Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Views - The company has shown significant recovery in Q2 2025, with a revenue of 369 million yuan, representing a year-on-year growth of 8.99%, and a net profit of 55.51 million yuan, up 91.12% year-on-year [1]. - The organization has successfully navigated through the pains of restructuring, leading to improved operational efficiency and market performance [1][2]. - The company is leveraging three growth curves: the core business is stabilizing, the water resources and enterprise applications are rapidly expanding, and the data elements and low-altitude economy are poised for long-term growth [2][3]. Summary by Sections Financial Performance - In H1 2025, the company achieved a total revenue of 603 million yuan, a decrease of 5.30% year-on-year, and a net profit of 11.97 million yuan, down 64.70% year-on-year [1]. - The second quarter showed a strong recovery with a revenue of 369 million yuan and a net profit of 55.51 million yuan, indicating a positive trend [1]. Growth Drivers - The first growth curve (core business) saw a 14% increase in new contracts year-on-year, indicating recovery in the natural resources sector [2]. - The second growth curve (water resources and enterprise applications) is becoming a new growth engine, with a 30% increase in contract amounts in H1 2025 [2]. - The third growth curve (data elements and low-altitude economy) is gaining momentum, with significant projects signed in various cities [2]. AI Strategy - The company has positioned AI as a core strategy, with AI orders increasing by over 100% year-on-year in H1 2025 [3]. - Notable projects include the construction of generative models for urban planning and intelligent systems for real estate registration [3]. Financial Forecast - The forecast for net profit from 2025 to 2027 is projected to be 134 million yuan, 216 million yuan, and 292 million yuan, respectively, with corresponding PE ratios of 63X, 39X, and 29X [4].

Core Insights - The consumer electronics industry is showing signs of recovery, with 80 out of 101 companies reporting revenue growth year-on-year, and 35 companies achieving over 20% growth [1] - Industrial Fulian leads the sector with significant revenue and profit growth, achieving 360.76 billion yuan in revenue and 12.11 billion yuan in net profit for the first half of 2025, marking a year-on-year increase of 35.58% and 38.61% respectively [2] - The emergence of "dark horse" companies is notable, with several firms reporting revenue growth exceeding 50%, particularly those focused on AI applications [4] Industry Performance - The consumer electronics sector has 22 companies with revenues exceeding 10 billion yuan, with notable performances from companies like Luxshare Precision and Hikvision, which reported revenues of 124.50 billion yuan and 41.82 billion yuan respectively [3] - A total of 14 companies reported net profit growth exceeding 100%, with Qianfang Technology and Silan Micro achieving remarkable increases of 1287.12% and 1162.42% in net profit [5] AI Impact - AI technology is driving new growth points in the consumer electronics industry, with products like AI smartphones and smart home devices gaining traction [6] - The short-term effects of AI-related investments are evident, particularly for companies that have early adopted AI technologies [6] Market Disparities - Despite the overall recovery, there is a clear divergence within the industry, with 16 companies reporting a decline in net profit exceeding 30% [7] - Companies like AOC Technology and OFILM have reported losses, with AOC's net profit dropping to -0.49 billion yuan from a profit of 0.05 billion yuan in the previous year [7] Competitive Landscape - The competitive environment is intense, with leading companies capturing a significant market share, making it challenging for smaller firms to compete effectively [8]

据证券之星公开数据整理，近期超图软件（300036）发布2025年中报。截至本报告期末，公司营业总收 入6.03亿元，同比下降5.3%，归母净利润1196.61万元，同比下降64.7%。按单季度数据看，第二季度营 业总收入3.69亿元，同比上升8.99%，第二季度归母净利润5550.62万元，同比上升91.12%。本报告期超 图软件公司应收账款体量较大，当期应收账款占最新年报营业总收入比达67.91%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率58.94%，同比减4.09%，净利率0.66%， 同比减87.31%，销售费用、管理费用、财务费用总计2.39亿元，三费占营收比39.61%，同比减1.46%， 每股净资产5.4元，同比减7.65%，每股经营性现金流-0.62元，同比增37.0%，每股收益0.03元，同比减 63.77% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6.37亿 | 6.03亿 | -5.30% | | 归母净利润(元) | 3390.29万 | 1196.61万 | -6 ...

超图软件 20250826 摘要 超图组织能力已恢复至变革前水平，自然资源行业应用市占率回升至 2023 年水平，预计组织变革效益将在未来两三年内显现并加速。 公司战略聚焦第一曲线业务（平台软件和自然资源信息化），目标是提 升市场份额和组织能力，巩固领先地位，自然资源领域领先第二名 4 到 5 倍。 超图全面推进解决方案业务出海，已在东北签署数据城市空间数据共享 平台项目，并在其他国家取得新进展，国际化战略取得初步突破。 超图"all in AI"战略，所有产品线深度融合 AI 技术，已推出地理空间智 能体，并在自然资源、水利等行业进行试点应用，AI 订单增速显著。 公司通过整合子公司资源和研发，优化人员结构，提高整体组织能力和 运营效率，增强区域订单销售竞争力，为市场规模增长奠定基础。 二季度收入和利润反弹主要得益于交付进度加快、人员优化和控费政策， 毛利率有所上升，预估 2025 年 AI 订单增速至少 200%以上。 超图 AI 战略核心能力集中在空间数据处理和分析，以及软件使用模式的 赋能，通过视觉模型和自然语言大模型提升用户体验，预计未来几年总 收入中 20%以上将来自于 AI 相关业务。 Q&A ...

Core Viewpoint - The supervisory board of Beijing SuperMap Software Co., Ltd. has approved the 2025 semi-annual report, confirming its compliance with legal and regulatory requirements, and asserting the report's accuracy and completeness [1] Group 1: Meeting Details - The sixth supervisory board's 14th meeting was held on August 22, 2025, in the company's meeting room, chaired by Ms. Cheng Jiajia [1] - The meeting was convened in accordance with the Company Law of the People's Republic of China and the company's articles of association [1] Group 2: Report Approval - The supervisory board reviewed and approved the 2025 semi-annual report and its summary, concluding that the report accurately reflects the company's financial status and operational results for the first half of 2025 [1] - The voting results showed 3 votes in favor, with no votes against or abstentions [1]

证券代码：300036 证券简称：超图软件 公告编号：2025-031 北京超图软件股份有限公司 第六届董事会第十四次会议决议公告 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。 北京超图软件股份有限公司（以下简称"公司"）第六届董事会第十四次会 议于 2025 年 8 月 22 日在公司会议室以现场与在线会议相结合的方式召开，会议 通知于 2025 年 8 月 12 日以邮件方式送达董事会成员。会议应参会董事 7 人，实 际参会董事 7 人，会议由董事长宋关福先生主持，会议的召集召开符合《中华人 民共和国公司法》等相关法律法规以及《公司章程》的规定。 经与会董事认真讨论，审议通过如下事项： 一、审议通过了《2025 年半年度报告》及其摘要 公司《2025 年半年度报告》及其摘要详见中国证监会指定的创业板信息披 露网站。 本议案已经公司董事会审计委员会审核通过。 表决结果：7 票赞成，0 票反对，0 票弃权 二、审议通过了《关于延长公司第二期员工持股计划存续期的议案》 具体内容请见同日披露于中国证监会指定创业板信息披露网站的《关于第二 期员工持股计划存续期延期 ...

（文章来源：证券日报） 证券日报网讯 8月25日晚间，超图软件发布公告称，公司收到全资子公司南京国图信息产业有限公司、 北京世纪安图数码科技发展有限责任公司、上海南康科技有限公司、上海数慧系统技术有限公司的通 知，上述公司的法定代表人、董事、监事等发生变化，近日均已完成工商变更登记手续。本次变更不会 影响超图软件及其子公司主营业务及正常生产经营。 ...

证券日报网讯 8月25日晚间，超图软件发布公告称，公司第六届监事会第十四次会议审议通过了《2025 年半年度报告》及其摘要。 （文章来源：证券日报） ...

证券日报网讯 8月25日晚间，超图软件发布公告称，公司第六届董事会第十四次会议审议通过了《关于 延长公司第二期员工持股计划存续期的议案》。 （文章来源：证券日报） ...

北京超图软件股份有限公司 证券代码：300036 证券简称：超图软件 公告编号：2025-029 关于 2025 年股票期权激励计划内幕信息知情人 买卖公司股票情况的自查报告 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。 北京超图软件股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日召开第六届 董事会第十三次会议、第六届监事会第十三次会议，审议通过了《关于公司<2025 年股票 期权激励计划（草案）>及其摘要的议案》《关于公司<2025 年股票期权激励计划实施考 核管理办法>的议案》等相关议案，并于 2025 年 8 月 13 日在中国证监会指定创业板信息 披露网站披露了相关公告。 根据《上市公司股权激励管理办法》《深圳证券交易所创业板上市公司自律监管指 南第 1 号—业务办理》等相关规定，通过向中国证券登记结算有限责任公司深圳分公司 （以下简称"中国结算深圳分公司"）查询，公司 2025 年股票期权激励计划（以下简称 "本激励计划"）的内幕信息知情人在本激励计划（草案）公告前 6 个月内（即 2025 年 2 月 12 日至 2025 年 ...