分业务看，公司连接业务：运营商网络业务基本盘稳固，25H1毛利率达52.94%，具备较好的盈利水平，成为公司重要的现金流来源。此外，公司前瞻布局5G-A技术，并积极推动400G光网向省干下沉，在存量中找增量。算力业务：AI大模型的出现催生了大量的算力需求，公司紧抓这一机遇，大力布局算力基础设施相关业务，主要提供服务器及存储、交换机和数据中心配套等产品。25H1，国内外政企客户加大对算力基础设施的投资，公司顺势拓展政企业务，实现该板块营收翻倍，政企业务跃升为公司核心增长极。终端业务：公司贯彻“AI for All”理念，不断拓展AI技术在终端设备的应用，尤其在手机领域，公司25H1发布全球首款全尺寸款内嵌DeepSeek-R1的AI手机努比亚Z70 Ultra。更高效、智能的用户体验有望推动公司AI终端产品出货量提高。
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