Core Viewpoint - The company is actively developing blockchain technology and artificial intelligence solutions, focusing on digital transformation in various sectors, including energy and enterprise management [2][3][6]. Blockchain Technology - The company has developed a range of products and solutions based on blockchain technology, including supply chain finance, electronic documents, and clean energy traceability, which have been successfully implemented in several power enterprises [2]. - Future plans for blockchain business include continuous investment, focusing on technological innovation and ecosystem collaboration to enhance product offerings and solutions [3]. - Although the company has not yet implemented Real World Asset (RWA) business, it is preparing relevant technologies and business models for potential applications in asset rights confirmation and traceability [4]. Smart Energy Opportunities - The company identifies significant opportunities in the smart energy sector due to the increasing complexity of trading scenarios in the electricity market, which requires enhanced digital and informational support [5]. - Key focus areas include power prediction, load forecasting, and multi-resource collaborative trading decision-making, which align with market demands for improved operational capabilities [5]. Artificial Intelligence Initiatives - The company has developed an integrated AI platform, "Yuan Guang Tian Feng," which incorporates various AI models and enables automated service generation, enhancing operational efficiency for clients [6]. - AI applications include intelligent assistants for enterprise operations, data analysis, and specialized applications for travel planning and financial scheduling [6]. Market Value Management - The company is committed to enhancing value creation through strategic planning and investment in key technologies such as cloud computing, big data, and AI [7][8]. - Efforts to improve transparency and investor relations are underway to foster a better understanding of the company's operations and long-term value [8]. Financial Performance - In Q1 2025, the company reported a main revenue of 417 million, a year-on-year decrease of 9.47%, while net profit attributable to shareholders was 9.39 million, an increase of 2.66% [8]. - The company has a debt ratio of 12.03% and a gross profit margin of 54.39% [8].

Core Viewpoint - The virtual power plant (VPP) is emerging as a new operational model in the energy sector, significantly enhancing power supply security and promoting renewable energy consumption. The industry is transitioning from an invitation-based model to a market-oriented approach, with government targets set for 2027 and 2030 to increase regulation capacity to 20 million kilowatts and over 50 million kilowatts, respectively [1][11][25]. Industry Overview - Virtual power plants aggregate distributed energy resources, adjustable loads, and storage systems, acting as new operational entities that participate in power system optimization and market transactions [2]. - The development of virtual power plants is supported by a comprehensive policy framework established by the government, which includes various action plans and guidelines aimed at fostering innovation and market mechanisms [8][11]. Development Background - The rapid growth of renewable energy in China, particularly in solar and wind power, has created a pressing need for flexible power management solutions. Virtual power plants can significantly reduce the need for redundant capacity by providing flexible load adjustments [13][15]. - The construction cost of virtual power plants is only one-eighth that of traditional coal-fired power plants, making them a cost-effective solution for peak load management [15]. Current Status - The virtual power plant industry in China has established a complete industrial chain, encompassing resource aggregation, platform operation, and market trading. Key regions include Shandong, Guangdong, Zhejiang, and Shanghai, where pilot projects are actively being developed [17][19]. - The commercial model is evolving from a single demand response approach to a diversified model that includes power trading and carbon services [19]. Competitive Landscape - The industry features a diverse competitive landscape with participation from state-owned enterprises, private companies, and technology firms. Major players include State Grid, Huaneng Group, and Guodian NARI, which leverage their resources and infrastructure to dominate the market [23]. - Private companies like Guoneng Rixin and Teruid focus on technological innovation and niche markets, while tech giants such as Huawei and Tencent are entering the sector with advanced digital technologies [23]. Future Trends - The virtual power plant industry is expected to experience accelerated growth driven by policy support and market mechanisms, with projections indicating a market size exceeding 10.2 billion yuan by 2025 and surpassing 100 billion yuan by 2030 [25][26]. - Technological advancements in AI, 5G, and blockchain will enhance operational efficiency and real-time responsiveness, transforming virtual power plants into intelligent energy management systems [27]. - The integration of virtual power plants with other sectors, such as transportation and building management, will create new business models and expand the ecosystem [28].

Group 1: Blockchain Technology Applications - The company has developed a series of products and solutions based on blockchain technology, including supply chain finance, electronic documents, and clean energy traceability, successfully implemented in multiple power enterprises [2][3] - Projects like "Dian Yi Chain" and "Cai Zhi Chain" have received national management science awards, while "Li Min Chain" won the second prize in the Digital China Innovation Competition's blockchain track [2][3] - The company plans to continue investing in blockchain, focusing on technological innovation and ecosystem collaboration to enhance its products and solutions [3] Group 2: Opportunities in Smart Energy - The evolving electricity market presents opportunities for digital and informational support, as market participants face complex trading scenarios [4] - Key areas for improvement include AI-based power forecasting, load forecasting, and multi-energy collaborative trading decisions [4] - The company aims to leverage these needs to enhance its information technology offerings in electricity trading [4] Group 3: Artificial Intelligence Initiatives - The company has developed an AI platform, "Yuan Guang Tian Feng," integrating various large models and enabling automated service generation [5][6] - It has launched enterprise-level intelligent applications, enhancing user interaction and operational efficiency [6] - The integration of AI with IoT and biometric technologies has led to the development of smart hardware products [6] Group 4: Market Value Management Strategies - The company is committed to enhancing value creation through strategic planning and investment in key technologies like cloud computing and AI [7] - It emphasizes transparency in information disclosure to improve investor understanding and confidence [7] - The company will utilize various market value management tools to boost market confidence as needed [7]

Group 1 - The core viewpoint of the news is that Yinye Investment has conducted research on a listed company, Yuanguang Software, which has been actively developing blockchain technology since 2015 [1] - Yuanguang Software has built a comprehensive capability in blockchain, creating a self-developed enterprise application service platform that provides technical support across the entire process of "building chains, uploading chains, and using chains" [1] - The company has developed multiple products in areas such as digital enterprises, smart energy, and social interconnectivity, successfully implemented in several power companies, and has received multiple honors [1] Group 2 - The company plans to continue investing in blockchain business, focusing on technological innovation, deepening application scenarios, and ecological collaboration to enhance its products and solutions [1] - Although the RW business has not been practically implemented, the blockchain technology can be applied in asset confirmation, circulation, and traceability [1] - Yuanguang Software possesses a self-controlled platform, multiple intellectual property rights, participates in national standard formulation, and has been recognized as one of the top 50 industrial blockchain enterprises for four consecutive years [1]

Summary of the Conference Call for YuanGuang Software Industry and Company Overview - The conference call focuses on YuanGuang Software, a company specializing in blockchain technology applications, supply chain finance, and green energy solutions [2][4][8]. Key Points and Arguments Blockchain Technology Applications - YuanGuang Software has successfully implemented blockchain technology in internal management, including electronic documents, contracts, and signatures, enhancing operational efficiency [2][4]. - The company has partnered with several provincial power companies to launch supply chain finance platforms, such as the "Dian E Lian" platform in Shanghai, "Li Min Lian" in Fujian, and "Cai Zhi Lian" in Hebei, addressing financing challenges in the industry [2][7]. Green Energy Initiatives - The company actively participates in green energy projects, providing green electricity traceability services for major events like the Beijing Winter Olympics and Hangzhou Asian Games [2][5]. - YuanGuang Software collaborates with its major shareholder, Shuke Company, to build a national green electricity perception platform and promote green certificate-related work [2][6]. Real World Assets (RWA) Development - The company is exploring the tokenization of real-world assets to provide financing solutions for high-energy-consuming enterprises undergoing green transformation, with pilot operations in Hong Kong [2][10]. - YuanGuang Software aims to expand its RWA-related products and integrate them into existing offerings to enhance supply chain finance services [7][10]. Market Potential and Future Directions - The company is constructing a national green electricity platform, having completed deployments in five pilot regions, with significant market potential anticipated [2][18]. - YuanGuang Software plans to deepen its blockchain applications, expand supply chain finance services, and strengthen its green energy initiatives, including obtaining international green certificate qualifications [8][19]. Additional Important Content Payment and Settlement Services - YuanGuang Software has developed a payment module for fund settlement, providing overseas settlement services for companies like China Power Construction and Yuexiu Group [3][21]. - The company is monitoring the development of stablecoins and their potential impact on traditional settlement systems, indicating no significant technical challenges in upgrading existing systems to incorporate blockchain technology [21]. Green Certificate Market Potential - The green certificate certification market is deemed highly promising, with a variety of certification reports required annually by numerous supply chain enterprises [19]. - The company is focused on leveraging this market opportunity to enhance its service offerings and revenue potential [19]. Collaboration with State Grid - YuanGuang Software serves as the exclusive technology supplier for State Grid Blockchain Company, providing comprehensive technical support and ensuring the platform's autonomy and upgradeability [12][13]. RWA Charging Models - The company has outlined two charging models for RWA-related services: platform fees and operational fees, depending on the nature of the service provided [20]. This summary encapsulates the key insights and developments discussed during the conference call, highlighting YuanGuang Software's strategic initiatives and market positioning in blockchain technology, green energy, and supply chain finance.

Group 1: Blockchain Business Overview - The company began its blockchain business layout in 2015, developing a comprehensive capability covering R&D, application scenarios, product operations, intellectual property protection, standard construction, and talent cultivation [2][3] - The core product system is based on a self-developed "Blockchain Enterprise Application Service Platform," which provides technology, tools, and services across the entire blockchain application process [2][3] Group 2: Project Implementation and Client Applications - The company has developed a series of products and solutions based on blockchain technology in areas such as digital enterprises, smart energy, and social interconnectivity, including supply chain finance, electronic documents, and clean energy traceability [4] - Successful implementations in multiple power enterprises have led to rich industry application experience, aiding digital transformation and trustworthy data circulation [4] Group 3: Future Development Plans - The company plans to continue investing in blockchain business, focusing on technological innovation, scenario deepening, and ecological collaboration to enhance products and solutions [5] - Although the company has not yet implemented RWA (Real World Assets) business, it is prepared with relevant technologies and business models for potential applications in asset confirmation, circulation, and traceability [5] Group 4: Competitive Advantages - The company maintains ongoing R&D investment in blockchain, possessing a self-controlled technology platform and multiple innovative products and solutions [6][7] - It has accumulated 14 blockchain information services approved by the National Internet Information Office and has been recognized as one of the top 50 blockchain enterprises for four consecutive years [7]

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

Group 1 - The company appointed Chen Lihao as honorary chairman, recognizing his contributions and influence in the software industry over the past thirty years [1][2] - Chen Lihao holds 9.96% of the company's total shares and is a concerted actor with the controlling shareholder, State Grid Digital Technology Co., Ltd [2] - The remuneration for Chen Lihao in 2025 is set at 1.21 million yuan per year (pre-tax), with related expenses covered by the company [1][2] Group 2 - The board of directors approved the remuneration and related party transaction with a unanimous vote, indicating strong support for the decision [2][6] - The pricing policy for the remuneration is based on the company's director remuneration standards, industry salary levels, and operational goals, ensuring fairness and transparency [3][6] - The independent directors agreed that the remuneration aligns with the company's long-term interests and complies with relevant regulations [6]

Core Viewpoint - The legal opinion letter from Guangdong Xinda Law Firm confirms the compliance of the adjustments, exercise, and cancellation of the stock option incentive plan of Yuanguang Software Co., Ltd. with relevant laws and regulations [1][3][17] Group 1: Legal Framework and Compliance - The legal opinion is based on various laws and regulations, including the Company Law, Securities Law, and specific guidelines for stock option incentive plans [1][2] - The firm has verified that the company provided all necessary and accurate documentation for the issuance of the legal opinion [2][3] - The legal opinion is intended solely for the purpose of the company's implementation of the incentive plan and cannot be used for other purposes without prior written consent [2] Group 2: Adjustments to the Incentive Plan - The adjustments to the stock option incentive plan were approved by the board and independent directors, ensuring compliance with the management regulations [3][6] - The exercise price of the stock options was adjusted to 5.77 RMB per share following the completion of the 2023 annual equity distribution [7][12] Group 3: Exercise Conditions - The second exercise period of the incentive plan has met the required conditions, with a 30% exercise ratio applicable [12][16] - The company achieved a net asset return rate of 10.02% and a net profit growth rate of 11.23% compared to 2020, fulfilling the performance criteria for the second exercise period [12][16] Group 4: Cancellations of Stock Options - A total of 1,936,607 stock options will be canceled due to 38 incentive participants leaving the company [14][16] - Additionally, 54,150 stock options will be canceled for participants whose performance results only allow for partial exercise [14][16] - The company plans to cancel a total of 14,697,933 stock options due to unmet performance targets for the third exercise period [16][17]

Summary of Key Points Core Viewpoint - The company has approved adjustments to the stock option incentive plan, specifically the exercise price, in accordance with its regulations and following the annual profit distribution for 2023 and 2024 [1][5]. Group 1: Stock Option Incentive Plan Adjustments - The company held a board meeting on July 9, 2025, to approve the adjustment of the exercise price for the 2021 stock option incentive plan [1]. - The number of incentive recipients was adjusted from 665 to 662, and the total number of options granted increased from 33.494821 million to 40.043272 million [2]. - The exercise price was reduced from 8.51 CNY per share to 7.05 CNY per share, with the authorization date set for July 12, 2022 [2][3]. Group 2: Further Adjustments and Impact - The total number of options granted was further adjusted to 47.586771 million, with the exercise price lowered to 5.83 CNY per share [3]. - Due to certain recipients leaving the company and performance not meeting the required criteria, 20.235253 million options were canceled, leaving 629 recipients with unexercised options [3]. - The adjustments to the exercise price are in compliance with relevant regulations and will not materially affect the company's financial status or operational results [5][6]. Group 3: Annual Profit Distribution - The company approved a cash dividend of 0.26 CNY per share for the 2023 fiscal year, with a total share capital of 1,905,096,000 shares [4]. - For the 2024 fiscal year, a cash dividend of 0.30 CNY per share was approved, maintaining the same total share capital [4]. - The adjustments to the exercise price are based on the dividend distribution, ensuring compliance with the incentive plan's provisions [4].