创新业务趋势向好，全年经营目标展望乐观 ——亚信科技 2025 半年报点评 事件 ❑ 公司发布 2025 年半年报，2025 年上半年实现营业收入 25.98 亿元，同比下降 13.2%；归母净利润-1.98 亿元，亏损同比扩大。 点评 ❑ 营收受到运营商降本增效影响承压，但创新业务趋势向好，加速业务结构优化 公司 25H1 营收下滑主要受到 ICT 支撑业务下滑的影响，但非运营商领域业务均 取得较大突破，驱动公司业务结构加速优化。 具体分业务来看： ❑ 经营质量多维度改善，下半年费用端压力释放，利润有望加速修复 公司 25H1 加大降本增效举措，经营质量显著提升，在毛利率、净利润、现金流 层面均取得了一定改善： 证券研究报告 | 公司点评 | 软件开发 亚信科技(01675) 报告日期：2025 年 08 月 07 日 投资评级: 买入(维持) 分析师：刘雯蜀 执业证书号：S1230523020002 liuwenshu03@stocke.com.cn 相关报告 1 《集成融合 NVIDIA Omniverse，产品力面向 AI 时代 升级》 2025.07.28 2 《紧抓 AI 新引擎，数智化全 栈布局 ...

公告称，为应对ICT支撑业务转型挑战，公司积极施策，通过运用AI工具提升效能、强化集中采购以及 搭建一站式公务消费平台、优化人员结构等系列降本增效举措，成本管控取得成效。上半年公司毛利约 7.83亿元，同比增长6.1%；毛利率为30.1%，同比上升5.4个百分点。经营性现金净流出同比改善 35.3%。剔除因人员结构优化发生的一次性离职补偿影响后，期内净亏损约0.48亿元，上年同期净亏损 约0.7亿元。公司预计下半年净利润持续回升，全年利润优于上年。 消息面上，亚信科技公布中期业绩，营业收入约25.98亿元人民币。其中，ICT支撑业务收入约21.18亿 元；数智运营业务收入约4.08亿元；5G专网与应用业务收入约0.47亿元，上半年订单金额约0.82亿元， 同比增长51.7%；AI大模型应用与交付业务实现爆发式增长，该业务收入约0.26亿元，同比增长76倍， 上半年订单金额约0.7亿元，同比增长78倍。 亚信科技(01675)绩后涨超7%，截至发稿，涨7.13%，报11.87港元，成交额2.11亿港元。 ...

Core Viewpoint - The company reported a decline in overall revenue due to cost-cutting pressures in the telecommunications industry, but experienced explosive growth in AI model applications and delivery, as well as continued development in 5G private networks and applications [1][2]. Group 1: Financial Performance - The company's revenue for the first half of the year was approximately RMB 2.598 billion, a year-on-year decrease of 13.2% [1]. - Gross profit was about RMB 783 million, representing a year-on-year increase of 6.1%, with a gross margin of 30.1%, up 5.4 percentage points year-on-year [1]. - The company achieved a 35.3% improvement in operating cash flow year-on-year, with a net loss of approximately RMB 48 million after excluding one-time severance costs [1]. Group 2: AI Model Applications - In the first half of 2025, the company signed contracts worth approximately RMB 70 million for AI model applications, a year-on-year increase of 78 times, with revenue from this segment reaching about RMB 26 million, up 76 times year-on-year [2]. - The company has partnered with major firms like Alibaba Cloud and NVIDIA to develop end-to-end solutions for various industries, establishing itself as a key player in the AI model application market [2]. Group 3: 5G Private Networks - The company’s 5G private network and application business signed contracts worth approximately RMB 82 million in the first half of 2025, a year-on-year increase of 51.7% [2]. - Revenue from the 5G private network segment was approximately RMB 47 million, reflecting a year-on-year decline of 26.3% due to delays in nuclear power orders and revenue recognition [2]. Group 4: Nuclear Power Sector - The company has expanded its presence in the nuclear power sector, signing a contract for a 5G private network project at the Hainan Changjiang Nuclear Power Plant, covering 29 units across 7 nuclear power bases nationwide [3]. - The nuclear power sector is expected to continue growing, with over RMB 200 billion in new investments approved in the first half of 2025 [3]. Group 5: Non-telecom Sector Orders - Overall orders in non-telecom sectors increased by 18.2% year-on-year, with significant growth in the financial sector (48.3%), automotive sector (5.3%), and consumer sector (4.4%) [3]. Group 6: Strategic Focus and Future Outlook - The company plans to maintain a steady growth strategy, focusing on AI model applications, 5G private networks, and smart operations as key growth engines while accelerating order conversion [5]. - The company expects significant performance improvement in the second half of the year compared to the first half [5].