事件：公司发布2025 年半年报。2025H1 公司实现营收2.45 亿元；实现归母净利润-0.74 亿元；实现经 营活动产生的现金流量净额为0.38 亿元，同比增长895.24%。 收入表现短期承压，坚定研发投入AI+Data。宏观经济环境影响下，行业信息化投入进度减缓、下游需 求收缩，各业务板块毛利率普遍承压；同时受到行业招标的季节性影响，多数收入集中于下半年， 25H1 收入表现暂时承压。同时，公司坚定投入于大模型、智能体等前沿技术的研发，25H1 研发费用率 达27.3%，战略加码前沿科技，筑厚长期竞争壁垒。 经营活动现金流强劲改善，同比增长895.24%。公司在现金流方面的改善，主要得益于公共安全业务的 稳定贡献以及营运资本管理效率的持续优化。1）应收账款管理强化：公司持续加强客户信用评估与账 期管理，25H1 末应收账款比率较期初下降0.28%，回款效率保持稳定。2）成本结构与资源配置优化： 非核心或效益不佳业务逐步缩减，子公司天行网安信创业务优化采购策略，外购软硬件成本占营业成本 比重同比下降53.64%，非必要现金支出减少。 智能体项目多行业加速落单，签订多个里程碑项目。智能体应用多领域加速落 ...

Summary of the Conference Call for Tuolisi Company Overview - **Company**: Tuolisi - **Industry**: AI and Data Solutions Key Points Financial Performance - In the first half of 2025, Tuolisi's revenue was under pressure due to external environment and seasonal factors, but the public safety business remained stable. Cost reduction measures led to a decrease in operating expenses by 21.65 million yuan and procurement expenses, effectively alleviating pressure [2][3] - Operating cash flow net amount reached 37.788 million yuan, an increase of 42.54 million yuan year-on-year, representing a growth of 895% [3] Research and Development - Tuolisi maintained high R&D investment in AI and data sectors, with a research expense ratio of 27.3%, totaling 144 million yuan. Focus areas include overseas enterprise-level big data and intelligent analysis products, multimodal large models, intelligent applications, and global data collection [2][5] - The company upgraded its AI product development, deploying over 300 AI agent projects across various sectors including finance, public security, and government [6] Data Asset and Service Capability - Tuolisi enhanced its data asset and industrialization service capabilities, expanding global multilingual information collection and improving data governance quality. The company added over 100 new clients, including Gree Electric and New Yuan Co., gaining market recognition for its data resources [7][8] Growth in Security Sector - In the public safety sector, Tuolisi achieved a 61% year-on-year increase in contract amounts, focusing on decision-making support in specialized industries and expanding capabilities in illegal fund tracking and analysis [9] International Expansion - The company made significant progress in its overseas business, successfully renewing a third-phase project in Hong Kong and signing contracts with important clients in Southeast Asia, the Middle East, and Belt and Road countries, expecting rapid growth in 2025 [10][17] Competitive Advantages - Tuolisi's core competitive advantages include self-controlled technology across data, algorithms, and applications, comprehensive service capabilities, deep industry knowledge, high entry barriers in specialized industries, and a solid ecosystem of trusted partners [16] Revenue Recognition and Outlook - Revenue recognition will occur through three models: standardized products upon delivery, customized software based on project acceptance, and SaaS services recognized monthly. The company is optimistic about revenue growth in the second half of the year due to a significant number of projects signed in late 2024 and early 2025 [19] - Management is confident in achieving double-digit growth and maintaining profitability in 2025, driven by AI trends, data business development, and opportunities in international markets and domestic innovation strategies [19]