拓尔思 20250820 摘要 拓尔思 2025 年上半年营收虽受外部环境和季节性影响承压，但公共安 全业务稳定及降本增效措施，如经营活动支出减少 2,165 万元和信创采 购支出减少，有效缓解了压力。下半年随着招标项目增加，环比改善趋 势明确。 公司坚持 AI 及数据赛道高研发投入，研发费用率达 27.3%，总额 1.44 亿元，重点布局海外版企业级大数据和智能分析产品、多模态大模型、 智能体应用及全球数据采集，为未来增长提供动力。 拓尔思加速人工智能产品研发与应用，升级新一代智能底座，以拓天大 模型为核心构建多智能体协同操作系统，已在金融、公安、政府等领域 私有化加云方式部署超 300 个 AI agent 项目。 公司持续增强数据资产和数据产业化服务能力，拓展全球多语种信息采 集，深化数据标注，提升数据治理质量，新增格力电器、新元股份等 100 多家客户，数据资源获市场认可。 拓尔思在泛安全行业合同额同比增长 61%，深耕特种行业辅助决策赛道， 拓展非法资金追踪与分析查控及认知域业务支撑平台两大核心能力，成 为新的增长点。 Q&A 拓尔思 2025 年上半年经营情况如何？ 2025 年上半年，拓尔思的收 ...

Core Viewpoint - The report highlights that the company,拓尔思, is evolving towards becoming the "Chinese version of Palantir" by leveraging its data capabilities and AI technologies, particularly following its recent success in securing a significant AI project with China Bank [1] Group 1: Project Achievements - The company successfully won the AI project with China Bank, valued at nearly 20 million yuan, marking the largest single software project in the bank's AI application domain [1] - The project will integrate the company's self-developed large model, Agent technology, to enhance the client's consumer business intelligence [1] Group 2: Product Development and Industry Applications - The company continues to deploy its open-source intelligence system,拓天公安大模型, and智眼图像平台 in specialized sectors such as government and public security [1] - The self-developed "拓天大模型" has been recognized in the 2025 security capability assessment by赛迪顾问, indicating its industry relevance [1] Group 3: Competitive Positioning and Future Outlook - The company is building a comprehensive capability loop of "data platform + AI middle platform + Agent applications," leveraging its strengths in semantic understanding, multi-modal integration, and industry experience [1] - With the backdrop of domestic data element policies and the accelerated implementation of AI agents, the company is positioned to establish a "domestic Palantir" competitive edge in areas like security governance, smart public security, and financial risk control [1] - Projected net profits for the company from 2025 to 2027 are estimated at 34 million, 43 million, and 53 million yuan respectively, with corresponding EPS of 0.04, 0.05, and 0.06 yuan, leading to PE ratios of 650, 518, and 415 times [1]

Summary of Key Points from Conference Call Records Company Overview - **Zhonghe Technology (众合科技)**: Focuses on intelligent transportation, semiconductor materials, and computing services, with a core business in the three-dimensional transportation industry [1][2][3] - **Tuoer Technology (拓尔思)**: Engaged in artificial intelligence products and services, with a strong emphasis on digital government and financial technology [4][5][6][7] - **Hainan Airport (海南机场)**: Primarily involved in airport management, duty-free and commercial businesses, and real estate management [8][9] Core Insights and Arguments Zhonghe Technology - **Financial Management**: The company was found to have transferred 120 million yuan from its fundraising account to a peer's margin account for short-term deposits, prompting a reinforcement of internal controls to prevent recurrence [1] - **Business Expansion**: Plans to develop a national computing network through the Qinyang Time-Space Big Data Cloud Center, aiming for a computing capacity of 250P [2] - **AI Development**: Launched the UniChat AI model tailored for smart transportation, featuring applications in various traffic scenarios [3] - **Semiconductor Focus**: The semiconductor business is centered on single crystal silicon materials, with ongoing efforts to expand into semiconductor equipment and integrated circuits [3] Tuoer Technology - **Revenue Growth**: Reported a revenue of 258 million yuan from AI software products and services in 2024, with a 8.99% year-on-year increase [4] - **AI Model Applications**: Successfully delivered over 40 benchmark projects in AI models and agents across various sectors, including government and finance [4] - **Data Resource Development**: Established a data resource system with over 500 billion entries, enhancing AI model training and industry digitalization [6] - **Cloud Computing Strategy**: Utilizes a combination of self-built and public cloud models for computing power, enhancing efficiency and reducing resource requirements for AI models [6] Hainan Airport - **Acquisition Plans**: Proposed to acquire a 50.19% stake in Meilan International Airport for 2.339 billion yuan, aiming to enhance management efficiency across three airports in Hainan [8] - **Duty-Free Business**: Engaged in duty-free operations through partnerships and property leasing, holding significant stakes in various airport duty-free shops [9] Additional Important Information - **Data Governance**: Zhonghe Technology emphasizes data security and governance, implementing strict measures for data mapping and protection [4] - **Strategic Partnerships**: Tuoer Technology has formed strategic collaborations to enhance its AI capabilities and expand its market reach [5][6] - **Market Positioning**: Both Zhonghe Technology and Tuoer Technology are positioning themselves to leverage advancements in AI and data analytics to capture market opportunities in their respective fields [3][4][5][6]