7月16日，墨迹天气在北京举办"气象因'预见'而不同"主题品牌焕新发布会。这场发布会，或许大多数人最大的感受是，墨迹天气这家成立了16年的天气服 务公司，变了。 最直观的是，发布会上随处可见的视觉系统大变样。在现场，一个"日出橙"色调的字母"O"装置，在黑色背景板上显得格外吸睛——黑橙配色取自于日月时 间的变化，橙色有阳光温暖寓意，代表着气象智慧决策带来的美好。全新的MOJI字体，也改用几何形态，显得简洁、舒展。 品牌标识往往是商业理念最精简的提炼。品牌标志之变，背后传递着墨迹天气商业理念的迭代。通过洞察行业痛点，墨迹天气正以"技术穿透场景，数据驱 动决策"为思路，推动行业从"天气服务"向"决策赋能"的升级转型。 作为战略升级的重要体现，墨迹天气在发布会上推出了面向B端和C端的新产品—— 在B端，墨迹天气推出了"预见型气象服务"的产品——AeroMetis航空气象SaaS服务平台，并在其中内置了大语言模型，可基于气象数据与行业特性自动生 成"精准预报/预警-改航建议"全链路决策方案，帮助航司智能规避恶劣天气区域。 在C端，墨迹天气新推出的"AI生活指数"，能深度整合气象信息与生活场景，为用户提供动态智能生活决 ...

本次交易系溢价收购，标的公司憬芯科技评估基准日的账面净资产为106.31万元，基于企业未来自由现 金流量预测等假设条件采用收益法评估的股东全部权益价值为2.12亿元，评估增值2.11亿元，增值率为 19842.27%。另外值得一提的是，公告显示，截至评估基准日，标的公司尚未实现盈利。 交易行情显示，7月14日—7月18日这5个交易日内，*ST恒久股价接连走出5个涨停。截至7月18日收 盘，公司股价报5.86元/股，总市值15.75亿元。 北京商报讯（记者 马换换 王蔓蕾）7月19日，*ST恒久（002808）披露公告称，公司拟取得上海憬芯科 技有限公司（以下简称"憬芯科技"）控制权。 公告显示，*ST恒久拟以1000万元受让憬芯科技合计5.9242万元注册资本，对应本次交易后标的公司 3.57%的股权；同时以7000万元认购憬芯科技新增的注册资本41.4693万元，对应本次交易后标的公司 25%的股权。 本次交易完成后，*ST恒久将直接持有憬芯科技28.57%的股权，同时根据相关约定，公司全资子公司苏 州恒久丰德新能源技术有限公司以40.5119万元受让憬芯科技的股东上海憬通科技合伙企业(有限合 伙)1%的合 ...

中国经济网北京7月17日讯(记者 李方) 7月16日，墨迹天气在北京举办"气象因'预见'而不同"主题品 牌焕新发布会，宣布品牌战略全面升级，推出"预见型气象服务"产品矩阵——"AI生活指数""定点速 报"，以及"AeroMetis"航空气象SaaS服务平台。其中，"AI生活指数"聚焦日常生活和户外运动场景，借 助大语言模型和高精度气象数据，为用户提供智能化、小时级适宜度评分与行为建议；定点速报以48小 时逐小时提供降水追踪与场景化风险提示，为VIP用户打造全周期降雨应对方案。 墨迹天气高级副总裁黄耀海表示，墨迹正在全面推动气象服务的精细化、场景化和普惠化，让每一 位用户都能享受到前沿气象科技的价值，这不仅提升了产品体验，更以实际行动服务社会公共安全与生 活便利，释放出巨大的公益价值。 值得注意的是，墨迹天气在会上宣布启动国际化战略，未来将整合全球资源，搭建覆盖全球的气象 服务网络，为不同国家和行业的用户提供智慧生活决策建议和针对性解决方案，将气象数据转化为可执 行的策略，助力全球气象服务生态共建。目前，墨迹天气已在30多个国家和地区完成多语言适配，进入 能力验证阶段。 墨迹天气CEO金犁 据介绍，针对跑步、骑 ...

Core Viewpoint - Moji Weather launched the AeroMetis aviation meteorological SaaS service platform, aiming to enhance safety and efficiency in the aviation industry through innovative meteorological technology [1][2]. Group 1: Product Launch and Features - The AeroMetis platform integrates multi-source data fusion and AI models to provide aviation companies with accurate meteorological insights for decision-making [1][2]. - The platform has demonstrated its value in various scenarios, such as reducing the return and diversion rate for Tibet Airlines by 5% through minute-level thunderstorm forecasting for Lhasa Airport [2]. - It also offers tailored precipitation risk adjustment suggestions 72 hours in advance for Sichuan Airlines, addressing blind spots in cumulative precipitation information at international airports [2]. Group 2: Economic Impact and Industry Applications - AeroMetis is projected to help airlines reduce return and diversion rates by approximately 10%, improve flight regularity by 8%, and enhance overall economic benefits by 10% to 15% [3]. - Moji Weather's technological capabilities extend beyond aviation, with successful applications in various sectors such as rail transportation, energy dispatch, logistics, and insurance, creating significant commercial value and social benefits [3][5]. - The company aims to continue investing in core technology research and expand its industry applications, promoting intelligent upgrades across sectors [5].

Investment Rating - The report does not explicitly state an investment rating for the intelligent software development industry Core Insights - The intelligent software development industry focuses on developing and applying AI technologies to provide intelligent solutions that enhance business efficiency, optimize decision-making, and improve user experience. The industry is characterized by strong technological dependence, short product iteration cycles, and diverse cross-domain applications. China's robust capabilities in this field are driving continuous industry growth, with an expanding market size expected to continue [4][5][12] Industry Overview - The intelligent software development industry can be categorized into various application areas, including office software, embedded software, emerging technology software, information security software, and innovative software [5][10] - The market size of the intelligent software development industry is projected to grow from 1.4669 trillion RMB in 2019 to 2.8223 trillion RMB in 2024, with a compound annual growth rate (CAGR) of 13.98%. From 2025 to 2029, the market size is expected to increase from 3.1977 trillion RMB to 5.2693 trillion RMB, with a CAGR of 13.30% [31][32] Industry Characteristics - The industry exhibits strong technological dependence, with a reliance on diverse development tools and environments, including integrated development environments (IDEs), version control systems, and automated testing tools. As of April 2024, nearly 40 intelligent software development tools have been launched in China, showcasing the sector's technological vitality and innovation [13] - The product iteration cycle in the intelligent software development industry is short, allowing teams to quickly respond to market changes and user feedback, thereby enhancing user experience and satisfaction [14] - The industry demonstrates high diversity and cross-domain applications, with intelligent software being utilized in natural language processing, computer vision, voice recognition, autonomous driving, and financial analysis [15] Development Stages - The intelligent software development industry has evolved through four stages: 1. Emergence (1960-1969): Establishing the foundation for independent development and technological innovation 2. Initiation (1970-2000): The rise of independent database companies laid the groundwork for data processing and management 3. Rapid Growth (2001-2021): The industry began to focus on flexible, efficient, and responsive development methods 4. Maturity (2022-present): The industry has seen widespread penetration across various sectors, driving intelligent transformation and industrial upgrades [16][20] Industry Chain Analysis - The intelligent software development industry chain consists of three main segments: 1. Upstream: Hardware and basic software supply, including computer hardware, embedded chips, and operating systems 2. Midstream: Intelligent software development and research, covering demand research, design, coding, testing, and delivery 3. Downstream: Application and service sectors, including industry-specific software and intelligent solutions [21][22] Competitive Landscape - The market concentration in the intelligent software development industry is high, with leading companies such as iFLYTEK, Yonyou Network Technology, and Shanghai Baoxin Software in the first tier. The second tier includes China Software and Technology Service Corporation and Kingsoft Office Software, while the third tier consists of Beijing SuperMap Software and Inspur Software [38][39]

Group 1 - The core viewpoint is that Panxing Smart has transformed from a startup to a near-unicorn in just eight years and has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step into the capital market [1] - The company achieved a valuation of 5.049 billion yuan following a 32 million yuan investment in December 2024, indicating strong investor confidence [1][3] - From 2022 to the first three quarters of 2024, Panxing Smart's revenue increased from 491 million yuan to 673 million yuan, with a pre-tax operating profit rising from 11.26 million yuan to 28.72 million yuan, showcasing nearly threefold expansion over three years [3] Group 2 - The company is advancing its national strategy with a focus on regional customization, promoting smart manufacturing SaaS services in manufacturing hubs and enhancing digital marketing capabilities in major consumer cities [4] - Panxing Smart's international strategy aligns with the Belt and Road Initiative, successfully entering Southeast Asian markets through localized e-commerce and social marketing, resulting in a 60% annual increase in user numbers for a local e-commerce platform [4] - The IPO fundraising will focus on four key areas: expanding online marketing and SaaS service channels, hardware system upgrades, enhancing AI capabilities for the "Micro Sharing" platform, and strategic investments and acquisitions [5] Group 3 - The company’s AI collaborative platform has improved operational efficiency by 30%-50%, supporting its valuation of 5 billion yuan [5] - The Chinese SaaS market is expected to exceed 150 billion yuan by 2027, and Panxing Smart is positioning itself in the government digitalization sector, collaborating deeply with domestic platforms [5] - With the clearing of compliance obstacles, Panxing Smart is poised to leverage capital to accelerate its national expansion and integrate resources in a fragmented market, aiming to become a true industry leader [5]

Core Insights - The procurement sector is undergoing a significant digital transformation, with companies recognizing that embracing digital tools can enhance efficiency, optimize cost structures, and strengthen risk management [1][2][4][6][7] - The transition to digital procurement management faces challenges, particularly in achieving efficient, transparent, and intelligent management while effectively managing supplier resources and controlling costs [1][2][4][6][7] Procurement Management: Digital Transformation Challenges - Procurement management is crucial for a company's profitability and operational safety, and while digitalization offers opportunities, it also requires overcoming management bottlenecks [2] - Companies need to leverage intelligent tools to optimize three core areas: supplier ecosystem, cost control, and compliance risk management [2][4][6] Supplier Ecosystem Optimization - Traditional procurement models face issues such as fragmented information, delayed evaluations, and difficulty in risk control, which digital tools can address [2] - Digital solutions enable dynamic and intelligent management of suppliers through real-time scoring and dynamic grading systems based on multi-dimensional data [2][4] - The 麦露卡 SaaS service platform's supplier lifecycle management module aids in maintaining quality suppliers while sharing resources, creating a competitive supplier ecosystem [2][7] Cost Control Challenges - High gray costs, low price comparison efficiency, and rough demand management continue to erode profits, necessitating effective cost control solutions [4] - Digital tools provide end-to-end data visibility from demand submission to order settlement, allowing for deep cost optimization [4] - The 麦露卡 SaaS platform offers a closed-loop solution covering demand aggregation, online bidding, price comparison, and order management, enhancing procurement efficiency and reducing costs [4] Compliance Risk Management - Companies face common pain points such as loose contract management, difficult performance tracking, and challenging compliance risk control [6] - Digital contract management platforms can enhance compliance by implementing electronic, structured, and process-oriented contracts with embedded intelligent risk control points [6] - The 麦露卡 SaaS platform supports template-based contracts, online collaboration, and electronic signatures, ensuring traceability and control throughout the procurement process [6] 麦露卡's Role in Procurement Management - 麦露卡 aims to create a dedicated, integrated procurement management platform that consolidates data, processes, and rules, covering the entire procurement lifecycle [7] - The platform allows private enterprises to manage their supply chain resources with the same rigor as state-owned enterprises, promoting standardized, transparent, and efficient operations [7] - The digital transformation of procurement management is now essential for core competitiveness, with 麦露卡 facilitating this transition for many private enterprises [7]

Core Insights - The article highlights the challenges faced by private enterprises in procurement management, including regulatory difficulties, limited supplier resources, and high compliance risks, which hinder cost reduction and healthy development [1] - 麦露卡集团 has launched a "one-stop supply chain SaaS service" to address these challenges, aiming to create an efficient, transparent, and reliable procurement management system for private enterprises [1][2] Group 1: Procurement Management Challenges - Private enterprises are facing multiple procurement management pain points, such as regulatory difficulties, limited supplier resources, and high compliance risks, which are critical bottlenecks for cost reduction and healthy development [1] - The digital transformation wave necessitates a rethinking of procurement management models, similar to how state-owned enterprises manage state capital [1] Group 2: 麦露卡's Strategic Initiatives - 麦露卡 has introduced an innovative "one enterprise, one chain" exclusive operational model to empower private enterprises in upgrading their procurement management [2] - This model allows partner enterprises to establish independent procurement sub-platforms, covering the entire process from supplier admission to financial reconciliation [2] Group 3: Innovative Features of the SaaS Platform - 麦露卡 has integrated three innovative features into its platform: "Sunshine Bidding Hall," "AI Smart Inquiry," and "Tender Information Express" to enhance efficiency and reduce costs [4][5][7] - The "Sunshine Bidding Hall" ensures fair and transparent bidding processes, allowing enterprises to publish procurement needs and suppliers to respond promptly [4] - The "AI Smart Inquiry" utilizes AI algorithms for precise demand matching and real-time price comparisons, significantly shortening procurement decision cycles and lowering costs [5] - The "Tender Information Express" service aggregates and updates high-value tender procurement information daily, helping suppliers capture potential business opportunities [7] Group 4: Future Outlook - 麦露卡's one-stop supply chain SaaS service platform is currently in trial operation, aiming to tackle core issues in private enterprise procurement management [7] - The company plans to continue optimizing platform capabilities to empower more private enterprises in building resilient supply chain procurement management systems [7]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the IPO review process for Jiangsu Jinzhi Education Information Co., Ltd. due to the withdrawal of its listing application by the company and its sponsor [1] Company Overview - Jiangsu Jinzhi Education was established in 2008 and primarily provides software development, SaaS services, operation and maintenance services, and system integration for higher education institutions and vocational schools [2] - The company planned to raise 577 million yuan through its IPO to invest in various projects, including a hybrid cloud-based smart campus platform and an integrated intelligent teaching cloud platform [4][6] Financial Performance - The company's revenue for the years 2020, 2021, 2022, and the first half of 2023 was 475.31 million yuan, 491.65 million yuan, 454.95 million yuan, and 106.81 million yuan, respectively. The net profit for the same periods was 73.32 million yuan, 78.93 million yuan, 77.55 million yuan, and a loss of 27.77 million yuan [4] - The direct sales revenue as a percentage of total revenue has been declining, with figures of 82.47%, 77.75%, and 74.88% over the reported years [7] Investment Projects - The total investment for the planned projects is 577 million yuan, with specific allocations for: - Hybrid cloud-based smart campus platform: 158.54 million yuan - Integrated intelligent teaching cloud platform: 162.14 million yuan - Marketing service network and business middle platform: 76.32 million yuan - Product R&D and technology upgrade fund: 180 million yuan [6] Shareholding Structure - The controlling shareholders are Guo Chao and Shi Mingjie, holding 24.09% and 16.06% of the shares directly, and an additional 10.94% indirectly through Nanjing Mingde, totaling 51.09% voting rights [6] Regulatory History - The company had previously submitted an IPO application for the Sci-Tech Innovation Board in 2020, which was accepted but later withdrawn in early 2022 [9]

证券研究报告 | 2025年06月13日 OSL 集团（00863.HK） 优于大市 净利润首度转正，外延收购加速全球扩张 核心观点 公司研究·海外公司财报点评 传媒·数字媒体 | 证券分析师：张衡 | 证券分析师：陈瑶蓉 | | --- | --- | | 021-60875160 | 021-61761058 | | zhangheng2@guosen.com.cnchenyaorong@guosen.com.cn | | | S0980517060002 | S0980523100001 | | 基础数据 | | | 投资评级 | 优于大市(首次) | | 合理估值 | | | 收盘价 | 12.76 港元 | | 总市值/流通市值 | 7992/7992 百万港元 | | 52 周最高价/最低价 | 13.30/4.16 港元 | | 近 3 个月日均成交额 | 18.61 百万港元 | 市场走势 资料来源：Wind、国信证券经济研究所整理 相关研究报告 2024 年公司业绩首度转正。1）公司是目前亚洲唯一上市的持牌合规虚拟资 产交易所，提供大宗经纪服务、数字资产托管服务、电子交易平台，并为机 构客户 ...