ECC(SH:600850) Xin Lang Cai Jing·2025-08-31 12:33Core Viewpoint - The company reported stable revenue growth in the first half of 2025, but faced short-term pressure on profits due to increased R&D investments and project repayment cycles [1][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.855 billion yuan, a year-on-year increase of 7.56%, while net profit attributable to shareholders was 108 million yuan, a decline of 19.33% [2]. - In Q2 2025, the company recorded operating revenue of 2.854 billion yuan, with a year-on-year growth of approximately 13.3%, but net profit decreased by about 32.6% [2]. Digital Product Development - The company experienced a significant increase in new contracts for digital products, with a year-on-year growth of 41.82%, laying a solid foundation for future growth [3]. - The core subsidiary, Baifei Electronics, maintained revenue of 120 million yuan, with net profit under pressure due to increased R&D investments and project repayment cycles [3]. Industry Digitalization - The industry digitalization business achieved revenue of 4.339 billion yuan in the first half of 2025, reflecting a year-on-year growth of 7.33% [4]. - The company is a leading player in the financial digital transformation sector and is expanding into intelligent manufacturing, public services, and other industries [4]. New Infrastructure and AI - The digital new infrastructure business benefited from the demand for computing power, achieving revenue of 334 million yuan, a year-on-year increase of 19.03% [4]. - The company successfully secured projects for data center services, indicating a strong position in the growing AI-driven computing infrastructure market [4]. Profit Forecast - The company adjusted its profit forecast, expecting revenues of 11.765 billion, 12.871 billion, and 14.112 billion yuan for 2025-2027, with year-on-year growth rates of 9.89%, 9.40%, and 9.65% respectively [1][5]. - The net profit attributable to shareholders is projected to be 614 million, 712 million, and 813 million yuan for the same period, with growth rates of 11.57%, 15.92%, and 14.15% respectively [1][5].