随着中阿合作不断走深走实，越来越多中国企业将迪拜作为区域运营基地。据迪拜商会统计，2025年上 半年，共有772家中国企业在迪拜注册，同比增长3.8%。泽尤迪表示，中国企业为阿联酋带来人工智 能、金融科技、现代物流和生命科学等领域的先进技术与管理经验，有力促进了知识转移与当地技术能 力的提升；同时，阿联酋企业也积极融入中国庞大的消费市场，对接中国先进的工业体系与创新网络， 不断增强全球竞争力。"这种双向互动催生了合资经营、联合研发、人才共育等多元合作模式。该模式 还可在地区乃至全球范围内推广，实现更多共赢。" 当前，单边主义、保护主义抬头，多边主义和自由贸易遭遇挑战。"阿中有责任倡导多边主义，共同维 护自由开放的国际贸易体系。"泽尤迪表示，阿中双方应携手构建更具韧性的全球供应链，持续提升贸 易便利化水平，积极推进绿色、可持续的投资实践，为世界经济可持续发展注入动能。 《 人民日报 》（ 2025年11月07日 03 版） (责编：岳弘彬、牛镛) "进博会是中国持续扩大高水平对外开放、与世界共享市场机遇的重要平台。"阿联酋外贸部长兼阿联酋 国际投资峰会主席萨尼·泽尤迪日前在接受本报记者专访时表示，阿联酋愿同中国 ...

本届进博会期间，首届阿联酋国际投资峰会中国峰会也将在上海同步举办。"选择在上海设立阿联酋国 际投资峰会首个国际分会场，充分体现了阿中两国深化战略合作的坚定决心。"泽尤迪表示，上海是全 球重要的金融与贸易枢纽，拥有先进的基础设施和活跃的投资生态。"峰会将有效搭建投资对接的坚实 桥梁，助力各方探索协同发展路径、缔结长期稳定的伙伴关系。" "进博会是中国持续扩大高水平对外开放、与世界共享市场机遇的重要平台。"阿联酋外贸部长兼阿联酋 国际投资峰会主席萨尼·泽尤迪日前在接受本报记者专访时表示，阿联酋愿同中国一道，深化务实合 作，实现互利共赢、共同发展。 作为本届进博会主宾国之一，阿联酋国家馆以"创新、可持续与伙伴关系"为主题，展现其推动知识驱动 型、环境友好型经济增长的发展方向，传递与各方深化合作的意愿。泽尤迪介绍，今年阿联酋参展企业 覆盖基础设施、可再生能源、生命科学等领域，将集中发布智慧能源解决方案、人工智能驱动的金融服 务以及可持续建筑技术等创新成果。"通过进博会这一平台，我们希望向中国及全球观众展示阿联酋充 满活力的营商环境与技术专长，以及阿联酋企业在知识密集型领域的全球竞争力。" 近年来，以进博会为窗口，阿联 ...

Core Viewpoint - Runhe Software (300339) reported a revenue of 2.719 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 12.86%, and a net profit attributable to shareholders of 62.1493 million yuan, up 26.88% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 2.719 billion yuan in the first three quarters of 2025, reflecting a 12.86% increase compared to the previous year [1] - The net profit attributable to shareholders reached 62.1493 million yuan, representing a year-on-year growth of 26.88% [1] Group 2: Business Development - Runhe Software is focusing on traditional core businesses while actively expanding into innovative sectors such as open-source Harmony, open-source Euler, and enterprise-level AI to drive new growth [1] - In financial technology, the company has integrated AI technologies deeply with its financial services, covering six major state-owned banks, twelve joint-stock banks, and over 280 small and medium-sized licensed financial institutions by mid-2025 [1] Group 3: Technological Advancements - In the smart IoT sector, the company has developed a "end-edge-cloud" domestic autonomous industrial IoT security digital foundation, leveraging AI full-stack technology and service capabilities for leading applications [1] - In the smart energy sector, Runhe Software plans to gradually implement new intelligent equipment-based smart distribution network solutions, comprehensive smart operation and maintenance solutions for substations, and new microgrid, virtual power plant, and electricity sales digital solutions [1]

Core Viewpoint - The company operates primarily in the domestic market, focusing on smart energy solutions and public infrastructure construction, with significant changes in revenue and profit margins observed over recent years [9][11]. Financial Performance - The company's revenue and net profit growth rates have shown fluctuations, with a notable decline in 2023 compared to previous years [11][12]. - In the first half of 2025, the company reported a net profit margin of -0.46%, a decrease of 0.62 percentage points year-on-year [18]. - The operating cash flow for the first half of 2025 was 18.90 million, while financing and investment activities showed negative cash flows [22]. Revenue Composition - For the first half of 2025, the revenue composition was 40.4 million from smart energy business and 54.1 million from public construction business [13]. - In 2024, the revenue from public construction business was 20.287 million, indicating a significant contribution to overall revenue [15]. Asset and Liability Changes - As of the first half of 2025, fixed assets decreased by 5.49%, while contract assets increased by 3.68% [33]. - The company’s liabilities showed a 29.89% increase in accounts payable, while long-term loans decreased by 14.07% [36]. Financial Ratios - The company’s current ratio was reported at 5.17 and the quick ratio at 5.15 in the first half of 2025, indicating strong liquidity [40]. - The asset-liability ratio has been consistently below the industry average, recorded at 24.39% in 2023 [39].

Core Insights - Qingyuan Co., Ltd. reported a net profit attributable to shareholders of approximately 86.78 million yuan for the first half of 2025, representing a year-on-year increase of over 60% [1] - The company achieved an operating revenue of approximately 1.205 billion yuan in the first half of 2025, reflecting a year-on-year growth of 37.98% [1] - Qingyuan Co., Ltd. is engaged in the research, design, production, and sales of distributed photovoltaic brackets, fixed photovoltaic brackets, and intelligent photovoltaic trackers, as well as investment, development, construction, and operation of photovoltaic power plants [1]

Core Viewpoint - Shengruan Technology, a company spun off from Sinopec, is attempting to establish itself as an independent player in the smart oil and gas field, but faces significant challenges including high dependency on a major client, Sinopec, and declining profit margins [2][4][11]. Company Overview - Shengruan Technology was founded in January 2002 and was initially a subsidiary of Sinopec. It became fully employee-owned in 2004 [2][4]. - The founder, Xu Yafei, has a strong academic background in mathematics and has led the company for over two decades [3]. Financial Performance - The company reported revenues of 5.25 billion RMB in 2024, with a growth rate of 4.7% compared to 2023 [11]. - Revenue figures for the previous years were 3.91 billion RMB in 2022 and 5.02 billion RMB in 2023, showing a growth of 28.4% in 2023 [11]. - The gross profit margin has been declining, with figures of 41.4%, 38.1%, and 37.1% for 2022, 2023, and 2024 respectively, and a further drop to 24.6% in the first four months of 2025 [21][22]. Client Dependency - The company has a high dependency on Sinopec, with sales to Sinopec accounting for 64.9%, 51.4%, and 51.6% of total revenue from 2022 to 2024 [15]. - The top five clients contributed to 84.3%, 64.3%, and 70.3% of total revenue during the same period, indicating a significant concentration risk [15]. Operational Challenges - Shengruan Technology has faced issues with accounts receivable, with turnover days increasing dramatically to 1662 days in the first four months of 2025, highlighting potential cash flow issues [25]. - The company has experienced multiple accounting errors since 2021, leading to significant restatements of financial results and regulatory scrutiny [7][10]. Business Segments - The company operates primarily in three segments: smart energy solutions, smart manufacturing solutions, and smart city solutions, with smart energy contributing the largest share of revenue [11][13]. - The revenue breakdown for smart energy solutions was approximately 75.2%, 60.9%, and 69.4% for 2022, 2023, and 2024 respectively [12]. Future Prospects - Shengruan Technology plans to enhance its customer base and reduce reliance on major clients, having increased its customer count from 268 to 403 over three years [17]. - The company aims to invest in research and development, particularly in its oil and gas industry model, to improve its competitive position [27].

Core Viewpoint - Shandong Victorysoft Technology Co., Ltd. (Victorysoft) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for enhancing its solutions, R&D, sales network, and exploring strategic investments, despite facing significant financial challenges and high customer dependency [1][2]. Financial Performance - The company reported a net profit margin of -66.8% and a gross profit margin of 24.6% for the first four months of 2025, indicating severe short-term performance pressure [2][3]. - Revenue for 2022, 2023, and 2024 was 391 million, 502 million, and 525 million RMB respectively, with net profits of 37.6 million, 53.7 million, and 59.3 million RMB, reflecting a steady increase in profitability [2]. Business Model and Seasonality - Victorysoft's revenue is highly concentrated in the fourth quarter, leading to a pattern of "annual profit, short-term loss," which poses risks if project deliveries do not meet expectations [3][4]. - The company relies heavily on project acceptance in the second half of the year, which can significantly impact annual profitability [4]. Gross Margin Decline - The gross margin has declined from 41.4% in 2022 to 24.6% in the first four months of 2025, with significant drops across all business segments [4][5]. - The gross margin for the smart energy solutions segment fell from 42.7% in 2022 to 26.9% in the first four months of 2025, while the smart manufacturing solutions segment saw a drop from 71.2% to 15.1% [4][5]. Customer Dependency and Accounts Receivable - Victorysoft's top five customers accounted for over 70% of its revenue, with Sinopec being the largest contributor, indicating a high dependency on a limited customer base [6][7]. - Accounts receivable turnover days surged to 1662 days by April 2025, reflecting significant cash flow issues and reliance on delayed payments from government and state-owned enterprise clients [8][9]. Market and Competitive Landscape - The growth rate of the smart energy solutions market in China is projected to slow to 15.6% from 2019-2024, which may impact Victorysoft's revenue growth [10]. - The company ranks tenth in the smart energy solutions market by revenue, facing competition from state-owned enterprises with their own IT teams [10]. R&D Investment - Victorysoft's R&D expenditure as a percentage of revenue has been below the industry average, with figures of 7.4%, 6.3%, and 6.2% from 2022 to 2024, which may hinder its long-term competitiveness [11]. Financial Control Issues - The company has faced regulatory warnings due to financial control issues, including accounting errors that have necessitated multiple corrections [12]. - As of now, Victorysoft's market capitalization is only 2.6 billion RMB, below the Hong Kong Stock Exchange's minimum listing requirement of 4.65 billion RMB [12].

Core Viewpoint - Shandong Shengruan Technology Co., Ltd. (Shengruan Technology) is attempting to list on the Hong Kong Stock Exchange after facing setbacks in the A-share market, indicating a strong desire to enter the capital market [1][3][4]. Group 1: Company Background and Business Model - Shengruan Technology is a provider of intelligent energy solutions, focusing on the oil and gas industry, and has expanded its services to various verticals including smart manufacturing and smart city solutions [4][5]. - The company was established in 1993 and has evolved from a government entity into an independent operation, leveraging its strong ties with China Petroleum for industry expertise [5][6]. - Over the years, Shengruan Technology has completed approximately 5,000 smart energy projects, establishing a significant presence in the Chinese energy sector [5][6]. Group 2: Financial Performance and Market Position - According to Frost & Sullivan, Shengruan Technology ranks first in revenue among independent smart oilfield solution providers in China and second among independent smart energy solution providers for 2024 [9]. - The smart oilfield solution market in China is projected to grow from RMB 8.3 billion in 2019 to RMB 18.9 billion in 2024, with a compound annual growth rate (CAGR) of 17.9% [11]. - Shengruan Technology's revenue for the years 2022 to 2025 (January to April) was RMB 391 million, RMB 502 million, RMB 525 million, and RMB 31 million, respectively, reflecting growth rates of 28.43%, 4.69%, 3.99%, and a decline in the latest period [11][12]. Group 3: Challenges and Risks - The company has faced challenges with declining gross margins, particularly in its core smart energy solutions, where the gross margin fell from 42.7% in 2022 to 26.9% in early 2025 [13][14]. - Shengruan Technology's reliance on a limited number of clients poses a significant risk, with revenues from its top five clients accounting for 84.3%, 64.3%, 70.3%, and 73.5% of total revenue during the reporting periods [22][24]. - The company has high accounts receivable, with trade receivables exceeding total revenue in the latest reporting period, indicating potential cash flow issues [19][20]. Group 4: Future Outlook - Shengruan Technology aims to expand its global market presence and explore overseas opportunities, particularly in oil and gas fields, as part of its growth strategy [18]. - The company plans to utilize part of the funds raised from its IPO to enhance its international footprint and develop localized solutions for foreign markets [18]. - Despite its ambitions, the company remains heavily dependent on its operations in Shandong Province, which may limit its growth potential in the broader market [19][24].

Company Overview - Shengruan Technology has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan Securities (Hong Kong) as its sole sponsor [1] - The company is the largest independent solution provider in China's smart oil and gas field solutions market, holding a market share of 4.9% [1] - Shengruan Technology is recognized as the only representative in the energy sector among the 49 national-level cross-industry industrial internet platforms [1] Financial Performance - The company's revenue compound annual growth rate (CAGR) is projected at 15.9% from 2022 to 2024, while net profit CAGR is expected to be 25.66% [1] - In the first four months of 2025, revenue growth slowed to 4.07%, and net losses expanded to 20 million yuan, primarily due to product delivery cycles and revenue recognition issues [1] - As of April 30, 2025, the company had cash and cash equivalents of 67 million yuan [1] Business Segments - Shengruan Technology offers solutions across three main areas: smart energy solutions (65.4% of revenue), intelligent manufacturing solutions (9.6%), and smart city solutions (25%) [2] - The smart energy solutions segment includes six categories, such as oil and gas exploration and production solutions [2] - The smart city solutions segment has seen significant growth, with a 112.8% increase in revenue in 2025, contributing to a 25% revenue share [3] Market Position and Industry Growth - The smart energy solutions market in China is expected to grow at a CAGR of 19.1%, reaching a market size of 32.4 billion yuan by 2024 and 66.9 billion yuan by 2029 [7] - Shengruan Technology holds a second-place market share of 2.3% in the smart energy solutions sector, while leading the independent solutions market in smart oil and gas with a 4.9% share [7] - The intelligent manufacturing and smart city solutions markets are also projected to grow steadily, with significant potential for expansion [8] Profitability and Cost Management - The company's gross margin has declined, with a gross margin of 24.6% in the first four months of 2025, down 6.3 percentage points year-on-year [5] - The gross margin for the smart energy solutions segment decreased from 42.7% to 26.9%, a drop of 15.8 percentage points [5] - Despite the decline in gross margin, the company has effectively controlled expenses, leading to an increase in net profit margin from 9.6% in 2022 to 11.3% in 2024 [6]

Core Viewpoint - The company, Shengruan Technology, is seeking to relist on the Hong Kong Stock Exchange after a previous failure, highlighting its position as a leading independent provider of smart oil and gas field solutions in China, with a market share of 4.9% [1] Company Performance - Shengruan Technology's revenue is projected to grow at a compound annual growth rate (CAGR) of 15.9% from 2022 to 2024, while net profit is expected to grow at a CAGR of 25.66% during the same period [1] - In the first four months of 2025, revenue growth slowed to 4.07%, and the company reported a net loss of 0.2 billion RMB, primarily due to product delivery cycles and revenue recognition issues [1] - As of April 30, 2025, the company had cash and cash equivalents of 0.67 billion RMB [1] Business Segments - The company operates in three main business segments: smart energy solutions (65.4% of revenue), smart manufacturing solutions (9.6%), and smart city solutions (25%) [2] - The smart energy solutions segment has shown steady growth from 2022 to 2024, but revenue significantly declined in 2025, dropping from 85.9% to 65.4% of total revenue [2] - The smart city solutions segment experienced a remarkable growth of 112.8% in 2025, increasing its revenue share by 12.8 percentage points [3] Financial Metrics - The company's gross margin has been declining, with a gross margin of 24.6% in the first four months of 2025, down 6.3 percentage points year-on-year [6] - The gross margin for the smart energy solutions segment fell from 42.7% to 26.9%, a decrease of 15.8 percentage points [6] - Despite the decline in gross margin, the company has managed to optimize its expense ratios, leading to an increase in net profit margin from 9.6% in 2022 to 11.3% in 2024 [6] Industry Outlook - The smart energy solutions market in China is expected to grow at a CAGR of 19.1%, reaching a market size of 32.4 billion RMB by 2024, and is projected to reach 66.9 billion RMB by 2029 [7] - The smart city solutions market is also significant, with a projected market size of 2.83 trillion RMB in 2024 and a CAGR of 16.3% [7] - Shengruan Technology holds a leading position in the smart energy solutions market, ranking second with a market share of 2.3% among the top five players [8] Competitive Position - The company faces challenges as its growth rate is lagging behind the industry average, indicating a potential decline in competitive strength [8] - The company has a high customer concentration, with the top five customers contributing over 70% of revenue, which poses risks to revenue stability [5] - The company's financial health is under pressure, with a high accounts receivable ratio, as 91.4% of revenue in 2024 was tied up in receivables [8]