《中国软件产业高质量发展紫金指数（2025）》显示，南京软件产业综合指数位居全国第四位。从 2000年200余家企业、18亿元年销售收入的产业萌芽，到2025年形成万亿级产业集群，南京作为全国首 座"中国软件名城"，用20余年深耕完成了从"跟跑"到"领跑"的跨越式成长。 以链主企业为核，提升产品竞争力 2024年1月11日，在山东海阳附近海域，太原卫星发射中心组织实施的引力一号遥一火箭成功将云 遥一号18-20星送入预定轨道。 在引力一号遥一火箭核心控制系统中，南京翼辉信息技术有限公司的SylixOS工业操作系统稳定运 行。这款拥有完整自主知识产权的系统，已为航空航天、轨道交通等近2000家用户筑起安全屏障，成为 国内工业软件自主创新的硬核支点。"从实验室到发射场，我们用10年攻克300余项技术难题，就是要打 破国外垄断。"该公司副总经理李拓说。 科技日报记者 张晔 工业操作系统护航国之重器，鸿蒙生态融入千行百业，数字平台重构物流版图……冬日的江苏省南 京软件谷，创新热潮奔涌不息。2月2日，工业和信息化部发布的软件业运行快报显示：2025年，南京市 软件业务收入规模约为10200亿元，同比增长16.7%，实现 ...

《中国软件产业高质量发展紫金指数（2025）》显示，南京软件产业综合指数位居全国第四位。从 2000年200余家企业、18亿元年销售收入的产业萌芽，到2025年形成万亿级产业集群，南京作为全国首 座"中国软件名城"，用20余年深耕完成了从"跟跑"到"领跑"的跨越式成长。 工业操作系统护航国之重器，鸿蒙生态融入千行百业，数字平台重构物流版图……冬日的江苏省南 京软件谷，创新热潮奔涌不息。2月2日，工业和信息化部发布的软件业运行快报显示：2025年，南京市 软件业务收入规模约为10200亿元，同比增长16.7%，实现万亿级产业集群突破。 以链主企业为核，提升产品竞争力 2024年1月11日，在山东海阳附近海域，太原卫星发射中心组织实施的引力一号遥一火箭成功将云 遥一号18-20星送入预定轨道。 在引力一号遥一火箭核心控制系统中，南京翼辉信息技术有限公司的SylixOS工业操作系统稳定运 行。这款拥有完整自主知识产权的系统，已为航空航天、轨道交通等近2000家用户筑起安全屏障，成为 国内工业软件自主创新的硬核支点。"从实验室到发射场，我们用10年攻克300余项技术难题，就是要打 破国外垄断。"该公司副总经理李拓说。 ...

本报记者 张 晔 以链主企业为核，提升产品竞争力 2024年1月11日，在山东海阳附近海域，太原卫星发射中心组织实施的引力一号遥一火箭成功将云遥一 号18-20星送入预定轨道。 在引力一号遥一火箭核心控制系统中，南京翼辉信息技术有限公司的SylixOS工业操作系统稳定运行。 这款拥有完整自主知识产权的系统，已为航空航天、轨道交通等近2000家用户筑起安全屏障，成为国内 工业软件自主创新的硬核支点。"从实验室到发射场，我们用10年攻克300余项技术难题，就是要打破国 外垄断。"该公司副总经理李拓说。 全球科技竞争的新战场，是人工智能技术引领的软件产业。近年来，南京以链主企业为核，以"补链强 链"为刃，在关键软件领域掀起一场场突围战，让通信、能源等行业应用软件竞争力稳居全国前列。 在开源生态竞逐中，江苏润和软件股份有限公司跑出加速度。2025年，该公司写出14.7万行新增代码， 基于开源鸿蒙打造的HiHopeOS推出13款行业发行版，在南方电网打造出国内垂直领域开源鸿蒙部署的 典型场景。 记者了解到，依托《南京市鸿蒙生态发展行动计划》，该市已培育出15款通过认证的开源鸿蒙发行版操 作系统、122款软硬件产品，两项 ...

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 1.747 billion yuan in H1 2025, representing a year-on-year increase of 10.55%. However, the net profit attributable to shareholders was 60 million yuan, a decrease of 29.43% year-on-year. The non-recurring net profit was 52 million yuan, showing a year-on-year increase of 47.33% [2][3] - The company's innovative business continues to grow, with AI initiatives being steadily advanced. The financial technology segment generated 890 million yuan in revenue in H1 2025, up 6.06% year-on-year, with a gross margin of 23.34%. The intelligent IoT segment achieved revenue of 606 million yuan, up 23.85% year-on-year, with a gross margin of 24.62% [3] - The company has launched 13 software versions based on the open-source HarmonyOS, with applications in various industries including power, healthcare, and education. The AI-driven integrated testing service platform and other AI products have been adopted by numerous financial industry clients [3] Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 3,106 million yuan, with a growth rate of 4% year-on-year. The net profit was 164 million yuan, reflecting a growth rate of 55% year-on-year. The earnings per share (EPS) for 2023 was 0.21 yuan [2] - The projected revenues for 2025, 2026, and 2027 are 3,806 million yuan, 4,333 million yuan, and 5,013 million yuan respectively, with corresponding net profits of 195 million yuan, 237 million yuan, and 276 million yuan [5] Business Segments - The financial technology segment remains a leader in the IT testing services market, serving major state-owned banks and over 280 financial institutions. The innovative business segment has contributed significantly to revenue growth, accounting for 21.07% of total revenue in H1 2025 [3] - The smart energy information technology segment generated 200 million yuan in revenue in H1 2025, with a gross margin of 23.27%. The company is actively developing solutions for the energy sector, leveraging its existing technology [3] Valuation and Forecast - The company is expected to benefit from the domestic OS localization process, maintaining high growth rates due to its strong partnerships and technological capabilities in the HarmonyOS and Euler ecosystems. The projected net profits for 2025-2027 are 1.89 billion yuan, 2.31 billion yuan, and 2.68 billion yuan respectively [3][5]

Core Insights - The company reported a revenue of 1.747 billion yuan for the first half of 2025, representing a year-on-year growth of 10.55%, and a net profit of 52.17 million yuan, up 47.33% year-on-year [1] - The company is focusing on innovation in areas such as open-source HarmonyOS, open-source Euler, enterprise-level AI solutions, and Star Flash, contributing to a revenue of approximately 368 million yuan from innovative businesses, which accounts for 21.07% of total revenue [1] Financial Performance - Revenue for the first half of 2025 reached 1.747 billion yuan, a 10.55% increase compared to the previous year [1] - The net profit attributable to the parent company was 52.17 million yuan, marking a 47.33% increase year-on-year [1] - Main business segments showed steady growth, with financial technology revenue at 890 million yuan (up 6.06%), smart IoT revenue at 606 million yuan (up 23.85%), and smart energy information revenue at 200 million yuan (up 4.65%) [1] Business Segments - The financial technology segment generated 890 million yuan, reflecting a growth of 6.06% [1] - The smart IoT segment achieved 606 million yuan in revenue, with a growth rate of 23.85% [1] - The smart energy information segment reported 200 million yuan, growing by 4.65% [1] - Innovative business revenue reached approximately 368 million yuan, growing by 8.96% [1] Innovation and Technology - The company is actively expanding its HarmonyOS ecosystem, with over 10 million HarmonyOS devices and 800,000 developers engaged [2] - The company has launched 13 versions of the HiHopeOS software based on open-source HarmonyOS, leading the community in terms of software releases [3] - In the open-source Euler domain, the company has developed solutions for big data and AI, including the HopeOS V22 versions [4] Industry Applications - The company is enhancing the electric power industry by developing a comprehensive IoT operating system and collaborating with key players in the oil and gas sector [2] - In the healthcare sector, the company introduced an AI-assisted traditional Chinese medicine diagnostic solution, which is being piloted in multiple hospitals [2] - The company has also launched an industrial version of HiHopeOS for the mining sector, becoming the first certified partner in this area [3] AI and Digital Transformation - The company is committed to an "All in AI" strategy, providing end-to-end AI solutions across various industries, including finance, energy, and retail [6] - The AI product matrix includes various solutions aimed at enhancing industry capabilities, such as JettoPro and AI assistants for the financial sector [7] - The company aims to leverage its technological advancements in AI, HarmonyOS, and Euler to drive innovation and commercial success across multiple sectors [7]

Company Overview - Company was established in 2006 and listed on the Shenzhen Stock Exchange in 2012, focusing on becoming a leader in digital technology and service innovation in China [3] - The company has over 14,000 employees and operates in 22 major cities in China, with branches in Japan, the USA, and Singapore [3] - The mission is to activate new industry dynamics and support digital transformation and intelligent upgrades for clients through integrated software and hardware solutions [3] Financial Technology Business - The financial technology business is divided into three main revenue streams: product and solution sales, engineering delivery, and comprehensive services [6] - The company has developed a comprehensive solution system for the financial industry, leveraging AI and big data to enhance efficiency and quality [5] - The engineering delivery segment focuses on software project management and delivery, addressing the digital transformation needs of financial institutions [7] - The comprehensive service model provides consulting, development, testing, and operational support to licensed financial clients [8] - The company has established a strong presence in the Chinese banking IT solutions market, ranking highly in market share and recognized as a leading player in financial IT solutions [9] Intelligent IoT Business - The intelligent IoT business focuses on two strategic directions: localization and intelligence, serving various industries including finance, energy, and healthcare [10] - The software technology services include system software development and migration projects for major clients [11] - The hardware and software solutions are based on proprietary operating systems and technologies, addressing industry-specific IoT application needs [12] Smart Energy Information Business - The smart energy information business provides digital solutions for the energy sector, including IoT systems, AI applications, and data analysis [13] - The company has developed various solutions for power generation, transmission, and distribution, aiming to enhance the digital transformation of the energy industry [14] Other Main Businesses - The company is also involved in intelligent supply chain information services and has made significant progress in product development and innovation [14] - The OpenHarmony operating system has been a key focus, with multiple industry-specific versions launched to drive innovation in various sectors [15] AI Platform and Solutions - The company has built a comprehensive AI ecosystem, providing end-to-end solutions across various industries [31] - The AI product matrix includes models for knowledge management, decision-making, and visual analysis, enhancing operational efficiency [32][33] - The company has successfully integrated AI technologies into financial testing and other applications, achieving significant improvements in efficiency and accuracy [36] Starlink Technology and Solutions - The company is a leading provider of Starlink technology, focusing on low-latency, high-speed communication solutions for various industries [37] - Starlink products have been successfully implemented in sectors such as energy and education, facilitating digital transformation [38] Financial Performance - The innovative business segment achieved sales revenue of approximately 681 million yuan in 2024, representing a year-on-year growth of 41.52% [39]