查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年中期业绩，营收25.98亿人民币，同比下降13.2%，系ICT支撑业务收入受运营商成本压降 影响。为区分传统运营商业务和高增长引擎业务，公司将营收披露口径从原先的BSS、OSS、数智运营和 垂直行业，调整为ICT支撑业务、数智运营、5G专网与应用、AI大模型应用与交付四条业务线，聚焦后三 类高增长业务的发展和ICT支撑业务的成本管控。盈利方面，25H1毛利润7.83亿人民币，同比增长6.1%， 对应毛利率30.1%，同比增长5.4pct；25H1净亏损2.02亿人民币，系人员结构优化导致一次性离职补偿影 响，扣除后25H1净亏损0.48亿人民币，较去年同期亏损0.7亿人民币有所收窄。 ICT支撑业务因 ...

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].

此外，公司预计下半年业绩将显著优于上半年，通过加快签单节奏，坚决达成全年目标。为此，公司将 延续稳中求进的发展策略：一方面持续夯实通信行业根基，推动ICT支撑业务基本盘稳步回升;另一方面 持续聚焦AI大模型应用与交付、5G专网与应用、数智运营三大增长引擎，并加快签单节奏，全年业绩 保持稳健，其中加快推进AI大模型应用与交付、 5G专网与应用业务订单转化，全年业绩高速增长;数智 运营业务结合AI和智能体技术，持续推进按结果付费的创新模式，优化业务结构。 董事会高度重视股东回报，在充分考虑公司业务发展、盈利状况和现金流水平后，建议 2025年度末期 股息指引为股东应占年度净利润的40%。 亚信科技(01675)公布2025年中期业绩，营业收入约为人民币25.98亿元。其中，ICT支撑业务收入约为 人民币21.18亿元，数智运营业务收入约为人民币4.08亿元。5G专网与应用业务收入约为人民币0.47亿 元，上半年订单金额约为人民币0.82亿元，同比增长51.7%。AI大模型应用与交付业务收入约为人民币 0.26亿元，同比增长76倍;上半年订单金额约为人民币0.7亿元，同比增长78倍。 为应对ICT支撑业务转型挑战， ...