百融云-W 2025年度营收微降，AI研发投入显著增长

公告速递

Mar 26

截至2025年12月31日，百融云-W实现收入29.20亿元，同比微降0.31%。其中，模型即服务（MaaS）收入达10.19亿元，同比增长9%；业务即服务（BaaS）收入合计19.01亿元，同比下降5%。

毛利为21.02亿元，毛利率72%。经营溢利录得0.60亿元，同比下降79%，经营溢利率由上年的10%降至2%；年内溢利为0.74亿元，同比下滑72%，净利润率从9%降至3%。上述变动主要与业务结构调整及成本增长有关。

报告期内，销售成本为8.18亿元，同比增加4%；研发开支达6.37亿元，增幅25%，体现了集团对AI相关技术的持续投入。一般及行政开支维持在3.28亿元水平，销售及营销开支增至11.42亿元，同比增长2%。年内员工成本合计10.11亿元，其中薪金及相关福利支出8.19亿元；集团共有1,777名雇员，研发人员占比64%。

资产负债方面，年末集团总资产为47.03亿元，总负债7.27亿元，资产负债比率降至0.14。现金及现金等价物为7.26亿元，流动资产净额30.74亿元，整体财务状况稳健。现金流量方面，经营活动现金净流入0.91亿元，投资活动现金净流入0.12亿元，融资活动现金净流出1.41亿元。

集团在本年度未发生重大投资、收购、出售或抵押资产的交易，也无重大或然负债和相关诉讼。董事会并未建议派发年末股息，并表示将继续遵守上市规则及相关法规，不断提升公司治理水准。

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