中国软件（600536.SH）2025 年半年报点评 聚焦主业成效显现，国产操作系统龙头地位稳固 2025 年 09 月 01 日 ➢ 事件概述：2025 年 8 月 27 日公司发布 2025 年半年度报告，实现营业收 入 22.42 亿元，同比增长 13.01%；实现归母净利润-7453 万元，同比减亏；扣 非归母净利润-7675 万元，同比减亏。 ➢ 聚焦主业成效显现，经营质量提升，亏损大幅收窄。2025H1 公司经营质量 显著改善：实现营业收入 22.42 亿元，同比增长 13.01%；归母净利润同比减亏 1.98 亿元，扣非后归母净利润同比减亏 2.09 亿元。盈利能力改善得益于公司加 强成本管控，2025H1 研发费用同比下降 38.06%。 ➢ "基础软件+党政核心应用"双轮驱动，核心资产优势巩固。公司围绕两大 主业，持续巩固市场领先地位。1）基础软件业务：核心子公司麒麟软件旗下操 作系统产品连续 14 年位列中国 Linux 市场占有率第一名。生态建设成果显著， 截至 2025H1，已完成硬件适配超 84 万项，软件适配超 639 万项，生态兼容适 配总量累计超过 723 万项。麒麟软件作为公 ...

Group 1 - The core viewpoint emphasizes China's significant advancements in technology and innovation during the "14th Five-Year Plan" period, showcasing numerous groundbreaking achievements in various fields [1][2][3] - China's focus on foundational research has led to major breakthroughs, such as the successful return of samples from the Chang'e 6 mission and advancements in quantum technology, indicating a strong commitment to scientific exploration [2][3] - The integration of technology and industry is accelerating, with a notable increase in R&D investment, which has grown nearly 50% compared to the end of the "13th Five-Year Plan," reaching an additional 1.2 trillion yuan [4] Group 2 - The launch of the first commercial version of a domestic operating system based on the 6.6 kernel marks a significant step in supporting AI applications and digital transformation across industries [4] - The "New Economy" sector, represented by "Artificial Intelligence +," is rapidly developing, with its added value exceeding 24 trillion yuan in 2024, equivalent to the combined GDP of Beijing, Shanghai, and Guangdong [4] - The need for innovation to address existing challenges is highlighted, with a focus on enhancing the efficiency of converting innovative results into productive forces and addressing the skills transition of the workforce [6]

Group 1 - China's innovation has reached unprecedented importance during the 14th Five-Year Plan, with significant achievements in various sectors, including space exploration and quantum technology [1][2] - The successful return of samples from the Chang'e 6 mission reveals volcanic activity on the moon's far side, showcasing advancements in deep space exploration [1] - The number of China's hot research papers continues to grow, maintaining the world's leading position as of July 2024 [1] Group 2 - The release of a commercial version of a desktop and server operating system based on the 6.6 kernel marks a significant step in the integration of technology and industry, providing a new foundation for AI applications and digital transformation [2] - R&D investment in China has reached a new high, with a nearly 50% increase compared to the end of the 13th Five-Year Plan, amounting to an additional 1.2 trillion yuan [2] Group 3 - The "New Three" economy, represented by new industries, new business formats, and new models, is accelerating, with a total value exceeding 24 trillion yuan in 2024 [3] - The World Artificial Intelligence Conference highlighted the transformative impact of AI on scientific methodologies, with new models being developed to enhance researchers' creativity [3] Group 4 - The State Council's recent implementation of the "Artificial Intelligence+" action plan signals a commitment to advancing AI applications amid rapidly changing technological and external environments [4] - China's transition from a major technological power to a strong technological nation is supported by a solid foundation, emphasizing the need for innovation confidence and contributions to global scientific progress [4]