Core Viewpoint - The financial performance of Inspur Software (600756) for the first half of 2025 shows significant declines in revenue and profit, indicating challenges in the digital government sector and rising operational costs [1] Financial Performance Summary - Total revenue for the first half of 2025 was 429 million yuan, a decrease of 24.21% compared to 566 million yuan in 2024 [1] - Net profit attributable to shareholders was -148 million yuan, down 66.90% from -88.6 million yuan in the previous year [1] - Gross margin decreased to 36.21%, down 16.39% year-on-year, while net margin fell to -34.71%, a decline of 118.29% [1] - The total of selling, administrative, and financial expenses reached 196 million yuan, accounting for 45.68% of total revenue, an increase of 45.09% year-on-year [1] - Earnings per share were -0.46 yuan, a decrease of 70.37% from -0.27 yuan in 2024 [1] Cash Flow and Debt Analysis - Operating cash flow per share was -0.64 yuan, an increase of 55.47% year-on-year, indicating improved cash collection [1][6] - The company reported a significant increase in accounts receivable, which rose by 22.93% to 1.024 billion yuan [1] - Financial expenses increased by 58.43%, attributed to reduced interest income [6] Changes in Financial Items - Inventory saw a change of 49.34% due to projects not reaching contract acceptance milestones [3] - Short-term borrowings increased due to loans taken by a subsidiary, while long-term borrowings were related to share buyback financing [3][5] - Other current assets increased by 75.11% due to an increase in tax credits [3] Business Model and Operational Insights - The company's performance relies heavily on research and marketing efforts, necessitating a deeper examination of the underlying drivers [7] - The return on invested capital (ROIC) was reported at 0.23%, indicating weak capital returns, with a historical median ROIC of 2.1% over the past decade [6][8]

Core Insights - The number of shareholders for Inspur Software as of June 30, 2025, is 71,011, a decrease of 807 from March 31, 2025, representing a reduction of 1.12% [1] - The average number of shares held per shareholder increased from 4,513 to 4,564, with an average market value of 68,600 yuan [1] - Compared to the IT services industry average, Inspur Software's shareholder count is above average, while its average market value per shareholder is below the industry average of 170,000 yuan [1] Financial Performance - From March 31, 2025, to June 30, 2025, Inspur Software experienced a price decline of 4.76%, coinciding with a decrease in shareholder count [2] - The net outflow of main funds during this period was 212 million yuan, while retail investors saw a net inflow of 192 million yuan [2] - The average market value per shareholder decreased from 71,200 yuan on March 31, 2025, to 68,600 yuan on June 30, 2025 [2]

Group 1 - The core viewpoint of the article highlights that Inspur Software (SH 600756) held its 17th meeting of the 10th board of directors on August 26, 2025, to review the financial risk assessment report for the first half of 2025 [1] - For the year 2024, the revenue composition of Inspur Software is as follows: 76.59% from e-government, 16.9% from e-commerce, 5.52% from other industries, and 1.0% from other businesses [1] - As of the report date, Inspur Software has a market capitalization of 5.3 billion yuan [1] Group 2 - The article mentions a significant growth opportunity in the pet industry, which is projected to reach a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

证券代码：600756 证券简称：浪潮软件 编号：临 2025-032 浪潮软件股份有限公司 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 二、公司监事会对董事会编制的 2025 年半年度报告发表审核意见如下： 第十届监事会第十四次会议决议公告 本公司监事会及全体监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。 浪潮软件股份有限公司（以下简称"公司"）第十届监事会第十四次会议于 2025 年 8 月 26 日以通讯方式召开，会议通知于 2025 年 8 月 24 日以电子邮件和 电话等方式发出。本次会议应到监事 3 人，实到监事 3 人。本次会议由监事会主 席赵新先生主持，符合《中华人民共和国公司法》和《公司章程》的规定。会议 经过认真审议，一致审议并通过如下议案： 一、公司 2025 年半年度报告全文及摘要 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 特此公告。 浪潮软件股份有限公司监事会 二〇二五年八月二十七日 （一）公司 2025 年半年度报告的编制和审议程序符合法律、法规、《公司章 程》和公司内部管理制 ...

证券代码：600756 证券简称：浪潮软件 编号：临 2025-031 浪潮软件股份有限公司 第十届董事会第十七次会议决议公告 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 二、关于《浪潮集团财务有限公司 2025 年半年度风险持续评估报告》的议 案 具体内容详见公司同日发布于上海证券交易所网站（www.sse.com.cn）的《浪 潮软件关于浪潮集团财务有限公司 2025 年半年度风险持续评估报告》。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 三、关于制定《浪潮软件股份有限公司信息披露暂缓与豁免管理制度》的议 案 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。 浪潮软件股份有限公司（以下简称"公司"）第十届董事会第十七次会议于 2025 年 8 月 26 日以通讯方式召开，会议通知于 2025 年 8 月 24 日以电子邮件和 电话等方式发出。本次会议应到董事 7 人，实到董事 7 人，本次会议由公司董事 长赵绍祥先生主持，公司监事及高管人员列席了会议，符合《中华人民共和国公 司法》和《 ...

Core Viewpoint - The report highlights the financial performance and strategic positioning of Inspur Software Co., Ltd. in the software and information technology services industry, emphasizing its focus on digital government solutions and the challenges faced during the reporting period. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 429.32 million yuan, a decrease of 24.21% compared to 566.44 million yuan in the same period last year [2] - The total profit for the period was a loss of approximately 149.90 million yuan, compared to a loss of 89.82 million yuan in the previous year [2] - The net profit attributable to shareholders was approximately -147.87 million yuan, down from -88.60 million yuan year-on-year [2] - The net cash flow from operating activities was -207.77 million yuan, an improvement from -466.64 million yuan in the previous year [2] - The net assets attributable to shareholders decreased by 6.49% to approximately 2.17 billion yuan compared to the end of the previous year [2] Industry Overview - The software and information technology services industry in China showed a stable growth trend in the first half of 2025, with software product revenue reaching 1.5441 trillion yuan, a year-on-year increase of 10.6% [3] - The digital government construction is transitioning from digitization to intelligence, with significant government initiatives aimed at enhancing service quality and efficiency [3][4] Business Strategy - The company positions itself as a leading provider of digital government solutions, focusing on software development and system integration for key industries such as tobacco and digital government [8][9] - The company has developed a comprehensive product ecosystem, including a "Four Networks and One Hall" product system, which encompasses over 70 sub-products and serves a wide range of government clients across China [9][10] Technological Innovation - The company is leveraging artificial intelligence and big data technologies to enhance its service offerings, including the development of intelligent applications for government services and market regulation [10][11] - The introduction of new business models and innovative applications, such as the ECGAP5.0 government platform, aims to improve operational efficiency and service delivery [9][18] Market Position - The company has established a strong market presence in the digital government sector, with a significant share in the market for government digital models [16] - It has successfully implemented numerous projects across various provinces, enhancing its reputation as a leader in the digital transformation of government services [10][19] Future Outlook - The company is expected to continue its focus on innovation and digital transformation, particularly in the areas of education, civil affairs, and market regulation, to meet the evolving needs of its clients [12][13][21]

□适用 √不适用 □适用 √不适用 浪潮软件股份有限公司2025 年半年度报告摘要 浪潮软件股份有限公司2025 年半年度报告摘要 公司代码：600756 公司简称：浪潮软件 浪潮软件股份有限公司 浪潮软件股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 第二节 公司基本情况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所 浪潮软件 600756 泰山旅游、齐鲁软件、G鲁浪潮 联系人和联系方式 董事会秘书 证券事务代表 姓名 王亚飞 马方舟 电话 0531-85105606 0531-85105606 办公地址 山东省济南市高新区浪潮路1036号 山东省济南市高新区浪潮路1036号 电子信箱 600756@inspur.com 600756@inspur.com 单位：元 币种：人民币 本报告期末比上 本报告期末 上年度末 年度末增减(%) 总资产 4,130,168,914.92 4,332,4 ...

证券代码：600756 证券简称：浪潮软件 编号：临 2025-031 浪潮软件股份有限公司 第十届董事会第十七次会议决议公告 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。 浪潮软件股份有限公司（以下简称"公司"）第十届董事会第十七次会议于 电话等方式发出。本次会议应到董事 7 人，实到董事 7 人，本次会议由公司董事 长赵绍祥先生主持，公司监事及高管人员列席了会议，符合《中华人民共和国公 司法》和《公司章程》的规定。会议经过认真审议，一致审议通过如下议案： 一、公司 2025 年半年度报告全文及摘要 该议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 二、关于《浪潮集团财务有限公司 2025 年半年度风险持续评估报告》的议 案 具体内容详见公司同日发布于上海证券交易所网站（www.sse.com.cn）的《浪 潮软件关于浪潮集团财务有限公司 2025 年半年度风险持续评估报告》。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 三、关 ...

浪潮软件股份有限公司2025 年半年度报告 公司代码：600756 公司简称：浪潮软件 浪潮软件股份有限公司 2025 年半年度报告 1 / 160 浪潮软件股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人赵绍祥、主管会计工作负责人张玉新及会计机构负责人（会计主管人员）马秀 静声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度，公司未拟定利润分配或资本公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告 ...

浪潮软件股份有限公司 信息披露暂缓与豁免管理制度 第一章 总 则 第一条 为规范浪潮软件股份有限公司（以下简称"公司"） 信息披露暂缓、豁免行为，加强信息披露管理，保护投资者合 法权益，根据《中华人民共和国保守国家秘密法》《中华人民共 和国证券法》《上市公司信息披露管理办法》《上市公司信息披 露暂缓与豁免管理规定》《上海证券交易所股票上市规则》等法 律、行政法规、部门规章、规范性文件以及《浪潮软件股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，结合公 司实际情况，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报 告，在定期报告、临时报告中豁免披露中国证券监督管理委员 会（以下简称"中国证监会"）和上海证券交易所规定或者要求 披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、 及时、公平地披露信息，不得滥用暂缓或者豁免披露规避信息 披露义务、误导投资者，不得实施内幕交易、操纵市场等违法 行为。 第四条 公司和相关信息披露义务人应当审慎确定信息暂 缓、豁免披露事项，履行公司内部审核程序后实施。 第五条 应当披露的信息存在中国证监会《上市公司信息披 露管理 ...