截至发稿，华如科技市值为42亿元。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 （记者 曾健辉） 每经AI快讯，华如科技（SZ 301302，收盘价：27.23元）8月25日晚间发布公告称，本激励计划拟授予 的激励对象总人数共计4人，采取的激励工具为限制性股票，股票来源为公司从二级市场回购的公司A 股普通股股票；拟向激励对象授予限制性股票数量不超过105万股，约占本激励计划草案公告时公司股 本总额约1.56亿股的0.67%；限制性股票的授予价格为每股13.57元，即满足归属条件后，激励对象可以 每股13.57元的价格购买公司向激励对象授予的公司A股普通股股票，有效期为自限制性股票授予之日起 至激励对象获授的限制性股票全部归属或作废失效之日止，最长不超过48个月。 2025年1至6月份，华如科技的营业收入构成为：硬件产品占比78.21%，软件产品占比11.09%，技术开 发占比10.69%，其他业务占比0.01%。 ...

截至发稿，华如科技市值为42亿元。 每经AI快讯，华如科技（SZ 301302，收盘价：27.23元）8月25日晚间发布公告称，公司第五届第十一 次董事会会议于2025年8月22日以通讯方式召开。会议审议了《关于提请股东会授权董事会办理公司 2025年限制性股票激励计划相关事宜的议案》等文件。 2025年1至6月份，华如科技的营业收入构成为：硬件产品占比78.21%，软件产品占比11.09%，技术开 发占比10.69%，其他业务占比0.01%。 （记者 张喜威） 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 ...

欢迎扫描下方二维码关注： 申税小微有话说： 创新是引领发展的第一动力，是推动高质量发展、建设现代化经济体系的战略支撑。 为了让软件企业全面知悉科技创新税费优惠政策、准确适用享受政策，申税小微今天为大家带来 软件产品增值税即征即退 政策 全解读。 政 策 内 容 增值税一般纳税人销售其自行开发生产的软件产品，按现行税率征收增值税后，对其增值税 实际税负超过3%的部分 实行即征即退政 策。 申 请 条 件 01 02 软件产品界定及分类：软件产品是指信息处理程序及相关文档和数据。 软件产品 包括计算机软件产品、信息系统和 嵌入式软件产品 。 嵌入式软件产品是 指嵌入在计算机硬件、机器设备中并随其一并销售，构成计算机硬件、机器设备组成部分的软件产品。 取得软件产业主管部门颁发的《软件产品登记证书》或著作权行政管理部门颁发的《计算机软件著作权登记证书》的软件产品，经主 管税务机关审核批准， 可以享受 财税〔2011〕100号通知规定的增值税政策。 对 增值税一般纳税人 随同计算机硬件、机器设备 一并销售 嵌入式软件产品，如果适用财税〔2011〕100号通知规定按照 组成计税价 格 计算确定计算机硬件、机器设备销售额的 ...

Core Insights - The software industry in China reported a revenue of 42,582 billion yuan in the first four months of the year, reflecting a year-on-year growth of 10.8% [1] - The total profit of the software industry reached 5,075 billion yuan, with a year-on-year increase of 14.2% [1] - Software exports amounted to 17.26 billion USD, showing a growth of 3.5% compared to the previous year [1] Revenue Breakdown - Software product revenue was 9,933 billion yuan, marking a year-on-year growth of 9.6%, accounting for 23.3% of the total industry revenue [1] - Basic software revenue was 536 billion yuan, with an increase of 8.6% [1] - Industrial software product revenue reached 913 billion yuan, growing by 6.3% [1] Information Technology Services - Revenue from information technology services was 28,415 billion yuan, reflecting a year-on-year growth of 11.5%, constituting 66.7% of the total industry revenue [1] - Cloud computing and big data services generated 4,658 billion yuan, with a growth of 11.4%, representing 16.4% of the information technology services revenue [1] - Integrated circuit design revenue was 1,210 billion yuan, showing an 18.0% increase [1] - E-commerce platform technology service revenue reached 3,341 billion yuan, with an 8.1% growth [1]

Summary of Conference Call Records Industry Overview - The conference call discusses the impact of the "anti-involution" policy on various industries, including traditional cyclical goods, wind power, automotive, aquaculture, and logistics, leading to positive effects on advanced manufacturing sectors [1][5] - The AI industry is highlighted, with overseas capital expenditure exceeding expectations, driving an increase in AI agent penetration rates and improvements in the upstream PCB output and revenue [1][6] Key Points and Arguments Economic Indicators - In July, the profitability of industrial enterprises showed a rebound, with accounts receivable turnover days decreasing, indicating the effectiveness of the anti-involution policy at the macro level [1][7] - The overall industry and non-financial sector's prosperity index improved in July, particularly in finance, manufacturing, and TMT sectors, supported by favorable policies [3] Sector Performance - **Industrial Metals and Energy**: Prices for copper and aluminum rose significantly in July, while lithium resource prices showed signs of stabilization [5] - **Automotive Sector**: Strong sales and export data were reported, with new installations in wind power showing improved growth rates [5] - **Gaming Industry**: The number of approved domestic games remained high, with significant new releases expected in August, potentially catalyzing market activity [9] - **AI Industry**: The PCB output and revenue in Japan and Taiwan showed year-on-year growth, with the storage index increasing for five consecutive months [6][8] Specific Industry Trends - **Small Metals and Military Industry**: Prices for rare earths and tungsten have risen significantly, driven by improved demand from military and advanced manufacturing sectors [2][10] - **General Automation Equipment**: Production of machine tools, CNC devices, and robots saw a notable year-on-year increase, with good export data [4][11] - **Pharmaceutical Sector**: The sector is showing signs of recovery, with significant increases in industrial value-added and profit in June [4][12] - **Insurance Sector**: Both liability and investment logic have improved, with continuous growth in premium income [4][13] Additional Important Insights - The current market risk appetite remains high, with strong performances in the robotics and military sectors, driven by events and new product launches [15] - Recommendations for tactical allocations include storage, software, general automation, chemicals, insurance, and coal, while strategically favoring finance, military, and pharmaceuticals [14] - The market is exhibiting a "dumbbell" style, with small-cap stocks performing strongly [16] Market Dynamics - Retail investor funds are still showing a net outflow, although there was a slight increase in account openings in July [18] - Foreign capital outflows have slowed, with recent weeks showing slight net outflows [19] - The derivatives market indicates a moderate recovery, with stock index futures showing no strong bullish or bearish expectations [25] This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current state of various industries and market dynamics.

Core Insights - The software and information technology services industry in China showed a positive performance in the first half of the year, with steady revenue growth and double-digit profit increases [1][2] - Software business revenue reached 70,585 billion RMB, a year-on-year increase of 11.9%, while total profits amounted to 8,581 billion RMB, growing by 12.0% [1] - Software exports totaled 28.3 billion USD, reflecting a growth of 5.3% compared to the previous year [1] Revenue Breakdown - Information technology services generated 48,362 billion RMB in revenue, marking a 12.9% year-on-year increase and accounting for 68.5% of the total industry revenue [1] - Cloud computing and big data services achieved a combined revenue of 7,434 billion RMB, growing by 12.1% [1] - Integrated circuit design revenue reached 2,022 billion RMB, with an impressive growth of 18.8% [1] - E-commerce platform technology services generated 5,882 billion RMB, reflecting a 10.2% increase [1] Software Products Performance - Software product revenue was 15,441 billion RMB, with a year-on-year growth of 10.6%, representing 21.9% of the total industry revenue [1] - Basic software product revenue reached 903 billion RMB, growing by 13.8% [1] - Industrial software product revenue was 1,445 billion RMB, with an increase of 8.8% [1] Regional Performance - The Beijing-Tianjin-Hebei region saw a software business revenue increase of 12.5% [2] - The Yangtze River Delta region experienced a revenue growth of 13.7% [2] - The top five provinces in software business revenue were Beijing, Guangdong, Jiangsu, Shandong, and Shanghai, with year-on-year growth rates of 12.6%, 9.0%, 14.4%, 12.9%, and 18.0% respectively [2]

Group 1 - The article discusses the tax policies related to various financial products, including the exemption of VAT for certain asset management products held until maturity [2] - It outlines the procedures for cross-border taxable activities and the conditions under which taxpayers do not need to reapply for exemption after initial registration [3] - The article emphasizes the importance of maintaining proper documentation for tax exemption claims to avoid penalties [3] Group 2 - It details the process for VAT deduction on electronic toll invoices, including the requirement for taxpayers to confirm the invoice usage through the VAT invoice service platform [5][6] - The article specifies that small-scale taxpayers can choose their tax reporting period, either monthly or quarterly, but cannot change this choice within the same fiscal year [8] - It highlights the need for certain production enterprises, such as those producing methanol gasoline and biodiesel, to maintain a tax deduction ledger as per regulatory requirements [10] Group 3 - The article clarifies the conditions under which software products can enjoy VAT tax incentives, including the necessity for certification from recognized software testing institutions [12] - It discusses the handling of non-taxable invoices for prepaid cards and the necessary steps for issuing negative invoices in case of customer returns [10][11] - The article mentions that specific tax offices must be visited for processing vehicle purchase tax exemptions [13]

Core Viewpoint - ZTE Corporation reported a net profit of 5.148 billion yuan for 2019, but the quality of this profit is questionable due to significant reliance on non-recurring gains and tax refunds [1][2][6]. Financial Performance Summary - ZTE's total revenue for 2019 was 90.737 billion yuan, representing a year-on-year growth of 6.11% [1]. - The net profit of 5.148 billion yuan includes 2.663 billion yuan from land sales, highlighting a dependency on asset disposals for profit [1][7]. - After excluding non-recurring gains, the adjusted net profit was only 484.7 million yuan, raising concerns about the sustainability of its core business profitability [1][4][6]. Non-Recurring Gains Breakdown - The non-recurring gains before tax amounted to 5.504 billion yuan, with a post-tax figure of 4.663 billion yuan [2]. - Major components of non-recurring gains included: - Disposal of non-current assets: 2.688 billion yuan (48.84%) - Other non-recurring items: 2.713 billion yuan (49.30%) [3]. - Tax refunds and investment income contributed significantly to the reported profits, with software product VAT refunds at 1.24478 billion yuan and investment gains at 819.63 million yuan [5][6]. Land Sale Contribution - The land sale from the Shenzhen Bay project contributed 2.662 billion yuan to ZTE's profits, accounting for 37% of the total profit [7][8]. - The company utilized land leasing as a strategy to bolster profits during challenging financial periods, raising questions about the sustainability of this approach moving forward [8][9].

Core Viewpoint - The article clarifies common misconceptions regarding the VAT immediate collection and refund policy for software products, emphasizing the specific conditions under which software products can qualify for this policy. Group 1: Misconceptions about VAT Policy - Misconception 1: All software products can enjoy the VAT immediate collection and refund policy. Correct understanding: Only software products with a "Software Product Registration Certificate" or a "Computer Software Copyright Registration Certificate" issued by the relevant authorities can qualify, subject to approval by the tax authority [1]. - Misconception 2: Small-scale taxpayers can enjoy the VAT immediate collection and refund policy. Correct understanding: This policy is applicable only to qualified general VAT taxpayers [2]. - Misconception 3: Software products sold together with machinery cannot enjoy the VAT immediate collection and refund policy. Correct understanding: General VAT taxpayers can sell embedded software products along with hardware, but must separately account for the costs of the software and hardware [3][4]. - Misconception 4: Taxpayers cannot enjoy the VAT immediate collection and refund policy if they charge maintenance or training fees when selling software. Correct understanding: Taxpayers can still enjoy the policy even if they charge installation, maintenance, or training fees, provided they follow the relevant regulations [5]. - Misconception 5: General VAT taxpayers can enjoy the VAT immediate collection and refund policy for imported software that has only undergone Chinese character processing. Correct understanding: Only software that has undergone substantial localization, such as redesign or improvement, qualifies for the policy; mere Chinese character processing does not count [6]. Group 2: Policy References - The article references two key policy documents: "Notice on VAT Policy for Software Products" (Cai Shui [2011] No. 100) and "Notice on Several VAT Policies" (Cai Shui [2005] No. 165) as the basis for the VAT immediate collection and refund policy [6].

Core Viewpoint - Quantum computing company "Quantum Spin Technology" has completed a Series B financing round amounting to hundreds of millions, with investors including government funds and various institutions. The funds will be used to expand research and production of superconducting quantum computers and to grow the research team [2][6]. Financing - Quantum Spin Technology has completed five rounds of financing since its establishment, with investors including Ming Shi Capital, Shenzhen High-tech Investment Group, and others [7]. - The recent financing round is primarily supported by government funds and industrial capital [2]. Technology and Products - Quantum Spin Technology focuses on the industrialization and popularization of quantum computing, providing a one-stop solution that includes superconducting quantum computers, desktop nuclear magnetic quantum computers, quantum computing cloud platforms, and application software [6][7]. - The company has developed a self-researched superconducting chip "Shaowei," which features high Qi value, long qubit lifespan, and high stability [7][11]. Market Potential - According to McKinsey, the global quantum computing revenue is expected to exceed $1 billion by 2025, with the market potentially reaching between $28 billion and $72 billion by 2035 [5]. - The entire quantum technology industry is projected to approach $100 billion by 2035 and reach $198 billion by 2040 [5]. Competitive Landscape - Quantum Spin Technology is positioned as a leading technology enterprise in the superconducting and nuclear magnetic quantum fields, competing with major companies like IBM and Google [10][11]. - The company aims to achieve breakthroughs in core technology areas by 2025, including material processes, chip design, and system integration [11][12]. Future Outlook - The company plans to focus on three main areas: advancing technology in superconducting quantum computers and cloud platforms, deepening application scenarios in finance and AI, and expanding its global market presence [12][25]. - The CEO believes that achieving fault-tolerant superconducting quantum computers will require significant time and investment, with milestones set for 2029 and 2035 [12][22].