德生科技(002908) - 德生科技调研活动信息

Group 1: Business Model and Revenue Generation - The company has two charging models for subsidy distribution: (1) one-time fee for platform construction and regular maintenance; (2) service fee based on the scale of subsidy funds [3]. - The true value of the subsidy distribution business lies in guiding users to deposit other funds into their social security card accounts, enhancing the card's value to banks [3]. - The company anticipates exponential revenue growth as the application of social security cards expands in various public service scenarios [3]. Group 2: Market Expansion and Strategic Direction - The company's subsidy distribution primarily targets third- and fourth-tier cities, with plans to expand into larger urban areas [4]. - The social security card's application range is rapidly expanding, with the government initiating projects in cities like Shenzhen and Hainan to integrate the card into smart city initiatives [4]. - The company is uniquely positioned as the only listed firm deeply involved in the development of these integrated service platforms, representing a significant strategic opportunity [5]. Group 3: Competitive Landscape and Data Utilization - The company views the rise of mobile payment platforms like WeChat and Alipay as a long-term challenge but believes that social security cards can serve as a state-controlled alternative for identity verification and financial transactions [5]. - The company acts as a technology and data service provider for the government, helping to commercialize government data assets, which are abundant but underutilized [6]. - The company can create commercial value by utilizing government data through middleware, data sandboxes, and blockchain technology [7]. Group 4: Product Development and R&D Investment - The company’s R&D expenses account for 12% to 13% of its revenue, reflecting its current transformation phase and the need for extensive development of middle-platform services [9]. - The future business direction will focus on data operation services, aiming to standardize development modules to respond to increasing front-end application scenarios [9]. - The third-generation social security card is being marketed, with its adoption driven by the need for access to urban convenience services [9].