虹软科技(688088) 公司研究/公司点评 业绩增长迅速，AI 眼镜业务进展顺利 ——虹软科技 2025 年半年报点评 ◼ 事件描述 公司发布 2025 年半年度报告，该公司营业收入为 4.1 亿元，同比增长 7.73%。归属于上市公司股东的净利润为 8853.61 万元，同比增长 44.06%，归属于上市公司股东的扣除非经常性损益的净利润为 7201.08 万元，同比增长 33.86%。基本每股收益为 0.22 元。 ◼ 核心观点 手机业务略有波动，不影响手机业务全年情况：根据公司 2025 年半年 报，公司移动智能终端视觉解决方案实现营业收入 33,932.23 万元， 同比增长 2.23%。公司在投资者交流纪要中表示，Q2 手机业务收入 波动的主要原因是客户项目验收延迟至下一季度所致，属于正常现象， 不影响手机业务全年的情况。公司客户常年稳定，今年依然看好包含 手机在内的移动智能终端业务的成长性。 智能汽车业务维持较高增长：根据公司 2025 年半年报，智能汽车及其 他 AIoT 智能设备视觉解决方案实现营业收入 6,465.16 万元，同比 增长 49.09%。舱内业务持续发力，2025 年上半年， ...

Core Viewpoint - The company emphasizes its commitment to enhancing operational quality and investor returns through its 2025 "Quality Improvement and Return" action plan, focusing on innovation, core business development, and sustainable growth [2][11]. Group 1: Business Performance - In the first half of 2025, the company achieved operating revenue of 410.35 million yuan, a year-on-year increase of 7.73%, and a net profit attributable to shareholders of 88.54 million yuan, up 44.06% [3]. - The mobile intelligent terminal visual solutions generated revenue of 339.32 million yuan, growing by 2.23%, while the smart automotive and other AIoT visual solutions brought in 64.65 million yuan, reflecting a significant increase [3]. Group 2: R&D and Innovation - The company maintains a high level of R&D investment, with R&D expenses totaling 62.15% of its workforce being dedicated to innovation in computer vision technology [2]. - The Turbo Fusion technology for mobile devices has undergone continuous iterations, enhancing image processing efficiency and reducing system load, particularly in challenging lighting conditions [4][5]. Group 3: Strategic Initiatives - The company is expanding its AI glasses business through a dual strategy of deepening technology and building ecosystems, focusing on enhancing visual perception and image capture capabilities [6]. - In the automotive sector, the company has made significant progress in driver and passenger safety systems, achieving compliance with EU regulations and securing contracts with major automotive brands [7][8]. Group 4: Investor Returns - The company has implemented a stable profit distribution policy, with cumulative cash dividends amounting to 524.47 million yuan since its listing, representing 41.79% of the net funds raised [11]. - For the first half of 2025, the company plans to distribute cash dividends of 2.20 yuan per share, totaling 88.16 million yuan, which constitutes 99.58% of the net profit attributable to shareholders [11]. Group 5: Governance and Management - The company is enhancing its governance structure and has initiated adjustments to its governance framework to align with regulatory requirements [14]. - A focus on risk management and resource optimization is being emphasized to support business development and shareholder returns [13][14]. Group 6: Communication with Investors - The company has organized multiple investor communication activities, including performance briefings and workshops, to enhance transparency and trust with investors [15][16]. - A feedback mechanism has been established to address investor inquiries effectively, ensuring that their concerns are communicated to management [16].