Core Viewpoint - Vertex Software's stock has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 7.806 billion yuan, indicating a challenging market environment for the company [1]. Company Overview - Vertex Software, established on October 25, 2000, and listed on May 22, 2017, is based in Fuzhou, Fujian Province. The company focuses on providing information technology solutions centered around business process management (BPM) for the financial industry and other sectors, utilizing its proprietary "LiveBOS" platform [1]. - The company's main revenue sources are software development and services, accounting for 98.37% of total revenue, while system integration contributes 1.63% [1]. Financial Performance - For the period from January to September 2025, Vertex Software reported operating revenue of 385 million yuan, a year-on-year decrease of 8.53%. However, the net profit attributable to shareholders increased by 2.02% to 103 million yuan [2]. - Since its A-share listing, Vertex Software has distributed a total of 814 million yuan in dividends, with 490 million yuan distributed over the past three years [3]. Shareholder Information - As of October 31, 2025, the number of shareholders for Vertex Software increased to 27,000, with an average of 7,573 circulating shares per person, a slight decrease of 1.09% [2]. - Notable new institutional shareholders include Fu Guo Optimized Enhanced Bond C, holding 3.487 million shares, and Hua Bao Zhong Zheng Financial Technology Theme ETF, holding 2.1445 million shares [3].

Core Viewpoint - Vertex Software's stock has experienced a decline in recent trading sessions, with a current price of 38.21 CNY per share and a market capitalization of 7.848 billion CNY [1] Company Overview - Vertex Software, established on October 25, 2000, and listed on May 22, 2017, is located in Fuzhou, Fujian Province. The company focuses on providing information technology solutions centered around business process management (BPM) for the financial industry and other sectors, utilizing its self-developed "Live Business Architecture Platform (LiveBOS)" [1] - The company's main revenue sources are software development and services, accounting for 98.37% of total revenue, while system integration contributes 1.63% [1] Financial Performance - For the period from January to September 2025, Vertex Software reported operating revenue of 385 million CNY, a year-on-year decrease of 8.53%. However, the net profit attributable to shareholders increased by 2.02% to 103 million CNY [2] - Since its A-share listing, Vertex Software has distributed a total of 814 million CNY in dividends, with 490 million CNY distributed over the past three years [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 22.54% to 26,700, while the average number of circulating shares per person decreased by 18.32% to 7,656 shares [2] - Notable new institutional shareholders include Fu Guo Optimized Enhanced Bond C, holding 3.487 million shares, and Hua Bao Zhong Zheng Financial Technology Theme ETF, holding 2.1445 million shares [2]

Core Viewpoint - Vertex Software is a leading enterprise in the fintech sector, providing information technology solutions primarily focused on business process management (BPM) through its proprietary LiveBOS platform [1] Group 1: Business Performance - In Q3 2025, Vertex Software reported revenue of 385 million yuan, ranking 54th among 102 peers, with the industry leader Shanghai Steel Union achieving 57.318 billion yuan [2] - The net profit for the same period was 102 million yuan, placing the company 17th in the industry, while the top performer, Desay SV, reported a net profit of 1.805 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Vertex Software's debt-to-asset ratio was 13.80%, down from 15.31% year-on-year and significantly lower than the industry average of 31.94%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 71.10%, an increase from 70.58% year-on-year and well above the industry average of 41.71%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 22.54% to 26,700, with an average of 7,656.28 circulating A-shares per account, a decrease of 18.32% [5] - New major shareholders include funds such as Fuquan Optimized Enhanced Bond C and Huabao CSI Financial Technology Theme ETF, with respective holdings of 3.487 million shares and 2.1445 million shares [5] Group 4: Management Compensation - The chairman and general manager, Yan Mengyu, received a salary of 951,700 yuan in 2024, an increase of 65,500 yuan from 2023 [4] Group 5: Market Outlook - Research indicates that Vertex Software's revenue and profit for the first three quarters of 2025 exceeded expectations, with continuous improvement in quarterly gross profit margin and cost reduction [5] - Despite cash flow pressures and a slight decrease in contract liabilities, the company is expected to maintain a growth trajectory with projected revenues of 632 million, 757 million, and 870 million yuan from 2025 to 2027 [5]

Core Insights - Vertex Software's stock price increased by 2.02% to 39.99 CNY per share, with a market capitalization of 8.213 billion CNY as of October 28 [1] - The company has seen a year-to-date stock price increase of 8.37%, but a decline of 4.60% over the past 20 days and 7.64% over the past 60 days [1] Financial Performance - For the period from January to September 2025, Vertex Software reported a revenue of 385 million CNY, a year-on-year decrease of 8.53%, while the net profit attributable to shareholders was 103 million CNY, reflecting a year-on-year growth of 2.02% [2] - The company has distributed a total of 814 million CNY in dividends since its A-share listing, with 490 million CNY distributed over the past three years [2] Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased by 22.54% to 26,700, while the average number of circulating shares per person decreased by 18.32% to 7,656 shares [2] - Major shareholders include new entrants such as Fortune Optimized Enhanced Bond C and Huabao CSI Financial Technology Theme ETF, indicating increased institutional interest [2]

Company Overview - Vertex Software, established on October 25, 2000, is located in Fuzhou, Fujian Province, and was listed on May 22, 2017. The company focuses on providing information technology solutions centered around business process management (BPM) and "Internet+" applications for the financial industry and other sectors [1][2] - The main revenue composition of Vertex Software is 98.37% from software development and services, and 1.63% from system integration [1] Financial Performance - For the first half of 2025, Vertex Software reported operating revenue of 246 million yuan, a year-on-year decrease of 7.97%. The net profit attributable to shareholders was 52.88 million yuan, reflecting a year-on-year increase of 8.40% [2] - Since its A-share listing, Vertex Software has distributed a total of 814 million yuan in dividends, with 490 million yuan distributed over the past three years [3] Stock Performance - As of October 9, Vertex Software's stock price increased by 2.03%, reaching 43.73 yuan per share, with a total market capitalization of 8.982 billion yuan. The stock has risen 18.51% year-to-date, with a 6.14% increase over the past five trading days [1] - The stock's trading volume on October 9 was 96.17 million yuan, with a turnover rate of 1.09% [1] Shareholder Structure - As of June 30, 2025, the number of shareholders for Vertex Software was 21,800, a decrease of 10.92% from the previous period. The average number of circulating shares per person increased by 12.26% to 9,373 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 2.251 million shares, a decrease of 436,800 shares from the previous period, while Huashang New Trend Preferred Mixed Fund became a new shareholder with 1.2 million shares [3]

Core Viewpoint - Vertex Software's stock has shown a mixed performance in recent trading, with a year-to-date increase of 15.66% and a recent 5-day increase of 5.38%, despite a 20-day decline of 1.70% [1] Company Overview - Vertex Software, established on October 25, 2000, and listed on May 22, 2017, is located in Fuzhou, Fujian Province. The company focuses on providing information technology solutions centered on business process management (BPM) for the financial industry and other sectors, utilizing its self-developed "Live Business Architecture Platform (LiveBOS)" [1] - The company's main revenue sources are software development and services, accounting for 98.37%, while system integration contributes 1.63% [1] Financial Performance - For the first half of 2025, Vertex Software reported operating revenue of 246 million yuan, a year-on-year decrease of 7.97%. However, the net profit attributable to shareholders increased by 8.40% to 52.88 million yuan [2] - Since its A-share listing, Vertex Software has distributed a total of 814 million yuan in dividends, with 490 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Vertex Software was 21,800, a decrease of 10.92% from the previous period. The average number of tradable shares per person increased by 12.26% to 9,373 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 2.251 million shares, a decrease of 436,800 shares from the previous period. Huashang New Trend Preferred Mixed Fund is a new entrant, holding 1.2 million shares [3]

Core Points - Vertex Software's stock price decreased by 2.02% on September 26, closing at 40.74 CNY per share, with a total market capitalization of 8.367 billion CNY [1] - The company has seen a year-to-date stock price increase of 10.41%, but has experienced declines of 1.88% over the last five trading days, 11.84% over the last twenty days, and 0.83% over the last sixty days [1] Financial Performance - For the first half of 2025, Vertex Software reported revenue of 246 million CNY, a year-on-year decrease of 7.97%, while net profit attributable to shareholders was 52.88 million CNY, reflecting an increase of 8.40% [2] - The company has distributed a total of 814 million CNY in dividends since its A-share listing, with 490 million CNY distributed over the past three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Vertex Software was 21,800, a decrease of 10.92% from the previous period, with an average of 9,373 circulating shares per shareholder, an increase of 12.26% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 2.251 million shares, a decrease of 436,800 shares from the previous period, and Huashang New Trend Preferred Mixed Fund, which is a new entrant holding 1.2 million shares [2]

Group 1 - Vertex Software experienced a decline of 5.06% on September 23, with a stock price of 39.80 yuan per share, a trading volume of 178 million yuan, a turnover rate of 2.14%, and a total market capitalization of 8.174 billion yuan [1] - Vertex Software, established on October 25, 2000, and listed on May 22, 2017, is based in Fuzhou, Fujian Province. The company focuses on providing information technology solutions centered on Business Process Management (BPM) and "Internet+" applications for the financial industry and other sectors [1] - The company's main business revenue composition is 98.37% from software development and services, and 1.63% from system integration [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Huaxia Fund holds a significant position in Vertex Software. The Huaxia Software Leader Mixed Fund A (020593) reduced its holdings by 7,300 shares in the second quarter, maintaining 28,400 shares, which accounts for 3.69% of the fund's net value, ranking as the seventh largest heavy stock [2] - The Huaxia Software Leader Mixed Fund A (020593) was established on June 4, 2024, with a latest scale of 22.0368 million. Year-to-date returns are 44.79%, with a ranking of 1391 out of 8172 in its category; the one-year return is 86.67%, ranking 998 out of 7995; and since inception, the return is 83.4% [2] - The fund manager, Tu Huanyu, has a tenure of 5 years and 186 days, with total assets under management of 11.651 billion yuan. The best fund return during his tenure is 126.39%, while the worst is -28.92%. The co-manager, Shi Zhixu, has a tenure of 189 days, managing 1.415 billion yuan, with the best return of 80.73% and the worst of 0.71% [2]

Core Viewpoint - Vertex Software's stock has experienced fluctuations, with a recent decline in share price and mixed financial performance indicators, highlighting potential investment considerations in the financial technology sector [1][2]. Company Overview - Vertex Software, established on October 25, 2000, and listed on May 22, 2017, is located in Fuzhou, Fujian Province. The company focuses on providing information technology solutions centered on business process management (BPM) for the financial industry and other sectors, utilizing its proprietary "LiveBOS" platform [1]. - The company's main revenue sources are software development and services, accounting for 98.37% of total revenue, while system integration contributes 1.63% [1]. Financial Performance - As of June 30, 2025, Vertex Software reported a revenue of 246 million yuan, a year-on-year decrease of 7.97%. However, the net profit attributable to shareholders increased by 8.40% to 52.88 million yuan [2]. - The company has distributed a total of 814 million yuan in dividends since its A-share listing, with 490 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 10.92% to 21,800, while the average number of circulating shares per person increased by 12.26% to 9,373 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 2.251 million shares, a decrease of 436,800 shares from the previous period. Huashang New Trend Preferred Mixed Fund is a new entrant in the top ten, holding 1.2 million shares [3].

Core Viewpoint - The company, Top Software, is a leader in the new generation of domestic core trading systems, showcasing significant advantages in market expansion and technology innovation [1][3]. Company Overview - Top Software's core trading system is the only one in the securities industry that has achieved comprehensive domestic substitution, with over 10 ongoing system projects and five brokerages having removed Oracle databases [1]. - The company has been recognized in the Ministry of Industry and Information Technology's 2024 key recommended application cases, indicating its strong potential for rapid promotion and replication [1]. Financial Performance - For the first half of 2025, Top Software reported a main revenue of 246 million yuan, a year-on-year decrease of 7.97%, while the net profit attributable to shareholders was 52.88 million yuan, an increase of 8.4% [3]. - The second quarter of 2025 saw a single-quarter main revenue of 104 million yuan, down 19.83% year-on-year, and a net profit of 31.55 million yuan, down 3.13% year-on-year [3]. - The company maintains a gross profit margin of 70.03% and a debt ratio of 14.36% [3]. Market Outlook - The financial technology industry is viewed positively, with expectations of broad development opportunities in the future [3]. - The company utilizes its self-developed "LiveBOS" platform to provide information solutions focused on business process management (BPM) and "Internet+" applications across various financial sectors [3]. Analyst Ratings - In the last 90 days, five institutions have given buy ratings for the stock, with an average target price of 45.93 yuan [3]. Financing Data - In the past three months, the stock has seen a net inflow of 101 million yuan in financing, indicating an increase in financing balance, while the net inflow of short selling was 67,200 yuan [5].