收入稳健增长，"讯飞星火"模型能力提升 科大讯飞(002230) 证券研究报告 软件开发 / 公司点评 / 2025.10.21 投资评级:增持(维持) | 基本数据 | 2025-10-20 | | --- | --- | | 收盘价(元) | 51.35 | | 流通股本(亿股) | 21.89 | | 每股净资产(元) | 7.70 | | 总股本(亿股) | 23.12 | 最近 12 月市场表现 -9% -1% 6% 14% 22% 29% 科大讯飞 沪深300 上证指数 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com ❖ 事件：2025 年 10 月 20 日，公司发布 2025 年三季度报告。2025 年前三季 度，公司实现收入 169.89 亿元，同比增长 14.41%；实现归母净利润-0.67 亿元，同比增长 80.60%。3Q2025，公司实现收入 60.78 亿元，同比增长 10.02%；实现归母净利润 1.72 亿元，同比增长 202.40%。 ❖ 收入稳健增长，现金流持续向好。3Q2025，公司继续保持健康的经营发 展态势，营业收入 ...

编辑丨卜羽勤 20日晚间，科大讯飞发布2025年第三季度报告，其营收、归母净利润、扣非归母净利润、经营性现金流均实现增长。 作者丨陈归辞 今年第三季度，科大讯飞营业收入60.78亿元，同比增长10.02%；毛利润为24.5亿元，同比增长8.6%；归母净利润1.72亿元，同比大幅增长 202.40%；扣非归母净利润0.26亿元，同比增长76.50%。 今年前三季度，科大讯飞实现营业收入169.89亿元，同比增长14.41%；归母净利润为亏损0.67亿元，同比增长80.60%；扣非归母净利润为亏 损3.38亿元，同比增长27.83%。 现金流方面，科大讯飞今年第三季度经营性现金流净额8.95亿元，同比增长25.19%。前三季度累计经营性现金流净额为1.23亿元，同比增长 114.94%。 该季度财报科大讯飞净利润的大幅飙升与现金流状况改善成为市场核心关注点。政府补助是推动净利润激增的关键因素，同时营收稳步增长 也为其注入动力。 | | 本报告期 | 本报告期比上 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 年同期增减 | | 比上年同期增 ...

Core Viewpoint - The latest quarterly report from Keda Xunfei shows significant growth in revenue and profit, driven by advancements in AI technology and its industrial application [1][2]. Financial Performance - Keda Xunfei achieved a revenue of 6.078 billion yuan in Q3 2025, representing a year-on-year increase of 10.02% [4]. - The net profit attributable to shareholders reached 172.25 million yuan, a remarkable increase of 202.40% compared to the previous year [4]. - The net profit excluding non-recurring items was 26.24 million yuan, up 76.5% year-on-year [4]. - Operating cash flow showed strong performance with a net amount of 895 million yuan, reflecting a growth of 25.19% [6]. Business Operations - The report indicates that the two core profit indicators demonstrate the company's improved profitability in its main business [5]. - For the first three quarters of 2025, total revenue reached 16.99 billion yuan, a 14.41% increase year-on-year, with a net loss of 0.67 billion yuan, significantly narrowing the loss by 80.6% compared to the previous year [8][9]. AI Technology and Market Position - Keda Xunfei's advancements in AI large models have become a key driver for revenue growth, with significant progress in core technology, product deployment, and ecosystem development [13]. - The "Xunfei Spark" model has undergone critical upgrades, outperforming competitors in various capabilities, including mathematics and translation [14][15]. - The company has secured the highest number and amount of bids for large model projects in the industry, with Q3 bids totaling 545 million yuan, surpassing the combined total of the second to fifth competitors [16]. Research and Development - Keda Xunfei continues to increase its R&D investment, planning to raise up to 4 billion yuan through the issuance of A-shares to fund the development of the Spark education model and computing platform [18][19]. Ecosystem Growth - The AI ecosystem is showing strong growth, with 690,000 new developers added for large models and a total of 1.22 million ecosystem developers [17].

榜单结果显示，通信设备、显示面板、服务器等硬件设备领域的龙头企业仍然在 科技 创新上保持领 先，半导体产业链公司展现出强劲的研发韧性与技术突破能力，而软件服务公司则在人工智能、大模 型、安全与金融科技等前沿领域不断涌现新成果。整体上，榜单不仅反映出硬科技企业在 人才积 累、研发强度、专利产出 等方面的真实情况，也折射出中国硬科技产业在2025年所展现出的 技术 进取心与产业竞争力 。 2025 中国硬科技上市公司价值榜 【子榜单2】 2025中国硬科技上市公司 科技创新力 CF行榜TOP30 01 | 中兴通讯 000063.SZ 通信设备与ICT解决方案供应商 无线/有线网络设备(基站、光传输、核心网）、算力与 服务器、终端产品(手机) 02 | 大华股份 002236.SZ 视频监控与智能安防产品与解决方案供应商 大华雷视融合一体机、热成像双目云台、智能PoE系列等 03 | 海康威视 002415.SZ 视频感知与智能物联(安防+AI)龙头 摄像机/视频编码、Al视频分析、大数据与云端平台等 04 | 科大讯飞 002230.SZ 人工智能与语音/大模型平台公司 在全球科技竞争加速、产业升级步伐加快的背 ...

Core Viewpoint - In the third quarter of 2025, iFlytek reported a significant turnaround with a net profit of 172 million yuan, marking a year-on-year increase of 202.40%, alongside a revenue growth of 10.02% to 6.078 billion yuan [1][3][5]. Financial Performance - The company's revenue for the third quarter reached 6.078 billion yuan, a 10.02% increase compared to the same period last year [2][3]. - The net profit attributable to shareholders was 172 million yuan, showing a remarkable growth of 202.40% year-on-year [1][3]. - For the first three quarters of 2025, total revenue was 16.989 billion yuan, up 14.41%, but the net profit remained negative at -66.68 million yuan, although this was an improvement of 80.60% compared to the previous year [5][7]. - The basic earnings per share for the third quarter was 0.0745 yuan, reflecting a 206.58% increase [2][3]. Operational Highlights - iFlytek's "Xunfei Spark" AI model maintained a leading position in domestic computing power, contributing to the company's strong performance [3][6]. - The company ranked first in the industry for the number and amount of large model project bids from January to September 2025, with a third-quarter bid amount of 545 million yuan, significantly higher than competitors [7][8]. - The company reported a 278.42% increase in asset disposal income compared to the previous year, driven by gains from long-term asset disposals [7]. Market Position and Strategy - iFlytek's revenue is primarily derived from software and information technology services, accounting for 98.16% of total revenue, with significant contributions from smart healthcare and open platforms [5][6]. - The company has made strides in international applications of its AI models, evidenced by the launch of a multilingual model tailored for the ASEAN region [6][8].

昨日晚间，科大讯飞发布2025年第三季度报告，其营收、归母净利润、扣非归母净利润、经营性现金流均实现增长。截至今日 午盘，科大讯飞股价收涨1.75%。 今年第三季度，科大讯飞营业收入60.78亿元，同比增长10.02%；毛利润为24.5亿元，同比增长8.6%；归母净利润1.72亿元，同 比大幅增长202.40%；扣非归母净利润0.26亿元，同比增长76.50%。 今年前三季度，科大讯飞实现营业收入169.89亿元，同比增长14.41%；归母净利润为亏损0.67亿元，同比增长80.60%；扣非归母 净利润为亏损3.38亿元，同比增长27.83%。 现金流方面，科大讯飞今年第三季度经营性现金流净额8.95亿元，同比增长25.19%。前三季度累计经营性现金流净额为1.23亿 元，同比增长114.94%。 该季度财报科大讯飞净利润的大幅飙升与现金流状况改善成为市场核心关注点。政府补助是推动净利润激增的关键因素，同时 营收稳步增长也为其注入动力。 | | 本报告期 | 本报告期比上 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 年同期增减 | | ...

每经头条（nbdtoutiao）——展望"十五五"|专访财政部原副部长朱光耀：未来几年中国经济增速有望保 持4.5%~5%，可再生能源、人工智能等领域将成重要推动力 每经AI快讯，科大讯飞10月20日晚间发布公告称，公司第六届第十六次董事会会议于2025年10月19日 以现场和视频会议相结合的方式召开。会议审议了《公司2025年第三季度报告》等文件。 （记者 王晓波） ...

截至2025年10月21日 13:03，中证软件服务指数上涨0.99%，成分股指南针上涨2.94%，财富趋势上涨2.58%，中科软上涨2.49%，恒生电子上涨2.01%，中科 星图上涨1.78%。软件ETF(159852)上涨0.90%。拉长时间看，截至2025年10月20日，软件ETF近3月累计上涨6.12%。 截至10月20日，软件ETF近3年净值上涨14.41%。从收益能力看，截至2025年10月20日，软件ETF自成立以来，最高单月回报为39.35%，最长连涨月数为3个 月，最长连涨涨幅为69.40%，上涨月份平均收益率为10.06%。 数据显示，截至2025年9月30日，中证软件服务指数前十大权重股分别为科大讯飞、同花顺、金山办公、指南针、恒生电子、润和软件、三六零、拓维信 息、用友网络、深信服，前十大权重股合计占比62.41%。 东莞证券指出，当前外部环境扰动，政策风险与不确定性增加进一步凸显我国科技自立自强的紧迫性，将加速推进国产化替代进程，信创及工业软件等相关 产业或迎来发展新机遇。数据显示，2025年1-8月中国软件业务收入同比增长12.6%，行业保持稳健增长。 政策层面，两部门要求搭建政务 ...

业绩简评 2025 年 10 月 20 日，公司发布 2025 年三季报。公司 2025 年第 三季度实现营收 60.8 亿元，同比增长 10.0%，毛利润为 24.5 亿 元，同比增长 8.6%；归母净利润为 1.4 亿元，同比增长 202.4%； 扣非后归母净利润为 0.3 亿元，同比增长 76.5%。 现金流方面，公司 2025 年第三季度销售商品、提供劳务收到的现 金为 70.8 亿元，同比增长 18.2%，快于同期营收增速；经营活动 现金流量净额为 9.0 亿元，同比增长 25.2%。 经营分析 收入方面，根据公司 2025 年上半年披露的营收结构及增速，C 端、B 端、G 端业务营收占比分别为 32%、42%、26%，其中 C 端业务同比增长 38%，我们判断第三季度 C 端业务依然是营收 增长的主要驱动因素。 费用端，2025 年第三季度公司销售、管理、研发费用之和同比 增长 9.7%，快于当期毛利润增速。其中销售费用同比增长 23.1%，根据上半年销售费用结构，我们判断主要系公司增加了 渠道营销推广费用，从而拉动学习机等 C 端硬件营收的增长。管 理、研发费用增长相对平稳，分别同比下滑 1.4 ...

Group 1: Technology Developments - DeepSeek-AI team released an open-source model DeepSeek-OCR, which compresses long text contexts using visual modalities, capable of generating over 200,000 pages of training data daily on a single A100-40G GPU [2] - IBM partnered with AI company Groq to enhance enterprise AI deployment, allowing customers to access Groq's inference technology on watsonx Orchestrate [7] - Baidu is set to officially launch its Xiaodu AI glasses at the Baidu World 2025 conference in November, with plans for a year-end release [16] Group 2: Market Performance - Apple's iPhone 17 series saw strong early sales in China and the US, with a 14% increase in sales compared to the iPhone 16 series, leading to a historic high in Apple's stock price and a market cap of $3.89 trillion [3] - JD.com reported that over 52,000 brands experienced a sales increase of over 300% during the preliminary "Double 11" shopping event, with significant growth in consumer electronics and AI-related products [4] - Douyin e-commerce revealed that over 41,000 merchants achieved a 500% increase in live-stream sales during the first phase of "Double 11," with a 900% increase in merchants generating over 100 million yuan in sales [5] Group 3: Financial Results - CATL reported a net profit of 18.55 billion yuan for Q3 2025, marking a 41.21% year-on-year increase [11] - China Mobile announced a net profit of 115.4 billion yuan for the first three quarters of 2025, reflecting a 4% year-on-year growth, with a total operating revenue of 794.7 billion yuan [12] - iFlytek reported a net profit of 172 million yuan for Q3 2025, a significant increase of 202.40% year-on-year, with total revenue of 6.078 billion yuan [13] Group 4: Industry Trends - The production of industrial and service robots in China has seen significant growth, with a 9.7% increase in the value added of the digital product manufacturing industry in the first three quarters of the year [8] - Samsung is accelerating the development of HBM4, set to be unveiled at the Samsung Tech Day from October 27 to 31, while Micron's Chief Business Officer predicts a continued tight DRAM market through 2026 [9][10] - Ant Group's future Hainan information technology company increased its registered capital to 3.5 billion yuan, a staggering 34,900% increase [14]