达实智能2025半年报出炉：短期承压 AI业务成增长新引擎

Core Viewpoint - Dashi Intelligent (002421) reported a decline in performance for the first half of 2025 due to fluctuations in downstream demand, but breakthroughs in the AI business sector are expected to drive future growth [1][2] Financial Performance - Dashi Intelligent achieved operating revenue of 990 million yuan, a year-on-year decrease of 26.80% [1] - The net profit attributable to shareholders was -88.76 million yuan, compared to a profit of 9.31 million yuan in the same period last year [1] - Total expenses for sales, management, research and development, and finance amounted to 314 million yuan, a year-on-year decrease of 6.12% [2] AI Business Development - The company reported AIoT platform-related revenue of 13.56 million yuan, a year-on-year increase of 24.77%, with a signed contract amount of 25.04 million yuan, up 214.35% [1] - The AI strategy is transitioning from the investment phase to the harvest phase, indicating a positive outlook for future growth [1] Cost Management and Financial Health - The asset-liability ratio was 62.03%, a decrease of 0.74 percentage points from the previous year [2] - The net operating cash flow was -28.5 million yuan, showing an improvement of 2.22% year-on-year [2] - The termination of the PPP project contract with the local government is expected to reduce liabilities by 1.093 billion yuan and recover cash of 213 million yuan, optimizing the asset structure [2] Future Outlook - The company plans to continue increasing investment in AI and aims to enhance technological innovation related to AI applications, pursuing high-quality growth opportunities [2]