例如，对一段生产工艺数字化时，系统除了需要录屏、收音并抓取CNC操作日志外，还可配合传感器 获取工具寿命和工件良率，并结合上述五种模态数据降低知识入库门槛。 当对不同行业、不同业务线积累的数据足够庞大后，即可通过"智能数据套件"对其进行统一封装，带 着"业务属性"去检查数据的一致性、唯一性，通过"智能数据体检"后，将数据治理结果与国标、企业标 准及历史数据关联，构建出专属于指定工厂的"工艺知识图谱"，进而提升数据质量，改善大模型应用效 果。 除了数据积累与运用层面的提升，涉及多个生产环节的智能体协同，也是当前工业大模型应用的另一重 点提升方向。 据行业测算，当前企业内部AI应用的发展速度，很有可能符合"摩尔定律"的规律，即每隔18个月，AI相 关应用的数量将会翻一倍，这对企业管理者、执行者与中控平台对不同智能体的协同调度能力产生了考 验。 近日，2025"雅典娜杯"两岸青年人才创新创业大赛决赛在浙江绍兴举行，在两岸300支参赛队伍中选拔 出的19支队伍展示了其创新产品与产业应用思路。 作为为大赛提供数智原生底座的数字化服务商，鼎捷数智执行副总裁刘波在大赛现场的主题演讲中表 示，AI大模型时代，在为创业者们搭建 ...

Core Viewpoint - The company reported a steady revenue growth in the first half of 2025, driven by effective resource allocation and AI technology integration, despite some challenges in the mainland China market [1][2][3][4]. Group 1: Financial Performance - In H1 2025, the company achieved a revenue of 1.045 billion yuan, a year-on-year increase of 4.08% [1] - The net profit attributable to shareholders was 45 million yuan, up 6.09% year-on-year, while the net profit after deducting non-recurring gains and losses decreased by 9.89% to 36 million yuan [1]. Group 2: Regional Performance - Revenue from mainland China was 476 million yuan, growing by 4.61% year-on-year, although growth was impacted by fluctuations in downstream demand [1] - Revenue from non-mainland China regions reached 569 million yuan, with a year-on-year increase of 3.65% [1]. Group 3: AI Integration and Market Trends - The company is leveraging AI technology to enhance solutions in Taiwan, focusing on trends such as labor shortages, information security, and green manufacturing [2] - In Southeast Asia, the company capitalized on opportunities from Chinese enterprises expanding overseas, resulting in a revenue growth of 60.87% [2]. Group 4: Business Segments - All four major business lines in industrial software embraced AI, with the R&D and design segment achieving a revenue of 57 million yuan, marking an 11.05% increase [3] - The company launched an AI-integrated PLM product, securing nearly 100 client contracts and enhancing customer value [3]. Group 5: AI Product Development - The company increased investment in the Athena digital native platform, enhancing its capabilities and performance [4] - AI business revenue surged by 125.91% in H1 2025, driven by innovative applications that reduced raw material costs by approximately 15% and improved product quality by 8% [4]. Group 6: Future Projections - Revenue projections for 2025-2027 are estimated at 2.540 billion, 2.781 billion, and 3.089 billion yuan, with net profits expected to be 190 million, 234 million, and 287 million yuan respectively [4].

Core Viewpoint - The company reported a slight revenue growth in H1 2025, with a total revenue of 1.045 billion yuan, representing a year-on-year increase of 4.08%, while the net profit attributable to shareholders reached 45 million yuan, up 6.09% year-on-year [1] Revenue Analysis - Revenue growth was driven by slight increases in Taiwan and mainland China, with Southeast Asia and AI applications showing significant growth. H1 and Q2 revenue growth rates were 4% and 4%, respectively, aligning with expectations [2] - In H1 2025, revenue from mainland China and overseas reached 476 million yuan and 569 million yuan, respectively, with year-on-year growth of 4.61% and 3.65%. Notably, local revenue in Southeast Asia surged by 61% [2] - By product line, revenue for R&D design, enterprise management, production control, and AIoT in H1 2025 was 57 million yuan, 571 million yuan, 138 million yuan, and 274 million yuan, reflecting year-on-year growth of 11.1%, 4.3%, 7.4%, and 3.5%, respectively. AI application products experienced a remarkable year-on-year growth of 126% due to enhanced product matrix and customer penetration [2] Profit Analysis - The company managed to optimize expenses significantly, which helped mitigate the impact of credit impairment losses, resulting in stable profit margins. The year-on-year growth rates for net profit attributable to shareholders were 6% for H1 and 2% for Q2 [3] - The gross margin for Q2 2025 was 57.39%, showing a decline of 1.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, while the overall gross margin for H1 was 58.32%, reflecting an increase of 0.88 percentage points year-on-year [3] - In Q2 2025, the sales, management, and R&D expense ratios were 25.09%, 9.49%, and 6.51%, respectively, with year-on-year decreases of 0.87 percentage points, 0.07 percentage points, and 2.67 percentage points, attributed to ongoing personnel control measures [3] AI Integration and Future Outlook - The company is fully embracing AI transformation, transitioning from "+AI" to "AI+". Since rebranding in 2024, the company has launched multiple AI software infrastructure suites, enhancing the integration of AI across its business [4] - The commercial aspect includes leveraging AI to increase product value, with AI-integrated PLM products boosting average transaction prices by approximately 30%. The AI business revenue grew by 126% year-on-year in H1 2025 [4] - The company is increasing its R&D investment in AI, planning to raise 838 million yuan for digital ecosystem empowerment projects, indicating strong potential for AI business growth [4] - Future profit projections for 2025-2027 estimate net profits of 197 million yuan, 242 million yuan, and 295 million yuan, with corresponding growth rates of 26%, 23%, and 22%, and PE ratios of 67.8x, 55.1x, and 45.2x [4]

Financial Performance - In the first half of 2025, the company achieved revenue of 1.045 billion CNY and a net profit of 45.0267 million CNY, indicating a dual growth in revenue and profit [2] - Revenue from mainland China reached 476 million CNY, a year-on-year increase of 4.61%, while revenue from non-mainland China was 569 million CNY, growing by 3.65% [2] - The net profit attributable to shareholders increased by 6.09%, with a gross margin of 58.32%, up approximately 0.88 percentage points year-on-year [3] Strategic Adjustments - The company strategically adjusted its business structure starting in 2025, focusing on promoting high-margin businesses, resulting in a slight recovery in gross margin [3] - Management expenses were effectively controlled, with the management expense ratio decreasing by 0.04 percentage points [3] AI Integration and Development - The company has integrated AI capabilities into various systems, completing contracts with dozens of clients in Taiwan and developing AI applications in green manufacturing and information security [4] - In the Southeast Asian market, there is a growing demand for digital management and production control products, with a preference for SaaS light applications [4] - The company has developed numerous AI applications across production, sales, and finance, achieving significant cost reductions and efficiency improvements [4] Product and Market Growth - The R&D design business generated revenue of 57 million CNY, an increase of 11.05% year-on-year, driven by the launch of an AI-integrated PLM product [5] - The company has signed contracts with nearly 100 clients for its AI-driven PLM system, enhancing customer value and product pricing [5]

Core Insights - Dingjie Smart achieved a revenue of 1.045 billion yuan in the first half of 2025, representing a year-on-year growth of 4.08% [1] - The company reported a net profit attributable to shareholders of 45.0267 million yuan, with a year-on-year increase of 6.09%, indicating a steady growth in both revenue and profit [1] Group 1: Domestic Performance - In mainland China, Dingjie Smart's revenue reached 476 million yuan, growing by 4.61% year-on-year, driven by consumer subsidy policies and domestic substitution in semiconductor manufacturing [1] - The company focused on high-growth niche markets and utilized AI technology to enhance product performance while optimizing operations to reduce costs and increase efficiency [1] Group 2: International Performance - In non-mainland China regions, the company generated revenue of 569 million yuan, marking a year-on-year increase of 3.65% [2] - In Taiwan, Dingjie Smart capitalized on trends in AI, labor shortages, and information security, signing contracts with dozens of clients and bringing in nearly a hundred AI ecosystem partners [2] - The company experienced a significant revenue growth of 60.87% in Southeast Asia by enhancing industry association collaborations and expanding its reach in the market [2] Group 3: R&D and Product Development - Dingjie Smart's AI business revenue surged by 125.91% as the company focused on upgrading its "Dingjie Athena Smart Native Base" platform and developing multiple enterprise-level AI entities [2] - The company launched several new products, including smart data suites and AIoT command centers, reflecting its commitment to continuous R&D investment [2]

Core Viewpoint - Dingjie Zhizhi (300378) reported steady growth in revenue and net profit for the first half of 2025, driven by advancements in AI technology and strategic focus on high-demand market segments [1] Group 1: Financial Performance - The company achieved operating revenue of 1.045 billion yuan, a year-on-year increase of 4.08% [1] - The net profit attributable to shareholders reached 45.0267 million yuan, reflecting a year-on-year growth of 6.09% [1] - Revenue in mainland China was 476 million yuan, up 4.61% year-on-year, while revenue from non-mainland regions was 569 million yuan, increasing by 3.65% [1] Group 2: Business Development - The company focuses on four main business segments: R&D design, digital management, production control, and AIoT, all of which experienced year-on-year revenue growth [1] - The company capitalized on consumer subsidy policies and domestic substitution in semiconductor manufacturing to target high-growth niche markets [1] Group 3: R&D and Product Innovation - The company made significant advancements in its "Dingjie Athena Intelligent Native Base," enhancing platform functionality and performance [1] - AI business revenue surged by 125.91% due to the development of multiple enterprise-level AI agents [1] - Recent product launches include the Intelligent Data Suite, Enterprise Intelligent Agent Suite, four industrial software AI suites, AIoT Command Center, and Industrial Mechanism AI Suite [1][2] Group 4: AI and Digital Transformation - The Intelligent Data Suite includes modules for intelligent data engines, indicator management, and data governance, addressing the growing demand for AI infrastructure [2] - The Enterprise Intelligent Agent Generation Suite promotes the transformation of AI from a tool to a "digital employee" [2] - The AIoT Command Center and Industrial Mechanism AI Suite enable predictive maintenance and optimization of processes and production scheduling, fostering a deeply integrated "AI+IT+OT" collaborative system [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Viewpoints - The domestic AI Agent industry is currently transitioning from being easy to use to being truly effective, with rapid increases in AI penetration [2][10] - The company is actively embracing AI, having recently hosted an event to discuss its vision for the future of AI and digital transformation, and has been recognized as a leading AI enterprise [4][10] - The company is expected to achieve net profits of 197 million, 243 million, and 295 million yuan for the years 2025 to 2027, with corresponding growth rates of 26%, 23%, and 22% [10] Summary by Sections Company Overview - The company has made significant investments in AI, enhancing its product capabilities and accelerating the formation of a commercial closed loop [2][10] - The company has released multiple AI software infrastructure suites in 2025, integrating AI across its business operations [10] Market Position - The company has been recognized in various rankings, including being listed among the top 30 global AI+ enterprises and the top 20 decision-making AI companies in China [4][10] - The company is positioned to lead industry changes due to its accumulated industry know-how and customer base [10] Financial Projections - The company is projected to have total revenue of 2.58 billion, 2.91 billion, and 3.34 billion yuan from 2025 to 2027, with a gross profit margin of approximately 57% to 59% [13] - The earnings per share (EPS) are expected to increase from 0.72 yuan in 2025 to 1.09 yuan in 2027 [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company is a leading provider of digital transformation and smart manufacturing solutions in China, expected to benefit from the recovery of the domestic manufacturing sector and opportunities abroad, with AI capabilities opening up growth potential [4][6] - The company maintains its profit forecast, projecting net profits for 2025-2027 to be 201 million, 240 million, and 289 million yuan, respectively, with corresponding EPS of 0.74, 0.88, and 1.07 yuan per share [4][9] - The current stock price corresponds to a PE ratio of 74.8, 62.9, and 52.1 for the years 2025, 2026, and 2027, respectively [4][9] Financial Summary - Revenue is projected to grow from 2,228 million yuan in 2023 to 3,581 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.6% [9][11] - The net profit is expected to increase from 150 million yuan in 2023 to 289 million yuan in 2027, with a significant year-on-year growth of 29.4% in 2025 [9][11] - The gross margin is forecasted to stabilize around 60% from 2025 onwards, while the net margin is expected to improve gradually from 7.0% in 2023 to 8.2% in 2027 [9][11] Product and Innovation - The company has launched several AI-enabled software solutions, including smart data suites and industrial software AI suites, showcasing its strong application capabilities in various operational scenarios [7][6] - The recent AI-themed event highlighted the company's commitment to enhancing productivity through data and intelligent technologies, addressing challenges in digital transformation for enterprises [5][6]

Group 1 - The core theme of the event was "AI Elevation: Steering the Intelligent Future," focusing on the integration of AI trends and practical applications in enterprises [1] - The new book titled "Intelligent Productivity: From Digital Transformation to Intelligent Rebirth" was launched, emphasizing deep reflections and practical experiences regarding the future of intelligence [1] - The chairman of the company, Ye Zizhen, stated that the value of AI lies not in replacing humans but in liberating them from repetitive tasks, aiming to create an "AI+" era rather than a "+AI" era [1] Group 2 - The company introduced the "SUPA" model, which innovatively describes the data application process, suggesting that data should perceive, understand, plan, and execute like humans [3] - Ye Zizhen presented a framework for AI development consisting of "one model, two cores, and three types of intelligent agents," which integrates the physical and digital worlds [3] - The "Athena platform" was highlighted as a practical embodiment of the company's vision, providing a "digital operating space" for enterprises to simulate operations based on data changes [4] Group 3 - The core value of AI agents was emphasized, including autonomous decision-making, dynamic adaptation, continuous learning, and multi-modal collaboration capabilities [5] - The company launched key products such as the intelligent data suite and enterprise intelligent agent generation suite to promote AI applications in enterprises [5] - Ye Zizhen expressed a vision for a "portable digital twin" for every individual, which would grow with training and provide tailored services to enterprises by integrating personal knowledge with enterprise data [5]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is leading enterprises towards a digital-native transformation by upgrading its product thinking and driving software development through an "upgrade" paradigm, having initiated the "Smart+" strategy in 2015 and the Athena platform development in 2019 [2][3] - The company has developed a new driving force for digital intelligence, covering five major areas: R&D design, production manufacturing, quality control, business management, and after-sales service [2] - The AI suite includes a comprehensive data management stack, enterprise AI generation suite, integration of AI into ERP, PLM, MES, and WMS systems, and an AIoT command center, showcasing the company's capabilities in digital transformation [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.658 billion, 3.051 billion, and 3.576 billion respectively, with year-on-year growth rates of 14.0%, 14.8%, and 17.2% [4][6] - Earnings per share (EPS) are projected to be 0.73, 0.91, and 1.14 for the years 2025, 2026, and 2027 respectively [4][6] - The price-to-earnings (PE) ratios corresponding to the closing price on June 27 are 48.87, 39.07, and 31.40 for the years 2025, 2026, and 2027 respectively [4][6]