证券代码：688207 证券简称：格灵深瞳 公告编号：2025-053 会议召开时间：2025 年 09 月 09 日 （星期二） 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 02 日（星期二）至 09 月 08 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@deepglint.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 北京格灵深瞳信息技术股份有限公司 关于参加 2025 年半年度科创板人工智能行业集体业 绩说明会的公告 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法律责任。 重要内容提示： 北京格灵深瞳信息技术股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 20 ...

Group 1 - The core viewpoint of the news is that Beijing Geling Deep Vision Technology Co., Ltd. has seen a stock price increase of 5.19%, reaching 18.65 CNY per share, with a total market capitalization of 4.83 billion CNY [1] - The company, established on August 16, 2013, specializes in integrating advanced computer vision and big data analysis technologies into various applications, providing AI products and solutions for urban management, smart finance, commercial retail, sports health, and rail transit operations [1] - The revenue composition of the company includes 58.58% from AI products, 26.46% from smart terminal products, and 14.95% from technical services and others [1] Group 2 - From the perspective of the top ten circulating shareholders, Huabao Fund's Huabao CSI Financial Technology Theme ETF (159851) has entered the top ten shareholders, holding 1.7853 million shares, accounting for 0.95% of circulating shares [2] - The Huabao CSI Financial Technology Theme ETF has a latest scale of 5.731 billion CNY, with a year-to-date return of 40.37%, ranking 621 out of 4223 in its category [2] - The fund manager, Chen Jianhua, has a tenure of 12 years and 257 days, with the best fund return during his tenure being 153.65% [2]

Core Viewpoint - The company, Geling Deep Vision, has experienced fluctuations in its stock performance and financial metrics, indicating potential challenges in revenue generation and profitability [1][2]. Group 1: Stock Performance - On August 27, Geling Deep Vision's stock rose by 3.59%, with a trading volume of 397 million yuan [1]. - The financing buy-in amount on the same day was 41.45 million yuan, while the financing repayment was 49.10 million yuan, resulting in a net financing buy of -7.65 million yuan [1]. - As of August 27, the total balance of margin trading was 160 million yuan, which is 4.65% of the circulating market value, indicating a relatively low financing balance compared to the past year [1]. Group 2: Financial Performance - For the first half of 2025, Geling Deep Vision reported a revenue of 42.47 million yuan, reflecting a year-on-year decrease of 17.22% [2]. - The net profit attributable to the parent company was -79.85 million yuan, showing a year-on-year decline of 2.48% [2]. - As of June 30, 2025, the number of shareholders increased by 3.78% to 15,600, while the average circulating shares per person decreased by 3.65% to 12,131 shares [2]. Group 3: Company Overview - Geling Deep Vision, established on August 16, 2013, and listed on March 17, 2022, specializes in integrating advanced computer vision and big data analysis technologies into various applications [1]. - The company's main business revenue composition includes 58.58% from AI products, 26.46% from smart terminal products, and 14.95% from technical services and others [1]. - The company is located in Haidian District, Beijing, within the Zhongguancun Science City [1].

Group 1 - The core viewpoint of the news is that Beijing Geling Shentong Technology Co., Ltd. has experienced a decline in revenue and net profit in its latest financial report, indicating potential challenges in its business performance [1][3] - As of August 25, 2025, Geling Shentong's stock price closed at 17.83 yuan, reflecting a 5.19% increase with a trading volume of 238,600 hands and a transaction amount of 432 million yuan [1] - The company's latest financial results show total operating revenue of 42.47 million yuan, a year-on-year decrease of 17.22%, and a net profit attributable to shareholders of 79.85 million yuan, down 2.48% year-on-year [1] Group 2 - The company has a liquidity ratio of 18.256 and a quick ratio of 17.876, indicating strong short-term financial health [1] - Geling Shentong has made investments in 15 companies and participated in 48 bidding projects, showcasing its active engagement in the market [2] - The company holds 187 trademark registrations and 130 patents, reflecting its focus on intellectual property development [2]

在国家"人工智能+"行动持续加码的背景下，AI企业间的生态协同正成为驱动产业发展的关键引擎。目 前，格灵深瞳已与百度、飞腾、海光、光环云等头部科技企业达成合作，进一步夯实国产算力底座，提 升供应链韧性，通过聚合产业上下游生态伙伴力量，促进AI产业升级迭代。（旺旺） 产品层面，格灵深瞳以自研视觉模型+AI Infra为依托，基于智慧金融、城市管理两大战略赛道，以及政 务及特种、智慧教育两大创新领域，与产业伙伴携手探索端到端应用落地，推出平台级别产品及各类垂 直AI智能体应用，以丰富的产品实现多场景覆盖。 技术突破迅速转化为产品竞争力。格灵深瞳推出面向金融场景的企业级产品——金融超级智能助手 Super-Agent平台。该平台通过集成知识库、MCP服务与大模型API等模块，能够构建具备金融专家知识 的多个智能体（Agent），有效解决了大模型在风控、营销等核心业务中落地难、成本高的工程化痛 点。目前，该平台已在多家银行开展试点工作，共同探索更多垂直场景的端到端落地。 不仅如此，在AIPC、行业大模型一体机、智慧教育等领域，格灵深瞳皆有新品或升级产品面市。例如 格灵深瞳基于信创自主可控推出的"墨刃AIPC"，将安全 ...

Group 1 - The financial technology sector has seen significant gains, with the China Securities Financial Technology Theme Index rising over 3% as of August 25 [1] - Notable stocks include Yinzhijie hitting the 20% daily limit, and other companies like Guiding Compass, Anshuo Information, and Geling Deep Vision experiencing gains of over 5% [1] - The Financial Technology ETF (159851) has reached a new high with a price increase of 3%, and a trading volume of 1.466 billion CNY, indicating strong market interest with net subscriptions exceeding 850 million units [1] Group 2 - GF Securities suggests that in the current market environment, to C-type securities IT companies are expected to outperform to B-type companies [2] - The to C securities IT business includes traditional brokerage services, account referral advertising, value-added telecom services, and fund distribution, with account referral and value-added services driving growth [2] - With the increase in margin trading balances and market trading volumes, the valuation of to C securities IT is expected to rise, although current valuations have not yet reached the average of the past year [2] Group 3 - The Financial Technology ETF (159851) and its linked funds are recommended for investment, covering a wide range of themes including internet brokerages, financial IT, cross-border payments, and AI applications [2] - As of August 22, the Financial Technology ETF (159851) has a scale exceeding 11 billion CNY, with an average daily trading volume of over 600 million CNY, leading among similar ETFs [2]

Group 1 - The financial technology sector has seen significant gains, with the China Securities Financial Technology Theme Index rising over 3% as of August 25 [1] - Notable stocks include Yinzhijie hitting a 20% limit up, and other companies like Guiding Compass, Anshuo Information, and Geling Shentong rising over 5% [1] - The Financial Technology ETF has reached a new high with a trading volume of 1.466 billion CNY and net subscriptions exceeding 850 million units [1] Group 2 - GF Securities believes that in the current market environment, to C-type securities IT companies will outperform to B-type companies [2] - The business of to C securities IT includes traditional brokerage, account referral advertising, value-added telecom services, and fund distribution, with account referral and value-added services driving growth [2] - With the increase in margin trading balances and market transaction volumes, the valuation of to C securities IT is expected to rise further, although current valuations have not yet reached the average of the past year [2] Group 3 - The Financial Technology ETF (159851) and its linked funds are recommended for investment, covering various themes such as internet brokerage, financial IT, cross-border payments, and AI applications [2] - As of August 22, the Financial Technology ETF has surpassed 11 billion CNY in size, with an average daily trading volume of over 600 million CNY, leading among similar ETFs [2]

Core Viewpoint - The financial performance of Geling Deep Vision (688207) for the first half of 2025 shows a significant decline in revenue and net profit, indicating challenges in the market and increased operational costs [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 42.47 million yuan, a decrease of 17.22% compared to 51.31 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -79.85 million yuan, a decline of 2.48% from -77.92 million yuan in the previous year [1]. - The gross margin decreased to 56.44%, down 11.14% year-on-year, while the net margin fell to -190.33%, a drop of 25.51% [1]. - The total of selling, administrative, and financial expenses reached 42.87 million yuan, accounting for 100.93% of total revenue, an increase of 116.56% year-on-year [1]. Cost and Expense Analysis - Operating costs decreased slightly by 1.16%, attributed to the reduction in revenue [4]. - Selling expenses increased by 1.76% due to higher marketing and travel costs [4]. - Administrative expenses rose by 54.81%, linked to increased severance benefits from staff restructuring [4]. - Financial expenses increased by 37.13%, primarily due to the purchase of structured deposits [4]. - Research and development expenses decreased by 27.43%, reflecting improved efficiency in project execution [4]. Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 17.98%, driven by increased payments for goods purchased [4]. - The net cash flow from investing activities increased by 112.59%, due to reduced cash outflows for investments [4]. - The net cash flow from financing activities saw a significant decline of 231.45%, attributed to increased repayments of bank loans [4]. Investment and Market Position - The company has a history of poor investment returns, with a median ROIC of -12.07% since its listing, indicating a challenging investment profile [4]. - The company relies heavily on research and development for its business model, necessitating careful evaluation of the underlying drivers of this approach [4]. - The cash position of the company is considered healthy, but attention is needed on cash flow and financial expenses relative to operational performance [4].

Core Viewpoint - The financial performance of Geling Deep Vision (688207) for the first half of 2025 shows a significant decline in revenue and net profit, indicating challenges in the business environment and operational efficiency [1] Financial Performance Summary - Total revenue for the first half of 2025 was 42.47 million yuan, a decrease of 17.22% compared to 51.31 million yuan in the same period of 2024 [1] - The net profit attributable to shareholders was -79.85 million yuan, a decline of 2.48% from -77.92 million yuan in the previous year [1] - The gross margin decreased to 56.44%, down 11.14% year-on-year, while the net margin fell to -190.33%, a drop of 25.51% [1] - The total of selling, administrative, and financial expenses reached 42.87 million yuan, accounting for 100.93% of total revenue, an increase of 116.56% year-on-year [1] Cash Flow and Asset Management - The net cash flow from operating activities decreased by 17.98%, attributed to increased payments for goods purchased [6] - The company reported a significant increase in cash flow from investing activities by 112.59%, due to reduced cash outflows for investments [6] - The company’s cash assets remain healthy, despite the overall financial challenges [7] Changes in Financial Items - The trading financial assets increased by 62.17% due to the addition of structured deposit financial products [2] - Accounts receivable financing decreased by 100% due to a reduction in notes receivable [2] - The construction in progress surged by 605.42%, reflecting ongoing R&D projects [3] - Short-term borrowings decreased by 62.5% as the company repaid bank loans [4] Business Model and Market Position - The company’s performance is primarily driven by R&D, necessitating a thorough examination of the underlying factors influencing this drive [7] - The company has experienced a poor historical return on invested capital (ROIC), with a median ROIC of -12.07% since its listing [7] - The largest fund holding Geling Deep Vision shares is the Yinhua CSI 2000 Enhanced Strategy ETF, which has seen a significant increase in value over the past year [8]

Core Insights - The company, Beijing Geling Deep Vision Technology Co., Ltd., reported a nearly 70% year-on-year revenue growth in Q2 2025, indicating a successful diversification strategy [1] - 2025 is identified as a critical year for the company's reform, focusing on multi-modal large model development and the "2+2" strategy in key sectors [1] Financial Sector Developments - The company has recently launched and upgraded its entire range of financial products, promoting the large-scale application of AI technology in various core banking scenarios [2] - The "Deep Vision Golden Brick Bank Intelligent Calculation Solution" and the "Super-Agent Financial Super Assistant" are designed to enhance security, compliance, and efficiency in banking operations [2] - Pilot programs for the new generation Agent platform have been initiated in several banks, expanding application scenarios beyond security to include operations, risk control, and marketing [2] Urban Management Initiatives - Strategic cooperation with key clients in urban management has deepened, focusing on traditional visual analysis and advancing in areas like visual models and multi-modal large models [2] - The company has begun to establish a presence in urban management across various regions, including Northwest, Central, and East China [2] Innovations in Government and Education - The company has made breakthroughs in government, special sectors, and smart education by integrating AI algorithms with hardware through its subsidiary [3] - New hardware products for smart education, such as the "Zhi Ying Large Screen All-in-One" and "Chi Tu Small Screen All-in-One," have been launched to cater to specific educational scenarios [3] - In the first half of 2025, over 90% of the company's revenue came from clients other than the Agricultural Bank of China, with a year-on-year revenue increase of over 40% [3]