聚焦AI鸿蒙与AI智能，继续全面拥抱AI

聚焦AI鸿蒙与AI智能，继续全面拥抱AI Focusing on AI HarmonyOS and AI Intelligence& Continuing to fully embrace AI 最新动态 ➢集团核心业务盈利能力保持稳定。集团全栈全场景AI业务爆发增长的带动下，集团收入同比增长0.5%，服务性收入同比增长2.3%。受公司AI转型过程中实施人员优化导致的一次性离职补偿费用增加，以及2025年确认商誉减值亏损两项特殊事项的影响，年度溢利同比下降36.7%，集团归母净利润同比下降37.3%，每股基本盈利同比下降35.8%。2025年，剔除上述两项特殊事项影响后，经调整除税前溢利同比增长0.2%，反映集团核心业务盈利能力保持稳定。 ➢聚焦AI鸿蒙与AI智能业务。集团深入推进“一体两翼”战略布局，以AI为核心，PhysicalAI和DigitalAI为翼，聚焦AI鸿蒙与AI智能业务操作系统两大核心增长引擎，成功构建了从物理世界智能感知到企业智能化运营的全栈产品与服务能力。2025年，全栈全场景AI产品及服务业务销售额达到20.0亿元，同比增长109.2%，标志着公司成功转向企业AgenticAI架构者与整合者的新角色，为新质生产力的构建与长期高质量发展奠定了坚实基础。我们看好鸿蒙赛道作为中国自主研发的底层操作系统，具备万物互联属性，并可与AI结合。我们认为，集团新业务将保持高速增长，2026年新业务收入有望突破30亿元，新业务毛利率保持40%左右。 ➢强化预算管控，显著提升人力资源与运营管理效能。1）2025年，集团行政开支为10.85亿元，同比下降11.0%。2025年，行政开支占收入的比例为6.4%，同比下降了0.8%。2025年，公司通过强化预算管控、应用自研招聘及运营Agent等AI工具，显著提升了人力资源与运营部门的管理效能，从而推动行政开支费用率实现优化。展望未来，公司将持续依托自研Agent产品，优化整体销售、研发及职能体系运作效率，进一步提升经营利润率水平。 动向解读 ➢集团将继续全面拥抱AI。一方面，加速AI软硬件业务的拓展，打开收入增长空间；另一方面，通过allmeta切入能源电力、金融行业，为客户打造适配B端全场景的数字员工，并把算力转化为Token，从而升级商业模式。同时，公司将进一步优化全球业务布局，深化与华为等核心伙伴的生态共创，拓展海外市场版图。通过持续的技术创新、生态聚合与人才升级，集团有信心在AI智能时代中把握先机，引领行业智能化转型潮流，坚定不移地朝着成为“全球最优秀的全场景全栈AI产品及服务提供商”的目标迈进。我们认为公司短期股价回调主要由于美股软件股估值下调，中期看AI对公司自身利大于弊。中期看，AI将帮助集团提升人效和帮助降本。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为6.35、7.40和8.50亿元。 风险提示 ➢财务风险、业务模式风险、业务转型风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，覆盖港股AI、半导体、软件行业标的如下：伟仕佳杰、晶门半导体、珩湾科技、中国软件国际、百望股份、百富环球、赛晶科技、有赞、博雅互动、IGG等。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114;(86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.