Core Viewpoint - China Software International has signed a strategic cooperation agreement with Shenzhen Kaihong Digital Industry Development Co., Ltd. and Loongson Technology Co., Ltd. to jointly develop the "Longhong System" based on "Open Source Harmony + LoongArch" [1][2] Technical Aspects - The collaboration will focus on deep adaptation of "LoongArch chips + KaihongOS" to optimize the performance of the Loongson platform, ensuring stable software and hardware integration [1] - A joint technical team will be established to work on kernel adaptation, driver development, performance optimization, security enhancement, and AI empowerment [1] Product Development - The three parties will leverage their strengths to create edge computing gateways, AI terminals, and customized industry solutions targeting core scenarios such as industrial control, government affairs, and smart living [1][2] Market Strategy - The collaboration aims to tackle government and industry localization projects, prioritizing implementation in key cities like Shenzhen, Beijing, and Jiangsu, while also expanding into overseas markets [2] Ecological Development - The partners will participate in open-source community building and industry standard formulation, promoting standardization of technical interfaces and resource sharing [2] - The "Longhong System" is designed to provide a complete closed-loop technology system for national critical information infrastructure and core industries, ensuring system-level security and control [2] Long-term Vision - The collaboration is seen as an opportunity to deepen technological integration and industrial cooperation, aiming to accelerate the large-scale implementation of an independent information technology system and create long-term value for shareholders [2]

Core Viewpoint - China Software International (00354) has signed a strategic cooperation agreement with Shenzhen Kaihong Digital Industry Development Co., Ltd. and Loongson Technology Co., Ltd. to jointly develop the "Longhong System" based on "Open Source Harmony + LoongArch" [1][2] Technical Aspects - The three parties will focus on deep adaptation of "LoongArch chips + KaihongOS" to optimize the performance of the Loongson platform, ensuring stable software and hardware integration [1] - A joint technical team will be established to work on kernel adaptation, driver development, performance optimization, security enhancement, and AI empowerment [1] Product Development - The collaboration aims to create edge computing gateways, AI terminals, and customized industry solutions for core scenarios such as industrial control, government affairs, and smart living [1][2] Market Strategy - The three parties will collaborate on domestic projects, prioritizing implementation in key cities like Shenzhen, Beijing, and Jiangsu, while also planning to expand into overseas markets [2] Ecological Development - The partners will participate in open-source community building and industry standard formulation, promoting standardization of technical interfaces and resource sharing [2] - The "Longhong System" is designed to provide a complete closed-loop technology system for national critical information infrastructure and core industries, ensuring system-level security and control [2] Long-term Vision - The collaboration is expected to deepen technological integration and industrial synergy, accelerating the large-scale implementation of an independent information technology system, thereby creating long-term value for shareholders and contributing to national technological self-reliance [2]

Summary of the Conference Call for 深城交 Industry and Company Overview - 深城交 is transitioning into a low-altitude intelligent network service platform, focusing on hardware products such as signal machines, edge computing gateways, and multifunctional lamp poles [2][3][4] - The company is establishing a comprehensive low-altitude tower network and leveraging Shenzhen's hardware ecosystem to incubate new infrastructure products [2][3] Core Points and Arguments Product Development and Services - The company has categorized its products into three main types: 1. **Low-altitude and intelligent network infrastructure hardware**: This includes signal machines, edge computing gateways, and multifunctional lamp poles, which are continuously being updated [3] 2. **Intelligent network and low-altitude transport vehicles**: This includes manned and unmanned vehicles, with a 2000 square meter testing facility established in Longhua, Shenzhen [3][4] 3. **Urban facility inspection equipment**: This includes inspection drones, robotic dogs, and other devices aimed at enhancing urban governance and infrastructure safety through AI detection [4][5] International Market Expansion - 深城交 is actively pursuing international markets, having secured software orders worth approximately 40-50 million in the UAE and participating in projects in Saudi Arabia, Hong Kong, and Singapore [5][6] Organizational Changes - The company has restructured its internal organization to adapt to new business needs, hiring ID hardware and AI talent while encouraging traditional staff to transition to new roles [6][7] Financial Outlook and Market Expectations - The company anticipates a cautious investment approach, focusing on hardware procurement and delivery, with plans to complete approximately 300 million in low-altitude orders in 2025 [3][10] - Factors affecting new order acquisition include unclear top-level policies, restricted airspace, and immature technology [11] Future Development Opportunities - The company believes that clearer national policies and infrastructure development could accelerate growth in the low-altitude sector [12][13] - The company is involved in various national planning initiatives related to low-altitude transport, indicating future support for this emerging industry [13] Smart Network Progress - In the smart network sector, the company has completed the construction of an autonomous driving test site in Pingshan and is focusing on unmanned logistics to create a networked operation across Shenzhen [14] International Business Model - 深城交's international business model revolves around productization and comprehensive solutions in urban governance and smart transportation, with a focus on Southeast Asia and the Middle East [15] Financial Performance and Future Projections - The company experienced a decline in performance in the first three quarters of the year due to environmental impacts and the transition from traditional to new business models [16] - Future performance will depend on securing funding for new projects, with a cautious outlook for 2026 [17] Other Important Insights - The company is exploring opportunities in the smart city and transportation sectors, leveraging its experience in Shenzhen to expand internationally [15] - The emphasis on AI and core technology development aims to maintain competitive advantages while reducing production costs through outsourcing [7][8]

Core Viewpoint - Guangge Technology (688450) reported mixed financial results for the first half of 2025, with significant revenue growth but a notable decline in net profit, indicating potential challenges in profitability despite increased sales [1]. Financial Performance - Total revenue for the first half of 2025 reached 87.38 million yuan, a year-on-year increase of 71.44% compared to 50.97 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -31.38 million yuan, reflecting a 55.6% decline from -20.17 million yuan in the previous year [1]. - The gross profit margin decreased to 45.88%, down 16.67% from 55.06% in 2024, indicating rising costs relative to sales [1]. - The net profit margin improved slightly to -35.91%, a 9.24% increase from -39.56% in 2024 [1]. Cash Flow and Expenses - Operating cash flow per share was -0.4 yuan, showing a 42.33% improvement from -0.7 yuan in the previous year, suggesting better cash generation from operations [1][7]. - Total expenses (selling, administrative, and financial) amounted to 40.95 million yuan, accounting for 46.87% of revenue, a decrease of 26.86% year-on-year [1]. Inventory and Assets - Inventory levels rose significantly, with a year-on-year increase of 51.75% [1]. - The company reported a 291.53% increase in prepaid expenses, attributed to higher material procurement prepayments [2]. Liabilities and Financial Position - Interest-bearing liabilities decreased by 13.70% to 84.72 million yuan [1]. - The company’s net assets per share fell to 14.73 yuan, down 8.51% from the previous year [1]. Business Development and Strategy - The company is focusing on expanding into new products and industries, particularly in areas such as next-generation fiber optic sensing networks and IoT asset operation systems [9]. - Continuous investment in R&D for innovative applications in various sectors, including oil and gas, transportation, and structural health monitoring, is a key strategic focus [9].

Group 1 - The company, Yinghantong (688080.SH), provides industrial routers and edge computing gateways that assist industrial robot manufacturers in creating comprehensive remote networking solutions and intelligent remote operation management systems [1] - The solutions offer secure and high-speed network connections while enabling data collection from robot controllers, transmitting data to cloud platforms through various communication methods such as wired broadband, WiFi, or 4G/5G [1] - The functionalities include remote status monitoring, real-time alert notifications, fault diagnosis and analysis, remote fault location, program upgrades, asset management, preventive maintenance, and industrial big data mining [1] Group 2 - The solutions have been successfully applied in well-known domestic and international industrial robot manufacturers, although the revenue contribution from these solutions remains relatively small [1]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but new contract signings and growth in new business segments provide a positive outlook for future performance [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.316 billion yuan, a decrease of 7.26%, and a net profit of 106 million yuan, down 34.74% [1]. - For Q4 2024, revenue was 536 million yuan, a slight decline of 0.15%, with a net profit of 47 million yuan, down 57.59% [1]. - In Q1 2025, revenue was 181 million yuan, a decrease of 20.78%, with a net loss of 28 million yuan, although the loss narrowed year-on-year [1][2]. Business Segments - The big data software and smart transportation segment generated revenue of 736 million yuan, an increase of 27.09% [1]. - The engineering design and testing segment saw revenue drop to 224 million yuan, down 31.84% [1]. - The planning and consulting services segment reported revenue of 355 million yuan, a decrease of 30.25% [1]. - Other businesses generated revenue of 2 million yuan, down 41.5% [1]. New Contracts and Business Growth - In 2024, the company signed new contracts worth 2.58 billion yuan, a year-on-year increase of 49% [2]. - New quality business segments grew by 138%, accounting for over 67% of total business, providing strong momentum for the company's transformation [2]. Low-altitude Economy and Infrastructure - By the end of 2024, the company had over 300 million yuan in orders related to the low-altitude economy, positioning it as a key technical support provider in Shenzhen [3]. - The company is involved in low-altitude construction and operation consulting for nearly 20 cities, with confirmed revenue of 18.5856 million yuan from low-altitude planning consulting in 2024 [3]. New Infrastructure and Technology Development - The company is expanding into new fields such as intelligent computing and supercharging, accelerating its transformation into a product-oriented and platform-oriented technology company [4]. - It has launched various hardware products and solutions aimed at building the next-generation smart transportation system, including drones and autonomous vehicles [4]. Future Projections - Revenue projections for 2025-2027 are 2.035 billion yuan, 2.807 billion yuan, and 3.489 billion yuan, respectively, with net profits expected to be 227 million yuan, 338 million yuan, and 467 million yuan [5].