughs [1] - In AI applications, the company has established a core AI technology foundation and completed the integration of general large models and self-developed model training [2] - The company is collaborating with partners to develop a "seamless medical payment platform" to optimize traditional IT architecture using core algorithm capabilities [2] - The company aims to solidify its position as a "social security card service provider" and maintain market leadership in the third-generation social security card [2] - The strategic layout emphasizes a service loop of "data + model + scenario," leveraging AI technology to empower core livelihood scenarios such as employment, medical care, and government services [2]

Core Insights - The company reported a revenue of 358 million yuan and a net profit of 6.6442 million yuan for the first three quarters of 2025, with a gross margin improvement from 40.51% to 45.91% year-on-year, an increase of 5.40 percentage points [1] - The improvement in gross margin is attributed to the reduction of less profitable business segments and the optimization of the "social security operation and big data services" profit model [1] - The company is focusing on enhancing its operational system around its core positioning as a "social security card service provider" and is expanding its market share in the third-generation social security card sector [1] Business Strategy - The company is accelerating the development of its AI core capabilities, implementing a strategic loop of "data + model + scenario" to drive intelligent upgrades in business scenarios, particularly in employment, medical services, and government affairs [1] - The company has strengthened its AI foundation by developing a self-researched government model that has been filed with national cybersecurity authorities, and is building a knowledge graph and knowledge base to optimize model performance [1][2] - The company is adopting a "platform + operation" service model to collaborate with B-end partners in expanding livelihood service scenarios, particularly in the healthcare sector [2] Future Outlook - The company aims to continue leveraging AI technology to solidify its social security and livelihood service foundation, accelerating the construction of a human-centered digital livelihood operation ecosystem to support future business growth [2]

证券代码：002908 证券简称：德生科技 广东德生科技股份有限公司 投资者关系活动记录表 编号：2025-011 导致的数据孤岛问题，运用 AI 算法整合碎片化医疗数据，提升运 营服务效率。目前，公司正积极整合医疗供应链资源，未来将链 接更多 B 端医疗资源（如：商保理赔、慢病管理等），精准推送 医疗健康相关服务。感谢您的关注！ 投资者关系活动类 别 特定对象调研 分析师会议 □媒体采访 业绩说明会 □新闻发布会 路演活动 现场参观 其他 参与单位名称及人 员姓名 上善如是基金、松山创投、民沣基金、必达资本、麻王投资、璟 澄资本、九益私募、初华资本、致远私募、浙商证券、华安证券 时间 2025 年 10 月 17 日 15:00-16:30 地点 深圳 上市公司接待人员 姓名 副总经理兼董事会秘书、财务总监 陈曲女士 投资者关系活动主要 内容介绍 本次会议重点介绍德生科技全栈式 AI 技术架构、及 AI 底座 赋能"就业""就医""政务"等核心民生场景服务的商业模式、 变现能力、未来发展前景，并与投资者进行充分交流，纪要如下： 问题 1：公司提出"AI+民生场景服务"的方向，目前已取得哪些 阶段性成果？ 答 ...

Core Insights - The company is actively engaging with investors and showcasing its advancements in AI applications, employment services, and medical services [1] Group 1: AI Application and Revenue - The company has developed a large model for precise job matching, with successful implementations in cities like Beijing, Hubei, Henan, and Guangdong. By the first half of 2025, revenue from employment and government service scenarios is expected to account for nearly 80% of the "Human Resources Operation and Big Data Services" revenue [1] Group 2: Digital Employment Services and Revenue Model - Compared to third-party HR companies, the company has a clear advantage in digital employment services. It participates deeply in national and provincial public employment service projects and receives special funding. The revenue model includes government funding and service fees from B-end clients [2] Group 3: Medical Service Operations - The company has partnered with China UnionPay and Guangzhou Medical Insurance to develop a "seamless payment platform" for medical services, already integrated with over 100 top-tier hospitals in Guangzhou and serving over 3 million signed users [3] Group 4: Future Strategic Planning - The company aims to optimize social security services and build an operational service system focused on employment, medical, and government services, leveraging AI and operational capabilities to create a human-centered service ecosystem [4] Group 5: Third Generation Social Security Card - The issuance of the third generation social security card is progressing steadily, with the company participating in nearly 170 cities, holding a leading market share by providing comprehensive services from card issuance to operation [5] Group 6: R&D Investment and Team - The company has invested nearly 10% of its revenue in R&D over the past three years, focusing on smart terminals and large model platforms. By 2024, the R&D team is expected to exceed 400 members, including many high-level AI talent [6] Group 7: Accounts Receivable and Cost Efficiency - The company has maintained positive operating cash flow exceeding 100 million since 2022, implementing strict accounts receivable policies. Cost reduction and efficiency improvements are achieved through expense control and AI-driven optimization of delivery processes [7]

Group 1: AI Applications and Services - The company has developed a complete operational service system for employment using AI tools, achieving precise matching of job seekers and positions, with successful cases in Beijing, Hubei, Henan, and Guangdong [2][3] - In the government service sector, the company enhances service efficiency through AI applications, currently providing precise services in over 100 cities, including social security consultation and policy interpretation [3] - Revenue from employment and government services accounted for nearly 80% of the "Human Resources Operation and Big Data Services" segment in the first half of 2025 [3] Group 2: Digital Employment Services - The company offers advantages over third-party HR firms by deeply participating in national and provincial public employment service projects, supported by government funding [3] - The service model includes a combination of online platforms and offline service stations, targeting key demographics such as college graduates and veterans [3] - The revenue model includes government funding and service fees from B-end clients [3] Group 3: Medical Payment Solutions - The company has integrated its "seamless medical payment platform" with over 100 top-tier hospitals in Guangzhou, with a user base exceeding 3 million [4] - Future plans include leveraging user payment data to provide additional healthcare services [4] Group 4: Social Security Card Services - As of now, over 500 million third-generation social security cards have been issued, with nearly 900 million cards still to be issued [5] - The company operates in approximately 170 cities for the issuance of these cards, maintaining a leading market share [5] Group 5: Research and Development - The company invests nearly 10% of its revenue in R&D, focusing on smart terminals, large model platforms, and data middle platforms [6] - The R&D team is expected to exceed 400 members in 2024, with a strong emphasis on AI talent acquisition [6] Group 6: Financial Management - The company has maintained positive cash flow from operating activities since 2022, with net cash flow exceeding 100 million [6] - Cost reduction measures include strict expense control and optimization of delivery processes through enhanced AI capabilities [6]

Group 1 - The implementation of the new social security regulations starting in September is expected to provide significant development opportunities for government service enterprises, as it elevates policy execution to a legal level [1] - The company has established a grassroots service network covering nearly 170 cities and is leveraging AI technology to optimize core service scenarios such as employment, medical care, and government affairs [1] - The company has developed a large model named "Zhiwei Jieyu" specifically for the human resources vertical, accumulating service data from over 100 cities, which will enhance the training and inference capabilities of the model [1] Group 2 - In the employment scenario, the company focuses on key demographics such as flexible workers, college graduates, and veterans, using AI tools to improve job matching efficiency and providing comprehensive services including training support and subsidy applications [2] - The company has partnered with China UnionPay and Guangzhou Medical Insurance to develop a "seamless medical payment platform," facilitating convenient payment and contract services through its "Bianmin Yifutong" mini-program [2] - The company is enhancing its data asset operations by integrating various data resources and collaborating with data merchants and local governments to break through traditional human resources business limitations [2]

Group 1: Business Impact of New Regulations - The implementation of new social security regulations will elevate policy execution to a legal level, providing significant development opportunities for government service enterprises. The company has established a grassroots service network covering nearly 170 cities, enhancing the efficiency of social security service solutions [2][3]. Group 2: Technological Integration and Innovation - The company is leveraging AI technology to optimize core service scenarios such as employment and medical services, having developed a large model "Zhiwei Jieyu" with service data from over 100 cities. This technological advancement is expected to positively impact business progression [2][3]. Group 3: Data Operations and Market Positioning - The company has recently won the bid for the "Guangzhou Data Exchange (Tianhe) Service Zone Operation" project, aiming to enhance data operation services by integrating various data resources and promoting the assetization of data [3][4]. Group 4: Employment and Medical Service Strategies - In the employment sector, the company focuses on flexible workers, college graduates, and veterans, utilizing AI tools to improve job matching efficiency and providing comprehensive services such as training and subsidy applications. In the medical sector, partnerships with China UnionPay and Guangzhou Medical Insurance have led to the development of a seamless payment platform for medical services [5][6]. Group 5: Market Challenges and Future Directions - The company faces challenges in business expansion due to cyclical market demand adjustments and increased complexity in G-end project initiation. This necessitates a transformation in business models and organizational structure, which has temporarily raised management costs and time investments [5][6]. The company prefers partnerships with entities possessing core resources and operational capabilities for potential mergers and acquisitions [6][7].

Core Viewpoint - Guangdong Desheng Technology Co., Ltd. has engaged in a comprehensive investor survey with 25 institutions, providing insights into its operational status, future development directions, and business breakthroughs [1] Group 1: Investor Relations Activity - The investor relations activities included targeted surveys, performance briefings, site visits, and conference calls, scheduled for August 24 and August 26, 2025 [2] - Participants included various investment institutions, financial media, and securities firms, with key company representatives present [2] Group 2: Operational Analysis - The company reported significant growth in its card issuance business, with a year-on-year increase of 20.47% in the issuance of third-generation cards, totaling over 11 million cards [3] - New contracts in human resources operations and big data services grew by 12.87% year-on-year, expected to positively impact performance in the second half of the year [3] - The gross profit margin improved by 4.03% year-on-year, attributed to the reduction of low-margin businesses and optimization of employment service models [3] - Despite a decrease in absolute values of three major expenses, their proportion of revenue increased year-on-year, indicating a need for improved cost efficiency [3] - The G-end business faced pressure due to extended project initiation cycles and increased complexity, prompting a transformation in the business model [3] - Organizational restructuring costs increased due to the transformation of the business model, leading to higher management costs and time investment [3] Group 3: Future Development Directions - The company aims to solidify its position as a "social security card service provider," focusing on employment, medical, and government services, and creating a human-centered service ecosystem in collaboration with B-end partners [3] - Leveraging AI, the company plans to establish an integrated online and offline operational service system to achieve sustainable revenue, with significant market potential [3] Group 4: Q&A Highlights - AI applications have been successfully implemented in government, employment, and medical scenarios, with over 100 cities covered in government services and an accuracy rate exceeding 99% in Dongguan [4] - The revenue share from human resources operations and big data services is nearly 30%, with AI applications expected to offset declines in traditional business [4] - The employment service model has been standardized for rapid replication across cities, enhancing job matching efficiency through AI [4] - The company sees opportunities in stablecoins as financial innovation tools, exploring their integration with social security card issuance and public service scenarios [4] - In the medical field, the company has partnered with UnionPay and medical insurance to develop a "seamless medical payment platform," with nearly 3 million signed users [4] - The company anticipates stable card issuance rates in the coming years, with some cities having over 50% potential for third-generation card replacements [4] - The reduction in shareholding by the controlling shareholder was to alleviate pledge liabilities from a previous non-public share issuance [4] - Despite challenges from market conditions and G-end business, the company remains confident in its profitability and performance transformation, referencing an employee stock ownership plan released in April [4]