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]

Meeting Overview - The second meeting of the Supervisory Board of Beijing Geling Deep Vision Technology Co., Ltd. was held on August 22, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1]. Financial Report Approval - The Supervisory Board approved the 2025 semi-annual report and its summary, affirming that the report accurately reflects the company's financial status and operational results for the first half of 2025 [1][2]. - The board members guarantee the truthfulness, accuracy, and completeness of the disclosed information in the semi-annual report [1]. Fund Usage Report Approval - The Supervisory Board approved the special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with relevant laws and regulations [2]. - The report indicates that there were no violations in the use of raised funds, nor any actions that would harm shareholder interests [2].

Core Viewpoint - The report highlights the financial performance and operational strategies of Beijing DeepGlint Technology Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit while emphasizing ongoing investments in AI technology and market expansion efforts [1][3][5]. Company Overview and Financial Indicators - Beijing DeepGlint Technology Co., Ltd. is focused on integrating advanced technologies such as computer vision and big data analysis into various sectors including smart finance and urban management [6][7]. - The company reported a revenue of approximately 42.47 million yuan, a decrease of 17.22% compared to the same period last year [3]. - The net profit attributable to shareholders was approximately -79.85 million yuan, reflecting a slight decline from the previous year [3]. Industry Context - The artificial intelligence industry is recognized as a strategic technology driving the next wave of technological revolution and industrial transformation, with significant government support in China [5][6]. - The government has implemented various policies to promote AI development, aiming to integrate digital technology with manufacturing and enhance economic competitiveness [5]. Main Business Activities - The company aims to benefit humanity through AI, focusing on sectors such as smart finance, urban management, and education, leveraging technologies like multimodal large models and 3D vision [6][7]. - In the smart finance sector, the company has deployed AI solutions across thousands of branches of major banks, enhancing operational efficiency and fraud detection [6][7][23]. - The urban management sector has seen the implementation of intelligent systems in various government agencies, utilizing advanced data analytics and AI technologies [7][23]. Financial Performance Analysis - The company experienced a net cash flow from operating activities of approximately -103.12 million yuan, indicating challenges in cash generation [3]. - The total assets decreased by 8.26% to approximately 2.13 billion yuan compared to the end of the previous year [3]. Research and Development Focus - The company is investing heavily in the development of multimodal large models, with a projected investment of 368 million yuan over three years to enhance its technological capabilities [14]. - The launch of the Glint-MVT visual model series has positioned the company as a leader in the field, outperforming competitors in various benchmarks [14][21]. Market Expansion Strategies - The company is diversifying its revenue sources by expanding its customer base beyond traditional banking clients, with over 90% of revenue coming from clients other than the Agricultural Bank of China [17]. - A matrix sales system combining regional and industry-focused teams is being implemented to enhance market penetration and customer engagement [13][17]. Organizational Development - The company has undergone organizational restructuring to improve operational efficiency and enhance talent management, aiming to foster a culture of innovation and responsiveness to market demands [18].

□适用 √不适用 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司 经营情况有重大影响和预计未来会有重大影响的事项 北京格灵深瞳信息技术股份有限公司2025 年半年度报告摘要 公司代码：688207 公司简称：格灵深瞳 北京格灵深瞳信息技术股份有限公司 北京格灵深瞳信息技术股份有限公司2025 年半年度报告摘要 第一节 重要提示 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。 具体详见本报告"第三节 管理层讨论与分析"之"四、风险因素"。 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。 无。 □适用 √不适用 第二节 公司基本情况 公司股票简况 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 上海证券交易所科创板 格灵深瞳 688207 不适用 公司存托凭证简况 □适用 √不适用 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代表） 证券事务代表 姓名 吴梦 刘玉萍 电话 010-62950512 010-62950512 办公地址 ...

Fundraising Overview - The company raised a total of RMB 1,670.09 million through the issuance of 46,245,200 shares at a price of RMB 36.00 per share, with net proceeds after expenses amounting to RMB 1,670.09 million [1][2] - The total planned investment for the fundraising projects is RMB 1,000.06 million, with the company utilizing RMB 1,097.02 million of the raised funds as of June 30, 2025 [1][2] Fund Utilization - As of June 30, 2025, the company has used RMB 1,097.01 million of the raised funds, with a remaining balance of RMB 257.32 million in the special account [1][2] - The company has generated RMB 75.48 million in interest income from the special account, net of fees [1][2] Project Investment Details - The company has invested in several projects, including: - Artificial Intelligence Algorithm Platform Upgrade Project: Actual investment of RMB 120.25 million, exceeding the commitment by RMB 13.56 million [2][3] - Artificial Intelligence Innovation Application R&D Project: Actual investment of RMB 98.56 million, exceeding the commitment by RMB 0.40 million [2][3] - Marketing Service System Upgrade Project: Actual investment of RMB 76.14 million, exceeding the commitment by RMB 0.40 million [2][3] - Multi-modal Large Model Technology and Application R&D Project: Actual investment of RMB 301.87 million, slightly exceeding the commitment by RMB 0.19 million [2][3] Surplus Fund Management - The company has utilized surplus funds of RMB 402.00 million for permanent working capital supplementation as of June 30, 2025 [3][4] - The company has also approved the use of surplus funds for cash management, with a limit of RMB 600 million for temporary idle funds [3][4] Regulatory Compliance - The company has established a fundraising management system in compliance with relevant laws and regulations, ensuring proper storage and usage of the raised funds [1][2] - The company has signed tripartite supervision agreements with the sponsor, subsidiaries, and banks to ensure compliance with fundraising regulations [1][2]

Core Points - The company has appointed Liu Yuping as the securities affairs representative to assist the board secretary [1] - Liu Yuping has the necessary qualifications and experience, including a bachelor's degree in economics and relevant training certification [4] - The appointment is effective from the date of the board's approval until the end of the current board's term [1] Company Information - Liu Yuping was born in February 1995, holds Chinese nationality, and does not have permanent residency abroad [4] - She has previously worked in the securities departments of Beijing GaoNeng Times Environmental Technology Co., Ltd. and Qi An Xin Technology Group Co., Ltd. [4] - As of the announcement date, Liu Yuping does not hold any shares in the company and has no related party relationships with major shareholders or executives [4]

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on optimizing operations, governance, and enhancing investor returns, particularly for small and medium investors [1][11]. Business Focus and Quality Improvement - The company aims to integrate advanced technologies such as computer vision and big data analysis into various sectors, including smart finance and urban management, to enhance operational quality [1][2]. - The company has seen growth in sectors outside of smart finance, indicating a diversification of its business [2][4]. R&D Investment and Technological Advancements - The company has committed to significant R&D investments, with 68.04 million yuan allocated in the first half of 2025, representing 160.21% of its revenue [8]. - The company has developed multiple core technologies and holds numerous patents, emphasizing its commitment to technological innovation [7][8]. Sales Team and Market Expansion - The company has restructured its sales team, adding nearly 30 specialized sales personnel to enhance market penetration and customer engagement [6]. - The revenue from clients outside of China Agricultural Bank exceeded 90%, with a year-on-year growth of over 40%, showcasing successful market expansion efforts [4]. Governance and Compliance - The company is focused on improving its governance structure and compliance with regulations, ensuring that independent directors can effectively oversee operations [9][12]. - The company is enhancing its internal systems to improve risk management and operational standards [9]. Shareholder Returns and Investor Relations - The company has initiated a share buyback plan, committing between 40 million and 80 million yuan to repurchase shares, reflecting its commitment to enhancing shareholder value [10]. - The company actively engages with investors through various channels to communicate its operational performance and address investor concerns [12].