8月27日晚间，软通动力（301236）发布了2025年半年度报告，报告期内，公司充分发挥软硬协同优 势，驱动业务规模持续增长，实现整体营收157.81亿元，较上年同期增长25.99%，归母净利润同比向 好，经营现金流持续稳健；其中，计算产品与智能电子业务实现营收67.56亿元，较上年同期增长 72.77%，占比42.81%。2025年第二季度，公司实现营收87.70亿元，同比增长23.93%，环比增长 25.10%；实现归母净利润0.55亿元，环比增长127.87%，扭亏且显著提升；第二季度经营活动现金流净 额13.58亿元，环比增长173.92%，公司软硬一体战略成效显著。 软通动力全新推出"iSoftStone Digital软通国际"品牌，全面启动"出海2.0"战略；公司马来西亚全球交付 中心（GDC）正式落成，成功中标某AI废钢检测项目；与中东多个本地伙伴达成战略合作，中标"巴基 斯坦总理青年计划10万台笔记本电脑项目"、中标沙特政府3万台笔记本电脑SKD采购项目；与某大型 ICT领导企业日本、腾讯日本等签署框架协议，与新日铁等大型IT企业达成战略合作。 行业深耕成果凸显，公司为10余个重点行业提供 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or company Core Insights - Huawei is positioned as a supplier of incremental components for intelligent connected vehicles, leveraging its full-stack capabilities to drive innovation in the automotive industry [1][6][11] - The company has established three collaboration models with automakers: Hongmeng Intelligent Driving, HI model, and traditional parts supply, enhancing its integration within the automotive ecosystem [14][15][17] - Huawei's automotive business unit (BU) has become independent and achieved profitability in the first half of 2024, indicating a successful transition from a research lab to a standalone entity [29][34] Summary by Sections 1. Core Insights - Huawei's full-stack intelligence is expected to lead the transformation of the automotive industry, focusing on smart driving, smart cockpit, and smart control [6][42] - The company has a unique position in the market due to its extensive experience in ICT and continuous high R&D investment [6][44] 2. Positioning as a Supplier - Since entering the automotive sector in 2013, Huawei has evolved from providing communication modules to becoming a key supplier of smart components, focusing on intelligent driving and cockpit technologies [11][12] - The establishment of the intelligent automotive solutions BU in 2019 marked a strategic shift towards becoming an incremental component supplier without manufacturing vehicles [29][34] 3. Collaboration Models - Huawei collaborates with automakers through three main models: - **Hongmeng Intelligent Driving**: Deep involvement in product definition and sales channels [14][17] - **HI Model**: Provides integrated solutions while collaborating on vehicle development [14][15] - **Parts Supply Model**: Supplies standardized components to automakers [15][16] 4. Financial Performance - The automotive BU's revenue has shown significant growth, with projections indicating a revenue of 263.53 billion yuan in 2024, and a turnaround from losses to a profit of 22.31 billion yuan in the first half of 2024 [34][37] 5. Market Outlook - The report anticipates that Huawei's full-stack intelligence will be a critical advantage in the future development of the automotive industry, with increasing collaboration with various automakers [6][5][17]