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 处理从预定机票酒店开始，到入住消费，到离店登上飞机回家的 整个旅程后面的技术平台。 2、酒店集团与我们签 MSA，意味着其旗下的全部酒店一定 会去使用我们的系统吗？ MSA（主服务协议）只是框架性的非独家协议，后续业主可 以依据该协议附件的约定签署具体的协议来采购公司的云产品。 从商业的角度，酒店集团很少会签署带有排他性质的协议。但是 从实际操作的层面上来说，如果使用多套系统，成本高，且管理 不方便，效率低，所以即使是过去使用老一代非云化信息系统时 酒店集团的一个子系统也不会在一个地区选择过多的软件供应 商品牌。信息系统云化之后使用多套系统也无法享受信息系统云 化为酒店运营提供智能决策支撑所带来的最大收益，因此信息系 统的云化会从技术上推动酒店集团至少在一个地区的一个子系 统上越来越趋向于使用一套系统。 3、咱们公司使用的云服务用的是哪家的？ 一般推荐使用亚马逊云，国内与阿里云、腾讯云也有合作。 4、为什么咱们签署的国际酒店集团都是先从中国区开始上 线呢？ 由于中国市 ...

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].

人民财讯9月12日电，石基信息（002153）9月12日晚间公告，全资子公司石基美国与Amadeus Hospitality,Inc.（以下简称"Amadeus Hospitality"）签订《Amadeus与石基合作伙伴连接协议》、 《Amadeus与石基相互代理协议》、《Amadeus与石基相互推荐协议》，通过在Amadeus Hospitality的 特定产品与石基的特定产品（如DAYLIGHT PMS）之间建立API链接，我们能够为酒店行业带来更多价 值并提供更好的支持。这将增强双方核心产品的竞争优势，为客户提供互联互通的一体化支持服务，有 利于公司新一代云架构的企业级酒店信息管理系统DAYLIGHT PMS加速推向更广泛的全球市场。 ...

Core Insights - Shiji Information (002153.SZ) announced that its wholly-owned subsidiary, Shiji (US) Inc., has signed multiple agreements with Amadeus Hospitality, including the Partner Connectivity Agreement, Mutual Resale Agreement, and Mutual Referral Agreement [1] Group 1: Agreements Overview - The Partner Connectivity Agreement outlines the API connections between Shiji's products, such as DAYLIGHT PMS, and Amadeus Hospitality's specific products, including the Central Reservation System (CRS) and Delphi sales banquet system [2] - The Mutual Resale Agreement authorizes Amadeus Hospitality to act as an agent for Shiji's specific products, while Shiji (US) Inc. is authorized to act as an agent for certain products of Amadeus Hospitality, with both parties agreeing not to represent competing third-party suppliers [2] - The Mutual Referral Agreement establishes a partnership for mutual referrals, where Amadeus Hospitality will recommend Shiji's DAYLIGHT PMS and INFRASYSPOS, and Shiji (US) Inc. will recommend specific products from Amadeus Hospitality [2]

Group 1: Business Development and Market Position - The company has signed a series of hotel group contracts since October last year, impacting revenue based on the number of hotel rooms going live and monthly billing [2] - Integration with complex hotel groups like Marriott and InterContinental requires longer setup times, but offers significant platform advantages for digital transformation [2][3] - The company aims to leverage existing integrations with major hotel groups to reduce development costs and enhance reusability across other high-end hotel groups [3] Group 2: Competitive Landscape - Competitors may adopt low-price strategies to attract hotel group clients, while the company maintains a higher pricing strategy based on advanced technology and architecture [4][5] - The company emphasizes that top clients prioritize product capability over price, necessitating flexible tactics to counteract competitors' pricing strategies [5] Group 3: Financial Performance and Strategic Acquisitions - The acquisition of Sihon Software is viewed as a strategic investment, with annual cash dividends exceeding potential bank investment returns [6] - The company's SaaS business has a renewal rate exceeding 90%, with non-renewals primarily due to brand changes among hotels [6] Group 4: Technological Advancements - AI is being integrated into hotel management systems, with two main applications: marketing tools generating revenue and predictive analytics within PMS and POS products [7] - The company is focused on migrating applications to the DAYLIGHT PMS architecture, including localizing for the Chinese market and implementing AI solutions [8] Group 5: Project Management and Development - For large contracts, the company anticipates that system integration development costs will be covered by fees from major hotel groups like Marriott, leading to a break-even point as ARR accumulates [9]

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company achieved significant results from its internationalization strategy, with revenue from outside mainland China reaching 229 million yuan, a year-on-year increase of 15.49%, accounting for 18.33% of total revenue [1]. - The company's SaaS business showed strong growth, with an annual recurring revenue (ARR) of 542 million yuan, representing a year-on-year increase of approximately 21.4% [2]. - The core product, DAYLIGHT PMS, received certification from Marriott International, marking a milestone in the company's global business success [2]. - The company is in a transformation phase, with projected revenues for 2025-2027 expected to be 3.665 billion yuan, 4.576 billion yuan, and 5.720 billion yuan, respectively [3][4]. Financial Performance Summary - For the first half of 2025, the company reported total revenue of 1.250 billion yuan, a decrease of 9.56% year-on-year, while the net profit attributable to shareholders was 33.54 million yuan, an increase of 35.67% year-on-year [1]. - The company anticipates a net profit of 136 million yuan in 2025, with a significant growth rate of 168.2% compared to the previous year [4][9]. - The projected price-to-sales (PS) ratios for 2025-2027 are 8X, 7X, and 5X, respectively [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.78 [1][5]. Core Views - The company has shown a steady increase in subscription ARR, with a year-on-year growth of 21.4% in 25H1, reaching RMB 5.42 billion [3]. - The company is advancing its globalization strategy, achieving significant progress in overseas business, particularly in the hospitality sector [2]. - The overall gross margin improved by 1.38 percentage points year-on-year, reaching 47.44% in 25H1, primarily due to the optimization of high-revenue business segments [4]. Summary by Sections Financial Performance - In 25H1, the company reported revenue of RMB 1.25 billion, a decrease of 9.56% year-on-year, while the net profit attributable to the parent company was RMB 33.54 million, an increase of 35.67% year-on-year [1]. - The net profit margin for 25H1 was 3.59%, up by 0.97 percentage points year-on-year, benefiting from improved gross margins [1]. Business Development - The company signed a new contract with Marriott Group in 25H1, marking a significant milestone in its international expansion efforts [2]. - The SaaS business has expanded its customer base significantly, with over 80,000 hotel stores and an average renewal rate exceeding 90% [3]. Cost and Margin Analysis - The company’s comprehensive gross margin increased to 47.44% in 25H1, with various business segments showing mixed performance in gross margins [4]. - The selling, general, and administrative expenses increased, reflecting the company's ongoing investment in market expansion and product upgrades [4]. Earnings Forecast and Valuation - The revenue forecast for 25-27 is adjusted downwards to RMB 3.27 billion, RMB 3.68 billion, and RMB 4.20 billion, respectively, with a compound annual growth rate (CAGR) of 12.50% [5]. - The net profit forecast for the same period is also revised downwards, with expected EPS of RMB 0.03, RMB 0.05, and RMB 0.07 for 25, 26, and 27, respectively [5].

（文章来源：证券日报） 证券日报网讯 8月13日晚间，石基信息发布公告称，2025年8月12日，公司全资子公司石基澳门和石基 新加坡与美高梅金殿签订《MASTER SERVICES AGREEMENT》（即《主服务协议》）， DAYLIGHTPMS 获得美高梅金殿认证为其下一代云PMS系统标准，公司以软件即服务（"SaaS"）模式 为客户及其关联公司提供新一代云架构的企业级酒店信息管理系统DAYLIGHT PMS及相关配套产品和 服务，替换客户现有PMS。 ...