FII(SH:601138) Jing Ji Guan Cha Bao·2025-08-11 05:55Core Insights - Industrial Fulian's revenue and profit grew over 30% year-on-year in the first half of 2025, driven by strong performance in AI-related businesses, achieving historical highs [1][2] - However, the company's operating cash flow decreased by 70.76% year-on-year [1][4] Financial Performance - In the first half of 2025, Industrial Fulian reported revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit of 12.113 billion yuan, up 38.61% [2] - The second quarter saw revenue exceed 200 billion yuan for the first time, reaching 200.345 billion yuan, with a net profit of 6.883 billion yuan, marking increases of 35.92% and 51.14% respectively [2] - The company's total assets grew by 20.66% to 383.13 billion yuan, while net assets slightly decreased by 0.67% to 151.67 billion yuan [4] Business Segments - The AI wave has accelerated growth in Industrial Fulian's core business, with server revenue increasing over 50% year-on-year in Q2, and AI server revenue up over 60% [3] - The GB200 series products have entered mass production, with improving yield rates and increasing shipment volumes [3] - The company's 800G high-speed switches saw revenue growth of nearly three times compared to the entire year of 2024, driven by demand from AI smartphones [3] Shareholder Information - As of June 30, 2025, the total number of shareholders decreased by 23.74% to 311,100, while the average number of shares held per shareholder increased to 63,800 [4]