股票代码：300496 股票简称：中科创达 中科创达软件股份有限公司投资者关系活动记录表 编号：2025-003 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 员姓名 线上参与中科创达 2024 年年度网上业绩说明会的投资者 时间 2025 年 04 月 30 日（星期三）下午 15:00-17:00 地点 "中科创达投资者关系"微信小程序 上市公司接待人员 姓名 董事长、总经理：赵鸿飞 董事、董事会秘书、财务总监：王焕欣 独立董事：杨磊 独立董事：黄峰 独立董事：刘硕 投资者关系活动主 要内容介绍 1、问：年报大超预期。 净利润和扣非净利润差的那 2.3 个亿是 不是这样这样的? 前年花了四百多万买了一个公司的 46%股权。 去年又花了八千多万买了那公司 21%股权。那么前年花的那四百 多万股权，去年变相中增值 1.5 个多亿。这 1.5 亿记入 2024 年 的净利润了。1.5 亿的升值利润，再➕上花掉的那八千多万，所 以净利润和扣非净利润就差了 2.3 个多亿。年报和三季报也多 出 ...

风险提示：AI 技术落地不及预期；大模型行业竞争加剧。 事件：2025 年4 月28 日晚公司发布2025 年一季度报告，2025 年一季度实现营收，归母净利润，扣非净 利润分别为14.69 亿元（yoy+24.69%），0.93亿元（yoy+2.00%），0.88 亿元（yoy+2.48%）。经营现金 流1.22 亿元，同比下降25.44%。 研发销售投入拖累利润增速，但营收保持稳健增长。中科创达2025 年一季度实现营业收入14.69 亿元， 同比增长24.69%，显示主营业务持续扩张。归母净利润0.93 亿元，同比增长2.0%，增速低于营业收入 收增长，主要是由于公司持续加大在智能汽车操作系统、物联网等核心技术的研发投入，从研发费用 2.82亿元，同比增长12.0%这一数据中也可以得到进一步证明。同时，公司积极拓展全球市场业务，导 致了销售费用有所增加。公司经营活动现金流净额1.22 亿元，虽同比下降25.44%，但仍保持净流入状 态。随着研发成果逐步转化和市场拓展见效，公司盈利能力有望持续改善。 三大重磅产品发布，全面布局端侧智能生态。中科创达在Thunder World2025 端侧智能技术大会暨南 ...

中科创达（300496.SZ）2025 年一季报点评 业绩持续改善，全面布局端侧智能生态 2025 年 04 月 29 日 ➢ 事件：2025 年 4 月 28 日晚公司发布 2025 年一季度报告，2025 年一季度 实现营收，归母净利润，扣非净利润分别为 14.69 亿元（yoy+24.69%），0.93 亿元（yoy+2.00%），0.88 亿元（yoy+2.48%）。经营现金流 1.22 亿元，同比 下降 25.44%。 ➢ 研发销售投入拖累利润增速，但营收保持稳健增长。中科创达 2025 年一季 度实现营业收入 14.69 亿元，同比增长 24.69%，显示主营业务持续扩张。归母 净利润 0.93 亿元，同比增长 2.0%，增速低于营业收入收增长，主要是由于公司 持续加大在智能汽车操作系统、物联网等核心技术的研发投入，从研发费用 2.82 亿元，同比增长 12.0%这一数据中也可以得到进一步证明。同时，公司积极拓展 全球市场业务，导致了销售费用有所增加。公司经营活动现金流净额 1.22 亿元， 虽同比下降 25.44%，但仍保持净流入状态。随着研发成果逐步转化和市场拓展 见效，公司盈利能力有望持续改 ...

证券研究报告 中科创达 (300496 CH) 端侧 AI 布局持续深化 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 计算机应用 | 中科创达公布 25 年一季报，25 年 Q1 实现营收 14.69 亿元（yoy+24.69%、 qoq-13.10%），归母净利 9257 万元（yoy+2.00%、qoq-63.77%），扣非净 利 8752 万元（yoy+2.48%、qoq+80.87%）。公司深度受益于端侧 AI 浪潮， 看好其在端侧智能领域的深度布局，维持"买入"。 把握整车操作系统智能化机遇 公司在智能汽车场景有着良好的业务基础，2025 年 4 月上海车展上，中科 创达正式发布面向中央计算的 AI 原生整车操作系统滴水 OS 1.0 Evo，通过 深度融合 AI 大模型技术，它赋予汽车自主交互决策能力，在中央计算层面， 系统采用舱驾融合+ZCU 虚拟化平台支持多域融合与算力高效调度，为整车 智能化奠定技术底座。随着中央计算架构普及与大模型上车成为行业共识， 公司智能汽车业务收入增速有望重回高增 ...

中科创达 (300496 CH) 端侧 AI 布局持续深化 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 计算机应用 | 证券研究报告 中科创达公布 25 年一季报，25 年 Q1 实现营收 14.69 亿元（yoy+24.69%、 qoq-13.10%），归母净利 9257 万元（yoy+2.00%、qoq-63.77%），扣非净 利 8752 万元（yoy+2.48%、qoq+80.87%）。公司深度受益于端侧 AI 浪潮， 看好其在端侧智能领域的深度布局，维持"买入"。 把握整车操作系统智能化机遇 公司在智能汽车场景有着良好的业务基础，2025 年 4 月上海车展上，中科 创达正式发布面向中央计算的 AI 原生整车操作系统滴水 OS 1.0 Evo，通过 深度融合 AI 大模型技术，它赋予汽车自主交互决策能力，在中央计算层面， 系统采用舱驾融合+ZCU 虚拟化平台支持多域融合与算力高效调度，为整车 智能化奠定技术底座。随着中央计算架构普及与大模型上车成为行业共识， 公司智能汽车业务收入增速有望重回高增 ...

中科创达软件股份有限公司 2025 年第一季度报告 证券代码：300496 证券简称：中科创达 公告编号：2025-027 中科创达软件股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经过审计 □是 否 1 中科创达软件股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 1,468,849,945.58 | 1,178,033,342.21 | | 24. ...

Financial Performance - The company achieved a revenue of 3.53 billion CNY in 2024, representing a growth of 2.72% compared to the previous year [3] - The smart software business line generated revenue of 1.42 billion CNY, an increase of 0.49% year-on-year [3] - The smart automotive business line reported revenue of 2.42 billion CNY, growing by 3.42% [3] - The smart IoT business line earned 1.55 billion CNY, reflecting a growth of 3.73% [3] - Net profit attributable to shareholders was 407 million CNY, a decrease of 12.60% year-on-year [3] Regional Performance - Revenue from China decreased by 2.73% to 3.43 billion CNY [3] - Revenue from overseas markets (Europe, Japan, etc.) increased by 13.87% to 1.96 billion CNY [3] R&D Investment - R&D expenses increased by 8.16% to 77.52 million CNY, focusing on core technologies in edge intelligence [4] Future Outlook - The company plans to enhance core business and focus on high-growth areas in 2025 [4] - Global market expansion is a priority, with R&D centers established in 16 countries [4] - Continued investment in cutting-edge technologies and innovative applications is planned [4] Operational Efficiency - Significant improvement in operational efficiency is expected in the second half of 2024, with a projected revenue growth of 24.29% compared to the first half [4] - Net profit is anticipated to increase by 190.4% in the same period [4] AI and Edge Intelligence - The company is leveraging AI advancements to enhance software development and operational efficiency [6] - Collaboration with major AI model vendors is deepening, aiming to innovate in edge intelligence applications [5] - The integration of AI capabilities into operating systems and applications is becoming more prevalent, driving new embedded application scenarios [5] Market Trends - The AI industry is rapidly evolving, presenting significant opportunities for the company [8] - The shift towards edge intelligence is accelerating, with a focus on integrating AI into various devices and applications [9] - The company is positioned to capitalize on the growing demand for AI-driven solutions across multiple sectors [9]

Core Viewpoint - The launch of the AI-native vehicle operating system, Drip OS 1.0 Evo, by the company marks a significant advancement in automotive intelligence, integrating AI large model technology to enhance vehicle interaction and decision-making capabilities [1][2]. Group 1: Product Launch and Features - Drip OS 1.0 Evo was publicly unveiled at the 2025 Shanghai Auto Show, representing a year of iterative upgrades and a breakthrough in the automotive intelligence sector [1]. - The operating system features three major breakthroughs: ultra-realistic immersive cockpit experience, ultra-intelligent rapid response and high intent recognition, and a super-integrated ecosystem that consolidates global resources for mass production development [2]. Group 2: Strategic Development and Market Position - The company is deepening its focus on AI and edge intelligence, promoting the integration of AI large models with the automotive industry, and expanding into mobile robotics and smart devices [3]. - Collaborations with partners like Volcano Engine and HERE are enhancing the ecosystem by integrating chips, operating systems, and AI technologies, while also ensuring compliance in technology development and data usage [3]. Group 3: Financial Projections - The company projects net profits for 2025, 2026, and 2027 to be 553 million, 804 million, and 968 million yuan respectively, with corresponding price-to-earnings ratios of 44X, 30X, and 25X [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][10]. Core Views - The company has shown continuous improvement in performance, with a focus on edge intelligence as a new growth driver [1][4]. - The automotive sector has become a stable revenue source, despite facing increased competition and longer acceptance cycles from manufacturers [2][3]. - The company's software capabilities and open ecosystem are expected to help mitigate risks and create differentiated competitive advantages [10]. Financial Performance Summary - In 2024, the company achieved revenue of 5.385 billion yuan (up 2.72% YoY), net profit attributable to shareholders of 407 million yuan (down 12.60% YoY), and net profit after deducting non-recurring gains and losses of 175 million yuan (down 48.49% YoY) [1][11]. - The fourth quarter saw significant improvements, with revenue of 1.690 billion yuan (up 23.76% YoY, up 30.67% QoQ) and net profit attributable to shareholders of 255 million yuan (up 282.76% YoY, up 436.76% QoQ) [1][2]. - The automotive, mobile, and IoT business lines generated revenues of 2.416 billion yuan (up 3.42% YoY), 1.423 billion yuan (up 0.49% YoY), and 1.545 billion yuan (up 3.73% YoY) respectively [2]. Business Segment Analysis - The company is focusing on the development of its "Drip OS" for vehicles, which integrates central computing architecture and AI applications, enhancing collaboration with industry partners [3][4]. - The edge intelligence sector is expanding into robotics, AI glasses, mixed reality, AI PCs, and innovative AI hardware, with products gradually being implemented in various industries [4][10]. - The company has established partnerships with major players like Qualcomm and Microsoft to enhance its AI ecosystem [4][10]. Profitability Forecast - The company is projected to achieve net profits of 444 million yuan, 553 million yuan, and 668 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 55, 44, and 36 [10][11].