软通动力（301236.SZ）2025 年三季报点评 业绩持续改善，软硬结合打造长期成长动能 2025 年 11 月 03 日 [Table_Author] 分析师：吕伟 分析师：郭新宇 执业证号：S0100521110003 执业证号：S0100518120001 邮箱：lvwei_yj@glms.com.cn 邮箱：guoxinyu@glms.com.cn ➢ 事件概述：2025 年 10 月 29 日公司发布 2025 年三季度报告，前三季度营 收为253.83亿元，同比增长 14.30%；净利润为9888.66 万元，同比增长30.21%。 ➢ 三季度业绩稳中向好，截至三季度末公司整体利润实现转正。第三季度营收 为 96.02 亿元，同比下降 0.83%；净利润为 2.41 亿元，同比增长 4.87%，截至 三季度末净利润转正。同时，截至三季度末，公司合同负债 14.87 亿元，较 2025 年中报的 10.96 亿元有较大提升。 ➢ 智能化领域：夯实基本盘，AI 与工业软件创新突破。公司以软件与数字技 术服务为核心，大客户业务韧性强劲，咨询与解决方案竞争力提升，获 2024 年 中国 IT 服务市场 ...

Core Insights - Company reported a revenue of 25.383 billion yuan, a year-on-year increase of 14.30%, and a net profit of 98.8866 million yuan, up 30.21% year-on-year [1] Business Growth Strategies - The company is focusing on four strategic areas: "intelligent, autonomous, green, and international" to enhance business scale and profitability [1] - In the intelligent sector, the company is actively involved in building ecosystems with major ICT leaders and has launched multiple "industry + AI" solutions [1] Autonomous Development - The core growth engines are the computing products and intelligent electronics sectors, with a new smart factory set to be operational by 2026 [2] - The company has introduced the Tianhui series of composite robots and is developing humanoid robots in collaboration with research institutions [2] Green Initiatives - The company is accelerating its digital energy and intelligent computing services, actively participating in national power network construction [2] International Expansion - The company has launched the "iSoftStone Digital" brand globally and secured significant contracts, including a project for the Saudi government [3] - Future plans include embracing new technologies like artificial intelligence and expanding service capabilities across various sectors [3]

Core Insights - The company reported a revenue of 25.383 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.30% [1] - The net profit attributable to shareholders reached 98.8866 million yuan, showing a year-on-year increase of 30.21% [1] Business Growth Strategies - The company is implementing a "four major business" growth strategy, with collaborative efforts across various sectors [1] - In the intelligent sector, the company is actively involved in building ecosystems with a major ICT leader, launching multiple "industry + AI" solutions [1] Autonomous Sector Developments - The computing products and intelligent electronics sectors are identified as core growth engines [2] - The company is constructing the Beijing-Tianjin-Hebei Xinchuang Town project, with plans for a new intelligent factory to be operational by 2026 [2] - The company has introduced the Tianhui series of composite robots and developed specialized robots for various industrial applications [2] Green Initiatives - The digital energy and intelligent computing services are accelerating in the green sector [2] - The company has collaborated with major energy firms to develop and operate a domestic virtual power plant platform based on full-stack AI technology [2] International Expansion - The company has launched the "iSoftStone Digital" brand globally, establishing a solid foundation for international business [2] - Significant achievements in overseas markets include winning a contract for the procurement of 30,000 laptops for the Saudi government [2] Future Outlook - The company plans to continue embracing new fields such as artificial intelligence and embodied intelligence, leveraging its innovation capabilities and industry resource integration [3]

Core Insights - The company reported a total revenue of 25.383 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.30% [1] - The net profit attributable to shareholders reached 98.8866 million yuan, with a year-on-year increase of 30.21% [1] - In Q3 alone, the company achieved a revenue of 9.602 billion yuan and a net profit of 241 million yuan, marking a year-on-year growth of 4.87% [1] Strategic Developments - The company is advancing under four strategic pillars: intelligence, autonomy, greenness, and internationalization, leading to simultaneous growth in business scale and profit quality [1] - In the intelligence sector, the company is collaborating with a major ICT leader to develop various "industry + AI" solutions, including energy-saving AI integrated machines and intelligent geological analysis for the mining sector [1] - In the autonomy sector, the company has achieved over 98% localization rate with its products, including the W600 desktop and T40-W9 laptop, and has secured significant contracts with major telecom operators [1] Green Initiatives - The company partnered with State Grid Liaoning to develop and operate China's first fully domestic virtual power plant platform based on full-stack AI technology, achieving breakthroughs across multiple industries [1] - The subsidiary, Softcom Zhikuan, is actively participating in the national integrated computing power network construction [1] International Expansion - The company has made significant strides in international markets, winning a contract for 30,000 SKD laptops for the Saudi government and signing strategic cooperation agreements in Bahrain and Saudi Arabia [2] - At the 2025 Huawei HC Conference, the company signed a memorandum of understanding with Asian Steel for an AI scrap steel grading project, marking its first breakthrough in AI solutions in the regional market [2]

Core Insights - Company reported a strong performance in Q3 2025, with revenue reaching 25.383 billion yuan, a year-on-year increase of 14.30%, and net profit growing by 30.21% [2] - The company achieved significant quarter-on-quarter growth in net profit, with increases of 127.87% in Q2 and 338.35% in Q3, marking a positive turnaround by the end of Q3 [2] Business Development - The company continues to strengthen its business foundation in software and digital technology services, maintaining a strong presence in the large client market and securing the top market share in China's IT service sector for 2024 [3] - The company has launched multiple "industry + AI" solutions in collaboration with major ICT leaders, enhancing its competitive edge in consulting and solution markets [3] - Innovations in AI implementation include the release of an AI engineering system and various AI-related products and solutions, such as the AI + toolchain solution and upgraded knowledge base [3] Strategic Partnerships - The company has formed strategic partnerships with several firms, including Asia Steel and Jinpan Technology, and has won contracts for digital and intelligent technology projects with various organizations [4] Growth Engines - The computing products and intelligent electronics segment is identified as a core growth driver, with the company being a leader in the domestic PC market and achieving over 98% localization in its terminal intelligent computing products [5] - The company has secured significant contracts, including a 427 million yuan project for AI general computing devices with China Mobile and an 870 million yuan server procurement project with China Unicom [5] Robotics and Automation - The company has introduced a series of composite robots and advanced its second-generation special environment operation robots, focusing on "embodied intelligence" technology [6][7] - The company is also expanding into humanoid robotics and has established a joint laboratory for embodied intelligence research [7] Digital Energy and Intelligent Computing - The company is actively involved in the digital energy sector, collaborating with major energy firms to develop a fully domestic virtual power plant platform [8] - In the intelligent computing domain, the company is contributing to the national integrated computing network and has launched solutions for heterogeneous AI computing resource management [8] International Expansion - The company has made significant strides in international markets, launching the "iSoftStone Digital" brand and securing contracts for 30,000 laptops with the Saudi government [9] - Strategic partnerships have been established in the Middle East, including collaborations with Bahrain and Saudi companies, enhancing the company's regional market presence [9]