Core Insights - The software and information technology services industry in China has shown a positive operational trend in the first seven months of the year, with steady growth in revenue and profit, as well as positive export growth [1][2] Revenue and Profit Growth - Software business revenue reached 83,246 billion RMB, reflecting a year-on-year increase of 12.3% [1] - Total profit for the software industry was 10,890 billion RMB, with a year-on-year growth of 12.4% [1] - Software business exports amounted to 33.98 billion USD, marking a year-on-year increase of 5.2% [1] Sector Performance - Software product revenue grew to 18,011 billion RMB, up 10.6% year-on-year, accounting for 21.6% of total industry revenue [1] - Revenue from basic software products was 1,052 billion RMB, increasing by 13.0% [1] - Industrial software revenue reached 1,677 billion RMB, with an 8.8% year-on-year growth [1] - Information technology services revenue was 57,246 billion RMB, showing a 13.4% increase, representing 68.8% of total industry revenue [1] Specific Service Revenue - Cloud computing and big data services generated 8,663 billion RMB, growing by 12.6% and accounting for 15.1% of information technology services revenue [1] - Integrated circuit design revenue was 2,511 billion RMB, with an 18.5% year-on-year increase [1] - E-commerce platform technology service revenue reached 7,156 billion RMB, reflecting a 9.8% growth [1] Regional Performance - Software business revenue growth by region: Eastern region 12.6%, Central region 12.3%, Western region 10.4%, and Northeast region 9.3% [2] - The Eastern region accounted for 84.3% of the total software business revenue [2] - Revenue growth in key areas: Beijing 13.4%, Guangdong 9.1%, Jiangsu 14.4%, Shandong 11.8%, and Shanghai 20.1% [2]

Core Points - China Software experienced a decline of 5.01% on September 2, with a stock price of 50.25 CNY per share and a trading volume of 1.927 billion CNY, resulting in a total market capitalization of 46.923 billion CNY [1] Company Overview - China Software and Technology Service Co., Ltd. is located at No. 18 Changsheng Road, Changping District, Beijing, established on March 1, 1994, and listed on May 17, 2002 [1] - The company's main business includes proprietary software products, industry solutions, and service-oriented businesses, with revenue composition as follows: industry solutions 42.43%, proprietary software products 33.08%, service-oriented business 23.86%, and others 0.63% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Zheshang Securities Asset Management has a significant position in China Software. The Zheshang Huijin Transformation Driver Fund (001540) held 45,400 shares in the second quarter, accounting for 3.91% of the fund's net value, ranking as the fourth-largest holding [2] - The estimated floating loss for the fund today is approximately 120,300 CNY [2] Fund Manager Information - The fund manager of Zheshang Huijin Transformation Driver (001540) is Chen Gujun, who has been in the position for 5 years and 227 days. The total asset size of the fund is 204 million CNY, with the best fund return during the tenure being 38.11% and the worst being -7.57% [3]

Group 1 - The company has successfully won the bid for the centralized procurement project of human resource outsourcing services from Sinochem Information Technology Co., Ltd. for the years 2025-2027, which includes consulting, ERP, and implementation operation services [2] - The project aims to promote digital consulting, cloud planning, and IT innovation applications in the chemical industry, as well as optimize ERP systems [2] - This win is a recognition of the company's capabilities in ERP consulting implementation and digital transformation, reinforcing its market advantage in the energy sector and among central state-owned enterprises [2] Group 2 - The company plans to continue focusing on the petrochemical industry, emphasizing digital transformation, domestic substitution, and innovation in large model applications to support high-quality development in the industry [2]

Core Viewpoint - China Software International (00354.HK) has successfully entered the centralized procurement project for human outsourcing services by Sinochem Information Technology Co., Ltd. for the years 2025-2027, which includes key service categories such as consulting, ERP, and implementation operations [1] Group 1: Project Details - The project aims to promote digital consulting, cloud planning, and innovative IT applications in the chemical industry, ensuring efficient application and continuous optimization of ERP systems within enterprises [1] - The successful entry into this project is a strong recognition of the company's capabilities in ERP consulting implementation and digital transformation services [1] Group 2: Strategic Implications - This milestone marks a significant step for the company in empowering the digital transformation in the energy sector, further consolidating its penetration advantage among central state-owned enterprises [1] - The company plans to continue focusing on the petrochemical industry, aligning with industry development trends and customer needs, while emphasizing the combination of technology leadership and industrial upgrading [1] Group 3: Future Directions - The company will persist in driving digital transformation, domestic substitution, and innovation in large model applications, contributing to the cultivation of innovative-driven new productive forces for central state-owned enterprises [1] - The goal is to enhance the high-quality development of the industry by providing more wisdom and strength [1]

Core Viewpoint - China Software International (00354) has successfully entered the centralized procurement project for human outsourcing services by Sinochem Information Technology Co., Ltd. for the years 2025-2027, which includes key service categories such as consulting, ERP, and implementation operations [1] Group 1 - The project aims to promote digital consulting, cloud planning, and innovative IT applications in the chemical industry, ensuring efficient application and continuous optimization of ERP systems within enterprises [1] - The inclusion in this project signifies a high recognition of the company's ERP consulting implementation and digital transformation service capabilities, marking a solid step in empowering the digital development of the energy sector [1] - This achievement further consolidates the company's penetration advantage among central state-owned enterprises, laying a strong foundation for strategic layout advancement [1] Group 2 - The company will continue to focus on the petrochemical industry, aligning closely with industry development trends and customer needs [1] - The company aims to combine technology leadership with industrial upgrading, continuously pushing forward in areas such as digital transformation, domestic substitution, and innovative applications of large models [1] - The goal is to help central state-owned enterprises cultivate more innovation-driven new productive forces, contributing to the high-quality development of the industry [1]

Core Viewpoint - China Software International (00354) has successfully entered the centralized procurement project for human outsourcing services by Sinochem Information Technology Co., Ltd. for the years 2025-2027, which includes key packages in consulting services, ERP, and implementation operations [1] Group 1: Project Details - The project aims to promote digital consulting, cloud planning, and innovative IT applications in the chemical industry, ensuring efficient application and continuous optimization of ERP systems within enterprises [1] - The inclusion in this project signifies a high recognition of the company's ERP consulting implementation and digital transformation service capabilities [1] Group 2: Strategic Implications - This milestone marks a solid step for the company in empowering the digital transformation in the energy sector, further consolidating its penetration advantage among central state-owned enterprises [1] - The company plans to continue focusing on the petrochemical industry, aligning with industry development trends and customer needs, while integrating technology leadership with industrial upgrading [1] Group 3: Future Directions - The company will persist in driving efforts in digital transformation, domestic substitution, and innovative applications of large models, contributing to the cultivation of innovative-driven new productive forces for central state-owned enterprises [1] - The goal is to contribute more wisdom and strength to promote high-quality development in the industry [1]

中国软件（600536.SH）2025 年半年报点评 聚焦主业成效显现，国产操作系统龙头地位稳固 2025 年 09 月 01 日 ➢ 事件概述：2025 年 8 月 27 日公司发布 2025 年半年度报告，实现营业收 入 22.42 亿元，同比增长 13.01%；实现归母净利润-7453 万元，同比减亏；扣 非归母净利润-7675 万元，同比减亏。 ➢ 聚焦主业成效显现，经营质量提升，亏损大幅收窄。2025H1 公司经营质量 显著改善：实现营业收入 22.42 亿元，同比增长 13.01%；归母净利润同比减亏 1.98 亿元，扣非后归母净利润同比减亏 2.09 亿元。盈利能力改善得益于公司加 强成本管控，2025H1 研发费用同比下降 38.06%。 ➢ "基础软件+党政核心应用"双轮驱动，核心资产优势巩固。公司围绕两大 主业，持续巩固市场领先地位。1）基础软件业务：核心子公司麒麟软件旗下操 作系统产品连续 14 年位列中国 Linux 市场占有率第一名。生态建设成果显著， 截至 2025H1，已完成硬件适配超 84 万项，软件适配超 639 万项，生态兼容适 配总量累计超过 723 万项。麒麟软件作为公 ...

Summary of China Software 2Q25 Conference Call Industry Overview - The conference call focused on the **China Software** industry, particularly the performance of various software companies in the second quarter of 2025 (2Q25) and the first half of 2025 (1H25) - Average revenue growth for the covered companies was **9% YoY** in 1H25, with an average net margin of **-3%** due to weak seasonality in the first half [1][2] Key Company Performances - **Kingsoft Office, Thundersoft, and Sensetime** reported revenues in 2Q25 that exceeded expectations due to increased AI spending - **Glodon and Sangfor** showed better-than-expected net income in 2Q25, attributed to improved employee productivity [1] - **Yonyou** reported a revenue growth of **7% YoY** in 2Q25, recovering from a **-21% YoY** decline in 1Q25, supported by small and medium business (SMB) growth [9] - **Thundersoft** experienced a **50% YoY** revenue increase, driven by strong growth in its AIoT business [26] - **Glodon** faced a **-5% YoY** revenue decline, but net margin improved to **13%** due to product mix upgrades and cost management [17] Core Insights and Trends - Companies are focusing on: 1. **Monetization of AI tools** to provide value-added features [2] 2. **Diversification** into overseas markets or new categories to counteract slower IT spending in certain segments [2] 3. **Integration of AI** with core software products to capture a larger share of clients' budgets [2] - The average **P/E ratio** for China software companies increased to **55x-60x**, indicating early signs of AI monetization, while the average **EV/Sales** ratio rose to **8x-9x** [2] Company Ratings and Recommendations - **Buy** ratings maintained for **Empyrean** and **Kingdee** - **Neutral** rating for **Yonyou** - **Sell** ratings for **ZWSOFT, Thundersoft, Glodon, and Sangfor** [3] Earnings Revisions - **Yonyou**: Revised down 2025 net loss to **Rmb594m** from **Rmb517m** due to lower revenues during transformation [12] - **Glodon**: Revenue estimates revised down by **1%-3%** for 2025-28E, but earnings revised up by **18%/12%/2%/1%** due to improved productivity [20] - **Thundersoft**: Revenue estimates revised up by **8%/5%/4%** for 2025-27E, reflecting higher revenues from the IoT business [30] - **Sangfor**: Revenue estimates revised down by **9%/2%/1%** for 2025-27E due to lower security software revenues [46] Other Important Insights - **ZWSOFT** launched new products with enhanced 3D CAD features, which are expected to support long-term growth despite current muted growth in 3D CAD software [39] - **Sangfor** is expanding its cloud computing product offerings, which is expected to contribute to revenue growth [45] - The overall sentiment in the industry is cautiously optimistic, with expectations of improved productivity and revenue growth driven by AI integration and new product offerings [1][2][3]

天眼查资料显示，中国软件与技术服务股份有限公司，成立于1994年，位于北京市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本94009.3188万人民币。通过天眼查大数据分析，中国软件 与技术服务股份有限公司共对外投资了42家企业，参与招投标项目5000次，财产线索方面有商标信息75 条，专利信息123条，此外企业还拥有行政许可26个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，中国软件与技术服务股份有限公司取得一项名为"一种基于长短期记忆神经 网络的发票票种核定方法"的专利，授权公告号CN 114529776 B，申请日期为2020年11月。 ...

Core Viewpoint - The Chinese software industry is entering a rapid development phase, with expectations for the market size to exceed 3.5 trillion yuan by 2030, driven by digital economy advancements and accelerated digital transformation of enterprises [5] Group 1: Software ETF Performance - The software ETF (159852) experienced a 0.83% decline as of August 29, 2025, with mixed performance among constituent stocks [1] - Over the past week, the software ETF has seen a cumulative increase of 9.42% as of August 28, 2025 [1] - The software ETF recorded a turnover rate of 7.65% and a transaction volume of 434 million yuan, leading comparable funds in both metrics [4] - The software ETF's net value has increased by 30.49% over the past three years, with a maximum monthly return of 39.35% since inception [4] Group 2: Key Stocks in Software Sector - The top ten weighted stocks in the CSI Software Service Index account for 61.39% of the index, with notable companies including iFlytek, Kingsoft Office, and Tonghuashun [5] - The performance of key stocks as of August 27, 2025, includes iFlytek at -0.24% weight 13.93%, Kingsoft Office at -1.02% weight 8.15%, and Tonghuashun at +1.91% weight 7.39% [7] Group 3: Technological Advancements - ByteDance's Seed has launched a new multimodal intelligent framework, M3-Agent, which outperforms existing commercial models in various tasks, showcasing advantages in human understanding and cross-modal reasoning [4] - Artificial intelligence plays a crucial role in software development, optimizing performance and enhancing user experience through machine learning and natural language processing technologies [5]