Teamsun (600410) R&D Investment Risk Analysis Report

I will now present the complete analysis report for you.

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Based on Teamsun’s 2024 annual report and industry comparison data, the company’s R&D expense ratio is

, which is indeed lower than the industry average, indicating a certain risk of insufficient R&D investment, but a comprehensive assessment combined with its business model is required [0][1].

Indicator	Teamsun	Industry Average	Gap
R&D Expense Ratio	4.94%	7.5%-9.8%	2.6-4.9 percentage points lower
R&D Investment	RMB 211 million	Significant variation	Mid-tier in the industry
R&D Personnel	973 people	-	Accounting for 37.64%, relatively high
R&D Growth Rate	-5.28%	Industry growth	Year-on-year decline

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Based on the company’s 2024 annual report data [0]:

Item	Amount	Description
R&D Expenses	RMB 124 million	Expensed R&D investment
Total R&D Investment	RMB 211 million	Including capitalized portion
Capitalized R&D Investment	RMB 87 million	Capitalization ratio 41.20%
R&D Personnel	973 people	Accounting for 37.64% of total employees
Operating Revenue	RMB 4.271 billion	Year-on-year growth of 2.57%

• R&D expenses decreased by 5.28% year-on-year, mainly due to “changes in the planning and scheduling of individual R&D projects” [0]
• The capitalized R&D investment ratio reaches 41.20%, which is higher than the industry average, and there may be considerations of profit adjustment [0]
• The proportion of R&D personnel is 37.64%, indicating that the company still attaches great importance to R&D talents

Comparison Dimension	Company/Industry	R&D Expense Ratio	Relative Position
Teamsun	600410.SS	4.94%	To be evaluated
Kingsoft Office	688111	32.0%	Extremely high
Yonyou Network	600588	18.5%	High
Baosight Software	600845	10.2%	Above average
Sugon	603019	9.5%	Above average
Taiji Group	002368	8.8%	Above average
Unisplendour	000938	7.5%	Industry average
DHC Software	002065	6.5%	Slightly lower
iSoftStone	301236	5.8%	Slightly lower
Digital China Information	000555	5.2%	Slightly lower
Industry Average (Software Services)	-	9.8%	Benchmark
Industry Average (IT Services)	-	7.5%	Benchmark

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• The 4.94% R&D expense ratio is at the downstream level in the software service industry
• A significant gap compared with specialized, sophisticated, unique, and new (zhuanjingtexin) IT service enterprises (9.6%-10.0%)
• Risk Level:
  High

• R&D expenses decreased by 5.28% year-on-year in 2024
• Growth rate has slowed or turned negative for two consecutive years
• Risk Level:
  Medium-High

• The 41.20% capitalization ratio may affect the authenticity of current profits
• There is suspicion of profit adjustment
• Risk Level:
  Medium

• With the rapid development of AI technology, insufficient R&D investment may lead to technological backwardness
• The gap with giants such as Huawei, Tencent, and Alibaba (R&D expense ratios 10%-23%) is widening
• Facing fierce market competition

• The company’s business focuses on system integration, with a low proportion of revenue from independent products
• High dependence on large technology vendors

• The proportion of R&D personnel is 37.64%, which is at the upper-mid level in the industry
• The scale of the R&D team is relatively stable

• R&D expenses increased by 12.7% year-on-year in H1 2025 (based on the semi-annual report)
• The company is increasing R&D investment in AI+ application fields [2]

• Has built intelligent computing centers in Tianjin, Jiangxi, Suzhou, and other regions
• Has established partnerships with technology giants such as Huawei and Baidu [3]

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Based on the company’s annual report and official website information [0][3], Teamsun positions itself as “a leading enterprise in a new generation of digital innovation services”, with its main businesses including:

Business Segment	Revenue Share	Business Nature
Enterprise IT System Solutions	~78%	System Integration
Cloud Computing Products and Services	~22%	Products + Services

• Focuses on system integration and technical services
• Low proportion of revenue from independent software products
• R&D is more oriented towards project delivery rather than product innovation

Dimension	System Integration Model	Product Model
R&D Dependence	Low	Extremely high
R&D Expense Ratio	3%-6%	15%-30%
Gross Profit Margin	Low (~12%)	High (~40%+)
R&D Necessity	Project-driven	Product-driven

Teamsun mainly engages in system integration business, and its low R&D expense ratio partially reflects the characteristics of its business model, rather than simple technological backwardness.

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Based on the company’s official website and public information [3], Teamsun is accelerating its transformation to the AI field:

1. AI+ Computing Power
   : Planning, construction, and operation services for intelligent computing centers
2. AI+ Scenarios
   : Applications such as intelligent customer service, intelligent bidding, and Jiuzhang Huafang
3. AI+ Ecosystem
   : Partnerships with Huawei, Baidu, ByteDance, etc.

• Intelligent Customer Service (finance, tobacco, automotive, and other industries)
• Intelligent Bidding King (automation of enterprise bidding and tendering processes)
• Jiuzhang Huafang (AIGC education and training platform)
• Mocha Intelligent Operation and Maintenance Platform

Time Node	R&D Expenses	Year-on-Year Change	Investment Description
2023	RMB 131 million	-	Regular R&D
2024	RMB 124 million	-5.28%	Adjustment of individual projects
H1 2025	RMB 57 million	+12.7%	Increased investment in AI+ application fields

• R&D expenses resumed growth in H1 2025
• AI products have been implemented in government, finance, education, and other fields
• Selected into the 2024 Top 100 AI Innovation Enterprises (52nd place) [2]

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Risk Factor	Score (1-10)	Weight	Weighted Score	Risk Level
Low R&D Expense Ratio	4.5	25%	1.13	🔴 High
Declining R&D Investment Growth Rate	3.5	20%	0.70	🟡 Medium
High Capitalization Ratio	3.0	15%	0.45	🟡 Medium
Technological Iteration Pressure	3.5	15%	0.53	🟡 Medium
Progress of AI Transformation	6.0	15%	0.90	🟢 Low
Stability of R&D Team	7.0	10%	0.70	🟢 Low

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1. R&D expense ratio remains persistently lower than the industry average, limiting technological iteration capabilities
2. Year-on-year decline in R&D investment may affect long-term competitiveness
3. High capitalization ratio raises suspicion of profit adjustment
4. Low proportion of revenue from independent products, insufficient technological independence

1. R&D personnel account for 37.64%, with a stable team size
2. R&D expenses resumed growth in H1 2025
3. The company is increasing investment in AI+ application fields, aligning with industry trends
4. The business model focuses on system integration, with relatively low dependence on cutting-edge technologies
5. The layout of intelligent computing centers and ecosystem partnerships provide certain support

Time Horizon	Key Indicators to Monitor
Short-term	Whether the R&D expense ratio can rebound to above 6% in subsequent years
Mid-term	Progress of AI product launches and customer feedback
Long-term	Whether technological capabilities can support business transformation and upgrading

Assessment Item	Risk Level
R&D Investment Risk	⚠️ Medium-High Risk
Technological Competitiveness Risk	⚠️ Medium Risk
Comprehensive Investment Risk	⚠️ Medium Risk

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[0] 2024 Annual Report of Beijing Teamsun Technology Co., Ltd. - QQ.com (https://file.finance.qq.com/finance/hs/pdf/2025/04/26/1223324852.PDF)

[1] 2022 China Specialized, Sophisticated, Unique, and New Series Research Report: Computer Industry - LeadLeo Research Institute (https://pdf.dfcfw.com/pdf/H3_AP202305231587105548_1.pdf)

[2] Analysis of Commercialization Progress of Teamsun’s AI Business in the First Half of September 2025 - Gilin AI (https://www.gilin.com.cn/essence0903184.html)

[3] Teamsun Official Website - Company Introduction and Products & Services (https://www.teamsun.com.cn/)

[4] 2024 Global Top 100 R&D Investment Enterprises List - Global Enterprise Dynamics (https://www.esmchina.com/marketnews/51918.html)

[5] 2024 Annual Report of iSoftStone (http://notice.10jqka.com.cn/api/pdf/cdfe6761e8bd0c25.pdf)

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January 16, 2026
Company annual reports, public industry data, Gilin AI Financial Database