证券研究报告 | 2025年08月06日 海光信息（688041.SH） 优于大市 业绩稳步增长，架构设计持续升级、服务器生态稳步推进 25Q2 收入、净利润稳步增长，合同负债夯实全年业绩信心。公司发布 25 年 中报，25H1 实现营业收入 54.64 亿，同比+45.21%；归母净利润 12.01 亿元， 同比+40.78%；扣非归母净利润 10.90 亿元，同比+33.31%。分季度来看，25Q2 公司实现营业收入 30.64 亿元，同比+41.15%、环比+27.66%；归母净利润 6.96 亿元，同比+23.14%、环比+37.49%；扣非归母净利润 6.48 亿元，同比+18.71%、 环比+46.52%，收入、净利润稳步增长，主要由于国内高端芯片市场需求持 续增长，公司通过深化与整机厂商、生态伙伴在重点行业、领域合作，加速 在客户端的导入。截至 25Q2 公司合同负债为 30.91 亿元，相较于 24Q4、25Q1 末分别+21.88、-1.46 亿元，仍维持历史高位，产品需求旺盛；同时，公司 25Q2 末预付款、存货分别为 20.63、60.13 亿元，相较于 25Q1 末分别增长 4.42、 ...

值得关注的是，公司持续保持高强度研发投入。上半年研发投入达17.11亿元，同比增长24.68%，占营 业收入比重达31.31%。公司研发团队规模达2369人，占员工总数的84.52%，其中77.88%的研发人员拥 有硕士及以上学历。持续的研发投入保障了产品性能的迭代提升，目前海光处理器产品在计算性能、安 全性、可靠性等方面均保持行业领先优势。 海光信息表示，随着多模态AI应用场景的拓展，国产算力基础设施正成为产业智能化升级的核心引 擎。公司以通用计算市场为基础，依托强大的处理器设计能力和产品迭代能力，积极构建产业生态。目 前已与云计算、大数据及行业软件等领域企业达成深度合作，共同打造开放、安全、绿色的产品解决方 案。 8月5日，海光信息发布2025年半年度报告称，公司上半年实现营业收入54.64亿元，同比增长45.21%； 归母净利润12.01亿元，同比增长40.78%；扣非净利润10.9亿元，同比增长33.31%。基本每股收益0.52 元，同比增长40.54%。 业绩增长主要得益于国产高端芯片市场需求持续攀升。报告期内，公司通过深化与整机厂商、生态伙伴 的合作，加速产品在重点行业的导入，推动高端处理器产品市 ...

Core Insights - The partnership between China Unicom and Haiguang Information has evolved from technical adaptation to joint innovation, focusing on creating a "virtualization + cloud-native" dual-engine cloud foundation [3] - The collaboration aims to establish a benchmark for domestic transformation in the telecommunications industry, with Haiguang's processors meeting the high standards for cloud platform capabilities and security [4] - The integrated cloud computing platform developed by both companies achieves hybrid deployment and full-stack domestic integration, enhancing system throughput and network forwarding performance [4] Group 1 - The partnership showcases a deep collaboration in areas such as cloud integration, government cloud construction, and industry digital transformation [1] - Haiguang's processors are designed to address the increasing demands for cloud platform capabilities and security from both internal and external users of China Unicom [4] - The "cloud-network-data-intelligence-edge-end" integrated business matrix constructed by Haiguang provides comprehensive support from cloud to terminal, addressing compatibility and migration cost issues in domestic transformation [5] Group 2 - The collaboration extends to artificial intelligence, with the launch of an intelligent computing machine that integrates Haiguang's chips with Tianyi Cloud's AI applications, enabling rapid deployment and operational efficiency [5] - Haiguang's high-performance and secure characteristics are applied in emerging scenarios such as network visualization and low-altitude economy, ensuring comprehensive coverage from traditional to new business areas [6] - The partnership emphasizes the importance of building a self-controllable computing foundation for the telecommunications industry [6]

Group 1: Event Overview - The 11th China (Shanghai) International Technology Import and Export Fair (referred to as "the Fair") was held with the theme "Open Cooperation: Empowering New Quality Productivity and Sustainable Development" [1] - The Fair focused on technology trade, gathering nearly a thousand domestic and foreign enterprises across various fields such as aerospace, marine engineering, intelligent manufacturing, green energy, and blockchain [1] Group 2: Exhibitor Highlights - Shanghai Xiumei Model Co., Ltd. showcased its innovations in 3D modeling, dynamic simulation, and animation production, emphasizing its capabilities in virtual simulation and intelligent manufacturing [3] - Shanghai Xinpin presented its modular laboratory solutions, which are highly flexible and customizable, aimed at creating efficient and sustainable laboratory environments [6] Group 3: Chip Industry Focus - Haiguang Information, established in 2014, specializes in high-end processors and accelerators, focusing on providing core computing power for China's digital transformation [10] - The company emphasizes "native security" in its chip design, integrating security modules at the CPU architecture level to enhance overall system security [14] Group 4: Blockchain Technology - The blockchain exhibition area made its debut at the Fair, featuring over ten key industry enterprises and showcasing more than 20 unique application scenarios related to cross-border trade and public services [15] - Shanghai is accelerating the integration of blockchain technology with the real economy, with companies like Pujiang Shulian and Changjiang Delta Shulian focusing on large-scale blockchain infrastructure [18]