来源：上海证券报·中国证券网 上证报中国证券网讯 8月29日，云涌科技披露2025年上半年业绩报告。公司上半年实现营业收入1.30亿元，同比增长26.55%；归母净利润-886.39万元；经营活动产生的现金流量净额1653 对于业绩变动的原因，公司表示，营收增长的关键动力是公司工业信息安全产品依托前期项目储备实现显著释放，该类业务营收同比增长33.53%，主要源于近年来公司持续在新型电力系统、新 与此同时，公司明确技术发展目标，将包括虚拟电厂、微网能源管理、储能技术在内的新能源技术作为公司核心技术的重要发展方向，努力通过技术自研、联合研发与技术集成等方式，快速形成 云涌科技是国内较早将嵌入式技术应用于工业互联网信息安全领域的公司之一，产品主要包括工业信息安全、新能源、信创、档案一体化等，应用于电力、能源、金融和交通等领域。（许骐） 文：许骐 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要提示： 证券代码：688636 证券简称：智明达 公告编号：2025-033 成都智明达电子股份有限公司 关于以简易程序向特定对象发行股票摊薄即期回报的 风险提示及采取填补措施和相关主体承诺的公告 ） 的盈利预测，投资者不应仅依据该等分析、描述进行投资决策，如投资者据此进行投 资决策而造成任何损失的，公司不承担任何责任。公司提示投资者，制定填补回报措 施不等于对公司2025年利润作出保证。 的股份数量和发行完成时间均为预估和假设。本次发行尚需上海证券交易所（以下简 称"上交所"）审核、中国证券监督管理委员会（以下简称"中国证监会"）注册， 能否通过审核、何时获准注册及发行时间等均存在不确定性，敬请投资者关注。 公司第三届董事会第二十六次会议审议通过了《关于公司以简易程序向特定对象 发行股票摊薄即期回报的风险提示及采取填补措施和相关主体承诺的议案》。根据《国 务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作的意见》（国办发 2013110号）、《国务院关于进一步 ...

Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached approximately $213 million, representing a 67% year-on-year growth [26] - Adjusted EBITDA was $43 million, indicating a significant scaling in operating leverage [29] - GAAP net loss was $2 million, which was better than expectations, reflecting strong performance on net interest income [28] Business Line Data and Key Metrics Changes - Platform originations grew 89% year-on-year, with personal loan originations flat sequentially but up 83% year-on-year [5][9] - Home and Auto lending saw sequential growth rates of 5242% and 42% respectively, with auto lending growing almost 5x compared to a year ago [6][13] - HELOC originations grew 52% quarter-on-quarter and more than 6x year-on-year [16] Market Data and Key Metrics Changes - The volume of loan transactions across the platform was approximately 241,000, up 102% from the prior year [27] - Average loan size increased to approximately $8,865 from $8,580 in the prior quarter [27] - The Upstart Macro Index remains elevated but stable, indicating improving consumer financial health [6] Company Strategy and Development Direction - The company aims to return to GAAP net income profitability in the second half of the year, with a focus on expanding both core and newer products [21][33] - Upstart is prioritizing AI advancements, with a goal to enhance its leadership in AI lending and improve risk models [20][24] - The company is diversifying its funding sources, with over 50% of loan funding now in committed partnership agreements [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to changing macroeconomic conditions, noting that credit performance has remained stable despite recent market turbulence [7][31] - The company is cautious about potential risks from reinflation and is planning for a steady macro environment [31] - Guidance for Q2 includes total revenues of approximately $225 million, with expectations for continued strong demand for credit [32] Other Important Information - The company has signed a one-year agreement with Walmart's FinTech, One Pay, to make its products available to Walmart customers [36] - Upstart's HELOC product has expanded its footprint to 37 states plus Washington D.C., covering almost 75% of the U.S. population [16] Q&A Session Summary Question: Can you talk about the Walmart partnership? - Management confirmed a one-year agreement with Walmart's FinTech, emphasizing the alignment of values in delivering consumer value [36][37] Question: Any trends in April and early May? - Management indicated that guidance captures the current trends, providing limited additional color [39] Question: Thoughts on conversion rates for the remainder of the year? - Management expects conversion rates to improve with better models and automation, aiming to reach around 20% [45] Question: Why is the 2025 outlook not higher despite new funding? - Management clarified that funding is not the gating item for growth; rather, it is the economic acquisition of the right borrowers [102] Question: How are funding partners reacting to market volatility? - Management reported no pullbacks from committed capital partners, indicating resilience in funding sources [70] Question: How is Upstart adapting to macroeconomic changes? - Management emphasized the adaptability of their models and a conservative approach to planning, with no assumptions of Fed rate cuts this year [74]