Core Insights - The 2025 China International Big Data Industry Expo opened in Guiyang, focusing on themes such as digital economy innovation, data resource utilization, and data security [1] Group 1: AI Development and Applications - The current development of AI aligns with previous expectations, with large models significantly reducing burdens for B2B users [1] - There has been a notable increase in the application of large models in various B2B scenarios over the past six months, with many enterprises exploring these applications and achieving significant progress [1] - The company has developed a comprehensive AI service system, including AI application development platforms and industry solutions, integrating AI technology into daily operations for enterprises and individuals [1] Group 2: Recommendations for AI Digital Transformation - Companies should understand the capabilities and limitations of the AI models they use to avoid application deviations [2] - A top-level planning for AI transformation is essential, which should clarify application scenarios and governance work [2] - Continuous operation and optimization of AI applications are necessary, as they are not a one-time setup but require ongoing improvement through data iteration [2] - Companies must ensure that the costs associated with AI models align with the expected outcomes to prevent resource wastage [2]

近日，公司已完成上述事项的工商变更登记及《公司章程》的备案，并取 得了深圳市市场监督管理局下发的《登记通知书》。 特此公告。 彩讯科技股份有限公司 董事会 2025 年 8 月 29 日 证券代码：300634 证券简称：彩讯股份 公告编号：2025-068 彩讯科技股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 彩讯科技股份有限公司（以下简称"公司"）第三届董事会第三十次会议 及 2025 年第二次临时股东会审议通过了《关于修订<公司章程>的议案》《关于 公司董事会换届选举暨提名第四届董事会非独立董事候选人的议案》《关于公 司董事会换届选举暨提名第四届董事会独立董事候选人的议案》等议案，完成 了公司第四届董事会的换届选举工作。具体内容详见公司分别于 2025 年 6 月 12 日、2025 年 6 月 27 日披露在中国证监会指定信息披露网站巨潮资讯网 （www.cninfo.com.cn）的《第三届董事会第三十次会议决议公告》（2025-039）、 《关于修订<公司章程>及部分制度的公告》（2025-040）、《 ...

Core Viewpoint - 彩讯股份 has experienced a stock price increase of 35.86% year-to-date, despite a recent decline of 2.06% on August 29, indicating volatility in its stock performance [1][2]. Company Overview - 彩讯科技股份有限公司, established on January 6, 2004, and listed on March 23, 2018, is located in Shenzhen, Guangdong Province. The company specializes in industrial internet technology and services, focusing on enterprise information technology [1]. - The main revenue composition includes: technical services (77.16%), software product development and sales (15.08%), system integration (3.08%), and other services (4.68%) [1]. Financial Performance - For the first half of 2025, 彩讯股份 reported revenue of 920 million yuan, a year-on-year increase of 17.72%, and a net profit attributable to shareholders of 135 million yuan, up 14.74% [2]. - Since its A-share listing, 彩讯股份 has distributed a total of 304 million yuan in dividends, with 195 million yuan distributed over the past three years [3]. Shareholder Information - As of August 20, 2025, 彩讯股份 had 45,500 shareholders, a decrease of 0.50% from the previous period, with an average of 9,550 circulating shares per shareholder, an increase of 0.50% [2]. - Notable institutional shareholders include 中欧科创主题混合(LOF)A, 南方中证1000ETF, and 华夏中证1000ETF, with changes in their holdings indicating active institutional interest [3].

Core Viewpoint - The company reported a strong performance in its mid-2025 results, with revenue growth driven by its AI and intelligent computing business lines, despite a slight decline in non-recurring net profit due to changes in the fair value of financial assets [1][2]. Group 1: Financial Performance - The company achieved revenue of 920 million yuan, a year-on-year increase of 17.72%, and a net profit attributable to shareholders of 135 million yuan, up 14.74% [1]. - The company’s gross profit margin improved to 33.57%, an increase of 8.25 percentage points year-on-year, primarily due to rapid growth in intelligent computing and data intelligence businesses [1]. - In Q2 alone, the company generated revenue of 430 million yuan, a year-on-year growth of 20.86%, and net profit attributable to shareholders reached 61.88 million yuan, up 80.75% [1]. Group 2: Business Growth and Strategy - The company launched the RichAICloud solution, targeting large models and AI applications, which contributed to a 50.05% year-on-year increase in revenue from intelligent computing services and data intelligence products, totaling 284 million yuan [2]. - AI-related revenue reached 177 million yuan, accounting for 19.24% of total revenue, indicating a strong performance in the AI sector [2]. - The company’s AI application product line, including collaborative office products and smart collection products, showed stable growth, with revenues of 250 million yuan and 353 million yuan, respectively [3]. Group 3: Future Outlook - The company is positioned as a key player in the trusted innovation industry, with expectations for continued stable growth across its three main product lines [4]. - Forecasts for net profit attributable to shareholders are 286 million yuan, 350 million yuan, and 434 million yuan for 2025-2027, reflecting year-on-year growth rates of 24.33%, 22.42%, and 23.77% respectively [4]. - The current stock price corresponds to price-to-earnings ratios of 37, 30, and 24 for the years 2025, 2026, and 2027 [4].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 517,000,000 CNY, a year-on-year increase of 17.72% [3] - Net profit attributable to shareholders reached 919,502,300 CNY, reflecting a growth of 14.74% compared to the same period last year [3] - AI and computing-related revenue amounted to 17,672.86 million CNY, accounting for nearly 20% of total revenue [3][10] Business Segments 1. Collaborative Office Products - Revenue from the collaborative office product line was 2.50 billion CNY, a year-on-year increase of 2.01% [3] - Key products include AI email and enterprise-level office assistants, with significant upgrades planned for major clients [3][8] 2. Smart Channel Products - Revenue for the smart channel product line reached 353 million CNY, up 14.80% from the previous year [4] - Focus on providing data-driven operational services and intelligent marketing solutions, serving over 10 million end-users [4] 3. Intelligent Computing and Data Intelligence - This segment saw a revenue increase of 50.05%, totaling 284 million CNY [5] - The company collaborates with major clients in the intelligent driving sector, providing computing power services and supporting AI model training [5][7] AI Revenue Composition - AI-related revenue is divided into two main parts: computing power-related revenue exceeding 100 million CNY and AI application revenue between 50-60 million CNY [6][10] - AI applications contribute approximately 6% to total revenue, with expectations for this proportion to continue rising [10] Future Outlook - The company anticipates strong growth in computing power orders and AI applications, with a focus on expanding its product matrix, including Rich AIBox and AI email services [11] - As a core partner in the Huawei Harmony ecosystem, the company aims to leverage market expansion opportunities presented by Harmony PC and the global rollout of the Harmony operating system [11]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Viewpoints - The company has shown steady growth across its three main product lines, with a deeper integration of AI technologies [2][3]. - In the first half of 2025, the company achieved a revenue of 920 million yuan, representing a year-on-year growth of 17.72%, and a net profit attributable to the parent company of 135 million yuan, up 14.74% year-on-year [1][2]. Summary by Relevant Sections Product Lines Performance - **Collaborative Office Product Line**: Revenue reached 250 million yuan in 2025H1, growing by 2.01% year-on-year. The product line focuses on digital employees and includes various AI-driven tools such as Rich AIBox and Rich Mail, which have been integrated into the Huawei Harmony ecosystem [2]. - **Smart Channel Product Line**: This line generated 353 million yuan in revenue, a 14.80% increase year-on-year. It emphasizes data-driven operations and includes products like the rapid marketing platform and digital human intelligence platform, serving over 1 billion users [2]. - **Intelligent Computing and Data Intelligence Product Line**: Revenue surged to 284 million yuan, marking a 50.05% increase year-on-year. This line focuses on cloud services, intelligent computing, and data governance, supporting various industries including smart driving and energy [2][3]. AI Integration and Development - The company reported AI and computing-related revenue of 177 million yuan in 2025H1, assisting major clients like China Mobile and Southern Power Grid in their AI platform development [3]. - Continuous investment in AI product development is evident, with R&D spending increasing by 6.87% compared to the previous year [3]. Financial Forecast and Valuation - The company is expected to see rapid growth in order volume due to its strong R&D capabilities and alignment with trends in the digital economy and state-owned cloud development. Projected net profits for 2025-2027 are 270 million, 340 million, and 410 million yuan respectively, with corresponding P/E ratios of 49, 40, and 33 [3].

彩讯股份（300634.SZ）2025 年半年报点评 全面拥抱 AI，全栈式智能化布局开启发展新征程 2025 年 08 月 27 日 ➢ AI 全面赋能传统业务，智慧渠道与协同办公稳健发展。1）智慧渠道产品线： 2025H1 实现收入 3.53 亿元，同比增长 14.80%。公司成功续签中国移动手机营 业厅、中移生态权益中心等多个核心项目，存量业务稳固。在 AI 创新方面，公 司在"5G 新通话+AI"领域取得突破，并在具身智能领域，协助客户开发具身智 能机器狗 APP，提升智能交互体验。2）协同办公产品线：2025H1 实现收入 2.50 亿元，同比增长 2.01%，业务发展稳健。公司持续推动 AI 产品渗透，新签南方 航空、中国人寿 AI 邮箱项目。在信创与鸿蒙生态中，2025 华为 HDC 大会上， 公司 Rich Mail 信创邮箱产品持续迭代，Rich M@il APP 鸿蒙版荣获"华为鸿蒙 办公创新合作奖"，彰显了公司在国产化生态中的技术实力和合作深度。 ➢ 投资建议：公司是国内协同办公、智慧渠道领域龙头，在 AI 驱动的新技术 革命背景下，以 AI 驱动传统业务升级，平台化布局助力 AI 应用 ...

据证券之星公开数据整理，近期彩讯股份（300634）发布2025年中报。截至本报告期末，公司营业总收 入9.2亿元，同比上升17.72%，归母净利润1.35亿元，同比上升14.74%。按单季度数据看，第二季度营 业总收入4.31亿元，同比上升20.86%，第二季度归母净利润6188.71万元，同比上升80.75%。本报告期 彩讯股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达148.87%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率33.57%，同比减19.73%，净利率14.68%，同比 增0.23%，销售费用、管理费用、财务费用总计3404.55万元，三费占营收比3.7%，同比减19.22%，每股 净资产6.29元，同比增8.13%，每股经营性现金流0.46元，同比增717.85%，每股收益0.3元，同比增 15.38% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.81亿 | 9.2亿 | 17.72% | | 归母浄利润（元） | 1.18亿 | 1.35亿 | 14.74% ...

彩讯股份 20250826 摘要 彩讯股份营收稳健增长，2021 年来营收翻倍，2024 年上半年营收同比 增长 17%，达 9.2 亿元，净利润位居行业前 10%，负债率低，现金流 充裕，为未来并购和 AI 业务提供支撑。 公司全面推进 AI 战略，并购团队后在算力业务取得进展，自研 AI 开发 平台和产品，升级三大产品线，包括数字员工协同办公、智慧渠道和智 算服务与数据智能。 协同办公产品线以数字员工为核心，推出中国首款 AI 邮箱并适配鸿蒙系 统，与多家大型企业启动 AI 升级计划，上半年收入 2.5 亿元，同比增长 2%。 智慧渠道产品线服务中国移动等客户，覆盖超 10 亿用户，推出语音智 能体等 AI 应用，并与运营商合作研发四足机器人家庭场景应用，上半年 收入 3.5 亿元，同比增长 14.8%。 智算服务与数据智能产品线收入同比增长 50%至 2.8 亿元，得益于引入 顶尖智算团队，推出 Rich AI Cloud 解决方案，已执行多个智驾智算中 心和 AI 算力项目，AI 及智算相关收入占总营收近 20%。 2025 年上半年，彩讯股份实现营收 9.2 亿元，同比增长 17.7%；归母净利润 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][12]. Core Views - The company achieved steady growth in the first half of 2025, with operating revenue of 920 million yuan, a year-on-year increase of 17.72%, and a net profit attributable to shareholders of 135 million yuan, up 14.74% year-on-year [4][7]. - The company is focusing on AI and computing power, which are seen as new growth drivers, with AI-related revenue reaching 177 million yuan in the first half of 2025, significantly contributing to its performance [7][8]. - The company is well-positioned in the domestic email market and is leveraging its deep integration with major clients like China Mobile to enhance its operational capabilities [8][9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 920 million yuan, a 17.72% increase year-on-year, and a net profit of 135 million yuan, reflecting a 14.74% growth [4][7]. - The revenue breakdown shows that the intelligent computing and data intelligence product line grew by 50.05%, while the collaborative office product line saw a modest increase of 2.01% [7][8]. Business Segments - The collaborative office business is steadily developing, with new AI email projects signed with major clients, enhancing AI penetration in their services [7][8]. - The smart channel business is also growing, with successful renewals of key projects and new client acquisitions in the 5G messaging sector [8]. - The intelligent computing services are expanding rapidly, with significant revenue growth and new projects aimed at enhancing AI capabilities for clients [8][9]. Future Outlook - The report forecasts net profits for 2025-2027 to be 275 million yuan, 332 million yuan, and 403 million yuan respectively, with corresponding EPS of 0.61, 0.74, and 0.89 yuan [6][9]. - The company is expected to benefit from the growth in the domestic cloud and AI sectors, supported by its comprehensive product offerings and technological advantages [8][9].