科大讯飞拿了8630万政府补助，核心业务仍难盈利

Core Viewpoint - The financial report of iFlytek shows a superficial recovery characterized by government subsidies and financial maneuvers, while the core business remains unprofitable and faces significant risks [1][4][19] Financial Performance - iFlytek's revenue for the first half of the year reached 10.91 billion yuan, a year-on-year increase of 17% [5] - The net loss attributable to shareholders narrowed from 400.67 million yuan to 238.93 million yuan, a reduction of over 40% [5][6] - Non-recurring gains included 863.04 million yuan in government subsidies, accounting for nearly 70% of non-recurring income [6][8] - Without the government subsidy, the net loss would have increased to 307 million yuan, indicating reliance on external financial support [8] Business Segments - Key business segments are either shrinking or unprofitable, undermining the company's status as an AI leader [9][10] - Revenue from smart hardware decreased by 3.27% to 870 million yuan, despite a 42% increase in gross merchandise volume (GMV) [10] - The "Smart Justice" and "Operator" segments also saw revenue declines of 10.42% and 1.75%, respectively [10] - The "Open Platform" generated 27.24 billion yuan in revenue but had a low gross margin of 16.58%, indicating a lack of profitability [11] Cash Flow and Debt - iFlytek has 15.746 billion yuan in accounts receivable, representing 36.68% of total assets, with over 45% of these receivables aged over one year [12][13] - The company reported a negative cash flow from operating activities of 772 million yuan, indicating ongoing cash burn [13] - Short-term borrowings surged from 310 million yuan to 1.739 billion yuan, while long-term borrowings decreased, reflecting a deteriorating debt structure [14][15] R&D Expenditure - R&D spending amounted to 2.392 billion yuan, representing 21.92% of revenue, but over 91% of this was capitalized, masking true expenses [17][18] - If calculated at the industry average capitalization rate, the actual R&D expense would be significantly higher, leading to a larger net loss [18][19] Conclusion - The apparent reduction in losses is misleading, as the company continues to rely on government support and financial engineering, with core operations still unprofitable and facing cash flow challenges [19][20]