Core Viewpoint - The company reported a decline in overall revenue due to cost-cutting pressures in the telecommunications industry, but experienced explosive growth in AI model applications and delivery, as well as continued development in 5G private networks and applications [1][2]. Group 1: Financial Performance - The company's revenue for the first half of the year was approximately RMB 2.598 billion, a year-on-year decrease of 13.2% [1]. - Gross profit was about RMB 783 million, representing a year-on-year increase of 6.1%, with a gross margin of 30.1%, up 5.4 percentage points year-on-year [1]. - The company achieved a 35.3% improvement in operating cash flow year-on-year, with a net loss of approximately RMB 48 million after excluding one-time severance costs [1]. Group 2: AI Model Applications - In the first half of 2025, the company signed contracts worth approximately RMB 70 million for AI model applications, a year-on-year increase of 78 times, with revenue from this segment reaching about RMB 26 million, up 76 times year-on-year [2]. - The company has partnered with major firms like Alibaba Cloud and NVIDIA to develop end-to-end solutions for various industries, establishing itself as a key player in the AI model application market [2]. Group 3: 5G Private Networks - The company’s 5G private network and application business signed contracts worth approximately RMB 82 million in the first half of 2025, a year-on-year increase of 51.7% [2]. - Revenue from the 5G private network segment was approximately RMB 47 million, reflecting a year-on-year decline of 26.3% due to delays in nuclear power orders and revenue recognition [2]. Group 4: Nuclear Power Sector - The company has expanded its presence in the nuclear power sector, signing a contract for a 5G private network project at the Hainan Changjiang Nuclear Power Plant, covering 29 units across 7 nuclear power bases nationwide [3]. - The nuclear power sector is expected to continue growing, with over RMB 200 billion in new investments approved in the first half of 2025 [3]. Group 5: Non-telecom Sector Orders - Overall orders in non-telecom sectors increased by 18.2% year-on-year, with significant growth in the financial sector (48.3%), automotive sector (5.3%), and consumer sector (4.4%) [3]. Group 6: Strategic Focus and Future Outlook - The company plans to maintain a steady growth strategy, focusing on AI model applications, 5G private networks, and smart operations as key growth engines while accelerating order conversion [5]. - The company expects significant performance improvement in the second half of the year compared to the first half [5].

亚信科技2025年上半年营收下滑13.2％，新兴业务增长显著但未能抵消传统业务萎缩。报告期内，公司营业收入约为人民币25.98亿元，较上年同期下降 13.2％。其中，ICT支撑业务收入约为人民币21.18亿元，同比下降14.7％；数智运营业务收入约为人民币4.08亿元，同比下降8.8％。 尽管总体收入承压，公司在新兴业务领域展现出强劲增长势头。AI大模型应用与交付业务收入约为人民币0.26亿元，同比增长76倍，上半年订单金额约为人 民币0.7亿元，同比增长78倍。5G专网与应用业务虽然收入同比下降26.3％至人民币0.47亿元，但上半年订单金额约为人民币0.82亿元，同比增长51.7％。 成本管控成效显著，盈利能力逆势提升 面对收入下滑压力，亚信科技通过系统性的降本增效措施实现了盈利能力的改善。公司采取了优化人员结构、运用AI工具提升效能、强化集中采购以及建 设一站式公务消费平台等举措，有效控制了运营成本。 2025年上半年，公司毛利约为人民币7.83亿元，同比增长6.1％，毛利率为30.1％，同比上升5.4个百分点。这一表现在营收下滑的背景下尤为难得，体现了公 司在成本管控方面的执行力。经营性现金净流出同比 ...

8月5日，亚信科技(01675)盘中下跌5.6%，截至09:30，报10.46元/股，成交685.51万元。 本文源自：金融界 截至2025年中报，亚信科技营业总收入25.98亿元、净利润-1.98亿元。 作者：行情君 8月4日，2025财年中报归属股东应占溢利-1.983亿人民币，同比下降233.27%，基本每股收益-0.22人民 币。 亚信科技（01675.HK）是一家领先的信息技术产品及服务提供商，依托数智化全栈能力，为通信、广 电、能源、政务、金融等行业提供端到端数字化解决方案，涵盖5G、云计算、大数据、AI、物联网等 前沿技术。公司坚持"一巩固、三发展"战略，巩固BSS市场领导地位，并加速拓展5GOSS、DSaaS、企 业上云等新兴业务，同时推动"四个转变"，实现产品与服务协同发展，助力企业数智化转型。 ...

2025年上半年，毛利约为人民币7.83亿元，同比增长6.1%；毛利率为30.1%，同比上升5.4个百分点。经 营性现金净流出同比改善35.3%。剔除因人员结构优化发生的一次性离职补偿影响后，期内净亏损约人 民币0.48亿元，公司预计下半年净利润持续回升，全年利润优于上年。 亚信科技的发布中期业绩显示，营业收入约为人民币25.98亿元。毛利约为人民币7.83亿元，同比增长 6.1%；毛利率为30.1%，同比上升5.4个百分点。经营性现金净流出同比改善35.3%。AI大模型应用与交 付业务实现爆发式增长，收入约为人民币0.26亿元，同比增长76倍；上半年订单金额约为人民币0.7亿 元，同比增长78倍。 ...

亚信科技(01675.HK)公布2025年中期业绩，营业收入约为人民币25.98亿元。其中，ICT支撑业务收入约 为人民币21.18亿元，数智运营业务收入约为人民币4.08亿元。5G专网与应用业务收入约为人民币0.47亿 元，上半年订单金额约为人民币0.82亿元，同比增长51.7%。AI大模型应用与交付业务收入约为人民币 0.26亿元，同比增长76倍;上半年订单金额约为人民币0.7亿元，同比增长78倍。 本文源自：金融界AI电报 ...

Core Insights - The company reported a mid-year revenue of approximately RMB 2.598 billion for 2025, with significant contributions from various business segments [1] - The company is focusing on accelerating order signing and expects significantly better performance in the second half of the year compared to the first half [2] Revenue Breakdown - ICT support business revenue was approximately RMB 2.118 billion, while intelligent operation business revenue was around RMB 408 million [1] - Revenue from 5G private networks and applications was about RMB 47 million, with a year-on-year order amount increase of 51.7% [1] - AI large model application and delivery business revenue reached approximately RMB 26 million, showing a year-on-year growth of 76 times, with order amounts increasing by 78 times [1] Cost Management and Profitability - The company implemented various cost control measures, resulting in a gross profit of approximately RMB 783 million, a year-on-year increase of 6.1%, and a gross margin of 30.1%, up by 5.4 percentage points [1] - The net loss for the reporting period was approximately RMB 202 million, which improved to about RMB 48 million when excluding one-time severance compensation [1] Future Outlook - The company plans to maintain a steady growth strategy, focusing on strengthening the ICT support business and accelerating growth in AI large model applications, 5G private networks, and intelligent operations [2] - The board emphasizes shareholder returns, proposing a dividend guidance of 40% of the annual net profit attributable to shareholders for the end of 2025 [2]

[Interim Performance Summary](index=1&type=section&id=Interim%20Performance%20Summary) [Overall Performance Overview](index=1&type=section&id=Overall%20Performance%20Overview) In the first half of 2025, the company experienced a decline in overall revenue and profit due to continuous cost reduction and efficiency improvement by major clients in the communications industry, while AI large model business achieved explosive growth, and cost control measures were effective 2025 H1 Key Performance Indicators | Indicator | 2025 H1 | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | **RMB 2.598 billion** | **-13.2%** | | ICT Support Business Revenue | RMB 2.118 billion | -14.7% | | Digital Intelligence Operations Business Revenue | RMB 0.408 billion | -8.8% | | 5G Private Network and Application Business Revenue | RMB 0.047 billion | -26.3% | | AI Large Model Application and Delivery Business Revenue | RMB 0.026 billion | +7600% (76x) | | **Net Loss** | **RMB 0.202 billion** | Loss widened | | Adjusted Net Loss* | RMB 0.048 billion | Loss narrowed (vs. RMB 0.07 billion loss in prior period) | - Despite revenue decline in some businesses in H1, new emerging business orders showed strong growth: AI large model business orders increased by **78 times** year-on-year, and 5G private network business orders increased by **51.7%** year-on-year, indicating significant market potential[5](index=5&type=chunk) - The company's strategy focuses on three growth engines: AI large model application and delivery, 5G private network and application, and digital intelligence operations, with accelerated order signing expected in H2 to drive full-year performance improvement[5](index=5&type=chunk) [Chairman's Report](index=2&type=section&id=Chairman%27s%20Report) [Overall Performance and Strategic Response](index=2&type=section&id=Overall%20Performance%20and%20Strategic%20Response) Facing pressure from major clients' (operators) cost reduction and efficiency improvement, the company's overall revenue and profit declined in H1, prompting a strategic adjustment to focus on AI large models, 5G private networks, and digital intelligence operations as key growth engines - The company proactively responded to market changes by establishing three growth engine strategies: AI large model application and delivery, 5G private network and application, and digital intelligence operations[6](index=6&type=chunk) 2025 H1 Financial Performance | Indicator | 2025 H1 | YoY Change | | :--- | :--- | :--- | | Operating Revenue | RMB 2.598 billion | -13.2% | | Gross Profit | RMB 0.783 billion | +6.1% | | Gross Profit Margin | 30.1% | +5.4 percentage points | | Net Cash Outflow from Operating Activities | - | Improved by 35.3% YoY | - The Board of Directors recommends a 2025 year-end dividend payout ratio of **40%** of the annual net profit attributable to shareholders, reflecting a commitment to shareholder returns[8](index=8&type=chunk) [Business Segment Performance](index=4&type=section&id=Business%20Segment%20Performance) The company's three growth engine businesses show mixed performance but optimistic prospects, with AI large model business achieving explosive growth, 5G private network business showing strong order growth despite revenue decline, and digital intelligence operations optimizing its structure [AI Large Model Application and Delivery Business](index=4&type=section&id=AI%20Large%20Model%20Application%20and%20Delivery%20Business) The AI large model business experienced explosive growth, establishing the company as an industry leader through first-mover advantage and high-quality delivery, with deep collaborations and successful benchmark cases across multiple industries AI Large Model Business H1 Performance | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Revenue | RMB 0.026 billion | 76x | | Signed Orders | RMB 0.070 billion | 78x | - The company has established strategic collaborations with Alibaba Cloud, Baidu AI Cloud, NVIDIA, and AsiaInfo Security to jointly promote the industrialization of large models, with ample business opportunities[11](index=11&type=chunk) - The company has independently developed a series of toolsets for data quality governance, hallucination suppression, and multi-model scheduling to improve delivery quality and efficiency, building a technological barrier[10](index=10&type=chunk) [5G Private Network and Application Business](index=5&type=section&id=5G%20Private%20Network%20and%20Application%20Business) The 5G private network business continues to advance, with new signed orders increasing by over 50% year-on-year despite a revenue decline due to delayed nuclear power orders, solidifying its leading position in the nuclear power sector and achieving breakthroughs in new energy and mining - H1 revenue was approximately **RMB 0.047 billion**, a **26.3%** year-on-year decrease, mainly due to delayed confirmation of nuclear power orders, but signed orders increased by **51.7%** year-on-year, with high growth expected in H2[16](index=16&type=chunk) - In the nuclear power sector, the company holds the **number one market share** nationwide, serving 29 units across 7 nuclear power bases, and successfully expanded into Huaneng Group[14](index=14&type=chunk) - Progress was made in the new energy and mining sectors, covering over **210** new energy stations, and establishing a joint venture with Zhengzhou Coal Mining Machinery Group to explore new models for digital intelligence operations in mining[14](index=14&type=chunk)[15](index=15&type=chunk) [Digital Intelligence Operations Business](index=7&type=section&id=Digital%20Intelligence%20Operations%20Business) The digital intelligence operations business saw an 8.8% year-on-year revenue decline in H1 due to operator cost controls, but its business structure continues to optimize, with non-communications industry orders growing by 18.2%, and revenue based on results/revenue sharing increasing to 33.4% Digital Intelligence Operations Business H1 Performance | Indicator | Amount/Ratio | YoY Change | | :--- | :--- | :--- | | Revenue | RMB 0.408 billion | -8.8% | | Non-communications Industry Orders | - | +18.2% | | - Financial Sector Orders | - | +48.3% | | - Automotive Sector Orders | - | +5.3% | | - Consumer Sector Orders | - | +4.4% | | Revenue from Results/Revenue Sharing | 33.4% | +6.7 percentage points | [ICT Support Business](index=8&type=section&id=ICT%20Support%20Business) As the company's foundational business, ICT support revenue declined by 14.7% year-on-year in H1 due to overall investment reductions by operators, prompting the company to actively respond through AI empowerment, new client expansion, and cost reduction initiatives - H1 ICT support business revenue was approximately **RMB 2.118 billion**, a **14.7%** year-on-year decrease, primarily due to reduced investment by operator clients[21](index=21&type=chunk) - The company is offsetting the downward pressure on BSS business through AI empowerment, new client expansion, and joint development of government and enterprise markets with operators, while continuously advancing organizational transformation to reduce delivery costs[21](index=21&type=chunk) [Product Technology and Outlook](index=9&type=section&id=Product%20Technology%20and%20Outlook) The company continues to strengthen its technological leadership in "Cloud-Network," "Digital Intelligence," and "IT" product systems, fully promoting product evolution towards AI Native, actively participating in standard setting, and aiming to achieve full-year targets by accelerating order conversion for growth engines - The company focuses on "Cloud-Network," "Digital Intelligence," and "IT" product systems, fully promoting their evolution towards AI Native, providing technical support for the three growth engines[22](index=22&type=chunk) - In the digital intelligence domain, a product system of "2 large model platforms, 5 industry large models, and N industry intelligent agent tools" has been formed, with **240** accumulated successful cases[24](index=24&type=chunk) - As of June 2025, the company has participated in the formulation of **356** international/domestic standards, with **26** new additions in H1, continuously solidifying its industry technological influence[26](index=26&type=chunk) - The company expects H2 performance to be significantly better than H1, aiming to firmly achieve full-year targets by accelerating order signing[27](index=27&type=chunk) [Condensed Consolidated Financial Statements](index=13&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=13&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue was RMB 2.598 billion, a 13.2% year-on-year decrease, but gross profit increased by 6.1% to RMB 0.783 billion due to effective cost control, while loss for the period widened to RMB 0.202 billion due to increased administrative expenses and expected credit losses Profit or Loss Statement Key Data (For the six months ended June 30) | Indicator (RMB Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 2,597,875 | 2,994,262 | | Cost of Sales | (1,814,839) | (2,255,981) | | **Gross Profit** | **783,036** | **738,281** | | Administrative Expenses | (297,373) | (183,144) | | Research and Development Expenses | (414,863) | (436,012) | | Loss Before Tax | (236,524) | (91,392) | | **Loss for the Period** | **(202,329)** | **(70,131)** | | **Basic Loss Per Share (RMB)** | **(0.22)** | **(0.06)** | [Condensed Consolidated Statement of Financial Position](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were RMB 9.311 billion, a 11.3% decrease from year-end 2024, with total liabilities at RMB 3.153 billion and net assets at RMB 6.158 billion, maintaining a stable financial structure despite a significant decrease in cash and cash equivalents Balance Sheet Key Data (RMB Thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **9,311,376** | **10,499,966** | | Non-current Assets | 2,903,706 | 2,861,391 | | Current Assets | 6,407,670 | 7,638,575 | | **Total Liabilities** | **3,153,188** | **3,858,767** | | Current Liabilities | 2,810,280 | 3,461,615 | | Non-current Liabilities | 342,908 | 397,152 | | **Total Equity** | **6,158,188** | **6,641,199** | | Cash and Cash Equivalents | 612,693 | 1,618,100 | [Condensed Consolidated Statement of Cash Flows](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2025, net cash used in operating activities was RMB 0.594 billion, a significant 35.3% improvement year-on-year due to enhanced sales collection and cost control, while net cash outflow from financing activities was RMB 0.417 billion, primarily for dividend payments, resulting in reduced cash and cash equivalents Cash Flow Statement Key Data (For the six months ended June 30, RMB Thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (594,425) | (919,009) | | Net Cash From Investing Activities | 7,970 | 328,375 | | Net Cash Used in Financing Activities | (417,475) | (696,196) | | **Net Decrease in Cash and Cash Equivalents** | **(1,003,930)** | **(1,286,830)** | | **Cash and Cash Equivalents at End of Period** | **612,693** | **1,326,432** | [Management Discussion and Analysis](index=26&type=section&id=Management%20Discussion%20and%20Analysis) [Overall Operating Performance and Financial Analysis](index=26&type=section&id=Overall%20Operating%20Performance%20and%20Financial%20Analysis) In H1 2025, the company faced overall operational pressure with revenue declining by 13.2% to RMB 2.598 billion, but gross profit increased by 6.1% due to personnel adjustments and cost control, while net loss widened to RMB 0.202 billion primarily due to one-off severance payments 2025 H1 Performance Review | Indicator | 2025 H1 | YoY Change | | :--- | :--- | :--- | | Revenue | RMB 2.598 billion | -13.2% | | Gross Profit | RMB 0.783 billion | +6.1% | | Gross Profit Margin | 30.1% | +5.4 percentage points | | Net Loss | RMB 0.202 billion | Loss widened | | Adjusted Net Loss | RMB 0.048 billion | Loss narrowed | | Net Cash Used in Operating Activities | RMB 0.594 billion | Improved by 35.3% | - Administrative expenses increased by **62.4%** year-on-year to **RMB 0.297 billion**, primarily due to increased one-off severance payments from personnel structure adjustments[63](index=63&type=chunk) [Segment Revenue Analysis](index=27&type=section&id=Segment%20Revenue%20Analysis) The company's revenue decline was mainly driven by the largest segment, ICT support business, which saw a 14.7% year-on-year decrease due to operator cost reductions, while AI large model business was the sole highlight, achieving explosive growth and reaching 1.0% of total revenue Revenue Breakdown by Business Segment (For the six months ended June 30) | Business Type | 2025 Revenue (Thousand Yuan) | Share | 2024 Revenue (Thousand Yuan) | Share | | :--- | :--- | :--- | :--- | :--- | | ICT Support Business | 2,117,736 | 81.5% | 2,483,649 | 83.0% | | Digital Intelligence Operations Business | 407,647 | 15.7% | 447,001 | 14.9% | | 5G Private Network and Application Business | 46,652 | 1.8% | 63,277 | 2.1% | | AI Large Model Application and Delivery Business | 25,840 | 1.0% | 335 | 0.0% | | **Total Revenue** | **2,597,875** | **100.0%** | **2,994,262** | **100.0%** | [Financial Position and Cash Flow](index=29&type=section&id=Financial%20Position%20and%20Cash%20Flow) As of June 30, 2025, the company's financial position remains generally healthy with total assets of RMB 9.311 billion and net assets of RMB 6.158 billion, no bank borrowings, and a zero leverage ratio, while net cash used in operating activities significantly improved by 35.3% - As of June 30, 2025, the Group had **no bank borrowings**, and its leverage ratio was **zero**, indicating a robust financial structure[78](index=78&type=chunk) - Net cash used in operating activities significantly improved by **35.3%** year-on-year, primarily due to enhanced sales collection and strengthened cost control[81](index=81&type=chunk) Key Balance Sheet Item Changes | Indicator (RMB Billion) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 0.613 | 1.618 | -62.1% | | Trade Receivables and Bills Receivable | 1.785 | 2.065 | -13.6% | | Inventories | 0.412 | 0.275 | +49.9% | | Trade Payables and Bills Payable | 0.958 | 1.104 | -13.2% | [Other Information](index=33&type=section&id=Other%20Information) [Corporate Governance and Compliance](index=33&type=section&id=Corporate%20Governance%20and%20Compliance) The company is committed to maintaining high standards of corporate governance, having complied with all applicable provisions of the Corporate Governance Code during the reporting period, with the Audit Committee reviewing interim results and confirming effective risk management and internal control systems - The company has consistently complied with all applicable code provisions under the Corporate Governance Code during the reporting period[86](index=86&type=chunk) - The Audit Committee has reviewed the interim results and considers the company's risk management and internal control systems to be effective and adequate[90](index=90&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[88](index=88&type=chunk)

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7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: 亞信科技控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 937,322,880 | | 0 | | 937,322,880 | | 增加 / 減少 (-) | | | 941,236 | | 0 | | | | 本月底結存 | | | 938,264,116 | | 0 | | 938,264,116 | 第 ...

Group 1 - The core viewpoint of the news is that AsiaInfo Technologies (China) Co., Ltd. has applied for a patent for a resource adjustment method, device, and equipment, which aims to enhance resource scheduling algorithms through a comprehensive reward function and dynamic discount factors [1] - The patent application, published as CN120407199A, was filed on July 2025 and focuses on a system that quantifies the degree of constraint violation to implement flexible penalties and improve multi-dimensional reward expression [1] - The method involves obtaining the current state of the target system, executing actions to reach the next state, and calculating penalties and rewards to iteratively update the value function until convergence, thereby effectively adjusting resources [1] Group 2 - AsiaInfo Technologies (China) Co., Ltd. was established in 1995 and is based in Beijing, primarily engaged in internet and related services [2] - The company has a registered capital of 26.04 million USD and has invested in 16 enterprises, participated in 5,000 bidding projects, and holds 394 patents and 534 trademark information [2] - Additionally, the company possesses 13 administrative licenses, indicating a diverse portfolio and active engagement in various business activities [2]

金融界2025年8月1日消息，国家知识产权局信息显示，亚信科技（中国）有限公司申请一项名为"指代 表达理解数据生成方法、装置、存储介质及电子设备"的专利，公开号CN120411976A，申请日期为 2025年07月。 作者：情报员 天眼查资料显示，亚信科技（中国）有限公司，成立于1995年，位于北京市，是一家以从事互联网和相 关服务为主的企业。企业注册资本2604.057万美元。通过天眼查大数据分析，亚信科技（中国）有限公 司共对外投资了16家企业，参与招投标项目5000次，财产线索方面有商标信息510条，专利信息394条， 此外企业还拥有行政许可13个。 本文源自：金融界 专利摘要显示，本发明提供的指代表达理解数据生成方法、装置、存储介质及电子设备，应用于数据处 理技术领域。本发明通过获取标注有目标标注框的目标检测图像，将其输入多模态大语言模型，利用预 设查询语句自动生成指定类别目标的文本描述；随后，将生成的文本描述与目标检测图像一并输入指代 表达理解模型，依据文本描述生成初始边界框，并计算其与图像中各目标标注框的交并比，选取交并比 最高的标注框作为目标边界框；最终结合目标边界框与文本描述，生成与目标检测图 ...