Core Viewpoint - Advanced Communication's financial performance shows significant revenue growth but faces challenges with cash flow, indicating a need for strategic adjustments in a competitive market [1][3][6]. Financial Performance - In the first half of 2025, Advanced Communication reported a revenue of 1.38 billion yuan, a year-on-year increase of 33.06% [3]. - The net profit attributable to shareholders reached 62.6 million yuan, reflecting a nearly sevenfold increase [3]. - Operating cash flow was -911 million yuan, a decline of 1488% compared to the previous year [3][4]. Business Segments - The IT infrastructure construction segment saw a revenue increase of 53.53%, becoming the main driver of performance [3]. - Revenue from software solutions decreased by 19.78%, while IT operation services remained stable [3]. - The internet sector's revenue surged by 152.87%, accounting for 50.36% of total revenue, surpassing the financial institution business for the first time since 2021 [6][8]. Market Dynamics - The overall financial IT market is experiencing a slowdown, with many banks facing low profit margins and extended payment cycles [2][8]. - Advanced Communication is actively seeking new growth areas, including AI implementation and international expansion [8][9]. R&D and Innovation - R&D investment decreased by 40% in the first half of 2025 due to strategic adjustments, but the company plans to increase R&D spending moving forward [7][9]. - The company is focusing on developing AI solutions and enhancing its product offerings in response to market demands [7][9]. Client Base and Contracts - Advanced Communication serves a diverse client base, including state-owned banks, large internet companies, and other medium to large enterprises [6][8]. - The company has secured significant contracts, with a backlog of 2.2 billion yuan, indicating strong future revenue potential [1][3].

重要内容提示： 1．案件所处的诉讼（仲裁）阶段：一审判决生效，收到被告支付的资金占 用损失 491.05 万元。 2．公司所处的当事人地位：原告。 证券代码：300541 证券简称：先进数通 公告编号：2025-035 北京先进数通信息技术股份公司 重大诉讼、仲裁的进展公告 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。 3．涉案的金额：14,142.10 万元（欠付款项 13,557.52 万元、资金占用损 失 584.58 万元），占公司最近一期经审计净资产的 8.61%。公司于 2025 年 4 月 23 日收到欠付款项 13,557.52 万元后，变更诉讼请求为判令被告支付资金占用 损失、律师费和保全担保费用等。 4．对上市公司损益产生的影响：公司 4 月收到欠付款项后，相应调整已在 《2025 年第一季度报告》体现。本次收到资金占用损失 491.05 万元，将于《2025 年第三季度报告》中体现。 公司就本诉讼事项已于 2025 年 2 月 24 日、2025 年 4 月 28 日在巨潮资讯网 分别披露《重大诉讼、仲裁公告》（公告编号：2025-00 ...

Core Viewpoint - The company has experienced significant profit growth in the first half of 2025, but operational cash flow has decreased sharply due to increased procurement payments and long contract execution cycles [1][2]. Financial Performance - In the first half of 2025, the company achieved nearly 7 times profit growth, while operating cash flow declined by 1488% year-on-year [1]. - As of June 30, the company had an order backlog of 2.2 billion yuan, including large contracts with state-owned banks and leading internet companies [1]. Business Transformation - Revenue from the internet sector grew by 152.87% year-on-year, accounting for over half of total revenue, while traditional financial software solutions saw a decline in revenue and gross margin [1][2]. - The company remains focused on IT infrastructure construction, software solutions, and IT operation maintenance services, while expanding its client base in various industries [1]. Business Focus and Planning - Despite the internet sector's revenue share exceeding half, the company emphasizes its commitment to the financial industry and is actively exploring opportunities in the internet and tobacco sectors [2]. - The company serves a diverse range of banks, including 26 provincial rural commercial banks and over 100 city commercial banks [2]. Challenges in Business Expansion - The increase in IT infrastructure construction business has led to higher profits but also an increase in inventory and short-term borrowings [2]. - The company has raised 245 million yuan in net funds as of September 2023 and does not plan to seek additional financing in the short term [2]. R&D Investment - R&D investment decreased by 40% year-on-year in the first half of 2025 due to strategic adjustments following a decline in 2024 performance, but the company is now increasing R&D spending [3]. - Future R&D focuses include developing products that integrate new IT technologies with AI, creating solutions for the tobacco industry, and building industry AI solutions based on the Ascend AI platform [3].

Financial Performance - In the first half of 2025, the company achieved nearly 7 times profit growth, but operating cash flow decreased by 1488% year-on-year, raising questions about the sustainability of this trend [1] - As of June 30, the company had an order backlog of 2.2 billion yuan, including large contracts with state-owned banks and leading internet companies, which will alleviate future funding pressure as they reach payment conditions [2] Revenue Breakdown - Internet industry revenue grew by 152.87% year-on-year, accounting for over 50% of total revenue, while traditional financial software solutions saw declines in both revenue and gross margin [3] - The company has not undergone a strategic transformation; instead, it continues to expand its client base across various industries, including finance and internet [4] Business Strategy - The company remains committed to the financial sector while actively exploring opportunities in the internet and tobacco industries, serving 26 provincial rural commercial banks and over 100 city commercial banks [5] - IT infrastructure construction is not solely a "heavy asset, low margin" business; it encompasses AI computing servers, data center solutions, and value-added services, with a positive outlook for growth in both internet and banking sectors [6] Challenges and Funding - The expansion of IT infrastructure construction has led to increased inventory and short-term loans, but the company maintains stable cash flow from reputable clients [7] - The company raised 245 million yuan through a simplified procedure for issuing shares in September 2023, indicating no immediate plans for further capital market financing [8] R&D Focus - R&D investment decreased by 40% year-on-year, prompting concerns about sacrificing long-term technology for short-term performance; however, the company is increasing R&D efforts [9] - Future R&D will focus on customer-driven IT solutions, industry-specific applications, and AI-based products [9] Market Position - The company’s business model and expansion strategy differ from peers, maintaining a focus on IT infrastructure and software solutions without a strategic pivot [10]

9月9日，北京先进数通信息技术股份公司在公司B座4层大会议室接待了首创证券股份有限公司邓睿 琪、中航证券有限公司卢正羽等8家机构的特定对象调研。公司董事会秘书刘志刚、证券事务代表徐娜 参与接待。以下为本次调研的详细内容。 业务布局多元 客户结构丰富 竞争优势凸显 AI投入初显成效 公司主要应收账款来自大中型企业，账龄1年以内占比86.28%。面对客户群体增加带来的挑战，公司完 善制度、加大催收、提高预警，同时加强与客户沟通协作。客户群体从金融行业拓展到多行业，公司持 续优化内部管理，分散风险。 股权结构、烟草业务及其他业务情况 公司股权分散由历史形成，原始股东和员工为最大股东群体，治理架构稳定。烟草行业方面，公司打造 智慧工厂解决方案，2025年深化信息化战略合作。香港子公司负责港澳及东南亚业务开拓，处于初始阶 段，不涉及港元稳定币业务。此外，2025年半年度公司综合毛利率14.94%略有下降，因业务和产品结 构变化；软件业务收入受多种因素影响有所下降。公司目前无新股权激励与投资并购计划。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论 ...

Business Overview - The company primarily serves financial institutions, large internet enterprises, and the tobacco industry, providing IT infrastructure, software solutions, and IT operation services [2] - The main customer base consists of large state-owned commercial banks, national joint-stock commercial banks, provincial rural credit cooperatives, and large local commercial banks [2] - Since 2017, the company has expanded its client base to include large internet enterprises and has made significant progress in the tobacco industry, which has become an important part of its customer structure [2] Competitive Advantages - The company possesses a skilled team that understands both technical expertise and industry client needs, which helps attract high-end clients [4] - Significant investments in AI have been made, including partnerships with leading firms to develop AI solutions [4] - The company aims to enhance its technical capabilities and create value for clients while promoting digital transformation [4] Financial Performance - The company's net profit saw a significant increase in the first half of 2025, primarily due to revenue growth from IT infrastructure construction and non-recurring gains [5] - As of June 30, 2025, the company had an order backlog of 2.2 billion yuan [5] - The gross profit margin for the first half of 2025 was reported at 14.94%, slightly down from the previous year due to changes in business structure and product mix [13] Cash Flow and Accounts Receivable Management - The net cash flow from operating activities significantly decreased due to increased procurement payments and project execution timelines [7] - As of the first half of 2025, 86.28% of accounts receivable were aged within one year, indicating a strong customer credit profile [7] Customer Base and Market Expansion - The customer base has diversified from primarily financial institutions to include large internet enterprises and the tobacco industry [8] - The company is committed to optimizing internal management and understanding customer needs to mitigate risks while expanding its market presence [8] Shareholding Structure - The company's shareholding is historically dispersed with no actual controller, which is common in the IT sector [9] - The core management and technical team holds a significant portion of shares, contributing to the company's stable long-term development [10] Tobacco Industry Engagement - The company has developed a smart factory solution tailored for the tobacco industry, leveraging its technological expertise [11] - Plans for deeper collaboration with the tobacco sector focus on digital transformation using advanced technologies [11] Future Plans and Market Strategy - The company has established a subsidiary in Hong Kong to explore business opportunities in Southeast Asia, although this is still in the early stages [12] - There are currently no new equity incentive plans or investment mergers planned, as the company remains focused on its core areas [15] Market Value Management - The management emphasizes creating long-term sustainable value for shareholders through excellent operational performance and clear long-term strategies [17] - The company prioritizes quality service for clients and employee development while maintaining investor trust [17]

Group 1 - The financial technology industry is characterized by a "co-opetition" ecosystem driven by technology [1] - The IT architecture of the financial industry is a large and complex ecosystem composed of hundreds of specialized systems [1] - The company collaborates with numerous industry partners to meet the digital transformation needs of financial institutions [1] Group 2 - There are thousands of institutions in the industry, and companies form a healthy competitive landscape through differentiated positioning [1] - This competition drives technological iteration and scenario innovation [1] - The company focuses on its core advantages and deepens the integration of "technology + business" [1] Group 3 - The company aims to build a healthy development ecosystem with industry partners to create greater value for financial institutions and end users [1]

Group 1 - The company Advanced Communication announced on September 3 that it has responded to investor inquiries on the interactive platform [2] - The company has released its "2025 Semi-Annual Report" on August 19, 2025, and encourages investors to review it [2]

Company Overview - Beijing Advanced Communication Technology Co., Ltd. is located in Haidian District, Beijing, and was established on October 31, 2000. The company went public on September 13, 2016. Its main business involves providing IT solutions and services primarily for commercial banks, including software solutions, IT infrastructure construction, and IT operation and maintenance services [2]. Financial Performance - For the period from January to June 2025, the company achieved operating revenue of 1.38 billion yuan, representing a year-on-year growth of 33.06%. The net profit attributable to the parent company was 62.60 million yuan, showing a significant increase of 694.25% compared to the previous year [2]. - The company's revenue composition is as follows: IT infrastructure construction accounts for 80.07%, software solutions for 11.41%, and IT operation and maintenance services for 8.52% [2]. Stock Performance - As of September 3, the company's stock price decreased by 2.04%, trading at 16.35 yuan per share, with a total market capitalization of 7.03 billion yuan. The stock has increased by 20.82% year-to-date, but has seen a decline of 3.25% over the last five trading days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) once this year, with the most recent appearance on January 3, where it recorded a net buy of -8.58 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 58,300, up by 9.43% from the previous period. The average number of circulating shares per person decreased by 1.33% to 6,628 shares [2]. - The company has distributed a total of 173 million yuan in dividends since its A-share listing, with 78.28 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the seventh largest circulating shareholder is the Huabao Zhongzheng Financial Technology Theme ETF, holding 3.6043 million shares, an increase of 861,000 shares compared to the previous period [3].

东吴证券股份有限公司 关于北京先进数通信息技术股份公司 2025 年半年度跟踪报告 | 保荐机构名称：东吴证券股份有限公司 | 被保荐公司简称：先进数通 | | --- | --- | | 保荐代表人姓名：李俊 | 联系电话：0512-62938583 | | 保荐代表人姓名：庞家兴 | 联系电话：0512-62938583 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公 ...