计算机/软件开发 致远互联（688369.SH） Q2 收入增速改善，AI Agent 产品进展顺利 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 30.88 | | 一年最高最低(元) | 42.84/12.09 | | 总市值(亿元) | 35.58 | | 流通市值(亿元) | 35.58 | | 总股本(亿股) | 1.15 | | 流通股本(亿股) | 1.15 | | 近 3 个月换手率(%) | 317.11 | 股价走势图 -80% 0% 80% 160% 240% 2024-08 2024-12 2025-04 2025-08 致远互联 沪深300 数据来源：聚源 相关研究报告 《筹划新一期股权激励计划，聚焦 AI 战略推动长期发展—公司信息更新报 告》-2025.8.8 《业绩短期承压，积极布局 AI Agent —公司信息更新报告》-2025.4.27 《 降 本 增 效 成 效 显 著 ， 重 点 打 造 AI-COP 新基座—公司信息更新报告》 -2024.11.2 陈宝健（分析师） ...

Core Viewpoint - The company reported a decline in revenue and an increase in net losses for the first half of 2025, but showed signs of recovery in orders and cash flow in the second quarter [1][2]. Financial Performance - The company achieved revenue of 338 million yuan in 1H25, a year-on-year decrease of 15.98%; net loss attributable to shareholders was 135 million yuan, with a non-recurring net loss of 134 million yuan, indicating an expanded loss compared to the previous year [1]. - In 2Q25, revenue was 233 million yuan, a year-on-year increase of 5.99%; net loss attributable to shareholders was 69 million yuan [1]. - The net cash flow from operating activities was -58 million yuan, showing significant improvement compared to previous periods [1]. Development Trends - There is a recovery trend in contract orders, with contract liabilities in 1H25 increasing by 37% year-on-year; direct sales contract amounts grew by 20.2%, with orders over one million yuan increasing by 72.7% [1]. - AI-related contracts amounted to 46.69 million yuan, with significant growth in contracts from central state-owned enterprises (up 57.8%) and government business (up 139.4%), particularly in government innovation products (up 170.9%) [1]. - The company’s second-quarter revenue and order recovery trends are expected to support annual revenue recovery [1]. Cost Management and Efficiency - The company continues to focus on cost reduction and efficiency improvement, with a notable decrease in operating losses and improved cash flow management [2]. - The gross margin saw a decline due to increased complexity and costs in direct sales projects, but the company managed to reduce sales, R&D, and management expense ratios [2]. - Accounts receivable decreased by 18.3% compared to the end of the previous year, indicating improved cash flow quality [2]. AI Investment and Applications - The company launched a new generation of AI products, CoMi, which integrates mainstream large models and proprietary collaborative operational models, enhancing its capabilities [2]. - The AI-native application, iForm, adopted a public cloud SaaS model, expanding its coverage to various industries [2]. - The company is developing AI applications in digital government and HR, increasing the practical deployment of AI [2]. Profit Forecast and Valuation - Due to short-term pressures on revenue and profit, the company has revised its 2025 revenue forecast down by 24.2% to 890 million yuan, predicting a net loss of 51.51 million yuan [3]. - For 2026, revenue is projected at 950 million yuan, with a net loss of 23.56 million yuan [3]. - The valuation has been adjusted to a 2026 P/S ratio, maintaining an outperform rating and raising the target price by 32% to 33 yuan, indicating a 7% upside potential from the current stock price [3].

Core Viewpoint - Beijing Zhiyuan Huilian Software Co., Ltd. announced the use of idle self-owned funds for cash management, aiming to enhance fund utilization efficiency and increase investment returns for the company and its shareholders [1]. Group 1: Cash Management Details - The company will use up to RMB 405 million (including principal) of idle self-owned funds for cash management [1]. - The purpose of cash management is to improve fund utilization efficiency and increase investment returns while ensuring normal operations and fund safety [1]. - The funds can be used in a rolling manner within the approved limit for a period of 12 months from the date of board approval [1]. - The board has authorized the chairman to make investment decisions and sign relevant documents, with implementation organized by the finance department [1]. - Investment products will include high-security and high-liquidity options such as structured deposits, time deposits, notice deposits, and large certificates of deposit [1]. - The company will fulfill information disclosure obligations as required by relevant laws and regulations [1]. Group 2: Risk Control Measures - The financial market is significantly influenced by macroeconomic factors, making it difficult to accurately predict investment product returns and payouts [2]. - Strict adherence to prudent investment principles will be maintained, along with compliance with relevant laws and the company's articles of association [2]. - A robust approval and execution process will be established, with financial personnel analyzing and tracking investment product conditions to identify risks promptly [2]. - The internal audit department will supervise the daily use of funds and conduct regular checks on investment products [2]. - Independent directors and the supervisory board have the authority to oversee and inspect, with the option to hire professional institutions for auditing if necessary [2]. Group 3: Impact on the Company - The use of idle self-owned funds for cash management will not affect normal operations or daily cash flow, nor will it impact the main business activities [3]. - This initiative is beneficial for improving fund utilization efficiency and increasing fund returns, aligning with the interests of the company and all shareholders [3]. - The cash management matter falls within the board's approval authority and does not require submission to the shareholders' meeting for review, with the supervisory board also agreeing to the cash management initiative [3].

格隆汇8月27日丨致远互联(688369.SH)发布中报，2025上半年实现营业总收入3.38亿元，同比下降 15.98%；归属母公司股东净利润-1.35亿元，较上年同期亏损增加6706.66万元；基本每股收益为-1.18 元。 ...

Core Insights - The company achieved significant breakthroughs in the central state-owned enterprise market, with a year-on-year increase of 57.79% in customer contract amounts and a 72.70% increase in large orders exceeding one million yuan [1] - The company focuses on AI and Xinchuang (信创) as core areas, developing an integrated collaborative operation platform aimed at enhancing digital and intelligent operations for large organizations [1][2] - The company has successfully served major central state-owned enterprises, with AI-enabled scenarios being key drivers for contract signings [1] Financial Performance - The company reported a 37.00% year-on-year increase in contract liabilities, while accounts receivable decreased by 18.09%, indicating a strong order backlog and improved operational resilience [2] - The company aims for sustainable high-quality growth in the central state-owned enterprise market through the continuous deepening of its "New Quality Plan" and the maturation of AI products [2] Strategic Partnerships - The company is deepening collaborations with Huawei, telecom operators, and Xinchuang ecosystem partners to promote the "AI + Xinchuang" solutions in the central state-owned enterprise market [2] - As a global partner of Huawei, the company has launched multiple smart office and group management solutions, enhancing market coverage and service responsiveness [2] Future Outlook - The company plans to continue strengthening its platform capabilities, ecosystem partnerships, and customer success systems to maintain its leading position in the central state-owned enterprise collaborative operation market [2]

Core Insights - The company reported a total revenue of 337.87 million yuan for the first half of 2025, representing a year-on-year decline of 15.98%, although there was a 5.98% increase in revenue in the second quarter compared to the same period last year [1][2] Financial Performance - The company has improved its management of operating cash flow and revenue quality, with contract liabilities increasing by 37.00% compared to the same period last year, while accounts receivable decreased by 18.27% [2] - The direct sales contract amount increased by 20.18% year-on-year, with contracts worth over one million yuan rising by 72.70% and orders for Xinchuang products increasing by 124.28% [2] - The AI-related contract amount reached 46.69 million yuan, indicating significant progress in AI-related business [2] Strategic Initiatives - The company is advancing its "AI + Xinchuang" dual-drive strategy, focusing on platform upgrades and ecosystem co-construction, which has led to a strong business recovery and growth resilience [2] - The core business is experiencing rapid growth, with the government business accelerating its intelligence transformation, showing a contract amount increase of 139.38%, and Xinchuang product contracts growing by 170.90% [2] - Contracts with central and state-owned enterprises increased by 57.79%, and contracts worth over one million yuan also saw a 72.70% increase [2] Product Development - The company launched a new generation of intelligent agent products based on the CoMi platform, supporting multi-model access and providing over 50 out-of-the-box intelligent assistants covering key scenarios such as official documents, meetings, and decision-making [3] - The A9, A8, and A6 product lines target large, medium, and small enterprises respectively, offering differentiated AI collaborative solutions to enhance operational efficiency and intelligence levels [3] Collaboration and Innovation - The company has partnered with Huawei to initiate the "AI Application Innovation Navigation Plan," launching joint solutions for government and urban intelligent agents [3] - Collaborations with China Telecom and China Mobile have expanded coverage to over 200 cities nationwide, facilitating rapid promotion of products and solutions [3]

证券代码：688369 证券简称：致远互联 公告编号：2025-039 北京致远互联软件股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 北京致远互联软件股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第三届董事会第十九次会议及第三届监事会第十六次会议，审议通过了 《关于作废部分已授予尚未归属的限制性股票的议案》，现将相关事项公告如下： 一、限制性股票激励计划已履行的决策程序和信息披露情况 （一）2022 年限制性股票激励计划 1、2022 年 4 月 26 日，公司召开第二届董事会第二十五次会议，审议通过 了《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于 公司<2022 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股 东大会授权董事会办理公司 2022 年限制性股票激励计划相关事宜的议案》。公 司独立董事就本激励计划相关议案发表了独立意见。 同日，公司召开第二届监事会第十六次会议，审议通过了《关于公司< ...

关于 北京致远互联软件股份有限公司 北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 2024 年限制性股票激励计划部分限制性股票作废事项 之 法律意见书 二零二五年八月 关于北京致远互联软件股份有限公司 2024 年限制性股票激励计划部分限制性股票作废事项 之法律意见书 致：北京致远互联软件股份有限公司 北京市君合律师事务所（以下简称"本所"）为在北京市司法局注册设立并 依法执业的律师事务所。本所受北京致远互联软件股份有限公司（以下简称"公 司""上市公司"或"致远互联"）的委托，担任致远互联 2024 年限制性股票 激励计划（以下简称"本次激励计划"）的专项法律顾问，依据《中华人民共和 国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）、《上市公司股权激励管理办法》（以下简称《管理办法》）、《上海 证券交易所科创板股票上市规则》（以下简称《上市规则》）、《科创板上市公 司自律监管指南第 4 号——股权激励信息披露》（以 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 关于 北京致远互联软件股份有限公司 2022 年限制性股票激励计划部分限制性股票作废事项 的 法律意见书 二零二五年八月 关于北京致远互联软件股份有限公司 2022 年限制性股票激励计划部分限制性股票作废事项的法律意见书 致：北京致远互联软件股份有限公司 对于本所无法独立查验的事实，本所律师依赖政府有关部门、致远互联及其 他相关方出具的有关证明、说明文件。 在本法律意见书中，本所律师仅对本法律意见书出具之日以前已经发生或存 在的且与本次作废有关的重要法律问题发表法律意见，并不对其他问题以及会 计、审计、投资决策、业绩考核目标等专业事项发表意见。本法律意见书系以中 国法律为依据出具，且仅限于本法律意见书出具之前已公布且现行有效的中国法 1 律。本法律意见书不对境外法律或适用境外法律的事项发表意见。本所律师在本 法律意见书中对于有关会计、审计等专业文件（包括但不限于审计报告等）之内 容的引用，并不意味着本所律 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 关于 北京致远互联软件股份有限公司 的 法律意见书 对于本所无法独立查验的事实，本所律师依赖政府有关部门、致远互联及其 他相关方出具的有关证明、说明文件。 在本法律意见书中，本所律师仅对本法律意见书出具之日以前已经发生或存 在的且与本次作废有关的重要法律问题发表法律意见，并不对其他问题以及会 计、审计、投资决策、业绩考核目标等专业事项发表意见。本法律意见书系以中 国法律为依据出具，且仅限于本法律意见书出具之前已公布且现行有效的中国法 律。本法律意见书不对境外法律或适用境外法律的事项发表意见。本所律师在本 法律意见书中对于有关会计、审计等专业文件（包括但不限于审计报告等）之内 容的引用，并不意味着本所律师对该等专业文件以及所引用内容的真实性、准确 性做出任何明示或默示的保证，本所律师亦不具备对该等专业文件以及所引用内 容进行核查和判断的专业资格。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理 ...