星汉大模型落地提速，大华股份以场景化大模型重构增长逻辑

Core Viewpoint - Dahua Technology (002236.SZ) has successfully transformed AI technology into industrial productivity through its self-developed Xinghan Model 2.0, establishing itself as an industry benchmark in the wave of AI large models in 2025 [1] Financial Performance - In Q3 2025, Dahua reported a revenue of 7.731 billion yuan, a year-on-year increase of 1.95%, and a net profit of 1.06 billion yuan, which surged by 44.12% compared to the same period in 2024 [1] AI Model Development - Dahua has made significant advancements in AI, particularly with the Xinghan Model, which integrates multi-modal capabilities and has evolved through the introduction of the "Transformer" technology since 2019 [2][4] - The Xinghan Model 2.0 features five key advantages, including enhanced accuracy, new functionalities for image and text prompts, and the ability to autonomously parse various scenarios [2][4] Industry Applications - Dahua's AI solutions have been successfully implemented across various sectors, including smart tourism, urban governance, transportation, and energy, demonstrating significant efficiency and safety improvements [5][8] - The collaboration with the Wanfenglin Scenic Area exemplifies the application of smart IoT technology, resulting in an 18% reduction in annual operational costs and a 40% increase in vehicle turnover rates during peak seasons [7] Global Expansion - Dahua has expanded its reach to 180 countries and regions, with overseas business contributing over 50% to its profits, highlighting its strategic focus on international markets [10][13] - The company is leveraging domestic solutions in smart cities and transportation to replicate success in overseas markets, indicating a broad market potential [13] Future Growth Strategy - The integration of AI large model capabilities into hardware terminals has created a unified intelligent collaboration system, enhancing real-time analysis and decision-making [9] - Dahua aims to continue its growth by focusing on the iterative development of AI large models and expanding into more segmented industry applications, such as healthcare and education [14]