DIGIWIN(300378)：AI COMMERCIALIZATION ACHIEVES REMARKABLE RESULTS OVERSEAS AND KEY ACCOUNT BUSINESSES GROW RAPIDLY

Key takeaway


The company released its 2025 annual report, showing steady performance growth. Relying on the Athena digital intelligence native PaaS foundation, the company achieved outstanding results in AI commercialization. The Athena platform is deeply compatible with mainstream large models and supports industry fine-tuning. It launched the industry's first AI+PLM product and signed contracts with hundreds of customers. This drove R&D and design business revenue to RMB161mn, up 6.51% YoY. Annual AI-related contracts reached nearly RMB200mn, creating replicable benchmark cases across multiple industries. Overseas business maintained rapid growth. Revenue from non-mainland regions reached RMB1.285bn, up 11.35% YoY. Southeast Asia revenue surged by 61.86% YoY. The company's core industrial software is fully independent and controllable. Its market share in the high-end manufacturing sector remains in the top three. The contract scale with key accounts increased significantly by 131.59% YoY. We estimate the company's revenue for 2026-2028 to be RMB2.642bn/RMB2.861bn/RMB3.103bn, up 8.60%/8.28%/8.47% YoY. The net profit attributable to shareholders of the parent company is estimated to be RMB201mn/RMB249mn/RMB303mn, up 22.78%/24.28%/21.58% YoY. This implies PE multiples of 52x/42x/34x. We maintain "Buy" rating.


Event


The company released its 2025 annual report. In 2025, the company achieved a revenue of RMB2.433bn, up 4.39% YoY. It achieved a net profit attributable to shareholders of the parent company of RMB163mn, up 5.04% YoY. It achieved a non-GAAP net profit of RMB141mn, up 2.47% YoY.


Quick Take


Based on the DIGIWIN Athena digital intelligence native foundation capabilities, AI commercialization achieved remarkable results. The DIGIWIN Athena digital intelligence foundation is a digital intelligence native PaaS platform integrating AI, big data, and knowledge graph technologies. It features technical advantages such as multi-agent collaboration, multi-terminal collaboration, and low code. It is deeply compatible with mainstream general large models at home and abroad and can be fine-tuned with industry data to build a safe and reliable enterprise-level AI matrix. In 2025, the industry's first AI-integrated PLM product released by the company has been signed by hundreds of customers, entering a volume expansion period of steady growth. AI empowerment significantly upgraded products, driving R&D and design business to achieve a revenue of RMB161mn, up 6.51% YoY. The company continuously drives AI to advance from a simple tool to a system-level agent, having developed multiple intelligent agents in fields like semiconductors and equipment manufacturing, which cover IC semiconductor operation management, equipment quotation experts, and intelligent scrap management experts. In 2025, the commercial gain realization of the company's AI related business accelerated, with the annual contracted amount approaching RMB200mn, accumulating replicable benchmark cases in industries like auto parts, equipment, and electronics.


Overseas business operates steadily with rapid growth in the Southeast Asian market. The company's 2025 business revenue from regions outside the Chinese mainland reached RMB1.285bn, up 11.35% YoY. The company closely follows the trends of AI industry chain, supply chain reshaping, and green manufacturing in the Taiwan region of China, driving double-digit growth in industries such as electronics, semiconductors, and equipment manufacturing. The company continuously seizes the opportunities of Chinese enterprises going global and the digital and intelligent upgrade in Southeast Asia. It performs outstandingly in local expansion in Southeast Asia, adding over 100 new customers annually, with revenue surging 61.86% YoY. It maintains good development momentum in mature regions like Vietnam and Malaysia by empowering distributors with independent sales and bulk shipment capabilities.


Full-stack products are independently controllable, and the innovation of digital and intelligent full-stack solutions drives high growth in contracting. External environmental disturbances force domestic industrial software to accelerate domestic substitution. The company achieves complete independent controllability of the source codes and algorithms of products like PLM, MES, and ERP in the R&D design and production control stages. Its underlying architecture is fully compatible with the domestic information technology application innovation ecosystem. In high-end discrete manufacturing fields such as equipment manufacturing and hightech electronics, the company's market share consistently remains in the top three of the industry. Relying on full-stack localization capabilities and continuously iterated major industry customer operation strategies, it drives the contracting scale of major customers to surge 131.59% during the year.


Investment recommendation: The company released its 2025 annual report with steady performance growth. Relying on the Athena digital intelligence native PaaS foundation, the company achieved outstanding results in AI commercialization. The Athena platform is deeply compatible with mainstream large models and supports industry fine-tuning. It launched the industry's first AI+PLM product and signed contracts with hundreds of customers. This drove R&D and design business revenue to RMB161mn, up 6.51% YoY. Annual AI-related contracts reached nearly RMB200mn, creating replicable benchmark cases across multiple industries. Overseas business maintained rapid growth. Revenue from non-mainland regions reached RMB1.285bn, up 11.35% YoY. Southeast Asia revenue surged by 61.86% YoY. The company's core industrial software is fully independent and controllable. Its market share in the high-end manufacturing sector remains in the top three. The contract scale with key accounts increased significantly by 131.59% YoY. We estimate the company's revenue for 2026-2028 to be RMB2.642bn/RMB2.861bn/RMB3.103bn, up 8.60%/8.28%/8.47% YoY. The net profit attributable to shareholders of the parent company is estimated to be RMB201mn/RMB249mn/RMB303mn, up 22.78%/24.28%/21.58% YoY. This implies PE multiples of 52x/42x/34x. We maintain "Buy" rating.


Risks


(1) Risk of slower-than-expected R&D progress: The company has developed the Digiwin Athena platform, integrating large model technologies to build an AI-native application workspace. The R&D process involves significant technical challenges, and failure to deliver new products and features that meet client and market demands in a timely manner could negatively impact the company's market share and operations. (2) Overseas market risks: The company is actively expanding into overseas markets, with core products and solutions covering regions such as Taiwan, China and Southeast Asia. Should unfavorable shifts occur in global economic or political conditions, the company’s operations in these markets may be adversely affected. (3) Risks from cyclical fluctuations in downstream industries: The company primarily serves a broad range of downstream manufacturing clients. Fluctuations in the prosperity of these industries may negatively impact the company’s operating performance.

□.Y.I.N.G. .Y.i.n.g./.W.A.N.G. .J.i.a.h.a.o    .中.信.建.投.证.券.股.份.有.限.公.司