编号：2025-25 北京中长石基信息技术股份有限公司投资者关系管理活动记录-调研纪要 证券代码：002153 证券简称：石基信息 北京中长石基信息技术股份有限公司 投资者关系活动记录表 投资者关系 活动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他： 参与单位名 称及人员姓 名 国泰基金-韩知昂；东方证券-宋鑫宇 时间 2025 年 12 月 4 日 地点 北京市海淀区复兴路甲 65 号石基信息大厦会议室 上市公司接 待人员姓名 董秘、副总裁-罗芳；证券部-何龙光 投资者关系 活动主要内 容介绍 1、海外的酒店集团对于咱们公司有地缘政治方面的顾虑 吗？ 目前现行法律法规并没有不能采购中国软件的限制。对于地 缘政治的担忧，公司采取的策略没有变化，依然是让成熟的已经 被全球高端酒店普遍采用并在全球范围内部署的石基云餐饮系 统 INFRASYS POS 为先锋，加快上线更多的酒店，酒店通过使 用石基餐饮云认识和了解了石基是一个什么样的公司，我们的产 品和服务是否比他们原来使用的系统好很多，用事实告诉客户石 基的数据是如何访问和保存的，是否安全合规，研发 ...

Core Insights - The company is focusing on its globalization strategy and enhancing its core product competitiveness while addressing geopolitical risks [1][4]. Group 1: Globalization Strategy - The company aims to become a leader in the global hotel information systems market, with potential revenue growth comparable to established industry leaders [2]. - The company is accelerating its global expansion through signing and launching benchmark clients to increase market influence [2]. Group 2: Product Differentiation - The company's cloud PMS product, DAYLIGHT PMS, has three key differentiators: product design tailored for group clients, a microservices architecture for flexibility and scalability, and automated data integration that ensures compliance with local regulations [3]. - The company is leveraging its widely used cloud restaurant system, INFRASYS POS, to demonstrate product strength and data security to clients [4]. Group 3: Geopolitical Risk Management - The company asserts that current laws do not restrict the procurement of Chinese software, maintaining a stable response strategy [4]. - The company has signed contracts with several international hotel groups, including Melco, Kempinski, and Marriott, which helps mitigate concerns related to geopolitical risks [4]. Group 4: Business Focus - The company has no immediate plans for new acquisitions, focusing instead on advancing its globalization and platform strategies while concentrating on product iteration and market expansion [5]. Group 5: SaaS Pricing Model - The company's SaaS pricing is linked to hotel room numbers, service duration, and selected functional modules, catering to different client needs [6]. Group 6: OTA Connectivity - The company explains that while direct connections with OTAs are not mandatory, they significantly enhance booking efficiency and reduce operational costs, promoting a trend towards system integration [7].

Group 1: Business Growth and Revenue Potential - The company aims to achieve a leading position in the global hotel information system market, with revenue potential comparable to that of established industry leaders [1] - The cloud PMS product is designed as a platform for group clients, utilizing a microservices architecture that allows for flexible integration and data management [2] Group 2: Competitive Advantages - DAYLIGHT PMS offers a single customer profile and inventory system, simplifying data management for hotel groups [2] - The product ensures data security by automatically storing guest data in compliance with local regulations [2] Group 3: Geopolitical Risks and Strategies - Current laws do not restrict the procurement of Chinese software, and the company continues to promote its INFRASYS POS system to mitigate concerns related to US-China relations [3] - The company has successfully signed contracts with notable hotel groups, including the Marriott Group, enhancing its global presence and reducing geopolitical risk perceptions [3] Group 4: Future Plans and Focus Areas - The company has completed its major business segment layouts and will focus on globalization and platform-based operations moving forward [4] - There are no immediate acquisition plans as the emphasis is on product and market development [4] Group 5: SaaS Business Model - The SaaS business charges subscription fees based on the number of hotel rooms and the functionalities utilized [5] - Direct connections between OTAs and hotels enhance booking efficiency and reduce operational costs [6]

Group 1: AI Technology Development - The hotel system products are leveraging AI in two main areas: marketing tools that generate orders based on a percentage of GMV, which has started to yield some revenue [2] - AI is being integrated into PMS and POS products for predictive assistance, with a knowledge base being developed to enhance prediction accuracy as more data is collected [2] - The company is actively using AI in product development, particularly in its European R&D center, to enhance development efficiency while ensuring the safety of AI-generated code [2] Group 2: Partnership with Amadeus - Amadeus, the largest GDS and CRS service provider globally, has chosen Shiji's DAYLIGHT PMS after a year-long selection process, establishing an exclusive partnership [3] - This collaboration is expected to facilitate global promotion for Shiji, integrating Amadeus's CRS with Shiji's PMS to create a comprehensive technology platform for the travel industry [3] Group 3: Revenue Impact from MSA with Hotel Groups - The revenue impact from the MSA depends on the number of hotels that go live with the system, with simpler applications leading to faster onboarding compared to complex applications [4] - High-profile clients like Marriott are expected to create significant industry demonstration effects, leading to more hotel group integrations and increased market presence for Shiji [4] Group 4: R&D Investment Planning - The company has signed several important hotel group clients, necessitating further development of product features and integration of various hotel information systems into DAYLIGHT PMS [5] - Overall R&D investment levels are expected to remain substantial to support ongoing product development and enhancements [5]

Core Viewpoint - Shiji Information, a leading provider of information system solutions for the tourism and hotel industry, has shown promising financial performance and strategic growth in its international business, particularly in SaaS transformation and product development [1][6]. Financial Performance - For Q3 2025, Shiji Information reported revenue of 1.929 billion yuan, ranking 16th among 102 companies in the industry, with the industry leader Shanghai Steel Union generating 57.318 billion yuan [2]. - The net profit for the same period was 51.8365 million yuan, placing the company 24th in the industry, with the top performer, Desay SV, achieving 1.805 billion yuan [2]. - The company's asset-liability ratio stood at 16.47%, lower than the industry average of 31.94%, indicating strong solvency [3]. - The gross profit margin was 47.48%, above the industry average of 41.71%, reflecting robust profitability [3]. Management and Shareholder Structure - Chairman Li Zhongchu's compensation for 2024 was 71,500 yuan, a decrease of 18,600 yuan from 2023 [4]. - As of September 30, 2025, the number of A-share shareholders increased by 11.94% to 53,600, while the average number of shares held per shareholder decreased by 10.67% to 29,800 [5]. Strategic Developments - The company is expanding its core product ecosystem and has partnered with Amadeus to enhance its competitive edge and accelerate global business expansion [5]. - Shiji Information's international strategy has yielded significant results, with a strategic reduction in traditional hardware business and continued breakthroughs in global cloud services [6]. - The SaaS business is experiencing strong growth, with notable advancements in core products like DAYLIGHT PMS and a leading position in the Infrasys POS cloud restaurant system [6]. Future Outlook - Revenue projections for 2025 to 2027 are estimated at 3.665 billion, 4.576 billion, and 5.720 billion yuan, respectively, with corresponding price-to-sales ratios of 8X, 7X, and 5X [6].

Group 1: Partnership with Amadeus - Amadeus is the largest GDS and CRS service provider globally, and its partnership with the company is exclusive, enhancing global promotion efforts [2][4] - The integration of Amadeus's CRS with the company's DAYLIGHT PMS aims to create a comprehensive technology platform for the entire travel journey [3] Group 2: MSA Agreements with Hotel Groups - MSA (Master Service Agreement) is a non-exclusive framework agreement, allowing hotel owners to sign specific agreements for cloud products [4] - The trend towards using a single system in a region is driven by cost efficiency and operational convenience, especially after cloud system implementation [4][5] Group 3: Cloud Services and Market Strategy - The company primarily uses Amazon Cloud, with partnerships in China with Alibaba Cloud and Tencent Cloud [5] - The Chinese market is prioritized for international hotel groups due to its advanced mobile applications and high data security compliance [5][6] Group 4: Cloud Product Implementation Timeline - The implementation of cloud products is a gradual process, starting with system integration and certification before rapid deployment in other hotels [6][7] Group 5: Collaboration with Alibaba - The strategic partnership with Alibaba covers various sectors, enhancing the company's platform and global transformation efforts [8] Group 6: Competitive Positioning - The company has invested several hundred million dollars and built a large international team since 2015, making it difficult for competitors like Oracle to catch up [9] - Future expansion plans include targeting major hotel groups like Accor and Hilton, contingent on successful integration with Amadeus [9][10] Group 7: Market Segmentation - DAYLIGHT PMS targets international chain hotels and luxury hotel groups, while other cloud products cater to localized star-rated hotels with international management features [11]

Core Viewpoint - The partnership between Shiji Information and Amadeus is expected to significantly enhance Shiji's global promotion of its DAYLIGHT PMS, potentially transforming the travel industry through the integration of Amadeus's CRS and Shiji's PMS [1][3]. Group 1: Cooperation and Impact - Amadeus, as the largest GDS and CRS service provider, has chosen Shiji's DAYLIGHT PMS after its own attempts in the PMS market [1]. - The partnership includes an exclusive mutual agency agreement, which will leverage Amadeus's endorsement for global outreach [1]. - Successful integration of ACRS and DAYLIGHT PMS could automate the entire travel booking process, especially through AI Agent handling [3]. Group 2: Technical Development and Planning - Basic functionalities for CRS integration have been completed, with plans for further development of new features [2]. - A working group of senior business experts will be formed to plan specific development projects following the contract announcement [2]. Group 3: Financial Impact Expectations - The agreement with Amadeus is anticipated to significantly boost other clients' confidence in DAYLIGHT PMS, with positive impacts expected on the Annual Recurring Revenue (ARR) for 2026 [6]. Group 4: Cooperation Duration and Future Planning - The initial term of the agreement is five years, with options for extension, and the contract will remain effective if clients continue using Shiji's system [4]. - The immediate focus is on the integration of the DAYLIGHT PMS product [4]. Group 5: Client Expansion and Peripheral Products - Hotel peripheral systems will migrate to DAYLIGHT PMS, and the agency of this system will include peripheral systems [5]. - Shiji has completed the interface development with Sabre CRS for clients like Hyatt, laying a technical foundation for future collaborations [5].

Group 1: Partnership with Amadeus - Stone基信息 signed a significant business cooperation agreement with Amadeus, the world's largest GDS and CRS service provider, to integrate their systems [2][3] - The partnership is exclusive, meaning neither party will represent the other's competing products, enhancing global promotion for Stone基信息 [2][3] - The agreement has an initial term of 5 years, with the possibility of extension if clients continue using Stone基信息's systems [3][4] Group 2: Technical Development and Integration - Basic functionalities for CRS integration have been completed, with further development planned for new features based on the contract [3] - A specialized working group will be formed post-contract announcement to plan specific development projects [3] - Successful integration of ACRS and DAYLIGHT PMS could lead to a comprehensive automated travel experience for customers [3] Group 3: Market Expansion and Client Acquisition - Currently, only Accor and Hilton among the top five global hotel groups have not been engaged; future expansion depends on successful integration with Amadeus [4][5] - Hyatt's joint venture, MuMianHua Hotel, is already using DAYLIGHT PMS, laying a technical foundation for potential full cooperation [5] - The partnership with Amadeus is expected to significantly boost confidence among other clients, positively impacting ARR for 2026 [5]

Core Viewpoint - The signing of multiple agreements between Shiji (US) Inc. and Amadeus Hospitality signifies a strategic partnership aimed at enhancing product connectivity and market reach in the hospitality technology sector [1][10]. Group 1: Contract Signing Overview - On September 11, 2025, Shiji (US) Inc., a wholly-owned subsidiary of Beijing Shiji Information Technology Co., Ltd., signed three agreements with Amadeus Hospitality, including the Partner Connectivity Agreement, Mutual Resale Agreement, and Mutual Referral Agreement [1][2]. - The agreements were approved in the company's seventh presidential office meeting of 2025 and do not require further board or shareholder approval as there is no related party relationship [2][3]. Group 2: Agreement Details - The Partner Connectivity Agreement establishes API connections between Shiji's DAYLIGHT PMS and Amadeus Hospitality's Central Reservation System (CRS) and other products, effective from September 15, 2025, with an initial term of five years [2][5][7]. - The Mutual Resale Agreement allows Amadeus Hospitality to act as a non-exclusive marketing and sales agent for DAYLIGHT PMS, while Shiji (US) Inc. will promote Amadeus products, also effective from September 15, 2025, for five years [6][8]. - The Mutual Referral Agreement facilitates mutual recommendations of each other's products to potential clients, also effective from September 15, 2025, with a five-year initial term [9][10]. Group 3: Impact on the Company - The agreements represent recognition of Shiji's brand, products, and technology by a global travel technology company, enhancing competitive advantages and providing integrated support services in the hotel industry [10]. - The collaboration is expected to accelerate the global market penetration of Shiji's cloud-based hotel management system, particularly among hotels already using Amadeus products, thereby attracting more international brand clients [10]. - While the agreements are expected to positively influence the company's global business expansion, they are considered framework agreements and are not anticipated to have a significant impact on the company's financial performance in the current year [11].

Core Viewpoint - The announcement highlights a strategic partnership between Shiji Information and Amadeus Hospitality, aimed at enhancing the hotel industry's value through integrated product offerings and API connections [1] Group 1: Partnership Agreements - Shiji Information's wholly-owned subsidiary, Shiji USA, has signed multiple agreements with Amadeus Hospitality, including a partnership connection agreement, mutual agency agreement, and mutual recommendation agreement [1] - These agreements will facilitate the establishment of API links between specific products from both companies, such as DAYLIGHT PMS, to improve service offerings in the hotel sector [1] Group 2: Competitive Advantage - The collaboration is expected to enhance the competitive advantages of both companies' core products, providing integrated support services to clients [1] - This partnership is particularly beneficial for Shiji's next-generation cloud-based hotel information management system, DAYLIGHT PMS, as it aims to accelerate its market penetration globally [1]