科大讯飞 20250822 摘要 科大讯飞上半年经营基本面显著改善，销售回款同比增长 14.99%至 103 亿元，现金流虽仍为负，但亏损额大幅收窄，全年现金流预期乐观， 显示出公司良好的财务恢复能力。 C 端业务成为科大讯飞主要增长引擎，上半年增长 38%，其中学习机收 入翻番贡献显著。G 端业务在一线大区中标合同额增长 91%，商机储备 增加 30%以上，表明市场拓展成效显著。 科大讯飞应收账款风险可控，销售回款率持续提升，从 2022 年的 93% 增至 2024 年的 98.14%，显示出公司良好的收款能力和风险管理水平。 科大讯飞持续加大研发投入，上半年研发投入同比增长 9.2%至 23.9 亿 元，占营收比重 21.92%，主要用于星火大模型核心技术、行业应用产 品研发及市场推广，巩固先发优势。 星火大模型综合能力保持业界第一梯队水平，并通过全国产算力实现深 度推理，在高考作文测试中表现出色，位列六家主流大模型之首，展现 了其技术领先性。 Q&A 科大讯飞 2025 年上半年财务表现如何？ 2025 年上半年，科大讯飞实现营收 109 亿元，同比增长 17%，回款 104 亿 元。公司首次在上半年 ...

封面新闻记者 欧阳宏宇 8月21日晚间，科大讯飞发布2025年上半年财报。财报显示，科大讯飞上半年营收首次突破百亿，达109.11亿元，同比增长17.01%。上半年销售回款首次 突破百亿，达103.61亿元，同比多增13.50亿元。归母净利润-2.39亿元，同比减亏40.37%，经营活动现金流量净额增长超过7.64亿元，同比提升49.73%。 谈及增量业务，科大讯飞称，AI出海方面的探索带来新增量，有望成为增长的新引擎。据财报显示，科大讯飞海外AI硬件同比增长超3倍。 当前，人工智能产业正面临前所未有的历史新机遇。对于技术转化，科大讯飞方面称，已构建起了算法、算力、数据等要素自主可控的AI核心技术研究 和模型训练体系，并实现了AI行业应用、AI开放平台和AI消费者产品三大AI落地商业化体系。随着应用规模的持续扩大，由数据驱动的"模型算法—产品 价值—业务增长"商业飞轮效应将不断显现。 财报显示，科大讯飞在教育、医疗等核心领域已进行人工智能深度场景落地。AI+教育方面，收入增长23%，毛利同比增长25%，其中学习机业务在上半 年实现翻番增长。AI+医疗方面，上半年收入同比增长21%；截至6月30日，智医助理已拓 ...

科大讯飞(002230.SZ) 2025年半年度业绩说明会 科大讯飞 2025年8月22日 2025年上半年公司整体经营情况 单位：亿元 | 营业收入 | 109.11 | 93.25 | 17.01% | | --- | --- | --- | --- | | 毛利 | 43.89 | 37.48 | 17.12% | | 归属于上市公司股东的净利润 | -2.39 | -4.01 | 40.37% | | 归属于上市公司股东的扣除非经常性损益 的净利润 | -3.64 | -4.83 | 24.62% | | 经营活动产生的现金流净额 | -7.72 | -15.36 | 49.73% | 上半年营收结构持续优化，C端保持快速增长 GBC营收结构持续优化 C端业务营收成为增长主要动力 G端 26% B端 42% C端 32% 2024-2025年上半年公司研发投入及C端硬件营销推广费用 1. 星火大模型核心技术相关投入增加8200万，综合能力保持在业界第一梯队水平； 2. 在行业应用的产品研发及市场推广方面增加1.8亿，进一步巩固行业先发优势； 3. C端硬件产品渠道营销推广费用增加3.4亿，有效拉动学习 ...

新华社北京8月9日电（记者吉宁、阳娜）在绿茵场上比拼球技、在拳击场上挥舞双拳、在流水线上分拣 货物……走进8日开幕的2025世界机器人大会现场，人们仿佛踏入了一个未来世界，各类机器人穿梭其 中，它们使出十八般武艺，灵动的身姿、精准的操作，无不展示着科技的魅力。 这是2025世界机器人大会上展示的一款拳击机器人。新华社记者 谢晗 摄。 在这场科技的盛宴中，涉及思考决策层的机器人"大脑"发展成为众人热议的焦点。人工智能大模型、云 计算、大数据等新技术加速演进，正在推动"大脑"快速迭代升级，赋能机器人产业。这其中，大模型成 为众多厂商着力的攻坚点。 ——更聪明。8日，2025世界机器人大会伴随着人形机器人的主持拉开帷幕，开启了这场"机器人总动 员"。 在科大讯飞展台，一台身后背着智能语音背包的机器人正忙着跟观众"聊天"，聪明又调皮。"你觉得我 长得好看吗？"一位现场观众提问。"好看呀，而且你今天的打扮也特别精神。"它的机智回答被公众赞 赏"情商高"。 这是8月8日拍摄的2025世界机器人大会上展出的智能机器人。新华社记者 李欣 摄 ——更全能。在北京人形机器人创新中心展台，天工、天轶系列2.0产品全面亮相，一系列的 ...

Core Viewpoint - The first half of 2025 is crucial for domestic AI computing power companies, with significant growth in shipments and revenue driven by local capabilities and the need for AI applications across various industries [3][4][12]. Group 1: Market Dynamics - The AI computing power market is experiencing a shift as domestic companies capitalize on the limitations of foreign chips, leading to rapid growth in shipments [3][4]. - Companies like DeepSeek and iFlytek are leveraging local computing power to enhance their AI models, with iFlytek's X1 model showing a 20% improvement in translation accuracy [5][6]. - The competition among enterprises is expected to accelerate AI implementation, with even a 10% efficiency or cost difference being critical for survival [12]. Group 2: Collaboration and Standards - The establishment of the "Model-Chip Ecological Innovation Alliance" aims to create a unified standard among chip manufacturers and model developers, reducing adaptation costs [9][10]. - Companies are encouraged to collaborate closely to ensure that chip designs align with the rapid iteration cycles of AI models, which currently outpace chip development timelines [9][10]. Group 3: Application Scenarios - Various sectors, including finance, education, and healthcare, are rapidly deploying AI applications, creating a diverse range of use cases that require tailored chip solutions [12][13]. - The unique ecosystem in China, similar to the mobile internet era, may provide significant opportunities for local chip companies to innovate and grow [12][13]. Group 4: Future Outlook - The AI revolution is seen as a critical juncture for Chinese chip companies, which must adapt quickly to avoid falling behind global competitors [13]. - The potential for AI to transform industries is widely recognized, and companies must leverage this technology to drive economic growth and improve operational efficiency [12][13].

Core Insights - The domestic AI computing power market is experiencing rapid growth, particularly in the first half of 2025, as local companies capitalize on opportunities created by restrictions on foreign chips [2][5][14] - Companies are actively seeking recognition for their digital intelligence platforms from major enterprises, with initial collaborations expected to yield revenue in the latter half of the year [4][12] - The development of large models in China is gaining momentum, with local firms like DeepSeek and iFlytek making significant advancements, although they still face challenges in keeping pace with international competitors like NVIDIA [6][9][14] Industry Trends - The AI application landscape is expanding across various sectors, with a consensus forming around the transformative potential of AI technologies [2][12] - The demand for AI computing power is increasing, with a notable 59% year-on-year revenue growth attributed to AI computing capabilities in one company [5] - The establishment of alliances among chip manufacturers and model developers aims to create standardized protocols, reducing adaptation costs and enhancing collaboration [10][12] Company Developments - iFlytek's Spark model, built on domestic computing power, has been upgraded to improve translation accuracy, showcasing the capabilities of local AI infrastructure [6][12] - Companies are focusing on understanding specific application scenarios to better align chip designs with market needs, indicating a shift towards more tailored solutions [13] - The competitive landscape is intensifying, with companies recognizing that even minor efficiency or cost differences can determine their survival in the market [12][14]

Core Viewpoint - Controversy arose from Liu Qingfeng's comments on Elon Musk's understanding of artificial intelligence, which drew criticism from private equity figure Dan Bin [1][2]. Group 1: Company Performance - iFlytek achieved a revenue of 23.343 billion yuan in 2024, marking an 18.79% year-on-year increase, but the net profit attributable to shareholders was only 560 million yuan, a decline of 14.78% compared to the previous year [4][7]. - The company has invested over 20 billion yuan in research and development, with 4.58 billion yuan allocated in 2024, accounting for 19.62% of total revenue [3][4]. - Government subsidies accounted for over 20% of iFlytek's revenue, with amounts of 4.731 billion yuan in 2022, 4.039 billion yuan in 2023, and 4.186 billion yuan in 2024 [7][8]. Group 2: Competitive Landscape - iFlytek has been criticized for lagging behind competitors like Musk's Grok, which has rapidly gained recognition in the AI space despite being established only two years ago [2][3]. - According to the latest LMArena rankings, Grok 4 is ranked 3rd in text generation, while iFlytek's model did not make the list [3]. Group 3: Future Outlook - iFlytek's first-quarter report for 2025 indicated a revenue of 4.568 billion yuan, a 27.74% increase year-on-year, but the company reported a net loss of 193 million yuan [8]. - The company anticipates a continued trend of increasing revenue without corresponding profit growth, with projected losses for the first half of 2025 between 200 million to 280 million yuan [8].

Group 1: Policy Initiatives - In the first half of 2025, the domestic smart education industry experienced a surge in policy releases, with the Ministry of Education and nine other departments issuing guidelines to integrate AI technology into education [1] - Local governments are implementing detailed policies, such as Guangdong's plan for AI courses in primary and secondary schools and Nanjing's initiative to ensure 100% AI course coverage in schools by 2027 [1][2] Group 2: Technological Advancements - AI large models have become the core engine for technological iteration in smart education, with companies like Yuanfudao launching AI paradigms that enhance educational efficiency and accuracy [3] - The integration of hardware and AI is leading to innovative educational tools, such as Huawei's AI self-study room solution and Yuanfudao's dual-form design for learning machines [4] Group 3: Competitive Landscape - Leading companies are engaging in comprehensive strategies, with New Oriental continuing its "Education + Technology" approach and Yuanfudao expanding its reach through AI courses across numerous schools [5][6] - Hardware manufacturers are penetrating educational environments, with companies like Vision Source and Huawei developing solutions that enhance teaching and learning experiences [6][7] Group 4: Practical Applications - The intelligent transformation of classroom teaching is a key focus, with various companies implementing systems that improve teaching efficiency and student engagement [8] - Higher education institutions are also leveraging technology, with collaborations between universities and tech companies to enhance teaching and research capabilities [9] Group 5: Future Outlook - The smart education industry will face challenges related to technology ethics and large-scale application, with a focus on data privacy and algorithm fairness [10] - International expansion is becoming a strategic direction for leading companies, with growth in overseas markets and the push for international standards in educational technology [11]

Core Insights - The development of AI large models in China is being driven by various institutions such as Baidu, Alibaba, ByteDance, and iFlytek, focusing on technical deepening, application expansion, and ecosystem construction [2][3][4] Technical Deepening - Multi-modal integration is a key focus, with institutions like iFlytek and ByteDance enhancing their models to process and respond to various forms of input, including voice, gestures, and emotions, leading to more natural user interactions [2] - Improvement in reasoning capabilities is being pursued, with ByteDance's Doubao 1.6 - thinking achieving top rankings in complex reasoning tests, while Baidu's Wenxin Yiyan enhances knowledge and reasoning accuracy through external knowledge sources [2] Application Expansion - Industry-specific empowerment is being emphasized, with iFlytek's plans to tailor its models for sectors such as automotive, education, healthcare, and smart cities, while Baidu and Alibaba explore applications in finance, industry, and e-commerce [3] - Innovation in intelligent applications is expected, as ByteDance transitions from an app-centric model to an agent-based model, showcasing the potential for AI to reshape software development paradigms and create new applications [3] Ecosystem Construction - Open-source initiatives are becoming a significant trend, with various models being released by institutions like ByteDance and Baidu, which encourages developer participation and enhances model performance [4] - The establishment of a robust industrial ecosystem is crucial, supported by government policies and local initiatives, such as Shanghai's comprehensive AI industrial chain, which integrates computing power, data, algorithms, and applications [4]

Core Viewpoint - The article highlights the significant investment activity in the embodied intelligence sector, particularly focusing on the recent funding round of "Galaxy General," which raised over 1 billion yuan, marking the largest single financing event in this field for the year [1][3]. Group 1: Investment Landscape - "Galaxy General" completed a financing round exceeding 1 billion yuan, led by industry leaders including CATL and Puxuan Capital, with participation from various institutional investors [1]. - The investment from iFlytek Venture Capital, a subsidiary of iFlytek, indicates a strategic focus on the embodied intelligence sector, where iFlytek has been actively investing in multiple robotics companies [3][6]. - iFlytek Venture Capital has established a comprehensive investment strategy centered around AI technologies, targeting sectors such as smart vehicles, healthcare, industrial control, and robotics [6]. Group 2: Technological Development - Key components like sensors and actuators are crucial for the performance of embodied intelligent robots, and iFlytek is focusing on companies with advanced technologies in these areas [9]. - iFlytek's investment in humanoid robot companies, such as UBTECH, showcases its commitment to enhancing its technological capabilities in the robotics field [9][11]. - The establishment of partnerships and collaborations, such as with Zero Degree Robotics, aims to integrate resources and advance the development of the embodied intelligence industry [14]. Group 3: Industry Ecosystem - iFlytek is actively building an ecosystem for embodied intelligence through strategic collaborations and investments, which include partnerships with leading robotics firms [14][15]. - The company has developed a "Robot Super Brain" platform that integrates large model technologies, enhancing the interaction capabilities of robots across various applications [15]. - The collaboration with universities and research institutions, such as the establishment of a national key laboratory for cognitive intelligence, aims to bridge academic research with practical industry needs [17]. Group 4: Market Trends - The embodied intelligence sector has shown robust growth since 2025, with companies like Yushu Technology reporting annual revenues exceeding 1 billion yuan, reflecting the increasing demand for robots in both consumer and industrial markets [20]. - Despite facing challenges such as technological bottlenecks and high costs, the future outlook for the embodied intelligence industry remains promising, with expectations of a "golden age" as these issues are addressed [21].