New Stock Outlook | AI Applications Explode Hand Enterprise Solutions (300170.SZ) seizes the opportunity to submit its application while hot, the "golden content" of the second growth curve awaits verification.

Since the beginning of the year, the concept sector of AI applications in the capital market has been repeatedly active. In terms of news, by the end of 2025, the Ministry of Industry and Information Technology issued the "Action Plan for Promoting the High-Quality Development of Industrial Internet Platforms (20262028)", setting the "ecological level" construction target for industrial Internet platforms, proposing to form a multi-level platform system of "professional + industry + collaboration" by 2028. According to GMTEight, this action plan is expected to synergize with the previously released "Action Plan for the Integration of Industrial Internet and Artificial Intelligence Empowerment" and "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'", systematically promoting the demand release for industrial software, platform-based enterprises, data services, and computing power supply. Guided by this series of top-level designs, vendors with deep understanding of industrial scenarios and comprehensive service capabilities in "platform + AI + data" will undoubtedly be the most direct beneficiaries of policy dividends. Recently, the leading domestic enterprise IT consulting and digital solution service provider, Hand Enterprise Solutions (300170.SZ), submitted an application for listing on the Hong Kong Stock Exchange. According to Frost & Sullivan's data, based on revenue in 2024, Hand Enterprise Solutions ranked first among local enterprises in the highly competitive and diversified Chinese enterprise IT consulting and digital solution service market. As a leading player in the industry, Hand Enterprise Solutions is resolutely seeking an "A+H" listing during this critical development period, and the underlying meaning behind this move is likely to leverage the power of the Hong Kong market to further consolidate existing advantages, and strive to continue promoting overall business transformation and scale expansion in the historic process of reshaping industry value with AI. As for how the company's capital new story will unfold in the future, GMTEight will continue to monitor. Optimizing business structure, waiting for enhanced profit stability Hand Enterprise Solutions can trace its history back to as early as 2002, after more than twenty years of industry cultivation, the company has accumulated profound expertise in products, technology, and customer base. Currently, Hand Enterprise Solutions mainly provides comprehensive digital and intelligent solutions for large and leading enterprises. In recent years, with the rapid development of AI technology, Hand Enterprise Solutions has assisted companies in achieving digital and intelligent transformation, improving operational efficiency, and establishing core competitiveness through AI applications, proprietary products, and ERP implementation services. From the types of solutions provided by Hand Enterprise Solutions, they can be roughly divided into industrial digital solutions, financial digital solutions, ERP consulting and implementation, and information technology outsourcing. As the "party B", the revenue and profitability of Hand Enterprise Solutions have fluctuated to a certain extent in the past few years. Data shows that from 2022-2024, Hand Enterprise Solutions' total revenue was 30.07 billion yuan, 29.8 billion yuan, and 32.35 billion yuan respectively; in the first half of 2025, the company's revenue was 15.74 billion yuan, showing a slight increase year-on-year. Segmenting the revenue structure, the revenue share of industrial digital solutions has increased from 25.5% in 2022 to 31.6% in 2024, further expanding to 33.8% in the first half of 2025, which is currently the largest business of Hand Enterprise Solutions. In contrast, the revenue share of ERP consulting and implementation business decreased from 35.7% in 2022 to 33% in 2024, and further narrowed to 31.2% in the first half of last year. Meanwhile, the revenue share of financial digital solutions has remained stable, with minor fluctuations in the range of 22%-24%; the revenue share of information technology outsourcing has also shown a slight decrease, shrinking from 15.7% in 2022 to 11.7% in 2024, and further dropping to 11.2% in the first half of 2025. In my opinion, the revenue trends of Hand Enterprise Solutions' various businesses undoubtedly reveal the new changes in the company's business structure - gradually transforming and upgrading from traditional businesses to strategic emerging fields. Another change includes the source of the company's revenue, from 2022 to the first half of 2025, the proportion of revenue coming from overseas countries and regions increased from 8.9% to 14.9%. These figures indicate that the company is based in China but serving globally, and the strategy of building a differentiated competitive advantage based on a global service network and rich overseas implementation experience has achieved positive results. Hand Enterprise Solutions' profitability has also shown some fluctuations in the past few years. From 2022 to the first half of 2025, the company's gross profit was 8.85 billion yuan, 7.73 billion yuan, 10.59 billion yuan, and 5.35 billion yuan respectively, with corresponding gross profit margins of 29.4%, 25.9%, 32.7%, and 34%. The company's highest net profit attributable to the parent company is still in 2022, with a full-year net profit attributable to the parent company of as high as 497 million yuan, but the following year resulted in a loss. In the first half of 2025, Hand Enterprise Solutions' net profit attributable to the parent company was 85.07 million yuan, a slight increase year-on-year. According to the company's previously disclosed quarterly reports, the net profit attributable to the parent company in the first three quarters of last year was 145 million yuan. Among them, the net profit attributable to the parent company in the third quarter increased by 15%, showing signs of further improvement in profitability. Accelerating the commercialization of AI applications, the growth potential awaits realization Referring to the quarterly reports disclosed by Hand Enterprise Solutions, continuing the trend of business structure optimization in recent years, the company achieved AI application business revenue of approximately 210 million yuan in the first three quarters of 2025, with about 100 million yuan realized in Q3 alone, indicating that the single-quarter revenue contribution of AI applications has exceeded the full-year level in 2024. It is understood that Hand Enterprise Solutions has been early in its AI layout, as the company attempted to integrate AI with its business as early as 2019. From the perspective of commercial progress, combined with the performance trends mentioned above, the commercialization of Hand Enterprise Solutions' AI application products is currently in a continuous acceleration trend. In the industry context, the core of efficient empowerment of enterprise-level AI Agents lies in their ability to deeply integrate into the unique organizational structure and workflow of an enterprise, rather than simply applying generic templates. Excellent enterprise-level Agents need to have high integration and operability, seamlessly connecting to the company's existing IT ecosystem including ERP, CRM, HRM, and dynamically adapting to the organizational permission system. Obviously, this means being very familiar with the internal organizational structure and workflow of the enterprise. Different from large model vendors, Hand Enterprise Solutions, due to its years of experience in complex ERP implementation and the industry know-how methodology accumulated in its derivative business operations, has innate advantages in this regard. Further breaking down the revenue generated by Hand Enterprise Solutions' AI applications last year, it can be seen that the AI middle platform contributed about 50-60 million yuan of revenue, while the remaining approximately 150-160 million yuan of revenue came from intelligent body-related products and related consulting and implementation services. From a business logic perspective, the Deling series products and the AI middle platform can complement each other and build a systematic AI capability ecosystem to help customers build a comprehensive AI application system. Looking ahead, Hand Enterprise Solutions' AI business is likely to become a key "winning move" that will impact the company's growth potential and secondary market valuation. From the perspective of the capital market, although Hand Enterprise Solutions is a promising AI application concept stock, over a longer period, A-share market investors may have already priced in some optimistic expectations into its stock performance. For Hand Enterprise Solutions, which aims to complete an "A+H" listing in the future, the company's future performance is expected to depend to a large extent on the realization of its AI application business, and the true "gold content" of the company's second growth curve may need more time to provide answers.