Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has a positive outlook for its annual operational goals, driven by the growth of innovative business trends despite a decline in overall revenue [2][6] - The company is focusing on optimizing its business structure, with significant improvements in operational quality and a release of cost pressures expected in the second half of the year [2][6] Revenue and Profit Analysis - In the first half of 2025, the company achieved revenue of 2.598 billion yuan, a year-on-year decrease of 13.2%, and a net profit attributable to shareholders of -198 million yuan, with losses widening compared to the previous year [1][2] - The ICT support business saw revenue of 2.118 billion yuan, down 14.7% year-on-year, primarily due to a decline in demand from traditional operator businesses [6] - The digital operation business generated revenue of 408 million yuan, down 8.8%, but non-telecom sector orders grew by 18.2% year-on-year, indicating strong growth potential [6] - The AI large model application and delivery business experienced explosive growth, with revenue of 26 million yuan and new orders of 70 million yuan [6] Margin and Cash Flow - The gross margin for the first half of 2025 was 30.1%, an increase of 5.4 percentage points year-on-year, attributed to cost-saving strategies and improved project quality [6] - The company reported a net cash outflow from operating activities of 594 million yuan, showing significant improvement compared to the previous year's outflow of 919 million yuan [6] Future Outlook - The company expects its three major growth engines to accelerate in the second half of 2025, with a narrowing decline in ICT support business revenue and overall profit expected to outperform the previous year [6] - Revenue forecasts for 2025-2027 are projected at 6.915 billion, 7.461 billion, and 8.269 billion yuan, with net profits of 571 million, 674 million, and 777 million yuan respectively [6][8]
亚信科技（01675）：创新业务趋势向好，全年经营目标展望乐观