事项： 公司公告2025年半年报。2025年上半年，公司实现营业收入715.86亿元，同比增长14.42%；实现归母净 利润4.26亿元，同比下降16.29%；实现扣非归母净利润4.36亿元，同比下降4.07%。 平安观点： 上半年收入端表现可观，三大核心业务均衡发展。1）收入端：2025年上半年，公司实现营业收入 715.86亿元，同比实现14.42%的稳健增长。 公司数云服务及软件（yoy+14.10%）、自有品牌产品（yoy+16.63%）等战略业务加快突破，在核心行 业落地成效显著，叠加合资公司木犀智能在产品设计、生产和服务能力等方面的有益补充，业务结构持 续优化，发展质量稳步提升，为公司市值稳步增长提供坚实支撑。同时，受益于微电子业务持续高速增 长和政府国补政策，公司IT分销及增值服务业务（yoy+14.30%）发展态势良好，有效拉动了整体规模 增长。2）利润端：上半年，公司实现归母净利润4.26亿元，同比下降16.29%；实现扣非归母净利润 4.36亿元，同比下降4.07%。公司上半年利润同比下降主要是由于：其一，公司紧抓AI技术与产业变革 机遇，为获取长期发展机会和市场竞争优势，加大当期在相关产 ...

Investment Rating - The report maintains a "Recommended" investment rating for Digital China (000034.SZ) with a current stock price of 46.14 yuan [1]. Core Insights - In the first half of 2025, Digital China achieved operating revenue of 71.586 billion yuan, representing a year-on-year growth of 14.42%. However, the net profit attributable to shareholders decreased by 16.29% to 426 million yuan, and the net profit after deducting non-recurring gains and losses fell by 4.07% to 436 million yuan [4][7]. - The company's three core businesses are developing evenly, with significant contributions from its cloud services and software, proprietary brand products, and IT distribution and value-added services [7][8]. - The AI-driven cloud services and software business reported revenue of 1.64 billion yuan, up 14.1% year-on-year, with a gross margin of 21.4%, an increase of 2.3 percentage points [8]. - The proprietary brand business also showed stable growth, generating revenue of 3.1 billion yuan, a 16.6% increase year-on-year, with a net profit of 595.7 million yuan, up 90.5% [8]. Summary by Sections Financial Performance - For the first half of 2025, Digital China reported operating revenue of 71.586 billion yuan, a 14.42% increase year-on-year. The net profit attributable to shareholders was 426 million yuan, down 16.29%, while the net profit after deducting non-recurring items was 436 million yuan, down 4.07% [4][7]. - The company’s cash flow from operating activities was 500 million yuan, indicating solid operational stability [7]. Business Development - The AI-driven cloud services and software business is experiencing steady growth, with revenue reaching 1.64 billion yuan, a 14.1% increase year-on-year. The gross margin improved to 21.4% [8]. - The proprietary brand business achieved revenue of 3.1 billion yuan, a 16.6% increase year-on-year, with a significant rise in net profit [8]. Future Outlook - The report adjusts the profit forecast for Digital China, estimating net profits of 1.116 billion yuan for 2025, 1.332 billion yuan for 2026, and 1.611 billion yuan for 2027. The corresponding EPS estimates are 1.55 yuan, 1.85 yuan, and 2.24 yuan respectively [8]. - The company is expected to benefit from the trends of enterprise cloud adoption and digital transformation, as well as the waves of innovation in AI and trusted computing [8].

转自：中国证券报·中证网 中证报中证网讯（记者 齐金钊）日前，神州数码发布2025年度半年报，报告期内，公司实现营业收入 715.9亿元，实现归母净利润约4.26亿元。其中，公司AI相关业务实现营业收入133.32亿元，同比增长 56%。 神州数码称，公司坚持以"AI驱动的数云融合"为核心战略，推出面向企业级场景的一体化AI解决方案， 打造集算力、模型、平台与应用为一体的闭环能力体系，持续推进产品结构优化与平台能力建设，带动 整体业绩稳健增长。 分业务板块来看，2025年上半年，神州数码自有品牌产品业务实现营业收入31亿元，同比增长16.6%， 其中AI相关业务实现营收6.6亿元，成为业务增长的新引擎。公司发布神州鲲泰问学一体机、 KunTaiCube（智汇魔方）等智算产品和解决方案。目前，神州鲲泰问学一体机已部署至多个行业客户 现场。 数云服务及软件业务方面，上半年，公司实现营业收入16.4亿元，同比增长14.1%，其中AI相关业务实 现营业收入8.02亿元，同比增长33%。公司围绕企业场景，将自研平台"神州问学"从AI原生赋能平台升 级为企业级Agent中台。现阶段，"神州问学"已推出平台版、DeepSe ...

面对AGI时代激增的算力需求，神州数码旗下品牌神州鲲泰快速响应，推出神州鲲泰问学一体机、 KunTai Cube"智汇魔方"等适用不同行业不同规模客户的智算产品和解决方案，提升企业AI应用的开发 效率与落地速度。目前，神州鲲泰问学一体机已部署至多个行业客户现场，落地进展顺利，客户反馈积 极。而以昇腾算力为基础，神州鲲泰也已拿下多个过十亿元大单。 报告期内，数云服务及软件业务实现营业收入16.4亿元，同比增长14.1%，其中AI相关业务实现营业收 入8.02亿元，同比增长33%；毛利率提升2.3个百分点至21.4%。AI驱动的高价值业务占比提升，智能 化、多场景、可持续的数字化解决方案体系正带动业务高质量发展。 报告期内，IT分销及增值服务业务实现营业收入683.9亿元，同比增长14.3%，其中AI相关业务实现营业 收入116.81亿元，同比增长59%。微电子业务继续保持积极态势，持续拓展合作版图，围绕主控、存 储、屏和驱动、分立器件四个品类不断完善业务布局，实现营业收入121亿元，同比增长30.4%。 本报讯 （记者李雯珊）8月27日晚间，神州数码集团股份有限公司（以下简称"神州数码"）发布2025年 度中期 ...

Core Viewpoint - The demand for AI integrated machines is rapidly increasing as AI large model applications accelerate, with several leading companies launching new products in this space [1][2]. Group 1: Market Demand and Product Launches - The AI integrated machine market is experiencing explosive growth due to the application of AI technology across various industries [2]. - Companies like Pingao Software, Zhongke Shuguang, and Digital China have recently introduced new AI integrated machines tailored for specific needs [1][3]. - The Pingyuan AI integrated machine is the first in China to feature 16 Jiangyuan D10 AI inference cards, supporting private deployment and offering a controllable core technology [2]. Group 2: Advantages of AI Integrated Machines - AI integrated machines provide high stability, simplified deployment, customizable models, lower costs, and enhanced data security compared to cloud computing [2]. - These machines are designed to improve performance and energy efficiency through deep hardware and software integration [2]. Group 3: Industry Applications - AI integrated machines are being utilized in various sectors, including government, education, research, healthcare, and finance, for applications such as disease diagnosis and risk assessment [2]. - The technology is expected to expand rapidly in the enterprise market as costs decrease and capabilities improve [2]. Group 4: Competitive Landscape - Several A-share listed companies, including Inspur, CloudWalk, Tianrongxin, and Deepin Technology, are actively entering the AI integrated machine market and achieving significant progress [3]. - CloudWalk has launched a training and inference integrated machine in collaboration with Huawei, achieving a 50% cost reduction for financial and government applications [3]. - Tianrongxin's intelligent computing integrated machine has passed industry capability verification, helping clients build AI application infrastructure [3][4]. Group 5: Sales Performance - Tianrongxin reported sales of over 2 million yuan for its intelligent computing integrated machine in the first quarter, with signed orders exceeding 20 million yuan, indicating rapid growth potential [4].

Core Insights - DeepSeek has sparked widespread discussions across various industries regarding the "AI+" movement since the beginning of this year [1] - Digital China (000034) reported a revenue of 29.65 billion yuan from its cloud services and software business, driven by AI, marking an 18.75% year-on-year increase [2] - The overall revenue for Digital China in 2024 reached 128.166 billion yuan, a 7.14% increase, achieving a five-year high [2] Financial Performance - Digital China's net profit decreased by 35.57% to 777 million yuan due to asset impairment related to the International Innovation Center (IIC) [3] - Excluding the negative impact from IIC, the net profit was 1.305 billion yuan, showing positive growth [3] - Revenue from traditional IT distribution and value-added services was 124.451 billion yuan, up 6.84% year-on-year [4] AI Strategy and Developments - AI has become the core of Digital China's cloud integration strategy, with significant investments in AI capabilities [4] - The company launched the Shenzhou KunTai AI-native empowerment platform, reinforcing its position in the AI application sector [5] - Digital China is focusing on process re-engineering and optimization through AI to drive continuous innovation and breakthroughs for enterprises [2][6] Market Trends and Future Outlook - The current phase of AI application is described as the "beginning," with many enterprises yet to fully leverage AI's potential [6] - The integration of AI into business processes is expected to redefine core competitiveness, transitioning from traditional static operations to dynamic systems centered around intelligent agents [6][7] - Future AI applications for enterprises will likely involve heterogeneous computing and the integration of various models, supported by extensive internal data [7]

Core Viewpoint - In 2024, Digital China achieved a revenue of 128.166 billion yuan and a net profit of 7.53 billion yuan, with significant growth in its cloud services and software business, as well as its proprietary product lines [1] Group 1: Financial Performance - The company's cloud services and software business generated a revenue of 2.965 billion yuan, representing a year-on-year growth of 18.75% with a gross margin of 20.32%, an increase of 4.70 percentage points [1] - The proprietary product business achieved a revenue of 4.581 billion yuan, growing by 20.25% year-on-year, with a gross margin of 11.49%, up by 2.65 percentage points [1] - Research and development investment reached 409 million yuan, marking an 8.67% increase year-on-year, enhancing the performance of AI applications and servers [1] Group 2: AI Applications and Innovations - The company launched the "Shenzhou Wenshu AI Native Empowerment Platform" in 2024, facilitating agile deployment of AI applications for enterprise users [1] - In the mechanical manufacturing sector, the AI application improved repair accuracy from 52% to 94% and reduced repair time from 3-5 days to 0.5 days [2] - The AI technology has shown potential in various industries, with signed contracts from leading clients in healthcare, retail, aviation, e-commerce, and industrial internet [2] Group 3: Market Position and Future Outlook - The company is leveraging AI applications and servers to enhance its revenue structure and open up new growth opportunities [3] - The AI server business is gaining traction, with products like the Shenzhou Kuntai general server and AI servers making inroads in finance, telecommunications, and public sectors [2]