Core Viewpoint - The company, Zhiyuan Huilian, anticipates significant growth in 2025, driven by AI and "Xin Chuang" initiatives, with a projected revenue increase and over 10% growth in contract amounts year-on-year [1] Group 1: Financial Performance - The company expects improved cash flow from operating activities, with a notable year-on-year improvement in net cash outflow [1] - Revenue quality has enhanced, with both enterprise and government client contract amounts increasing, particularly contracts over one million, which grew by over 20% [1] Group 2: Market Focus and Client Base - The company is concentrating on the digital transformation needs of state-owned enterprises, achieving a 13% year-on-year increase in orders from these clients [1] - New key industry clients have been added, with steady progress in project delivery and acceptance, serving major clients such as China CRRC, China Railway, and others [1] Group 3: Government Sector Engagement - The company is focusing on digital government applications, enhancing areas such as AI-enabled administrative tasks and urban governance, with government orders increasing by over 30% year-on-year [1]

Core Viewpoint - The company, Zhiyuan Interconnect Software Co., Ltd., forecasts a net profit loss of between 210 million to 260 million yuan for the year 2025, despite achieving breakthroughs in the high-end market driven by "AI + Xinchuang" dual engines [1] Group 1: Financial Performance - The company expects a net profit loss of 210 million to 260 million yuan for 2025 [1] - The revenue from central and state-owned enterprise orders is projected to increase by approximately 13% year-on-year [1] - The total contract amount for AI-related products signed in 2025 is estimated to be around 200 million yuan [1] Group 2: Market Development - The company has added several key industry-leading clients, with steady progress in project delivery and acceptance [1] - In the government sector, the order amount is expected to grow by over 30% year-on-year, focusing on digital government applications [1] Group 3: Strategic Initiatives - The company aims to build an enterprise collaborative operation brain, launching the CoMiAgent platform and its upgraded products [1] - New applications include intelligent contract management, intelligent project management, and intelligent LTC [1] Group 4: Challenges and Opportunities - The loss is attributed to increased early-stage implementation costs due to high-end clients' demands for complex scenarios [1] - The high investment in "high-threshold" projects is expected to lead to strong customer loyalty and market share, with potential for long-term profit growth as delivery costs decrease [1]

Core Viewpoint - Zhiyuan Huilian (688369.SH) expects a significant net loss for the year 2025, with projected losses ranging from 210 million to 260 million yuan for net profit attributable to shareholders of the parent company [1] Financial Projections - The company anticipates a net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, to be between -213 million and -263 million yuan [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -210 million and -260 million yuan[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between -213 million and -263 million yuan[3]. - In the same period last year, the net profit attributable to shareholders was -235.59 million yuan, with a net profit after deducting non-recurring gains and losses of -239.94 million yuan[5]. - The financial data in the performance forecast has not been audited by registered accountants[4]. - Investors are advised to consider the preliminary nature of the forecast data and the potential investment risks[11]. Revenue and Order Growth - The company achieved a revenue increase with a contract amount growth of over 10% year-on-year, and AI-related contract amounts reached approximately 200 million yuan[8]. - The company has seen a 13% year-on-year increase in orders from central state-owned enterprises, with significant progress in project delivery and acceptance[8]. - The government sector orders grew by over 30% year-on-year, driven by the launch of multiple intelligent applications[8]. Business Transformation - The company is currently in a business transformation phase, leading to increased delivery costs due to the complexity of projects for state-owned enterprises and government clients[9]. - The company aims to enhance its market share by focusing on digital transformation needs and has introduced new products like the CoMi Agent platform[8].

Core Viewpoint - The company, Zhiyuan Huilian, forecasts a net profit attributable to shareholders of -210 million to -260 million yuan for the year 2025, with a net profit excluding non-recurring gains and losses expected to be -213 million to -263 million yuan, primarily due to changes in its main business operations [1]. Group 1: Revenue and Business Growth - The company has seen an increase in operating income, with a contract amount growth of over 10% year-on-year, driven by its focus on state-owned enterprises, government affairs, and key industries [1]. - The net cash flow from operating activities has significantly improved year-on-year, indicating better revenue quality, with contracts signed by enterprise and government clients increasing, particularly contracts worth over one million yuan, which grew by over 20% [1]. - The company launched the CoMiAgent platform and its upgraded products, focusing on intelligent contract management and project management, with AI-related contract amounts reaching approximately 200 million yuan in 2025 [1]. Group 2: Client Base and Market Position - The company has concentrated on the digital transformation needs of state-owned enterprises, achieving a year-on-year order growth of about 13%, and has added several key industry clients, including China CRRC, China Railway, and others, enhancing its market share [1]. - The government sector has also seen a significant increase in orders, with a year-on-year growth of over 30%, driven by the introduction of various intelligent applications focused on government operations [1]. Group 3: Cost and Operational Challenges - The company is still in a business transformation phase, with increased complexity in project demands from state-owned enterprises and government clients, leading to higher initial implementation resource investments and extended project delivery cycles, which have resulted in increased delivery costs [1].

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]

Group 1 - The stock of Zhiyuan Huilian (688369.SH) closed at 29.12 yuan, with a decline of 5.39%, currently in a state of breaking issue [1] - Zhiyuan Huilian was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 31, 2019, with an issuance of 19,250,000 shares at a price of 49.39 yuan per share [1] - The total amount raised from the initial public offering was 950.7575 million yuan, with a net amount of 840.6460 million yuan, exceeding the originally planned fundraising by 49.12729 million yuan [1] Group 2 - On June 10, 2023, Zhiyuan Huilian announced a cash dividend of 3 yuan (including tax) for every 10 shares, along with a capital reserve increase of 4.9 shares for every 10 shares [1] - On December 26, 2023, the company disclosed a plan to issue convertible bonds to unspecified objects, with a total fundraising amount not exceeding 703.865 million yuan [2] - The net amount after deducting issuance costs from the bond issuance is intended for projects including AICOP R&D and industrialization, smart collaborative operation service platform construction, and supplementing working capital [2]

Summary of Zhiyuan Huilian Conference Call Company Overview - **Company**: Zhiyuan Huilian - **Industry**: AI and Software Solutions Key Points and Arguments AI Product Development - Zhiyuan Huilian has developed an AI Agent product named "Kongming" and has accumulated experience through customized projects. By Q3 2025, AI-related contract amounts reached 100 million yuan, expected to increase to 200 million yuan by year-end, indicating a focus on enhancing product value [2][3] - The "Kongming" platform aims to create a collaborative operational brain, modeling knowledge, data, and industry expertise through various applications including portals, apps, and intelligent applications [2][5] AI Application Scenarios - In 2025, the company implemented AI applications in various scenarios such as smart office solutions (meeting minutes generation, schedule automation), business process optimization, data analysis, and knowledge management [6] - Specific applications include an intelligent CRM system and a platform for government services that allows for real-time inquiries and processing [6] Transition from Customization to Standardization - Zhiyuan Huilian is transitioning from customized to standardized products, with standardized orders expected to account for approximately 70% by 2025, reflecting product maturity and market acceptance [4][13] Pricing Strategy - The company employs a dual pricing model of subscription and outright purchase, with subscription pricing making up 40%-50% of sales. Higher-priced modules include contract management, while simpler modules are priced lower [16] - There are significant price differences among Kimi family modules based on complexity and market demand, with some modules adopting a pay-per-use model [15][16] Market Trends and Customer Preferences - State-owned enterprises (SOEs) are gradually accepting cloud solutions and subscription models, although they still prefer outright purchases. This shift is driven by the rapid iteration of software versions and security considerations [17] - The development of AI technology has become essential for software vendors, as it enhances operational efficiency and meets the growing demands of SOEs [19] Future Plans and Growth Projections - For 2026, Zhiyuan Huilian plans to focus on the needs of SOEs and government clients, further advancing AI integration into their business processes [7] - The company aims for approximately 50% revenue growth, continued reduction of losses, and positive cash flow in the next two years [26] Impact of AI on Operations - The introduction of AI has shortened delivery cycles and improved customer willingness to pay for AI products, although the overall impact on delivery timelines remains to be fully validated [23] - The company is enhancing its workforce to support AI transformation, increasing the demand for higher-skilled personnel while reducing basic operational roles [24] Leadership and Feedback Mechanisms - Middle management actively uses new products and provides feedback for improvements, while senior leadership is less involved in direct usage, indicating a structured decision-making process [25] Additional Important Insights - The company has developed integrated performance evaluation systems to enhance efficiency through data analysis and AI capabilities [9] - The AI-driven low-code platform, Clouse, is being revitalized to improve application delivery and reduce costs, allowing for quicker responses to market demands [20]

Core Viewpoint - ZhiYuan Interconnect's stock price has shown fluctuations, with a recent decline of 2.05% and a total market value of 2.976 billion yuan, indicating a mixed performance in the stock market [1]. Financial Performance - For the period from January to September 2025, ZhiYuan Interconnect reported a revenue of 554 million yuan, reflecting a year-on-year decrease of 10.14%. The net profit attributable to shareholders was -219 million yuan, marking a significant decline of 100.21% compared to the previous year [2]. - Cumulatively, since its A-share listing, ZhiYuan Interconnect has distributed a total of 145 million yuan in dividends, with 37.28 million yuan distributed over the last three years [3]. Shareholder Information - As of October 31, 2025, the number of shareholders for ZhiYuan Interconnect stood at 8,561, with an average of 13,458 circulating shares per shareholder, showing no change from the previous period [2]. - Notable changes in institutional holdings include new entries from FuRong Information Technology Mixed A and GuoShou AnBao Strategy Selected Mixed A, which are now among the top ten circulating shareholders [3]. Stock Market Activity - On January 7, ZhiYuan Interconnect's stock traded at 25.83 yuan per share, with a trading volume of 35.618 million yuan and a turnover rate of 1.18% [1]. - The stock has experienced a year-to-date increase of 1.57%, with a notable rise of 10.95% over the last five trading days [1]. Business Overview - ZhiYuan Interconnect, established on April 2, 2002, and listed on October 31, 2019, specializes in providing collaborative management software products, solutions, and cloud services, with 84.68% of its revenue derived from software products [1]. - The company operates within the computer software development sector and is associated with concepts such as smart governance and domestic software [1].

Project Overview - The project is focused on the construction of a high-level research and development platform located at the China Nonferrous Metal Industry Innovation Research Institute (Tianjin) [1][4] - The total area for renovation is 26,677.27 square meters, with an additional 5,200 square meters of new construction [1][4] - The project aims to support the upgrade of traditional industries and the development of strategic emerging industries, particularly in superconducting materials, high-performance copper alloys, high-purity metals, and efficient mineral resource development [1][4] Location and Environmental Conditions - The project is situated in the Xiqing District of Tianjin, which is a key industrial area with excellent geographical advantages and convenient transportation [2][5] - The site has favorable geological conditions, including high bearing capacity and no adverse geological phenomena, ensuring a solid foundation for construction [2][5] - The region experiences a temperate continental monsoon climate, characterized by distinct wet and dry seasons, with significant temperature variations [2][5] Bid Candidates - The public announcement of bid candidates was made on December 31, 2025, with Beijing Zhiyuan Interconnect Software Co., Ltd. having the highest bid of 2,438,000 yuan [6][9] - Other candidates include Yonyou Network Technology Co., Ltd. with a bid of 2,306,000 yuan and Beijing Ruitai Zhili Technology Co., Ltd. with a bid of 3,033,300 yuan [4][9]