具体来看，公司实现营业收入9.29亿元，相较2024年同期实现稳定增长，归属于上市公司股东的净利润 9323.56万元，同比增长18.56%，归属于上市公司股东的扣除非经常性损益的净利润为8443.09万元，同 比增长25.69%，在优化运营效率与强化成本管控的共同作用下，公司整体经营展现了良好的韧性。 核心业务稳健前行，火星慧知智能体加持物联网云服务升级，创新研发实力推动产品加速落地 2025年上半年，熵基科技凭借其在多模态混合生物识别、AI感知物联网及智慧空间管理领域的技术创 新优势与全球化布局，实现了经营业绩的稳健表现。 8月27日，熵基科技（301330）股份有限公司发布2025年半年度报告。报告期内，持续深化多模态 BioCV（计算机视觉与生物识别）与AI认知技术的融合，推出火星慧知平台，公司海外业务增长强劲， 增长比例为12.58%，智慧办公云订阅业务快速成长，智慧零售业务逐步落地，公司前瞻性布局脑机接 口技术，全球区域化供应链基地取得积极进展。 智慧商业业务在全球经过近两年的推广，已经触达越来越多的客户群体，且智慧商业行业数智化升级在 不断加速，市场需求丰富，公司在重点国家例如日本、印尼、泰国、 ...

Core Insights - The stock of Entropy Technology increased by 10.27% on August 28, with a trading volume of 826 million yuan [1] - As of August 28, the total margin balance for Entropy Technology was 207 million yuan, representing 5.06% of its market capitalization [1] - The company reported a revenue of 929 million yuan for the first half of 2025, reflecting a year-on-year growth of 2.90% [2] Financing and Margin Trading - On August 28, Entropy Technology had a financing buy-in amount of 90.425 million yuan, with a net buy of 6.0717 million yuan [1] - The financing balance of 207 million yuan is above the 90th percentile of the past year, indicating a high level of margin trading activity [1] - There were no short sales or short positions reported on August 28, with the short balance at zero [1] Business Performance - The company’s main business segments include smart space (73.84%), smart office (18.33%), digital identity authentication (4.32%), and smart commerce (3.11%) [1] - The number of shareholders increased by 25.78% to 22,200 as of June 30, 2025, while the average number of circulating shares per person decreased by 4.83% [2] - The net profit attributable to the parent company for the first half of 2025 was 93.236 million yuan, showing an 18.56% increase year-on-year [2] Shareholder and Dividend Information - Since its A-share listing, Entropy Technology has distributed a total of 236 million yuan in dividends [3] - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and other institutional investors, with notable increases in holdings [3]

Financial Performance - In the first half of 2025, the company achieved a consolidated revenue of 9,323.56 million yuan, a year-on-year increase of 9.29% [2] - The net profit attributable to shareholders was 9,323.56 million yuan, up 18.56% year-on-year [2] - The net profit excluding non-recurring gains and losses was 8,443.09 million yuan, reflecting a growth of 25.69% [2] - Overseas business revenue reached 7.04 billion yuan, accounting for 75.73% of total revenue, with a growth of 12.58% compared to the same period in 2024 [2] - Domestic business revenue was 2.26 billion yuan, representing 24.27% of total revenue, with a decline of 18.88% year-on-year [2] Business Segments - The Smart Space segment generated approximately 6.86 billion yuan, making up 74.13% of total revenue [3] - The Smart Office segment earned about 1.70 billion yuan, accounting for 18.40% of total revenue, with a year-on-year growth of 30.80% [3] - The Digital Identity Authentication segment reported revenue of approximately 401.63 million yuan, representing 4.34% of total revenue, down 12.50% year-on-year [3] - The Smart Commercial segment generated around 289.41 million yuan, accounting for 3.13% of total revenue, with a growth of 17.10% [3] Cost and Profitability - Total operating expenses (excluding financial costs) for the first half of 2025 were 371 million yuan, a decrease of 0.74% year-on-year [4] - R&D expenses were 104 million yuan, down 1.50%, representing 11.20% of revenue [4] - The overall gross margin for the first half of 2025 was 51.13%, an increase of 1.64% year-on-year [4] - The gross margin for overseas sales was 57.51%, while domestic sales gross margin was 31.21%, down 1.18% year-on-year [4] Future Outlook - The company anticipates a stabilization of domestic business and continued growth in overseas markets [6] - New product launches in the second half of 2025 are expected to drive sales growth in the Smart Space segment [5] - The company is focusing on expanding its presence in key overseas markets, including North America, Europe, and Southeast Asia [7] Investor Engagement - The company addressed investor questions regarding cash flow, overseas business focus, and technological advancements in brain-computer interfaces [6][7][8] - The operating cash flow for the first half of 2025 improved significantly due to adjustments in payment structures [6] - The company is exploring the integration of brain-computer interface technology with robotics for applications in rehabilitation and elderly care [8]

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.03亿 | 2665.6 | 2.90% | | 归母净利润（元） | 7863.77万 | 9323.56万 | 18.56% | | 扣非净利润(元) | 6717.22万 | 1 8443.09万 | 25.69% | | 货币资金(元) | 13.19亿 | 13.04亿 | -1.16% | | 应收账款(元) | 4.7亿 | 5.29亿 | 12.43% | | 有息负债 (元) | 2994.63万 | 1.07 Z | 256.91% | | 手利率 | 49.49% | 51.13% | 3.31% | | 净利率 | 9.40% | 12.00% | 27.67% | | 三费占营收比 | 27.61% | 25.83% | -6.44% | | 每股净资产 (元) | 16.44 | 14.27 | -13.17% | | 每股收益(元) | 0.34 | 0.4 | 18.10% | | 每股经营性现金流(元) | 0.34 | 0.7 ...

Core Viewpoint - The company emphasizes a long-term development strategy amidst domestic market adjustments, focusing on quality management and promoting high-margin products while reducing low-margin sales [2][3]. Group 1: Domestic Market Strategy - The company is addressing the decline in the domestic market by maintaining strict operational quality and ensuring stable accounts receivable and reasonable inventory turnover [2]. - The company is committed to upgrading and promoting cloud products domestically to enhance profitability [2]. Group 2: High Gross Margin Drivers - The company's high gross margin is attributed to its focus on the global market, mastery of core algorithms, and self-production capabilities, which provide both technical and brand premium [3]. - Increasing overseas sales, which have a higher gross margin, is a key factor in the overall high gross margin, driven by customized demand and localized strategies [3]. Group 3: Collaboration and New Product Developments - The company is collaborating with Lingzu Technology to explore the integration of brain-computer interface (BCI) technology with robotics, aiming to build a multi-field collaborative innovation system [4]. - New products related to brain-computer technology showcased at a Thailand exhibition have garnered attention, although these products are still in the research and development phase [4]. - The company encourages investors to follow its official channels for updates on new product launches and acknowledges the uncertainties in new business development [4].

Group 1: Market Performance and Strategy - The domestic market is experiencing a decline due to a lack of competitive products and low profit margins, prompting the company to focus on sustainable development and strategic planning for future growth [2] - The company is implementing strict management to ensure stable accounts receivable, reasonable inventory turnover, and maintaining profit margins within a reasonable range [2] Group 2: Profitability Factors - The overall high gross margin is attributed to increasing overseas sales, which have a higher gross margin compared to domestic sales [2] - Key drivers of high overseas gross margins include: - Customized product demands that enhance pricing power [2] - Localization strategies that cater to specific regional needs, providing high-value personalized services [2] - High pricing autonomy in developed markets like North America and Europe, where consumers are willing to pay more for quality [2] - A significant portion of revenue from high-margin software and service fees in exports [2] Group 3: Project Updates and Collaborations - The acquisition of the Longzhiyuan project is still in progress, with updates to be provided through official announcements [3] - The company is exploring collaborations with Lingzu Technology, focusing on the integration of brain-computer interface (BCI) technology with robotics across various sectors [3] - The brain-machine interface products showcased at a recent exhibition in Thailand received positive attention, aligning with global smart health market trends [3]

Financial Performance - In the first half of 2025, the company's revenue reached 929,258,759.5 yuan, representing a year-on-year increase of 2.9% [2][3] - The net profit attributable to shareholders was 93,235,556.28 yuan, up 18.56% compared to the same period last year [2][3] - The net profit after deducting non-recurring gains and losses was 84,430,913.49 yuan, reflecting a growth of 25.69% year-on-year [2][3] - The net cash flow from operating activities was 169,183,153.56 yuan, a significant increase of 153.91% [3] - Basic earnings per share were 0.3999 yuan, an increase of 18.10% [3] - Total assets amounted to 4,212,927,418.94 yuan, up 4.94% year-on-year [3] Technological Advancements - The company holds multiple core technologies in the field of biometric recognition, covering various modalities such as fingerprint, palm, face, iris, and finger vein [2] - The company has developed a multi-modal fusion recognition technology that enhances accuracy and security by combining various biometric features [2] - Significant breakthroughs in liveness detection technology have been achieved, effectively preventing spoofing attacks using photos, videos, or masks [2] Product Development - The focus areas include palm and facial recognition technologies, enabling convenient identity verification across diverse mobile devices and platforms [4] - The company has introduced cross-platform interoperability for palm and facial recognition, supporting various operating systems including Harmony, Android, and iOS [4] - A standardized format and cross-platform protocol have been adopted to ensure secure transmission of feature templates, protecting user privacy [4] Strategic Positioning - The company has evolved from a single biometric technology pioneer to a leader in multi-modal BioCV and AI cognitive technologies [5] - By integrating computer vision with biometric recognition, the company aims to enhance user interaction and service provision [5] - The company is committed to exploring the value of human-scene interaction and empowerment through innovative practices [5]

Core Insights - Entropy Technology (301330.SZ) reported a total revenue of 929 million yuan for the first half of 2025, ranking 17th among disclosed peers, with a year-on-year increase of 26.16 million yuan, or 2.90% [1] - The net profit attributable to shareholders was 93.24 million yuan, ranking 15th among peers, reflecting a year-on-year increase of 14.60 million yuan, or 18.56% [1] - The net cash inflow from operating activities was 169 million yuan, ranking 10th among peers, with a significant year-on-year increase of 103 million yuan, or 153.91% [1] Financial Metrics - The latest gross profit margin is 51.13%, ranking 15th among peers, with a quarter-on-quarter increase of 0.16 percentage points and a year-on-year increase of 1.43 percentage points, marking four consecutive years of growth [2] - The return on equity (ROE) is 2.78%, ranking 23rd among peers, with a year-on-year increase of 0.32 percentage points [2] - The diluted earnings per share (EPS) is 0.40 yuan, ranking 16th among peers, with a year-on-year increase of 0.06 yuan, or 18.10% [2] - The total asset turnover ratio is 0.23 times, ranking 24th among peers [2] - The inventory turnover ratio is 1.31 times, ranking 21st among peers, with a year-on-year increase of 0.10 times, or 8.22% [2] Shareholder Structure - The number of shareholders is 22,200, with the top ten shareholders holding 159 million shares, accounting for 67.66% of the total share capital [2] - The largest shareholder is Shenzhen Zhongkong Times Investment Co., Ltd., holding 29.83% [2] Debt Metrics - The latest debt-to-asset ratio is 19.21%, ranking 18th among disclosed peers [3]

Core Viewpoint - AI-related stocks showed strong performance on August 27, with notable gains in several companies, indicating a positive market sentiment towards the AI sector [1]. Company Performance - Nengke Technology (能科科技) reached a limit-up, marking its second consecutive trading day of gains, with a rise of 10% [2]. - Kute Intelligent (酷特智能) increased by over 8%, reflecting strong investor interest [1]. - Yinkang Life (盈康生命) and Wanxing Technology (万兴科技) also experienced upward movement, contributing to the overall positive trend in AI stocks [1]. - Other companies such as Doushen Education (豆神教育) and Huichan Technology (慧辰股份) also reported gains, with the latter showing a rise of 6.14% [2]. Percentage Changes - Nengke Technology (能科科技) recorded a significant increase of 53.02% in its stock price [2]. - Kute Intelligent (酷特智能) saw a rise of 25.90% [2]. - Yinkang Life (盈康生命) and Wanxing Technology (万兴科技) had increases of 11.27% and 89.88%, respectively [2]. - Doushen Education (豆神教育) experienced a gain of 10.10% [2].

Meeting Overview - The third meeting of the Supervisory Board of the company was held on August 25, 2025, via both in-person and communication methods, with all three supervisors present [1] - The meeting was chaired by Ms. Jiang Wenna, the chairman of the Supervisory Board, and complied with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board approved the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational status for the first half of 2025 without any false statements or omissions [1] - The voting result for this resolution was unanimous, with 3 votes in favor, 0 against, and 0 abstentions [2] - The Supervisory Board also approved the special report on the management and use of raised funds for the first half of 2025, affirming compliance with regulations and no violations in the management of these funds [2] - This resolution also received unanimous approval with 3 votes in favor, 0 against, and 0 abstentions [2] Reference Documents - The company disclosed the 2025 semi-annual report and its summary on the same day on the official website [2]