北京海天瑞声科技股份有限公司 2025 年度"提质增效重回报"行动方案的半年度评估报告 为践行"以投资者为本"的发展理念，维护公司全体股东利益，北京海天瑞 声科技股份有限公司（以下简称"海天瑞声"或"公司"）于 2025 年 4 月 26 日 披露了公司 2025 年度"提质增效重回报"行动方案。2025 年上半年，公司根据 行动方案积极落实相关举措并认真评估实施效果，制定了《2025 年度"提质增 效重回报"行动方案的半年度评估报告》，现将行动方案半年度实施情况报告如 下： 一、 聚焦主业，积极探索新兴业务 公司自 2005 年成立以来，一直致力于为客户提供高质量的 AI 训练数据产品 与服务。随着全球 AI 技术的快速发展和商业化落地，公司计算机视觉、自然语 言和智能语音三大业务板块全面增长。在计算机视觉领域，视觉理解与生成技术 的突破加速了在 AIGC 多模态内容生成（通用图文、3D 物体识别、高清通用场 景视频、文旅图文等）、OCR 识别、数字人、多模态数据评估等场景的规模化应 用，带动相关数据服务需求同比显著增长；自然语言方面，大模型语义理解、政 务、法律合规等场景的应用落地以及海外巨头的全球化扩张 ...

证券代码：688787 证券简称：海天瑞声 公告编号：2025-028 北京海天瑞声科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2025 年 09 月 24 日(星期三) 至 09 月 30 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过北京海天瑞声科技股份 有限公司（以下简称"公司"）邮箱 ir@haitianruisheng.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。 公司已于 2025 年 08 月 30 日发布 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 2025 年半年度经营成果、财务状况，公司计划于 2025 年 10 月 09 日（星期四）下午 15:00-16:00 举行 2025 年半年度业绩说明会，就投 资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对 2025 年半年度的经 营成果及财 ...

Policy Background and Core Logic - The State Council released the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action" on August 26, 2025, aiming to promote AI empowerment across six dimensions: technology, industry, consumption, livelihood, governance, and global cooperation [1] - The policy outlines three stages: achieving deep integration in six fields by 2027 (with smart terminal penetration exceeding 70%), establishing smart economy as a growth driver by 2030 (with penetration exceeding 90%), and entering a new stage of intelligent society by 2035 [1] - This policy is expected to reshape China's AI industry chain and create trillion-level investment opportunities [1] Computing Infrastructure: The "Water, Electricity, and Coal" of the AI Era - The policy emphasizes "strengthening intelligent computing power coordination," focusing on breakthroughs in liquid cooling technology, optical modules, and AI chips [3] - Inspur Information holds a 47% global market share in AI servers, with a revenue increase of 165% year-on-year in Q1 2025, benefiting from accelerated construction of intelligent computing centers [4] - The company has received over 20 billion yuan in national computing network orders, with a 40% year-on-year increase in net profit in Q2 2025 [4] Industry Applications: Accelerated Penetration in Vertical Scenarios - The policy encourages deep integration of AI with manufacturing, government, and healthcare, accelerating commercialization in vertical scenarios [5] - Weining Health's AI-assisted diagnostic system covers 3,000 hospitals with a diagnostic accuracy rate of 93.6%, and its medical AI revenue doubled in Q2 2025 [5] - The company has won over 20 provincial government projects, enhancing processing efficiency by 70% through its NLP capabilities [5] Consumer-Level AI: Revolution in Smart Terminals - Wanxing Technology's AI model has improved video creation efficiency by five times, with a revenue increase of 180% in H1 2025 [6] - The company is a core chip supplier for Alibaba's AI glasses, with a market share exceeding 60% in smart wearable chips [6] - AI subscription services are becoming a new growth driver, with net profit increasing by 120% year-on-year in Q2 2025 [6] Data Elements and Security: The Foundation of the AI Ecosystem - The policy highlights the need for "data element circulation and security governance," making data labeling and privacy computing essential [6] - Companies like Haitan Ruisheng and Qi Anxin are positioned to benefit from this trend [6] Intelligent Agents and Ecosystem: The Core of Next-Generation Interaction - The policy promotes "human-machine collaborative organizational structures," making intelligent agent platforms standard for enterprises [6] - Companies such as Tuowei Information are expected to play a significant role in this area [6] Global Cooperation and Open Source Ecosystem - The policy emphasizes "AI for all," with open-source communities and global standard-setting being crucial [6] - Companies like Cambrian are involved in this global cooperation effort [6] Investment Strategy - Short-term focus on computing hardware (e.g., Zhongji Xuchuang, Inspur Information) and government intelligent agents (e.g., Tuowei) [7] - Long-term attention to companies with high technical barriers and deep scenario implementation (e.g., Zhongke Shuguang, Weining Health) [7]

Group 1 - The digital watermark concept sector increased by 1.88%, ranking fourth among concept sectors, with 23 stocks rising, including ST Yilianzhong which hit a 20% limit up [1] - Notable gainers in the digital watermark sector include Tianrongxin, ST Zhengtong, and Haitianshuisheng, with respective increases of 9.97%, 14.54%, and 5.15% [2][1] - The sector saw a net inflow of 225 million yuan from main funds, with Tianrongxin leading the inflow at 425 million yuan [1][2] Group 2 - The top three stocks by net inflow ratio were ST Zhengtong at 16.97%, Haitianshuisheng at 14.20%, and Tianrongxin at 11.75% [2] - The trading volume for Tianrongxin was 42.45 million yuan, while Haitianshuisheng had a trading volume of 15.10 million yuan [2][3] - Stocks such as Ruike Laser, Xinyada, and Yaxin Security experienced declines of 3.79%, 2.68%, and 1.84% respectively [1][4]

Company Overview - Beijing Haitai Ruisheng Technology Co., Ltd. was established on May 11, 2005, and listed on August 13, 2021. The company is located at No. 1 Building, 4th Floor, 68 Zhichun Road, Haidian District, Beijing. Its main business involves the research, design, production, and sales of AI training data [1]. Financial Performance - For the period from January to March 2025, Haitai Ruisheng achieved operating revenue of 69.81 million yuan, representing a year-on-year growth of 71.75%. The net profit attributable to the parent company was 371,600 yuan, showing a significant increase of 158.60% year-on-year [2]. - As of March 31, 2025, the company had a total of 12,500 shareholders, a decrease of 0.35% from the previous period. The average number of circulating shares per person increased by 0.35% to 4,813 shares [2]. Shareholder and Dividend Information - Since its A-share listing, Haitai Ruisheng has cumulatively distributed cash dividends amounting to 57.50 million yuan, with 46.80 million yuan distributed over the past three years [3]. - As of March 31, 2025, among the top ten circulating shareholders, the Noan Active Return Mixed A Fund (001706) was the ninth largest shareholder, holding 315,100 shares as a new shareholder [3]. Trading Activity - On August 25, Haitai Ruisheng's stock price fell by 0.39%, with a trading volume of 423 million yuan. The financing buy-in amount for that day was 53.94 million yuan, while the financing repayment was 51.11 million yuan, resulting in a net financing buy-in of 282,290 yuan. The total financing and securities balance reached 311 million yuan [1]. - The financing balance of 311 million yuan accounts for 3.89% of the circulating market value, which is below the 40th percentile level over the past year, indicating a relatively low position [1]. - On the same day, there were no shares repaid or sold in the securities lending market, with the securities lending balance also at zero, which is above the 70th percentile level over the past year, indicating a relatively high position [1].

Core Viewpoint - Hai Tian Rui Sheng executed a block trade on August 22, with a transaction amount of 4.00 million shares valued at 452.00 million yuan, at a price of 113.00 yuan, which represents a discount of 15.18% compared to the closing price of the day [1][2] Group 1: Block Trade Details - The block trade involved a total volume of 40,000 shares and a transaction value of 4.52 million yuan [1][2] - The buyer was an institutional special seat, while the seller was Huatai Securities Co., Ltd. [1][2] - In the last three months, the stock has seen a total of 18 block trades, accumulating a total transaction value of 106 million yuan [1] Group 2: Stock Performance - On the day of the block trade, Hai Tian Rui Sheng's closing price was 133.23 yuan, reflecting an increase of 6.41% [1] - The stock had a turnover rate of 7.17% and a total transaction amount of 569 million yuan for the day [1] - Over the past five days, the stock has increased by 4.84%, with a total net outflow of funds amounting to 25.36 million yuan [1] Group 3: Margin Financing Data - The latest margin financing balance for the stock is 326 million yuan, which has decreased by 33.56 million yuan over the past five days, representing a decline of 9.34% [2]

第1笔成交价格为113.00元，成交4.00万股，成交金额452.00万元，溢价率为-15.18%，买方营业部为机 构专用，卖方营业部为华泰证券股份有限公司南京中山东路华泰证券大厦证券营业部。 进一步统计，近3个月内该股累计发生18笔大宗交易，合计成交金额为1.06亿元。该股近5个交易日累计 上涨4.84%，主力资金合计净流出1464.48万元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月22日，海天瑞声收涨6.41%，收盘价为133.23元，发生1笔大宗交易，合计成交量4万股，成交金额 452万元。 ...

8月22日，海天瑞声大宗交易成交4万股，成交额452万元，占当日总成交额的0.79%，成交价113元，较市场收盘价133.23元折价15.18%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | | 2025-08-22 | 海天瑞声 | 688787 | 113 452 | 机构专用 | 华泰证券股份有限 | | | | | | | 公司南京中山东路 | | | | | | | 华泰证券大厦证券 --- | ...

Core Viewpoint - The article highlights the significant surge in the STAR Market, particularly driven by the AI and semiconductor sectors, with a notable increase in the STAR 50 index and various AI-related stocks [1][5]. Group 1: Market Performance - On August 22, the STAR 50 index rose over 5%, with stocks like Haiguang Information and Cambrian Technology seeing increases of 19% and 14% respectively, while the overall market showed a mixed trend with more declines than gains [1][5]. - The AI computing index also experienced a rise of 3.01% during the trading session, indicating strong investor interest in AI-related stocks [1]. Group 2: Key Drivers of AI Sector Growth - Three major positive developments contributed to the strength of the AI and domestic substitution sectors: 1. The release of DeepSeek-V3.1, which utilizes UE8M0 FP8 Scale parameters, is designed for the upcoming generation of domestic chips, enhancing performance in AI tasks [3][6]. 2. A new policy financial tool worth 500 billion yuan is set to be introduced, focusing on digital economy and AI sectors, alongside the EU's plan to purchase 40 billion USD worth of US AI chips, highlighting global emphasis on AI [3][6]. 3. Reports of Nvidia halting production of the H20 chip have renewed focus on domestic alternatives, with expectations for continued growth in domestic computing capabilities [4][6]. Group 3: Market Trends and Future Outlook - Despite recent market fluctuations, there remains strong support for stocks, with several exceeding 10 billion yuan in trading volume, indicating concentrated investor interest [7]. - Long-term projections suggest a "slow bull" market trend, supported by moderate leverage and valuation levels, with potential liquidity influx of approximately 14 trillion yuan into the market due to asset rotation [8]. - The accumulation of excess savings post-2018, estimated at over 30 trillion yuan, could lead to significant capital flowing into investments, particularly as deposits mature in the coming years [8].

Market Overview - On August 21, the IT services sector declined by 0.49% compared to the previous trading day, with Haitan Ruisheng leading the decline [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] IT Services Sector Performance - Notable gainers in the IT services sector included: - Luqiao Information: Closed at 75.04, up 15.70% with a trading volume of 71,800 shares and a transaction value of 555 million [1] - Feilixin: Closed at 6.48, up 5.88% with a trading volume of 2,393,000 shares and a transaction value of 1.534 billion [1] - Tianyi Ma: Closed at 53.15, up 5.23% with a trading volume of 66,700 shares and a transaction value of 352 million [1] - Haitan Ruisheng was the biggest loser, closing at 125.20, down 7.98% with a trading volume of 41,400 shares [2] Capital Flow Analysis - The IT services sector experienced a net outflow of 3.645 billion from institutional investors, while retail investors saw a net inflow of 3.254 billion [2] - The capital flow for specific stocks showed: - China Software: Net inflow of 189 million from institutional investors [3] - Yihualu: Net inflow of 122 million from institutional investors [3] - Taiji Co.: Net inflow of 87.689 million from institutional investors [3]