12月18-19日，火山引擎2025原动力大会·冬在上海成功举办。作为火山引擎多年合作伙伴，华胜天成在 大会上集中呈现了双方携手打造的生态合作成果，展示了在政企智能化转型赛道的战略契合与实践实 力。华胜天成董事、高级副总裁代双珠受邀出席AI+生态圆桌论坛，与各位行业领袖、技术专家分享与 火山引擎的生态共进之路。 大会期间，华胜天成在繁荣AI生态展区重点呈现了与火山引擎联合打造的"投标大王"及社区全能数字员 工"华格格"一体机解决方案，直观呈现了双方在"算力-数据-应用"全链路打通后的实战成果。未来，双 方将继续深化协同，以 AI技术赋能更多行业场景，让智能化升级真正惠及全球政企客户。 现场直击： 华胜天成与火山引擎的合作始于2021年火山引擎飞连产品的单点应用，从解决全球化办公痛点的深度应 用，逐步迈向"技术互补-场景共创-生态共荣"的核心合作伙伴。这一跨越的背后，是一系列里程碑式的 合作成果作为坚实支撑。2025年9月，双方在沈阳皇姑区合作落地全国首个L4级大模型高端数据标注项 目——火山AI数据产业生态基地，打造AI落地核心引擎。同年10月，双方共建无锡新吴区人工智能产 业创新服务平台，构筑长三角AI产业 ...

Core Viewpoint - The company has turned a profit in the first half of the year primarily due to stock trading gains, while its core business continues to incur losses [1][2]. Group 1: Financial Performance - In the first half of the year, the company expects a net profit of between 120 million to 180 million yuan, mainly due to the significant increase in the stock price of its investment in Tai Ling Micro [2]. - The company holds a 7.44% stake in Tai Ling Micro, which saw its stock price rise over 50% in the first half of the year, contributing approximately 200 million to 250 million yuan in non-recurring gains [2]. - The company has incurred a cumulative loss of 1.174 billion yuan over the past five years, with the net profit for the first half of this year expected to be a loss of 65 million to 95 million yuan [4]. Group 2: Business Segments - The company's main business includes IT services and cloud computing, with IT system solutions generating 3.307 billion yuan in revenue, accounting for 77.45% of total revenue, a year-on-year increase of 5.96% [4]. - The cloud computing segment has seen a decline, with revenue of 912 million yuan, down 7.73% year-on-year, and a decrease in gross margin from 28.73% in 2020 to 21% in 2024 [4]. - Government services represent the largest segment, contributing 1.41 billion yuan in revenue, which is 33% of total revenue, but has seen a slight decline of 0.39% year-on-year [5]. Group 3: Investment and Market Position - The company has made strategic investments in artificial intelligence applications to improve its traditional business performance, including the development of an AI bidding software [5]. - Despite the significant paper gains from Tai Ling Micro, the company's core business remains under pressure, with ongoing losses indicating a need for further strategic adjustments [1][4].

Investment Rating - The investment rating for the company is "Buy" indicating an expected return of over 10% relative to the CSI 300 index in the next six months [3][17]. Core Insights - The company focuses on AI computing infrastructure and application scenarios, leveraging Huawei's ecosystem and implementing a dual-track equity incentive strategy to tackle ICT challenges [1]. - The company is positioned in the forefront of generative AI, cloud-native technology, and intelligent data lakes, providing cloud computing solutions and digital services primarily to government, finance, telecommunications, and energy sectors [1]. - The revenue forecast for 2024 is 4.271 billion yuan, reflecting a year-on-year growth of 2.57%, continuing a trend of moderate recovery [1][11]. Revenue and Business Segments - The company's revenue is derived from two main segments: IT system solutions and cloud computing products and services [9][10]. - For IT system solutions, the revenue is projected to grow from 3.307 billion yuan in 2024 to 4.559 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 8% [11]. - The cloud computing segment is expected to see slower growth, with revenues increasing from 912 million yuan in 2024 to 1.055 billion yuan by 2027, reflecting a CAGR of about 5% [11]. Financial Metrics - The company has a total market capitalization of approximately 11.853 billion yuan and a total share capital of 1.09649 billion shares [4]. - The price-to-earnings (P/E) ratio is reported at 34.80, and the price-to-book (P/B) ratio stands at 2.61, indicating a relatively high valuation compared to its book value [4]. - The net asset return rate is 3.26%, suggesting moderate profitability relative to equity [4]. Strategic Partnerships - The company has established deep collaborations with Huawei across various fields, including digital energy, smart cities, and intelligent computing centers, enhancing its service offerings [2]. - As a key partner of Baidu Smart Cloud, the company is actively promoting the commercialization of AI technologies [1]. Market Position and Future Outlook - The company is well-positioned to capitalize on the growing demand for AI computing power, with projections indicating that China's intelligent computing capacity will reach 1,037.3 EFLOPS by 2025, a 43% increase from 2024 [9]. - The company aims to enhance its service capabilities through strategic investments in emerging industries and continuous R&D efforts [9].