Core Viewpoint - The company is experiencing steady growth in cloud transformation and AI project implementation, with expectations for significant valuation elasticity driven by potential inclusion in the Hong Kong Stock Connect [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 4.34 billion, a year-on-year increase of 4.9%, and a net profit attributable to shareholders of 183 million, a year-on-year increase of 73.3% [1] - The company's gross margin improved to 23.4%, up 1.4 percentage points year-on-year, while R&D, management, and sales expense ratios decreased by 1.4, 0.3, and remained flat percentage points respectively [1] - The cloud business turned profitable for the first time in H1, reflecting a significant improvement in profitability across various segments [1] Group 2: AI and Cloud Business Growth - The company has implemented an "AI First" strategy, resulting in the development of AI applications across over 10 fields, with more than 100 ready-to-use intelligent agents [2] - The AI projects have been successfully deployed in benchmark projects such as intelligent procurement and financial shared services, enhancing the company's growth sustainability [2] - The focus on vertical agents allows for deeper model training and application, leveraging data for enhanced business outcomes [2]

2025 年 09 月 05 日 投资评级：买入（维持） | 日期 | 2025/9/4 | | --- | --- | | 当前股价(港元) | 9.310 | | 一年最高最低(港元) | 11.120/2.580 | | 总市值(亿港元) | 107.31 | | 流通市值(亿港元) | 107.31 | | 总股本(亿股) | 11.53 | | 流通港股(亿股) | 11.53 | | 近 3 个月换手率(%) | 27.08 | 股价走势图 数据来源：聚源 -100% 0% 100% 200% 300% 400% 2024-09 2025-01 2025-05 2025-09 浪潮数字企业 恒生指数 相关研究报告 《2024 年盈利质量高，业绩持续释放 驱动估值弹性 —港股公司信息更新 报告》-2025.4.3 AI 项目场景更加丰富，看好公司业绩增长持续性 ——港股公司信息更新报告 浪潮数字企业 （00596.HK） | 张可（分析师） | 杨哲（分析师） | | --- | --- | | zhangke1@kysec.cn | yangzhe@kysec.cn | | 证书编号：S07905 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浪潮數字企業技術有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00596 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊 ...

浪潮数字企业公布2025年中期业绩。报告期内，公司营业额为43.43亿元人民币，同比增长4.9%；公司 拥有人应占溢利为1.83亿元人民币，同比增长73.3%；每股基本盈利为16.04分。 利润大幅增长的主要原因是：云服务业务实现扭亏为盈，以及管理软件业务分部的经营利润较去年同期 增长6.22%。 （文章来源：证券时报网） ...

财务回顾中，毛利为10.15亿元，较去年同期增长11.32%。主要原因是云服务业务收入的显著增长，云 服务收入为12.74亿元，较去年同期增长29.96%。然而，物联网解决方案业务收入为18.72亿元，同比减 少4.46%。另外，其他收入显著下降36.34%至6011万元，主要由于政府专项拨款减少55.84%和投资物业 租金收入减少46.48%。 管理层讨论与分析部分提到，公司的云服务业务由亏转盈，经营利润为1992万元，较去年同期增加9065 万元。此外，管理软件业务的经营利润为1.85亿元，较去年同期增长6.22%。在业务分部方面，云服务 业务表现突出，成为公司收入增长的主要动力，而物联网解决方案业务则面临一定压力。整体来看，公 司在各业务领域持续推进数字化转型和创新，增强市场竞争力。 来源：财中社 8月31日，浪潮数字企业（00596）发布截至2025年6月30日止6个月的半年度业绩。报告期内，公司的营 业额较2024年同期增长4.88%至43.43亿元，期内本公司拥有者应占溢利为1.83亿元，较去年同期增长 73.26%。每股基本溢利为16.04分，较去年同期的9.26分显著增加。 ...

报告期内，集团录得营业额为人民币43.43亿元，较去年同期增长4.88%。其中来自云服务业务收入为人 民币12.74亿元，较去年同期增长29.96%，云服务业务收入占集团软件及云服务业务营业额的比重为 51.54%，成为公司收入增长动力；管理软件业务的收入为人民币11.98亿元，较去年同期下降0.34%；物 联网解决方案业务收入为人民币18.72亿元，相比去年同期减少4.46%。 格隆汇8月31日丨浪潮数字企业(00596.HK)公布中期业绩，2025年上半年，集团收入较去年同期增长 4.88%，毛利较去年同期增长11.32%。期内公司拥有人应占溢利人民币1.83亿元，较去年同期增长 73.26%。每股基本溢利人民币16.04分。 ...

浪潮数字企业(00596)发布2025年中期业绩，营业额43.43亿元(人民币，下同)，同比增长4.9%;公司拥有 人应占溢利1.83亿元，同比增长73.3%;每股基本盈利16.04分。 本报告期利润有大幅增加，主要原因为：云服务业务由亏转盈;管理软件业务分部经营利润较去年同期 增长6.22%。 ...

本报告期利润有大幅增加，主要原因为：云服务业务由亏转盈;管理软件业务分部经营利润较去年同期 增长6.22%。 智通财经APP讯，浪潮数字企业(00596)发布2025年中期业绩，营业额43.43亿元(人民币，下同)，同比增 长4.9%;公司拥有人应占溢利1.83亿元，同比增长73.3%;每股基本盈利16.04分。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） （股份代號：596） 修訂二零二五年差旅服務框架協議項下 持續關連交易的 年度上限金額 茲提述本公司日期為二零二四年十二月二十七日的公佈，內容有關（其中包括）本 公司與浪潮智慧文旅就提供自二零二五年一月一日起至二零二七年十二月三十一 日止三個年度的差旅服務而訂立的二零二五年差旅服務框架協議。於二零二五年 八月三十一日，本公司與浪潮智慧文旅訂立補充協議以修訂二零二五年差旅服務 框架協議，擴大浪潮智慧文旅提供的差旅服務範圍，並相應地將現有年度上限修 訂為經修訂年度上限。除該等修訂外，二零二五年差旅服務框架協議的所有其他 條款及條件維持不變。 上市規則的涵義 二零二五年八月三十一日 訂約方： – 2 – 浪潮集團有限公司（本公司控股股東）於本公司約53.94%的已 ...

[Interim Results Highlights](index=1&type=section&id=Interim%20Results%20Highlights) Inspur Digital Enterprise Technology Co., Ltd. announced its unaudited consolidated results for the six months ended June 30, 2025, with revenue growing by 4.88% and profit attributable to owners of the Company increasing by 73.26% to RMB 16.04 cents per basic share Key Financial Highlights for H1 2025 | Metric | June 30, 2025 (thousand RMB) | June 30, 2024 (thousand RMB) | YoY Growth Rate | | :----- | :--------------------------- | :--------------------------- | :-------------- | | Revenue | 4,343,457 | 4,141,171 | 4.88% | | Profit attributable to owners of the Company | 183,142 | 105,702 | 73.26% | | Basic earnings per share | 16.04 cents | 9.26 cents | 73.22% | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's unaudited consolidated financial statements for the six months ended June 30, 2025, including statements of profit or loss, comprehensive income, financial position, changes in equity, and cash flows, with comparisons to prior periods [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue increased by 4.88%, gross profit by 11.32%, and both profit before tax and profit attributable to owners of the Company achieved significant growth Key Data from Consolidated Statement of Profit or Loss (thousand RMB) | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Revenue | 4,343,457 | 4,141,171 | | Gross Profit | 1,014,906 | 911,681 | | Profit before tax | 186,000 | 106,708 | | Profit for the period attributable to owners of the Company | 183,142 | 105,702 | | Basic earnings per share (RMB cents) | 16.04 | 9.26 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company reported a profit for the period of **184,248 thousand RMB** and total comprehensive income of **181,523 thousand RMB**, primarily impacted by exchange differences Key Data from Consolidated Statement of Comprehensive Income (thousand RMB) | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Profit for the period | 184,248 | 105,971 | | Exchange differences arising on translation to presentation currency | (2,725) | (219) | | Total comprehensive income for the period | 181,523 | 105,752 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities increased to **2,927,318 thousand RMB**, with net current assets remaining robust and other intangible assets within non-current assets showing significant growth Key Data from Consolidated Statement of Financial Position (thousand RMB) | Metric | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | Total non-current assets | 1,806,701 | 1,755,615 | | Total current assets | 7,016,782 | 6,349,181 | | Total current liabilities | 5,896,165 | 5,283,199 | | Net current assets | 1,120,617 | 1,065,982 | | Total equity | 2,696,902 | 2,584,747 | - Other intangible assets increased from **73,026 thousand RMB** as of December 31, 2024, to **114,250 thousand RMB** as of June 30, 2025, indicating increased investment in intangible assets[7](index=7&type=chunk) - Trade and bills receivables increased from **3,141,322 thousand RMB** as of December 31, 2024, to **3,381,462 thousand RMB** as of June 30, 2025[7](index=7&type=chunk) - Under borrowings, current borrowings increased from zero as of December 31, 2024, to **730,650 thousand RMB** as of June 30, 2025, and non-current borrowings also increased from zero to **19,847 thousand RMB**[8](index=8&type=chunk) [Consolidated Statement of Changes in Equity](index=6&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the Company increased to **2,623,280 thousand RMB**, primarily due to increased profit for the period, alongside dividend distributions and share-based payment recognition Key Data from Consolidated Statement of Changes in Equity (thousand RMB) | Metric | June 30, 2025 | January 1, 2024 | | :----- | :------------ | :-------------- | | Total equity attributable to owners of the Company | 2,623,280 | 2,047,564 | | Profit for the period | 183,142 | 105,702 | | Dividends | (84,229) | (31,255) | - In the first half of 2025, the company recognized **3,400 thousand RMB** for equity-settled share-based payments and an increase of **11,461 thousand RMB** from share issuance proceeds[9](index=9&type=chunk) [Consolidated Statement of Cash Flows](index=7&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, cash outflows from operating and investing activities increased, but a substantial increase in cash inflows from financing activities significantly narrowed the net decrease in cash and cash equivalents Key Data from Consolidated Statement of Cash Flows (thousand RMB) | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Cash flows used in operating activities | (881,040) | (742,250) | | Cash flows used in investing activities | (70,414) | (4,156) | | Cash flows from financing activities | 900,447 | 10,722 | | Net decrease in cash and cash equivalents | (51,007) | (735,684) | | Bank balances and cash at end of period | 859,481 | 528,704 | [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the basis of preparation, significant accounting policies, composition and changes in financial statement line items, and related party transactions, providing essential context for understanding the financial data [General Information](index=8&type=section&id=General%20Information) Inspur Digital Enterprise Technology Co., Ltd. is incorporated in the Cayman Islands, listed on the Hong Kong Stock Exchange, with Inspur Group Co., Ltd. as its ultimate holding company, focusing on enterprise management software, cloud services, and IoT solutions - The Company is an investment holding company, with its subsidiaries primarily engaged in enterprise management software, cloud services, and IoT solutions[12](index=12&type=chunk) - The functional currency and presentation currency of the Company's consolidated financial statements are both RMB[12](index=12&type=chunk) [Significant Accounting Policies](index=8&type=section&id=Significant%20Accounting%20Policies) The consolidated financial statements are prepared on a historical cost basis, except for investment properties and financial instruments measured at fair value, with consistent accounting policies and no material impact from new HKFRS amendments - The consolidated financial statements are prepared on a historical cost basis, except for investment properties and financial instruments measured at fair value[13](index=13&type=chunk) - The accounting policies and methods of computation adopted for the consolidated financial statements for the six months ended June 30, 2025, are consistent with those presented in the annual financial statements for the year ended December 31, 2024[13](index=13&type=chunk) [Application of Amendments to Hong Kong Financial Reporting Standards](index=9&type=section&id=Application%20of%20Amendments%20to%20Hong%20Kong%20Financial%20Reporting%20Standards) Amendments to Hong Kong Financial Reporting Standards, including HKAS 21 (Amendment) Lack of Exchangeability, first applied in this interim period, have no material impact on the Group's financial performance or position - The application of amendments to Hong Kong Financial Reporting Standards in this interim period has no material impact on the Group's financial performance and position for the current and prior periods, and/or on the disclosures in these condensed consolidated financial statements[14](index=14&type=chunk) [Revenue and Segment Information](index=10&type=section&id=Revenue%20and%20Segment%20Information) The company's revenue primarily derives from three business segments: Cloud Services, Management Software, and IoT Solutions, with Cloud Services showing significant growth as the main driver, while Management Software and IoT Solutions experienced slight revenue declines Segment Revenue and Profit (June 30, 2025, thousand RMB) | Segment | Revenue | Profit | | :------ | :------ | :----- | | Cloud Services | 1,273,911 | 19,916 | | Management Software | 1,197,849 | 184,778 | | IoT Solutions | 1,871,697 | 17,923 | Segment Revenue and Profit (June 30, 2024, thousand RMB) | Segment | Revenue | Profit | | :------ | :------ | :----- | | Cloud Services | 980,201 | (70,738) | | Management Software | 1,201,892 | 173,955 | | IoT Solutions | 1,959,078 | 20,394 | [Other Income](index=12&type=section&id=Other%20Income) For the six months ended June 30, 2025, the company's total other income decreased to **60,108 thousand RMB** from **94,416 thousand RMB** in the prior period, primarily due to reduced government grants and rental income Composition of Other Income (thousand RMB) | Item | June 30, 2025 | June 30, 2024 | | :--- | :------------ | :------------ | | Government grants | 20,633 | 46,727 | | Rental income | 10,865 | 20,300 | | VAT refunds | 18,172 | 16,613 | [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the company's income tax expense increased to **1,752 thousand RMB** from **737 thousand RMB** in the prior period, mainly due to current PRC Enterprise Income Tax and under-provision in prior years Composition of Income Tax Expense (thousand RMB) | Item | June 30, 2025 | June 30, 2024 | | :--- | :------------ | :------------ | | PRC Enterprise Income Tax (current) | 864 | 5,565 | | Under-provision in prior years: PRC Enterprise Income Tax | 888 | (11,028) | [Profit for the Period](index=13&type=section&id=Profit%20for%20the%20Period) For the six months ended June 30, 2025, the company's profit for the period was **184,248 thousand RMB**, with inventory costs recognized as cost of sales at **1,762,075 thousand RMB** and total depreciation and amortization expenses at **27,072 thousand RMB** Profit for the Period Related Deductions/Additions (thousand RMB) | Item | June 30, 2025 | June 30, 2024 | | :--- | :------------ | :------------ | | Cost of inventories recognized as cost of sales | 1,762,075 | 1,834,047 | | Depreciation of property, plant and equipment | 15,325 | 15,686 | | Amortization of other intangible assets | 11,747 | 9,567 | [Dividends](index=13&type=section&id=Dividends) The Board of Directors recommends no dividend distribution for the six months ended June 30, 2025, consistent with the prior period - The Board of Directors recommends no dividend distribution for the six months ended June 30, 2025[21](index=21&type=chunk) [Earnings Per Share](index=14&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company were **16.04 RMB cents**, and diluted earnings per share were **15.97 RMB cents**, both showing significant growth compared to the prior period Earnings Per Share Calculation Data | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Profit for the period attributable to owners of the Company (thousand RMB) | 183,142 | 105,702 | | Number of ordinary shares for basic EPS calculation (thousand shares) | 1,141,950 | 1,141,921 | | Weighted average number of ordinary shares for diluted EPS calculation (thousand shares) | 1,147,106 | 1,142,072 | [Trade and Bills Receivables](index=15&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, the company's total trade and bills receivables increased to **3,381,462 thousand RMB**, with a notable increase in receivables aged over 180 days Trade Receivables Aging Analysis (thousand RMB) | Aging | June 30, 2025 | December 31, 2024 | | :---- | :------------ | :---------------- | | 0 to 30 days | 1,277,583 | 1,609,251 | | Over 180 days | 1,151,616 | 645,036 | - The company provides average credit terms of **30 to 210 days** to its trade customers[23](index=23&type=chunk) [Amounts Due from Ultimate Holding Company and Fellow Subsidiaries](index=15&type=section&id=Amounts%20Due%20from%20Ultimate%20Holding%20Company%20and%20Fellow%20Subsidiaries) As of June 30, 2025, amounts due from the ultimate holding company and fellow subsidiaries totaled **618,574 thousand RMB**, a slight decrease from December 31, 2024 Amounts Due from Related Parties (thousand RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :------------ | :---------------- | | Amounts due from ultimate holding company | 22,878 | 19,728 | | Amounts due from fellow subsidiaries | 595,696 | 619,497 | [Contract Assets and Contract Liabilities](index=16&type=section&id=Contract%20Assets%20and%20Contract%20Liabilities) As of June 30, 2025, the company's current contract assets significantly increased to **1,550,763 thousand RMB**, and current contract liabilities rose to **1,322,970 thousand RMB**, primarily related to software development business Contract Assets and Contract Liabilities (thousand RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :------------ | :---------------- | | Current – Software development contract assets | 1,550,763 | 1,059,191 | | Current – Software development contract liabilities | 1,322,970 | 1,144,112 | [Impairment Assessment of Financial Assets](index=16&type=section&id=Impairment%20Assessment%20of%20Financial%20Assets) For the six months ended June 30, 2025, the company recognized total impairment losses of **30,884 thousand RMB** for trade receivables and contract assets, a significant increase from the prior period Impairment Losses (thousand RMB) | Item | June 30, 2025 | June 30, 2024 | | :--- | :------------ | :------------ | | Trade receivables | 13,384 | 680 | | Contract assets | 17,500 | 8,273 | [Trade and Other Payables](index=17&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the company's total trade payables were **2,537,081 thousand RMB**, a slight decrease from December 31, 2024, with a significant increase in payables aged over 90 days Trade Payables Aging Analysis (thousand RMB) | Aging | June 30, 2025 | December 31, 2024 | | :---- | :------------ | :---------------- | | 0 to 60 days | 1,261,585 | 2,079,506 | | Over 90 days | 1,186,201 | 493,253 | [Amounts Due to Ultimate Holding Company and Fellow Subsidiaries](index=17&type=section&id=Amounts%20Due%20to%20Ultimate%20Holding%20Company%20and%20Fellow%20Subsidiaries) As of June 30, 2025, amounts due to the ultimate holding company and fellow subsidiaries totaled **348,030 thousand RMB**, an increase from December 31, 2024 Amounts Due to Related Parties (thousand RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :------------ | :---------------- | | Amounts due to ultimate holding company | 45,723 | 2,488 | | Amounts due to fellow subsidiaries | 302,307 | 333,196 | [Borrowings](index=18&type=section&id=Borrowings) As of June 30, 2025, the company incurred new bank borrowings of **750,497 thousand RMB**, comprising current and non-current portions, with effective annual interest rates ranging from **2.50% to 3.30%** Composition of Borrowings (thousand RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :------------ | :---------------- | | Current bank borrowings | 730,650 | — | | Non-current bank borrowings | 19,847 | — | - The Group's bank borrowings have effective annual interest rates ranging from **2.50% to 3.30%**[33](index=33&type=chunk) [Share Capital of the Company](index=18&type=section&id=Share%20Capital%20of%20the%20Company) As of June 30, 2025, the company's issued ordinary share capital increased to **10,813 thousand RMB**, with the number of shares rising to **1,143,785 thousand shares** Share Capital Information | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Share capital (thousand RMB) | 10,813 | 10,796 | | Number of shares (thousand shares) | 1,143,785 | 1,141,921 | [Related Party Transactions/Balances](index=19&type=section&id=Related%20Party%20Transactions%2FBalances) The company engages in various related party transactions with its ultimate holding company, Inspur Group, and its subsidiaries, including supply, sales agency, procurement, utility, leasing, and travel services, alongside a financial services agreement with Inspur Group Finance Co., Ltd Related Party Transactions (thousand RMB) | Transaction Type | June 30, 2025 | June 30, 2024 | | :--------------- | :------------ | :------------ | | Supply transactions | 164,871 | 249,497 | | Sales agency transactions (cumulative transaction amount) | 109,815 | 307,181 | | Purchase transactions | 165,247 | 240,209 | - The company entered into a framework financial services agreement with Inspur Group Finance Co., Ltd., providing deposit, loan financing, settlement, and other financial services, with maximum daily deposit balances and total loan financing not exceeding **500,000,000 RMB**[37](index=37&type=chunk) - As of June 30, 2025, the company's daily deposit balance and cumulative borrowings with Inspur Finance Co., Ltd. did not exceed the respective limits[37](index=37&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) This section provides a detailed review and analysis of the financial performance during the reporting period, focusing on changes and drivers in revenue, gross profit, expenses, other income, investment income, and overall profit and financial liquidity [Revenue](index=21&type=section&id=Revenue) During the reporting period, the company's revenue grew by **4.88%** to **4,343,457 thousand RMB**, with cloud services revenue increasing by **29.96%** as the primary driver, accounting for **51.54%** of software and cloud services revenue, while management software and IoT solutions revenue slightly decreased Revenue and Segment Revenue (thousand RMB) | Item | June 30, 2025 | June 30, 2024 | YoY Growth Rate | | :--- | :------------ | :------------ | :-------------- | | Revenue | 4,343,457 | 4,141,171 | 4.88% | | Cloud Services business revenue | 1,273,911 | 980,201 | 29.96% | | Management Software business revenue | 1,197,849 | 1,201,892 | -0.34% | | IoT Solutions business revenue | 1,871,697 | 1,959,078 | -4.46% | [Gross Profit](index=22&type=section&id=Gross%20Profit) During the reporting period, the company's gross profit increased by **11.32%** to **1,014,906 thousand RMB**, with the overall gross profit margin improving by **1.35 percentage points** to **23.37%** Gross Profit and Gross Profit Margin (thousand RMB) | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Gross Profit | 1,014,906 | 911,681 | | Overall Gross Profit Margin | 23.37% | 22.02% | [Administrative, Research and Development, and Selling Expenses](index=22&type=section&id=Administrative%2C%20Research%20and%20Development%2C%20and%20Selling%20Expenses) During the reporting period, administrative expenses slightly decreased due to reduced personnel costs; R&D expenses remained largely flat at **439,748 thousand RMB** in total; and selling and distribution expenses increased by **4.97%** due to higher sales-related personnel costs Various Expenses (thousand RMB) | Expense Type | June 30, 2025 | June 30, 2024 | Change | | :----------- | :------------ | :------------ | :----- | | Administrative expenses | 199,444 | 200,318 | -0.44% | | Research and development expenses | 397,502 | 435,791 | -8.79% (reported expense) | | Selling and distribution expenses | 256,939 | 244,763 | 4.97% | - Capitalized R&D expenses for the period amounted to **42,246 thousand RMB**, with total R&D expenditure of **439,748 thousand RMB**, remaining largely consistent with the prior period[42](index=42&type=chunk) [Other Income/Other Net Gains from Operations](index=23&type=section&id=Other%20Income%2FOther%20Net%20Gains%20from%20Operations) During the reporting period, other income/other net gains decreased by **36.34%** to **60,108 thousand RMB**, primarily due to reduced government grants and investment property rental income, as the Jinan property was converted for internal company use Other Income/Other Net Gains (thousand RMB) | Item | June 30, 2025 | June 30, 2024 | Change | | :--- | :------------ | :------------ | :----- | | Total other income/other net gains | 60,108 | 94,416 | -36.34% | | Government grants | 20,633 | 46,727 | -55.84% | | Investment property rental income | 10,865 | 20,300 | -46.48% | [Share of Profits from Associates and Joint Ventures](index=23&type=section&id=Share%20of%20Profits%20from%20Associates%20and%20Joint%20Ventures) During the reporting period, share of profits from associates increased by **5.41%** to **3,778 thousand RMB**, while share of profits from joint ventures significantly grew to **3,378 thousand RMB** Share of Profits from Associates and Joint Ventures (thousand RMB) | Item | June 30, 2025 | June 30, 2024 | | :--- | :------------ | :------------ | | Share of profits from associates | 3,778 | 3,584 | | Share of profits from joint ventures | 3,378 | 268 | [Profit Before Tax](index=23&type=section&id=Profit%20Before%20Tax) During the reporting period, the company's profit before tax increased to **186,000 thousand RMB**, primarily driven by the cloud services business turning profitable and growth in the management software segment's operating profit Profit Before Tax and Key Drivers (thousand RMB) | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Profit before tax | 186,000 | 106,708 | | Operating profit from Cloud Services business | 19,916 | (70,738) | | Operating profit from Management Software business segment | 184,778 | 173,955 | [Profit Attributable to Owners of the Company](index=24&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) During the reporting period, profit attributable to owners of the Company significantly increased to **183,142 thousand RMB**, primarily due to the cloud services business turning profitable and growth in management software business profit, with both basic and diluted earnings per share showing substantial improvement Profit Attributable to Owners of the Company and Earnings Per Share (thousand RMB/cents) | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Profit attributable to owners of the Company | 183,142 | 105,702 | | Basic earnings per share (RMB cents) | 16.04 | 9.26 | | Diluted earnings per share (RMB cents) | 15.97 | 9.26 | [Financial Resources and Liquidity](index=24&type=section&id=Financial%20Resources%20and%20Liquidity) As of June 30, 2025, the company's current assets were **7,016,782 thousand RMB**, current liabilities were **5,896,165 thousand RMB**, and the current ratio was **1.19 times**, indicating a sound financial position, with new bank borrowings and loans from Inspur Group Finance Co., Ltd Key Financial Resources and Liquidity Data (thousand RMB) | Metric | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | Current assets | 7,016,782 | 6,349,181 | | Current liabilities | 5,896,165 | 5,283,199 | - The Group's current assets were **1.19 times** its current liabilities (December 31, 2024: **1.20 times**)[47](index=47&type=chunk) - The Group's borrowings from banks amounted to **750,497 thousand RMB**, and borrowings from Inspur Group Finance Co., Ltd. amounted to **280,957 thousand RMB**[47](index=47&type=chunk) [Business Review](index=25&type=section&id=Business%20Review) During the reporting period, the company adhered to its "AI First" strategy, fully embracing large AI model technology, continuously developing AI-native enterprise software and solutions, and making progress across its cloud services, management software, and IoT solutions businesses to support enterprise digital transformation [Overall Business Strategy](index=25&type=section&id=Overall%20Business%20Strategy) The company adheres to an "AI First" strategy, fully embracing large AI model technology with a focused, intelligent, ecological, and global development philosophy to create AI-native enterprise software and full-stack tool services, facilitating comprehensive digital transformation for businesses - The Group adheres to an "AI First" strategy, fully embracing large AI model technology, continuously developing Inspur Haiyue large models and full-stack tool services for the enterprise service sector, creating AI-native Haiyue enterprise software[51](index=51&type=chunk) - During the reporting period, over ten new products were released, including Haiyue Large Model V3.0, Haiyue Business AI V1.0, Haiyue PaaS Platform V8.0, and Haiyue inSuite Standard Edition V5.0[52](index=52&type=chunk) - Focusing on core ERP localization, the company improved its international support foundation, built a unified translation management system, and supports multiple accounting standards and parallel ledgers[52](index=52&type=chunk) - Continuously deepening its presence in the central and state-owned enterprise market, the company has assisted **86 central enterprises**, **190 China Top 500 companies**, and over **1.2 million enterprises** in achieving comprehensive digital transformation[53](index=53&type=chunk) [Cloud Services Business](index=27&type=section&id=Cloud%20Services%20Business) Cloud services business revenue increased by **29.96%** to **1,273,911 thousand RMB**, becoming a key revenue growth driver, with the company launching AI-driven innovative products and solutions across large enterprise, high-growth enterprise, and SME markets - Cloud services business revenue achieved substantial growth, recording **1,273,911 thousand RMB**, a **29.96%** year-on-year increase[54](index=54&type=chunk) [Large Enterprise Market](index=27&type=section&id=Large%20Enterprise%20Market) For large enterprises, the company implemented its "AI First" strategy, launching Haiyue Large Model V3.0, Inspur Haiyue Business AI V1.0, Inspur Haiyue PaaS Platform V8.0, and intelligent ERP GS Cloud and HCM products, offering AI-native, multi-modal, low-code intelligent solutions, and maintaining a leading position in the state-owned asset supervision platform market - Haiyue Large Model V3.0 was released, overcoming technical challenges in AI enterprise-level application scenarios, adopting a composite AI strategy integrating multiple models, modalities, and large/small models to provide trusted AI capabilities[56](index=56&type=chunk) - The Haiyue Large Model is the first enterprise service vertical domain large model in China to complete "dual registration" for both model and algorithm, ranking first in both market position and development capability within China's enterprise service vertical domain large model market[56](index=56&type=chunk) - Inspur Haiyue Business AI V1.0 was released, offering over **100 out-of-the-box scenario intelligent agents** covering more than **40 high-value scenarios** such as finance, supply chain, and project management[57](index=57&type=chunk) - Inspur Haiyue PaaS Platform V8.0 was released, building an AI-driven, one-stop, decomposable PaaS platform product system with the Haiyue Large Model as its intelligent core, ranking first in China's low-code software market[58](index=58&type=chunk) - Inspur Haiyue Large Enterprise Intelligent ERP GS Cloud reconstructed software based on an AI-native architecture, improved product internationalization capabilities, and signed strategic clients such as China Energy Engineering Group and China National Supply and Marketing Cooperatives[59](index=59&type=chunk) - Inspur Haiyue HCM launched the new generation HR intelligent agent Moirai, winning multiple industry awards and ranking among the top three in China's human capital application software market share[60](index=60&type=chunk) - The Intelligent State-owned Assets Online Supervision Platform V8.0 was released, promoting deep integration of AI with state-owned asset supervision, achieving the highest market share in state-owned asset supervision and serving **22 provincial-level State-owned Assets Supervision and Administration Commissions**[61](index=61&type=chunk) [High-Growth Enterprise Market](index=33&type=section&id=High-Growth%20Enterprise%20Market) The company officially launched Inspur Haiyue inSuite Standard Edition V5.0 for high-growth enterprises, deeply integrating AI technology to provide end-to-end integrated solutions for R&D, production, supply, sales, and finance, supporting domestic databases, and achieving strong market expansion in discrete manufacturing, life sciences, and food processing industries - Inspur Haiyue inSuite Standard Edition V5.0 deeply integrates AI technology, achieving breakthroughs in both "out-of-the-box" functionality and "deep customization" through its self-developed vertical domain large model engine[62](index=62&type=chunk) - The product supports domestic databases, asynchronous non-blocking coroutine mode, lightweight deployment, and efficient collaboration, tailored for high-growth enterprises[62](index=62&type=chunk) - Significant market expansion results were achieved in the high-growth enterprise markets of discrete manufacturing, life sciences, and food processing industries[62](index=62&type=chunk) [SME Market](index=34&type=section&id=SME%20Market) Inspur Yiyun focused on SME's integrated business-finance-invoice-tax needs, launching Cloud Business-Finance V6.0 to create a lightweight and transparent user experience with a "1+N" core product system, introducing "Yunyixiao Intelligent Assistant" for five core scenario services, and expanding collaborations with strategic clients like Bank of Communications and Postal Savings Bank - Inspur Yiyun released Cloud Business-Finance V6.0, achieving seamless multi-product integration based on a micro-frontend architecture, unifying the interface, and building a "1+N" core product system[63](index=63&type=chunk) - The "Yunyixiao Intelligent Assistant" was launched, creating an intelligent business-finance expert digital human, offering five core scenario services: intelligent procurement, intelligent taxation, intelligent operations, financial report interpretation, and intelligent Q&A[63](index=63&type=chunk) - Inspur Yiyun deepened its presence in the financial industry, continuing in-depth cooperation with strategic clients such as Bank of Communications and Postal Savings Bank, and launching products on ecological platforms like DingTalk and WPS[63](index=63&type=chunk) [Management Software Business](index=35&type=section&id=Management%20Software%20Business) Management software business revenue was **1,197,849 thousand RMB**, a slight decrease of **0.34%** year-on-year, with the company leveraging the intelligence of the Haiyue Large Model to continuously innovate in digital finance, core ERP, communication information, and digital services, enhancing enterprise operational intelligence - Management software business recorded revenue of **1,197,849 thousand RMB**, a **0.34%** decrease compared to the prior period[64](index=64&type=chunk) [Digital Finance and Core ERP](index=35&type=section&id=Digital%20Finance%20and%20Core%20ERP) In digital finance, the company enhanced financial shared service operational capabilities and expanded treasury management business scenarios, while in core ERP, it developed an integrated supply chain planning system, upgraded the MRP calculation engine, and ranked first among domestic vendors in the supply chain planning software market - In digital finance, the company enhanced financial shared service operational capabilities, developing features such as credit large models, intelligent quality inspection, digital employees, and billing management, assisting financial shared service centers in transforming from cost centers to profit centers[64](index=64&type=chunk) - In core ERP, an integrated supply chain planning system was developed, including intelligent demand forecasting, production and sales collaboration, and MRP intelligent optimization, with a fully upgraded MRP calculation engine supporting efficient computation for ultra-large BOMs[64](index=64&type=chunk) - The company ranked first among domestic vendors in the supply chain planning software market (IDC), signing strategic clients such as Dongfang Electric, COFCO Group, and China National Heavy Duty Truck Group during the reporting period[64](index=64&type=chunk) [Communication Information](index=36&type=section&id=Communication%20Information) The communication information business focused on key areas such as low-altitude economy, autonomous networks, computing power networks, large models, and data centers, launching products like the Low-Altitude Intelligent Network Integrated Operation Service Platform V2.0 and Intelligent Computing Center Intelligent O&M Platform V1.0, and receiving the TM Forum Open API Diamond Award - The Low-Altitude Intelligent Network Integrated Operation Service Platform V2.0 was released, aiming for "networked intelligent management, multi-domain perception, collaborative security, and industrial development"[65](index=65&type=chunk) - The Intelligent Computing Center Intelligent O&M Platform V1.0 was released, providing comprehensive, efficient, and intelligent O&M solutions for intelligent computing data centers[65](index=65&type=chunk) - Communication Information received the TM Forum Open API Diamond Award, the highest honor in the field, ranking third globally[65](index=65&type=chunk) [Digital Services](index=37&type=section&id=Digital%20Services) The digital services business deeply implemented an innovation-driven development strategy, participating for the first time in the national standard formulation for "Automation Systems and Integration - Digital Twin Framework for Manufacturing," actively expanding into the central and state-owned enterprise market, and achieving steady business growth through in-depth cooperation with strategic clients like Haier Group and Zowee Technology - Digital Services participated for the first time in the national standard formulation for "Automation Systems and Integration - Digital Twin Framework for Manufacturing"[66](index=66&type=chunk) - Actively expanding into the central and state-owned enterprise market, successfully signing clients such as COFCO Group, Aluminum Corporation of China, and China Energy Engineering Group[66](index=66&type=chunk) [IoT Solutions Business](index=37&type=section&id=IoT%20Solutions%20Business) IoT solutions business revenue was **1,871,697 thousand RMB**, a year-on-year decrease of **4.46%**, with the company continuing to deepen its presence in intelligent manufacturing, intelligent grain storage, and communication information, while actively expanding into overseas markets - IoT solutions business recorded revenue of **1,871,697 thousand RMB**, a **4.46%** year-on-year decrease[67](index=67&type=chunk) [Intelligent Manufacturing](index=38&type=section&id=Intelligent%20Manufacturing) Targeting sub-sectors like large-scale equipment manufacturing, discrete manufacturing, and process manufacturing, the company developed comprehensive intelligent manufacturing solutions for industries such as power transmission and transformation, coal machinery, and CNC machine tools, possessing capabilities in production line design, automated logistics design, and integrated factory equipment and automation solutions, with Inspur Haiyue MOM solutions holding the leading market share in equipment manufacturing - Developed comprehensive intelligent manufacturing solutions for multiple industries, including power transmission and transformation, coal machinery, and CNC machine tools, further solidifying its leading capability in intelligent manufacturing solutions for the machinery manufacturing sector[68](index=68&type=chunk) - Developed automated production line solutions for the fastener industry, automated logistics scheduling solutions, and automated production feeding solutions, fully supporting the in-depth implementation of intelligent factories[68](index=68&type=chunk) - Inspur Haiyue MOM solutions held the leading market share in China's equipment manufacturing sector (including shipbuilding, infrastructure equipment, power transmission and transformation, etc.) (IDC)[68](index=68&type=chunk) [Intelligent Grain Storage](index=39&type=section&id=Intelligent%20Grain%20Storage) The company launched "Intelligent Grain Storage Large Model V3.0" and "Grain Enterprise Operations Management Intelligent Agent Cluster," achieving breakthroughs in AI-powered intelligent scenarios based on private large models to enhance market competitiveness, completed localization of hardware products like integrated storage control cabinets and AI all-in-one machines, and signed clients such as Fujian Provincial Reserve Grain Management Co., Ltd - "Intelligent Grain Storage Large Model V3.0" and "Grain Enterprise Operations Management Intelligent Agent Cluster" were released, achieving a breakthrough from 0 to 1 in product intelligent scenarios based on private large models[69](index=69&type=chunk) - Completed the localization of hardware products such as integrated storage control cabinets, AI all-in-one storage machines, and AI IoT gateways for storage, and upgraded the integrated control cabinet architecture to reduce costs by one-third[69](index=69&type=chunk) - Signed contracts with Fujian Provincial Reserve Grain Management Co., Ltd. and Anhui Provincial Reserve Grain Management Co., Ltd., deepening its presence in the digital transformation of the grain industry[69](index=69&type=chunk) [Communication Information and Overseas Market Expansion](index=40&type=section&id=Communication%20Information%20and%20Overseas%20Market%20Expansion) Communication Information signed and commenced several major projects in operations support and data centers, including the Ya'an Data Lake Medical-Industrial and Industry-Education Integration Training Base Intelligent Computing Center project, achieving significant overseas market expansion with cooperation agreements signed with Beta Industrial and the first data center and intelligent project launched in Algeria - The contract for the Ya'an Data Lake Medical-Industrial and Industry-Education Integration Training Base Intelligent Computing Center project was signed, marking the maturity of modular data center products for large-scale market deployment[70](index=70&type=chunk) - Communication Information achieved significant overseas market expansion, signing cooperation agreements with companies such as Beta Industrial, Clear Vision, BMC, and Mobily[70](index=70&type=chunk) - The Algeria Medical Data Center and Informatization Project was signed and commenced, representing Communication Information's first data center and intelligent project in the Northwest Africa region[70](index=70&type=chunk) [Future Outlook and Strategy](index=41&type=section&id=Future%20Outlook%20and%20Strategy) The Group will adhere to its "AI First" strategy, accelerating AI empowerment across all industries, businesses, and processes, leveraging first-class products, services, and full-stack solutions to enable high-quality enterprise development, consolidate and expand its advantages in the central and state-owned enterprise market, initiate overseas operations, and enhance organizational support capabilities, striving to become a world-class software enterprise - The Group will adhere to its "AI First" strategy, accelerating AI empowerment across all industries, businesses, and processes[71](index=71&type=chunk) - Empowering high-quality enterprise development with first-class products, services, and full-stack solutions, further consolidating and expanding its advantages in the central and state-owned enterprise market, and initiating overseas operations[71](index=71&type=chunk) - Enhancing organizational support capabilities to safeguard the company's high-quality development and striving to open a new chapter in becoming a world-class software enterprise[71](index=71&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section provides supplementary information on the company's employees, pledge of assets, share transactions, competing interests, and share option scheme [Employee Information](index=25&type=section&id=Employee%20Information) As of June 30, 2025, the Group had **8,146 employees**, with total employee remuneration of **881,793 thousand RMB** during the reporting period, determined by performance and capability, alongside mandatory provident funds, medical coverage, and continuing education Employee Information | Metric | June 30, 2025 | | :----- | :------------ | | Total number of employees | 8,146 | | Total employee remuneration (thousand RMB) | 881,793 | [Pledge of Assets](index=25&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's bank deposits of **46,292 thousand RMB** were pledged, a decrease from **99,291 thousand RMB** as of December 31, 2024 Pledged Bank Deposits (thousand RMB) | Date | Amount | | :--- | :----- | | June 30, 2025 | 46,292 | | December 31, 2024 | 99,291 | [Purchase, Sale or Redemption of Shares](index=41&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares[72](index=72&type=chunk) [Competing Interests](index=41&type=section&id=Competing%20Interests) During the reporting period, none of the Company's directors, general managers, substantial shareholders, or their respective associates held any interests in businesses competing or potentially competing with the Group's business - During the reporting period, none of the Company's directors, general managers, substantial shareholders, or their respective associates held any interests in businesses competing or potentially competing with the Group's business[73](index=73&type=chunk) [Share Option Scheme](index=41&type=section&id=Share%20Option%20Scheme) The Company adopted a new share option scheme on November 23, 2018, with **27,406,000 shares** available for issue and outstanding under the scheme as of the end of the reporting period - The Company adopted a new share option scheme on November 23, 2018[74](index=74&type=chunk) - As of the end of the reporting period, the number of shares available for issue and outstanding under the share option scheme was **27,406,000**[74](index=74&type=chunk) [Corporate Governance](index=42&type=section&id=Corporate%20Governance) This section outlines the company's corporate governance practices, including the composition and responsibilities of the Audit Committee, and compliance with the Code on Corporate Governance Practices and the Model Code for Securities Transactions by Directors [Audit Committee](index=42&type=section&id=Audit%20Committee) The company established an Audit Committee in accordance with the Listing Rules, primarily responsible for reviewing and overseeing the financial reporting process and internal control systems, comprising three independent non-executive directors with Mr. Wong Lit Cho as Chairman - The Audit Committee is primarily responsible for reviewing and overseeing the Group's financial reporting process and internal control systems[75](index=75&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Wong Lit Cho, Ms. Zhang Ruijun, and Mr. Ding Xiangqian, with Mr. Wong Lit Cho serving as Chairman[75](index=75&type=chunk) [Code on Corporate Governance Practices](index=42&type=section&id=Code%20on%20Corporate%20Governance%20Practices) As of June 30, 2025, the Group has complied with the provisions of the Code on Corporate Governance Practices set out in Appendix 14 to the Main Board Listing Rules - As of June 30, 2025, the Group has complied with the provisions of the Code on Corporate Governance Practices set out in Appendix 14 to the Main Board Listing Rules[77](index=77&type=chunk) [Standard of Dealings in Securities by Directors](index=42&type=section&id=Standard%20of%20Dealings%20in%20Securities%20by%20Directors) The Group has complied with the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 to the Listing Rules, and all directors confirmed compliance during the reporting period - The Group has complied with the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 to the Listing Rules[78](index=78&type=chunk) - All directors have complied with the standards set out in the Model Code for the six months ended June 30, 2025[78](index=78&type=chunk)