Shiji Information's 1H26 revenue/attributable net profit (NP)/recurring NP were RMB1,269mn/26mn/22,812.5k (+1.56/-23.39/+17.95% YoY), demonstrating main business operational resilience on the recurring side. The 2Q26 revenue/ attributable NP were RMB663/2mn (+0.80/-83.48% YoY). We believe the earnings growth was mainly driven by recovery in the core hotel business, deepening cloud transformation, and group cost-reduction and efficiency-enhancement results. For 1H26, gross margin was 48.42% (+0.98pp YoY); sales/administrative/R&D expense ratios changed by +0.38/-6.00/-3.85pp YoY to 11.62/24.46/9.22%, reflecting significant cost control achievements. SaaS ARR reached RMB697mn (+28% YoY), hotel SaaS client count reached c. 80k properties with a renewal rate exceeding 90%, and cloud subscription operations maintained rapid growth. We remain optimistic about the company's overseas growth potential in 2026. Reiterate BUY.

　　石基信息发布半年报，2026年H1实现营业收入12.69亿元，同比增长1.56%，归母净利润0.26亿元，同比下降23.39%，扣非归母净利润2281.25万元，同比+17.95%，扣非端体现主业经营韧性。其中，26Q2营业收入6.63亿元，同比增长0.80%，归母净利润0.02亿元，同比下降83.48%。业绩增长主要得益于酒店核心业务复苏、云化转型深化及集团降本增效成效显现。2026H1公司毛利率为48.42%，同比增长0.98pct，销售/管理/研发费率分别为11.62%/24.46%/9.22%，同比变动0.38/-6.00/-3.85pct，费用管控成果显著。SaaS业务ARR达到6.97亿元，同比提升28%，酒店SaaS门店约8万家，续费率超90%，云订阅业务保持高速增长。我们持续看好公司2026年海外业务增长潜力，维持买入评级。
　　云化产品持续推进，新一代云PMS全球化落地取得明显进展
　　国内端，杭州西软新增客户持续落地，新增客户全部选用云架构XMS产品，存量酒店进入系统替换周期，高星级酒店存量客户基数稳固。26H1海外业务实现收入2.81亿元，同比增长22.76%，占总营收比重提升至22.15%，全球化战略逐步兑现。新一代DAYLIGHTPMS上半年末全球上线酒店981家，落地36个国家，持续在洲际、半岛、凯宾斯基等国际头部酒店集团扩大上线规模；InfrasysCloud云餐饮POS已覆盖全球60个国家共5126家客户，实现全球前五大酒店集团全部签约，产品竞争力获得海外巨头认可。畅联分销业务间夜量1537万间夜，同比增长23.56%。
　　零售与餐饮信息化板块多点扩张，AI能力逐步向业务场景渗透
　　26H1零售板块，石基大商深耕KA客户，同时积极开拓东南亚、中东海外市场，思迅软件服务大量中小门店，支付增值服务稳步增长，供应链协同SaaS平台积累大量零售集团与供应商资源。餐饮板块，正品贵德完成G10云系统版本升级，打通POS、CRM、供应链数据链路，落地AI自助收银、AI供应链预判备货等功能，持续拓展国内连锁餐饮龙头客户。公司成立独立数据智能部门，推动AI能力工程化，将智能客服、库存算法嵌入零售、餐饮产品体系，探索降本增效的增值应用。
　　研发投入维持高位，坚定云转型与全球化战略
　　费用端研发维持高位，资产负债表整体健康。上半年研发投入保持较高规模，重点投向DAYLIGHTPMS、畅联平台、各条线SaaS产品迭代以及AI相关功能开发。26H1末，公司资产负债率仅17.61%，账面资金充裕，整体偿债风险较低，上半年现金减少主要来自收购少数股权、定期存款增加等投资筹资活动，与经营端无关。旅游出行复苏带动酒店信息化需求，存量酒店系统迭代升级打开国内市场空间；海外市场DAYLIGHTPMS与云POS逐步从签约走向大规模上线，ARR高速增长印证云订阅模式的兑现能力。我们建议下半年重点观察：海外标杆客户上线转化，云产品从签约向收入确认传导；畅联分销、各板块SaaS增值服务收入占比提升。若云业务规模化效应显现，交付效率持续优化，公司盈利水平有望逐步改善。
　　盈利预测与估值
　　维持盈利预测，我们预计2026-28年收入分别为30.42/33.24/36.40亿元。参考可比公司Wind平均10.1倍26PS，给予公司10.1倍26PS，目标价11.26元（前值13.27元，对应11.9倍26PS，可比平均11.9倍26PS）。
　　风险提示：宏观经济波动；云化产品市场推广进展低于预期。

Shiji Information has released its 1Q26 results,reporting revenue of RMB606mn(+2.42%YoY),and maintaining overall stable growth.The attributable net profit(NP)reached RMB24mn(+11.99%YoY),while the recurring NP was RMB23.13mn(+93.30%YoY),with profitability quality improving significantly.We believe the earnings growth was mainly driven by recovery in the core hotel business,deepening cloud transformation,and visible results from group-wide cost reduction and efficiency enhancement initiatives.The gross margin for 1Q26 was 49.37%,broadly flat YoY,indicating stable profitability.Expense optimization was notable,with the overall expense ratio declining by 2.84pp YoY,demonstrating effective cost control.The net operating cash flow was-RMB180mn,down by 63.32%YoY,mainly due to increased cash payments for concentrated inventory procurement by subsidiaries,which was seasonal in nature and should improve gradually alongside project acceptance and payment collection.Overall,the company achieved steady earnings recovery in 1Q26,while the sharp growth in recurring profit validated continued improvement in operating fundamentals.We remain optimistic about the company's overseas business growth potential in 2026.Maintain BUY.
Global expansion of cloud products achieved milestone progress
The company continues advancing its cloud transformation strategy,with commercialization of next-generation cloud-native products accelerating and global expansion delivering significant results.During the quarter,the company's wholly owned subsidiary Shiji Singapore signed amajor contract with Okura Nikko Hotels to provide solutions including DAYLIGHT PMS and cloud-based catering systems,marking amajor breakthrough in acquiring overseas high-end customers.The restaurant digitalization business also delivered strong performance.Infrasys POS was successfully deployed at the 400th Hyatt hotel globally,covering full-scenario restaurant digitalization and continuously strengthening customer stickiness.The Infrasys POS Move mobile solution further expanded service scenarios and improved operational efficiency and guest experience.The contribution of cloud service revenue continued increasing,while the subscription-based model optimized the revenue structure.Rising contribution from high-margin businesses laid asolid foundation for long-term profit growth.Leveraging cloud-native technology and global delivery capabilities,the company continues expanding its share in the global hotel digitalization market and strengthening international competitiveness.
Earnings forecasts and valuation
We maintain our earnings forecasts and estimate 2026/2027/2028 revenue at RMB3,042/3,324/3,640mn.We value the stock at 11.9x 2026E PS,at par with its peers'average on Wind consensus,for our target price of RMB13.27(previous:RMB12.71,based on 11.4x 2026E PS,also in line with its peers'average).
Risks:economic fluctuations;disappointing progress in cloud product promotion.

　　公司发布2026年一季报，实现营业收入6.06亿元，同比增长2.42%，整体保持平稳增长态势，实现归母净利润0.24亿元，同比增长11.99%，扣非净利润2313万元，同比大幅增长93.30%，盈利质量显著提升。业绩增长主要得益于酒店核心业务复苏、云化转型深化及集团降本增效成效显现。26Q1毛利率49.37%，同比基本持平，盈利能力保持稳定。费用端优化明显，期间费用率同比下降2.84pct，费用管控成果显著。经营性现金流净额-1.80亿元，同比下滑63.32%，主要系子公司集中备货采购支付现金增加所致，属于季节性因素，后续随项目验收与回款将逐步改善。整体来看，公司一季度业绩稳步修复，扣非高增验证经营基本面持续向好，我们持续看好公司2026年海外业务增长潜力，维持买入评级。
　　云化产品落地加速，全球化拓展取得里程碑突破
　　公司云化战略持续推进，新一代云架构产品商业化落地加速，全球化布局成效显著。一季度，公司全资子公司石基新加坡与大仓日航酒店签订重大合同，提供DAYLIGHTPMS、云餐饮系统等解决方案，海外高端客户拓展取得重要突破。餐饮数字化业务表现亮眼，InfrasysPOS成功在全球第400家凯悦酒店上线，覆盖餐饮数字化全场景，客户粘性持续增强。InfrasysPOSMove移动化解决方案推出，实现服务场景延伸，提升运营效率与宾客体验。云服务收入占比持续提升，订阅化模式推动收入结构优化，高毛利业务占比提升为长期盈利增长奠定基础。公司凭借云原生技术与全球化交付能力，持续抢占全球酒店数字化市场份额，国际竞争力不断增强。
　　AI·R战略全面启动，技术赋能打造长期成长新引擎
　　公司2026年4月正式启动AI·R战略，全面向AI优先型企业转型，将AI技术深度融合酒店全业务流程，构建核心技术壁垒。AI·R战略以轻量化、无感式AI应用为核心，嵌入酒店管理、宾客服务、餐饮运营、数据分析等全场景，实现系统智能化升级。通过AI技术优化宾客档案管理、需求预测、服务推荐等环节，提升运营效率与服务质量，降低人力成本。公司坚持数据合规与安全底线，构建区域化合规平台，保障数据主权与隐私安全。AI技术与现有云平台深度融合，推动产品从信息化向智能化升级，打开长期成长空间。AI赋能将进一步提升产品附加值与客户粘性，打造竞争优势。
　　资产结构持续优化，收购思迅推进顺利
　　公司资产结构持续优化，2026Q1末总资产87.93亿元，资产负债率维持16.59%低位，财务状况稳健。货币资金35.15亿元，资金储备充裕，为研发投入、市场拓展与战略并购提供坚实保障。收购思迅软件事项推进顺利，2026年3月31日深交所同意恢复审核，如完成后将完善零售信息化布局，实现酒店与零售业务协同发展。应收账款、应付票据等科目优化，回款能力与供应链管理能力提升。当前公司处于云化转型深化、AI战略落地、全球化拓展、零售板块协同的关键阶段，短期业绩稳步修复，长期成长逻辑清晰。随着AI产品落地、云服务渗透率提升及并购协同效应释放，公司业绩有望持续增长。
　　盈利预测与估值
　　维持盈利预测，我们预计2026-28年收入分别为30.42/33.24/36.40亿元。参考可比公司Wind平均11.9倍26PS，给予公司11.9倍26PS，目标价13.27元（前值12.71元，对应11.4倍26PS，可比平均11.4倍26PS）。
　　风险提示：宏观经济波动；云化产品市场推广进展低于预期。

Shiji Information’s 2025 revenue was RMB2.79bn (-5.35% YoY). We think that the decline was mainly due to the proactive adjustment of third-party hardware-related business and reduction of low-margin operations. The attributable net profit (NP) was -RMB166mn, with the loss narrowing by 16.44% YoY. For 4Q25, revenue was RMB861mn (-7.63% YoY) and the attributable NP was -RMB187mn, with the loss narrowing by 12.76% YoY, in line with the earnings guidance. Operating cash flow in 2025 reached RMB319mn, compared with RMB67mn in 2024. In 2025, the company continued deepening its platformization and globalization strategies. SaaS annual recurring revenue (ARR) reached c RMB627mn (+20% YoY). Overseas revenue increased by 15.33% YoY to RMB691mn, accounting for 24.78% of total revenue. The global expansion is gradually shifting from the investment phase to the harvesting phase. We are optimistic about the growth potential of overseas business in 2026. Maintain BUY.
Hotel products accelerated global deployment
In 2025, the company accelerated the global rollout of its self-developed next-generation cloud-native enterprise hotel information system, DAYLIGHT PMS. It signed a contract with Marriott, the world’s largest international hotel group in terms of revenue. The company had previously signed up InterContinental Hotels Group (IHG) and has now thus secured two of the world’s top five (in terms of revenue) international hotel groups as clients, indicating large-scale recognition of China-developed high-end hotel information systems by global top-tier clients. As of end-2025, DAYLIGHT PMS had been deployed in 878 hotels across 35 countries worldwide, including more than 500 IHG hotels in China. Meanwhile, INFRASYS POS, the only cloud POS product contracted by all of the top five global hotel groups, has been deployed in 4,972 outlets across over 60 countries, with its global competitiveness continuing to strengthen.
GPM improved; core software business achieved growth
For 2025, the gross profit margin (GPM) was 36.17% (+1.3pp YoY); the sales/ administrative/R&D expense ratios were 9.71/22.29/8.72% (+0.25/-0.19/+0.45pp YoY), maintaining stable expense levels. Although total revenue declined slightly YoY due to the structural adjustment of third-party hardware business, the core software business grew against the trend, with hotel information management system revenue increasing by 4.63% YoY. The retail information system business delivered strong performance, with revenue growing by 9.76% YoY. Shiji Retail secured overseas clients such as Singapore’s FairPrice and the Philippines’ SM Group, while SIXUN Software added 45,500 new stores, consolidating its industry-leading position. Additionally, the tourism and leisure system business added 24 new clients, and the Horizon Distribution platform recorded booking volume of 26.59mn room nights, reaching a historical high, with synergies across multiple business segments continuing to materialize.
Earnings forecasts and valuation
We forecast revenue of RMB3,042/3,324/3,640mn for 2026/2027/2028 (previous: RMB3,676/4,196mn for 2026/2027, adjusted due to the pace of client demand being released and lower growth assumptions for hotel and retail information management systems). We value the stock at 11.4x 2026E PS, at par with its peers’ average on Wind consensus, for our target price of RMB12.71 (previous: RMB12.78, based on 10.7x 2025E PS, in line with its peers’ then average).
Risks: economic fluctuations; disappointing progress in cloud-product promotion.

　　事项：
　　公司发布2025年报：2025年实现营业总收入27.90亿元，同比下降5.35%；实现归母净利润-1.66亿元，较上年同期减亏16.44%；实现扣非归母净利润-1.86亿元，较上年同期减亏14.56%。公司拟向全体股东每10股派发现金红利0.1元（含税）。
　　评论：
　　收入结构主动优化，核心业务稳健增长，现金流大幅改善。2025年，公司营业收入同比下降5.35%，主要系减少低毛利业务所致。在此背景下，核心软件业务表现稳健：酒店信息管理系统业务收入增长4.63%至11.24亿元，零售信息管理系统业务收入增长9.76%至5.89亿元。尽管净利润仍为负，但同比减亏16.44%，且经营活动产生的现金流量净额同比大幅增长374.47%至3.19亿元，盈利质量显著改善。
　　SaaS业务韧性凸显，全球化取得分水岭式突破。报告期内，公司平台化与全球化战略取得关键进展。SaaS业务年度可重复订阅费（ARR）同比增长约20%，至2025年12月底达到约6.27亿元，企业客户门店总数超过8万家酒店，平均续费率超过90%。全球化方面，公司核心云产品DAYLIGHTPMS获得全球影响力第一的万豪集团认证，成为其中国区首选云PMS。截至报告期末，DAYLIGHTPMS已在全球35个国家上线878家酒店；云餐饮系统INFRASYSPOS在全球超过60个国家上线4,972家客户门店。大陆以外地区营业收入达6.91亿元，同比增长15.33%，营收占比提升至24.78%。
　　转型投入期持续，云产品推广与盈利拐点成为关键。公司正处于全球化及平台化转型的关键时期。尽管核心云产品获得万豪等顶级酒店集团认证，标志着全球化进程进入新阶段，但国际化业务收入需要随着客户上线数量增长而逐年累积订阅费才能实现与投入的持平并继续增长实现盈利。公司表示，本报告期尚处于全球化转型初期，需要不断积累全球云产品客户数量，因此归母净利润为负。未来，云产品在全球市场的推广进度、客户上线速度以及ARR的持续增长，将是公司能否跨越投入期、实现规模盈利的关键观察点。
　　投资建议：基于SaaS业务高增及国际化进展，我们预计2026-2028年营业收入分别为32.99亿元、36.99亿元、38.08亿元（2026~2027年原预测值为38.90/45.43亿元），同比增长18.2%、12.1%、3.0%；归母净利润分别为0.89亿元、1.53亿元、2.01亿元。维持“推荐”评级。
　　风险提示：云产品研发投入回报周期延长；海外业务拓展存在不确定性；新产品上线存在不确定性。

　　投资要点：
　　事件：公司发布2025年业绩，实现营业收入27.90亿元，同比下降5.35%；实现归母净利润为亏损1.66亿元，上年同期为亏损1.99亿元；实现扣非净利润为亏损1.86亿元，上年同期为亏损2.18亿元。
　　核心业务稳健增长，收入结构持续优化。2025年，公司收入同比下降主要系公司主动调减低毛利率的第三方硬件配套业务收入所致。分产品来看，2025年公司酒店信息管理系统、零售信息管理系统业务分别实现营业收入11.23亿元、5.89亿元，同比增速分别为4.63%、9.76%；自有智能商用设备、第三方硬件配套业务分别实现收入4.80亿元、3.95亿元，同比增速分别为-5.00%、-37.04%。在利润端，随着全新一代云产品在海外市场中的持续推广，酒店信息管理系统业务的亏损额较上年同期明显收窄。
　　毛利率稳中有升，期间费用率相对稳定。公司2025年毛利率为36.17%，同比提升1.30个百分点。公司2025年销售费用率、管理费用率、财务费用率分别为9.71%、22.29%、-4.51%，同比变动+0.25、-0.19、+0.32个百分点。公司加大AI技术和产品的研发投入力度，2025年公司研发费用2.43亿元，占营业收入的8.72%。
　　转型成效显著，全球化、云、AI齐发力。全球化业务方面，2025年公司大陆地区以外业务收入达到6.91亿元，同比增长15.33%，占营业收入的比重提升至24.78%；全球前五大国际酒店集团中，公司DAYLIGHTPMS产品已成功签约万豪集团和洲际集团。公司持续推进SaaS化转型，2025年底公司SaaS业务年度可重复订阅费（ARR）约6.27亿元，较上年底的5.23亿元同比增长约20%。AI应用方面，公司凭借深耕酒店行业二十多年的行业数据及行业知识，正在开发多种智能体，在PMS、POS产品中已进行AI植入，可以进行辅助预测。
　　盈利预测与投资建议：基于2025年年报，预计2026-2028年公司归母净利润为0.47/0.80/1.12亿元，对应4月3日收盘价PE为533.2/312.3/223.9X，维持“增持”评级。
　　风险提示：下游行业景气度不及预期；同业竞争加剧；AI相关研发及落地不及预期。