浩云科技股份有限公司 2025 年半年度报告全文 浩云科技股份有限公司 浩云科技股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人雷洪文、主管会计工作负责人王汉晖及会计机构负责人(会计主管人员)简 玉琴声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及未来计划等前瞻性陈述的，均不构成公司对投资者的实质承诺，投资者 及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司可能面对的风险如下，敬请投资者注意阅读。 （1）产品和技术开发应用风险 近年来随着算力、网络、存储等基础技术水平不断提升、深度学习模型不断完善、以 及 AI 预训练模型、生成式 AI、智能体等技术快速发展及全新的涌现，公司需要不断关注 市场动态和技术发展趋势，深度理解客户需求，确立正确的研发方向，通过持续的资源投 入和强大的研发团队，快速开发产品并实施高频迭代满足客户需求。公司可能存在研发方 向偏离 ...

经济观察报记者陈姗 "当前，教育行业正处在变革的十字路口。全球教育市场规模持续扩大，新技术正深刻重塑教育模式， 但同时，地缘政治、经济波动、人口结构变化等因素也带来严峻考验。"中欧国际工商学院院长汪泓在8 月21日召开的"2025第十一届WWEC教育者大会暨第二届中欧教育论坛"上表示，AI技术的发展为教育 行业带来了前所未有的机遇与挑战。 据统计，全球教育市场规模在2025年将达到7.3万亿美元，并有望在2030年增长至近10万亿美元。汪泓 表示，人工智能、大数据、量子信息、云计算、区块链等新一代信息技术加速突破，产业链、创新链对 接着学科链、知识链的融合，正以前所未有的速度推动教育的发展，人口结构的变化也对教育行业发展 带来深刻影响。汪泓强调，在多重压力下，教育行业提前布局、主动引领、把握机会，打通教育隐性壁 垒具有重要性和迫切性。 会上，来自教育、科技、投资等领域的专家学者，进一步聚焦人工智能在教育垂直领域的深度融合与创 新落地，探讨AI如何赋能教育企业发展。 教育部规建中心原主任陈锋发表了题为"AI时代的学校和校长"的主题演讲。他指出，人工智能带来的变 革速度远超预期，将影响所有行业，未来90%的现有工 ...

Core Viewpoint - The company, Sitergy, is facing significant operational challenges, with a notable decline in revenue and persistent losses over the past decade, indicating ongoing profitability issues [1][3]. Financial Performance - In the first half of 2025, Sitergy reported an operating revenue of 180 million yuan, a year-on-year decrease of 24.27%, and a net profit loss of 88 million yuan [1]. - The net profit margin further declined from -33.13% in the first half of 2024 to -49.74% in 2025, while the gross profit margin decreased from 20.01% to 15.47% [3]. - The return on equity stood at -5.89% [3]. Operational Efficiency - The inventory turnover days increased to 396.13 days, a rise of 32.2% compared to the first half of 2024, indicating heightened inventory management pressure [5]. - The net cash flow from operating activities was 69 million yuan, showing a positive turnaround from negative in the same period of 2024 [5]. - The asset-liability ratio for the first half of 2025 was 39.82%, an increase of 0.75 percentage points year-on-year [5]. Institutional Investment - As of the first half of 2025, the number of institutions holding Sitergy's stock decreased to 6, down from 26 in the same period of 2024, reflecting a significant decline in institutional investor confidence [7]. - The company's market capitalization peaked at 6.533 billion yuan on November 15, 2023, but has since fallen to 4.488 billion yuan, requiring a 45.56% increase in stock price to reach its historical high [7].

Core Viewpoint - The company reported a revenue of 791 million yuan for the first half of the year, marking an 8.37% year-on-year increase, while net losses narrowed to 80 million yuan, a reduction of 26.56% compared to the previous year [1][2]. Financial Performance - The company achieved a total revenue of 791,070,662.39 yuan in the first half of the year, compared to 730,003,118.36 yuan in the same period last year, reflecting an increase of 8.37% [2]. - The net profit attributable to shareholders was a loss of 79,648,360.83 yuan, improving from a loss of 108,449,573.73 yuan in the previous year [2]. - The operating cash flow for the period was 47,142,165.28 yuan, down 25.38% from 63,175,198.32 yuan year-on-year [2]. - The company's total assets increased by 1.23% to 3,423,124,836.80 yuan, while net assets decreased by 1.29% to 2,364,069,409.15 yuan [2]. Profitability - The gross margin improved from 18.43% in the previous year to 24.96%, with gross profit increasing by 62.91 million yuan [3]. - The net margin was reported at -10.08%, an improvement from -14.98% in the same period last year, reflecting a 4.9 percentage point increase [4]. - The company’s return on equity (ROE) was -3.36%, while the return on assets (ROA) was -2.34% [5]. Business Development - The growth in revenue was primarily driven by an increase in intelligent computing service revenue within the hybrid cloud business [4]. - The company is actively expanding its AI computing capabilities, with plans to exceed 10,000P of self-owned computing power by early 2025 [4]. - The company has been expanding its overseas business, with nearly 20% of its revenue coming from international markets, a 20.4% increase year-on-year [6]. Market Position - The company is facing intensified competition in the cloud computing sector, with major players engaging in competitive pricing strategies [4]. - The company has established nearly a hundred overseas clients and deployed GPU bare metal clusters in Washington, USA [6].

Core Viewpoints - The report emphasizes that even in a bull market, fluctuations are inevitable, especially after the index breaks through significant levels like 3674 points, indicating potential volatility ahead [1][9][10] - The market is expected to experience short-term corrections due to profit-taking and the upcoming mid-year earnings disclosures, which may reveal performance pressures [1][4][9] - The overall market sentiment is shifting towards a "slow bull" pattern, suggesting a cautious approach to investment strategies, focusing on individual stocks with strong earnings certainty [2][10] Market Overview - On Thursday, the market opened strongly, with major indices like the Shanghai Composite Index breaking the 3700-point mark, but later faced significant selling pressure, resulting in a decline across all major indices [4][9] - The trading volume was substantial, with over 4000 stocks declining, reflecting a market that is grappling with both technical and psychological pressures at key resistance levels [2][9][10] - The insurance sector showed notable gains due to favorable policies affecting the liability side, while the brain-computer interface sector gained traction following government support for innovation in this field [6][7] Sector Performance - The insurance sector's rise is attributed to a reduction in the guaranteed interest rate for life insurance products, which is expected to enhance the investment returns for insurance companies [6] - The brain-computer interface sector is highlighted as a growing area of interest, supported by recent government initiatives aimed at promoting this technology as a national strategic industry [6][7] - Digital economy stocks, particularly those related to digital currency and data management, are anticipated to continue their upward trajectory, driven by government policies and market demand [7][8]

熙牛医疗科技（浙江）公司通过云原生、大数据、物联网等技术助力医疗卫生数字化资源更广泛地 应用于临床诊疗、运营管理等场景。在企业展厅，姚高员详细了解企业发展历程和核心产品应用推广情 况。他叮嘱企业以及市、区相关负责人，要抢抓人工智能发展机遇，瞄准市场需求，提升细分领域创新 能力，突破更多技术难题，实现前瞻性创新技术布局，努力抢占行业先机，推动企业迈向一流行列。要 在先进技术供给、科技成果转化等方面持续完善科研机构及产业链上下游企业的协同创新机制，提升行 业数据资源整合能力，加强核心技术协同攻关和成果推广应用，助力形成科技领军企业、高新技术企 业、科技型中小企业的科创企业梯队，更好涵养企业发展良好生态。 8月11日，市长姚高员赴余杭区调研，指导贯彻落实市委十三届九次全会精神。他强调，要深入学 习贯彻习近平总书记考察浙江重要讲话特别是"以科技创新塑造发展新优势"重要指示精神，按照省委、 省政府的工作要求，认真落实市委十三届九次全会部署，以科技创新和产业创新深度融合为关键路径， 因地制宜发展新质生产力，不断塑造发展新动能新优势，加快建设更高水平的创新活力之城。 杭州炬华科技股份公司专业从事能源物联网设备研发、生产和销 ...

Core Viewpoint - The stock code 06968.HK reflects the company's industry positioning, indicating a focus on technology innovation and new economic sectors, particularly in financial technology and digital services [1][3][5]. Industry Characteristics - The "69" in the stock code may signify a connection to financial, technology, or emerging industries, with a strong inclination towards technology-driven sectors such as cloud computing, big data, and artificial intelligence [3][5]. - The final digit "8" symbolizes prosperity and good fortune in Hong Kong's market, suggesting the company's aspiration for sustained growth and a positive market image [3][5]. Business Operations - The main business areas of 06968.HK include fintech, smart payment terminals, blockchain applications, and innovative financial services, positioning the company within a rapidly evolving and technology-driven industry [5][6]. - The company is actively exploring the integration of blockchain with financial services, indicating a shift from traditional finance to fintech and intelligent payment solutions [5][6]. Industry Trends and Investment Opportunities - The global development of fintech is a significant driving force for the industry, with new payment methods and blockchain applications becoming increasingly integrated into consumers' daily lives [6][8]. - Emerging technologies present substantial opportunities for companies like 06968.HK, which is expected to achieve rapid growth through technological innovation and market expansion, especially with the rise of digital currency and cross-border payments [6][8]. Competitive Advantages - The industry has vast growth potential, with the core competitiveness of companies increasingly tied to their innovation capabilities [8]. - The company's increasing investment in research and development is expected to pave new paths in the market and enhance its resilience against risks [8]. - The growing acceptance of technology in finance and supportive policies create a favorable external environment for the company [8]. Future Strategies - Potential investment directions include expanding blockchain technology applications, entering overseas markets, and collaborating with domestic and international financial institutions [8][10]. - The company's improving financial structure, stable revenue growth, and diversified income sources provide confidence for investors [10].

据国家数据局消息，全国一体化算力网9项技术文件已全部发布，标志算力网建设进入落地应用阶段。 算力需求在人工智能训练与推理、元宇宙与数字孪生、智慧城市与交通等多个领域呈现出增长态势。 2025年中国算力市场规模预计将达到2000亿元。 恒为科技最新股价为29.05元，较前一交易日收盘价上涨0.90元，涨幅为3.20%。开盘价为28.15元/股， 最高价为29.18元/股，最低价为27.90元/股，成交量为278071.0手，成交额为8.01亿元。 恒为科技8月6日主力资金净流入3454.77万元，占流通市值比为0.37%。近五日主力资金净流出2772.72 万元，占流通市值比为0.3%。 恒为科技所属概念板块包括互联网服务、上海板块、股权激励、预亏预减、云计算等。公司主营业务为 云计算、大数据、人工智能等领域的技术研发和应用。 风险提示：股市有风险，投资需谨慎。 ...

Group 1 - As of August 4, 2025, China Unicom's stock price is 5.32 yuan, unchanged from the previous trading day, with a trading volume of 779 million yuan and a turnover rate of 0.48% [1] - China Unicom is one of the three major basic telecommunications operators in China, providing mobile communication, fixed communication, and innovative services such as cloud computing, big data, and the Internet of Things [1] - Recently, China Unicom Group invested in Hangzhou Zhixun Investment Co., Ltd., increasing the company's registered capital from 5 billion yuan to approximately 9.18 billion yuan [1] Group 2 - On August 4, 2025, there was a net outflow of 73.09 million yuan in main funds for China Unicom, with a net outflow of 61.12 million yuan over the past five days [1]

Core Points - The Shandong Provincial People's Congress has passed amendments to the implementation measures of the Road Traffic Safety Law, which will take effect immediately upon publication [2] - The amendments address public concerns regarding electric vehicle management, autonomous driving, and illegal vehicle modifications, aiming to balance safety and development [2][3] - The decision emphasizes the use of advanced technology in traffic management, including big data and artificial intelligence, to enhance road safety [2][3] Group 1 - The amendments include forward-looking regulations for road testing of autonomous vehicles and low-altitude flight management, encouraging local governments to innovate in policy and management [3] - Specific measures are introduced to address frequent traffic accidents caused by illegal driving of construction vehicles, large vehicles making right turns, and the lack of regulation for delivery vehicles [3][4] - Local governments are empowered to designate restricted areas and times for certain vehicles based on local traffic conditions [3][4] Group 2 - The amendments prohibit the production and sale of non-motorized vehicles that do not meet national safety standards, and illegal modifications of vehicles are strictly regulated [4] - A "first violation not punished" policy is introduced for minor traffic violations that are promptly corrected, promoting a more flexible enforcement approach [4] - Traffic management departments are required to notify offenders verbally before imposing penalties for parking violations [4]