多分部协同增长，盈利韧性凸显 事件：伟仕佳杰发布 2025 年中期业绩，公司在期内实现了营收与盈利的双增长， 上半年实现收益 455.2 亿港元，同比增长 13.6%，旗下三大业务分部的共同发力， 区域方面东南亚地区高速增长，录得为 167.4 亿港元，同比增长 22.5%，占集团 总收益约 37%；期间归母净利润达 6.10 亿港元，同比增长 34.7%，业务表现超 出市场预期。 报告摘要 核心财务指标亮眼，增长动能强劲。2025H1 公司收入达约 455.2 亿港元，同比增 长 13.55%，增长势头显著。主要得益于旗下三大业务分部的共同发力，其中消费 电子分部收入约 171.9 亿港元，同比增长 7.5%；企业系统分部收入约 257.0 亿港 元，同比增长 14.1%；云计算分部收入约 26.20 亿港元，同比大幅增长 67.9%， 成为集团增长的重要引擎。盈利方面，2025H1 公司毛利率同比增加 0.32 个百分 点至 4.75%，期间录得归母净利润 6.10 亿港元，同比增长 34.7%，盈利增长幅 度超过营收增长，主要受益于盈利能力的提升。 消费电子业务稳定增长，产品多元化优势凸显。消费电子分部 ...

金融护航新型工业化，基础软件迎发展新机遇 2025-08-21 金融护航新型工业化，基础软件迎发展新机遇 原创 来觅研究院 RimeData 来觅数据 撰稿 梁秋兰 2025-08-21 导读：2025 年 8 月 5 日，中国人民银行、工业和信息化部等七部门联合印发《关于金融支持新型工业化 的指导意见》，明确提出到 2027 年，支持制造业高端化智能化绿色化发展的金融体系基本成熟，产品更 加丰富，服务适配性有效增强。《意见》对照新型工业化重点领域，提出针对性支持举措。其中，基础软 件作为信息技术产业的核心基石，被列为重点支持对象。基础软件的现状如何？赛道投融资情况如何？ 未来将如何发展？本文尝试分析和探讨。 基础软件发展现状 在我国经济转型升级的关键时期，新型工业化成为推动高质量发展的核心动力之一。8 月 5 日，中国人民 银行、工业和信息化部、国家发展改革委等七部门联合印发《关于金融支持新型工业化的指导意见》（以 下简称《意见》），这体现了国家对新型工业化的高度重视，也明确了金融支持的具体路径，提出到 2027 年建成支持制造业高端化智能化绿色化发展的成熟金融体系。 从政策的针对性举措来看，在提升产业科技 ...

Core Insights - The WEC China Computing Power Industry Panorama (2025) aims to create a comprehensive map of the computing power industry, highlighting its development and opportunities for innovation [1][2][3] Industry Development Direction - The 2025 panorama will cover three core areas, twelve sub-industries, and seventy-eight vertical tracks, establishing a complete ecosystem from computing power infrastructure to application scenarios [2] - The upstream sector focuses on chip design and manufacturing, IT hardware, and computing center infrastructure, laying a solid foundation for computing power [2] - The computing power industry encompasses basic software, computing services, and platform development, forming a central network for technology and services [2] - The downstream sector includes data services, large model applications, AIGC tools, and various industry applications, showcasing the potential of computing power to empower the real economy [2] Value Proposition for Participants - Joining the panorama offers three core values: brand exposure, ecosystem connectivity, and trend insights [5] - Companies will gain official recognition and visibility at major industry events, enhancing their industry recognition [5] - The classification system will facilitate precise matching of upstream and downstream resources, promoting collaboration across different sectors [5] - Participants will receive priority access to industry analysis and insights, enabling informed strategic decisions [5] Participation Details - The application period for the panorama is from July 1, 2025, to August 10, 2025, with no fees required for participation [6][7] - The panorama will be officially launched at the WEC World Computing Power Expo, providing a platform for brand display and business expansion [7]

Core Insights - The event "Starry Shine in Pengcheng" focused on investment and mergers in the intelligent connected vehicle sector, gathering over 120 representatives from various institutions in Shenzhen [1] - The Shenzhen intelligent connected vehicle industry has established a leading advantage characterized by "legislation first, scenario-driven, and ecological co-construction" [1] - Shenzhen ranks first in the number of patent-holding companies and second in patent disclosures nationwide in the intelligent connected vehicle sector [1] Industry Overview - The intelligent connected vehicle industry in Shenzhen is entering a new phase characterized by full city-wide openness, full vehicle coverage, and full scenario applications by 2025 [1] - Key technological advantages in Shenzhen's intelligent connected vehicle cluster are concentrated in automotive chips, algorithms, and operating systems [1] - Innovation hotspots are primarily in software development, heads-up displays (HUD), ultrasonic radar, integrated control systems (ADAS), and millimeter-wave radar [1] International Comparison - The U.S. and Germany led the transition from horse-drawn carriages to motor vehicles, while Japan excelled in vehicle-road collaboration over the past 30 years [1] - China is viewed as having a significant advantage in the current era of intelligent driving, with optimistic trends in the development of intelligent connected vehicles [1] Investment and Collaboration - The event included discussions on industrial investment data and services for mergers and acquisitions in Shenzhen [1] - Leading companies such as Huawei and BYD engaged in deep dialogues with investment institutions and innovative enterprises [1]

Summary of Conference Call Notes Industry Overview - The macroeconomic environment is influenced by multiple factors including national economic development, new productivity advancements, and national security concerns, with the ongoing US-China rivalry being a significant theme for the foreseeable future [1] - The focus on domestic autonomy and control is expected to create new opportunities in both software and hardware sectors, driven by national policies [1] Key Points on Software Sector - The software sector includes major areas such as large AI models, basic software (operating systems, databases), and industrial software (ERP, EDA, CAD) which have potential for domestic replacement [2][3] - Current domestic production of CPUs and GPUs is heavily reliant on foreign suppliers, with estimates indicating that 70-80% of server CPUs are sourced from Intel and AMD [2][3] - The domestic AI chip market is led by companies like Shenwei and Haiguang, with significant contributions from domestic models in the AI sector [3][4] Key Points on Hardware Sector - The hardware sector is primarily focused on core components like CPUs and GPUs, with a strong emphasis on domestic production capabilities [2][3] - The domestic CPU market is projected to have a substantial replacement space, with a market size exceeding 100 billion RMB [27] - The GPU market is also seeing potential for domestic alternatives, especially in light of US export controls affecting companies like NVIDIA and AMD [28][30] Policy and Market Dynamics - The US has intensified sanctions against China, particularly in advanced technology sectors, which has led to a tightening of export controls and tariffs [6][7][8] - The Chinese government is pushing for self-sufficiency in technology, with policies aimed at achieving autonomy in core technologies, including software and hardware [9][10] - The domestic market for AI servers is expected to grow significantly, with projections indicating that over 60% of AI server purchases will come from domestic sources by 2024 [10][11] Emerging Trends - The development of domestic operating systems, such as HarmonyOS, has gained traction, becoming the second-largest mobile OS in China, with a growing ecosystem of applications [12][18] - The shift towards distributed databases and cloud-based solutions is evident, with domestic companies like Alibaba and Tencent leading the market [21] - The industrial software sector is also evolving, with domestic firms capturing significant market shares in ERP and EDA solutions [23][24] Risks and Challenges - Potential risks include macroeconomic impacts on business demand, slower-than-expected development of large models and industries, and escalating US-China tensions [34] - The ongoing tariff and sanction environment poses uncertainties for the domestic technology sector, particularly in the CPU and GPU markets [15][16] Conclusion - The drive for self-sufficiency in technology is a critical aspect of the ongoing US-China rivalry, with significant implications for the software and hardware industries in China [33]

Innovation-Driven Development - The "14th Five-Year Plan" emphasizes innovation as a key driver for high-quality development, with R&D expenditure increasing by nearly 50% compared to the end of the "13th Five-Year Plan," reaching an increment of 1.2 trillion yuan [2][3] - China has the world's largest R&D workforce, with over 5 million graduates annually in science, technology, engineering, and mathematics, providing a solid foundation for technological breakthroughs [3] - The integration of technology and industry has accelerated, leading to the emergence of high-performance chips, AI models, and robots, with the new economy's added value expected to exceed 24 trillion yuan in 2024 [3] Social Welfare - China has established the world's largest education, healthcare, and social security systems, with a compulsory education consolidation rate and insurance coverage exceeding 95% [5] - The proportion of migrant workers' children attending public schools has reached 97%, an increase of 11.2 percentage points since the end of the "13th Five-Year Plan" [5] - The average life expectancy has increased to 79 years, with significant improvements in long-term care insurance and healthcare accessibility [5] Green Development - China has built the world's largest clean power generation system, with renewable energy capacity surpassing coal power for the first time, achieving a renewable energy share of one-third in electricity consumption [6][7] - By the end of May this year, renewable energy generation capacity reached 2.09 billion kilowatts, more than doubling from 934 million kilowatts at the end of the "13th Five-Year Plan" [6] - The country aims for a 11.6% reduction in energy consumption per unit of GDP by 2024, with significant improvements in resource utilization efficiency and waste management [6][7]

Economic Growth - The "14th Five-Year Plan" period is expected to see an economic increment exceeding 35 trillion yuan, equivalent to recreating the Yangtze River Delta region [3] - The average economic growth rate over the first four years of this period is 5.5%, contributing approximately 30% to global economic growth [3][4] - China's GDP is projected to reach around 140 trillion yuan this year, marking significant economic strength [3] Manufacturing and Infrastructure - China's manufacturing value added has consistently exceeded 30 trillion yuan annually, maintaining its position as the world's largest manufacturing country for 15 consecutive years [4] - The country boasts the largest modern infrastructure network globally, including highways, high-speed rail, and urban transit systems, with over 90% completion of the national comprehensive transportation network [5] - The energy infrastructure is also the largest globally, with a power generation capacity accounting for one-third of the world's total [6] Agricultural and Energy Security - The construction and enhancement of high-standard farmland have reached over 100 million acres, with grain production achieving a new milestone of 1.4 trillion jin [6] - China's energy self-sufficiency rate remains above 80%, with a projected total oil and gas production exceeding 400 million tons of oil equivalent in 2024 [6] Research and Innovation - R&D expenditure has increased by nearly 50% compared to the end of the "13th Five-Year Plan," reaching a total of 1.2 trillion yuan, with R&D intensity rising to 2.68% [9] - China has the largest R&D workforce globally and ranks first in the number of high-tech enterprises, with over 460,000 [9] Regional Development - The economic output of the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area is expected to account for over 40% of the national total by 2024 [10] - The Northeast region contributes 25.3% of the national grain output and 21% of crude oil production [10] Environmental Sustainability - By 2024, China's energy consumption per unit of GDP is expected to decrease by 11.6%, making it one of the fastest countries in reducing energy intensity [11] - The forest coverage rate has increased to over 25%, contributing significantly to global greening efforts [11] Social Welfare - The "14th Five-Year Plan" emphasizes social welfare, with over 95% coverage in basic education, pension, and medical insurance [13] - Approximately 7.8 million units of affordable housing have been constructed, addressing housing issues for over 20 million people [13] Market and Business Environment - The number of private enterprises has increased by over 40% since the end of the "13th Five-Year Plan," reaching more than 58 million [15] - Foreign direct investment in China has totaled 4.7 trillion yuan from 2021 to May this year, surpassing the total for the "13th Five-Year Plan" period [16]

Economic Growth - The total economic output of China is expected to reach approximately 140 trillion yuan this year, with an incremental growth of over 35 trillion yuan, equivalent to recreating the Yangtze River Delta region [2] - The average economic growth rate over the past four years has been around 5.5%, showcasing resilience against various risks and challenges [2] Manufacturing and Infrastructure - China remains the world's largest manufacturing power, with annual manufacturing value added exceeding 30 trillion yuan since the start of the 14th Five-Year Plan [3] - The country has established the largest infrastructure networks globally, including highways, high-speed rail, and urban transit systems, which support rapid economic development [3] Innovation and Technology - China has the largest research and development workforce globally, with over 460,000 high-tech enterprises, leading to continuous innovation and technological advancements [4] - The new economy, represented by "Artificial Intelligence +", is projected to generate over 24 trillion yuan in added value by 2024, equivalent to the combined GDP of Beijing, Shanghai, and Guangdong [4] Global Influence and Soft Power - China's development model has gained international recognition, with increasing global engagement and cultural influence, including the expansion of the "Belt and Road" initiative [5] - The country's cultural soft power has been enhanced through various initiatives, leading to a significant increase in foreign tourist arrivals projected to grow by 96% in 2024 [5] Resilience and Self-Sufficiency - China has achieved a stable food production level, with grain output reaching 1.4 trillion jin, and maintains an energy self-sufficiency rate of over 80% [6] - The country is building a robust material reserve system to enhance its capacity to respond to external shocks [6] Overall National Strength - The comprehensive national strength of China has significantly improved during the 14th Five-Year Plan, laying a solid foundation for achieving the second centenary goal [6]

Core Insights - The company has developed high-performance chips and operating systems in recent years [1] - The AI large models have empowered various industries significantly [1] - The introduction of robots has led to a substantial increase in production efficiency [1]

Summary of Multi-Point Digital Conference Call Company Overview - Multi-Point Digital is a leader in retail digitalization, benefiting from the growth in digital demand and the application of AI technology in vertical industries, particularly in its core businesses of operating systems and AIoT solutions [2][3] Core Business Segments - The company operates primarily in two segments: operating systems and AIoT solutions. The operating system encompasses various aspects of store management, inventory management, payment, procurement, logistics, and customer relationship management. AIoT solutions combine software and hardware, integrating AI technology [4][5] Financial Performance - The company reported a rapid growth in international business revenue, which is expected to reach 160 million yuan in 2024, a year-on-year increase of 28%, accounting for nearly 9% of total revenue [2][9] - The gross margin for SaaS software is approximately 70%-80%, while the gross margin for AIoT solutions has improved from 10% to nearly 20% [2][10][11] - The adjusted net profit for 2024 is projected to be close to 30 million yuan, with expectations for continued profit growth in 2025 and 2026 [4][13] Market Strategy - The domestic retail industry is undergoing transformation, with increasing demand for high-quality service experiences. Multi-Point Digital is actively collaborating with major retailers like Pang Donglai and Bubugao to develop standardized software modules [7][8] - The company aims to optimize its customer structure by expanding its third-party and international client base, which will drive revenue growth [6][10] International Expansion - Multi-Point Digital has established partnerships in international markets, including collaborations with DFI to provide systems for 7-Eleven and Mannings in Hong Kong, and is expanding into Southeast Asia [9][10] AI and Technology Integration - AI applications are being utilized to enhance operational efficiency and reduce costs. The company has implemented AI systems that have generated significant profit increases in retail environments [14] - The integration of stablecoins for cross-border payments is being explored, with partnerships established to enhance competitive positioning in the market [15][17] Future Outlook - The company is optimistic about maintaining a revenue growth rate of 15%-20% in the coming years, driven by its dual business model of operating systems and AIoT solutions [13][20] - The current valuation is approximately 4 times price-to-sales (PS), which is considered low compared to other digital software companies, indicating significant long-term growth potential [19][20] Key Takeaways - Multi-Point Digital is well-positioned in the rapidly growing retail digitalization market, with strong partnerships and a focus on AI and stablecoin integration to enhance its service offerings and market reach [2][19]