点击注册小程序 查看完整报告 特别申明： C端业务营收成为增长主要动力 按下游客户类型划分，25H1收入中C端/B端/G端占比分别为32%/42%/26%。其中C端收入同比增长 38%，对整体业绩贡献显著。公司消费者业务当前也正在积极布局海外市场，上半年办公本、翻译机、录 音笔、词典笔等硬件产品在中、日、韩、美等重点国家实现营收快速增长346%。 毛利率稳定，经营质量提升 上半年，公司整体毛利率40.2%，与去年同期基本持平；销售回款总额103.6亿元，较去年同期增长13.5 亿元；经营性净现金流-7.7亿元，较去年显著改善。费用方面，上半年销售/管理/研发费用分别增长 28.3%/2.6%/7.0%，其中销售费用增长较快，主要由于C端硬件产品渠道营销推广费用增加，有效拉动 学习机等C端硬件收入增长。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 ...

科大讯飞当前主要业务包括智慧教育、智慧医疗、开放平台及消费者业务（开放平台、智能硬件、移动 互联网产品及服务）、智慧城市（信息工程、智慧政法、数字政府）、运营商、智慧汽车、企业AI解 决方案以及其他业务。 在大模型加持下，科大讯飞智慧教育、智慧医疗、开放平台、移动互联网产品及服务、信息工程、数字 政府行业应用、智慧汽车、企业AI解决方案的营业收入分别同比增长23.47%、21.09%、16.18%、 14.36%、7.32%、29.48%、13.31%和349.92%。然而，智能硬件、智慧政法行业应用和运营商业务营收 分别同比下滑3.27%、10.42%和1.75%。 近年来，科大讯飞在G端业务面临一定挑战，比如，2024年，科大讯飞信息工程业务和数字政府行业应 用业务营收分别同比下滑10.80%和9.36%。面对G端业务的压力，科大讯飞果断进行战略调整，对于部 分G端的数字政府类的项目采取了更审慎的经营策略，且将重心向C端转移。 从科大讯飞2025年上半年业绩报来看，C端业务成为科大讯飞上半年业绩重要增长引擎，同比增长 38%，其中，AI学习机上半年收入同比翻番。与此同时，B端与G端业务也有所改善。 中经记 ...

Financial Performance - In the first half of 2025, the company's operating revenue reached 10.911 billion yuan, a 17.01% increase from 9.325 billion yuan in the same period last year [1] - Gross profit was 4.389 billion yuan, reflecting a year-on-year growth of 17.12% [1] - The net profit attributable to shareholders was -239 million yuan, an improvement of 40.37% compared to -401 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses was -364 million yuan, showing a year-on-year increase of 24.62% [1] - The net cash flow from operating activities was -772 million yuan, narrowing by 49.73% from -1.536 billion yuan in the same period last year [1] Sales and Collection - The company achieved sales collections of 10.361 billion yuan in the first half of 2025, a year-on-year increase of 14.99%, marking the first time collections exceeded 10 billion yuan in a half-year period [1] - The collection rate has improved for three consecutive years, rising from 93.75% in 2022 to 97.20% in 2024 [1] Business Structure and R&D Investment - The revenue structure of the GBC segment continues to optimize, with C-end business revenue becoming the main growth driver. G-end accounts for 26%, C-end for 32%, and B-end for 42% [1] - R&D investment in the first half of 2025 grew by 9.2%, accounting for 21.92% of revenue, maintaining stable investment intensity [1] - R&D expenses increased by 610 million yuan, focusing on three main areas: core technology related to the Spark large model, industry application product development and market promotion, and C-end hardware product channel marketing [1] Technological Advancements - The company has achieved a breakthrough in deep reasoning models, being the only one to train a large model based on domestic computing power, with the 70B parameter Spark-X1-0420 model surpassing several international benchmarks [2] - The model supports over 130 languages, providing a fully autonomous and controllable large model base as an alternative for the global market [2] Industry Applications - In the education sector, the Spark X1 has been implemented in over 270 regions, with more than 200,000 teachers participating in teaching practices, achieving an 88.4% activity rate [2] - In the healthcare sector, the medical large model has shown superior performance in tasks such as general consultation and report interpretation, with a 52% year-on-year revenue growth in grassroots consultation [2] - The company collaborates with leading financial institutions and state-owned enterprises to develop large models for various industries [2] C-end Product Performance - Revenue from learning machines increased by 104% year-on-year, with a strong presence in high-end shopping malls and rapid expansion into lower-tier markets [3] - Other products, including translation machines and recording pens, continue to see iterative improvements, with significant user engagement in applications like the iFlytek input method [3]

Core Insights - The main theme of the 2025 World Artificial Intelligence Conference (WAIC) is "How AI is Implemented," with iFlytek showcasing practical AI applications through its products and services [1][2] - iFlytek emphasizes that the transformative power of AI lies not just in the technology itself but in its ability to address real-world needs through effective products [1][4] Group 1: Technology and Product Development - iFlytek presented its upgraded deep reasoning model, Spark X1, highlighting three key technological trends: deep reasoning, multi-modal integration, and MOE architecture [2] - The Spark X1 model has achieved significant breakthroughs, including a score of over 140 in national college entrance examination math problems, showcasing its enhanced reasoning capabilities [2][3] - The model is trained on a fully domestic computing platform, ensuring greater control over model optimization and service reliability [2] Group 2: Application in Key Scenarios - In the education sector, iFlytek's AI learning machine can diagnose students' weaknesses and generate personalized learning paths, demonstrating its practical application in schools [4] - iFlytek served as the exclusive translation partner for WAIC, showcasing its simultaneous translation system and other products, which validated the model's capabilities in real-time translation [5] - The company's smart office products, such as the X5 office notebook and S6 recording pen, integrate AI capabilities for offline transcription and meeting minutes generation, enhancing productivity in various environments [5] Group 3: Global Expansion and Ecosystem Development - iFlytek is actively expanding into overseas markets, utilizing a localized approach to adapt existing products for international users, as seen in its success in South Korea and Japan [6][7] - The company is building industry-specific AI capabilities in sectors like healthcare and legal technology, establishing partnerships with local governments and industry associations [7] - iFlytek's strategy emphasizes creating a feedback loop between its products and model training, enhancing the adaptability and utility of its AI solutions [7]

Core Insights - The chairman of iFlytek, Liu Qingfeng, emphasized the challenges of developing algorithms based on domestic computing power compared to using overseas solutions, noting a potential delay of three months in algorithm development [1] - iFlytek is committed to a self-controlled path in algorithm development, citing the need for independence to avoid being constrained by external factors [1] - The company has seen significant success in various sectors, including education and legal, with its AI models outperforming competitors in specific applications [3][4] Group 1: Business Development - iFlytek's business is thriving across C-end, B-end, and G-end sectors, with numerous benchmark cases emerging from state-owned enterprises [3] - The company has achieved comprehensive leadership in the financial and state-owned enterprise markets, focusing on solidifying its foundational models and standard products [4] - The star product, the X1 model, has shown impressive performance in medical and legal applications, with accuracy rates significantly surpassing competitors [3][4] Group 2: Consumer Market Performance - iFlytek's consumer products, including learning machines and translation devices, have dominated sales on major platforms, with a 25% year-on-year revenue growth [6] - The total user base for the SaaS product "Tingjian" has reached 90 million, reflecting a 54% year-on-year increase [6] - The overseas market has seen explosive growth, with the number of overseas developers increasing by 31.9% and AI marketing revenue growing 25 times year-on-year [6] Group 3: Future Outlook - Liu Qingfeng believes that a nation's global influence will be measured by the number of sovereign large models it can provide, positioning iFlytek to contribute significantly to this landscape [6] - The year 2025 is anticipated to mark the beginning of widespread AI adoption, with projections indicating that 17.7% of China's population will be users of generative AI by the end of 2024 [6] - iFlytek aims to capture the foundational benefits of the AI era by focusing on self-control, integration of software and hardware, and addressing industry-specific needs [6]

Core Insights - The chairman of iFlytek, Liu Qingfeng, emphasized the concept of "root dividend," focusing on self-control, integration of software and hardware, and deep industry engagement to drive innovation in large model technology and achieve true industrial advantages [1][2] - iFlytek's diverse applications showcase its advancements, including the X1 medical model reaching the level of chief physicians in top hospitals and the X1 legal model excelling in legal recommendations [1][3] - The company reported significant growth across its business segments, with a 25% year-on-year increase in revenue from products like learning machines and translation devices, and a 54% increase in users for its "Tingjian SaaS" software [1][3] B-end Developments - iFlytek has secured leading clients in the B-end sector, collaborating with major companies like PetroChina to develop the Kunlun large model and working with the State Energy Group on an intelligent evaluation assistant [2] G-end Applications - The AI-assisted case handling system for procuratorates has been launched for trial use, indicating progress in G-end applications [3] - The overseas market has shown rapid growth, with a 25-fold increase in AI marketing revenue and a threefold increase in C-end hardware sales from January to May [3] Technological Innovations - Liu Qingfeng highlighted three major technological innovations in iFlytek's large models, including a unified model training and reasoning method, reinforcement learning with fine-grained feedback, and a self-controlled reinforcement learning algorithm package [3] - The company is committed to training models based on domestic computing power, facing higher technical barriers and longer R&D cycles compared to overseas computing power, which is seen as essential for true self-control [3] Strategic Vision - Over its 26 years, iFlytek has transitioned from speech synthesis to cognitive intelligence and large models, with Liu Qingfeng stating the company aims to lead in foundational model technology while addressing real industry needs to enhance productivity and creativity [3]