ADTec(SZ:300541) Xin Lang Cai Jing·2025-09-10 10:53Core Viewpoint - The company has experienced significant profit growth in the first half of 2025, but operational cash flow has decreased sharply due to increased procurement payments and long contract execution cycles [1][2]. Financial Performance - In the first half of 2025, the company achieved nearly 7 times profit growth, while operating cash flow declined by 1488% year-on-year [1]. - As of June 30, the company had an order backlog of 2.2 billion yuan, including large contracts with state-owned banks and leading internet companies [1]. Business Transformation - Revenue from the internet sector grew by 152.87% year-on-year, accounting for over half of total revenue, while traditional financial software solutions saw a decline in revenue and gross margin [1][2]. - The company remains focused on IT infrastructure construction, software solutions, and IT operation maintenance services, while expanding its client base in various industries [1]. Business Focus and Planning - Despite the internet sector's revenue share exceeding half, the company emphasizes its commitment to the financial industry and is actively exploring opportunities in the internet and tobacco sectors [2]. - The company serves a diverse range of banks, including 26 provincial rural commercial banks and over 100 city commercial banks [2]. Challenges in Business Expansion - The increase in IT infrastructure construction business has led to higher profits but also an increase in inventory and short-term borrowings [2]. - The company has raised 245 million yuan in net funds as of September 2023 and does not plan to seek additional financing in the short term [2]. R&D Investment - R&D investment decreased by 40% year-on-year in the first half of 2025 due to strategic adjustments following a decline in 2024 performance, but the company is now increasing R&D spending [3]. - Future R&D focuses include developing products that integrate new IT technologies with AI, creating solutions for the tobacco industry, and building industry AI solutions based on the Ascend AI platform [3].