2026 年 3 月 25 日 公司研究 2025 年运营商业务承压，制定 AI 优先战略、推动新业务快速增长 ——亚信科技（1675.HK）2025 年业绩点评 要点 事件：公司发布 2025年年度业绩，营收63.02亿人民币，同比下降5.2%，降 幅较24年收窄。在通信行业投资承压背景下，公司通过拓市场、提效能、强 管控及AI赋能对冲收入压力，全年经营整体趋稳；同时主动收缩低效业务，明 确2026年以"AI优先"为核心战略，推动资源向高增长方向集中。盈利方面， 公司2025年实现毛利润21.46亿元，同比下降13.6%，对应毛利率34.1%，同 比下降3.3pct；全年实现净利润1.04亿元，若剔除人员结构优化带来的一次性 离职补偿影响，经调整净利润为2.73亿元。公司经营性现金流显著改善，由 2024年的净流出1.04亿元转为2025年的净流入4.07亿元，回款改善明显。 公司积极业务转型和战略重构，聚集三类业务。公司将业务披露口径调整为 运营商核心系统业务、智能数据运营业务、智能连接产品业务三类。1）运营 位核心系统业务为公司基本盘，公司目标稳规模、提效能；2）智能数据运营 业务，公司力求抢占制高点， ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 董事會包括： 執行董事： 田溯寧博士及郭尊華先生 非執行董事： 何政先生、楊林先生、劉虹女士及鄂立新先生 獨立非執行董事： 張亞勤博士、葛明先生、陶萍女士、王鐳博士及劉軍博士 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 亞信科技控股有限公司 | | 股份代號 | 01675 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 派發截至二零二五年十二月三十一日止年度末期股息 | | 公告日期 | 2026年3月23日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性 ...

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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 AsiaInfo Technologies Limited 亞信科技控股有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1675） 從連接到智能，開啟亞信科技的二次飛躍 截至2025年12月31日止年度之年度業績公告 本公司董事會欣然宣佈本集團於報告期間經審核綜合業績。 年度業績摘要： – 1 – • 受通信行業投資壓降的影響，公司積極應對，拓市場、保規模、提效能，業 務趨穩且保持盈利，現金流大幅改善，新業務快速增長。 • 營業收入約人民幣63.02億元，同比下降5.2%，降幅較上年明顯收窄。 • 運營商核心系統業務收入約人民幣47.82億元，同比下降8.9%，未來將注重 穩規模、提效能，從傳統支撐夥伴，邁向價值共創夥伴。 • 智能數據運營業務收入約人民幣8.07億元，同比增長34.1%，佔收比達 12.8%，未來將致力於生態共贏，邁向數智資產複利的商業模式。 • 智能連接產品業務收入約人 ...

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告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 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。 AsiaInfo Technologies Limited 亞信科技控股有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1675） 董事會會議通告 承董事會命 亞信科技控股有限公司 董事長兼執行董事 田溯寧博士 獨立非執行董事： 張亞勤博士、葛明先生、陶萍女士、王鐳博士及劉軍博士 北京，2026年3月10日 於本公告日期，董事會包括： 執行董事： 田溯寧博士及郭尊華先生 非執行董事： 何政先生、楊林先生、劉虹女士及鄂立新先生 亞信科技控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2026年 3月23日（星期一）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公 司截至2025年12月31日止之年度業績及其發佈，並考慮派發末期股息（如有）。 為使各位股東、潛在投資者及關注本公司的資本市場人士更加了解本公司經營業績 及業務發展，歡迎各位股東、潛在投資者及資本市場人士 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 亞信科技控股有限公司 呈交日期: 2026年3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) | 01675 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000,000 | HKD | 0.0000000125 | HKD | | 10,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 800,000,000,000 | HKD | 0.0000000125 | HKD | | 10,000 | 本月底法定/註冊股本總額： HK ...

Core Insights - The article highlights the rapid growth and development of China's artificial intelligence (AI) industry, showcasing significant user adoption and innovation across various sectors [3][4][14][24][31]. Group 1: AI Industry Growth - By the end of 2025, China's generative AI user base is projected to reach 602 million, a 141.7% increase from the end of 2024, with a penetration rate of 42.8%, up 25.2 percentage points year-on-year [3]. - The AI industry in Beijing has surpassed 2,400 companies, including 46 listed firms and 36 unicorns, accounting for over half of the national total [4]. - Shanghai's AI industry is expected to exceed 550 billion yuan in scale by the end of 2025, with a year-on-year growth rate of over 30% [14]. Group 2: Key Players and Innovations - Major companies leading the AI sector include ByteDance, Baidu, and Huawei, focusing on areas such as large models, AI algorithms, and smart driving [5][24]. - Shenzhen has seen a 22.6% year-on-year growth in its core AI industry, with a total scale reaching 368.5 billion yuan in 2024, indicating a shift towards source innovation [24]. - Hangzhou's AI industry is projected to grow from 300 billion yuan in 2023 to 399 billion yuan in 2024, with 84 listed companies and 10 unicorns by the end of 2025 [31]. Group 3: Data and Infrastructure - Beijing has registered 123 large model products and established a data foundation with over 150 petabytes of data [4]. - Shanghai has completed 137 registrations for generative AI services, building a workforce of 300,000 in the AI sector [14]. - Shenzhen's AI industry encompasses a full range of the supply chain, from chips to applications, with 2,887 related enterprises [24].

Core Viewpoint - The company, AsiaInfo Security Technology Co., Ltd. (688225.SH), forecasts a significant increase in revenue for 2025, yet it anticipates a shift from profit to loss in net income, indicating challenges in its core business performance amidst a competitive software industry landscape [1][2]. Revenue and Profit Forecast - AsiaInfo Security expects to achieve revenue between 7.4 billion and 8 billion yuan for 2025, while projecting a net loss of 380 million to 500 million yuan [1]. - The anticipated revenue growth contrasts sharply with the expected net loss, highlighting a divergence between revenue performance and profitability [1]. - The company attributes the significant changes in performance to issues within its network security and digital intelligence businesses [1]. Business Performance Analysis - Despite revenue growth, both the network security and digital intelligence sectors are under pressure, with the network security business reporting a loss of 240 million yuan in the first half of 2025 [2]. - The digital intelligence business is also expected to see a decline in net profit due to cost-cutting pressures from operator clients and non-operational factors, including a one-time severance compensation of approximately 175 million yuan [2]. Industry Context - The software industry is currently experiencing weak overall demand, with AsiaInfo Security's primary clients being large enterprises and government entities, leading to a general reduction in security budgets [3]. - The company faces dual pressures from a sluggish industry demand and intensified market competition [3]. Historical Performance and Future Outlook - Since its IPO in February 2022, AsiaInfo Security has seen a slowdown in revenue growth, with reported revenues of 1.667 billion, 1.721 billion, and 1.608 billion yuan from 2021 to 2023, and a net profit decline from 179 million to a loss of 291 million yuan [4]. - Following a major asset restructuring in late 2024, the company reported a revenue increase to 3.595 billion yuan in the first half of 2024, but losses continued to deepen [4]. Challenges in Achieving Growth Targets - The forecast for 2025 suggests that achieving the goal of surpassing 10 billion yuan in revenue may be challenging for AsiaInfo Security [5]. Workforce and Management Changes - The company has experienced significant layoffs, with a reduction of 1,489 employees in the first half of 2025, leading to increased severance costs impacting profitability [7]. - There have been three adjustments in the core technical team in 2025, indicating potential instability in leadership [8]. - Shareholders have also been reducing their stakes, with total share reductions amounting to approximately 513 million yuan across multiple transactions [9]. Strategic Focus - Despite external pressures, AsiaInfo Security remains committed to research and development, particularly in the "AI + security" domain, aiming to enhance core capabilities and innovate product offerings [9].

Core Viewpoint - The fuel cell vehicle industry is facing challenges such as slow growth, poor profitability, and accounts receivable backlog, but there is potential for long-term development supported by national hydrogen energy strategies and new application scenarios [1][2][15]. Group 1: Current Industry Status - The sales of fuel cell vehicles have shown insufficient growth momentum since 2024, with a surge in demand observed in 4Q25, yet still falling short of the 2025 targets [1][4]. - The average price of fuel cell systems has decreased by nearly 90% since 2018, creating significant challenges for profitability as the industry remains in a bottoming phase [1][6]. - Three major bottlenecks hindering the promotion of fuel cell vehicles include cost disadvantages due to subsidy reductions, slow construction of hydrogen refueling stations, and long payment cycles for subsidies leading to cash flow pressures for companies [1][10][13]. Group 2: Policy and Strategic Support - Despite short-term pressures, hydrogen energy is positioned as a key component of China's future energy system, with ongoing policy support such as highway fee exemptions and the construction of "hydrogen corridors" [2][23][22]. - The transition from nationwide purchase subsidies to a reward-based system for demonstration areas has stimulated growth in fuel cell vehicle production and sales from 2021 to 2023 [3][4]. - New cities are joining fuel cell vehicle demonstration city clusters, which is expected to accelerate industry development and increase financial support for fuel cell vehicle sales [22]. Group 3: Future Prospects and Applications - The fuel cell application market is expanding beyond transportation to include fixed power generation and energy storage, indicating a second growth curve for the industry [27][29]. - The establishment of hydrogen corridors is expected to enhance the convenience of hydrogen refueling, thereby accelerating the adoption of fuel cell vehicles in logistics and transportation [24][26]. - The National Energy Administration has initiated pilot projects in hydrogen energy, which will further clarify the potential for fuel cells in fixed power generation and energy storage applications [29][30].

Core Viewpoint - The collaboration between AsiaInfo Technology and GES Aerospace marks a significant step in the practical implementation of low-orbit satellite internet technology, transitioning from strategic planning to tangible execution [1][3]. Group 1: Partnership Details - AsiaInfo Technology and GES Aerospace signed a memorandum of understanding to collaborate on low-orbit satellite internet technology [1]. - The partnership aims to leverage complementary strengths, focusing on areas such as "mobile direct satellite connection" and "satellite-based sensing and computing" [3][15]. - The signing ceremony was attended by key executives from both companies, including AsiaInfo's CEO and CTO, and GES Aerospace's General Manager [1][3]. Group 2: Technological Advancements - GES Aerospace specializes in the research and manufacturing of low-cost, high-performance internet satellites, covering satellite design, core component development, and system integration [3][15]. - AsiaInfo Technology possesses extensive capabilities in network construction, NTN (Non-Terrestrial Network) communication payloads, artificial intelligence, and digital twin technologies [3][15]. - The NTN satellite base station developed by AsiaInfo is based on the 3GPP NTN standard, recognized as a leading solution for mobile direct satellite communication [8][18]. Group 3: Strategic Vision - The collaboration is seen as a response to the increasing competition in low-orbit satellite networking and the growing commercial demand for satellite communication [15]. - AsiaInfo's strategic planning includes the evolution towards a 6G integrated space-ground network, aligning with national infrastructure development goals [18]. - The partnership aims to create a seamless digital future, enhancing capabilities in satellite internet and intelligent connectivity [15][18].

Group 1 - The core viewpoint of the article is that AsiaInfo Technology has officially moved from strategic planning to the implementation phase of its aerospace intelligence connectivity business by signing a memorandum of understanding with Shanghai Geospace Technology Co., Ltd. regarding low-orbit satellite internet technology cooperation [1] Group 2 - The memorandum was signed on February 6 in Shanghai, indicating a significant step forward for AsiaInfo Technology in the aerospace sector [1] - This collaboration highlights the growing importance of low-orbit satellite internet technology in the industry [1] - The partnership is expected to enhance AsiaInfo Technology's capabilities and offerings in the aerospace intelligence connectivity market [1]