二〇二五年八月 1 广联达科技股份有限公司 2025 年半年度报告全文 2025 年半年度报告 广联达科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人袁正刚、主管会计工作负责人刘建华及会计机构负责人(会计主管人员)王宁声明：保证 本半年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议。 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 袁正刚 | 董事长 | 出差 | 刘谦 | 本半年度报告涉及的未来发展规划和经营目标等前瞻性陈述，属于公司计划性事务，不构成对投资 者的实质承诺，请投资者及相关人士对此保持足够的风险认识，理解计划、预测与承诺之间的差异，注 意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | ...

广联达科技股份有限公司 2025 年半年度财务报告 2025 年半年度财务报告 二〇二五年八月 1 广联达科技股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：广联达科技股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 2,448,433,735.18 | 3,905,302,411.51 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 300,000,000.00 | | | 衍生金融资产 | | | | 应收票据 | 3,936,310.69 | 10,300,615.69 | | 应收账款 | 1,091,304,003.69 | 815,303,037.86 | | 应收款项融资 | | | | 预付款项 | 45,502,055.27 | 24,700,058.79 | | 应收保费 | | ...

广联达科技股份有限公司 2025 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | | | | 占用方与上市公司的关 | 上市公司核算 | 年期 2025 | 年上半 2025 年占用累计发 | 年上半 2025 年占用资金 | 年上 2025 半年偿还 | 2025年6 月末占 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 用 | 资金占用方名称 | | 联关系 | 的会计科目 | 初占用资金 | 生金额（不含 | 的利息(如 | 累计发生 | 用资金 | 占用形成原因 | 占用性质 | | | | | | | 余额 | | | | | | | | | | | | | | 利息） | 有) | 金额 | 余额 | | | | 控股股东、实际控 | | 无 | | | | | | | | | 非经营性占用 | | 制人及其附属企 | | | | | | | | | | | | | 业 | | | | | | | | | | | | | 小计 | | | | ...

广联达科技股份有限公司（以下简称"公司"）第六届监事会第十七次会议于 2025 年 8 月 22 日在北京市海淀区西北旺东路 10 号院东区 13 号楼广联达信息大厦 621 会议室召开。本次 会议的通知已于 2025 年 8 月 12 日以电子邮件方式向全体监事发出。会议由公司监事会主席王 金洪召集并主持，会议应到监事 3 名，实到监事 3 名，公司董事会秘书列席了会议。本次会议 的召集、召开程序符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 证券代码：002410 证券简称：广联达 公告编号：2025-052 广联达科技股份有限公司 第六届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 《2025 年半年度报告》全文详见巨潮资讯网（www.cninfo.com.cn）； 《2025 年半年度报告摘要》详见《中国证券报》《证券时报》《证券日报》《上海证券报》 和巨潮资讯网（www.cninfo.com.cn）。 特此公告 广联达科 ...

证券代码：002410 证券简称：广联达 公告编号：2025-051 广联达科技股份有限公司 第六届董事会第二十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 广联达科技股份有限公司（以下简称"公司"）第六届董事会第二十次会议于 2025 年 8 月 22 日在北京市海淀区西北旺东路 10 号院东区 13 号楼广联达信息大厦 621 会议室召开。本次 会议的通知已于 2025 年 8 月 12 日以电子邮件方式向全体董事及监事发出。会议由公司董事长 袁正刚先生召集，董事刘谦先生代为主持，会议应到董事 9 名，实到董事 8 名，董事长袁正刚 因工作原因委托董事刘谦先生代为表决；公司监事、董事会秘书、财务总监列席了会议。本次 会议的召集、召开程序符合《公司法》和《公司章程》的有关规定。 董 事 会 二〇二五年八月二十五日 二、董事会会议审议情况 1、审议通过《关于<2025 年半年度报告>全文及其摘要的议案》 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 《2025 年半年度报告》全文详见巨潮资讯网（www.c ...

Investment Rating - The report maintains a "Buy" rating for the AI industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6]. Core Insights - GPT-5 is expected to fully unleash OpenAI's commercialization potential, emphasizing practicality and productivity rather than solely pursuing technological breakthroughs. The model's enhanced capabilities, better cost-effectiveness, and lower hallucination rates are anticipated to improve user retention and revenue generation [1][20]. - Domestic AI products have demonstrated global competitiveness, with Chinese AI products accounting for approximately 10% of the total web traffic among the top 100 AI products globally [2][21]. - The share of application projects in domestic large model bidding continues to rise, with application projects making up about 59% of the total [3][31]. Summary by Sections GPT-5 Commercialization Potential - GPT-5's competitive pricing is set at $1.25 per million input tokens and $10 per million output tokens, significantly lower than competitors [8][10]. - The hallucination rate of GPT-5 has decreased significantly, making it more reliable for generating accurate long-form content [11][20]. - Efficiency in reasoning has improved, with GPT-5 achieving better performance in various tasks while reducing output token usage by 50-80% [13][14]. C-end Market Insights - In July, the total web traffic for the top 100 AI products reached 12.689 billion, with Chinese products generating 1.334 billion visits [2][21]. - Three Chinese AI products achieved an annual recurring revenue (ARR) exceeding $10 million, including Meitu's AirBrush-AI with $37.65 million [2][30]. B-end Market Insights - In July, 574 large model-related bidding projects were disclosed, amounting to 1.335 billion yuan, with application projects accounting for 59% of the total [3][31]. - The education sector led in the number of large model projects, followed by government, telecommunications, energy, and finance [37][38]. Investment Recommendations - Focus on companies that control C-end interaction entry points, such as Kingsoft Office and iFLYTEK, and B-end companies with rich customer bases and know-how, such as Hikvision and Yonyou Network [4][40]. - Emphasize the demand for independent third-party big data platforms, recommending companies like Puyuan Information and Star Ring Technology [4][40].

金融界消息 截至2025年8月13日收盘，广联达（002410）报收于13.3元，上涨0.15%，换手率1.63%，成 交量25.87万手，成交金额3.45亿元。 来源：金融界 天眼查商业履历信息显示，广联达科技股份有限公司，成立于1998年，位于北京市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本166486.9506万人民币，实缴资本6730万人民币。公司法 定代表人为袁正刚。 通过天眼查大数据分析，广联达科技股份有限公司共对外投资了46家企业，参与招投标项目5000次，知 识产权方面有商标信息638条，专利信息985条，此外企业还拥有行政许可31个。 资金流向方面，今日主力资金净流出1458.68万元，占比成交额4.23%。其中，超大单净流出2813.44万 元、占成交额8.16%，大单净流入1354.77万元、占成交额3.93%，中单净流出流入1701.03万元、占成交 额4.93%，小单净流出242.35万元、占成交额0.7%。 广联达最新一期业绩显示，截至2025一季报，公司营业总收入12.28亿元、同比减少5.53%，归属净利润 2983.70万元，同比增长390.89%，扣非净利 ...

通过天眼查大数据分析，广联达科技股份有限公司共对外投资了46家企业，参与招投标项目5000次，知 识产权方面有商标信息638条，专利信息985条，此外企业还拥有行政许可31个。 来源：金融界 金融界消息 截至2025年8月11日收盘，广联达（002410）报收于13.36元，上涨0.23%，换手率1.67%， 成交量26.57万手，成交金额3.55亿元。 资金流向方面，今日主力资金净流出2897.43万元，占比成交额8.17%。其中，超大单净流出2741.32万 元、占成交额7.73%，大单净流出156.11万元、占成交额0.44%，中单净流出流入944.84万元、占成交额 2.66%，小单净流入1952.58万元、占成交额5.51%。 广联达最新一期业绩显示，截至2025一季报，公司营业总收入12.28亿元、同比减少5.53%，归属净利润 2983.70万元，同比增长390.89%，扣非净利润1900.99万元，同比增长1470.26%，流动比率1.270、速动 比率1.252、资产负债率35.72%。 天眼查商业履历信息显示，广联达科技股份有限公司，成立于1998年，位于北京市，是一家以从事软件 和信息技 ...

Core Insights - Guanglianda's AI trading model has been recognized as an "Outstanding Case of New Quality Productivity for Private Enterprises in 2025" at the "2025 High-Quality Development Conference of the Private Economy" [1][2] - The Chinese government is actively promoting policies to support the private economy, encouraging increased investment in technological innovation and enhancing core competitiveness [1] - Guanglianda is positioned as a leading enterprise in the digital construction sector, leveraging its technological advantages to drive industry upgrades [1] Group 1: AI Trading Model Features - The AI trading model, AecGPT, covers seven areas in the construction industry, including planning, design, trading, cost, construction, operation, and comprehensive management [2] - The model utilizes a "data + algorithm" dual-drive approach to promote "intelligent integration," continuously optimizing and training based on a vast knowledge base and experience pool [2][5] - The model supports various applications such as AI bidding, AI evaluation, and AI assistance, enhancing efficiency and accuracy in the bidding process [2][4] Group 2: Bidding Process Enhancements - In the bidding phase, the AI model automates and structures the analysis of bidding documents, providing professional support for document review [4] - The AI-assisted evaluation can quickly process and analyze bidding documents, extracting key information and ensuring compliance with bidding requirements, significantly improving evaluation efficiency [4][5] - The AI clearing service automates the rationality check of project quantity lists and compliance checks of technical standards, generating clearing reports to reduce bidding risks [5] Group 3: Industry Impact and Future Outlook - The AI trading model addresses core pain points in public resource trading, enhancing the digital upgrade of the entire bidding process and promoting intelligent governance [5] - Guanglianda's model has been successfully implemented in regions such as Hainan, Guizhou, and Tibet, gaining customer trust and market recognition [5] - The recognition of Guanglianda reflects a shift in China's construction technology from "catching up" to "leading," with potential to reshape the global construction value chain [5]

Summary of Conference Call Records Industry Overview - The conference call discusses the software industry in China, focusing on nine companies: Kingsoft Office, Empyrean, Glodon, Thundersoft, Yonyou, Kingdee, iFlytek, ZWSOFT, and Sangfor. [1][2] Key Points and Arguments Revenue Growth and Profitability - Overall revenue growth is expected to recover in 2Q25 compared to 1Q25 due to improving client order momentum, although IT spending in certain segments, such as construction, may face near-term challenges. [1] - Profit growth is anticipated to remain weak in 2Q25, with potential improvement in 2H25 driven by better operational efficiency and headcount optimization. [1] Company-Specific Insights 1. **Kingsoft Office (KO)** - Expected revenue growth of 10% YoY in 2Q25, reaching Rmb1.3 billion, supported by an increase in paying users for upgraded WPS AI features. [7] - Focus on AI features upgrade and extending trial periods to expand the user base. [7] - Earnings revised down by 2% for 2025-27E due to lower revenues from ToB solutions. [16] 2. **Empyrean** - Anticipated revenue growth of 27% YoY in 2Q25, driven by expanding digital/memory EDA tools and increased client spending. [8] - Opex ratio expected to remain high at 114%. [8] - Earnings revised down by 3% for 2025-27E due to lower revenues from analog EDA tools. [20] 3. **Glodon** - Revenue growth projected at 2% YoY in 2Q25, with improving net margin expected at 4.2%. [10] - New business drivers include infrastructure and urban renewal projects. [11] - Earnings revised down by 6% for 2025-28E due to lower revenues from construction cost tools. [26] 4. **Thundersoft** - Expected revenue growth of 20% YoY in 2Q25, supported by IoT business growth from AI edge devices. [13] - Earnings revised down by 5% for 2025-27E due to lower revenues from automotive software. [30] 5. **Yonyou** - Revenue guidance for 2Q25 is in line, with a narrowed net loss expected. [14] - Earnings revised up by 1% for 2026/27E due to higher revenues from Gen-AI spending. [35] 6. **Kingdee** - Expected revenue growth of 13% YoY in 1H25, supported by large-scale enterprise client spending. [14] - Earnings revised up by 1% for 2026/27E due to improved operational efficiency. [38] 7. **iFlytek** - Midpoint revenue growth for 2Q25 is guided at 11% YoY, with a net loss expected due to higher spending on AI models. [15] Market Trends and Strategic Focus - Key questions for the upcoming results season include AI product upgrades, client IT spending outlook, headcount plans, and new business opportunities in vertical expansion and non-China markets. [1] - Companies are focusing on enhancing operational efficiency and exploring new business avenues to drive growth amid challenging market conditions. [1] Additional Important Insights - The conference highlights the importance of AI integration across various software solutions, with companies like Kingsoft Office and iFlytek leading in AI product development. [7][15] - The overall sentiment indicates cautious optimism for the second half of 2025, with expectations of improved profitability as companies adapt to market conditions and enhance their product offerings. [1][8]