科大讯飞2025年中报简析：营收上升亏损收窄，盈利能力上升

Core Viewpoint - The recent financial report of Keda Xunfei (002230) shows a significant increase in revenue and a notable improvement in profitability metrics, despite still reporting a net loss [1] Financial Performance - Total revenue for the first half of 2025 reached 10.911 billion yuan, a year-on-year increase of 17.01% [1] - The net profit attributable to shareholders was -239 million yuan, showing a year-on-year improvement of 40.37% [1] - In Q2 2025, total revenue was 6.253 billion yuan, up 10.12% year-on-year, while the net profit attributable to shareholders was -45.68 million yuan, an increase of 54.41% year-on-year [1] - Gross margin improved slightly to 40.23%, with a year-on-year increase of 0.09%, while net margin improved significantly to -2.09%, reflecting a 58.51% year-on-year increase [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 2.791 billion yuan, accounting for 25.58% of revenue, which is a 3.6% increase year-on-year [1] - The company reported a significant increase in cash flow from operating activities, with a net cash flow change of 49.73% due to increased sales collections [1] Investment and Market Position - The company has a low historical return on invested capital (ROIC) of 2.55% for the previous year, with a median ROIC of 6.24% over the past decade, indicating weak capital returns [2] - The company relies heavily on research and marketing for its performance, necessitating a deeper analysis of these drivers [2] Fund Holdings - The largest fund holding Keda Xunfei is the Huaxia CSI Robot ETF, which has increased its holdings, reflecting growing interest in the company [3] - The fund has a total scale of 14.471 billion yuan and has seen a significant increase in net value over the past year [3]