事项： 公司公告2025年半年报。2025年上半年，公司实现营业收入715.86亿元，同比增长14.42%；实现归母净 利润4.26亿元，同比下降16.29%；实现扣非归母净利润4.36亿元，同比下降4.07%。 平安观点： 上半年收入端表现可观，三大核心业务均衡发展。1）收入端：2025年上半年，公司实现营业收入 715.86亿元，同比实现14.42%的稳健增长。 公司数云服务及软件（yoy+14.10%）、自有品牌产品（yoy+16.63%）等战略业务加快突破，在核心行 业落地成效显著，叠加合资公司木犀智能在产品设计、生产和服务能力等方面的有益补充，业务结构持 续优化，发展质量稳步提升，为公司市值稳步增长提供坚实支撑。同时，受益于微电子业务持续高速增 长和政府国补政策，公司IT分销及增值服务业务（yoy+14.30%）发展态势良好，有效拉动了整体规模 增长。2）利润端：上半年，公司实现归母净利润4.26亿元，同比下降16.29%；实现扣非归母净利润 4.36亿元，同比下降4.07%。公司上半年利润同比下降主要是由于：其一，公司紧抓AI技术与产业变革 机遇，为获取长期发展机会和市场竞争优势，加大当期在相关产 ...

Investment Rating - The report maintains a "Recommended" investment rating for Digital China (000034.SZ) with a current stock price of 46.14 yuan [1]. Core Insights - In the first half of 2025, Digital China achieved operating revenue of 71.586 billion yuan, representing a year-on-year growth of 14.42%. However, the net profit attributable to shareholders decreased by 16.29% to 426 million yuan, and the net profit after deducting non-recurring gains and losses fell by 4.07% to 436 million yuan [4][7]. - The company's three core businesses are developing evenly, with significant contributions from its cloud services and software, proprietary brand products, and IT distribution and value-added services [7][8]. - The AI-driven cloud services and software business reported revenue of 1.64 billion yuan, up 14.1% year-on-year, with a gross margin of 21.4%, an increase of 2.3 percentage points [8]. - The proprietary brand business also showed stable growth, generating revenue of 3.1 billion yuan, a 16.6% increase year-on-year, with a net profit of 595.7 million yuan, up 90.5% [8]. Summary by Sections Financial Performance - For the first half of 2025, Digital China reported operating revenue of 71.586 billion yuan, a 14.42% increase year-on-year. The net profit attributable to shareholders was 426 million yuan, down 16.29%, while the net profit after deducting non-recurring items was 436 million yuan, down 4.07% [4][7]. - The company’s cash flow from operating activities was 500 million yuan, indicating solid operational stability [7]. Business Development - The AI-driven cloud services and software business is experiencing steady growth, with revenue reaching 1.64 billion yuan, a 14.1% increase year-on-year. The gross margin improved to 21.4% [8]. - The proprietary brand business achieved revenue of 3.1 billion yuan, a 16.6% increase year-on-year, with a significant rise in net profit [8]. Future Outlook - The report adjusts the profit forecast for Digital China, estimating net profits of 1.116 billion yuan for 2025, 1.332 billion yuan for 2026, and 1.611 billion yuan for 2027. The corresponding EPS estimates are 1.55 yuan, 1.85 yuan, and 2.24 yuan respectively [8]. - The company is expected to benefit from the trends of enterprise cloud adoption and digital transformation, as well as the waves of innovation in AI and trusted computing [8].

面对AGI时代激增的算力需求，神州数码旗下品牌神州鲲泰快速响应，推出神州鲲泰问学一体机、 KunTai Cube"智汇魔方"等适用不同行业不同规模客户的智算产品和解决方案，提升企业AI应用的开发 效率与落地速度。目前，神州鲲泰问学一体机已部署至多个行业客户现场，落地进展顺利，客户反馈积 极。而以昇腾算力为基础，神州鲲泰也已拿下多个过十亿元大单。 报告期内，数云服务及软件业务实现营业收入16.4亿元，同比增长14.1%，其中AI相关业务实现营业收 入8.02亿元，同比增长33%；毛利率提升2.3个百分点至21.4%。AI驱动的高价值业务占比提升，智能 化、多场景、可持续的数字化解决方案体系正带动业务高质量发展。 报告期内，IT分销及增值服务业务实现营业收入683.9亿元，同比增长14.3%，其中AI相关业务实现营业 收入116.81亿元，同比增长59%。微电子业务继续保持积极态势，持续拓展合作版图，围绕主控、存 储、屏和驱动、分立器件四个品类不断完善业务布局，实现营业收入121亿元，同比增长30.4%。 本报讯 （记者李雯珊）8月27日晚间，神州数码集团股份有限公司（以下简称"神州数码"）发布2025年 度中期 ...