神州数码（000034.SZ）2025 年半年报点评 自有品牌业务利润高增，AI 战略持续推进 2025 年 09 月 01 日 ➢ 事件概述：2025 年 8 月 26 日，公司发布 2025 年中报，2025 年上半年实 现营业收入 715.9 亿元，同比增长 14.4%；实现归母净利润 4.3 亿元，同比下降 16.3%。 ➢ 收入稳健增长，战略业务表现亮眼，盈利质量良好。 1) 整体收入稳步提升： 2025 年上半年，公司实现营业收入 715.9 亿元，同比增长 14.4%。其中，IT 分 销及增值业务实现收入 683.9 亿元，同比增长 14.3%，主要受益于以芯片分销为 主的微电子业务板块保持高速增长，该板块实现收入 121 亿元，同比增长 30.4%。 2) 战略业务加速突破：数云服务及软件业务实现收入 16.4 亿元，同比增长 14.1%；自有品牌产品业务实现收入 31.0 亿元，同比增长 16.6%，两大战略业 务均保持较快增长。 3) 利润短期承压，经营质量稳健：2025 年上半年归母净利润 4.3 亿元，同比下 降 16.3%，扣非后净利润 4.4 亿元，同比下降 4.1%，主要系公司加 ...

IT 分销及增值服务受益以旧换新政策实现高增。2025 年上半年公司IT 分销及增值服务业务实现收入 683.9 亿元， 同比增长14.3%，增速创近三年新高。在国家消费品以旧换新政策支持以及公司高效强大 的全国渠道和供应链能力赋能下，分销业务迎来较好增长。此外，公司微电子分销业务板块2025 年上 半年实现30%以上收入增长，并加大国产半导体布局，引入国产头部品牌支持国产生态。 AI 赋能客户智能化转型，数云业务盈利能力增强。公司数云服务及软件业务2025 上半年实现收入16.4 亿元，同比增长14. 1%，毛利率同比提升2.3 个百分点至21.4%。公司自研AI 原生赋能平台"神州问 学"全面升级为企业级Agent 中台，打通算力、模型、知识、应用四大要素，为企业提供智能体生产 线，已在制造、零售、医疗等多个行业落地标杆案例。此外，公司将企业级A I 能力向个人PC 端延 申，发布爱问学Beta，助力个人客户在本地环境下构建与调用专属大模型，释放广泛创新潜能。 核心观点 公司发布2025 年中期报告，收入稳健增长，利润短期承压。分销业务受益以旧换新政策，收入增速达 到近三年新高，微电子分销板块表现亮眼。A ...

Core Viewpoint - The company reported a solid revenue growth of 14.42% year-on-year for the first half of 2025, but faced a decline in net profit by 16.29% due to increased R&D investments and reduced government subsidies [1][2][3]. Revenue Performance - In the first half of 2025, the company achieved an operating revenue of 71.586 billion yuan, reflecting a year-on-year growth of 14.42% [1][2]. - The company's strategic businesses, including cloud services and software, saw significant growth, with cloud services and software revenue increasing by 14.10% year-on-year [3]. - The IT distribution and value-added services business also performed well, growing by 14.30% year-on-year, driven by the rapid growth of the microelectronics business and government subsidy policies [3]. Profit Performance - The company reported a net profit attributable to shareholders of 426 million yuan, a decrease of 16.29% year-on-year, and a non-recurring net profit of 436 million yuan, down 4.07% year-on-year [1][3]. - The decline in profit was attributed to increased R&D investments in AI technology, reduced government subsidies, and one-time negative impacts from fair value changes of equity assets [3]. - The net cash flow from operating activities was 500 million yuan, indicating solid and stable operations with good profit quality [3]. Business Development - The AI-driven cloud services and software business showed steady growth, with revenue reaching 1.64 billion yuan, a year-on-year increase of 14.1%, and a net profit after tax of 35.37 million yuan, up 30.6% [4]. - The company upgraded its AI platform to enhance enterprise-level applications, achieving significant operational efficiency improvements in various industries [4]. - The self-owned brand business also grew steadily, with revenue of 3.1 billion yuan, a year-on-year increase of 16.6%, and a net profit of 59.57 million yuan, up 90.5% [5]. Future Outlook - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 1.116 billion yuan, 1.332 billion yuan, and 1.611 billion yuan respectively, with corresponding EPS of 1.55, 1.85, and 2.24 yuan [6]. - The company is expected to benefit from the trends of enterprise cloud adoption and digital transformation, as well as the dual drivers of AI and domestic innovation [6].

Market Performance - The Zhipu AI concept index declined by 2.60%, ranking among the top losers in the concept sector as of the market close on August 29 [1] - Within the Zhipu AI sector, stocks such as Mengwang Technology, Haitian Ruisheng, and Nengke Technology experienced significant declines, while only four stocks saw price increases, with Zhongke Jincai, Worth Buying, and Wanxin Media rising by 3.39%, 0.73%, and 0.43% respectively [1] Capital Flow - The Zhipu AI concept sector saw a net outflow of 4.723 billion yuan, with 55 stocks experiencing net outflows and 15 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Zhongke Shuguang, with a net outflow of 990 million yuan, followed by Changshan Beiming, Mengwang Technology, and Shenzhou Digital, with net outflows of 402 million yuan, 298 million yuan, and 275 million yuan respectively [2] Top Gainers and Losers - Among the top gainers in the Zhipu AI concept, Zhongke Jincai led with a 3.39% increase, while Mengwang Technology was among the top losers with an 8.57% decline [3][4] - Other notable losers included Nengke Technology, which fell by 7.38%, and Haitan Ruisheng, which dropped by 7.85% [3][4]

Investment Rating - The report maintains a "Recommended" investment rating for Digital China (000034.SZ) with a current stock price of 46.14 yuan [1]. Core Insights - In the first half of 2025, Digital China achieved operating revenue of 71.586 billion yuan, representing a year-on-year growth of 14.42%. However, the net profit attributable to shareholders decreased by 16.29% to 426 million yuan, and the net profit after deducting non-recurring gains and losses fell by 4.07% to 436 million yuan [4][7]. - The company's three core businesses are developing evenly, with significant contributions from its cloud services and software, proprietary brand products, and IT distribution and value-added services [7][8]. - The AI-driven cloud services and software business reported revenue of 1.64 billion yuan, up 14.1% year-on-year, with a gross margin of 21.4%, an increase of 2.3 percentage points [8]. - The proprietary brand business also showed stable growth, generating revenue of 3.1 billion yuan, a 16.6% increase year-on-year, with a net profit of 595.7 million yuan, up 90.5% [8]. Summary by Sections Financial Performance - For the first half of 2025, Digital China reported operating revenue of 71.586 billion yuan, a 14.42% increase year-on-year. The net profit attributable to shareholders was 426 million yuan, down 16.29%, while the net profit after deducting non-recurring items was 436 million yuan, down 4.07% [4][7]. - The company’s cash flow from operating activities was 500 million yuan, indicating solid operational stability [7]. Business Development - The AI-driven cloud services and software business is experiencing steady growth, with revenue reaching 1.64 billion yuan, a 14.1% increase year-on-year. The gross margin improved to 21.4% [8]. - The proprietary brand business achieved revenue of 3.1 billion yuan, a 16.6% increase year-on-year, with a significant rise in net profit [8]. Future Outlook - The report adjusts the profit forecast for Digital China, estimating net profits of 1.116 billion yuan for 2025, 1.332 billion yuan for 2026, and 1.611 billion yuan for 2027. The corresponding EPS estimates are 1.55 yuan, 1.85 yuan, and 2.24 yuan respectively [8]. - The company is expected to benefit from the trends of enterprise cloud adoption and digital transformation, as well as the waves of innovation in AI and trusted computing [8].

Core Insights - The company reported a revenue of 71.59 billion yuan and a net profit of approximately 426 million yuan for the first half of 2025, with AI-related business revenue reaching 13.332 billion yuan, a year-on-year increase of 56% [1][2] Business Segments - In the proprietary brand products segment, the company achieved a revenue of 3.1 billion yuan, a year-on-year growth of 16.6%, with AI-related business contributing 660 million yuan [1] - In the cloud services and software segment, the company generated a revenue of 1.64 billion yuan, up 14.1%, with AI-related revenue at 802 million yuan, growing by 33% [2] - The IT distribution and value-added services segment saw a revenue of 68.39 billion yuan, a 14.3% increase, with AI-related revenue at 11.681 billion yuan, marking a 59% growth [2] - The company is expanding its overseas business, particularly in Southeast Asia, leveraging partnerships with local firms and global tech giants to enhance digital transformation efforts [2] R&D Investment - The company invested 210 million yuan in R&D during the first half of the year, reflecting a 10.6% increase, focusing on enhancing AI applications and server performance [3]

证券代码：000034 证券简称：神州数码 公告编号：2025-145 神州数码集团股份有限公司 关于为子公司担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 神州数码集团股份有限公司（以下简称"公司"）2025 年 3 月 27 日召开的 第十一届董事会第十三次会议、2025 年 4 月 22 日召开的 2024 年年度股东大会 审议通过了《关于预计担保额度的议案》，同意公司和控股子公司向业务相关方 （包括但不限于银行、金融机构及供应商等）申请授信或其他履约义务，同意为 下属控股子公司提供担保或控股子公司之间提供担保。其中，为资产负债率低于 70%的控股子公司提供担保的额度不超过人民币 20 亿元，为资产负债率 70%以上 的控股子公司提供担保的额度不超过人民币 630 亿元，预计提供担保总额不超过 等额 650 亿元人民币，担保方式为保证担保、抵押担保、质押担保等，且任一时 点的担保余额不超过股东大会审议通过的额度。同时，在此担保额度范围内，公 司合并报表范围内控股子公司之间提供的担保，按照控股子公司的审议程序决定， 控股子公司在其履行审议程序 ...

Group 1 - The core viewpoint of the news is the disclosure of institutional and public fund holdings in Digital China (000034.SZ) as of August 27, 2025, highlighting changes in ownership and investment trends [1][2] Group 2 - As of the report date, 26 institutional investors hold a total of 110 million shares of Digital China, representing 15.23% of the total share capital [1] - The top ten institutional investors collectively hold 15.20% of the shares, with a decrease of 2.74 percentage points compared to the previous quarter [1] - Among public funds, only one fund, the Southern CSI 500 ETF, increased its holdings by 0.34% compared to the previous period [2] - Eleven new public funds disclosed their holdings, including notable names like Ping An CSI A500 ETF and Penghua CSI 500 Index (LOF) A [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 1.63% compared to the previous quarter [2]

Core Insights - The company reported strong performance in the first half of the year, driven by the deepening and upgrading of its "Data x AI" strategy, focusing on core technological breakthroughs and industry applications [1][2] Financial Performance - Overall revenue increased by 12% year-on-year, reaching 7.865 billion yuan, while gross profit grew by 8% to 1.033 billion yuan [2] - Net profit attributable to the parent company surged by 41% to 15.21 million yuan [2] - The big data products and solutions segment served as a growth engine, with revenue rising 12% to 1.43 billion yuan [2] - Software and operation services revenue reached 2.448 billion yuan, up 13% year-on-year [2] - The company secured new contracts worth 9.476 billion yuan, a 98% increase year-on-year, with a backlog of 10.441 billion yuan [2] Technological Advancements - The company enhanced its AI full-stack capabilities centered around the "Yanyun Infinity" platform, creating three major platforms: AI Infra, AI-ready Data, and Agentic AI, forming a technological closed loop [3] - R&D investment amounted to approximately 305 million yuan, with 1,870 standards established and a total of 3,290 intellectual property rights [3] Value Creation through AI - The company's core value scenarios have significantly improved due to the "Data x AI" strategy, with logistics costs in the smart supply chain scenario decreasing by over 20% and overall warehouse efficiency increasing by over 30% [4] - The self-developed "Xiao Jin" intelligent agent improved daily query efficiency by 90% and data analysis efficiency by 50% [4] - The company successfully deployed AI assistants in smart governance, achieving over 95% accuracy in responses [4] Industry Impact - The company is actively building an open innovation ecosystem, collaborating with institutions like Peking University and Tencent Cloud to enhance its AI capabilities [5] - In the supply chain sector, partnerships with logistics giants such as SF Express and Yunda are being deepened to drive innovation [5] - The company leverages government resources to empower enterprises, facilitating digital transformation for traditional businesses [5] Future Outlook - The company is poised to capitalize on the opportunities presented by "Artificial Intelligence+" as it further implements its "Data x AI" strategy, enhancing its technological foundation and supply chain capabilities [6]

所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 证券代码：000034 证券简称：神州数码 公告编号：2025-139 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 公司报告期无优先股股东持股情况。 6、在半年度报告批准报出日存续的债券情况 □适用 √不 ...