事件：公司发布2025年半年度报告，报告期内实现营收24.26亿元（YOY 14.44%）；实现归母净利润 2.61亿元（YoY+771.57%）；扣非归母净利润 1.92亿元（YoY+41.89%）；主营业务毛利率为69.56% （YoY-1.76pct）业绩仍受下游需求缩减影响，盈利能力受益于投资收益上涨+控费：报告期内，公司主 营业务实现营收24.25亿元（YoY-14.43%），主要受市场波动和公司战略调整影响：1）下游金融机构IT 预算整体收紧导致客户需求减少，由于市场竞争的加剧客户采购流程周期延长；2）公司战略性收缩部 分非核心业务以优化业务结构。报告期内，实现归母净利润2.61亿元（YoY+771.57%）大幅增长主要系 投资收益上涨，本期公司非经常性损益同比显著增长，其投资的赢时胜股票从去年同期的按非流动性金 融资产确认计量，转变为按照长期股权投资确认计量。面临下游需求不景气，公司灵活调整各项成本投 入，减少整体成本费用支出，本期主营业务的营业成本为7.39亿元（YoY-9.16%）。各项费用均缩减， 销售/管理/研发费用分别同比-26.03%/-20.71%/-10.77%；费用率方面，仅研 ...

25H1 金融IT 行业需求尚需恢复，中长期增长前景向好25H1 受公募基金费率改革等影响，基金行业收 入承压，金融科技行业短期处于阵痛期。金融机构科技投入面临结构性调整与市场分化，尾部机构面临 生存压力，少数头部金融机构致力于成为一流机构，加大科技投入和项目管理，投入重点转向价值赋 能。我们仍看好金融IT 中长期增长前景：1）资本市场长期向好趋势不变，居民财富管理需求升级驱动 长期资金入市，叠加外资参与度提升，形成多元化资金供给格局；2）金融信创步入"深水区"，信创适 配改造与应用系统升级换代同步推进，实现信创+数智化转型升级，已成为行业趋势；3）大模型加速 迭代，拓展了AI 在金融领域的应用边界。 香港虚拟资产业务及AI 驱动，有望打开恒生全新市场空间香港正积极推动虚拟资产市场的发展，券商 要从事虚拟资产交易服务，须进行相应的系统建设或改造。25H1 子公司恒云科技助力香港中资券商完 成核心交易结算系统升级，且采用License+年费的订阅模式。根据恒生官微，恒云科技作为香港券商核 心交易系统的龙头厂商和首批提供虚拟资产交易系统的供应商，未来有望受益于香港虚拟资产市场的发 展。公司全面拥抱 AI，基于自主 ...

Investment Rating - The investment rating for the company is "Buy" [1][6] - The previous rating was also "Buy" [1] Core Views - The company's performance is expected to decline in 2024, but this short-term pressure does not alter its long-term growth trend [1][4] - As a leading provider of financial technology products and services in China, the company is poised to benefit from the digital transformation of finance and the release of incremental demand from the "Xinchuang" initiative [1][4][6] Financial Performance Summary - In 2024, the company achieved revenue of RMB 6.581 billion, a decrease of 9.6% year-on-year [4][9] - The net profit attributable to shareholders was RMB 1.043 billion, down 26.8% year-on-year [4][9] - The company's gross margin for 2024 was 72.02%, a decline of 2.82 percentage points year-on-year [9] - The company maintained a high level of R&D investment, with total R&D expenses amounting to RMB 2.458 billion, representing 37.36% of revenue [9][10] Future Earnings Projections - Revenue projections for 2025-2027 are RMB 6.840 billion, RMB 7.504 billion, and RMB 8.346 billion, respectively [6][8] - Net profit projections for the same period are RMB 1.220 billion, RMB 1.407 billion, and RMB 1.693 billion, respectively [6][8] - The expected earnings per share (EPS) for 2025-2027 are RMB 0.64, RMB 0.74, and RMB 0.89, respectively [6][8] Market Position and Strategy - The company is focusing on core products and deepening business cooperation with clients [9] - It is actively embracing AI technology to enhance product competitiveness and has developed a proprietary AI middleware platform [9][10] - The company is restructuring its operations by shutting down non-strategic and loss-making product lines to concentrate resources on productized business [9][10]