大家下午好今天非常荣幸我们邀请到 男威集团总经理吴总也发言了,跟公司的各位高管来给大家分享一下,这个政务最新的行业性进展跟公司开明布局。那么大家也看到,最近各个地方都非常积极进行系统,都在陆续的举动,包括深圳竟然还出现了AI公务员上岗。 所以这个其实对政务这个行业的改造是非常明显的所以我们今天邀请到领导那等会我们先邀请董事长发言然后呢后面董事长交流完之后呢大家有问题呢可以随时进行提问那我把时间交给董事长谢谢董事长好的 谢谢杨总各位投资人好我们海通证券的各位同事好 我是南无一暖身集团董事长吴志雄很高兴今天能够在线上与各位投资人交流沟通借这个机会我也想为大家介绍一下南无一2025年的一些战略规划跟经营安排我想这个是南无一最新的一个变化 事实上大家都知道 从2020年到2024年新冠疫情的三年加上疫后的这两年的时间里面事实上整个社会 包括政府和企业都深切地感受到时代变化 变革带来的冲击跟考验我觉得变化特别大对南美来说 这场危机我们认为对我们是危机 但是也是机会 我觉得危中有机没有这次冲击我们变化没这么大这场危机对南微来说我们认为是带来了一次宝贵的机会那么近五年来我们已经事实上一直以在拥有重大关键核心技术的世界级伟大 ...

摘要 Q&A 致远互联 请介绍致远互联在 AI 领域的业务情况及规划布局。 致远互联自 2023 年开始布局 AI 领域，经过两年的探索和发展，取得了一定的 成绩，特别是在 To B 市场中的 Copilot 和 Agent 等应用方面实现了较好的落地。 公司通过智能全栈平台对接市面上的各种模型，从最初的 GPT-3.5 到国内的一 些模型，并在多个项目中应用了这些技术。例如，在北京的一个项目中，我们 使用了 DeepSeek V3 模型进行企业级智能化培训教育系统的开发。V3 模型在生 成稳定性和一致性方面表现优异，而 R1 模型则展示了更强大的训练能力和影响 力。 • DeepSeek 技术通过 R1 模型首次呈现 AI 思维过程，增强了客户对 AI 决策 的信任，加速了企业级大模型私有化部署，尤其是在大型央国企和政府机 构中。 • 致远互联在国企数据分析项目中采用 R1 模型支持开放式数据分析与决策， 在行政执法项目中构建多 Agent 互动系统，覆盖案件处理全流程，实现快 速高效处理。 • 致远互联通过增强大模型推理能力、优化私有化部署成本，完善基于大模 型开发业务应用框架，提高应用丰富度与成熟度，以 ...

Summary of Chutian Technology Conference Call Company Overview - **Company**: Chutian Technology - **Industry**: Pharmaceutical Equipment Manufacturing Key Points Financial Performance and Forecast - Chutian Technology forecasts a net loss of approximately 380 million to 480 million yuan for 2024, with a non-recurring net loss of about 420 million to 520 million yuan due to intensified industry competition leading to a decline in gross margins and price adjustments on certain products to maintain market scale [3][5][6] - The company conducted impairment tests on inventory and two wholly-owned subsidiaries, impacting approximately 170 million yuan [3][5] - In 2024, the company aims to improve operational cash flow, transitioning from a negative cash flow of over 300 million yuan in the first three quarters to a positive cash flow of around 100 million yuan for the year [5] Strategic Adjustments - In the second half of 2024, Chutian Technology shifted its strategy from pursuing scale to focusing on net profit and cash flow, actively abandoning low-margin orders [5][6] - The company aims to achieve profitability in 2025, maintaining a similar volume of new orders as in the previous two years but prioritizing order quality [6] International Business Development - Chutian Technology secured over 1 billion yuan in new international orders in 2024 and plans to focus on international markets, particularly in Europe, the Americas, and the Middle East, due to a lack of significant rebound in domestic demand [10][19] - The gross margin for international business is approximately 30% to 40%, higher than the domestic business, which can be as low as 20% [11] Product and Market Trends - Fast-growing product categories include ADC, transdermal patches, and dual-antibody biopharmaceuticals, while large orders remain concentrated in traditional sectors like sterile preparations and bioprocessing [12] - The bioreactor bag industry is experiencing severe competition, with revenues falling short of initial expectations post-pandemic [13] Impairment and Asset Management - The company recorded a goodwill impairment of 110 million yuan for its subsidiary Romark due to the industry's downturn, with further evaluations planned based on operational performance [7][8] Future Outlook - Chutian Technology anticipates a 40% to 50% growth in international markets in 2025, despite potential declines in the domestic market [27] - The largest single overseas order is in the tens of millions, with total overseas orders in 2024 reaching 300 to 400 million yuan [28] R&D and Personnel Changes - R&D investment has increased, although the overall number of R&D personnel has decreased due to optimization measures [30] - The sales team has also been reduced to enhance operational efficiency in response to declining industry margins [31] Technology Integration - The company is leveraging AI and automation technologies to enhance production efficiency and real-time monitoring of manufacturing processes, supporting future production trends [26] Conclusion Chutian Technology is navigating a challenging market environment with strategic shifts towards profitability and international expansion, while managing operational efficiencies and product quality. The focus on high-margin international orders and technological advancements positions the company for potential recovery and growth in the coming years.

Summary of Jinshiyuan Company Conference Call Company Overview - **Company**: Jinshiyuan - **Industry**: Baijiu (Chinese liquor) Key Points and Arguments Sales Performance - During the Spring Festival, Jinshiyuan's high-end product V3, priced between 500-600 RMB, showed excellent sales performance in cities like Huai'an, Nanjing, and Suzhou, indicating a significant upward trend. This success is attributed to a series of reform measures rather than competitors' mistakes or market space availability [3][4] Organizational Reforms - Since 2022, under Chairman Lv Xin's leadership, Jinshiyuan has restructured its management from a regional division to a departmental division, including Microchip, International, Financial, and Efficient Sales departments. This focused brand operation has effectively driven stable growth in the Guoyuan product series [4][5] Marketing Innovations - Jinshiyuan has innovated its marketing model by forming strategic alliances through group purchasing, particularly in Yangzhou, which stabilizes sales and enhances dealer cooperation. This model is especially effective for high-end and new products in emerging markets [4][6] Human Resource Strategies - The company has accelerated the promotion of leadership and external recruitment since 2022, increasing sales personnel from approximately 800-1,000 to around 1,500. This investment in human resources has significantly improved overall operational capabilities [7][9] Pricing Strategy - Jinshiyuan employs a gradual price increase strategy to maintain price stability for its main products, such as Guoan 4K, which has remained stable since 2022. This approach has bolstered dealer confidence and consumer trust, avoiding adverse effects from price fluctuations [10][11] High-End Strategy Progress - The high-end strategy is showing initial success, with the V3 product becoming a mainstream choice for business consumption in certain regions of Jiangsu. This success provides a strong foundation for extending more high-end product lines [12] Market Conditions in Jiangsu - Jiangsu's market is crucial for baijiu companies due to its large scale and stable structure. Jinshiyuan's solid foundation in this market allows it to focus on nurturing new and high-end products [13] Prospects in Out-of-Province Markets - Jinshiyuan is expected to perform well in out-of-province markets by 2025, having clarified its strategy and improved brand recognition among dealers. The company has laid a solid foundation for expansion, aiming for significant breakthroughs in the coming years [14][15] Brand Promotion and Development - The company tailors its promotional strategies based on product characteristics, ensuring the survival of dealers while enhancing brand image through flexible marketing tactics [16][17] Strategic Direction - Jinshiyuan's strategic direction is now clear, with sufficient reserves in organization and personnel training to support its expansion beyond Jiangsu. The focus on high-end product cultivation and investment is expected to yield significant results in 2025 [18] Investment Recommendation - The company is viewed as a strong investment opportunity due to its stable fundamentals and new growth logic in high-end products and out-of-province expansion. With a current valuation of approximately 15 times earnings, it is recommended for both absolute and relative returns in the baijiu sector [19]

Summary of Dashiang Co., Ltd. Conference Call Company Overview - Dashiang Co., Ltd. is a leading offline retail company in Northeast China, primarily engaged in department stores, supermarkets, and electronics [3][5]. Key Points and Arguments Investment Value - Dashiang is currently undervalued with a PE ratio of 12-13 times for 2024, expecting a net profit of approximately 600 million yuan, a nearly 20% year-on-year increase [3][10]. - For 2025, the net profit is projected to grow by about 10% to over 650 million yuan, corresponding to a PE ratio of less than 12 times. After deducting 3.5 billion yuan in cash, the PE ratio drops to around 6 times [3][10]. - The company's PB ratio is approximately 0.85, indicating a low valuation compared to its net asset value of about 9 billion yuan [3][10]. Management Changes - The recent management change, with Chen Deli as the new general manager, is expected to enhance governance and operational efficiency, acting as a catalyst for positive transformation [4][6]. Business Structure - Dashiang operates primarily in three segments: department stores, supermarkets, and electronics, with department stores being the main profit source [5][8]. - The company owns two major department store brands, Maike and Xinmate, primarily located in Northeast China, contributing to stable overall profitability [5][8]. Competitive Advantage - The competitive landscape in Northeast China is relatively mild, allowing Dashiang to leverage its strong foundation and bargaining power, achieving a commission rate of around 20%, higher than the industry average [5][7]. - Approximately 70% of Dashiang's property is self-owned, with a total retail space of about 3.3 million square meters, of which 1.7 million square meters are self-owned, mainly in department stores [7][8]. Future Development Strategy - Dashiang plans to enhance existing stores and improve management through brand upgrades and the introduction of higher-priced brands to increase revenue and rental levels [9][10]. - The company aims to learn from successful cases to transform underperforming stores, targeting a profit of 650 million yuan in 2025 and over 700 million yuan in 2026 [9][10]. Financial Outlook - Profit forecasts indicate a net profit of nearly 600 million yuan in 2024, 650 million yuan in 2025, and over 700 million yuan in 2026, suggesting strong investment appeal [10][11]. - The historical dividend payout ratio has been around 30%, with a potential dividend yield of 2.5% to 3%, indicating room for future increases in dividends [11]. Overall Investment Evaluation - Dashiang is considered a compelling investment target due to its undervaluation and attractive growth prospects within the retail sector [12].

• 伯特利从机械制动起家，通过前瞻性技术布局，如鼓式到盘式制动、机械 到电控制动、EHB 到 One-Box，实现业务快速增长。实控人具备深厚技术背 景，对自动驾驶产品路线把控精准，提升公司在自动驾驶领域的竞争力。 • 2023 年伯特利营收 34 亿元，机械制动占比约 45%，智能电控产品占比 44%， 机械转向占比 6%。整体毛利率维持在 23%左右，智能电控产品毛利率略低 于 20%，机械转向毛利率为 14%左右，整合后预计提升。 • 国内 EHB 装配量快速增长，2023 年接近 800 万台，搭载率达 40%，新能源 车更高。One-Box 因成本和布置优势，满足 L2 以下智能驾驶需求，但 L3 以上需冗余备份，线控制动车型壁垒较高，竞争格局相对稳定。 • 制动车型高安全属性使得生产难度大，大规模量产后的质控、一致性生产 以及规模效应构成壁垒。新技术需老产品积累，One-Box 需集成 ABS/ESC 等稳定系统开发能力，硬件一致性、电磁阀良率及软件算法积累构成核心 差异。 • One-Box 领域国产化率大幅提升，伯特利和弗迪动力是国内代表，博世是 主要外资竞争对手。伯特利销售规模增长，对上游议 ...

科大国创 摘要 Q&A 请介绍一下科大国创在人工智能领域的应用进展及其业务布局。 科大国创是一家长期从事行业应用软件开发的公司，近年来特别是在大模型技 术出现后，积极抓住这一机遇。2024 年初，公司推出了星云大模型，并重点聚 焦于电信、电力、交通等垂直行业以及高可信软件带来的程序自动化编程领域。 我们与中国科学技术大学计算机系共同成立了知识计算实验室，采用包括阿里 通义在内的开源平台进行知识增强的大模型研发。 在实际应用中，我们基于基 础模型并结合具体行业场景的数据和需求，实现了多项落地应用。例如，在运 • 科大国创与中国科学技术大学合作，成立知识计算实验室，利用开源平台 （包括阿里通义）研发知识增强大模型，应用于电信、电力、交通等垂直 行业，以及高可信软件的程序自动化编程领域。 • 在运营商领域，智能客服系统提高应答效率超 20%，智能体系统优化宽带 装维流程，减少现场人员需求 40%，已为公司带来数千万收入。电力领域 则围绕智慧电厂进行大模型应用，交通领域则推动交通执法系统的发展。 • 科大国创全资子公司中科国创推出 AI 编程助手，融合形式化分析、软件程 序分析与验证技术以及星云大模型，实现软件开发过 ...

人形机器人丝杠降本展望：重视设备降本、技术路线降本 的机会 摘要 Q&A 目前丝杠制造行业的降本趋势和市场热点有哪些？ 丝杠制造行业的降本趋势主要体现在设备国产化上。通过国产设备进行量产是 大势所趋，这将显著降低成本。此外，随着国内龙头厂商扩展规划日益清晰， 整个产业链逐渐成熟，市场关注点从单纯的造丝杠转向研究丝杠制造中的技术 细节变化。例如，以车代磨、以洗代磨等相关设备和耗材标的在近期表现良好， • 市场关注点已从丝杠本身转向制造技术细节，如"以车代磨"、"以洗代 磨"等设备和耗材成为热点，反映了对生产效率和成本控制的重视。 • 螺纹磨床是高端丝杠制造的关键设备，市场供给受限，主要由 PSS 集团、 日本三井精机等小规模企业主导，需求增加时易出现供应瓶颈，国内企业 迎来发展机遇。 • 国内企业在小型、高精度螺纹磨床的开发上具有优势，能够满足人形机器 人行业的需求，日发精机等企业已迅速推出相关设备，并具备一定的技术 储备。 • 国产设备在自动化程度和价格上优于国外设备，通过小型技术升级可提升 效率，C5 级行星滚柱丝杠的加工时间约为半小时到一小时，满足百万台人 形机器人生产需求，市场空间达 40-60 亿元。 ...

普联软件 摘要 Q&A 在 AI 和企业管理软件领域，普联软件有哪些具体的应用和变革？ 近年来，大语言模型和 AI 智能体的发展正在深刻重塑传统企业管理软件。从交 互形式到系统架构，从业务应用到数据处理，均面临前所未有的革新。在交互 形式方面，传统依赖图形界面的操作逐渐被对话式体验替代。用户无需费力查 找菜单选项，只需与 AI 助理对话即可完成操作，这大大降低了操作门槛，提升 了用户体验，使得软件使用更加自然流畅。 在业务应用层面，AI 能力的嵌入 为传统软件功能注入了新的活力。利用 AI 大模型的语义理解和生成能力，可以 • AI 通过对话式体验、嵌入业务逻辑、释放非结构化数据价值和推动可组装 架构，为传统软件注入新活力，降低操作门槛，提高处理柔性，并提升数 据应用效率，加速企业决策。 • AI 技术在知识伴随、数据洞察、智能作业、预测推演及风险控制五个方向 易见成效，通过融合历史数据、组织架构和流程，实现流程自动编排，提 升运营效率，减少人为失误。 • AI 智能体在财务管理领域通过自动完成账务处理、报表生成等工作，并从 数据库中精准获取信息和知识，为决策提供依据，提高工作效率和资金合 理分配。 • 普联 ...

普元信息 摘要 Q&A DeepSeek 发布后，对 AI 编程和低代码行业带来了哪些变化？普元信息在这方 面有何规划？ 从商业化落地角度看，目前 AI 加低代码平台的商业模式并没有与传统方式有特 别大的区别。具体来说，可以偏向产品化或者 SaaS 化，也可以进行本地部署， 根据客户需求灵活选择。至于单个客户产品定价，会根据具体使用情况和规模 有所不同，但总体上仍然遵循传统的软件销售定价策略。 在 AI 加低代码平台的订阅模式和私有化部署方面，客户接受度如何？未来商业 模式的比例会有怎样的变化？ DeepSeek 发布后，整个行业的高性价比模型迭代加速。我们看到从 AI 编程到 数据中台的产业需求都出现了新的变化。普元信息在 2023 年发布了低代码开发 平台的 AI 智能助手，并持续跟随大模型技术进步，迭代了三个版本。今年 （2025 年），我们将融合主流的 DeepSeek 模型和千问等高性价比模型，进一 步迭代最新智能化产品，包括智能 AI 编程和数据中台的 AI 智能助手等相关产 品。 • 普元信息通过融合 DeepSeek 和千问等模型，迭代 AI 智能编程和数据中台 AI 助手等产品，增强低代码平 ...