新点软件（688232.SH）2025 年一季报点评 利润端继续减亏，推出 3 款重磅 AI 产品 2025 年 04 月 29 日 ➢ 事件： 新点软件于 2025 年 4 月 25 日发布 2025 年一季报，2025Q1 公司 实现营收 2.77 亿元，同比下滑 5.94%；实现归母净利润-0.4 亿元，去年同期为 -0.53 亿元；实现扣非净利润-0.59 亿元，去年同期为-0.79 亿元。 ➢ 一季度收入略有承压，利润端持续减亏。公司一季度收入仍有所下滑，但相 较于 2024Q4 情况有所好转。另一方面，公司继续保持良好的费用控制能力， 25Q1 销售、管理、研发费用同比变动分别为-23%、-3%、-12%。得益于费用 端控制能力，公司一季度利润端相较于去年同期减亏明显。 ➢ 全面拥抱 AI，在政务 IT 领域推出 AI 产品。自 DeepSeek"出圈"，公司 积极拥抱人工智能产业趋势，结合自身优势业务领域，推出效果出众的 AI 产品。 1）AI+政务客服：今年 2 月，全国首个政务服务大模型"深小 i"在深圳"i 深 圳"APP 上线。该模型基于自然语言大模型与知识图谱技术，整合超 9 万份政策 ...

Summary of the Conference Call for New Point Software Company Overview - **Company**: New Point Software - **Industry**: Software and AI solutions for government and construction sectors Key Points and Arguments Financial Performance - In Q1 2025, New Point Software reported revenue of 277 million yuan, a year-on-year decline of 5.94% [3] - Net profit attributable to shareholders was 41 million yuan, an increase of 23.2% year-on-year, with losses narrowing by approximately 12 million yuan [3] - The company experienced declines across various business segments: Smart Finance down 7.47%, Smart Government down 2.83%, and Digital Construction down 7.59% [3] - Despite the declines, overall conditions are gradually improving, with orders recovering [2][3] Cost Management and Profitability - The company achieved a 10.13% year-on-year reduction in operating expenses, leading to a continuous improvement in net profit margin [2][5] - The internal target for gross profit growth from orders is set at 30% [7] - The company anticipates a positive revenue turnaround for the full year, with rapid profit growth and sustained profit margin improvement [7][8] AI Developments - New Point Software has made significant progress in AI, launching the AI model product "Trading Brain" to empower the entire process of government procurement [2][6] - AI-driven customer service upgrades have improved service accuracy and reduced costs [2][6] - The company has developed various AI applications, including intelligent evaluation assistants and procurement document preparation tools, enhancing digital transformation for state-owned enterprises [6][10] Market Trends and Customer Engagement - Government IT spending is showing slight recovery, but overall budget growth remains cautious [22] - Government clients are increasingly pragmatic, focusing on immediate results and showing reluctance towards large-scale investments in traditional systems [23] - The company is expanding its target customer base from large projects to small and medium-sized clients, increasing market reach [26][27] Data Governance and Management - New Point Software has implemented a systematic public data collection and governance strategy, collaborating with local governments for data governance projects [19] - The company is focusing on procurement data, regulatory data, and supply chain management in the manufacturing sector [19] SaaS Business Growth - The maintenance service revenue growth rate has increased significantly, reaching 20% in Q1 2025, with government service revenue accounting for 40% of total revenue [31] - The market potential for SaaS applications is estimated to be between 1 billion to 2 billion yuan, with ongoing efforts to enhance service offerings [31] Future Outlook - The company aims to leverage AI to enhance the quality of government services and governance, addressing existing bottlenecks [25] - New Point Software is committed to achieving a turnaround in revenue and profit levels despite uncertainties in project acceptance cycles [8][9] Additional Important Insights - The company is focusing on improving cash flow management and has established a dedicated accounts receivable management department to enhance collection efficiency [28] - AI's impact on the company's business model is significant, leading to the creation of numerous SaaS payment application scenarios [13] - The integration of AI technology is expected to transform the entire landscape of government services, with interactive intelligent agents potentially replacing traditional service platforms [32][33]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown signs of profit improvement, with AI initiatives beginning to yield results [1] - The company reported a total revenue of 2.146 billion yuan in 2024, a year-on-year decrease of 12.1%, but a net profit attributable to shareholders of 204 million yuan, reflecting a 4.9% increase year-on-year [6][5] - The company is focusing on AI integration in its operations, particularly in smart procurement and government services [6] Financial Data and Earnings Forecast - Total revenue projections for 2025, 2026, and 2027 are 2.285 billion yuan, 2.512 billion yuan, and 2.918 billion yuan respectively, with expected growth rates of 6.4%, 9.9%, and 16.2% [5][6] - The net profit attributable to shareholders is forecasted to be 270 million yuan in 2025, 345 million yuan in 2026, and 425 million yuan in 2027, with growth rates of 32.0%, 27.8%, and 23.3% respectively [5][6] - The company’s gross margin for 2024 was stable at 61.2%, with a slight year-on-year decrease of 0.2 percentage points [6] Business Operations - The company’s SaaS-based procurement operations generated 388 million yuan in revenue in 2024, marking a year-on-year increase of 6.3% [6] - The company has been actively expanding its digital procurement platform, adding 102 new zones in 2024, a 20% increase year-on-year [6] - The company has secured a government AI project, indicating a growing presence in the AI sector [6]

证券代码：688232 证券简称：新点软件 国泰新点软件股份有限公司 2024年年度股东大会 会 议 资 料 2025 年 5 月 | 2024 年年度股东大会会议须知 . | | --- | | 2024 年年度股东大会会议议程 . | | 议案一:关于 关于 2024 年度董事会工作报告的议案 6 | | 议案二:关于 2024 年度监事会工作报告的议案 . | | 议案三:关于 2024年度独立董事述职报告的议案 . | | 议案四:关于 2024 年年度报告及其摘要的议案 15 | | 议案五:关于 2024 年年度利润分配方案的议案 . | | 议案六:关于确认 2024年度董事薪酬的议案 . | | 议案七:关于确认 2024年度监事薪酬的议案 . | 国泰新点软件股份有限公司 2024 年年度股东大会会议资料 国泰新点软件股份有限公司 2024 年年度股东大会会议须知 为维护国泰新点软件股份有限公司（以下简称"公司"）全体股东的合法 权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进行，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥276,561,428.89, a decrease of 5.94% compared to ¥294,018,546.40 in the same period last year[4] - The net profit attributable to shareholders was -¥40,428,438.41, an improvement from -¥52,644,554.89 year-on-year[4] - Net profit for Q1 2025 was a loss of ¥40,680,155.98, an improvement from a loss of ¥52,876,534.39 in Q1 2024, representing a 23.1% reduction in losses[16] - Operating profit for Q1 2025 was a loss of ¥41,913,229.94, compared to a loss of ¥53,796,589.05 in Q1 2024, indicating a 22.1% improvement[16] - The basic and diluted earnings per share were both -¥0.13, an improvement from -¥0.16 in the same period last year[4] - The company's total revenue for Q1 2025 was ¥223,605,157.65, a decrease of 6.9% compared to ¥238,278,985.93 in Q1 2024[24] - Operating profit for Q1 2025 was -¥20,877,890.42, an improvement from -¥35,530,168.47 in Q1 2024[24] - Net profit for Q1 2025 was -¥19,358,650.85, compared to -¥34,658,504.58 in Q1 2024, indicating a significant reduction in losses[24] Cash Flow - The net cash flow from operating activities was -¥219,767,224.28, compared to -¥288,809,543.88 in the previous year[4] - Cash flow from operating activities for Q1 2025 was a net outflow of ¥219,767,224.28, an improvement from a net outflow of ¥288,809,543.88 in Q1 2024[18] - Total cash inflow from operating activities was ¥487,511,651.17 in Q1 2025, slightly down from ¥490,987,096.18 in Q1 2024[18] - Total cash outflow from operating activities was ¥707,278,875.45 in Q1 2025, down from ¥779,796,640.06 in Q1 2024[18] - Cash and cash equivalents decreased to ¥546,156,722.61 from ¥728,310,677.05, representing a decline of 25%[12] - Cash and cash equivalents at the end of Q1 2025 were ¥520,424,316.59, compared to ¥131,398,181.68 at the end of Q1 2024, showing a significant increase[19] - The company's cash and cash equivalents were ¥148,070,506.54 as of March 31, 2025, compared to ¥323,480,507.95 at the end of 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,420,125,622.36, a decrease of 4.26% from ¥6,705,626,804.65 at the end of the previous year[5] - The total liabilities decreased to ¥928,938,673.95 from ¥1,153,915,845.67, indicating a reduction of approximately 19.5%[13] - The total assets as of March 31, 2025, were ¥6,420,125,622.36, down from ¥6,705,626,804.65, reflecting a decrease of about 4.2%[12] - The total equity attributable to shareholders decreased to ¥5,481,787,442.91 from ¥5,542,059,735.91, reflecting a decrease of approximately 1.1%[13] - The total equity of the company as of March 31, 2025, was ¥5,360,320,770.03, slightly down from ¥5,399,523,275.47 at the end of 2024[23] Research and Development - Research and development expenses totaled ¥99,828,287.51, representing 36.10% of operating revenue, down from 38.66% in the previous year[5] - Research and development expenses for Q1 2025 were ¥60,788,929.19, down from ¥76,974,581.15 in Q1 2024, reflecting a 21% decrease[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,195[9] - Jiangsu Guotai International Trade Co., Ltd. held 18.81% of the shares, making it the largest shareholder[9] Non-Recurring Gains - The company reported non-recurring gains of ¥18,787,508.97 during the period[6] Accounting Standards - The company did not apply new accounting standards starting from 2025[28]

Financial Performance - The company reported a basic earnings per share of -0.1300 yuan for Q1 2025, an improvement of 18.75% compared to -0.1600 yuan in Q1 2024, and a significant increase from -0.2600 yuan in Q1 2023 [1] - The net profit for Q1 2025 was -0.4 billion yuan, showing a 24.53% improvement from -0.53 billion yuan in Q1 2024 and a notable increase from -0.86 billion yuan in Q1 2023 [1] - Operating revenue decreased by 5.78% to 2.77 billion yuan in Q1 2025, down from 2.94 billion yuan in Q1 2024 and 3.46 billion yuan in Q1 2023 [1] - The return on equity for Q1 2025 was -0.73%, an improvement from -0.94% in Q1 2024 and -1.55% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 93.81 million shares, accounting for 54.06% of the circulating shares, which is a decrease of 12.32 million shares from the previous period [2] - The largest shareholder, Zhangjiagang Huahui Enterprise Management Service Department, holds 19.00 million shares, representing 10.95% of the total share capital, with a decrease of 1.65 million shares [3] - The second-largest shareholder, Zhangjiagang Yirui Enterprise Consulting Service Department, holds 18.16 million shares, accounting for 10.47% of the total, with a reduction of 1.91 million shares [3] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [4]

证券代码：688232 证券简称：新点软件 公告编号：2025-022 国泰新点软件股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 05 月 07 日（星期三）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 25 日（星期五）至 05 月 06 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 djl@epoint.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 国泰新点软件股份有限公司（以下简称"公司"）已于 2025 年 4 月 12 日发 布公司 2024 年年度报告，并将于 2025 年 4 月 26 日发布公司 2025 年第一季度报 告，为便于广大投资者更全面深入地了解公司 202 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.83 CNY, based on a projected 2025 P/E ratio of 43 times [2][4]. Core Insights - The company's revenue for 2024 decreased by 12.1% year-on-year to 2.15 billion CNY, while the net profit attributable to the parent company increased by 4.9% to 204 million CNY. The adjusted net profit grew by 44.0% to 114 million CNY [1]. - The fourth quarter saw a revenue decline of 16.5% year-on-year and a net profit decrease of 23.1% [1]. - The overall demand remains weak, impacting performance, but operational improvements and refined management have enhanced profitability [8]. Financial Summary - Revenue (in million CNY) is projected to decline from 2,441 in 2023 to 2,146 in 2024, with a subsequent recovery to 2,316 in 2025, reflecting a growth rate of 7.9% [3][9]. - The net profit attributable to the parent company is expected to rise from 204 million CNY in 2024 to 267 million CNY in 2025, indicating a growth rate of 30.9% [3][9]. - The gross margin is expected to improve from 61.0% in 2024 to 61.2% in 2025, driven by effective cost management [3][9]. Business Performance - Various business segments experienced declines, with the smart procurement segment's revenue decreasing by 7.2% to 948.4 million CNY, while the smart government segment fell by 18.5% to 860.6 million CNY [8][9]. - The smart procurement operations segment, however, saw a positive growth of 6.3% to 390 million CNY, marking a structural highlight amidst overall declines [8]. - The company has embraced AI technology, continuously iterating its products to enhance market share and value across various business scenarios [8].

Core Viewpoint - Recently, Xindian Software Co., Ltd. released its 2024 annual report, indicating a decline in revenue but an increase in net profit and non-recurring net profit. Financial Performance - In 2024, Xindian Software reported operating revenue of 2.146 billion yuan, a year-on-year decrease of 12.08% [3] - The net profit attributable to shareholders was 204 million yuan, a year-on-year increase of 4.88% [3] - The non-recurring net profit was 114 million yuan, showing a significant year-on-year increase of 44.04% [3] - Basic earnings per share were 0.63 yuan per share [3] Quarterly Analysis - In Q4 2024, the company achieved operating revenue of 888 million yuan, a year-on-year decrease of 16.45% but a quarter-on-quarter increase of 87.50% [4] - The net profit attributable to shareholders in Q4 was 218 million yuan, down 23.10% year-on-year but up 2131.41% quarter-on-quarter [4] - Non-recurring net profit for Q4 was 199 million yuan, a year-on-year decrease of 24.48% but a quarter-on-quarter increase of 1866.90% [4] Profitability Metrics - The gross profit margin for 2024 was 61.20%, an increase of 3.38 percentage points year-on-year [4] - The net profit margin was 9.47%, up 1.50 percentage points year-on-year [4] - In Q4 2024, the gross profit margin was 61.57%, a year-on-year increase of 1.49 percentage points [4] - The net profit margin for Q4 was 24.52%, down 2.15 percentage points year-on-year but up 22.50% quarter-on-quarter [4] Expense Management - Total expenses for 2024 were 1.124 billion yuan, a decrease of 258 million yuan year-on-year [4] - The expense ratio was 52.38%, down 4.26 percentage points year-on-year [4] - Sales expenses decreased by 24.65%, management expenses decreased by 9.39%, R&D expenses decreased by 11.24%, and financial expenses decreased by 232.97% [4] Dividend Distribution - Xindian Software plans to distribute a cash dividend of 3.6 yuan (including tax) for every 10 shares, totaling 119 million yuan based on a total share capital of 330.6347 million shares [4] Company Background - Xindian Software was established on October 6, 1998, and was listed on November 17, 2021, with its main business involving software and information technology services [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of 47.30 RMB [7][8] Core Views - The report highlights optimism regarding the recovery of revenue and profit growth by 2025, driven by the adoption of AI technologies and improved cash flow management [1][4][3] - The company has faced challenges in revenue and net profit due to macroeconomic conditions and client budget constraints, but it is expected to benefit from the development of the data factor industry and digital construction business [3][4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.146 billion RMB (down 12.08% YoY) and a net profit of 204 million RMB (up 4.88% YoY), with a significant increase in non-recurring net profit by 44.04% YoY [1][2] - The operating cash flow was reported at 264 million RMB, reflecting a substantial increase of 419.77% YoY, attributed to improved collection management [1][2] Business Segments - The Smart Procurement business generated revenue of 948 million RMB (down 7.17% YoY) with a gross margin of 67.51%, while the Smart Government business reported revenue of 861 million RMB (down 18.46% YoY) with a gross margin of 52.14% [2] - The overall gross margin for the company improved to 61.20%, up 3.38 percentage points YoY, despite a decline in revenue [2] Future Outlook - The company is expected to leverage AI technologies to enhance operational efficiency and reduce costs, particularly in the Smart Procurement and Smart Government sectors [3] - Revenue growth is anticipated to recover in 2025, with a projected net profit of 291 million RMB, representing a 42.57% increase YoY [4][6] Valuation and Estimates - The estimated net profit for 2025 is adjusted to 291 million RMB, with a three-year CAGR of 19.85% [4] - The target price of 47.30 RMB is based on a sum-of-the-parts (SOTP) valuation, applying a 5.1x price-to-sales (PS) ratio for the digital construction business and a 39.3x price-to-earnings (PE) ratio for other businesses [4][8]