中国软件（600536.SH）2025 年半年报点评 聚焦主业成效显现，国产操作系统龙头地位稳固 2025 年 09 月 01 日 ➢ 事件概述：2025 年 8 月 27 日公司发布 2025 年半年度报告，实现营业收 入 22.42 亿元，同比增长 13.01%；实现归母净利润-7453 万元，同比减亏；扣 非归母净利润-7675 万元，同比减亏。 ➢ 聚焦主业成效显现，经营质量提升，亏损大幅收窄。2025H1 公司经营质量 显著改善：实现营业收入 22.42 亿元，同比增长 13.01%；归母净利润同比减亏 1.98 亿元，扣非后归母净利润同比减亏 2.09 亿元。盈利能力改善得益于公司加 强成本管控，2025H1 研发费用同比下降 38.06%。 ➢ "基础软件+党政核心应用"双轮驱动，核心资产优势巩固。公司围绕两大 主业，持续巩固市场领先地位。1）基础软件业务：核心子公司麒麟软件旗下操 作系统产品连续 14 年位列中国 Linux 市场占有率第一名。生态建设成果显著， 截至 2025H1，已完成硬件适配超 84 万项，软件适配超 639 万项，生态兼容适 配总量累计超过 723 万项。麒麟软件作为公 ...

Group 1 - The report highlights the recovery of revenue and net profit for Guobo Electronics in Q2 2025, with a revenue of 7.2 billion yuan, up 18.23% year-on-year, and a net profit of 1.44 billion yuan, up 16.20% year-on-year [6][7] - Dameng Data, a leading domestic database company, reported a significant increase in net profit margin, achieving a revenue of 5.23 billion yuan in H1 2025, a year-on-year growth of 48.65%, and a net profit of 2.05 billion yuan, up 98.36% year-on-year [9][10] - Zhaowei Electromechanical reported a revenue of 7.9 billion yuan in H1 2025, a year-on-year increase of 21.9%, with a net profit of 1.1 billion yuan, up 20.7% year-on-year [16] - Hengli Hydraulic achieved a revenue of 51.7 billion yuan in H1 2025, a year-on-year increase of 7.0%, and a net profit of 14.3 billion yuan, up 11.0% year-on-year [21][22] - The report indicates that the electric tool and cross-border e-commerce sectors are significant growth drivers for Juxing Technology, with a revenue increase of 56.03% in the electric tool segment [24][26] Group 2 - The report emphasizes the strong performance of Dongwu Securities, with a revenue of 44.28 billion yuan in H1 2025, a year-on-year increase of 33.63%, and a net profit of 19.32 billion yuan, up 65.76% year-on-year [28][29] - Inner Mongolia First Machinery Group reported a revenue of 57.27 billion yuan in H1 2025, a year-on-year increase of 19.62%, with a net profit of 2.90 billion yuan, up 9.99% year-on-year [32][33] - The report notes that Beifang Navigation experienced a significant revenue increase of 481.19% year-on-year, reaching 17.03 billion yuan in H1 2025, with a net profit of 1.16 billion yuan, up 256.59% year-on-year [37][38] - The textile and apparel sector, represented by Shenzhou International, achieved a revenue of 149.66 billion yuan in H1 2025, a year-on-year growth of 15.3%, with a net profit of 31.77 billion yuan, up 8.4% year-on-year [41][42]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company achieved a turnaround in Q2, reporting a net profit of 0.1 billion yuan, marking a significant recovery compared to the previous year, driven by cost reduction and efficiency improvements [1] - The company is expected to benefit from the acceleration of domestic innovation and the high demand in cross-border payment services, leading to rapid growth in annual performance [2] - The issuance of convertible bonds indicates confidence in achieving a minimum net profit of 0.7 billion yuan for 2025, reinforcing the positive outlook for the company's performance [3] Financial Performance Summary - In H1 2025, the company reported revenue of 1.98 billion yuan, a year-on-year increase of 6.7%, with significant growth in the government sector [1] - Q2 revenue reached 1.23 billion yuan, up 6.86% year-on-year, with a net profit of 0.21 billion yuan, indicating a strong recovery [1] - The company expects revenues of 5.77 billion yuan, 6.84 billion yuan, and 8.13 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.19 billion yuan, 1.83 billion yuan, and 2.22 billion yuan [3] Financial Data and Valuation - The company’s financial metrics for 2023 to 2027 include projected revenues of 549.23 million yuan in 2023, declining to 500.56 million yuan in 2024, before recovering to 576.51 million yuan in 2025 [8] - The net profit is expected to fluctuate from 11.22 million yuan in 2023 to a loss of 47.82 million yuan in 2024, before rebounding to 118.52 million yuan in 2025 [8] - The company’s P/E ratio is projected to improve from 415.71 in 2023 to 21.02 by 2027, indicating a potential increase in profitability [8]

Core Viewpoint - The company reported stable revenue growth in the first half of 2025, but faced short-term pressure on profits due to increased R&D investments and project repayment cycles [1][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.855 billion yuan, a year-on-year increase of 7.56%, while net profit attributable to shareholders was 108 million yuan, a decline of 19.33% [2]. - In Q2 2025, the company recorded operating revenue of 2.854 billion yuan, with a year-on-year growth of approximately 13.3%, but net profit decreased by about 32.6% [2]. Digital Product Development - The company experienced a significant increase in new contracts for digital products, with a year-on-year growth of 41.82%, laying a solid foundation for future growth [3]. - The core subsidiary, Baifei Electronics, maintained revenue of 120 million yuan, with net profit under pressure due to increased R&D investments and project repayment cycles [3]. Industry Digitalization - The industry digitalization business achieved revenue of 4.339 billion yuan in the first half of 2025, reflecting a year-on-year growth of 7.33% [4]. - The company is a leading player in the financial digital transformation sector and is expanding into intelligent manufacturing, public services, and other industries [4]. New Infrastructure and AI - The digital new infrastructure business benefited from the demand for computing power, achieving revenue of 334 million yuan, a year-on-year increase of 19.03% [4]. - The company successfully secured projects for data center services, indicating a strong position in the growing AI-driven computing infrastructure market [4]. Profit Forecast - The company adjusted its profit forecast, expecting revenues of 11.765 billion, 12.871 billion, and 14.112 billion yuan for 2025-2027, with year-on-year growth rates of 9.89%, 9.40%, and 9.65% respectively [1][5]. - The net profit attributable to shareholders is projected to be 614 million, 712 million, and 813 million yuan for the same period, with growth rates of 11.57%, 15.92%, and 14.15% respectively [1][5].

Core Insights - The company reported significant revenue growth in H1 2025, achieving 3.782 billion yuan, a year-on-year increase of 44.69%, and a net profit of 9.6467 million yuan, up 106.07% year-on-year [1] - The growth was primarily driven by the demand for AI large models, particularly in cloud and data services, and industry solutions [1][2] - The company successfully secured contracts with major clients, indicating a strong demand from government and state-owned enterprises [2] Revenue Breakdown - In H1 2025, the company generated revenue from various segments: industry solutions (2.155 billion yuan, +92.72% YoY), digital infrastructure (555 million yuan, +0.16% YoY), proprietary software products (535 million yuan, +10.29% YoY), and cloud and data services (492 million yuan, +22.75% YoY) [2] - The industry solutions segment saw rapid growth due to increased AI demand from enterprise clients, including a significant contract with the National Pipeline Group [2] Database Product Innovation - The company maintained its leading position in the domestic database industry, with its subsidiary, Electric Science JinCang, achieving revenue of 150 million yuan in H1 2025, a 66.11% increase year-on-year [3] - New product launches in July 2025 included innovative database solutions that integrate AI, enhancing the company's product offerings [3] Profitability Improvement - The company turned a profit in H1 2025 with a net profit of 9.6467 million yuan, compared to a loss of 159 million yuan in H1 2024, primarily due to optimized expense ratios [4] - The overall gross margin was 22.79%, down 3.81 percentage points year-on-year, influenced by declining margins in industry solutions and cloud services [4] Earnings Forecast and Valuation - The revenue forecast for 2025-2027 has been raised by 4.02%, 7.55%, and 9.93% to 8.902 billion, 10.218 billion, and 11.824 billion yuan, respectively [5] - The net profit forecast has also been adjusted upwards, with expected earnings per share of 0.68, 1.00, and 1.41 yuan for 2025, 2026, and 2027 [5] - The target market capitalization is set at 28.3 billion yuan, with a target price of 45.47 yuan per share, reflecting a positive outlook on the company's AI business growth [5]

证 券 研 究 报 告 ❖ 2025 年 8 月 27 日，达梦数据发布 2025 年半年报。报告期内，公司实现营业 收入5.23亿元，同比增长48.65%；实现归母净利润2.05亿元，同比增长98.36%； 扣非净利润 1.89 亿元，同比增长 98.14%。 基础软件及管理办公软件 2025 年 08 月 31 日 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,044 | 1,515 | 2,168 | 3,037 | | 同比增速(%) | 31.5% | 45.1% | 43.1% | 40.1% | | 归母净利润(百万) | 362 | 555 | 822 | 1,150 | | 同比增速(%) | 22.2% | 53.5% | 48.0% | 40.0% | | 每股盈利(元) | 3.20 | 4.90 | 7.25 | 10.16 | | 市盈率(倍) | 81 | 53 | 36 | 26 | | 市 ...

Core Viewpoint - The company achieved significant growth in both revenue and profit in the first half of 2025, indicating strong operational performance and market positioning [1][2]. Financial Performance - In H1 2025, the company reported revenue of 523 million yuan, a year-on-year increase of 48.65%, and a net profit attributable to shareholders of 205 million yuan, up 98.36% [1]. - For Q2 2025, revenue reached 265 million yuan, reflecting a 42.44% year-on-year growth, while net profit surged by 124.08% to 107 million yuan [2]. - The gross margin remained high at 96.22%, supporting the company's profitability [2]. Profitability and Cost Management - The net profit margin increased significantly by 10.08 percentage points to 38.69%, marking a historical high for the half-year period [2]. - The company effectively controlled expenses, with sales, management, and R&D costs growing at lower rates than revenue, leading to a reduction in expense ratios [2]. Industry Position and Technological Development - The company is a leading database technology provider in China, focusing on domestic adaptation and the development of the Xinchuang ecosystem [3]. - In H1 2025, the company achieved positive revenue growth across seven key industries, particularly in finance and energy sectors [3]. - R&D investment reached 112 million yuan, accounting for 21.36% of revenue, indicating a strong commitment to innovation [3]. Future Outlook - The company anticipates steady growth in its software licensing, operation, industry solutions, and database integration businesses [4]. - Revenue projections for 2025-2027 are set at 1.515 billion, 2.168 billion, and 3.037 billion yuan, respectively, with net profits expected to reach 555 million, 822 million, and 1.150 billion yuan [4]. - The company is assigned a target price of approximately 392 yuan based on a 80x PE ratio, reflecting confidence in its market position and customer base [4].

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, indicating a favorable outlook for the sector [5]. Core Insights - The computer sector has shown recovery in performance with significant growth in AI-related fields, particularly in AI computing power and applications, as well as in financial technology and domestic innovation [3][8]. - The overall revenue for the computer sector in the first half of 2025 reached CNY 552.62 billion, representing a year-on-year increase of 11.7%, with a net profit of CNY 5.44 billion, up 75.9% year-on-year [8][19]. - The report anticipates continued double-digit growth in revenue and net profit for the second half of 2025, driven by improved macroeconomic conditions and effective cost control measures [8][19]. Summary by Sections Industry Performance - In the first half of 2025, the computer sector's revenue growth reached double digits, the highest since 2022, with a total revenue of CNY 552.62 billion [19]. - The net profit for the sector rebounded significantly, with a total of CNY 54.4 billion in the first half, marking a 75.9% increase year-on-year [19][22]. Profitability and Cost Management - The overall gross margin for the sector decreased from 22.6% in the first half of 2024 to 20.3% in the first half of 2025, but the decline rate has slowed [22][26]. - The net profit margin improved to 0.98% in the first half of 2025, up from 0.63% in the same period last year, due to a reduction in sales, management, and R&D expense ratios [22][26]. Growth Areas - The fastest-growing sub-sectors include hardware devices (+47.2%), artificial intelligence (+17.8%), and basic software (+13.8%), reflecting strong investments in AI infrastructure [8][35]. - The report highlights that AI-related industries are entering a commercialization phase, with financial technology expected to benefit from a thriving capital market [8][19]. Investment Recommendations - The report suggests focusing on investment opportunities in AI computing power, AI applications, financial technology, and domestic innovation sectors [3][41]. - Specific companies recommended for investment include Cambricon Technologies, Haiguang Information, Inspur Information, and others in the AI computing power field [41]. - In the AI application sector, companies like Zhuyun Information, Kingsoft Office, and iFlytek are highlighted as potential investment targets [41].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's PC export business is performing well, with significant growth in AI and HarmonyOS penetration [7] - The first half of 2025 shows signs of a performance turnaround, driven by computing products and overseas markets [7] - The company has secured a large order for customized laptops in Pakistan, increasing its market share from less than 1% to 10% [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 34.615 billion yuan, with a year-on-year growth rate of 10.5% [6] - The net profit attributable to shareholders is expected to be 3.69 billion yuan in 2025, increasing to 6.46 billion yuan by 2027 [7] - The gross profit margin is forecasted to improve slightly from 12.9% in 2025 to 13.1% in 2027 [6] Market Data - As of August 29, 2025, the closing price of the stock is 59.92 yuan, with a market capitalization of 40.762 billion yuan [2] - The stock has a price-to-book ratio of 5.6 and a dividend yield of 0.17% [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2][14]. Core Insights - The company experienced a cautious IT investment environment in the financial sector, leading to short-term revenue pressure, with a reported revenue of 246 million yuan in H1 2025, down 7.97% year-on-year [7]. - The A5 core trading system achieved another breakthrough, marking its 11th successful implementation, reinforcing the company's leading position in the domestic securities industry [7]. - The integration of AI technology across various business lines is ongoing, enhancing product intelligence and operational efficiency [7]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 have been revised down to 632 million, 757 million, and 870 million yuan respectively, with corresponding net profit estimates adjusted to 189 million, 249 million, and 299 million yuan [6][13]. - The company's gross margin is expected to remain stable, with a slight increase in 2025 to 67% [6][13]. - The company's cash flow showed a decline of 38.9% year-on-year in Q2 2025, indicating potential collection pressures due to extended IT implementation cycles [8][10].