查看完整报告 点击注册小程序 特别申明： 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 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年中期业绩，营收25.98亿人民币，同比下降13.2%，系ICT支撑业务收入受运营商成本压降 影响。为区分传统运营商业务和高增长引擎业务，公司将营收披露口径从原先的BSS、OSS、数智运营和 垂直行业，调整为ICT支撑业务、数智运营、5G专网与应用、AI大模型应用与交付四条业务线，聚焦后三 类高增长业务的发展和ICT支撑业务的成本管控。盈利方面，25H1毛利润7.83亿人民币，同比增长6.1%， 对应毛利率30.1%，同比增长5.4pct；25H1净亏损2.02亿人民币，系人员结构优化导致一次性离职补偿影 响，扣除后25H1净亏损0.48亿人民币，较去年同期亏损0.7亿人民币有所收窄。 ICT支撑业务因 ...

此外，公司预计下半年业绩将显著优于上半年，通过加快签单节奏，坚决达成全年目标。为此，公司将 延续稳中求进的发展策略：一方面持续夯实通信行业根基，推动ICT支撑业务基本盘稳步回升;另一方面 持续聚焦AI大模型应用与交付、5G专网与应用、数智运营三大增长引擎，并加快签单节奏，全年业绩 保持稳健，其中加快推进AI大模型应用与交付、 5G专网与应用业务订单转化，全年业绩高速增长;数智 运营业务结合AI和智能体技术，持续推进按结果付费的创新模式，优化业务结构。 董事会高度重视股东回报，在充分考虑公司业务发展、盈利状况和现金流水平后，建议 2025年度末期 股息指引为股东应占年度净利润的40%。 亚信科技(01675)公布2025年中期业绩，营业收入约为人民币25.98亿元。其中，ICT支撑业务收入约为 人民币21.18亿元，数智运营业务收入约为人民币4.08亿元。5G专网与应用业务收入约为人民币0.47亿 元，上半年订单金额约为人民币0.82亿元，同比增长51.7%。AI大模型应用与交付业务收入约为人民币 0.26亿元，同比增长76倍;上半年订单金额约为人民币0.7亿元，同比增长78倍。 为应对ICT支撑业务转型挑战， ...

Core Viewpoint - The company reported a decline in revenue for 2024, primarily due to a slowdown in the telecommunications industry and cost-cutting measures from operator clients, leading to a strategic shift away from certain risk orders [2][3]. Revenue Summary - Total revenue for 2024 was 6.646 billion RMB, a decrease of 15.8% year-on-year, with traditional BSS business revenue falling to 4.046 billion RMB, down 18.9% [2]. - New business segments (OSS, vertical industries, and intelligent operations) generated 2.599 billion RMB, a decline of 10.3%, but their contribution to total revenue increased by 2.4 percentage points to 39.1% [2]. Profitability Analysis - Gross profit for 2024 was 2.484 billion RMB, down 16.5%, resulting in a gross margin of 37.4%, a slight decrease of 0.3 percentage points [2]. - Net profit stood at 516 million RMB, corresponding to a net profit margin of 7.8% [2]. Business Segment Performance - BSS revenue was 3.948 billion RMB, down 19.1%, accounting for 59.4% of total revenue, while OSS revenue was 818 million RMB, a slight decrease of 1.8%, making up 12.3% of total revenue [3]. - The company plans to replicate its domestic BSS and OSS experiences overseas and optimize its organizational structure to enhance efficiency and reduce costs [3]. Growth Opportunities in New Business - The AI large model delivery segment is expected to grow significantly, with projected revenue of 200 to 300 million RMB in 2025, following successful contracts with over 30 projects [4]. - The 5G private network segment is focusing on the energy sector, with a target of shipping over 7,500 new wireless base stations and more than 30 core networks in 2025 [4]. - The intelligent operations segment showed a slight increase in revenue to 1.106 billion RMB, with significant growth in orders from various industries [4]. Shareholder Returns - The company announced a total dividend of 0.412 HKD per share for the end of 2024, comprising a final dividend of 0.252 HKD and a special dividend of 0.16 HKD [5].