（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。 ...

Group 1: Company Announcements - Yongji Co., Ltd. is planning to acquire control of Nanjing Turnafly Electronics Technology Co., Ltd. through a combination of issuing shares and cash payments, with trading suspension starting from August 14, 2025, expected to last no more than 10 trading days [2] - Chip Microelectronics plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and diversify financing channels [3] - Huakang Clean received notification that its controlling shareholder and chairman, Tan Pingtao, is under investigation and has been placed under detention, with management responsibilities temporarily assumed by the general manager [4] Group 2: Financial Performance - Hato Co., Ltd. reported a revenue of approximately 984 million yuan for the first half of 2025, a slight decrease of 5.31% year-on-year, while net profit increased by 233.08% to approximately 380 million yuan [6] - Dongfang Precision reported a revenue of 2.159 billion yuan for the first half of 2025, a minor decrease of 0.1%, with net profit rising by 142.52% to approximately 397 million yuan [6] - Aiwei Electronics reported a revenue of approximately 1.37 billion yuan for the first half of 2025, a decrease of 13.40%, while net profit increased by 71.09% to approximately 156 million yuan [6] - Langbo Technology reported a revenue of approximately 121 million yuan for the first half of 2025, an increase of 18.03%, with net profit rising by 60.18% to approximately 19 million yuan [6] Group 3: Capital Raising and Restructuring - Yuguang Jin Lead plans to issue shares to its controlling shareholder to raise no more than 400 million yuan, with proceeds used for working capital and repaying bank loans [9] - *ST Baoshi is undergoing a share transfer process where its controlling shareholder intends to transfer 206.9 million shares, representing 18.17% of the total share capital, to another state-owned entity [11] - Ruixin Technology has completed the transfer of 40.3 million shares, representing 24.22% of its total share capital, to a new controlling shareholder [12] Group 4: Important Corporate Actions - *ST Tianmao will hold a temporary shareholders' meeting on August 25, 2025, to discuss the voluntary termination of its listing [13] - Jiangfeng Electronics is planning a collaboration with Japan's Aifake to integrate their flat panel display target material businesses, currently in the planning stage [14] - KZ Precision is planning to invest up to 250 million yuan in establishing a subsidiary and new production base in Thailand [16]

Core Viewpoint - The signing of the Master Services Agreement (MSA) between Shiji (Macau) Limited, Shiji Singapore Pte Ltd, and MGM GRAND PARADISE S.A. marks a significant milestone for the company, as it establishes the DAYLIGHT PMS as a certified next-generation cloud property management system for a major international resort hotel group [1][2]. Group 1: Agreement Details - The MSA was signed on August 12, 2025, allowing the company to provide its DAYLIGHT PMS and related services to MGM GRAND PARADISE S.A. under a Software as a Service (SaaS) model [1]. - DAYLIGHT PMS will replace the existing property management system (PMS) of the client, indicating a transition to a more advanced cloud-based solution [1]. Group 2: Market Implications - The agreement signifies the recognition of the company's technological leadership in the next-generation cloud-based hotel information management systems, following a successful contract with another major hotel group [2]. - The complexity and high demands of managing large international resort hotels highlight the advanced capabilities required from PMS, suggesting that the successful implementation of DAYLIGHT PMS will set a benchmark in the global resort hotel market [2]. - This partnership is expected to generate long-term financial benefits and enhance the company's brand reputation within the hotel industry [2].

Group 1: AI Integration and Customer Demand - AI functionality is currently integrated into existing products and not offered as a separate subsystem with distinct pricing [2] - There is a high demand for AI-related products and services from domestic customers, but they still budget and procure based on existing products [2] Group 2: MSA Agreements and Regional Expansion - The MSA framework allows for the addition of new regions without needing to sign a new MSA; only a new Service Schedule is required [3] Group 3: SaaS Pricing Model - SaaS business charges subscription fees based on the number of hotel rooms and the selected service type [4] Group 4: Data Security Advantages - The company’s cloud PMS does not store personal data unless required by law, emphasizing a design philosophy of "API first" and "Security first" [5] Group 5: Cloud Product Implementation - The integration with hotel group systems is time-consuming, and certification is required before launching the cloud PMS in new hotels [6] Group 6: Financial Performance - The gross margin for hotel information system products is expected to decline in 2023 and 2024 due to increased amortization costs of intangible assets [8] Group 7: Global Business Challenges - Concerns regarding US-China relations are a significant barrier, but the company continues to promote its cloud systems through established hotel clients [9] Group 8: Competitive Landscape - The company has invested several hundred million dollars and built a large international team to develop its next-generation cloud PMS, which is continuously updated [10][11] Group 9: Customer Retention - The integration requirements and costs associated with switching systems lead to high customer retention for the cloud PMS [12] Group 10: Customization of Standardized Products - The DAYLIGHT PMS is a standardized product that allows for personalized settings during implementation [13] Group 11: Cloud Infrastructure - The company generally recommends Amazon Cloud for its public cloud services [14]

Group 1 - The company recently hosted an investor meeting with HSBC Qianhai Securities to discuss various operational updates and future plans [1] - The integration of DAYLIGHT PMS with Marriott's new central reservation system ACRS is progressing according to the planned timeline [1] - SaaS business pricing is subscription-based, with cloud PMS products charged monthly based on the number of hotel rooms and the functionalities used [1] Group 2 - The decline in hotel business gross margin is attributed to increased amortization costs of intangible assets starting from the end of 2023 [1] - The company plans to maintain overall R&D investment levels to integrate more subsystems of the hotel information system with DAYLIGHT PMS [1] - The fourth quarter loss last year was mainly due to impairment of long-term equity investments in associates and increased bad debt provisions for long-aged receivables [1] Group 3 - The company has signed a contract with Marriott, which is expected to accelerate future signing processes and enhance the recognition of DAYLIGHT PMS in the industry [1] - INFRASYS POS, the cloud restaurant management system, has signed with all top five global hotel groups and is on a fast development track, with good rollout expected by the end of 2024 [1] - The company utilizes a direct connection system for OTA bookings to improve efficiency and reduce operational costs [1]

Group 1: Business Operations - The integration with Marriott's new generation central reservation system (ACRS) is currently in progress, following Marriott's planned timeline [1] - The SaaS business charges subscription fees based on monthly usage and the number of hotel rooms, with pricing varying for different service types [1] - The rollout of DAYLIGHT PMS in hotels outside of InterContinental's China region is still under evaluation [2] Group 2: Financial Performance - The gross margin for hotel business is expected to decline in 2023 and 2024 due to increased amortization costs of intangible assets starting from the end of 2023 [2] - The company experienced significant losses in Q4 of the previous year primarily due to impairment of long-term equity investments and increased bad debt provisions for aged receivables [4] - The risk of significant goodwill impairment this year is considered low, pending the results of year-end asset impairment testing [4] Group 3: Future Outlook - The company plans to maintain its overall R&D investment to integrate more subsystems with DAYLIGHT PMS and to support its diverse software products [3] - Recent agreements with Marriott, a leading global hotel group, are expected to accelerate future signing processes with other clients in the industry [4] Group 4: Product Development - INFRASYS POS, the cloud-based restaurant management system, has signed contracts with all top five global hotel groups, with a total of 4,333 clients expected to be online by the end of 2024 [4] - The system enhances booking efficiency and reduces costs by connecting customer information systems directly with various booking channels and payment institutions [5]

Group 1: Globalization Strategy - The company's globalization and platform strategy is a response to the trend of international hotel groups transitioning to cloud platforms, which is a necessary evolution for the hotel information system business [1] - The global expansion significantly broadens the target customer base from mainland China to the global hotel market, marking a substantial growth opportunity [1] Group 2: Product Development and Partnerships - The new generation cloud catering system has become the only signed system for all top five international hotel groups, accelerating its global rollout [2] - The DAYLIGHT PMS has gained recognition from major international hotel groups, including Marriott and InterContinental, and has begun mass deployment, particularly with Marriott, which is expected to create a strong demonstration effect [2] Group 3: Market Influence and Competitiveness - The signing of the agreement with Marriott is anticipated to positively influence other hotel group signings, as it establishes DAYLIGHT PMS's relative leadership in the industry [2] - DAYLIGHT PMS is designed as a platform product specifically for group clients, utilizing a microservices architecture that allows for flexible integration and data management [3][4] Group 4: Business Model and Pricing - DAYLIGHT PMS operates on a standard SaaS business model, charging subscription fees based on monthly usage and the number of hotel rooms [6] - The pricing structure varies depending on the type of service selected by the hotel, such as Full Service or Limited Service [6] Group 5: Future Market Plans - The global nature of the MSA signed with Marriott allows for easy expansion into other regions, such as Asia-Pacific and Europe, with minimal adjustments needed [5] - The agreement with Marriott positions the company as the preferred PMS supplier for Marriott in China, which is expected to guide other market clients positively [5]

Core Viewpoint - Shiji Information has signed a contract with Marriott Hotels, marking a significant milestone in its globalization process. The agreement indicates that Shiji's wholly-owned subsidiary in the U.S. will be the preferred provider of PMS cloud services for Marriott's directly managed and franchised hotels in China, utilizing the new generation cloud-based hotel management system, DAYLIGHT PMS [1] Group 1 - The company has been steadily improving its offerings through a strategy of incremental progress, signing regional high-end luxury hotel clients to build reputation and achieve breakthroughs [1] - The signing with Marriott further solidifies the company's position as a leading player in the industry, now having partnerships with two of the top five luxury hotel groups globally [1] Group 2 - The potential market space for Shiji's SEP is estimated at approximately 11.8 billion RMB, based on the top 30 high-end hotels, with actual market potential likely exceeding expectations due to ongoing hotel expansion [2] - Revenue forecasts for 2025-2027 are projected at 3.354 billion, 3.852 billion, and 4.460 billion RMB, with year-on-year growth rates of 13.8%, 14.8%, and 15.8% respectively, and net profits of 91 million, 199 million, and 294 million RMB [2] - The company is assigned a valuation multiple of 9.5X PS, leading to a target share price of approximately 11.68 RMB per share, maintaining a "buy" rating [2]

Group 1: Company Strategy and Market Positioning - The company's new hotel information system development team is primarily based overseas to align with the needs of large international hotel groups, ensuring local market adaptation [2][3] - Marriott's presence in China, with over 600 hotels, is expected to significantly boost revenue and provide additional value-added services [3] - The integration of DAYLIGHT PMS with Marriott's new central reservation system ACRS is a key step in the rollout plan [3] Group 2: Agreements and Client Relationships - The MSA agreement framework allows for the addition of new service plans for different regions without needing to renegotiate the main agreement [3] - Hotel groups typically prefer non-exclusive agreements, which allows them to choose multiple suppliers while minimizing operational costs [3] Group 3: AI and Technological Integration - The company is embedding AI into hotel scenarios, although a results-based payment model for AI services has not yet been established [5] - Current AI-related products are still billed under traditional project-based budgets, reflecting an immature ecosystem for AI in the industry [5] Group 4: Acquisitions and Growth Opportunities - The acquisition of Thinker Software was strategically planned to stabilize and incentivize the founding management team, ensuring continued contributions to company growth [6] - The company is focusing on expanding its cloud products in the U.S. market, leveraging landmark clients to penetrate further [7] Group 5: Competitive Advantages - DAYLIGHT PMS is designed as a platform for group clients, utilizing a microservices architecture that enhances operational efficiency and data security [8] - The company offers various cloud PMS products tailored for different market segments, including localized solutions for domestic star-rated hotels [9] Group 6: Future Business Focus - The company aims to prioritize globalization and platformization, with a significant portion of revenue expected to come from overseas markets [9] - The majority of IT budgets for hotels in China are driven by foreign brands, highlighting the company's competitive edge in meeting high standards [9] Group 7: Employee Incentives - Historical stock incentive plans have been implemented, but there are currently no new plans; the company maintains a stable team with flexible KPI assessments [10]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [6]. Core Insights - The computer index (Shenwan) increased by 2.79% during the week of June 2 to June 6, 2025, outperforming the Shanghai Composite Index, which rose by 1.13%, and the Shenzhen Component Index, which rose by 1.42% [11][12]. - The Wind Stablecoin Index saw a significant increase of 7.72% following a previous rise of 22.24%, indicating strong market interest in stablecoins [21]. - The implementation of the Stablecoin Regulation in Hong Kong on August 1, 2025, is expected to provide a regulatory framework that will benefit related financial technology companies [21]. - The Ministry of Industry and Information Technology is promoting the application of AI in manufacturing, suggesting a focus on AI companies that serve the manufacturing sector [22]. Summary by Sections Market Review - The computer index rose by 2.79% during the week, ranking fifth in terms of growth among various indices [11]. - The sub-sectors within the computer industry, including computer equipment, IT services II, and software development, all showed positive growth [12]. Major Events - Four-dimensional Tushin signed a strategic cooperation framework agreement with Alibaba Cloud to explore collaboration in various fields, including AI applications and smart transportation [2]. - Shiji (US) Inc., a subsidiary of Shiji Information, signed a significant contract with Marriott for cloud services, positioning itself as a preferred provider in the hotel information management system sector [3][20]. Investment Perspective - The report emphasizes the potential growth of companies involved in stablecoins and AI applications in manufacturing, highlighting the importance of these sectors for future investment opportunities [21][22].