Summary of Nengke Technology Conference Call Company Overview - **Company**: Nengke Technology - **Industry**: AI and Industrial Software Key Financial Performance - **2025 H1 Revenue**: 738 million CNY, up 4.91% YoY [2][5] - **Net Profit**: 110 million CNY, up 18.75% YoY [2][5] - **Gross Margin**: 52.40%, an increase of 4.2 percentage points YoY [2][5] - **Q2 Revenue**: 400 million CNY, up 33.99% YoY [4] - **Q2 Net Profit**: 61.61 million CNY, up 64.64% YoY [4] AI Business Growth - **AI Products and Services Revenue**: 210 million CNY, up 145% YoY [2][5] - **Focus Areas**: Intelligent products, industrial intelligent research, and AI assistants [2][6] - **Future Plans**: Expand AI product offerings to approximately 50 models by 2026 [2][10] Strategic Focus - **High-Gross Margin Products**: Concentration on high-margin AI product lines and industrial software [2][8] - **Specialized Industries**: Special industries contribute 40% of H1 performance, expected to grow [2][10][11] - **Talent Development**: Strengthening AI talent through recruitment and internal training [2][12] Market Positioning - **Special Industries**: Focus on sectors with stable budgets and less economic volatility [2][11] - **Civil Market**: Targeting medium to large clients with higher resilience to economic uncertainty [2][11] Future Outlook - **2026 Expectations**: Anticipated doubling of overall performance, particularly in special industries [2][10] - **AI Revenue Projections**: AI business expected to evolve significantly, with a focus on industrial applications [2][13][22] R&D and Product Development - **Key R&D Projects**: AI empowerment platform, quality control systems, and intelligent module development [2][24] - **Standardization of Computing Interfaces**: Enhancing resource utilization and market competitiveness [3][26] Challenges and Opportunities - **Market Demand for AI Talent**: Addressing the growing need for skilled AI professionals [2][12] - **Manufacturing AI Special Funds**: Government funds provide stable market opportunities [2][31] Business Structure and Strategy - **Future Business Composition**: By 2026, expected to have 60% from industrial AI, 30% from AI products, and 10-20% from industrial software [2][23] - **Long-term Vision**: Transitioning from hardware to intelligent solutions, leveraging industry expertise [2][29] Conclusion - **Stable Growth**: Nengke Technology has maintained steady growth with a clear strategic focus on AI and industrial software, positioning itself well for future opportunities in the market [2][32]

昨天尾盘的拉升透支了今天的行情，今天大缩量，但指数盘中差点新高，尾盘跳水，沪指和创业板指都翻绿。今天早盘拉券商，然后我看大缩量，就知道不 太妙，前几天大盘放量大涨，大盘新高了但证券ETF却还没新高，可见券商被压着。压着干嘛呢？那就是大盘调整的时候拉起，让市场没那么恐慌，也可以 理解为方便资金出货，如果大家都慌不择路，那出货的成本就更高。 为什么要关注量价呢？昨天我有解释，技术分析在牛市中是有用的，因为牛市量价足够大，越大的量，价格就越能充分反应市场参与者的态度，价格运行所 展现的趋势就越有效。 牛市就是情绪和资金共振，就是增量资金推动的，特别是加速的指数性行情，想涨就要有源源不断的增量资金，体现在量上就是持续放量。不过大家也知 道，随着指数快速上涨，获利盘越来越丰厚，抛售压力也会越来越大，等某一天增量资金接不住抛售盘时，回调就来了。 昨天接近3.2万亿的成交，有买就有卖，3.2万亿代表有大量资金买，同时也有大量资金卖。在某一个阶段，增量资金是有限的（比如现在经济没复苏，那么 看重基本面的资金就不会买入），已经买入的资金越多，潜在的增量资金就越少。 a股想要继续加速，就要继续放量，但在3.2万亿的量前，我很难想 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported better-than-expected performance, with significant growth in AI-related business [6] - The AI revenue reached 210 million yuan in the first half of 2025, a year-on-year increase of 145.6%, accounting for 29% of total revenue [6] - The overall gross margin improved to 52.4%, up 4.2 percentage points year-on-year, indicating enhanced operational quality [6] - The company has established a comprehensive product system in AI, covering various industrial applications and scenarios [6] - Collaboration with Huawei in smart manufacturing is expected to drive further growth in AI applications within the industrial sector [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 1,777 million yuan, with a year-on-year growth rate of 17.7% [5] - The net profit attributable to the parent company is expected to reach 256 million yuan in 2025, reflecting a year-on-year increase of 33.4% [5] - Earnings per share are forecasted to be 1.05 yuan in 2025, with a projected price-to-earnings ratio of 42 [5] - The company anticipates revenues of 2,142 million yuan and 2,616 million yuan for 2026 and 2027, respectively [5]

中报业绩密集披露期 博亚精工 1、板带成形加工精密装备供应商,中报净利润同比增长61.26%。2 公司历经多次实 战演练和国家级重大活动的检验,包括纪念抗日战争胜利70周年,建军90周年、建国 70周年国庆等。 乔锋智能 公司主营业务为数控机床研产销,中报净利润同比增长56.43% 剑桥科技 7天4板 公司已向微软供应高速光模块产品,800G光模块产品已实现小批量发货,1.6T光模块 产品在给客户送样测试,中报净利润同比增长51.12% 能科科技 公司主营智能制造业务,,中报净利润同比增长18.75%。公司已构建涵盖"Al+产品 智能化"、"AI+工业研制智能化"及"工业软件+Al助手"三大核心产品体系,开发 出包含图纸识别、工艺推荐、质量检测、业务预测等多款垂域模型、覆盖二十余个工业 场景的应用Agent以及多款工业软件智能助手产品并实现应用落地。 启明信息 一汽集团旗下,主营企业数字运营和智慧营销及智慧汽车,中报净利润同比增长 2568.5% 三辉电气 公司主要从事电能计量仪器仪表,近两年来公司储能业务快速发展,在手订单充足,中 报净利润同比增长41.64% 三十点娱 公司是国内排名第二的页游运营平台,中 ...

Group 1: Stock Performance - Huawei's supply chain stocks surged on August 26, with companies like Helitai, Cambridge Technology, and Kaipu Cloud experiencing significant gains, including Helitai's three consecutive trading limits and Cambridge Technology's two consecutive trading limits [1] - Helitai reported a price of 3.72 with a rise of 10.06%, while Cambridge Technology reached 80.17 with a 10.00% increase [1] - Kaipu Cloud's stock price increased by 20.00% to 94.75, reflecting its partnership with Huawei [1] Group 2: Company Announcements - Huawei's supply chain company Huafeng Technology announced a record net profit of 151 million yuan for the first half of the year [1] - Huawei is set to launch a new AI SSD product on August 27, aimed at addressing challenges in AI training and inference [2] - The Huawei Connect 2025 event will take place from September 18-20, 2025, focusing on the theme of "Elevating Industry Intelligence" [2] Group 3: Technological Developments - The new AI SSD from Huawei is designed to overcome the "memory wall" issue in AI training, offering large capacity and improved data throughput efficiency [3] - AI SSDs are specifically optimized for AI workloads, featuring deep customizations in performance architecture and firmware algorithms [3] - Huawei's advancements in computing, storage, and communication may enhance the efficiency of computing resource allocation, potentially accelerating the penetration of domestic computing solutions [3]

公司最新毛利率为52.40%，较去年同期毛利率增加4.22个百分点，实现4年连续上涨。最新ROE为3.69%，较去年同期ROE增加0.35个百分点。 2025年8月26日，能科科技(603859.SH)发布2025年中报。 公司营业总收入为7.38亿元，较去年同报告期营业总收入增加3453.17万元，同比较去年同期上涨4.91%。归母净利润为1.11亿元，较去年同报告期归母净利 润增加1746.35万元，同比较去年同期上涨18.75%。经营活动现金净流入为3639.85万元。 公司最新资产负债率为30.75%，较上季度资产负债率减少0.46个百分点。 公司摊薄每股收益为0.45元，较去年同报告期摊薄每股收益增加0.07元，同比较去年同期上涨18.42%。 公司最新总资产周转率为0.16次。最新存货周转率为1.48次。 公司股东户数为2.60万户，前十大股东持股数量为9628.46万股，占总股本比例为39.35%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 祖军 | 15.2. | | ର | 走ス | 11.5: | | ന | 安惊川 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in AI exceeded market expectations, with significant growth in contract liabilities [2][8] - The company reported a revenue of 738 million yuan in H1 2025, a year-on-year increase of 4.91%, and a net profit attributable to shareholders of 111 million yuan, up 18.75% year-on-year [2] - The AI business achieved a revenue of 211 million yuan in H1 2025, representing a year-on-year growth of 145.60% [8] Financial Summary - Revenue projections for 2025-2027 are 1.823 billion yuan, 2.192 billion yuan, and 2.572 billion yuan, with corresponding growth rates of 21%, 20%, and 17% [8] - Net profit attributable to shareholders is forecasted to be 254 million yuan, 316 million yuan, and 394 million yuan for 2025-2027, with growth rates of 32%, 25%, and 24% respectively [8] - The latest diluted EPS for 2025 is projected at 1.04 yuan, with a P/E ratio of 42.26 [1][8]

一、董事会会议召开情况 能科科技股份有限公司（以下简称"公司"）第五届董事会第二十次会议于 2025 年 8 月 25 日在北京市海淀区中关村软件园互联网创新中心二层公司会议室以现场结 合通讯表决的方式召开。会议应出席的董事人数 9 人，实际出席的董事人数 9 人， 公司监事、部分高级管理人员列席了本次会议。会议的召集和召开程序符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定。 证券代码：603859 证券简称：能科科技 公告编号：2025-043 能科科技股份有限公司 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法律责任。 董事会认为公司《2025年半年度报告及摘要》严格按照中国证监会《公开发行 证券的公司信息披露内容与格式准则第3号——半年度报告的内容与格式》的要求进 行编制。半年报的内容与格式符合中国证监会和上海证券交易所的各项规定，所包 含的信息能从各个方面真实、准确、完整地反映公司2025年半年度的经营管理和财 务状况等事项。 具体内容详见公司同日登载于上海证券交易所网站（www.sse.com.cn）的公司 ...

一、监事会会议召开情况 证券代码：603859 证券简称：能科科技 公告编号：2025-044 能科科技股份有限公司（以下简称"公司"）第五届监事会第十三次会议于 以现场表决的方式召开。会议应出席的监事 3 人，实际出席的监事 3 人。会议的 召集和召开程序符合有关法律、行政法规、部门规章、规范性文件和公司章程的 规定。 能科科技股份有限公司 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法律责任。 二、监事会会议审议情况 议案：《2025 年半年度报告及摘要》 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 监事会认为公司 2025 年半年度报告的编制和审核程序符合法律、法规的相 关规定，内容和格式符合中国证监会和上海证券交易所的规定，所包含的信息能 从各方面真实反映公司 2025 年半年度的经营管理和财务状况等事项；公司监事 会未发现参与 2025 年半年度报告编制和审议的人员有违反保密规定的行为。 具体内容详见公司同日登载于上海证券交易所网站（www.sse.com.cn）的公 司《2025 年半年度报告》《2025 ...

能科科技(603859.SH)披露2025年半年度报告，报告期公司实现营收7.38亿元，同比增长4.91%;归母净利 润1.11亿元，同比增长18.75%;扣非净利润1.01亿元，同比增长16.16%;基本每股收益0.45元。 ...