首都在线(300846)：发布股权激励 彰显成长信心

Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, but showed growth in its intelligent computing and cloud services, indicating a strategic shift towards high-margin business areas [1][2][4]. Financial Performance - H1 2025 revenue was 629 million yuan, a year-on-year decrease of 11.82% [1] - The net profit attributable to shareholders was -71 million yuan, a year-on-year reduction in losses of 23.03% [1] - The net profit excluding non-recurring items was -77 million yuan, a year-on-year reduction in losses of 15.57% [1] - Operating cash flow net amount was 51 million yuan, a year-on-year decrease of 54.03% [1] Business Segments - Intelligent computing cloud business revenue reached 115 million yuan, a year-on-year increase of 34.64% [2] - Cloud computing business revenue was 199 million yuan, a year-on-year increase of 14.98%, with a gross margin of 4.85%, up 1.90 percentage points year-on-year [2] - IDC business revenue was 288 million yuan, a year-on-year decrease of 30.98%, but gross margin improved to 21.17%, up 7.49 percentage points year-on-year [2] Strategic Initiatives - The company is constructing a data center in Huailai and aims to integrate and build IDC resources in key domestic cities, covering major economic hubs [3] - A stock incentive plan was announced, granting up to 3 million restricted shares, representing 0.6% of total shares, aimed at stabilizing and building the core talent team [3] - The first and second vesting periods of the incentive plan have revenue growth targets of no less than 23.20% and 41.68% for 2025 and 2026, respectively [3] Future Outlook - The company is expected to achieve net profits of -150 million yuan, -70 million yuan, and 50 million yuan for the years 2025, 2026, and 2027, respectively, indicating a gradual improvement in financial performance [4] - The company maintains a "buy" rating, reflecting confidence in its growth strategy and market positioning [4]