证 券 研 究 报 告 软通动力（301236）2025 年半年报点评 推荐（维持） 积极布局鸿蒙生态，机器人商业化突破 目标价：74.7 元 事项： ❖ 2025 年 8 月 28 日，公司发布半年报：报告期内实现营业收入 157.81 亿元，同 比+25.99%；利润总额为-2.36 亿元，同比-2.36%；归母净利润-1.43 亿元，亏损 同比收窄 7.6%。单 Q2 来看，实现营业收入 87.70 亿元，同比+23.93%；归母 净利润 0.55 亿元，同比-55.27%。 评论： [ReportFinancialIndex] 主要财务指标 联系人：周楚薇 邮箱：zhouchuwei@hcyjs.com 公司基本数据 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 31,316 | 35,590 | 40,742 | 46,982 | | 同比增速(%) | 78.1% | 13.6% | 14.5% | 15.3% | | 归母净利润(百万) | 180 | 317 | 493 | 6 ...

软通动力（301236.SZ）2025 年半年报点评 软硬一体成效显现，智能化时代打造自身核心竞争力 2025 年 09 月 01 日 ➢ 营收稳健增长，计算产品业务表现亮眼。业绩增长强劲，Q2 盈利能力显现： 2025 年上半年，公司实现营业收入 157.81 亿元，同比增长 25.99%，主要得益 于计算产品与智能电子业务的强劲表现，该业务线收入达 67.56 亿元，同比增长 72.77%，公司软硬一体战略成效显著。公司上半年归母净利润为-1.43 亿元，同 比减亏。分季度看，公司第二季度实现营收 87.70 亿元，环比增长 25.10%，并 实现归母净利润 0.55 亿元，环比大幅改善，盈利能力向好态势明显。 ➢ 软硬一体布局成效显现，智能化时代引领产业发展。1）基础软件：开源鸿 蒙领域，软通动力作为 OpenHarmony 生态的核心共建者，构建了以"天鸿操 作系统 SwanLinkOS+鸿鹄云管理平台"为核心的全产业链生态，提供行业领先 的全栈式 OpenHarmony 技术、产品及解决方案、咨询与技术服务等。截至 2025 年上半年，基于自研天鸿操作系统，公司已完成近 10 款国产芯片适配，业 务 ...

Core Insights - Softstone Power (301236) reported a revenue of 15.781 billion yuan for the first half of 2025, marking a year-on-year growth of 25.99% [1] - The company achieved a revenue of 8.77 billion yuan in the second quarter, reflecting a year-on-year increase of 23.93% and a quarter-on-quarter growth of 25.10% [1] - The net profit attributable to the parent company showed improvement during the reporting period [1] Software Development - The company is advancing its software and digital technology services, focusing on an AI-driven strategy with a "1+4+N" AI engineering capability matrix [1] - Softstone Power has established a multi-dimensional structure with foundational, data, and intelligent layers, centered around the SwanLinkOS operating system and Honghu Cloud management platform [1] - The company has completed over 60 certification projects for mining equipment and is adapting nearly 100 mining devices for service [1] Hardware Development - Softstone Power, through its subsidiary Softstone Computer, is positioned as a leading provider of all-scenario intelligent computing products and services, covering three major product lines: trusted terminals, general terminals, and innovative terminals [2] - The company has launched over 20 new products in the trusted terminal category and optimized the performance of X86 architecture products in the general terminal category [2] - The innovative terminal segment is advancing the development of open-source Hongmeng PC and large-screen products, along with multiple self-developed educational software adaptations [2] Market Expansion - The company has initiated its "Out to Sea 2.0" strategy with the launch of the "iSoftStone Digital" brand for international markets [2] - In Southeast Asia, the establishment of a Global Delivery Center (GDC) in Malaysia has been completed, and the company has successfully bid for an AI scrap steel detection project [2] - Strategic partnerships have been formed in the Middle East and Japan, enhancing regional service capabilities and showcasing the company's global supply chain integration and localized service advantages [2]