特斯联半年报抢眼：营收同比劲增 77%，延续去年 83.2% 高增态势

Core Insights - The company, Teslian, reported impressive mid-year results for 2025, achieving a revenue of 632 million yuan, a year-on-year growth of 77%, with its AI industry digitalization segment generating 577 million yuan, marking a 191% increase [1][4] - The company has expanded its customer base to over 900, with 124 new clients added in the first half of 2025, and its products are now utilized in 172 cities globally [1][4] - Teslian's order backlog reached 2.6 billion yuan, and cash and cash equivalents increased by 316% from the end of 2024, totaling 657 million yuan, providing strong financial support for future business expansion and R&D [1][4] Financial Performance - In the first half of 2025, Teslian's total revenue was 632 million yuan, up 77% from the same period in 2024, with the AI industry digitalization business revenue reaching 577 million yuan, a 191% increase [4][6] - The company has shown consistent revenue growth from 738 million yuan in 2022 to 1.843 billion yuan in 2024, with a compound annual growth rate of 58% from 2022 to 2024 [4][6] - The customer base for the AI industry digitalization business grew to 171, an increase of 81 clients year-on-year, indicating strong market penetration and customer loyalty [4][6] Cost Control and Operational Efficiency - Teslian's overall gross profit increased by 64% in the first half of 2025, reaching 144 million yuan, reflecting improved profitability and business structure optimization [6] - The company significantly reduced its expense ratios, with marketing and sales expense ratio dropping from 22.9% to 7.3%, and administrative expense ratio decreasing from 41% to 25.2% [6] - R&D expenses grew but their proportion of total revenue decreased from 40.7% to 25.6%, indicating enhanced operational efficiency and cost management [6] Strategic Focus and Technological Innovation - Teslian is strategically focusing on high-value businesses and driving high-quality development through technological innovation, particularly in the AIoT sector [7][8] - The company has launched a new strategy to develop AIoT computing and intelligent agent capabilities, aiming to accelerate the implementation of spatial intelligence [8][9] - Teslian has introduced a range of products, including the T-Nexus series of intelligent computing servers and the HALI intelligent agent system, enhancing its technological capabilities and product ecosystem [9][10] R&D Investment and Recognition - The company has consistently increased its R&D investment, with expenditures of 329 million yuan, 322 million yuan, and 377 million yuan from 2022 to 2024, and 162 million yuan in the first half of 2025, a growth of 11.4% year-on-year [10] - Teslian holds over 1,800 patents and has a top-tier R&D team, with 45% of its employees dedicated to research, enhancing its competitive edge in the AIoT sector [10] - The company has been recognized as a national-level "specialized and innovative" small giant enterprise, reflecting its strength in core technology development and sustainable growth potential [10]