Seeyon(SH:688369) Xin Lang Cai Jing·2025-08-28 06:35Core Viewpoint - The company reported a decline in revenue and an increase in net losses for the first half of 2025, but showed signs of recovery in orders and cash flow in the second quarter [1][2]. Financial Performance - The company achieved revenue of 338 million yuan in 1H25, a year-on-year decrease of 15.98%; net loss attributable to shareholders was 135 million yuan, with a non-recurring net loss of 134 million yuan, indicating an expanded loss compared to the previous year [1]. - In 2Q25, revenue was 233 million yuan, a year-on-year increase of 5.99%; net loss attributable to shareholders was 69 million yuan [1]. - The net cash flow from operating activities was -58 million yuan, showing significant improvement compared to previous periods [1]. Development Trends - There is a recovery trend in contract orders, with contract liabilities in 1H25 increasing by 37% year-on-year; direct sales contract amounts grew by 20.2%, with orders over one million yuan increasing by 72.7% [1]. - AI-related contracts amounted to 46.69 million yuan, with significant growth in contracts from central state-owned enterprises (up 57.8%) and government business (up 139.4%), particularly in government innovation products (up 170.9%) [1]. - The company’s second-quarter revenue and order recovery trends are expected to support annual revenue recovery [1]. Cost Management and Efficiency - The company continues to focus on cost reduction and efficiency improvement, with a notable decrease in operating losses and improved cash flow management [2]. - The gross margin saw a decline due to increased complexity and costs in direct sales projects, but the company managed to reduce sales, R&D, and management expense ratios [2]. - Accounts receivable decreased by 18.3% compared to the end of the previous year, indicating improved cash flow quality [2]. AI Investment and Applications - The company launched a new generation of AI products, CoMi, which integrates mainstream large models and proprietary collaborative operational models, enhancing its capabilities [2]. - The AI-native application, iForm, adopted a public cloud SaaS model, expanding its coverage to various industries [2]. - The company is developing AI applications in digital government and HR, increasing the practical deployment of AI [2]. Profit Forecast and Valuation - Due to short-term pressures on revenue and profit, the company has revised its 2025 revenue forecast down by 24.2% to 890 million yuan, predicting a net loss of 51.51 million yuan [3]. - For 2026, revenue is projected at 950 million yuan, with a net loss of 23.56 million yuan [3]. - The valuation has been adjusted to a 2026 P/S ratio, maintaining an outperform rating and raising the target price by 32% to 33 yuan, indicating a 7% upside potential from the current stock price [3].