Core Viewpoint - In the first half of 2025, while many self-developed model companies in the A-share market faced losses, Yanshan Technology reported a profit of 67.11 million yuan, a year-on-year increase of 81.51%, despite a revenue decline of 6.38% to 317 million yuan, raising questions about the sustainability of its high market valuation of 50 billion yuan [1][2]. Revenue and Profit Analysis - Yanshan Technology's revenue for the first half of 2025 was 317 million yuan, down 6.38% year-on-year, while net profit was 67.11 million yuan, up 81.51% year-on-year [2]. - The company's revenue heavily relies on traditional internet value-added services, with 94.58% coming from this segment, while AI-related business revenue plummeted by 72.3% to 9.52 million yuan, resulting in a negative gross margin of -12.95% [2][10]. - The overall gross margin for the company was 27.43%, a decline of nearly 20 percentage points compared to the same period last year [2]. AI Business Performance - Yanshan Technology's AI initiatives, including smart driving and brain-computer interface projects, have not generated significant revenue and are described as "loss-making black holes" [2]. - The subsidiary Nullmax reported a revenue of 9.52 million yuan and a loss of 86.99 million yuan in the first half of 2025, compared to 34.38 million yuan in revenue and 27.96 million yuan in losses in the same period last year [3][4]. - The Yan architecture model, launched by Yanshan Technology, is still in its early stages, with revenue of 2.426 million yuan and a loss of 40.95 million yuan reported in 2024 [5]. Investment Gains - The significant increase in net profit is attributed to investment gains, specifically from stock trading, which contributed 120 million yuan in fair value changes, a turnaround from a loss of 4.7 million yuan in the previous year [6][7]. - The primary source of this investment gain was the substantial increase in the stock price of Innovation Medical, which rose 79% from 7.96 yuan to 14.25 yuan per share, generating over 100 million yuan in "floating profit" for the company [7]. Financial Structure and Market Valuation - As of mid-2025, Yanshan Technology's total assets reached 10.587 billion yuan, with trading financial assets exceeding 5.676 billion yuan, accounting for over 50% of total assets [10]. - Despite a strong cash position, the company has not issued dividends in 2024 or mid-2025, contrasting with many other A-share companies [10]. - Yanshan Technology's R&D expenditure of 170 million yuan is significantly lower than its peers, with companies like iFlytek spending 2.07 billion yuan, indicating a potential mismatch between its high market valuation and R&D investment [11][12]. Market Perception and Future Outlook - The high market valuation of Yanshan Technology is perceived as a result of its "AI concept" rather than solid fundamentals, raising concerns about the sustainability of its valuation if it cannot achieve breakthroughs in AI business [12]. - Analysts suggest that the reliance on investment income for profitability poses risks, as market fluctuations could lead to significant declines in both performance and valuation [12].

Financial Performance - The company achieved a revenue of 662 million yuan in 2024, representing a year-on-year growth of 17.06% [2] - The artificial intelligence segment generated its first significant revenue of 73.41 million yuan [2] - As of the end of the reporting period, total assets reached 10.504 billion yuan, with a debt-to-asset ratio of 2.36% [2] Research and Development - The company significantly increased its R&D investment, with expenses reaching 239 million yuan, a year-on-year increase of 168.26% [2] - The company is focusing on emerging fields such as intelligent driving, brain-computer interfaces, brain-like intelligence, and generative AI [2] Strategic Collaborations - The company's Nullmax has secured mass production projects with several domestic automotive manufacturers and is expanding overseas collaborations with leading car companies [2] - The company’s brain-like research institute is collaborating with top domestic universities and research institutions on brainwave large model research [2] - RockAI has provided localized applications and deployments for certain enterprise clients and is exploring partnerships with various terminal device manufacturers [2] Product Development and Market Expansion - The company is optimizing its internet information service business while exploring differentiated growth points through AI integration [3] - Self-developed products such as 2345 Haozip and 2345 Weather Forecast have been adapted for the HarmonyOSNEXT operating system, with 2345 Haozip being one of the first applications invited for Harmony smart office [3] - The 2345.com platform has provided convenient and secure internet services to over 1 billion users, with plans to enhance AI integration and explore overseas business opportunities [3]

与此同时，这些技术创新成果正通过各领域赋能及规模化落地，持续转化为可验证的市场竞争力。如 Nullmax目前已获得国内多家汽车厂商的定点量产项目，并积极拓展与头部车企的海外合作；岩思类脑 研究院正联合中国科学院、复旦大学、浙江大学等国内头部院校及研究机构进行脑电大模型相关研究， 且研究院部分基于大脑内部状态调控技术所研发的商业化产品已完成原理测试并进入工程验证测试阶 段；而RockAI已为部分企业客户提供了本地化应用和部署，并积极探索与机器人、无人机、手机、PC 等不同终端设备厂商的合作机会。 公司互联网信息服务业务也在结构优化的同时，持续探索AI+等差异化增长点。公司自研产品2345好压 和2345天气预报等均已适配鸿蒙HarmonyOS NEXT操作系统，其中2345好压是鸿蒙智慧办公首批邀请的 应用之一，装机量突破3.2亿；新孵化的"王牌智媒"在短剧撮合服务领域也已排名前列。目前2345.com 已为累计超10亿用户提供方便快捷的安全上网服务，接下来将加强AI与业务的融合创新，并持续探索 海外业务等新方向。 目前，岩山科技构建的AIGC大模型、脑机接口及类脑智能、智能驾驶技术三角，正在政策红利与市场 需 ...