用友网络科技股份有限公司 关于向北京中关村银行股份有限公司申请授信额度 暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、关联交易概述 股票简称：用友网络 股票代码：600588 编号：临 2026-005 1 因经营需要，用友网络科技股份有限公司（以下简称"公司"或"用友网络"）拟向 北京中关村银行股份有限公司（以下简称"中关村银行"）申请 20,000 万元集团 综合授信额度，期限为 1 年，授信品种为流动资金贷款。 履行的审议程序：2026 年 2 月 24 日，公司召开了第九届董事会第二十五次会议 审议通过了《公司关于向北京中关村银行股份有限公司申请授信额度暨关联交 易的议案》，该议案已经独立董事专门会议审议，无需提交公司股东会审议批 准。 至本次关联交易为止，过去 12 个月内，公司及子公司申请以闲置自有资金在中 关村银行进行存款业务，单日存款余额上限不超过 60,000 万元（含本数），该 事项已经过股东会审议通过；公司向中关村银行申请 20,000 万元集团综合授信 额度 ...

Core Insights - The article highlights the rapid growth and development of China's artificial intelligence (AI) industry, showcasing significant user adoption and innovation across various sectors [3][4][14][24][31]. Group 1: AI Industry Growth - By the end of 2025, China's generative AI user base is projected to reach 602 million, a 141.7% increase from the end of 2024, with a penetration rate of 42.8%, up 25.2 percentage points year-on-year [3]. - The AI industry in Beijing has surpassed 2,400 companies, including 46 listed firms and 36 unicorns, accounting for over half of the national total [4]. - Shanghai's AI industry is expected to exceed 550 billion yuan in scale by the end of 2025, with a year-on-year growth rate of over 30% [14]. Group 2: Key Players and Innovations - Major companies leading the AI sector include ByteDance, Baidu, and Huawei, focusing on areas such as large models, AI algorithms, and smart driving [5][24]. - Shenzhen has seen a 22.6% year-on-year growth in its core AI industry, with a total scale reaching 368.5 billion yuan in 2024, indicating a shift towards source innovation [24]. - Hangzhou's AI industry is projected to grow from 300 billion yuan in 2023 to 399 billion yuan in 2024, with 84 listed companies and 10 unicorns by the end of 2025 [31]. Group 3: Data and Infrastructure - Beijing has registered 123 large model products and established a data foundation with over 150 petabytes of data [4]. - Shanghai has completed 137 registrations for generative AI services, building a workforce of 300,000 in the AI sector [14]. - Shenzhen's AI industry encompasses a full range of the supply chain, from chips to applications, with 2,887 related enterprises [24].

Group 1 - The equity investment industry is entering a "refinement period" characterized by cognitive return and capability reshaping, with a focus on hard technology and strategic emerging industries [1] - The 15th China Capital Annual Conference and the Hongqiao Science and Technology Investment Conference aims to create an efficient ecosystem that integrates investors and enterprises, discussing investment trends and technological innovation [1] - The conference highlighted the growth of the M&A market, with 6,041 disclosed M&A events in the first year after the introduction of the "M&A Six Guidelines," representing a 35% year-on-year increase [2] Group 2 - The number of domestic M&A funds remains relatively limited, with key players representing the mainstream forces in China's M&A landscape [3] - Various investment institutions shared their achievements in M&A for 2025, focusing on technology and strategic sectors, with significant investments in AI and semiconductor industries [3][4][8] - The M&A market is expected to continue its positive performance, with a focus on strategic acquisitions that enhance supply chains and market positions [5][19] Group 3 - The conference emphasized the importance of understanding industry trends and the need for M&A funds to focus on core value creation and synergy [16][18] - The integration of AI into various industries is seen as a driving force for future M&A activities, with firms looking to acquire technology and capabilities to enhance their competitive edge [22][35] - The need for a robust internal ecosystem within investment institutions was highlighted as essential for successful M&A operations [25][36]

Group 1 - UBS downgraded Youyou Network's rating to "Sell" with a target price of 7.30 RMB [1]

Core Insights - The National Innovation Center in Beijing has gathered over 700 enterprises, covering key sectors such as CPU, operating systems, databases, complete machines, network security, and application software [5][21]. Group 1: Key Enterprises - Loongson Technology (龙芯中科, 688047) is a leader in domestic CPU with its LoongArch instruction set and has a strong market share in government and terminal markets [6][22]. - Phytium Technology (飞腾信息, 000066) leads in the integration of servers and terminals with its FT series CPUs and has a well-adapted ecosystem [6][22]. - Haiguang Information (海光信息, 688041) focuses on general-purpose CPUs and DCU chips, being a major player in high-performance computing and data center chips [7][22]. - Tongxin Software is a core manufacturer of domestic desktop and server operating systems with a rich adaptation ecosystem [8][23]. - Kylin Software (麒麟软件, 600536) is a key supplier for critical industries such as government and finance with its Galaxy Kylin OS [9][24]. - DM Database (达梦数据库) is recognized as a benchmark for domestic databases with leading transaction processing performance [10][25]. - Renmin University of China Database (人大金仓) has a high penetration rate in government and central enterprise markets with its KingbaseES database [11][26]. - Sugon (中科曙光, 603019) is a leader in server and supercomputing infrastructure with advanced liquid cooling technology [12][27]. - China Great Wall Technology (中国长城, 000066) is a core enterprise in the domestic closed-loop for innovation with its Feiteng platform and terminals [13][28]. - Aisino (亚信安全, 688225) leads in security solutions for innovation environments with strong adaptation capabilities [14][29]. - Sangfor Technologies (深信服, 300454) is a leader in enterprise security and cloud computing solutions [15][29]. - Kingsoft Office (金山办公, 688111) is a leading domestic office software provider with extensive adaptation in innovation [15][29]. - Yonyou Network (用友网络, 600588) is a core manufacturer for enterprise management software transformation in innovation [16][30]. - SMIC (中芯国际) supports domestic chip manufacturing with its advanced 12-inch wafer fabrication capabilities [16][30]. - Unisoc (紫光汉图) provides adaptation and solutions for innovation [16][30].

Core Viewpoint - The article emphasizes the importance of innovation driven by enterprises and the need for collaboration among companies in the supply chain to enhance technological and industrial innovation [1]. Group 1: Business Operations and Customer Demand - Yangquan Valve Co., Ltd. produces various industrial valves and pumps, with increasing customer demands for high-performance products like "zero leakage" valves due to the rise of hydrogen energy and LNG industries [2][3]. - Yonyou Network Technology Co., Ltd. focuses on enterprise software and intelligent services, responding to customer needs for digital transformation and the adoption of domestic software solutions [2][3]. - Dalian Baile Machine Tool Co., Ltd. manufactures machine tools, with growing demand for multifunctional and intelligent equipment, reflecting a shift towards more complex manufacturing needs [2][3]. Group 2: Innovation Strategies - Yangquan Valve has invested over 62 million yuan in R&D since 2020, with a projected R&D intensity of 11% in 2024, focusing on extreme working conditions and precision manufacturing [3][4]. - Yonyou Network has integrated new technologies to upgrade enterprise software, empowering over 65,000 medium and large enterprises in their digital transformation [3][4]. - Dalian Baile has innovated its marketing approach, utilizing internet and short video platforms, which contributed to approximately 10% of its sales [3][4]. Group 3: Collaboration in the Supply Chain - The three companies have established close cooperation, with Yangquan Valve collaborating with Yonyou on ERP systems to achieve data integration and process optimization [4][5]. - Dalian Baile has a long-standing relationship with Yangquan Valve, having customized machine tools to meet specific needs, which has built trust over the years [5]. Group 4: Role of Information Technology - Digital transformation has improved key operational metrics for Yangquan Valve, such as order processing time and inventory turnover rates [7]. - The gap in digitalization between large and small enterprises can be bridged through standardized software solutions, allowing smaller firms to access advanced management systems [7]. Group 5: Policy Support for R&D - Yangquan Valve benefits from R&D expense deductions and financing options based on intellectual property, which helps convert intangible assets into capital [8]. - Dalian Baile, recognized as a high-tech enterprise, anticipates tax benefits from its R&D investments [8]. Group 6: Challenges in R&D - Yonyou Network faces pressure on operational efficiency while striving to innovate and enhance service quality [10]. - Dalian Baile has encountered sales challenges due to the closure of some long-term clients, impacting funding for R&D [10]. Group 7: Collaboration with Research Institutions - Yangquan Valve collaborates with universities to bridge the gap between academic research and industrial application, enhancing product development [11]. - Yonyou Network partners with educational institutions to integrate practical applications of its software into training programs [11]. Group 8: Innovation in Small and Medium Enterprises - Small and medium enterprises are encouraged to focus resources on niche markets and collaborate with research institutions to overcome technological challenges [12]. - Dalian Baile emphasizes the importance of a strong decision-making team to foster innovation within smaller firms [13]. Group 9: Future Plans and Support Needs - Yangquan Valve aims to upgrade traditional products and expand into new markets aligned with national strategies [16]. - Dalian Baile plans to enhance its product offerings in the wind power sector and is looking to build new facilities [16]. - Yonyou Network aspires to become a top global provider of enterprise software and intelligent services, focusing on product promotion and digital upgrades [16].

Core Viewpoint - The Central Economic Work Conference emphasizes the importance of "innovation-driven" development and strengthening the role of enterprises as the main body of innovation, focusing on how companies can innovate based on demand and accelerate the transformation of scientific and technological achievements into productive forces [1] Group 1: Business Operations and Customer Demand - Yangquan Valve Co., Ltd. produces various industrial valves and pumps, with increasing customer demands for high-end valves that require "zero leakage, long lifespan, and abrasion resistance" due to the development of hydrogen energy and LNG industries [2] - Yonyou Network Technology Co., Ltd. focuses on enterprise software and intelligent services, enabling companies to accelerate their digital transformation and adopt new-generation domestic enterprise software [2] - Dalian Baile Machine Tool Co., Ltd. manufactures machine tools, with rising demand for multifunctional and intelligent CNC machine tools that can perform multiple operations [2] Group 2: Innovation Based on Demand - Yangquan Valve has invested over 62 million yuan in R&D since 2020, with a planned R&D investment intensity of 11% in 2024, which is considered high for traditional manufacturing [3] - Yonyou Network has empowered over 65,000 medium and large enterprises in their digital transformation through its smart business innovation platform [3] - Dalian Baile has integrated lathe and drilling functions into a single machine tool, and has shifted to using internet and short video platforms for marketing, contributing to about 10% of sales [3] Group 3: Collaboration in the Supply Chain - The three companies have established close cooperation, with Yangquan Valve collaborating with Yonyou on ERP systems to achieve full-process data integration and collaboration [4] - Yonyou has tailored its services to meet the specific workflow requirements of Yangquan Valve, enhancing data and intelligent services [4] - Dalian Baile has built trust over years of collaboration, leading to customized machine tool designs for Yangquan Valve [5] Group 4: Role of Information Technology - Digital transformation supported by information technology has improved key operational metrics for Yangquan Valve, such as order processing cycles and inventory turnover rates [7] - Enterprise software can help bridge the efficiency gap between large and small enterprises, allowing smaller firms to access advanced management systems at lower costs [7] Group 5: Policy Support for R&D - Yangquan Valve benefits from R&D expense deductions and bank loans backed by intellectual property, allowing intangible assets to be converted into financing capital [8] - Dalian Baile, recognized as a high-tech enterprise, anticipates tax benefits from its planned R&D investments [9] - Yonyou sees increased demand for industrial software as a result of policies promoting domestic software, accelerating its R&D efforts [9] Group 6: Challenges in R&D - Yonyou faces pressure on operational efficiency while striving to innovate and enhance service quality, hoping for greater customer recognition of software value [10] - Dalian Baile has encountered sales challenges due to the closure of some long-term clients, impacting funding for R&D [10] Group 7: Collaboration with Research Institutions - Yangquan Valve collaborates with universities to bridge the gap between academic research and industrial application, establishing R&D centers for practical testing [11] - Yonyou partners with educational institutions to integrate its software into training programs, enhancing students' practical skills [11] Group 8: Innovation Strategies for SMEs - Yangquan Valve suggests that SMEs should focus resources on niche markets and collaborate with research institutions to tackle technical challenges [12] - Dalian Baile emphasizes the importance of a strong decision-making team and continuous learning for innovation [13] Group 9: Future Plans and Support Needs - Yangquan Valve aims to upgrade traditional products and expand into new energy sectors, aligning with national strategies [16] - Dalian Baile plans to enhance customer engagement in the wind power sector and expand its facilities [16] - Yonyou aspires to become a top global provider of enterprise software and intelligent services, focusing on product promotion and digital upgrades [16]

Investment Rating - The report rates the computer industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - Clawdbot signifies a transition in AI product forms from "scene-level assistants" to "system-level Agent platforms," emphasizing comprehensive execution capabilities across tools and systems [3]. - The evolution of Agents is marked by a clear path from Skills to Claude Excel and Clawdbot, shifting market focus from model parameters to the ability to execute complex tasks and integrate external tools [3]. - Clawdbot's revolutionary aspect lies in its ability to understand high-level user intentions and autonomously break them down into ordered steps, enhancing automation in complex workflows [3]. - The deployment of system-level Agents faces challenges such as high complexity in enterprise deployment, data security concerns, and the need for improved stability and traceability across systems [3]. - The acceleration of Agent deployment does not imply the replacement of traditional software but rather positions Agents as intelligent interaction and automation hubs, enhancing overall efficiency [3]. Summary by Sections AI Application Key Companies Valuation - The report includes a valuation table for key AI application companies, detailing their market capitalization and projected net profits for 2024 to 2027, with notable companies such as Kingsoft Office, Yonyou Network, and Zhongkong Technology [4].

Core Insights - The article discusses the evolution of artificial intelligence (AI) in enterprises, moving from simple data analysis and suggestions to systems capable of autonomous analysis, decision-making, and execution [1][11] - Yonyou has launched an AI ontology-driven intelligent system that constructs a digital twin of the entire enterprise, enabling AI to transition from assisting in decision-making to making autonomous decisions [1][11] Group 1: Ontology Intelligence - Yonyou's BIP enterprise AI ontology intelligence system leverages deep application of ontology technology to create a comprehensive digital map of business concepts, relationships, rules, and decision logic [3][13] - This digital map allows for a transition from probabilistic predictions to deterministic execution, achieving an accuracy rate of over 99% in decision-making [3][13] Group 2: Five-Level Ladder for Autonomous Decision-Making - The BIP enterprise AI ontology intelligence system provides a clear pathway for enterprises to evolve from L2 (diagnosis and prediction) and L3 (assisted decision-making) to L4 (restricted autonomy) and L5 (full autonomy) [6][16] - The system has been validated in leading enterprises across various industries, such as a large energy group and a multinational financial group, enhancing operational resilience and strategic focus [6][16] Group 3: Knowledge Management and Language Models - Professor Qi Guilin emphasized the importance of ontology as a structured foundation for enterprise knowledge, enabling AI to move from probabilistic guessing to deterministic reasoning [8][18] - The integration of large language models into knowledge engineering processes is crucial for achieving deep understanding and logical coding of business semantics [8][18] Group 4: Technological Empowerment for Decision-Making - Dr. Guo Zirui presented advancements in ontology models, highlighting the shift from probabilistic guesses to logically reliable decisions through graph-based retrieval technologies [19][21] - The LightRAG and RAG-Anything frameworks address cost and efficiency challenges in large-scale applications, enabling rapid integration of new data and precise knowledge alignment across various document formats [21][22] Group 5: Future Outlook - By 2026, the enterprise digital transformation is expected to transition from capability building to decision restructuring, with Yonyou's ontology-driven intelligent system providing a clear path from cognition to execution [22]

Group 1: Large Model + Code Intelligence Core - iFlyCode by iFLYTEK is the first domestic intelligent programming tool with voice interaction features, supporting code generation, explanation, bug correction, unit test generation, and intelligent Q&A across major programming languages [1][18] - StarRing Technology focuses on AI code generation for big data development, achieving over 90% accuracy in code generation and serving over 200 paying enterprise clients by 2025 [1][19] - Tuya Technology integrates NLP capabilities with AI programming solutions for government and financial sectors, enhancing system development efficiency and reducing maintenance costs [2][20] Group 2: IDE + AI Programming Tools Core - ZTE Information has developed SnapDevelop, an AI-assisted programming tool that increases software development efficiency by 2-3 times and supports multiple programming languages [3][22] - Wanjing Technology targets lightweight development scenarios with AI programming tools, significantly lowering the development barrier for small and medium enterprises [4][23] - CaiXun Co. provides AI programming solutions tailored for the financial sector, enhancing software development efficiency and compliance risk management [5][24] Group 3: Low-Code + AI Programming Integration - Puyuan Information integrates AI programming capabilities into its low-code development platform, improving enterprise application development efficiency by over 40% [7][24] - Jinxianda focuses on the electric power industry, utilizing a proprietary model to enhance development efficiency and customer advantages in AI programming and low-code applications [8][26] - Zhiyuan Interconnect's low-code platform has served over 10,000 enterprise clients, reducing development cycles by over 50% through AI programming capabilities [9][27] Group 4: Industry Solutions + AI Programming - Hengsheng Electronics has developed a low-code platform that integrates AI programming for the financial sector, improving development efficiency by over 60% [11][28] - Saiyi Information focuses on the manufacturing sector, providing AI programming tools that enhance software development efficiency by over 50% [12][29] - Keda Guochuang integrates AI programming into its software development for the electric power and government sectors, reducing development costs by approximately 30% [13][30] Group 5: Enterprise-Level AI Programming Solutions - New Jue Network combines AI programming with intelligent operation and maintenance services, achieving a customer repurchase rate of 83% in 2024 [15][31] - Yonyou Network integrates AI programming into its ERP systems, enhancing development efficiency by over 50% for various enterprise scenarios [16][32]