海光信息(688041)2025年半年报点评：Q2业绩同比增长 CPU、DCU业务进展顺利

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit, driven by increasing demand for high-end chips and strategic partnerships in the industry [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 5.464 billion yuan, representing a year-on-year increase of 45.21%, and a net profit attributable to shareholders of 1.201 billion yuan, up 40.78% year-on-year [1]. - For Q2 2025, the company reported revenue of 3.064 billion yuan, a year-on-year increase of 41.15% and a quarter-on-quarter increase of 27.66%, with a net profit of 696 million yuan, reflecting a year-on-year growth of 23.14% and a quarter-on-quarter growth of 37.49% [1]. Group 2: Business Development - The company specializes in the research, design, and sales of high-end processors, including general-purpose CPUs and DCUs, which are widely used in various sectors such as telecommunications, finance, and education [2]. - The company’s CPU series is compatible with the x86 instruction set and major operating systems, providing high performance, good compatibility, and high security, making it suitable for both high-end servers and mid-to-low-end servers [2]. - The company’s R&D investment for the first half of 2025 was 1.711 billion yuan, a year-on-year increase of 24.68%, with R&D expenses accounting for 31.31% of revenue, a decrease of 5.84 percentage points compared to the same period last year [2]. Group 3: Strategic Initiatives - The company plans to merge with Zhongke Shuguang through a stock swap, aiming to enhance synergies and create a closed-loop industry chain from upstream chips to downstream cloud services [3]. - This merger is expected to accelerate the integration of domestic computing power and promote the large-scale application of domestic chips in various sectors, including government, telecommunications, finance, and energy [3].