Core Viewpoint - Haitong International maintains an "outperform" rating for Shenzhou Holdings (00861), citing strong order backlog and growth momentum across various business segments [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 7.865 billion yuan, a year-on-year increase of 12.04%; net profit attributable to shareholders was 15 million yuan, up 40.70%; and net profit excluding non-recurring items was 15 million yuan, turning from loss to profit [2] - New orders signed in H1 2025 amounted to approximately 9.476 billion yuan, a year-on-year growth of 98%; as of H1 2025, the total order backlog reached 10.441 billion yuan, an increase of 27% [2] Group 2: Business Segment Growth - The company's three main business segments all maintained growth momentum: - Big data products and solutions generated revenue of 1.430 billion yuan, up 12% year-on-year, with a gross profit of 319 million yuan, up 1% [3] - Software and operation services achieved revenue of 2.448 billion yuan, a 13% increase year-on-year, with a gross profit of 312 million yuan, up 18% [3] - Innovation and traditional services reported revenue of 3.987 billion yuan, a year-on-year increase of 11%, with a gross profit of 402 million yuan, up 6% [3] Group 3: Strategic Initiatives - The company continues to advance its "Data x AI" strategy, enhancing its data intelligence technology foundation centered around the "Yanyun Infinity platform" to efficiently build and deploy industry-specific intelligent applications [4] - In the smart supply chain scenario, the company has implemented a comprehensive data intelligence solution that integrates "data-decision-application," achieving deep penetration of "AI for Process" [4] - In the government and enterprise digitalization scenario, the company launched an end-to-end data intelligence solution that integrates DeepSeek's private deployment, successfully deploying it in a municipal service app and creating the first AI intelligent assistant [4]
海通国际：维持神州控股(00861)“优于大市”评级 上半年业绩改善明显