证券代码：600588 证券简称：用友网络 公告编号：临2025-063 用友网络科技股份有限公司 2025年半年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 1、经财务部门初步测算，预计2025年上半年实现归属于母公司所有者的净亏损为87,500万元到97,500万 元，其中，第二季度单季归属于母公司所有者的净亏损为13,921万元到23,921万元，同比减亏10,170万 元到20,170万元。 2、预计2025年上半年实现归属于母公司所有者的扣除非经常性损益后的净亏损为92,500万元到102,500 万元，其中，第二季度单季归属于母公司所有者的扣除非经常性损益后的净亏损为13,068万元到23,068 万元，同比减亏11,171万元到21,171万元。 （一）业绩预告期间 2025年1月1日至2025年6月30日。 （二）业绩预告情况 重要内容提示： ● 业绩预告的具体适用情形：净利润为负值。 ● 用友网络科技股份有限公司（以下简称"公司"）预计2025年上半年实现归属于母公司所有者的净亏损 为87 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][14]. Core Insights - The company anticipates a net loss attributable to shareholders of 875 million to 975 million yuan for the first half of 2025, with a significant reduction in losses compared to the previous year [3]. - Revenue for the first half of 2025 is projected to be between 3.56 billion and 3.64 billion yuan, reflecting a year-on-year decline of 4.3% to 6.4%, but showing growth in the second quarter [3][4]. - The company is implementing an "AI-first" strategy, focusing on upgrading its product matrix and validating internal scenarios to drive AI commercialization [5]. Financial Performance Summary - The company expects revenues of 10.05 billion, 11.15 billion, and 12.49 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 9.80%, 11.00%, and 12.00% [6][11]. - The projected net profit attributable to shareholders is -700 million yuan for 2025, with a turnaround to a profit of 50 million yuan in 2026 and 500 million yuan in 2027 [6][11]. - The operating cash flow is expected to improve significantly, with a net inflow of approximately 3.2 billion yuan in the second quarter of 2025 [3].

证券代码：600588 证券简称：用友网络 公告编号：临 2025-063 用友网络科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 为 87,500 万元到 97,500 万元，其中，第二季度单季归属于母公司所有者的净亏损为 为 92,500 万元到 102,500 万元，其中，第二季度单季归属于母公司所有者的扣除非经 常性损益后的净亏损为 13,068 万元到 23,068 万元，同比减亏 11,171 万元到 21,171 万元。 （三）本次业绩预告未经注册会计师审计。 二、上年同期经营业绩和财务状况 （一）利润总额： -81,200 万元。归属于母公司所有者的净利润： -79,394 万元。 归属于母公司所有者的扣除非经常性损益的净利润：-79,370 万元。 ? 业绩预告的具体适用情形：净利润为负值。 （二）每股收益：-0.24 元。 三、本期业绩预亏的主要原因 公司上半年累计亏损的主要原因： （一）公司业务经营存在季 ...

重要内容提示： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 证券代码：600588 证券简称：用友网络 公告编号：临 2025-063 用友网络科技股份有限公司 2025 年半年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 业绩预告的具体适用情形：净利润为负值。 用友网络科技股份有限公司（以下简称"公司"）预计 2025 年上半年实现归 属于母公司所有者的净亏损为 87,500 万元到 97,500 万元，归属于母公司所有 者的扣除非经常性损益后的净亏损为 92,500 万元到 102,500 万元。公司第二 季度单季归属于母公司所有者的净亏损为 13,921 万元到 23,921 万元，同比减 亏 10,170 万元到 20,170 万元；归属于母公司所有者的扣除非经常性损益后的 净亏损为 13,068 万元到 23,068 万元，同比减亏 11,171 万元到 21,171 万元， 第二季度单季亏损大幅收窄。 公司预计上 ...

Core Viewpoint - The company expects a significant net loss for the first half of 2025, indicating ongoing financial challenges and a decline in revenue [1] Financial Performance - The company anticipates a net loss attributable to shareholders of 875 million to 975 million yuan for the first half of 2025 [1] - The net loss attributable to shareholders, excluding non-recurring items, is projected to be between 925 million and 1.025 billion yuan [1] - Expected operating revenue for the first half of 2025 is between 3.56 billion and 3.64 billion yuan, representing a year-on-year decline of 6.4% to 4.3% [1]

Group 1 - The core viewpoint of the article highlights that Yonyou Network reported a significant decline in both revenue and net profit for the year 2024, with total revenue at 9.153 billion yuan, down 6.57% year-on-year, and a net loss of 2.070 billion yuan, a decrease of 121.79% [1] - The company's net profit attributable to shareholders was also negative at 2.061 billion yuan, reflecting a decline of 113.13%, indicating a worsening financial situation [1] - Yonyou's R&D expenses for 2024 reached 2.122 billion yuan, marking a slight increase of 0.73% year-on-year, continuing a trend of rising R&D investment for three consecutive years [3] Group 2 - The article discusses the compensation of Yonyou's Executive Vice President, Fan Guanjun, who earned 2.436 million yuan in 2024, ranking among the highest for disclosed executive salaries, even surpassing the chairman [3] - Fan Guanjun's previous year's salary was 2.457 million yuan, maintaining his position as the highest-paid executive in the company [3] - The article provides background on Fan Guanjun, noting his extensive experience with Yonyou since 2001 and his views on the shift in IT innovation from cloud computing to AI-driven solutions [3]

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 14, 2025 [1] - The leading company by market capitalization is 台棋电 (Taiwan Semiconductor Manufacturing Company) with a valuation of 11,949.75 million [3] - Tencent Holdings ranks second with a market cap of 5,815.18 million, followed by Alibaba at 2,546.4 million [3][4] Group 2 - Xiaomi Group is ranked fourth with a market capitalization of 1,889.61 million, while Pinduoduo follows in fifth place with 1,489.35 million [3][4] - Meituan and NetEase are positioned sixth and seventh, with market caps of 929.41 million and 812.27 million respectively [3][4] - Other notable companies in the top 10 include 东方财富 (East Money) at 523.39 million and 中芯国际 (SMIC) at 476.15 million [4][5] Group 3 - The rankings continue with companies like 京东 (JD.com) at 448.31 million and 快手 (Kuaishou) at 356.11 million [4][5] - Baidu, 理想汽车 (Li Auto), and 贝壳 (Beike) are also included in the top 15, with market caps of 298.84 million, 296.08 million, and 221.89 million respectively [4][5] - The list concludes with 云费智联 (Yunfei Zhili) at 41.76 million, marking the 50th position [6]

Investment Rating - The report maintains a positive investment rating for the domestic computing power and AI application sectors, highlighting significant growth potential in these areas [6]. Core Insights - A new round of AI "arms race" has commenced globally, with the release of major models like Grok4 and Kimi K2 expected to significantly boost domestic computing power demand and application ecosystems [4][10]. - The report emphasizes the importance of focusing on domestic AI computing power, particularly in chip design, advanced wafer manufacturing, and liquid cooling technologies [4]. - Various AI application sectors are highlighted, including office automation, programming, terminal AI, ERP/CRM, judicial applications, financial/taxation services, education, healthcare, and customer service [4]. Summary by Sections Market Review - During the week of July 7-11, the CSI 300 index rose by 0.82%, the SME index increased by 0.73%, and the ChiNext index saw a rise of 2.36%. The computer sector (CITIC) experienced a growth of 3.37% [2]. Industry News - Notable company developments include Zhuoyi Information's plan to reduce its shareholding by up to 2,271,445 shares, representing no more than 1.88% of total shares [3]. - Wanjie Technology received nine invention patent certificates from the National Intellectual Property Administration [3]. Weekly Insights - The report suggests focusing on key players in the domestic AI computing power sector, such as Cambrian and Haiguang Information in chip design, and SMIC in advanced wafer manufacturing [4]. - The report also identifies various AI application companies across different sectors, including Kingsoft Office, Hehe Information, and Keda Xunfei in office automation and education [4]. Recent Developments - The report outlines significant investments and acquisitions in the AI sector, including Amazon's potential additional investment in Anthropic and Google's acquisition of AI programming startup Windsurf's core talent and technology [16][17]. - The report notes that xAI, led by Elon Musk, is negotiating a new funding round that could value the company at up to $200 billion, reflecting the growing interest and investment in AI technologies [10][18]. AI Application Ecosystem - The report highlights the rapid growth of AI applications, with OpenAI and Anthropic achieving annual recurring revenues (ARR) of $10 billion and $3 billion, respectively [22]. - Domestic AI applications like deepseek and Doubao are showing significant commercial potential, with user engagement metrics comparable to leading international AI applications [22]. Global AI Company Rankings - The report provides a ranking of global AI companies based on their ARR, with OpenAI leading at $10 billion, followed by Anthropic at $3.008 billion [23].

Investment Rating - Industry Rating: Recommended [4] Core Insights - The expectation for stablecoin policy is likely to strengthen, with the Shanghai State-owned Assets Supervision and Administration Commission holding a special study meeting on the development trends and response strategies for cryptocurrencies and stablecoins [11][18] - The Hong Kong Stablecoin Regulation has been officially released and is expected to be implemented on August 1, 2025, establishing a licensing system for fiat-backed stablecoin issuers and enhancing the regulatory framework for virtual asset activities [2][19] - The tokenization ecosystem is extending, with application scenarios continuously enriching, as real asset tokenization is accelerating from regional pilots to global collaboration [3][12] Summary by Sections Stablecoin Policy Expectations - The Shanghai State-owned Assets Supervision and Administration Commission's meeting indicates a potential strengthening of domestic stablecoin policies following the implementation of overseas and Hong Kong regulations [11][18] - The Hong Kong Stablecoin Regulation aims to maintain financial stability while promoting financial innovation, with a licensing system for stablecoin issuers [2][19] Tokenization Ecosystem - The tokenization of real assets is gaining momentum, with companies like Ant Group collaborating with Circle Internet Group to adopt stablecoins on their blockchain platform [3][12] - The recent launch of GFToken by Guangfa Securities (Hong Kong) marks a significant step in deploying multi-currency interest rate mechanisms on-chain [3][12] Investment Recommendations - Beneficiary stocks include: - RWA: Xiexin Energy Technology, Langxin Group, Hongbo Co., Hainan Huatie, Youfang Technology, Yingfeng Environment, etc. - Stablecoins: Sifang Jingchuang, Yuxin Technology, Lakala, New Guodu, Jingbeifang, Tianyang Technology, Hengbao Co., Xiongdi Technology, Yuyin Co., Chutianlong, Dazhihui, Yonyou Network, Xinan Century, etc. - Hong Kong stocks: Zhong'an Online, Lianyi Technology, Lianlian Digital, China Everbright Holdings, Yika, etc. - Licensed: China Post Capital, Nanhua Futures, Hongye Futures, Ruida Futures, Guotai Junan International, Yaocai Securities Finance, etc. [6][34] Market Performance - The computer industry saw a weekly increase of 3.22%, outperforming the CSI 300 index, which rose by 0.82% [35][36] - Among 321 stocks in the computer sector, 256 stocks rose, indicating a strong market performance [42] Core Recommended Stocks - The top-performing recommended stock was Yuxin Technology, with a weekly increase of 7.59%, while Langxin Group experienced a decline of 3.42% [48] Valuation Overview - The SW computer industry PE (TTM) has risen from a low of 37.60 times in 2018 to 84.59 times, exceeding the historical average of 58.17 times from 2010 to 2025 [51]

Group 1 - The A-share software development sector experienced a midday surge, with Zhongrun Optical rising over 10% [1] - Jiuqi Software quickly reached its daily limit, indicating strong investor interest [1] - Other stocks such as Fanwei Network, Yongyou Network, and Zhiyuan Interconnection also saw gains, reflecting a broader positive trend in the industry [1]