Group 1: Company Research - Jiasai Fund recently conducted research on five listed companies, including Shiji Information, which signed a significant operational contract with Amadeus to create a comprehensive technology platform for travel [1] - Juhua Materials plans to invest 68 billion KRW in acquiring SK Enpulse's blank mask business, with a direct or indirect investment ratio of no less than 95% [2] - China Nuclear Power has received over 2.8 billion CNY in new energy subsidies as of the end of August, expecting a total of about 4 billion CNY for the year [3] - XCMG Machinery's stock incentive plan includes ROE, net profit, and cash flow from operating activities as assessment indicators, aiming for over 40 billion CNY in revenue from the mining machinery sector by 2030 [4] - Lide Man's revenue is expected to decline by 14.80% in the first half of 2025 due to intensified industry competition and the implementation of centralized procurement policies [5] Group 2: Industry Insights - The collaboration between Shiji Information and Amadeus is expected to enhance customer confidence and benefit the annual recurring revenue (ARR) growth in 2026 [1] - Juhua Materials aims to address domestic "bottleneck" issues in core raw materials through its acquisition strategy [2] - China Nuclear Power is focusing on digital transformation and smart operations while maintaining a dividend payout ratio of over 35% despite capital pressures from 19 ongoing projects [3] - XCMG Machinery anticipates continued growth in overseas market exports, with domestic sales benefiting from policy incentives and the renewal cycle [4] - Lide Man is pursuing a cash acquisition of up to 70% of Xiansheng Xiangrui to expand its tuberculosis diagnosis and innovative vaccine business [5]

Core Viewpoint - The company is actively integrating its DYLIGHT PMS with Marriott's new CRS and other systems, which is crucial for the rollout of its services in the hotel sector [1] Group 1: Business Operations - The SaaS business model charges subscription fees based on the number of hotel rooms and the features used, with different pricing for Full Service and Limited Service hotels [2] - The rollout of DYLIGHT PMS in hotels outside of InterContinental's China region is still under evaluation [3] - The company has recently signed a contract with Marriott, which is expected to accelerate future signing processes with other hotel groups [7] Group 2: Financial Performance - The company's hotel business gross margin is projected to decline in 2023 and 2024 due to increased amortization costs of intangible assets starting from the end of 2023 [4] - The first quarter of 2025 showed a revenue of 592 million yuan, a year-on-year decrease of 6.2%, while net profit attributable to shareholders was 21.11 million yuan, an increase of 85.36% [10] - The company plans to maintain its R&D investment to integrate more subsystems with DYLIGHT PMS and continue developing its software products [5] Group 3: Market Position - The INFRSYS POS system has been adopted by all top five global hotel groups, with a total of 4,333 clients expected by the end of 2024 [8] - The company aims to enhance booking efficiency and reduce costs by connecting its information systems with various booking channels and payment institutions [9]