恒生电子(600570)：静待主业反转 关注创新业务发展

Core Viewpoint - The company faces short-term growth pressure due to weak industry demand and strategic adjustments, but management efficiency continues to improve, with core products like UF3.0 and O45 expanding. The long-term development of the main business is still viewed positively, and the Hong Kong innovation business is expected to open new growth opportunities, maintaining a strong recommendation [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 2.426 billion yuan, a year-on-year decrease of 14.44%; net profit attributable to shareholders was 261 million yuan, a year-on-year increase of 771.57%; and net profit excluding non-recurring items was 192 million yuan, a year-on-year increase of 41.89% [1]. - In Q2 2025, the company recorded revenue of 1.401 billion yuan, a year-on-year decrease of 15.03%; net profit attributable to shareholders was 229 million yuan, a year-on-year increase of 247.07%; and net profit excluding non-recurring items was 182 million yuan, a year-on-year increase of 59.82% [1]. Management Efficiency - The company has seen a significant improvement in management efficiency, with operating cash flow at -900 million yuan, a year-on-year improvement of 23.40%. The gross margin was 69.55%, a decrease of 1.77 percentage points year-on-year. Contract liabilities stood at 2.241 billion yuan and inventory at 694 million yuan, both remaining relatively stable year-on-year [2]. - In H1 2025, the sales, management, and R&D expense ratios were 11.88%, 12.59%, and 42.71%, respectively, showing a decrease of 1.86, 1.00, and an increase of 1.75 percentage points year-on-year. The total expense ratio decreased by 1.11 percentage points [2]. Core Business and Innovation - The core business lines showed mixed results, with wealth technology revenue down 3.13% year-on-year, while core product UF3.0 signed contracts with multiple brokerage firms and completed several customer POC tests. Asset management technology revenue decreased by 32.35% year-on-year due to reduced demand for industry-wide standardization [3]. - The Hong Kong subsidiary, Hengyun Technology, has been a pioneer in providing virtual asset trading systems, assisting several financial institutions in launching their platforms. The company is well-positioned in the virtual asset trading business due to its shareholder background, business layout, and market share advantages [3]. Future Outlook - The company maintains a strong recommendation for investment, projecting revenues of 6.955 billion yuan, 7.592 billion yuan, and 8.292 billion yuan for 2025-2027, with net profits attributable to shareholders of 1.296 billion yuan, 1.448 billion yuan, and 1.610 billion yuan, respectively [3].