Core Viewpoint - The company, Suochen Technology, announced adjustments to its internal investment structure for its "R&D Center Construction Project" and "Annual Production of 260 DEMX Underwater Noise Test Instruments" project, delaying the completion of the R&D center from April 2026 to April 2028 [2][3] Group 1: Project Adjustments - The investment progress for the "R&D Center Construction Project" is only 27.87% as of June 30, 2025, while the "Annual Production of 260 DEMX Underwater Noise Test Instruments" project has surpassed 50% [3] - The company plans to reduce personnel salary input for the R&D project by 49%, with a budget cut of 127 million yuan, while increasing the budget for equipment purchases by 125 million yuan [4] - The adjustments aim to enhance the efficiency of fund usage and expedite the company's strategic implementation, focusing on meeting equipment needs rather than building a high-end R&D talent team [4] Group 2: Financial Performance - In the first three quarters of 2025, the company reported a revenue of 106 million yuan, a year-on-year increase of 27.83%, but incurred a net loss of 75.95 million yuan, reflecting a "revenue growth without profit" situation [6] - Despite being in a favorable market for domestic alternatives and industrial software, the company's financial performance remains under pressure, with a net loss exceeding 30 million yuan in the third quarter of 2025 [6] - The average salary of R&D personnel decreased from 210,500 yuan in the first half of 2024 to 157,300 yuan in the first half of 2025, despite an increase in the number of R&D staff from 185 to 202 [6]

一家尚未盈利的科创板公司，斥资1.92亿元现金收购一家持续亏损的工业软件企业60%股权，评估增值 率高达1151.92%——这是索辰科技近日完成的收购。这家被称为"国产CAE软件第一股"的企业拟通过全 资子公司，以1.92亿元现金收购北京力控元通科技有限公司60%股权。 力控科技作为工业软件提供商，最近两年一期持续亏损，却获得了32.4亿元的估值。更引人关注的是， 这家公司的估值在一年内缩水超过75%。 高溢价收购亏损标的 截至2025年6月30日，力控科技股东全部权益评估价值为3.24亿元，评估增值率高达1，151.92%。 力控科技的财务数据与高估值形成了鲜明对比。这家公司在最近两年一期持续亏损，且亏损规模不小。 具体来看，2023年、2024年和2025年1——6月，力控科技的营业收入分别为2.50亿元、2.17亿元和0.68 亿元。同期归属于母公司股东的净利润分别为-4155.38万元、-3479.77万元和-1305.21万元。 更令人关注的是，力控科技的估值在短期内大幅波动。2024年9月，中石化资本曾挂牌转让其持有的 8.33%股权，转让底价1.08亿元。按此计算，当时力控科技的估值高达约12. ...

证券日报网讯12月8日，索辰科技在互动平台回答投资者提问时表示，CAE软件作为工程仿真工具为研 发部门提供支持，在工业产品设计与优化中发挥着关键作用。关于火箭回收技术，公司目前尚未承接相 关业务或订单。公司将持续聚焦于物理AI引擎、CAE软件等核心业务发展。 ...

格隆汇12月8日丨索辰科技(688507.SH)在投资者互动平台表示，CAE软件作为工程仿真工具为研发部门 提供支持，在工业产品设计与优化中发挥着关键作用。关于火箭回收技术，公司目前未承接相关业务或 订单。 ...

格隆汇12月8日丨索辰科技(688507.SH)在投资者互动平台表示，公司将持续聚焦于物理AI引擎、CAE软 件等核心业务发展。 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [16]. Core Insights - The report emphasizes the concept of "Lighthouse Factories," which are leading the intelligent upgrade of the manufacturing industry by integrating advanced technologies such as artificial intelligence, IoT, and big data analytics [6]. - A total of 201 factories have been recognized as Lighthouse Factories globally, with 85 located in China, showcasing their exceptional manufacturing capabilities and performance in areas like production efficiency and supply chain resilience [6]. - Industrial software is identified as the digital foundation for Lighthouse Factories, playing a crucial role in enhancing production intelligence and efficiency across four core areas: R&D design, manufacturing, operational management, and maintenance services [6]. - The report suggests focusing on companies that are positioned to benefit from the growth of industrial software and intelligent manufacturing, including Zhongwang Software, Huada Jiutian, and Yonyou Network, among others [6]. Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 60,881.53 billion and a circulating market value of about 55,021.98 billion [3]. - The absolute performance of the industry over the past 12 months has been 52.1%, while the relative performance against the benchmark index has improved by 33.9% [4].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **domestic software industry** in China, particularly focusing on the **localization of key software** and the **信创 (Xinchuang) industry** which is expected to accelerate by 2026 due to government mandates [1][4][3]. Key Software Localization - The **localization rate** of domestic operating systems in the government sector has reached **65%**, but the overall rate is only **4.55%**. By the end of 2025, the localization rate in the government sector is expected to exceed **80%**, with a market size of over **1 trillion yuan** [1][6]. - The **localization rate** for databases is low across various industries, with financial non-core systems at **40%**, energy at **15%**, and many sectors below **5%**. The domestic database market is projected to reach **668 billion yuan** by 2025, growing to over **800 billion yuan** by 2027, with a compound annual growth rate (CAGR) of approximately **12%** [1][9]. - Middleware localization has increased to **45%**, with financial, telecommunications, and government sectors exceeding **70%**. The middleware market is expected to reach **160 billion yuan** by 2025, with a year-on-year growth rate of **17%** in 2023 [1][11]. Market Dynamics - The **Office software** localization rate in the government and civilian B-end is around **40%-50%**, with Kingsoft WPS holding a significant market share. The government sector has achieved **100% localization** [1][14]. - The **ERP market** has the highest localization rate among industrial software, exceeding **70%**. The market size is expected to be around **500-600 billion yuan** by 2025, growing at **10%-15%** annually [1][17]. - The **R&D design software** sector, including EDA, CAD, and CAE, has low localization rates of **10%-15%** for EDA and CAE, and **25%-30%** for CAD. The market space for these segments is significant, with EDA alone estimated at **120-140 billion yuan** [1][19]. Company Performance and Valuation - Representative companies in the **database sector** include **达梦数据 (Dameng Data)**, with a projected PS ratio of **22x** in 2025, and **太极股份 (Taiji Co.)**, with a PS ratio of **1.9x** [1][10]. - In the **middleware sector**, companies like **宝兰德 (Baolande)** and **普元信息 (Puyuan Information)** are highlighted, with PS ratios of **8.94x** and a competitive market landscape [1][12]. - The **R&D design software** companies are experiencing varied growth rates, with **华大九天 (HuaDa JiuTian)** expected to grow by **20%** due to reliance on a single client, while others like **广立微 (Guangliwei)** are expanding rapidly [1][21]. Regulatory Impact - The **79th document** from the State-owned Assets Supervision and Administration Commission mandates that state-owned enterprises complete the localization of information systems by **2027**, which is expected to drive significant growth in the domestic software market [1][4]. Conclusion - The conference call emphasizes the rapid development and localization of key software in China, driven by government policies and market demand. The potential for growth in various software sectors, particularly in databases, middleware, and ERP systems, presents significant investment opportunities. The performance of leading companies in these sectors indicates a robust market environment, despite challenges in localization rates across certain software categories.

Core Viewpoint - The acquisition of a 60% stake in Beijing Likong Yuantong Technology Co., Ltd. by Suochen Technology aims to enhance its core competitiveness and expand its product technology capabilities and customer base in the CAE industry [1][2][3] Group 1: Acquisition Details - Suochen Technology plans to acquire 60% of Likong Technology for 192 million yuan, with the transaction expected to add goodwill of 169 million yuan to Suochen's balance sheet [1][6] - The overall valuation of Likong Technology is set at 324 million yuan, reflecting a significant appraisal increase of 1151.92% [1][6] - The acquisition will allow Suochen Technology to integrate Likong Technology into its consolidated financial statements, enhancing its market position in the industrial software sector [2][3] Group 2: Financial Performance of Likong Technology - Likong Technology has reported continuous losses, with total revenues of 535 million yuan and a net loss of approximately 89.4 million yuan from 2023 to mid-2025 [1][5] - As of June 2025, Likong Technology's asset-liability ratio stands at 94.05%, indicating a high level of financial risk [5][6] - The company has made commitments to achieve a total net profit of no less than 80.8 million yuan from 2025 to 2027, which is crucial for the success of the acquisition [5][6] Group 3: Strategic Implications - The acquisition signifies a strategic shift for Suochen Technology from focusing solely on industrial R&D design software to a more comprehensive approach covering the entire industrial lifecycle [3] - By leveraging Likong Technology's existing customer base of thousands of industrial enterprises, Suochen aims to enhance its profitability and market reach [3][5] - The integration is expected to create synergies between the two companies, as both operate in complementary segments of the industrial software market [2][3]

Group 1 - The core point of the article is that Suochen Technology plans to acquire 60% of the shares of Likong Technology for 192 million yuan, marking a significant asset restructuring [2][3] - The acquisition increases the share purchase from the previously planned 51% to 60%, allowing Suochen Technology to provide comprehensive lifecycle solutions from research and design to production [3] - Likong Technology has over 20 years of experience in the SCADA field, focusing on data acquisition, monitoring, real-time databases, and industrial control information security [3] Group 2 - The acquisition employs a differentiated pricing strategy, with the controlling shareholders and core management team agreeing on a transaction price of 271 million yuan for 100% equity of Likong Technology [4] - Different transaction parties have varying valuations based on initial investment costs and entry times, leading to a final valuation of 510 million yuan for certain investors and 525 million yuan for others [4] - As of September 29, Suochen Technology's stock closed at 102.89 yuan per share, with a market capitalization of 9.17 billion yuan [5]

Group 1 - The core point of the news is that Suochen Technology plans to acquire 60% equity of Likong Technology for 192 million yuan, marking a significant asset restructuring [1] - The total valuation of Likong Technology's 100% equity is set at 320 million yuan, with the acquisition proportion increased from 51% to 60% compared to a previous plan [1] - Suochen Technology specializes in the research, development, sales, and service of CAE software, while Likong Technology has over 20 years of focus in the SCADA field, covering data acquisition, monitoring, real-time databases, and industrial control information security [1] Group 2 - The core management team of Likong Technology recognizes the synergy effects post-transaction in core technology, customer resources, business collaboration, and management integration [2] - The transaction pricing for different stakeholders varies, with the total valuation for Likong Technology's 100% equity ranging from 496 million yuan to 525 million yuan based on different investors [2] - As of September 29, Suochen Technology's stock closed at 102.89 yuan per share, with a market capitalization of 9.17 billion yuan [2]