彩讯股份表示，本次公司与专业机构等共同投资，旨在充分借助专业投资机构的专业资源与投资管理优 势，在合理控制风险的前提下开展投资业务，有助于公司发现市场新机遇，拓展综合盈利渠道，进一步 提高闲置自有资金使用效率，从而提升公司的综合竞争能力和盈利能力。 彩讯股份指出，公司本次投资的资金来源于公司自有资金，不会对公司财务及经营状况产生不利影响， 不存在损害上市公司股东利益的情形。另外，本次参股投资基金具有投资周期长、流动性较低的特点， 可能面临较长的投资回报期。投资基金运行过程中将受宏观经济、行业周期、投资标的公司经营管理、 交易方案整合等多种因素影响，存在不能实现预期效益的风险。公司将密切关注投资基金经营管理状况 及投资项目的实施过程，以降低投资风险。 据了解，彩讯股份是一家企业数字化技术和服务提供商，自成立以来一直专注于企业数字化转型赛道， 基于自主研发的AI技术底座与行业领先的双中台战略，形成了协同办公、智慧渠道、智算服务与数据 智能三大产品线。公司自主研发Rich Mail智能信创邮箱、AI办公助手、Rich AIBox一站式AI应用开发平 台、企业级AI知识库、云盘AI助手、数字人智能体一站式配置和应用平 ...

彩讯股份（300634）12月16日公告，公司拟与刘群等个人及机构共同认购共青城恒融一期创业投资合伙 企业（有限合伙）基金份额，公司作为有限合伙人之一，使用自有资金认缴出资500万元，认缴出资比 例为10.73%。合伙企业各合伙人认缴出资规模总计为4660万元，全体合伙人的出资方式均为人民币货 币出资。该投资基金拟专项投资于某人形机器人公司。 彩讯股份表示，本次公司与专业机构等共同投资，旨在充分借助专业投资机构的专业资源与投资管理优 势，在合理控制风险的前提下开展投资业务，有助于公司发现市场新机遇，拓展综合盈利渠道，进一步 提高闲置自有资金使用效率，从而提升公司的综合竞争能力和盈利能力。 彩讯股份指出，公司本次投资的资金来源于公司自有资金，不会对公司财务及经营状况产生不利影响， 不存在损害上市公司股东利益的情形。另外，本次参股投资基金具有投资周期长、流动性较低的特点， 可能面临较长的投资回报期。投资基金运行过程中将受宏观经济、行业周期、投资标的公司经营管理、 交易方案整合等多种因素影响，存在不能实现预期效益的风险。公司将密切关注投资基金经营管理状况 及投资项目的实施过程，以降低投资风险。 据了解，彩讯股份是一 ...

Core Insights - The company reported a revenue of 920 million yuan for H1 2025, a 17.7% increase year-on-year, with a net profit attributable to shareholders of 135 million yuan, up 14.7% [1] - The growth in the intelligent computing (智算) business is significant, and its revenue share is expected to continue increasing in the future [1][2] - The gross margin has decreased by 8.25 percentage points to 33.6%, primarily due to the lower margin of the intelligent computing business, but the impact is expected to weaken over time [2] Financial Performance - For Q2 alone, the company's revenue, net profit, and net profit excluding non-recurring items grew by 20.8%, 80.8%, and -31.9% respectively [1] - The revenue breakdown for H1 2025 shows collaborative office products at 250 million yuan (+2.0%), smart channel products at 353 million yuan (+14.8%), and intelligent computing and data intelligence products at 284 million yuan (+50.1%) [1] Business Segments - The collaborative office business is stable, with future growth dependent on the promotion of new technologies and products [1] - The smart channel product line has seen rapid growth, driven by new products such as 5G new calling and AI marketing assistants [1] - The intelligent computing and data intelligence product line has shown remarkable growth due to increased investment in technology services and computing power services [1][2] Cost and Margin Analysis - The gross margin decline is attributed to a 2.4 percentage point drop in the gross margin of technology services and a significant increase in the share of low-margin intelligent computing business [2] - The overall expense ratio decreased from 25.1% in H1 2024 to 22.2% in H1 2025, with sales and management expenses down by 24.0% and 0.5% respectively [2] AI Integration and Future Outlook - The company has developed a comprehensive AI service system, integrating AI infrastructure, model training, and application development [2] - The acceleration of AI penetration in the B-end market is expected to enhance the company's full-stack AI capabilities, driving further growth [2] Profit Forecast - Adjusted profit forecasts for the company indicate net profits of 252 million yuan, 282 million yuan, and 360 million yuan for 2025-2027 [3] - The reasonable valuation level is set at 56 times PE for 2025, corresponding to a target price of 31.36 yuan, maintaining a buy rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.36 CNY based on a reasonable valuation level of 56 times PE for 2025 [3][10]. Core Views - The company reported a revenue of 920 million CNY for H1 2025, representing a year-on-year increase of 17.7%, and a net profit attributable to the parent company of 135 million CNY, up 14.7% [2]. - The growth in revenue and net profit for Q2 2025 was particularly strong, with increases of 20.8% and 80.8% respectively, although the non-recurring net profit saw a decline of 31.9% [2]. - The company's AI full-stack system is accelerating, with significant growth in its intelligent computing services and data intelligence product lines, which saw a revenue increase of 50.1% [9]. Financial Summary - The company's projected revenues for 2025-2027 are 2.062 billion CNY, 2.361 billion CNY, and 2.688 billion CNY, with corresponding net profits of 252 million CNY, 282 million CNY, and 360 million CNY [5][10]. - The gross margin is expected to decline to 33.5% in 2025, with a gradual recovery anticipated in subsequent years [5]. - The company has shown a significant reduction in sales and management expenses, contributing to an overall decrease in the expense ratio from 25.1% in H1 2024 to 22.2% in H1 2025 [9]. Business Segments - The revenue from the collaborative office products was 250 million CNY (+2.0%), while the smart channel product line generated 353 million CNY (+14.8%), and the intelligent computing services and data intelligence product line reached 284 million CNY (+50.1%) [9]. - The company is focusing on integrating AI into its product lines, which is expected to enhance its growth potential and drive further revenue increases [9].

Core Viewpoint - The article emphasizes the role of digital finance in empowering the transformation and upgrading of the securities industry, highlighting the importance of technology in enhancing service capabilities and operational efficiency [2][3]. Group 1: Digital Transformation in Securities Industry - The securities industry is undergoing a digital transformation driven by emerging technologies like artificial intelligence (AI), with firms like Guojin Securities leading the way [2]. - Guojin Securities has implemented a strategy focused on leveraging technology to enhance core business areas such as investment banking, institutional services, and wealth management [2][3]. Group 2: Business Development and Efficiency - Guojin Securities has developed an integrated investment banking platform that incorporates intelligent document review and writing functions, significantly improving work efficiency and quality [4]. - In 2023, the platform assisted in reviewing over 6,000 documents and comparing more than 20,000 data streams, enhancing data comprehensiveness and timeliness [4]. Group 3: Research and Institutional Services - The company has invested in digital technologies to improve analysts' efficiency in information acquisition and processing, utilizing tools like big data and intelligent search [5]. - Since the beginning of 2023, Guojin Securities has served over 50,000 online institutional clients and produced more than 1,700 digital reports covering nearly 20 industries [5]. Group 4: Continuous Investment in Technology - Guojin Securities has maintained a high level of investment in technology, with a significant portion of revenue allocated to tech development, positioning itself as a leader in the industry [6]. - The company launched its first AI advisory service in June 2025, focusing on providing accessible and customized investment support to retail investors [6]. Group 5: AI Integration and Organizational Culture - The rise of generative AI technologies has prompted Guojin Securities to explore and apply large model capabilities across various financial scenarios [7][8]. - The company aims to create an "AI-friendly organization" to foster collaboration and innovation, enhancing its competitive edge in the market [8][9].