亚信科技(01675) - 2025 - 中期业绩

Interim Performance Summary Overall Performance Overview In the first half of 2025, the company experienced a decline in overall revenue and profit due to continuous cost reduction and efficiency improvement by major clients in the communications industry, while AI large model business achieved explosive growth, and cost control measures were effective 2025 H1 Key Performance Indicators | Indicator | 2025 H1 | YoY Change | | :--- | :--- | :--- | | Operating Revenue | RMB 2.598 billion | -13.2% | | ICT Support Business Revenue | RMB 2.118 billion | -14.7% | | Digital Intelligence Operations Business Revenue | RMB 0.408 billion | -8.8% | | 5G Private Network and Application Business Revenue | RMB 0.047 billion | -26.3% | | AI Large Model Application and Delivery Business Revenue | RMB 0.026 billion | +7600% (76x) | | Net Loss | RMB 0.202 billion | Loss widened | | Adjusted Net Loss* | RMB 0.048 billion | Loss narrowed (vs. RMB 0.07 billion loss in prior period) | - Despite revenue decline in some businesses in H1, new emerging business orders showed strong growth: AI large model business orders increased by 78 times year-on-year, and 5G private network business orders increased by 51.7% year-on-year, indicating significant market potential[5] - The company's strategy focuses on three growth engines: AI large model application and delivery, 5G private network and application, and digital intelligence operations, with accelerated order signing expected in H2 to drive full-year performance improvement[5] Chairman's Report Overall Performance and Strategic Response Facing pressure from major clients' (operators) cost reduction and efficiency improvement, the company's overall revenue and profit declined in H1, prompting a strategic adjustment to focus on AI large models, 5G private networks, and digital intelligence operations as key growth engines - The company proactively responded to market changes by establishing three growth engine strategies: AI large model application and delivery, 5G private network and application, and digital intelligence operations[6] 2025 H1 Financial Performance | Indicator | 2025 H1 | YoY Change | | :--- | :--- | :--- | | Operating Revenue | RMB 2.598 billion | -13.2% | | Gross Profit | RMB 0.783 billion | +6.1% | | Gross Profit Margin | 30.1% | +5.4 percentage points | | Net Cash Outflow from Operating Activities | - | Improved by 35.3% YoY | - The Board of Directors recommends a 2025 year-end dividend payout ratio of 40% of the annual net profit attributable to shareholders, reflecting a commitment to shareholder returns[8] Business Segment Performance The company's three growth engine businesses show mixed performance but optimistic prospects, with AI large model business achieving explosive growth, 5G private network business showing strong order growth despite revenue decline, and digital intelligence operations optimizing its structure AI Large Model Application and Delivery Business The AI large model business experienced explosive growth, establishing the company as an industry leader through first-mover advantage and high-quality delivery, with deep collaborations and successful benchmark cases across multiple industries AI Large Model Business H1 Performance | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Revenue | RMB 0.026 billion | 76x | | Signed Orders | RMB 0.070 billion | 78x | - The company has established strategic collaborations with Alibaba Cloud, Baidu AI Cloud, NVIDIA, and AsiaInfo Security to jointly promote the industrialization of large models, with ample business opportunities[11] - The company has independently developed a series of toolsets for data quality governance, hallucination suppression, and multi-model scheduling to improve delivery quality and efficiency, building a technological barrier[10] 5G Private Network and Application Business The 5G private network business continues to advance, with new signed orders increasing by over 50% year-on-year despite a revenue decline due to delayed nuclear power orders, solidifying its leading position in the nuclear power sector and achieving breakthroughs in new energy and mining - H1 revenue was approximately RMB 0.047 billion, a 26.3% year-on-year decrease, mainly due to delayed confirmation of nuclear power orders, but signed orders increased by 51.7% year-on-year, with high growth expected in H2[16] - In the nuclear power sector, the company holds the number one market share nationwide, serving 29 units across 7 nuclear power bases, and successfully expanded into Huaneng Group[14] - Progress was made in the new energy and mining sectors, covering over 210 new energy stations, and establishing a joint venture with Zhengzhou Coal Mining Machinery Group to explore new models for digital intelligence operations in mining[14][15] Digital Intelligence Operations Business The digital intelligence operations business saw an 8.8% year-on-year revenue decline in H1 due to operator cost controls, but its business structure continues to optimize, with non-communications industry orders growing by 18.2%, and revenue based on results/revenue sharing increasing to 33.4% Digital Intelligence Operations Business H1 Performance | Indicator | Amount/Ratio | YoY Change | | :--- | :--- | :--- | | Revenue | RMB 0.408 billion | -8.8% | | Non-communications Industry Orders | - | +18.2% | | - Financial Sector Orders | - | +48.3% | | - Automotive Sector Orders | - | +5.3% | | - Consumer Sector Orders | - | +4.4% | | Revenue from Results/Revenue Sharing | 33.4% | +6.7 percentage points | ICT Support Business As the company's foundational business, ICT support revenue declined by 14.7% year-on-year in H1 due to overall investment reductions by operators, prompting the company to actively respond through AI empowerment, new client expansion, and cost reduction initiatives - H1 ICT support business revenue was approximately RMB 2.118 billion, a 14.7% year-on-year decrease, primarily due to reduced investment by operator clients[21] - The company is offsetting the downward pressure on BSS business through AI empowerment, new client expansion, and joint development of government and enterprise markets with operators, while continuously advancing organizational transformation to reduce delivery costs[21] Product Technology and Outlook The company continues to strengthen its technological leadership in "Cloud-Network," "Digital Intelligence," and "IT" product systems, fully promoting product evolution towards AI Native, actively participating in standard setting, and aiming to achieve full-year targets by accelerating order conversion for growth engines - The company focuses on "Cloud-Network," "Digital Intelligence," and "IT" product systems, fully promoting their evolution towards AI Native, providing technical support for the three growth engines[22] - In the digital intelligence domain, a product system of "2 large model platforms, 5 industry large models, and N industry intelligent agent tools" has been formed, with 240 accumulated successful cases[24] - As of June 2025, the company has participated in the formulation of 356 international/domestic standards, with 26 new additions in H1, continuously solidifying its industry technological influence[26] - The company expects H2 performance to be significantly better than H1, aiming to firmly achieve full-year targets by accelerating order signing[27] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue was RMB 2.598 billion, a 13.2% year-on-year decrease, but gross profit increased by 6.1% to RMB 0.783 billion due to effective cost control, while loss for the period widened to RMB 0.202 billion due to increased administrative expenses and expected credit losses Profit or Loss Statement Key Data (For the six months ended June 30) | Indicator (RMB Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 2,597,875 | 2,994,262 | | Cost of Sales | (1,814,839) | (2,255,981) | | Gross Profit | 783,036 | 738,281 | | Administrative Expenses | (297,373) | (183,144) | | Research and Development Expenses | (414,863) | (436,012) | | Loss Before Tax | (236,524) | (91,392) | | Loss for the Period | (202,329) | (70,131) | | Basic Loss Per Share (RMB) | (0.22) | (0.06) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets were RMB 9.311 billion, a 11.3% decrease from year-end 2024, with total liabilities at RMB 3.153 billion and net assets at RMB 6.158 billion, maintaining a stable financial structure despite a significant decrease in cash and cash equivalents Balance Sheet Key Data (RMB Thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 9,311,376 | 10,499,966 | | Non-current Assets | 2,903,706 | 2,861,391 | | Current Assets | 6,407,670 | 7,638,575 | | Total Liabilities | 3,153,188 | 3,858,767 | | Current Liabilities | 2,810,280 | 3,461,615 | | Non-current Liabilities | 342,908 | 397,152 | | Total Equity | 6,158,188 | 6,641,199 | | Cash and Cash Equivalents | 612,693 | 1,618,100 | Condensed Consolidated Statement of Cash Flows In H1 2025, net cash used in operating activities was RMB 0.594 billion, a significant 35.3% improvement year-on-year due to enhanced sales collection and cost control, while net cash outflow from financing activities was RMB 0.417 billion, primarily for dividend payments, resulting in reduced cash and cash equivalents Cash Flow Statement Key Data (For the six months ended June 30, RMB Thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (594,425) | (919,009) | | Net Cash From Investing Activities | 7,970 | 328,375 | | Net Cash Used in Financing Activities | (417,475) | (696,196) | | Net Decrease in Cash and Cash Equivalents | (1,003,930) | (1,286,830) | | Cash and Cash Equivalents at End of Period | 612,693 | 1,326,432 | Management Discussion and Analysis Overall Operating Performance and Financial Analysis In H1 2025, the company faced overall operational pressure with revenue declining by 13.2% to RMB 2.598 billion, but gross profit increased by 6.1% due to personnel adjustments and cost control, while net loss widened to RMB 0.202 billion primarily due to one-off severance payments 2025 H1 Performance Review | Indicator | 2025 H1 | YoY Change | | :--- | :--- | :--- | | Revenue | RMB 2.598 billion | -13.2% | | Gross Profit | RMB 0.783 billion | +6.1% | | Gross Profit Margin | 30.1% | +5.4 percentage points | | Net Loss | RMB 0.202 billion | Loss widened | | Adjusted Net Loss | RMB 0.048 billion | Loss narrowed | | Net Cash Used in Operating Activities | RMB 0.594 billion | Improved by 35.3% | - Administrative expenses increased by 62.4% year-on-year to RMB 0.297 billion, primarily due to increased one-off severance payments from personnel structure adjustments[63] Segment Revenue Analysis The company's revenue decline was mainly driven by the largest segment, ICT support business, which saw a 14.7% year-on-year decrease due to operator cost reductions, while AI large model business was the sole highlight, achieving explosive growth and reaching 1.0% of total revenue Revenue Breakdown by Business Segment (For the six months ended June 30) | Business Type | 2025 Revenue (Thousand Yuan) | Share | 2024 Revenue (Thousand Yuan) | Share | | :--- | :--- | :--- | :--- | :--- | | ICT Support Business | 2,117,736 | 81.5% | 2,483,649 | 83.0% | | Digital Intelligence Operations Business | 407,647 | 15.7% | 447,001 | 14.9% | | 5G Private Network and Application Business | 46,652 | 1.8% | 63,277 | 2.1% | | AI Large Model Application and Delivery Business | 25,840 | 1.0% | 335 | 0.0% | | Total Revenue | 2,597,875 | 100.0% | 2,994,262 | 100.0% | Financial Position and Cash Flow As of June 30, 2025, the company's financial position remains generally healthy with total assets of RMB 9.311 billion and net assets of RMB 6.158 billion, no bank borrowings, and a zero leverage ratio, while net cash used in operating activities significantly improved by 35.3% - As of June 30, 2025, the Group had no bank borrowings, and its leverage ratio was zero, indicating a robust financial structure[78] - Net cash used in operating activities significantly improved by 35.3% year-on-year, primarily due to enhanced sales collection and strengthened cost control[81] Key Balance Sheet Item Changes | Indicator (RMB Billion) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 0.613 | 1.618 | -62.1% | | Trade Receivables and Bills Receivable | 1.785 | 2.065 | -13.6% | | Inventories | 0.412 | 0.275 | +49.9% | | Trade Payables and Bills Payable | 0.958 | 1.104 | -13.2% | Other Information Corporate Governance and Compliance The company is committed to maintaining high standards of corporate governance, having complied with all applicable provisions of the Corporate Governance Code during the reporting period, with the Audit Committee reviewing interim results and confirming effective risk management and internal control systems - The company has consistently complied with all applicable code provisions under the Corporate Governance Code during the reporting period[86] - The Audit Committee has reviewed the interim results and considers the company's risk management and internal control systems to be effective and adequate[90] - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[88]