2025 H2 Outlook
1. The Company expects H2 performance to significantly beat H1, and is committed to resolutely achieving full-year target.
2. Full-year performance is expected to remain robust, with accelerated growth in the three key growth pillars during H2. The revenue decline in ICT support services will narrow significantly, and full-year profit is projected to exceed the prior year's level.
3. The Company will continue its development strategy of "seek improvement in stability", persistently consolidate its foundation in the communication industry and drive a steady recovery in the ICT support services while intensifying focus on the three key growth pillars including AI large model application and delivery, private 5G networks and applications, and digital intelligence operation. Concurrently, the Company will also accelerate its order signing pace to maintain robust full-year performance.
Performance and Business Review
1、Operating revenue was approximately RMB 2.598 billion. Gross profit reached RMB 783 million, with a year-on-year increase of 6.1%; gross profit margin reached 30.1%, with a year-on-year rise of 5.4%. Net operating cash outflow was improved by 35.3% on year-on-year basis.
2. AI large model application and delivery services have achieved explosive growth, with revenue reaching approximately RMB 26 million equivalent to a 76-fold year-on-year increase. Order value during H1 amounted to RMB 70 million equivalent to a 78-fold year-on-year increase, reflecting robust market demand.
3、Partnering with Alibaba Cloud, Baidu AI Cloud, NVIDIA and AsiaInfo Security, the Company has developed end-to-end industry-specific large model solutions.
4. Revenue from private 5G network and application services reached approximately RMB 47 million, with order value amounting to RMB 82 million equivalent to a 51.7% year-on-year increase, reflecting vast market potential.
On August 4, 2025, AsiaInfo Technologies Limited (hereinafter referred to as "AsiaInfo Technologies" or the "Company", Stock Code: 01675.HK) announced the interim results for the period ended June 30, 2025.
In 2025 H1, the Company's overall business scale was under pressure due to persistent cost reduction and efficiency improvement in the communication industry, with operating revenue reaching approximately RMB 2.598 billion equivalent to a 13.2% year-on-year decrease. However, amid the new wave of AI technologies, the Company has achieved explosive growth in its AI large model application and delivery services, sustained momentum in private 5G network and application services, and continuously optimized its digital intelligence operation structure, while strengthening internal cost management to promote sustainable development. The Company will maintain sustained soundness in its business fundamentals over the long term.
To address the transformation challenges in ICT support services, the Company has proactively implemented cost reduction and efficiency improvement initiatives—including leveraging AI tools for efficiency enhancement, strengthening centralized procurement, establishing a one-stop consumption platform, and optimizing workforce structure—achieving significant results in cost management and control. In 2025 H1, gross profit reached RMB 783 million, with a year-on-year increase of 6.1%; gross profit margin reached 30.1%, with a year-on-year rise of 5.4%. Net operating cash outflow was improved by 35.3% on year-on-year basis. Excluding the impact from one-off severance compensation due to workforce restructuring, the net loss for the period was approximately RMB 48 million. The Company expects net profit to recover steadily in H2, with full-year profit exceeding the prior year's level.
The Board of Directors places high priority on shareholder returns. After comprehensive assessment on business growth, profitability, and cash flow level, it proposes that the final dividend for 2025 shall represent 40% of the annual net profit attributable to shareholders..
Explosive Growth in AI Large Model Application and Delivery Services
In 2025, the AI large model industry has witnessed explosive growth. In H1, the Company's signed order value reached approximately RMB 70 million, marking a 78-fold year-on-year increase. Revenue from AI large model application and delivery services amounted to RMB 26 million, marking a 76-fold year-on-year increase.
Partnering with Alibaba Cloud, Baidu AI Cloud, NVIDIA and AsiaInfo Security, the Company has developed end-to-end industry-specific large model solutions covering energy power, industrial manufacturing, transportation, intelligent retail and other large-scale enterprises. As a partner for Alibaba Cloud's AI Large Model "Galaxy Program", the Company has deployed nearly 100 projects together with Alibaba Cloud and created many benchmark cases in large model delivery. With a robust pipeline of commercial opportunities, both parties are advancing the industrial implementation of large models.
Sustained Momentum in Private 5G Network and Application Services
The Company's private 5G network and application services deliver new critical communication infrastructure for industries such as electric power and mining. By providing customized private 5G network products, cutting-edge industry-specific solutions as well as professional one-stop services and turnkey project delivery, the Company has established differentiated competitive advantages, positioning itself as an industry leader in the private 5G network. In 2025 H1, the Company's signed order value for private 5G network and application services reached approximately RMB 82 million, marking a 51.7% year-on-year increase. However, due to delayed orders in nuclear power and deferred revenue recognition, revenue from private 5G network amounted to approximately RMB 47 million, with a 26.3% year-on-year decrease. The Company will accelerate order-to-revenue conversion in H2 to achieve high-speed growth in performance.
In terms of nuclear power sector, during H1, the Company maintained its market leadership with CNNC (China National Nuclear Corporation) and successfully secured a breakthrough contract with Huaneng Group for the private 5G network deployment at Hainan Changjiang Nuclear Power Plant (Unit 3 and Unit 4). To date, the Company's private 5G network has been deployed into 29 units across 7 nuclear power bases in China, further cementing its position as the market leader in private 5G network related to nuclear power. In 2025 H1, with investment over RMB 200 billion newly approved by the state in nuclear power sector, the Company expects sustained growth in its private 5G network services related to nuclear power.
In terms of new energy sector, the Company is expanding its presence across wind power and photovoltaic markets, having served over 210 new energy stations and achieved project breakthroughs for multiple energy group customers.
In terms of mining, the Company has established a joint venture with Zhengzhou Coal Mining Machinery Group Co., Ltd., exploring a new digital intelligence operation mode for mining and equipment manufacturing. During H1, the Company has secured multiple projects, including the intelligent supervision platform by Zhengzhou Coal Industry Group, the AI control platform by ChinaCoal, and the intelligent transportation system for one open pit mine by ChinaCoal Pingshuo Coal Company . Furthermore, the Company has obtained network access license for its intrinsically safety type private 5G network's base station, and established partnerships with multiple intrinsically safety 5G certification providers including CCTEG Changzhou Research Institute and ChinaCoal Electric. Meanwhile, the Company has signed a procurement framework agreement on intrinsically safety type private 5G network's base station with Hangzhou Jiaoyang Communicate Technology Co., Ltd.
Structural Optimization in Digital Intelligence Operation Services, Sustained Growth in Non-communication Industries
Leveraging over 30 years of expertise in service support and data governance in the communication industry, the Company delivers data operation services based on "Data Aggregation + Scenario Insight + AI Empowerment", continuously creating and enhancing value for customers, and consolidating the leadership position of outcome-based payment mode. In the non-communication industries, the Company's overall order value in H1 increased by 18.2% on year-on-year basis, with a substantially 48.3% year-on-year increase in the financial sector, a 5.3% year-on-year increase in the automotive sector and a 4.4% year-on-year increase in the consumption sector.
In the communication industry, the Company leverages "Scenario + AI Agent" to enhance customers' operational efficiency and boost business revenue. First, through joint innovation with operators, the Company promotes its customers to implement scale-based value operation, and secures projects including operators' home user marketing service assistant, governments and enterprises' AI solution assistant and AI front-line marketing assistant. Second, the Company actively integrates benefit resources and technological capabilities from leading Internet enterprises, and collaborates with operators to drive operational innovation in home user and business user sectors. This approach assists customers in revenue generation, securing projects from one operator such as AI-powered intelligent marketing, AI-powered intelligent recommendation and collaborative operation for benefits introducing.
In 2025 H1, the Company's revenue from digital intelligence operation services reached approximately RMB 408 million with a 8.8% year-on-year decrease, mainly due to operators' intensified cost control. However, with the continuous optimization in business structure, revenues from the outcome-based payment and revenue-sharing modes accounted for 33.4%, marking a 6.7% year-on-year increase. The Company will accelerate order-to-revenue conversion in H2 to ensure the achievement of full-year target.
ICT Support Services Proactively Adapting to Industry Transformation, Intensifying Development for New Customers and New Projects
The Company firmly defines its position as a software service provider, and acknowledges the reality of traditional operators' industrial structure adjustment. Anchored in operator services, it stabilizes the ICT support services in the communication industry, and lays a solid foundation for the Company's overall business enhancement and transformation. In 2025 H1, the Company maintained its leading market share in ICT support services, with revenue reaching approximately RMB 2.118 billion. However, due to various factors such as operators' investment reduction, revenue declined by 14.7% on year-on-year basis. The Company offsets downward pressure of BSS services through the initiatives such as new service deployment for existing customers, new customer development, and joint expansion across government and enterprise markets. Meanwhile, the Company continuously drives the organizational transition from an "olive-shaped" to a "pyramid-shaped" structure to reduce delivery costs. In addition, new tools such as AI large model are leveraged to empower internal operation and achieve cost reduction & efficiency improvement, thereby ensuring that the full-year revenue decline in ICT support services will narrow significantly.
In 2025 H1, the Company has accelerated the application of AI in BSS and OSS services, and secured 48 newly signed projects. The Company has deployed AI tool platforms in over 10 provinces, while implementing more than 10 digital human projects including AI-powered product sales and service assistant. Additionally, the Company has steadily developed new customers and new projects, with HKT system (Phase I) successfully going live.
In terms of joint expansion across government and enterprise markets, the Company focuses on data governance, trusted data space, public service, low-altitude economy and other sectors, collaborates with operators to jointly expand the market, and successively implements multiple projects including the data governance platform for one energy-related central enterprise, digital network for the energy bureau in one province, public service platform for one province, health service platform for one city, digital forestry platform for the forestry and grassland bureau in one province, and smart tourism service platform for the scenic areas in one city.
Strengthening the Technology Leadership in Digital Intelligence, Cloud Network and other Products
In H1, AsiaInfo Technologies has been continuously focusing on its three product systems including "Digital Intelligence", "Cloud Network" and "IT", driving comprehensive innovation toward AI Native and providing robust support for the Company's three key growth pillars. In 2025 H1, the Company has invested approximately RMB 415 million in R & D, continuously strengthening the technology leadership in digital intelligence, cloud network and other products.
Future Vision
Dr. Tian Suning, Chairman and Executive Director of AsiaInfo Technologies, stated: "We expect H2 performance to significantly beat H1, and are committed to resolutely achieving full-year target through accelerating the order signing pace. For this purpose, we will continue the development strategy of "seek improvement in stability", persistently consolidating the foundation in the communication industry and driving a steady recovery in the ICT support services while intensifying focus on the three key growth pillars including AI large model application and delivery, private 5G networks and applications, and digital intelligence operation. Concurrently, we will also accelerate the order signing pace to maintain robust full-year performance. And also, we will accelerate AI large model's application and delivery, and order-to-revenue conversion in private 5G network and application services to promote the high-speed growth of full-year performance. With digital intelligence operation services being combined with AI and agent technology, we will continuously advance the innovative outcome-based payment mode and optimize the business structure."
