1月28日，科大讯飞（002230）股份有限公司(以下简称"科大讯飞")披露2025年业绩预告。报告期内， 科大讯飞预计归属于上市公司股东的净利润为7.85亿元至9.5亿元，同比增长40%至70%；预计归属于上 市公司股东扣除非经常性损益后的净利润为2.45亿元至3.01亿元，同比增长30%至60%。 业绩增长的背后，是科大讯飞大模型商业化的全面兑现。2025年，讯飞星火大模型相关项目中标金额达 23.16亿元，在政务、教育、工业等领域的落地速度和市场占有率持续领先。在To C端，星火大模型的 赋能让AI学习机、智能办公本等消费产品持续热销，成为营业收入的重要抓手。在To B/G端，星火大 模型与各行业的深度融合，让公司在智慧城市、智慧医疗、智能制造等领域的订单量大幅提升，行业赋 能的商业价值持续释放。 上海大学悉尼工商学院讲师王雨婷对《证券日报》记者表示，作为国内人工智能领域的龙头企业，科大 讯飞2025年的业绩预告表现，不仅是自身技术商业化的阶段性成果，更折射出国内AI产业正从技术探 索期迈入产业落地期。随着大模型技术的持续迭代和产业应用的不断深化，以科大讯飞为代表的国内 AI企业，有望在全球人工智能产业 ...

1月28日，科大讯飞发布2025年度业绩预告。 报告期内，公司预计2025年归母净利润较上年同期增长40%-70%，扣非净利润较上年同期增长30%-60%。同时，销售回款总额超过270亿元，较去年同期增 长超过40亿元，报告期末经营活动产生的现金流量净额超过30亿元，以上两项均创历史新高。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利: 78,500 万元〜95,000 万元 | 盈利:56,016.2' | | | 比上年同期增长:40%～70% | | | 扣除非经常性损 益后的净利润 | 盈利: 24,500 万元〜30,100 万元 | 盈利: 18,813.7 | | | 比上年同期增长:30%～60% | | | 基本每股收益 | 盈利: 0.3396 元/股〜0.4109 元/股 | 盈利:0.2422 7 | 科大讯飞人工智能国家队的产业地位进一步增强，得到国家高度认可，2025年因承担重大项目的政府补助增加约3亿，属于非经常性损益（公司同期上缴税 收超过 16 亿，创历史新高）。 面对人工智能从技术突破到规模化商 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 67.05 CNY per share, compared to the current price of 57.32 CNY [3][13]. Core Insights - The company is expected to see significant profit growth in 2025, with net profit projected between 785 million CNY and 950 million CNY, representing a year-on-year increase of 40% to 70% [8][9]. - The commercialization of AI large models is progressing steadily, with a project bid amount of 2.316 billion CNY for 2025 [9][10]. - The developer community for the company's open platform has surpassed 10 million, including 564,000 overseas developers, indicating strong ecosystem growth [9][10]. - The company has improved its cash collection, with total sales receipts expected to exceed 27 billion CNY in 2025, an increase of over 4 billion CNY from 2024 [9][10]. - R&D investment is projected to grow by over 20% in 2025, supporting the performance of the company's AI large models across various industries [10][12]. Financial Projections - Revenue is forecasted to grow from 19.65 billion CNY in 2023 to 40.205 billion CNY by 2027, with annual growth rates of 4.4%, 18.8%, 18.7%, 20.4%, and 20.5% respectively [2][12]. - The company's net profit is expected to increase from 657 million CNY in 2023 to 1.426 billion CNY in 2027, with growth rates of 17.1%, -14.8%, 55.5%, 48.3%, and 10.4% [2][12]. - Earnings per share (EPS) are projected to rise from 0.28 CNY in 2023 to 0.62 CNY in 2027 [2][12]. Competitive Positioning - The company is positioned as a leading player in the domestic AI technology application sector, with a strong market presence and a broad customer base across various industries, including education, healthcare, and finance [12][13]. - Compared to peers, the company has made significant investments in AI large models and has achieved faster product iteration, creating a competitive edge [12][13]. - The integration of B2B and B2C business models enhances the company's revenue potential and market positioning [12][13].

每经记者｜张宝莲 每经编辑｜文多 1月29日，科大讯飞（SZ002230，股价57.32元，市值1325亿元）发布2025年度业绩预告。 去年，在研发投入同比增超20%、销售费用同比增超25%的高强度投入下，科大讯飞预计实现归母净利 润7.85亿~9.50亿元，同比增长40%~70%。 据《每日经济新闻》记者了解，业绩变动的主要原因来自人工智能应用规模化落地。公司指出，根据第 三方机构数据，2025年公司大模型相关项目中标金额为23.16亿元，中标金额已超过行业内第二名至第 六名的总和。 回顾更早的时间，江涛曾介绍，公司将把回款纳入重点经营管理事项。如今看，高管所述正在兑现为现 实。 科大讯飞在业绩预告中披露，预计公司2025年销售回款总额超过270亿元。此前，公司曾披露2025年上 半年销售回款103.61亿元，这意味着下半年回款金额将超过上半年。 公司还预计2025年经营活动产生的现金流量净额超过30亿元。科大讯飞称，回款与现金流这两项数据均 创下公司历史新高。 科大讯飞业绩之所以增长，可归功于大模型的规模化商业落地。其星火大模型的商业化进展通过中标金 额、C端产品销量等数据得到体现。 在持续对大模型研发 ...

Core Viewpoint - The article highlights significant projected net profit growth for various companies in 2025, indicating strong performance expectations across multiple sectors [1] Group 1: Company Projections - Haixia Innovation is expected to see a net profit increase of 1660.56% to 2540.85% year-on-year in 2025 [1] - Electric Power Water is projected to have a net profit growth of approximately 1337% in 2025 [1] - Honghe Technology anticipates a net profit increase of 745% to 889% in 2025 [1] - Shangluo Electronics expects a net profit growth of 302.55% to 344.92% in 2025 [1] - Fangda Special Steel is projected to see a net profit increase of 236.90% to 302.67% in 2025 [1] - Changchuan Technology anticipates a net profit growth of 172.67% to 205.39% in 2025 [1] - Xiechuang Data expects a net profit increase of 52% to 81% in 2025 [1] - Industrial Fulian is projected to have a net profit growth of 51% to 54% in 2025 [1] - Ruifeng Optoelectronics anticipates a net profit increase of 80% to 160% in 2025 [1] - Xiaocheng Technology expects a net profit growth of 93.32% to 179.24% in 2025 [1] - Mingyang Smart Energy is projected to see a net profit increase of 131.14% to 188.92% in 2025 [1] - iFlytek anticipates a net profit growth of 40% to 70% in 2025 [1] - Gigabit expects a net profit increase of 79% to 97% in 2025 [1] - Zhangyuan Tungsten anticipates a net profit growth of 51% to 86% in 2025 [1] - Hunan Silver is projected to see a net profit increase of 67.88% to 126.78% in 2025 [1] - Tibet Summit expects a net profit growth of 92.28% to 135.01% in 2025 [1] - Silan Microelectronics anticipates a net profit increase of 50% to 80% in 2025 [1] - Tianhai Defense is projected to see a net profit growth of 51.57% to 116.53% in 2025 [1] - Wolong Nuclear Materials expects a net profit increase of 29.79% to 39.22% in 2025 [1]

报告期，公司在人工智能自主可控保持高强度投入的背景下，仍然实现了全年营业收入、毛利、归母净 利润、扣非净利润、经营性现金流净额等各项核心经营指标均保持正向增长。公司预计2025年归母净利 润较上年同期增长40%-70%，扣非净利润较上年同期增长30%-60%。同时，销售回款总额超过270亿 元，较去年同期增长超过40亿元，报告期末经营活动产生的现金流量净额超过30亿元。 智通财经APP讯，科大讯飞(002230.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 7.85亿元至9.5亿元，同比增长40%至70%;扣除非经常性损益后的净利润2.45亿元至3.01亿元，同比增长 30%至60%。 ...

报告期，公司在人工智能自主可控保持高强度投入的背景下，仍然实现了全年营业收入、毛利、归母净 利润、扣非净利润、经营性现金流净额等各项核心经营指标均保持正向增长。公司预计2025年归母净利 润较上年同期增长40%-70%，扣非净利润较上年同期增长30%-60%。同时，销售回款总额超过270亿 元，较去年同期增长超过40亿元，报告期末经营活动产生的现金流量净额超过30亿元。 智通财经APP讯，科大讯飞(002230.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 7.85亿元至9.5亿元，同比增长40%至70%;扣除非经常性损益后的净利润2.45亿元至3.01亿元，同比增长 30%至60%。 ...

Financial Performance - The company expects a net profit attributable to shareholders of 785-950 million yuan in 2025, representing a year-on-year growth of 40%-70% [1] - The non-recurring net profit is projected to be 245-301 million yuan, with a year-on-year increase of 30%-60% [1] - Sales collections are anticipated to exceed 27 billion yuan, and operating cash flow is expected to surpass 3 billion yuan, both reaching historical highs [1] Investment Intensity - Research and development expenditures are expected to grow by over 20% year-on-year, while sales expenses are projected to increase by over 25% [1] - Government subsidies are expected to rise by approximately 300 million yuan, contributing to non-recurring profits [1] Core Business - The company’s "Xunfei Spark" large model has secured contracts worth 2.316 billion yuan, ranking first in the industry [1] - The AI learning machine has been the top-selling product category for three consecutive years during major shopping events [1] - The number of developers on the open platform has surpassed 10 million [1] Strategic Positioning - The company emphasizes "national computing power training" and "self-controllability," positioning itself as a national team in artificial intelligence [1] - The multi-language large model covers over 130 languages [1] Focus Areas - There is a significant gap of 640-690 million yuan between non-recurring net profit and net profit attributable to shareholders, primarily due to increased government subsidies [2] - The company highlights that tax payments exceeded 1.6 billion yuan, a historical high, which may indicate a defensive stance regarding the justification of government subsidies [2] Market Strategy - The company is engaged in a resource-intensive battle, with R&D and sales expenses growing faster than non-recurring net profit [3] - Despite the AI learning machine's sales success, specific sales volume and profitability data have not been disclosed, raising questions about the actual conversion of marketing investments into healthy profit margins [3] Commercialization Challenges - The reported contract amount for the "Xunfei Spark" large model does not equate to confirmed revenue or profit, as projects in the government and enterprise market often have long cycles and slow payment [3] - The operating cash flow of over 3 billion yuan, relative to the 27 billion yuan in sales collections, indicates a low conversion efficiency [3] Developer Ecosystem - The claim of over 10 million developers, including 564,000 overseas, raises concerns about the actual engagement and commercial value generated by these developers [5] - The company has not provided key metrics such as retention rates or conversion rates for these developers, which are critical for assessing the ecosystem's health [5] International Expansion - The company claims its multi-language large model covers over 130 languages, positioning itself as a second choice for the world, but lacks data on actual overseas revenue contributions [6] - Challenges in international markets include not only technology and products but also trust and compliance issues [6] Future Focus Areas - Investors should monitor the quality of growth in non-recurring net profit and whether actual profitability improves after excluding government subsidies [7] - The trend of investment returns should be assessed, particularly how high R&D and sales expenditures translate into profit margins [7] - The profitability of C-end products, such as the AI learning machine, needs to be evaluated for their actual contribution [7] - The conversion efficiency of contract amounts to actual revenue and cash flow in large model projects should be scrutinized [7] - The commercialization progress of the developer ecosystem should be tracked, focusing on the transition from quantity to value creation [7]

Group 1 - Industrial Fulian (601138.SH) expects a net profit attributable to shareholders of 35.1 billion to 35.7 billion yuan for the year 2025, an increase of 11.9 billion to 12.5 billion yuan compared to the previous year, representing a year-on-year growth of 51% to 54% [1] - In Q4, Industrial Fulian's net profit is projected to be between 12.6 billion to 13.2 billion yuan, an increase of 4.5 billion to 5.1 billion yuan year-on-year, reflecting a growth of 56% to 63% [1] - The revenue from 800G and above high-speed switch business is expected to grow by 13 times year-on-year in 2025, with Q4 revenue increasing over 4.5 times compared to the same period last year [1] - The revenue from AI servers for cloud service providers is anticipated to grow over 3 times year-on-year in 2025, with Q4 revenue increasing over 50% quarter-on-quarter and over 5.5 times year-on-year [1] Group 2 - Keda Xunfei (002230.SZ) forecasts a net profit attributable to shareholders of 785 million to 950 million yuan for 2025, representing a growth of 40% to 70% compared to the previous year [3] - The performance change is primarily due to the large-scale application of artificial intelligence, with the "Xunfei Spark" model accelerating its deployment in the consumer sector [3] - For Q3 2025, Keda Xunfei reported a net profit of 172 million yuan, leading to an estimated Q4 net profit of 852 million to 1.017 billion yuan, indicating a quarter-on-quarter growth of 394% to 490% [3]

Group 1 - Chihong Zn & Ge plans to increase capital by 3.3 billion RMB to its wholly-owned subsidiary, Hulunbuir Chihong Mining, primarily for repaying internal loans, supplementing working capital, and constructing lead-zinc smelting projects. Post-increase, the registered capital will rise to 3.515 billion RMB [2] - Yuguang Gold Lead's stock price has surged by 59.52% over six trading days, but the future of silver prices remains uncertain, which could adversely affect the company's profitability if prices decline [3] - Changjiang Investment expects a net loss of 30 to 45 million RMB for 2025, with potential delisting risk due to failing to meet the 300 million RMB revenue threshold [4] Group 2 - Kewan Technology's subsidiary has not generated revenue, and the company anticipates a significant net profit decrease of 72.90% to 80.42% for 2025 [5] - Hainan Mining is planning to acquire control of Fengrui Fluorine Industry through a combination of cash and stock issuance, with trading suspended for up to 10 days [6] - Chifeng Gold's stock has shown abnormal trading fluctuations, with significant increases in gold product prices expected to impact its operating performance [7] Group 3 - Jin Hui Co. reports that silver product revenue constitutes a low percentage of total revenue, with silver sales accounting for 12.46% of total revenue in the first three quarters of 2025 [8] - Western Gold emphasizes its focus on gold mining and smelting as its main business amid rising market interest [9] - Gehua Cable plans to invest 100 million RMB in a private equity fund focused on the smart robotics industry, aiming to enhance synergy with its broadcasting business [10] Group 4 - Keda Manufacturing intends to acquire a 51.55% stake in Tefu International, with trading resuming on January 29, 2026 [11] - Hai Xin Food has successfully entered the Sam's Club retail channel, launching customized products to enhance brand image and product value [12] - Shangwei New Materials warns of potential further stock suspensions if prices continue to rise, as its new product development is still in the early stages [13] Group 5 - Xie Chuang Data expects a net profit increase of 51.78% to 80.69% for 2025, projecting profits between 1.05 billion to 1.25 billion RMB [15] - Industrial Fulian anticipates a net profit of 35.1 billion to 35.7 billion RMB for 2025, reflecting a growth of 51% to 54% [17] - Mingyang Smart Energy forecasts a net profit increase of 131.14% to 188.92% for 2025, driven by significant growth in wind turbine deliveries and sales [18] Group 6 - Keda Technology expects a net profit increase of 40% to 70% for 2025, projecting profits between 785 million to 950 million RMB [19] - Hunan Silver anticipates a net profit increase of 67.88% to 126.78% for 2025, supported by increased production and rising market prices for silver and gold [21] - Honghe Technology projects a substantial net profit increase of 745% to 889% for 2025, driven by rising demand for electronic-grade glass fiber cloth [22] Group 7 - Zhongtian Rocket expects a net loss of 95 million to 115 million RMB for 2025, a shift from a profit of 19.56 million RMB in the previous year due to increased competition and price declines in its core business [23] - Zotye Auto anticipates a net loss of 281 million to 417 million RMB for 2025, primarily due to operational issues and fixed costs [24] Group 8 - Huaguang Huaneng's controlling shareholder plans to reduce its stake by up to 1% through market transactions [25] - Bozhong Precision's major shareholder intends to reduce its stake by up to 1% due to funding needs [26] Group 9 - ST Songfa's subsidiary has signed a contract for the construction of container ships worth approximately 3.4 billion to 4 billion RMB, with delivery expected in 2028 [27]