目 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 5 | | 董事及高級管理層簡歷 | 14 | | 企業管治報告 | 17 | | 董事會報告 | 45 | | 獨立核數師報告 | 58 | | 綜合損益及其他全面收益表 | 63 | | 綜合財務狀況表 | 65 | | 綜合權益變動報表 | 67 | | 綜合現金流量報表 | 68 | | 綜合財務報表附註 | 70 | | 財務概要 | 154 | 錄 235 公司資料 執行董事 趙震先生 王玉森先生 崔洪志先生 王興山先生* * 王興山先生於二零二四年二月一日辭任執行董事。 非執行董事 李春香女士 獨立非執行董事 黃烈初先生 張瑞君女士 丁香乾先生 公司秘書 陳穎女士 鄒波先生 核數師 信永中和（香港）會計師事務所有限公司 主要往來銀行 中國銀行（香港）有限公司 中國工商銀行 中國農業銀行 主要股份過戶及登記處 Suntera (Cayman) Limited Suite 3204, Unit 2A, Block 3, Building D, P.O. Box 1586, Gardenia ...

Group 1 - The 2025 Wave Digital Enterprise Innovation Conference was held in Beijing with the theme "AI Towards New, Tides Surge Future," highlighting the rapid iteration of global AI technology as a core driver for enterprise digital transformation [1] - The conference emphasized the importance of leveraging AI to reshape core competitiveness and accelerate the implementation of high-value intelligent application scenarios [1] - Liu Jiyong, General Manager of Inspur Group, stated that AI has evolved from a technical concept to a core force driving new productive forces and restructuring the global competitive landscape [1] Group 2 - Li Yizhong, President of the China Industrial Economic Federation, stressed the need to accelerate the application of AIGC in manufacturing and develop AI large models and specialized models for various processes in production and operations [2] - The conference included various forums and events, such as a technology innovation conference and an ecological partner conference, focusing on topics like intelligent finance, smart human resources, decision intelligence, and intelligent manufacturing [2] - New AI achievements, including Inspur Haiyue Business AI, were announced during the conference [2]

Group 1 - The core viewpoint emphasizes the importance of both large and small models in the digital transformation of industrial enterprises, highlighting the integration of generative AI in five key areas: innovative design, industrial enhancement, quality reinforcement, service extension, and market expansion [1] - The conference, themed "AI Towards New, Tides Surge Future," gathered over a thousand participants, including academicians, industry leaders, and representatives from enterprises and authoritative institutions, to discuss AI models, commercial AI, industrial software, and global market expansion [1] - The general manager of Inspur Group stated that AI has evolved from a technical concept to a core driving force for enterprise development, reshaping global competitive dynamics and accelerating comprehensive transformations across various industries [1] Group 2 - The rapid adoption of AI, particularly large models, has created a widespread and urgent demand for digital transformation among enterprises [2] - Key strategies for accelerating the implementation of intelligent systems include recognizing AI's long-term value, understanding the current maturity stage of enterprises, planning AI application scenarios, and selecting suitable partners [2] - Inspur Digital Enterprises has outlined a four-step transition for digital transformation, which includes "Composite AI," "Data Foundation," "Tool Chain Supplement," and "Software Reconstruction," under its "AI First Strategy" [2] Group 3 - Inspur officially launched the Haiyue Commercial AI and Haiyue Model 3.0, targeting business pain points in enterprise management and production operations, aiming to bridge the "last mile" of intelligent implementation [3] - The conference also introduced a "Global Ecological Strategy" to assist Chinese enterprises in achieving global ecological collaborative value through technological symbiosis, market expansion, and standard co-construction [3] - Various specialized forums were held during the conference, covering topics such as intelligent finance, smart human resources, decision intelligence, and intelligent manufacturing, showcasing Inspur's product capabilities and industry practices [3]

Investment Rating - The report maintains an "Outperform" rating for the company, projecting significant growth in cloud business revenue and overall profits [4][7]. Core Insights - The company's cloud business is experiencing rapid growth, significantly boosting profits. The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 522 million, 656 million, and 883 million RMB respectively, with EPS expected to be 0.46, 0.57, and 0.77 RMB [4][7]. - The overall revenue for 2024 is projected at 8.20 billion RMB, reflecting a slight decline of 1.1%. However, cloud services revenue is expected to grow by 38.1% to 2.76 billion RMB, while enterprise management software revenue is projected to increase by 3.7% to 2.56 billion RMB [8][9]. - The company is focusing on large enterprises and leveraging AI technology to enhance its product offerings, having enabled digital transformation for numerous central government-owned enterprises and top companies in China [9][10]. Financial Data and Forecast - Key financial metrics for the company include: - Revenue (in million RMB): 8,294 in 2023, projected to decline to 8,201 in 2024, then increase to 8,586 in 2025, 9,213 in 2026, and 10,291 in 2027 [3][6]. - Net profit (in million RMB): 1,918 in 2023, expected to rise to 2,208 in 2024, 2,447 in 2025, 2,718 in 2026, and 3,190 in 2027 [3][6]. - Gross profit margin is projected to improve from 26.9% in 2024 to 31.0% in 2027 [6]. - The company plans to continue returning value to shareholders with a proposed dividend of 0.08 HKD per share [8]. Market Position and Strategy - The company is deepening its presence in the large enterprise market and plans to release advanced AI-driven platforms in 2024, enhancing its competitive edge in the ERP sector [9][10]. - The introduction of foundation models is expected to improve the company's smart supply chain products, focusing on various industries such as pharmaceuticals and manufacturing [10].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][11][30]. Core Views - The company has shown significant improvement in net profit, with a year-on-year increase of 90.8% in 2024, despite a slight revenue decline of 1.62% [4][12]. - The cloud service business has been a key driver, achieving a revenue growth of 38.1% and turning a profit of 1.33 billion yuan [5][13]. - The overall financial outlook is positive, with projected revenue growth for 2025-2027 and a favorable price-to-earnings ratio [11][30]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 8.201 billion yuan, a decrease of 1.62% year-on-year, while net profit reached 385 million yuan, an increase of 90.8% [4][12]. - The adjusted net profit after excluding non-recurring items was 427 million yuan, reflecting a substantial growth of 632.47% [4][12]. Cloud Service Business - The cloud service segment generated revenues of 2.761 billion yuan, with a year-on-year growth of 38.1%, and achieved an operating profit of 1.33 billion yuan, recovering from a loss of 560 million yuan in the previous year [5][13]. - The management software and IoT solutions also contributed positively, with revenues of 2.556 billion yuan and 2.883 billion yuan, respectively [5][13]. Market Position and Strategy - The company is enhancing its cloud service offerings, integrating AI capabilities through platforms like the Haiyue model and DeepSeek, which have been successfully implemented in several large enterprises [6][23]. - It is also focusing on the small and medium-sized enterprise market, promoting integrated solutions and expanding its customer base in the financial sector [8][25]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 9.076 billion yuan, 10.022 billion yuan, and 10.996 billion yuan, respectively, with corresponding net profits of 520 million yuan, 695 million yuan, and 893 million yuan [11][30]. - The expected earnings per share (EPS) for the same period are projected to be 0.46 yuan, 0.61 yuan, and 0.78 yuan [11][30].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][13] Core Views - The company is expected to benefit from a market position upgrade and a continuous increase in net profit, driven by high-quality earnings in 2024 and significant valuation elasticity [4][6] - The company is the third-largest ERP industry leader in China, primarily serving large and medium-sized state-owned enterprises, with better growth potential and certainty compared to competitors [6][8] - The company's cloud business is expected to continue its rapid growth, contributing to double-digit revenue growth in core business [8] Financial Summary and Valuation Metrics - Revenue and net profit projections for 2025-2027 have been revised upwards, with expected net profits of 520 million, 679 million, and 849 million respectively, reflecting year-on-year growth rates of 35%, 30%, and 25% [6][9] - The company's revenue for 2024 is projected at 8,201 million, with a year-on-year growth of 0% [9] - The gross margin is expected to improve from 26.9% in 2024 to 31.1% in 2027, while the net profit margin is projected to increase from 4.7% to 7.7% over the same period [9]

Financial Performance - The company's revenue for the year ended December 31, 2024, decreased by approximately 1.1% to about RMB 8,200,805,000 compared to RMB 8,294,446,000 in 2023[2] - Profit attributable to the company's owners was approximately RMB 384,705,000, up from RMB 201,630,000 in 2023[2] - Basic earnings per share increased to RMB 33.69 from RMB 17.66 in the previous year[4] - Total comprehensive income for the year was RMB 460,741,000, compared to RMB 211,354,000 in 2023[5] - The company reported a pre-tax profit of RMB 480,391,000 for 2024, compared to RMB 278,664,000 in 2023, indicating a significant improvement[24] - Net profit attributable to shareholders surged to RMB 384,705,000 from RMB 201,630,000, with basic earnings per share increasing to RMB 33.69 from RMB 17.66[42] Revenue Breakdown - Cloud services revenue grew by approximately 38.1% to about RMB 2,761,458,000, while IoT solutions revenue decreased by approximately 24.7% to about RMB 2,883,231,000[2] - The IoT segment generated revenue of RMB 2,761,458,000, while the cloud services segment contributed RMB 2,556,116,000, and the management software segment brought in RMB 2,883,231,000 for 2024[23] - The group recorded revenue of RMB 8,200,805,000, a decrease of 1.1% compared to RMB 8,294,446,000 in the previous year, with cloud service revenue growing by 38.1% to RMB 2,761,458,000, accounting for 51.9% of total revenue[36] Expenses and Liabilities - Current liabilities rose to RMB 5,283,199,000 from RMB 3,915,078,000, indicating increased operational obligations[7] - The total administrative expenses for 2024 were RMB 26,046,000, a slight increase from RMB 24,594,000 in 2023[24] - The company recorded a net impairment loss of RMB 141,079,000 under the expected credit loss model for 2024, compared to RMB 66,245,000 in 2023[24] - The company’s trade payables increased to RMB 2,606,646,000 in 2024 from RMB 1,198,861,000 in 2023, indicating a rise in operational liabilities[34] Assets and Receivables - Trade receivables increased significantly to RMB 3,141,322,000 from RMB 1,605,229,000 in the previous year[6] - The company's total assets decreased slightly to RMB 2,584,747,000 from RMB 2,097,671,000[7] - The total trade receivables and notes receivable increased to RMB 3,310,183,000 in 2024 from RMB 1,699,610,000 in 2023, highlighting a growth in sales[31] Dividends - The board has proposed a final dividend of HKD 0.08 per share for the year, compared to HKD 0.03 per share in 2023, pending shareholder approval[2] - The company plans to distribute a final dividend of HKD 0.08 per share for the year ended December 31, 2024, amounting to approximately RMB 84,593,000[28] Research and Development - Research and development expenses remained stable at approximately RMB 864,719,000 compared to RMB 859,197,000 in 2023[4] - The group implemented an "AI First" strategy, focusing on AI technology and digital transformation to enhance software products and create high-value applications[49] - The company received approval for 15 national key R&D projects and completed the acceptance of 6 key R&D projects, enhancing its industry influence[50] Financial Reporting Standards - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, including HKFRS 16 regarding lease liabilities[10] - The amendments to HKAS 1 clarify the classification of liabilities as current or non-current, with no significant impact on the group's financial position as of January 1, 2023, December 31, 2023, and December 31, 2024[12] - The group has not early adopted new standards that are yet to be effective, including HKFRS 18, which will be effective from January 1, 2027, focusing on the presentation and disclosure of financial statements[13] - HKFRS 19 allows qualifying entities to apply reduced disclosure requirements, effective from January 1, 2027, but the company does not qualify due to its publicly traded equity instruments[18] Strategic Initiatives - The company has significantly improved its financial shared services in areas such as intelligent scenarios, shared models, and operational management, achieving "international advanced level" recognition for its intelligent audit platform[61] - The company launched a comprehensive quality control platform 3.0 and an asset operation support platform 3.0, enhancing operational capabilities and achieving significant milestones in cloud network management[63] - The company plans to accelerate its "AI First" strategy by 2025, focusing on empowering high-quality development across all industries and expanding its market presence[68] Market Position and Recognition - The Haiyue Large Model was awarded the "Top Ten Innovative Technologies in Digital Economy" and recognized at the 2024 World Computing Conference, showcasing its breakthrough in software technology[53] - The Haiyue PaaS Platform 7.0 was released, enhancing enterprise intelligent operations and automation capabilities, and it has been recognized as a leader in the Chinese PaaS market[54] - The supply chain management product was recognized as the top domestic vendor in the SCM software market, with contracts signed with clients such as Tianshan Cement and Hubei Port[62]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.48, indicating a potential upside of 23% from the current price of HKD 6.10 [6][11]. Core Insights - The integration of the DeepSeek model into the company's cloud services is expected to enhance operational efficiency and product attractiveness, with a 20% improvement in content generation accuracy compared to other mainstream open-source models [1]. - The government's recent policy initiatives are set to foster a favorable environment for the digital transformation of traditional industries, which is anticipated to accelerate the growth of the intelligent software sector [2]. - The company's cloud service revenue is projected to grow at an annual rate of 30-40%, with revenue forecasts of RMB 100 billion for FY24E and RMB 120 billion for FY25E, alongside net profit estimates of RMB 3.6 billion and RMB 5.2 billion respectively [3]. Financial Summary - The company reported actual revenues of RMB 6,967 million in FY22, with projections of RMB 8,294 million in FY23, RMB 10,009 million in FY24, RMB 12,020 million in FY25, and RMB 14,301 million in FY26, reflecting a growth rate of 77.9% in FY22 and a forecasted growth rate of 19.0% in FY26 [5][9]. - Net profit increased from RMB 119 million in FY22 to a projected RMB 702 million in FY26, with a significant growth rate of 83.3% in FY22 and a forecasted 35.7% in FY26 [5][9]. - The company's diluted earnings per share are expected to rise from RMB 0.104 in FY22 to RMB 0.615 in FY26, with a net asset return rate projected to reach 22.4% by FY26 [5][9].

Investment Rating - The report suggests a focus on the company with a dynamic PE of approximately 10 times for 2025, indicating a significant advantage compared to peers [3]. Core Insights - The integration of the DeepSeek model into the company's existing AI framework enhances performance across various applications, including natural language understanding, SQL generation, and chart interpretation [3]. - DeepSeek's low inference cost allows the company to reduce computational requirements during model training and inference, leading to cost savings and improved project profit margins [3]. - The transition from "AI integration" to "AI native" signifies the company's rapid internalization of large models into its product and technical capabilities, fostering a broader AI ecosystem and promoting collaboration and innovation among upstream and downstream enterprises [3]. Summary by Sections Event - The DeepSeek model was released on January 20, showcasing significant advancements in performance for complex tasks, while also reducing training and inference costs [1]. - The company's AI applications, such as ChatBI and intelligent document processing, can now seamlessly switch to the DeepSeek model, enhancing their capabilities [1]. Technical Performance - The integration of DeepSeek-R1 has led to a 20% improvement in content generation accuracy compared to other mainstream open-source models, with a result usability rate of 95% [1][3]. - The enhanced reasoning capabilities of DeepSeek provide deeper insights and more reliable decision support for users [1]. Cost Efficiency - The low inference cost of DeepSeek is expected to lower the computational demands of the company's models, directly benefiting profit margins [3].

Investment Rating - The report does not provide a specific investment rating for Inspur Digital Enterprise (0596 HK) [7] Core Business Analysis - Inspur Digital Enterprise's core business revolves around three major segments: cloud services, management software, and IoT solutions, which drive enterprise digital transformation [7] - Cloud services is the fastest-growing segment, with H1 2024 revenue reaching RMB 980 million, a 36% YoY increase, accounting for 45% of total revenue [7] - Management software provides stable support, generating RMB 1 202 billion in revenue, a 7 4% YoY growth, playing a key role in digital management scenarios such as finance, HR, and supply chain [7] - IoT solutions contributed RMB 1 959 billion, nearly 50% of total revenue, despite a 13% YoY decline, maintaining strategic importance in smart manufacturing and industrial IoT scenarios [7] Client Base and Market Position - Inspur Digital Enterprise serves 79 central state-owned enterprises, 29 Fortune 500 companies, and 190 China 500 companies across key industries such as energy, manufacturing, and transportation [7] - Representative clients include TBEA, CRRC Industrial, Shanshui Group in smart manufacturing, and Shandong Port Group, Shandong Expressway in data asset innovation [7] - The company has established a leading position in large enterprise client groups through customized digital solutions [7] Competitive Advantages - Inspur Digital Enterprise has built competitive barriers through its proprietary technology system, Haiyue PaaS platform, and intelligent ERP products [7] - The company differentiates itself through deep customization services and multi-scenario solutions, competing against domestic players like Yonyou and Kingdee, and international giants like Alibaba Cloud, Tencent Cloud, SAP, and Oracle [7] Market Outlook and Growth Potential - The "Digital China" strategy drives rapid growth in cloud computing, IoT, and smart manufacturing demand [7] - Cloud services maintain 36% high growth rate, accounting for 45% of revenue, expected to benefit from AI and cloud technology adoption [7] - Smart manufacturing upgrades and IoT applications provide growth opportunities for IoT solutions [7] - National policies supporting data assetization and domestic technology substitution create further market expansion potential [7] Future Strategy - Cloud services are expected to further expand market share, benefiting from AI and large model adoption [7] - Smart manufacturing and industrial IoT applications will open new market spaces for IoT solutions [7] - The company aims to consolidate its industry position through proprietary technology, innovative platforms, and differentiated products [7] - Inspur Digital Enterprise plans to expand its core client base, particularly in central state-owned enterprises and Fortune 500 companies [7]