Core Viewpoint - Tencent's cognitive training software "Tencent Brain Exercise" has received medical device registration approval from the Guangdong Provincial Drug Administration, marking its entry into clinical application for improving cognitive abilities in patients with mild cognitive impairment (MCI) [1][3] Industry Overview - The cognitive digital therapy market in China has over 40 companies focusing on this area, with 47 cognitive digital therapy software products approved by the National Medical Products Administration as of October 2024 [2] - The market for cognitive impairment digital therapy is expected to grow significantly, with a projected market size of 2.686 billion yuan in 2023, increasing to 10.467 billion yuan by 2025 and 89.274 billion yuan by 2030, reflecting compound annual growth rates of 97.4% and 53.5% respectively [4] - The number of MCI patients in China is approximately 38.77 million, with a prevalence rate of 15.5%, indicating a substantial patient base driving demand for cognitive digital therapies [4] Company Insights - Tencent's "Tencent Brain Exercise" transforms traditional cognitive rehabilitation into a mobile application format, utilizing gamified cognitive training based on evidence-based medicine principles [3] - The company aims to address the challenges of commercializing digital therapies, as the current business models are still in the early stages of development [1][2] - Brain Dynamics, a competitor in the market, has achieved a market share of 25.0% in the cognitive digital therapy market and 91.6% in the medical-grade cognitive digital therapy market in China, but faces challenges in profitability despite significant revenue growth [5] Challenges in the Market - The cognitive digital therapy sector is experiencing high market education costs and is still in the exploratory phase regarding application scenarios [1][2] - Regulatory challenges exist, as clinical experts have varying opinions on the clinical use of digital therapy products, which complicates their appropriate application [4][5] - The industry faces difficulties in ensuring that payers (such as insurance companies and hospitals) are willing to cover these therapies, which is crucial for sustainable business models [1][2] Competitive Landscape - Major tech companies like Tencent, Alibaba, and ByteDance are entering the healthcare sector, but a mature commercialization model is still needed [6] - The cognitive digital therapy market is characterized by a mix of substantial patient demand and ongoing challenges in commercialization pathways, creating a complex development landscape [2][4]

证券代码：300036 证券简称：超图软件 | 投资者关 | √特定对象调研 □分析师会议 | | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会□路演活动 | | | □现场参观 □其他 （请文字说明其他活动内容） | | 参与单位 | 民生证券研究院、中信建投计算机、中泰证券研究所等 | | 名称 | | | 时间 | 2025 年 6 月 20 日 15:30-16:40 | | 地点 | 公司会议室 | | 上市公司 | 董事会秘书、副总经理谭飞艳女士 | | 接待人员 | | | 姓名 | | | | 问：公司去年经历了组织变革，现在怎么样了？ | | | 年的组织变革是公司主动进行的，是公司应对政府信息化预算 答：2024 | | | 紧缩新常态下如何持续增长的战略性措施之一。通过组织变革，构建断代领 | | | 先的组织能力和压制性竞争力，提升市场份额实现增长。 | | | 经历了变革阵痛后，目前公司销售竞争力已经恢复到变革前水平。作为 | | | 公司基本盘业务之一自然资源信息化，前 5 个月的中标份额为 7.2%，同比提 | | | 升 1. ...

指数显示，北京、深圳、上海发挥创新引领作用。北京2024年软件产业营业收入突破3万亿元，人 才、技术、政策等优势持续放大；深圳探索实施"开源合伙人"支持计划，开源生态持续完善；上海构建 以人工智能、大数据为核心的软件产品矩阵，在全国率先打造大模型创新生态社区"模速空间"，品牌效 应凸显。 南京、杭州、广州、成都、苏州等城市差异布局，发展势头强劲。 6月17日，《中国软件产业高质量发展紫金指数（2025）》（下称"2025紫金软件指数"）在2025 南京软件大会开幕式上正式发布，这是中国经济信息社江苏中心、赛迪研究院苏州分院第4年联合编制 发布该指数。其中，南京综合指数居全国第四位。 软件是新一代信息技术的灵魂，在发展新质生产力、推进新型工业化等关键任务中发挥重要作用。 2025紫金软件指数延续上一年度26座样本城市选取数量。 此外，杭州软件企业集聚发展水平较高，软件上市公司总数居全国前列；广州软件产业政策支撑有 力，构建起高效的企业服务体系；成都数字政府建设保持较高水平；苏州融合应用水平领先，形成完备 的工业软件产业链。 无锡、合肥、宁波、温州等城市在物联网、大数据等细分领域各具特色。扬州、泰州、绍兴、宿迁 ...

Core Viewpoint - Jiangbei New Area is focusing on the development of the industrial software sector, leveraging its unique advantages as a national-level new area and aiming to enhance collaboration and innovation through various initiatives and funding [1][5][8] Group 1: Industrial Software Development - Jiangbei New Area is hosting three key activities related to industrial software during the 2025 Nanjing Software Conference, including supply-demand matching and financial connections [1] - The area has established a 10 billion yuan special fund to promote collaborative innovation in the industrial software sector [8] - The industrial software industry in Jiangbei New Area has reached a scale of 120 billion yuan, with 115 large-scale software and information technology service enterprises [1][3] Group 2: Technological Innovation and Industry Focus - Jiangbei New Area is concentrating on eight cutting-edge fields, including photonic chips, intelligent sensors, and AI applications, to drive technological innovation and project aggregation [3] - The area has formed partnerships with leading companies like Huawei to establish the "Nanjing Industrial Software Cloud Engineering Application Innovation Center," aimed at advancing independent industrial software technology [5] Group 3: Economic Impact and Future Prospects - Jiangbei New Area has 750 large-scale industrial enterprises, with five generating over 10 billion yuan in annual output, contributing to nearly 25% of the city's total industrial output value [3] - The software business revenue in the industrial technology innovation park is projected to exceed 90 billion yuan in 2024, with nearly 50,000 employees in the software sector [5]

Core Viewpoint - Apple (AAPL.O) is unifying the version numbers across all its platforms, with the upcoming release this fall set to be version 26 [1] Group 1 - Apple is standardizing version numbers for all its platforms [1] - The release scheduled for this fall will be version 26 [1]

树立行业标杆，讲好中国故事，传递中国声音，充分展现腾飞的中国经济、崛起的民族品牌和向上的企 业家精神。近日，"崛起的民族品牌"专题系列节目对话南京思飞捷软件科技有限公司(简称：思飞捷)的 总经理陆晓佳先生，探讨企业数字化转型的创新之路。 在工业4.0浪潮席卷全球的今天，数字化转型已成为制造业升级的核心驱动力。南京思飞捷软件科技有 限公司总经理陆晓佳，凭借对行业趋势的深刻洞察，带领企业走出了一条以技术创新为引领的数字化转 型之路。 面对行业挑战，陆晓佳展现出卓越的创新实践能力。在数据互联互通方面，思飞捷通过制定统一的数据 接口标准，成功打通不同厂商设备间的数据壁垒，实现生产数据的全流程追溯。在国产化替代领域，思 飞捷联合高校成立联合实验室，研发出具有自主知识产权的高精度扭矩控制系统，打破国外技术垄断， 已在多家汽车主机厂测试使用，实现进口替代。 陆晓佳深知，数字化转型不仅是技术革新，更是管理模式的变革。为了助力企业实现数字化转型与智能 化升级，陆晓佳带领南京思飞捷软件科技有限公司的研发人员，自主研发了一系列具有自主知识产权的 软硬件产品，不仅打破了数据孤岛，实现了信息的互联互通，更为客户提供了从咨询、设计、实施 ...

Core Viewpoint - Huaxida, a former New Third Board listed company, has submitted a listing application to the Hong Kong Stock Exchange after previously failing to go public in the A-share market due to significant declines in net profit and questions regarding the authenticity and sustainability of its rapid growth [1][5][8]. Group 1: Company Background - Established in 2003, Huaxida is a leading provider of smart home ecosystem solutions, focusing on hardware and software solutions for global clients [2]. - According to Frost & Sullivan, Huaxida ranks as the eighth largest provider of enterprise-level AI home solutions globally and the third largest in China, with over 90% of its sales coming from overseas [2]. Group 2: IPO Attempts and Challenges - Huaxida's journey to go public has faced multiple setbacks, including a failed attempt to list on the New Third Board in 2020 and a subsequent withdrawal of its A-share IPO application in early 2024 after facing regulatory scrutiny [3][8]. - The company experienced significant revenue growth from 2020 to 2022, with revenue increasing from 683 million yuan to 2.529 billion yuan and net profit rising from 49 million yuan to 251 million yuan, achieving compound annual growth rates of 54.71% and 72.38% respectively [5]. Group 3: Financial Performance and Concerns - In 2023, Huaxida's revenue decreased by 6.39% to 2.367 billion yuan, and net profit fell by 23.78% to 191 million yuan, indicating a troubling trend of "increased revenue without increased profit" [8]. - The company faced repeated regulatory inquiries regarding the authenticity of its revenue growth and the nature of its transactions with related parties, particularly concerning its largest customer, Wisdom Media, which is controlled by the family of Huaxida's vice president [5][6][7]. Group 4: Regulatory Issues and Disclosures - Huaxida has been subject to regulatory warnings for failing to disclose related party transactions and for multiple accounting errors, leading to administrative penalties from the Shenzhen Securities Regulatory Bureau [6][9]. - The company has also faced scrutiny over its frequent changes in lead underwriters during its IPO attempts, raising questions about the integrity of its financial disclosures [9][10].

Group 1: Economic Growth and Service Industry Development - In Q1 2025, Nanjing's service industry achieved a growth rate of 5.8%, with an added value of 325.406 billion yuan, contributing significantly to the city's economic recovery [2] - The software and information technology service sector in Nanjing saw a revenue increase of 13.8% year-on-year, with internet-related services leading at a growth rate of 25.7%, showcasing the vitality of the digital economy [3] - Nanjing aims to build a trillion-yuan software and information service industry cluster, focusing on enhancing competitive advantages and fostering new growth engines [4] Group 2: Transportation and Logistics Development - Nanjing is enhancing its logistics network through major projects, including the construction of a multi-modal transport system that integrates air, rail, and water transport [5] - The city has 221 regulated transportation enterprises, accounting for 11% of the province's waterway transport companies and 30% of large-scale freight forwarding companies, indicating a vibrant logistics market [6] - Nanjing is developing a cold chain logistics hub with an investment of 5 billion yuan, which will create a distribution network covering the Yangtze River Delta [6] Group 3: Consumer Market and Tourism Growth - In Q1 2025, Nanjing's total retail sales of consumer goods reached 232.311 billion yuan, with a year-on-year growth of 7.5%, driven by the "first store economy," night economy, and cultural tourism [8] - The city has seen a significant increase in tourism, with 35.9 million domestic and international visitors in the first two months, a 14% increase year-on-year, and tourism revenue of 48.1 billion yuan, up 10% [9] - Nanjing is enhancing the quality of service consumption in various sectors, including tourism, health, and elder care, leveraging its status as a pilot city for service industry expansion [9] Group 4: Strategic Integration and Future Outlook - Nanjing is constructing a modern service industry development framework, integrating software information, transportation logistics, and consumer upgrades into a "golden triangle" for economic growth [9] - The city is positioned to showcase stronger capabilities in the context of China's modernization journey, with the accelerated formation of trillion-yuan industry clusters and the continuous enhancement of its international hub capabilities [9]

截至2025年5月22日收盘，恒华科技(300365)报收于6.03元，下跌1.15%，换手率1.66%，成交量7.86万 手，成交额4764.28万元。 董秘最新回复 投资者： 新型基础设施，基建信息化，可视化质量溯源，工程档案数字化，工程数字化的系统应用， 新旧模式转换带来公司行业业务增长新空间吗？ 董秘： 尊敬的投资者您好，在数字经济、双碳、信创、人工智能技术应用创新等市场机遇下，公司将 紧扣整体战略部署，全力推进各项经营计划：持续巩固并提升BIM平台软件业务，优化产品功能，提升 用户体验，增强市场竞争力；加大技术创新力度，深度融合人工智能等前沿技术，加速基于国产操作系 统的智能设计工具升级改造；加强各业务体系的紧密合作与价值共享，打通部门壁垒，促进资源高效流 通，提升整体运营效率；加大市场开拓力度，深入挖掘潜在市场，制定精准的营销策略，提升品牌知名 度和市场份额。感谢您的关注！ 投资者： 目前公司和中国交通信息在国内和"一带一路"沿线国家和地区业务有合作吗？ 董秘： 尊敬的投资者您好，公司作为"BIM平台软件及行业数字化应用服务商"，积极服务中资企业 在"一带一路"沿线业务拓展，与中国交建、中国中铁等 ...

Core Insights - Snowflake reported Q1 revenue of $1 billion for FY2026, a 26% year-over-year increase, exceeding market expectations [1] - Non-GAAP EPS was $0.26, also better than market forecasts [1] - Product revenue for Q1 grew 26% to $996.8 million, surpassing the analyst average estimate of $966 million [1] - Remaining performance obligations reached $6.7 billion, above the expected $6.57 billion [1] Financial Metrics - Q1 '26 product revenue was $996.8 million, with a quarter-over-quarter increase of 5.7% and a year-over-year increase of 26.2% [2] - Net revenue retention rate for Q1 '26 was 124%, down from 126% in Q4 '25 [2] - The company added over 400 employees in Q1, marking its largest recruitment since early 2023, primarily in sales and marketing [2] Future Guidance - Snowflake expects product revenue to grow approximately 25% in Q2, reaching about $1.04 billion, slightly above analyst estimates of $1.03 billion [3] - Full-year product revenue guidance was raised from $4.28 billion to approximately $4.33 billion, indicating management's confidence in sustained demand [3] - The CEO emphasized the focus on launching new products and enhancing usability for generative AI applications [3] Market Reaction - Following the earnings report, Snowflake's stock rose approximately 7% in after-hours trading [3] - The stock has increased by 37% since hitting a low in early April 2025, reflecting growing investor optimism [3] Competitive Landscape - Snowflake faces competition from other vendors, including Databricks and major cloud providers like Microsoft and Google [4] - Microsoft recently reported increased customer adoption of its Fabric data product suite [4]