截至发稿，华如科技市值为42亿元。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 （记者 曾健辉） 每经AI快讯，华如科技（SZ 301302，收盘价：27.23元）8月25日晚间发布公告称，本激励计划拟授予 的激励对象总人数共计4人，采取的激励工具为限制性股票，股票来源为公司从二级市场回购的公司A 股普通股股票；拟向激励对象授予限制性股票数量不超过105万股，约占本激励计划草案公告时公司股 本总额约1.56亿股的0.67%；限制性股票的授予价格为每股13.57元，即满足归属条件后，激励对象可以 每股13.57元的价格购买公司向激励对象授予的公司A股普通股股票，有效期为自限制性股票授予之日起 至激励对象获授的限制性股票全部归属或作废失效之日止，最长不超过48个月。 2025年1至6月份，华如科技的营业收入构成为：硬件产品占比78.21%，软件产品占比11.09%，技术开 发占比10.69%，其他业务占比0.01%。 ...

截至发稿，华如科技市值为42亿元。 每经AI快讯，华如科技（SZ 301302，收盘价：27.23元）8月25日晚间发布公告称，公司第五届第十一 次董事会会议于2025年8月22日以通讯方式召开。会议审议了《关于提请股东会授权董事会办理公司 2025年限制性股票激励计划相关事宜的议案》等文件。 2025年1至6月份，华如科技的营业收入构成为：硬件产品占比78.21%，软件产品占比11.09%，技术开 发占比10.69%，其他业务占比0.01%。 （记者 张喜威） 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 ...

Financial Data and Key Metrics Changes - SaaS and license revenue for Q2 2025 grew to $170 million, representing a 9% year-over-year increase [14][15] - Total revenue increased by 8.8% year-over-year to $254.3 million, marking the first quarter with an annual run rate exceeding $1 billion [15][24] - Adjusted EBITDA rose by 13% year-over-year to $48.4 million, while GAAP net income grew by 3.1% to $34.6 million [17][18] - Gross profit increased by 9.4% year-over-year to $166.8 million, with gross margins improving by 40 basis points [15][17] Business Line Data and Key Metrics Changes - The residential business continued to show steady growth, contributing significantly to cash flow [8][9] - Contributions from commercial, international, and energy hub businesses approached 30% of total SaaS revenue, with a combined year-over-year growth rate of around 25% [10][11] - Hardware revenue outperformed expectations, contributing to stronger adjusted EBITDA [8][15] Market Data and Key Metrics Changes - The company remains focused on the North American residential market, where millions of potential subscribers have yet to adopt integrated video solutions [9] - The commercial business is benefiting from increased demand for security solutions, driven by recent events and a shift towards cloud-based technology [11][32] - International markets, particularly Latin America and the Middle East, are experiencing faster growth rates compared to other regions [75] Company Strategy and Development Direction - The company aims to deliver a cloud-based sensor into every property globally, with a focus on expanding into new markets and enhancing safety and security [6][7] - Recent minority investments in channel partners are part of a strategy to strengthen the service provider footprint and enhance long-term growth opportunities [20] - The company is evaluating potential investments to accelerate growth in commercial, international, and energy hub sectors [36] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate significant changes in the macroeconomic environment for the second half of the year, citing the essential nature of security services [53] - The outlook for new home sales remains weak, which could impact subscriber growth and retention rates [55] - The company expects SaaS and license revenue for 2025 to be between $171.4 million and $171.6 million, reflecting confidence in the second half of the year [23][24] Other Important Information - The company implemented a price increase in June to account for a 10% baseline tariff, which may slightly dilute margins but keep gross profit dollars stable [18][19] - The recent change in U.S. tax law allows for immediate deduction of R&D expenses, potentially eliminating nearly $200 million in cash tax payments over the next five years [22] Q&A Session Summary Question: What is driving the sustainability of the commercial, international, and energy hub growth? - Management highlighted secular trends in energy demand, the completion of the commercial platform, and early-stage growth in international markets as key drivers [31][32][33] Question: Are all three business segments growing around 25%? - Management confirmed that the combined growth rate is around 25%, with individual segments varying slightly [35] Question: What is the vision for the next ten years? - The company aims to maintain its mission of a cloud-connected sensor in every property while expanding its revenue diversity and market presence [40][41] Question: What are the retention rates for the quarter? - The retention rate for the consolidated company was approximately 94.1%, with expectations to hover around 93-94% for the second half of the year [60][62] Question: How does the company view the housing market's impact on new account activations? - Management noted that while new home sales have been weak, there is cautious optimism for improvement in the next six months [66][67] Question: Are there plans for general price hikes on SaaS services? - Currently, there are no plans for broad-based service price increases for the second half of the year or next year [72][73]

丨证券研究报告丨 联合研究丨公司点评丨赛维时代（301381.SZ） [Table_Title] 赛维时代 2024 年报&2025Q1 点评：硬件去库 对利润端阶段拖累，营运指标逐季度企稳向好 报告要点 [Table_Summary] 2024 年公司实现营业收入 102.75 亿元，同比增加 56.55%，实现归母净利润 2.14 亿元，同比 减少 36.19%。2024Q4 公司实现营业收入 34.74 亿元，同比增加 58.66%；实现归母净利润 0.19 亿元，同比减少 83.46%。2025 年 Q1，公司实现营业收入 24.58 亿元，同比增加 36.65%； 实现归母净利润 0.47 亿元，同比减少 45.35%。 分析师及联系人 [Table_Author] 李锦 于旭辉 罗祎 秦意昂 SAC：S0490514080004 SAC：S0490518020002 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赛维时代（3013 ...