事件：公司发布2025 年半年报。2025H1 公司实现营收2.45 亿元；实现归母净利润-0.74 亿元；实现经 营活动产生的现金流量净额为0.38 亿元，同比增长895.24%。 收入表现短期承压，坚定研发投入AI+Data。宏观经济环境影响下，行业信息化投入进度减缓、下游需 求收缩，各业务板块毛利率普遍承压；同时受到行业招标的季节性影响，多数收入集中于下半年， 25H1 收入表现暂时承压。同时，公司坚定投入于大模型、智能体等前沿技术的研发，25H1 研发费用率 达27.3%，战略加码前沿科技，筑厚长期竞争壁垒。 经营活动现金流强劲改善，同比增长895.24%。公司在现金流方面的改善，主要得益于公共安全业务的 稳定贡献以及营运资本管理效率的持续优化。1）应收账款管理强化：公司持续加强客户信用评估与账 期管理，25H1 末应收账款比率较期初下降0.28%，回款效率保持稳定。2）成本结构与资源配置优化： 非核心或效益不佳业务逐步缩减，子公司天行网安信创业务优化采购策略，外购软硬件成本占营业成本 比重同比下降53.64%，非必要现金支出减少。 智能体项目多行业加速落单，签订多个里程碑项目。智能体应用多领域加速落 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported significant improvement in operating net cash flow, with a year-on-year increase of 895.24% in H1 2025, driven by stable contributions from the public safety business and enhanced working capital management [5][6] - The company is committed to investing in cutting-edge technologies such as AI and data, with a research and development expense ratio of 27.3% in H1 2025, aiming to build long-term competitive advantages [6] - The company has signed multiple milestone projects across various sectors, including finance, public security, and government, with a notable contract in the public safety sector amounting to nearly 20 million yuan [6][5] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 245 million yuan and a net profit attributable to shareholders of -74 million yuan [5] - The revenue forecast for 2023A to 2027E shows a recovery trend, with expected revenues of 888 million yuan in 2025E and 1.291 billion yuan in 2027E, reflecting a growth rate of 14% and 22% respectively [4][7] - The net profit is projected to recover significantly from -94 million yuan in 2024A to 203 million yuan in 2027E, with a growth rate of 208% in 2025E [4][7] Market and Industry Trends - The company faces short-term revenue pressure due to a slowdown in information technology investments and reduced downstream demand, but it remains focused on R&D in AI and data [6] - The public safety segment reported revenue of 103 million yuan in H1 2025, a year-on-year increase of 20.68%, with special industry contracts growing by 61% [6] - The company is also expanding its international market presence, with successful project renewals in Hong Kong and new contracts in other countries [6] Valuation and Future Outlook - The company is transitioning towards a "data + intelligence" strategy, with expected net profits of 102 million yuan in 2025E, corresponding to a PE ratio of 225.5x [4][6] - The projected net profit growth rates for 2025E to 2027E are 208%, 39%, and 43% respectively, indicating a strong recovery trajectory [4][7]

证券日报网讯 8月20日晚间，拓尔思发布公告称，2025年半年度公司实现营业收入244，801，015.68 元，同比下降38.36%；归属于上市公司股东的净利润为-73，631，172.88元，同比下降223.11%。 （文章来源：证券日报） ...

公告显示，受宏观经济环境影响，行业信息化投入减缓或延后，拓尔思减少低毛利业务；在需求收缩环 境下，市场竞争激化导致各业务板块毛利率普遍承压；同时受行业招标的季节性影响，多数收入集中于 下半年；为把握AI技术机遇，拓尔思持续坚定拥抱AI，投入大模型、智能体研发及垂直应用适配（研 发费用率27.3%）。 数据显示，尽管短期盈利承压，今年上半年拓尔思经营性现金流净额为3778.54万元，较上年同期增长 895%。拓尔思现金流的强劲改善，主要得益于公共安全业务的稳定贡献以及营运资本管理效率的持续 优化。 （文章来源：证券日报） 本报讯 （记者李乔宇）8月21日，拓尔思信息技术股份有限公司（以下简称"拓尔思"）披露2025年半年 度报告，公告显示，今年上半年拓尔思实现营业收入2.45亿元。 ...

Core Viewpoint - Tuoer Technology has won the bid for the information and intelligence analysis project of Southern Power Grid, indicating a significant opportunity for the company in the energy sector [1] Group 1: Project Details - The project will utilize technologies such as natural language processing, text mining, and information processing [1] - The aim is to achieve rapid discovery, tracking, and comparison of customized policy events [1] - The project will enable quick parsing and intelligent summarization of policy information [1] Group 2: Analytical Capabilities - Tuoer Technology will automatically construct the development context of policy events [1] - The analysis will include policy information interpretation, policy change analysis, and policy comparison analysis [1]

证券代码：300229 证券简称：拓尔思 公告编号：2025-041 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。 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 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 一、重要提示 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 公司是否具有表决权差异安排 □是 √否 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 公司报告期控股股东未发生变更。 实际控制人报告期内变更 □适用 √不适用 公司报告期实际控制人未发生变更。 前10名股东及前10名无限售流通股股东因 ...

Summary of the Conference Call for Tuolisi Company Overview - **Company**: Tuolisi - **Industry**: AI and Data Solutions Key Points Financial Performance - In the first half of 2025, Tuolisi's revenue was under pressure due to external environment and seasonal factors, but the public safety business remained stable. Cost reduction measures led to a decrease in operating expenses by 21.65 million yuan and procurement expenses, effectively alleviating pressure [2][3] - Operating cash flow net amount reached 37.788 million yuan, an increase of 42.54 million yuan year-on-year, representing a growth of 895% [3] Research and Development - Tuolisi maintained high R&D investment in AI and data sectors, with a research expense ratio of 27.3%, totaling 144 million yuan. Focus areas include overseas enterprise-level big data and intelligent analysis products, multimodal large models, intelligent applications, and global data collection [2][5] - The company upgraded its AI product development, deploying over 300 AI agent projects across various sectors including finance, public security, and government [6] Data Asset and Service Capability - Tuolisi enhanced its data asset and industrialization service capabilities, expanding global multilingual information collection and improving data governance quality. The company added over 100 new clients, including Gree Electric and New Yuan Co., gaining market recognition for its data resources [7][8] Growth in Security Sector - In the public safety sector, Tuolisi achieved a 61% year-on-year increase in contract amounts, focusing on decision-making support in specialized industries and expanding capabilities in illegal fund tracking and analysis [9] International Expansion - The company made significant progress in its overseas business, successfully renewing a third-phase project in Hong Kong and signing contracts with important clients in Southeast Asia, the Middle East, and Belt and Road countries, expecting rapid growth in 2025 [10][17] Competitive Advantages - Tuolisi's core competitive advantages include self-controlled technology across data, algorithms, and applications, comprehensive service capabilities, deep industry knowledge, high entry barriers in specialized industries, and a solid ecosystem of trusted partners [16] Revenue Recognition and Outlook - Revenue recognition will occur through three models: standardized products upon delivery, customized software based on project acceptance, and SaaS services recognized monthly. The company is optimistic about revenue growth in the second half of the year due to a significant number of projects signed in late 2024 and early 2025 [19] - Management is confident in achieving double-digit growth and maintaining profitability in 2025, driven by AI trends, data business development, and opportunities in international markets and domestic innovation strategies [19]

Group 1: Industry Overview - The artificial intelligence agency industry is an emerging sector in China, with extensive downstream demand and a strong correlation between development stages and R&D investment intensity [1] - Key players in the industry include Keda Xunfei (002230), Fourth Paradigm (06682), Tuolisi (300229), and others, focusing on various applications and solutions [2][3] Group 2: Company Comparisons - Keda Xunfei leads with a significant R&D investment of 4.58 billion yuan in 2024, representing a 19.37% increase year-on-year, with revenue reaching 23.343 billion yuan [4][5] - Fourth Paradigm reported a revenue of 5.261 billion yuan in 2024, a 25.1% increase, with a gross margin of 41.2% [14] - Companies like SenseTime and CloudWalk face challenges with high R&D costs and low revenue, with SenseTime's R&D expense ratio reaching 106% in 2024 [5][6] Group 3: Business Layout and Performance - The industry exhibits a dual pattern of "vertical deepening" and "cross-domain expansion," covering sectors such as finance, education, and healthcare [10][11] - Keda Xunfei's AI education products generated 7.229 billion yuan in revenue, while Fourth Paradigm focuses on risk management in the financial sector [10][14] - CloudWalk's revenue fell by 36.69% to 398 million yuan in 2024, despite a 136% growth in its AI business [14][15] Group 4: Strategic Planning and Future Directions - Keda Xunfei aims to deepen its industry model strategy, focusing on education and healthcare [18] - Fourth Paradigm plans to enhance its AI Agent platform and expand into energy and finance sectors [18] - Companies like CloudWalk are transitioning to become AI service providers, focusing on smart home scenarios [18]

工业和信息化部的统计数据显示，2024年我国软件和信息技术服务业运行态势良好，软件业务收入平稳增长，达到137,276亿 元，同比增长10.0%；利润总额为16,953亿元，同比增长8.7%。其中人工智能、云计算、大数据等新兴领域贡献显著。人工智能 产业进入深度赋能阶段，大模型技术加速分化，头部企业通过垂类场景应用形成差异化优势，行业应用渗透率提升至42%。全 球范围内，AI立法与数据安全治理成为焦点，推动行业向合规化、高效化方向演进。 8月20日，拓尔思发布2025年H1业绩报告称，上半年公司实现营业总收入2.44亿元，同比下降38.36%；实现归属于上市公司股东 的净亏损7363.12万元，同比由盈转亏；扣除非经常性损益后的净亏损为8944.63万元，同比由盈转亏。 截至上半年末，拓尔思总资产为43.84亿元，同比下降2.18%；归属于上市公司股东的净资产为40.54亿元，同比下降1.73%。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 244,801,015.68 | 397,176,512.84 | -38 ...

（文章来源：证券日报） 证券日报网讯 8月20日晚间，拓尔思发布公告称，公司第六届董事会第二十二次会议审议通过了《及》 《董事会关于募集资金2025年半年度存放与使用情况的专项报告》。 ...