25年经调整净利润扭亏为盈，Data+AI第二增长曲线快速增长

25年经调整净利润扭亏为盈，Data+AI第二增长曲线快速增长 2025 Adjustednet profit turned losses into profits&Second growth curve of Data+AIgrewrapidly 最新动态 ➢经营与财务状况显著改善，盈利能力根本性修复。2025年度，公司全面推行“数据能力建设”与“场景产品化落地”双轮驱动战略，通过深入的经营调整与组织重构，成功实现经营质量的阶段性拐点。主要财务与运营成果显著。收入增长与结构优化。2025年度，公司营业收入7.29亿元，同比增长10.5%。智能体产品线实现收入2.11亿元，成功实现从0到规模化营收的突破。盈利能力根本性修复。2025年公司净亏损10.0百万元，同比减亏98.0%，此外，经调整净利润扭亏为盈。得益于人工智能业务毛利润增长53.9百万元（增幅100%），财税数字化解决方案毛利润增长30.9百万元（增幅21.6%），以及严格的成本效率优化，带动整体毛利率提升2.3个百分点。 ➢AI战略已形成清晰的产品化路径，并实现规模化商业落地。依托自研X-Engine语义引擎与深厚的数据治理能力，公司构建以百链、百信、百策为核心的底层数据能力中枢，形成覆盖产业链关系、动态商业信用评价与经营决策辅助的底层支撑体系；并以此为基础，结合AI技术打造金盾、睿界、问数三大智能体产品线，深度落地财税合规、金融风控、经营管理等高价值场景。同时，公司面向B端与轻量化场景分别推出百搭、百宝两大产品品牌，将动态信用能力与专业智能体能力产品化、标准化输出。2025年，人工智能业务实现收入2.11亿元，占总收入29.0%，从无到有成为公司核心增长引擎。其中睿界金融业务智能体、问数经营决策智能体盈利能力突出，毛利率分别高达69.8%与87.5%。 ➢代表高价值业务方向的Data+AI第二曲线快速增长。公司代表高价值业务方向的Data+AI智能解决方案收入达到1.50亿元，标志着第二增长曲线已实质性启动，推动业务结构向更高附加值方向演进。基本盘稳健提质：核心财税数字化业务，通过提升客户服务，注重口碑传播，深化客户结构与服务能力，实现收入与毛利率稳步增长，为公司战略转型提供了稳定的现金流、客户和数据来源基础。第二曲线快速增长：Data+AI等数据与信用类业务实现规模化收入突破，其高毛利率及复购潜力，成为驱动公司整体利润率和增长质量的新引擎，验证了战略转型方向的正确性。 动向解读 ➢海量真实数据资源持续领跑，构筑难以复制的核心护城河。公司构建了基于海量、高频、连续的真实交易数据底座，形成了显著的规模壁垒与网络效应。服务的纳税人识别号超过9,640万家；集团型企业客户2,928家；中小企业客户3,070万家；累计处理发票量约260.5亿张；对应交易总额1188.0万亿元。真实、结构化、闭环的交易数据，是公司区别于通用AI或传统SaaS厂商的核心战略资产。它不仅构成了公司当前信用及智能服务的燃料与基石，更是公司在AIAgent时代支撑复杂场景决策，构建可信任的商业基础设施的核心壁垒。 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0.13、0.30和0.70亿元，参考同行业公司估值，考虑到公司AI业务高速增长，给予一定估值溢价，给予公司2026年4倍PS，按照港元兑人民币0.88汇率计算，对应目标价19.04港元，首次覆盖给予“买入”评级。 风险提示 ➢政策风险、行业竞争风险、AI转型不及预期的风险。 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700篇，覆盖港股AI、半导体、软件行业标的如下：卓越睿新、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、汇通达网络、博雅互动、IGG、网龙、神州控股、华沿机器人、BOSS直聘等。 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 Limited and/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 Limited and/or its subsidiaries are not making a market in the securities in respectof 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 with Global ProsperityFinancial Company Limited and/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 opinionsexpressed 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 Limited group of companies. Anyopinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups of Global Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, GlobalProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This Research Reportmay contain some forward-looking estimates 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 applicabl