在首轮问询回复中，本次募投项目研发支出资本化率为83.33%，高于公司现有同类项目资本化率 64.94%。公司表示，前次募投项目研发成果和持续技术积累为本次项目奠定良好基础，使得费用化投 入比例相对较少。 从具体测算依据来看，本次募投项目根据各项目研发内容和复杂性配置人员，计划建设3年。按相同岗 位职级人员薪酬测算开发支出，结合技术基础、客户基础等情况，参考现有同类项目7个月的资本化时 点，预计本次项目拟资本化开始时间相距研发投入6个月。经测算，费用化支出2597.04万元，资本化支 出12985.20万元，开发支出拟资本化率为83.33%。 与现有同类项目相比，本次募投项目在多方面存在差异。在项目资本性支出构成上，本次募投项目增加 了项目场地投入，因公司2023年8月退租部分办公场所，致济南地区人均场地办公面积较低。开发支出 构成上，两者均以研发人员薪酬为主，但本次募投项目所需人员岗位、级别不同，部分岗位人员月均工 资有差异。开发支出资本化时点上，本次项目略短于现有同类项目，因本次募投项目技术储备和基础充 足，且客户前景、人才储备、政策推动等条件有利。 普联软件（300996）近日发布《关于普联软件股份有限 ...

此外，公司董事长蔺国强、总经理冯学伟、副总经理张廷兵计划在2025年6月30日至9月29日期间，以集 中竞价或大宗交易方式减持不超过195.75万股（占总股本0.70%），减持理由为股东自身资金需求。 值得注意的是，公司研发投入呈现高增速但资本化率偏低的特点。2025年上半年，研发费用累计发生 43,633,562.13元，较上年同期的24,582,200.56元激增77.50%，远超营收9.45%的增速；若考虑研发费用 资本化因素，报告期内研发投入总额达54,716,412.15元，同比增长5.92%。经计算，研发支出资本化率 （资本化研发支出/研发投入总额）约为20.26%，其中资本化研发支出11,082,850.02元，主要投向共享 服务产品数智化提升、数智化金融风险管控系列产品、国产ERP功能扩展及云湖平台研发升级等项目。 然而，高研发投入并未同步转化为盈利增长，反而因费用端压力进一步挤压利润空间——同期销售费用 16,323,028.08元同比增长17.74%，管理费用34,263,304.12元虽同比下降18.21%，但叠加研发费用高增 后，三项费用合计94,219,894.33元，占营业收入比重 ...

Core Viewpoint - The announcement reveals that certain directors and senior management of Puliang Software plan to reduce their shareholdings, which is a normal behavior and will not significantly impact the company's governance or control structure [1][3]. Shareholding Reduction Plan - Directors and senior management, including Chairman Ling Guoqiang, General Manager Feng Xuewei, and Deputy General Manager Zhang Tingbing, plan to reduce their holdings by up to 1,957,500 shares, representing 0.70% of the total share capital [1]. - Specifically, Chairman Ling Guoqiang intends to reduce his holdings by up to 1,705,200 shares (0.61%), General Manager Feng Xuewei by up to 149,940 shares (0.05%), and Deputy General Manager Zhang Tingbing by up to 102,312 shares (0.04%) [1]. Current Shareholding Status - As of the announcement date, Chairman Ling Guoqiang holds 31,269,286 shares (11.13%), General Manager Feng Xuewei holds 2,888,845 shares (1.03%), and Deputy General Manager Zhang Tingbing holds 5,174,513 shares (1.84%), totaling 39,332,644 shares (14.00%) [2][3]. Background Information - Puliang Software was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on June 3, 2021, with an initial issuance of 22,100,000 shares at a price of 20.81 yuan per share, raising a total of 459.90 million yuan [4]. - The company has conducted two fundraising activities since its listing, raising a total of 545.57 million yuan [5].