China TransInfo Technology (002373.SZ) Quick Take: Mixed 1Q25 Print – Op. Profit Miss but Earnings Beat on Investment Income CITI'S TAKE Flash | Transinfo reported 1Q25 results with 1Q25 revenue edging up 2% YoY to Rmb1.6bn, 18% ahead BBGe, and 1Q25 GM expanded 0.6ppts YoY to 29.7%, 4.6ppts below BBGe. 1Q25 opex stood at Rmb555mn (flat YoY), 34% higher than BBGe, thus the 1Q25 operating loss came in at Rmb77mn. Helped by the gain from a fair value change in investment of Rmb302mn, 1Q25 net profit was Rmb221 ...

千方科技（002373.SZ）2025 年一季报点评 收入稳步提升，积极战略调整下多项业务取得重要成果 2025 年 04 月 30 日 ➢ 事件概述：公司 2025 年 4 月 27 日发布 2025 年一季报，2025 年一季度营 业总收入 16.09 亿元，同比增长 1.83%；归母净利润 2.21 亿元，同比扭亏。 ➢ 龙头地位稳固，核心竞争力持续强化。2025 年一季度，公司收入同比增长 约 2%，在智慧交通和智慧物联下游需求端面临压力的趋势下，公司收入实现正 增长，体现公司自身业务发展的韧性。1）品牌优势和行业影响力：公司是国内 领先的行业数字化产品和解决方案提供商，在智慧交通、智能物联、智能网联等 细分领域技术和市场领先。全资子公司宇视科技在全球 AIoT 领域排名靠前，具 备领先的自研算法能力和市场份额。2）前瞻性的研发体系：公司基于集成产品 开发模式（IPD），在算法、数据、操作系统等方面形成领先闭环，不断推出新 产品和解决方案。在智慧交通、智能网联、智能物联和人工智能算法等领域，公 司利用研发优势引领行业发展，承担了多项国家省部级重大专项，获得众多科技 奖项。3）全国性营销网络及全球渠道覆 ...

北京千方科技股份有限公司投资者关系活动记录表 编号：CTFO20250428 | 投资者 | □特定对象调研 | □分析师会议 | | | --- | --- | --- | --- | | 关系活 | □媒体采访 | █业绩说明会 | | | 动类别 | □新闻发布会 | □路演活动 | | | | □现场参观 | | | | | □其他（请文字说明其他活动内容） | | | | | 东方证券 兴业证券 | | 同泰基金 粤佛私募基金 | | | 华安证券 | | 北汽产业投资 | | | 华创证券 | | 湖南迪策投资 | | | 国元证券 | | 鸿运私募基金 | | | 东兴证券 | | 建投华文投资 | | | 方正证券 | | 国寿安保基金 | | | 长城证券 | | 建信金融资产 | | | 华泰证券 | | 厦门中恒嘉富 | | | 瑞银集团 | | 上海昭云投资 | | | 平安证券 | | 深圳创富兆业金融 | | | 德邦证券 | | AmXyy Capital | | | 浙商证券 | | 南华基金 | | | 东吴证券 | | 深圳市尚诚资产 | | 活动参 | 国海证券 | | ...

Summary of Qianfang Technology Conference Call Company Overview - **Company**: Qianfang Technology - **Date**: April 28, 2025 Key Industry and Company Insights - **Business Structure Adjustment**: Qianfang Technology is proactively adjusting its business structure by reducing low-margin integrated projects and halting electronic projects starting in 2024 to address market competition and government financial pressures. The focus will shift towards transportation big data and new energy businesses [2][4][5] - **Core Business Goals for 2025**: The primary goal for 2025 is to enhance the operational quality of core businesses, cultivate new growth points in intelligent driving, big data application optimization, and overseas expansion, while achieving business transformation through cost reduction and efficiency improvement [2][5] - **International Market Expansion**: The company is actively expanding into overseas markets, promoting the large-scale modeling of IoT equipment, and maintaining its smart transportation business abroad. It has developed multiple contingency plans to adapt to complex economic and trade conditions [2][7] Financial Performance - **Q1 2025 Financial Results**: In the first quarter of 2025, Qianfang Technology achieved revenue of 1.6 billion yuan, a year-on-year increase of 1.8%, with a gross margin close to 30%. Overall profit reached 220 million yuan, primarily benefiting from the rise in the stock price of Hongquan IoT [2][8] Technological Innovations - **AI Utilization**: The company is leveraging AI technology to optimize transportation and logistics systems, exploring new models for intelligent driving in highway logistics. Plans include recruiting core talents in AI, new energy, and autonomous driving [2][9][10] - **Future of Highway Logistics**: Qianfang Technology anticipates significant changes in highway logistics over the next decade, focusing on safety, new energy, and efficiency improvements. The company is exploring intelligent driving solutions and dedicated service area renovations for freight [3][11][12] Strategic Focus Areas - **Shift from Infrastructure to Operations**: The company believes the smart transportation industry is transitioning from a large infrastructure phase to a large operations phase, with a focus on safety, efficiency, and new energy [4][11] - **Digital Transformation Projects**: Qianfang Technology is involved in digital transformation projects in various provinces, including Jilin, Heilongjiang, Shandong, and Gansu, and aims to replicate successful models nationwide [10][12] Challenges and Adaptations - **Impact of Local Special Bonds**: The loosening of local special bonds and the promotion of collaborative projects in the vehicle-road-cloud integration are seen as new opportunities for industry development. The company has prepared a range of projects to capitalize on these developments [10][11] - **Response to External Challenges**: The company has faced challenges due to being placed on the U.S. entity list and changes in U.S. tariff policies. It has adopted strategies to navigate these challenges, including diversifying manufacturing locations and exploring new market entry methods [17][18] Future Directions - **Overall Development Strategy**: The future direction includes cost reduction, improving operational quality, and focusing on cash flow management. The company will strengthen its efforts in the new energy sector and the integration of AI with transportation and logistics [20]

Core Viewpoint - Q1 2025 financial report of Qianfang Technology shows a total revenue of 1.609 billion yuan, a year-on-year increase of 1.83%, and a net profit attributable to shareholders of 0.221 billion yuan, a significant year-on-year increase of 481.99% [2] Group 1: Business Transformation and AI Integration - The company is transitioning its business model from "project-driven" to "technology product-driven," focusing on "AI + transportation" and "transportation new energy" as its main business lines [2] - Qianfang Technology has achieved breakthroughs in the large-scale application of AI technology in traffic governance, congestion relief, and vehicle-road collaboration [2][3] - The launch of the DeepSeek urban traffic optimization platform is expected to reduce traffic survey cycles by 30%, improve traffic simulation efficiency by 50%, and enhance governance solution generation efficiency by 60% [3] Group 2: Intelligent IoT Developments - Subsidiary Yushi Technology has upgraded its "Wutong" model to release the "Wanwu X" intelligent engine, enhancing multimodal understanding and reasoning capabilities [4] - The "Wanwu X" engine includes functionalities such as multimodal vehicle trajectory retrieval and natural language event control, contributing to intelligent traffic management [4] Group 3: New Energy Transportation Solutions - The company is accelerating the development of new energy transportation in response to national "dual carbon" goals, with a focus on the growing demand for new energy charging networks [5] - The newly launched integrated charging station combines photovoltaic, energy storage, and charging systems, providing stable and efficient energy for new energy vehicle owners [5] - Qianfang's charging pile products cover a full range from 7kW to 960kW, focusing on intelligent AI charging pile development and enhancing charging efficiency and safety [5]

CONTENTS Enabling a Smarter, Better World | Efficient Traffic Management | 17 | | --- | --- | | Guarantee of Safe Mobility | 29 | | Low-carbon and Eco-friendly | | | Solutions | 32 | | Smart and Livable Communities | 34 | | Industry-wide Digital and Intelligent | | | Collaboration | 35 | Creating a Highland for Industrial Innovation | Consolidating the Foundation for | | | --- | --- | | Scientific Research | 39 | | Promoting the Development of the | | | Industry | 46 | Enabling Employees to Grow and Achieve ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,608,725,534.78, representing a 1.83% increase compared to ¥1,579,763,554.22 in the same period last year[5]. - Net profit attributable to shareholders increased by 481.99% to ¥220,978,179.61, up from a loss of ¥57,848,977.03 in the previous year[5][9]. - Basic earnings per share rose by 450.00% to ¥0.14, compared to a loss of ¥0.04 per share in the same period last year[5][10]. - The net profit for the current period is CNY 226,152,486.85, compared to a net loss of CNY 60,244,656.28 in the previous period, indicating a significant turnaround[21]. - Operating profit for the current period is CNY 299,673,750.43, compared to an operating loss of CNY 93,363,649.38 in the previous period[21]. - Total revenue from operating activities is CNY 1,959,220,795.85, an increase from CNY 1,885,274,319.89 in the previous period[23]. - The total comprehensive income for the current period is CNY 241,437,501.06, compared to a loss of CNY 52,913,119.41 in the previous period[22]. Cash Flow and Liquidity - The net cash flow from operating activities improved by 17.19%, amounting to -¥448,252,126.30, compared to -¥541,293,614.62 in the previous year[5]. - The cash flow from operating activities shows a net outflow of CNY 448,252,126.30, improving from a net outflow of CNY 541,293,614.62 in the previous period[24]. - Investment activities resulted in a net cash outflow of CNY 134,839,127.19, compared to a net outflow of CNY 46,949,571.73 in the previous period[24]. - The company’s cash and cash equivalents at the end of the period stand at CNY 2,895,660,088.03, down from CNY 3,731,332,978.39 at the end of the previous period[24]. - Cash and cash equivalents decreased to ¥2,981,346,961.28 from ¥3,727,084,326.13, representing a decline of approximately 20%[16]. Assets and Liabilities - Total assets decreased by 4.15% to ¥17,742,954,703.20 from ¥18,511,875,423.07 at the end of the previous year[5]. - Total liabilities decreased to ¥5,792,451,019.35 from ¥6,806,166,209.00, reflecting a reduction of approximately 14.8%[18]. - The company's equity attributable to shareholders increased to ¥11,433,592,396.58 from ¥11,193,972,234.04, an increase of about 2.1%[18]. - Accounts receivable decreased to ¥3,537,571,123.30 from ¥3,752,033,391.40, a reduction of about 5.7%[16]. - Inventory decreased to ¥2,383,216,313.15 from ¥2,469,011,262.41, showing a decline of approximately 3.5%[17]. - Long-term equity investments decreased slightly to ¥443,957,365.47 from ¥456,340,415.52, a decline of approximately 2.7%[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 81,122[13]. - Major shareholders included Xia Shudong with 15.17% and Hangzhou Haoyue Enterprise Management Co., Ltd. with 14.11% of shares[13]. Non-Recurring Items - The company reported non-recurring gains totaling ¥242,861,542.33, which included government subsidies and other income[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 243.41% to -¥21,883,362.72, primarily due to credit impairment losses and foreign exchange fluctuations[5][9]. Research and Development - Research and development expenses increased to CNY 247,551,210.99 from CNY 236,316,869.60 in the previous period, reflecting ongoing investment in innovation[21]. Profitability Metrics - The weighted average return on equity was 1.95%, up from -0.46% in the same period last year, indicating improved profitability[5]. - The company reported a net profit margin improvement, with net profit increasing from the previous period, although specific figures were not disclosed in the provided content[20]. Audit Status - The company has not undergone an audit for the first quarter report[26].

证券代码：002373 证券简称：千方科技 公告编号：2025-021 北京千方科技股份有限公司 关于召开 2024 年年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 5 月 19 日（星期一）下午 15:00。 （2）网络投票时间：2025 年 5 月 19 日。 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 19 日的交 易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00。 通过深圳证券交易所互联网投票系统投票的开始时间为 2025 年 5 月 19 日上 午 9:15，结束时间为 2025 年 5 月 19 日下午 3:00。 5、会议的召开方式：现场投票与网络投票相结合的方式。 （1）现场投票：股东本人出席现场会 ...

证券代码：002373 证券简称：千方科技 公告编号：2025-022 北京千方科技股份有限公司 第六届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、监事会会议召开情况 北京千方科技股份有限公司第六届监事会第九次会议于 2025 年 4 月 21 日以 邮件形式发出会议通知，于 2025 年 4 月 25 日上午 11:30 在北京市海淀区东北旺西 路 8 号中关村软件园 27 号院千方大厦 B 座 5 层会议室以现场表决方式召开。会议 应出席监事 3 名，实际出席监事 3 名，会议由监事会主席孙大勇先生召集并主持， 会议的召开符合《公司法》和《公司章程》的规定。会议审议并通过了如下决议： 1、经与会监事签字并加盖监事会印章的公司第六届监事会第九次会议决议。 特此公告。 二、监事会会议审议情况 北京千方科技股份有限公司监事会 1、审议通过了《北京千方科技股份有限公司 2025 年第一季度报告》。 表决结果：3 票同意，0 票反对，0 票弃权。 经审核，监事会认为董事会编制和审核的北京千方科技股份有限公司 2025 年 第一季度报 ...

证券代码：002373 证券简称：千方科技 公告编号：2025-019 北京千方科技股份有限公司 2、审议通过了《关于召开 2024 年年度股东大会的议案》。 第六届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京千方科技股份有限公司第六届董事会第十次会议于 2025 年 4 月 21 日以 邮件形式发出会议通知，于 2025 年 4 月 25 日上午 10：30 以通讯表决方式召开。 会议应出席董事 9 名，实际出席董事 9 名。会议由董事长夏曙东先生召集并主持， 公司监事和部分高管人员列席，会议的召开符合《公司法》和《公司章程》的规定。 会议审议并通过了如下决议： 二、董事会会议审议情况 1、审议通过了《北京千方科技股份有限公司 2025 年第一季度报告》； 表决结果：9 票同意，0 票反对，0 票弃权。 《北京千方科技股份有限公司 2025 年第一季度报告》于同日刊登在《中国证 券报》、《上海证券报》、《证券日报》、《证券时报》及巨潮资讯网（www.cninfo.com.cn）。 本议案已经公司审计委 ...