2 1 Shi Ji Jing Ji Bao Dao·2025-09-01 01:13Core Insights - The rapid development of AI large models is creating significant transformation and growth opportunities for computing power industry chain manufacturers [1] - ZTE Corporation reported a revenue of 71.55 billion yuan for the first half of 2025, a year-on-year increase of 14.5%, with a net profit of 5.06 billion yuan [1] - The company is shifting its strategy from "connectivity" to "connectivity + computing power," with the second curve business showing significant growth [1][2] Revenue Breakdown - The revenue composition has shifted, with the operator business now accounting for 49% of total revenue, down from nearly 60%, while the enterprise business has increased to approximately 27% [1] - The second curve revenue, represented by computing power and terminal products, has grown nearly 100% year-on-year, making up over 35% of total revenue [1][3] Business Performance - The enterprise business achieved a remarkable growth rate of 109.9% year-on-year, while the consumer and operator network businesses remained stable [2] - In the domestic market, ZTE has made breakthroughs in key scenarios and provinces, while also expanding its international market presence [3] Computing Power Solutions - ZTE has developed a comprehensive intelligent computing solution covering various fields, including computing power, network, and applications [3] - The company leads in the domestic operator market for general computing servers and has secured significant contracts for data center switches [3] Consumer Business Growth - The consumer business saw a 7.6% year-on-year revenue increase, driven by smartphone and cloud computer sales [4] - The dual-brand strategy of "ZTE + Nubia" has been effective in expanding smartphone market channels in Southeast Asia, Latin America, and Europe [4] Margin Pressure and Strategies - The shift in revenue structure has led to temporary pressure on gross margins due to the competitive environment in computing power products [5] - ZTE plans to enhance gross margins through increased scale, higher self-research ratios, and expanding into solution sales [5] Intelligent Computing Advancements - ZTE is advancing its intelligent computing direction with a full-stack open solution to address key challenges in industrial intelligence transformation [6] - The company has developed a domestic optical interconnect GPU supernode, which won the highest award at the World Artificial Intelligence Conference [6][7] AI Model Development - ZTE has launched its self-developed large model, Nebula Coder-V6, which ranked first in inference benchmarks [8] - The company is focusing on AI home products, aiming to create a closed-loop value system for smart home applications [8] Future Plans - In the second half of the year, ZTE aims to deepen strategic cooperation with leading clients in the internet and finance sectors to enhance market share in computing power products [9] - The company is committed to an open mindset to build competitive advantages in the entire ecosystem [9]