Epoint has released its 2025 annual results,reporting revenue of RMB1,837mn(-14.41%YoY),an attributable NP of RMB36.14mn(-82.31%YoY),and arecurring NP of-RMB29.04mn(-125.58%YoY).In 4Q25,revenue/attributable NP were RMB784/143mn(-11.70/-34.56%YoY,+104.93/+421.18%QoQ).The annual results were below our expectations(2025 revenue forecast:RMB1.94bn;attributable NP forecast:RMB221mn),primarily due to order declines amid achallenging macro environment in 2025.Positively,the company saw QoQ recovery in 4Q25 revenue/profitability,higher B2B revenue contribution,sustained operating cash inflow,and accelerated progress in AI and operational businesses.We expect overall revenue to resume growth in 2026,with net profit likely returning to historical normal levels.Maintain BUY.
4Q25 recovery pronounced
Epoint reported 2025 revenue of RMB1,837mn(-14.41%YoY),attributable NP of RMB36mn(-82.31%YoY),and recurring attributable NP of-RMB29mn,with significant pressure on profitability mainly due to achallenging operating environment in 2025 leading to weaker full-year orders.Additionally,the company increased its R&D expense ratio to 21.65%of revenue,maintaining investment during aperiod of weak demand,which further pressured short-term profits.In 4Q25,revenue/attributable NP rebounded significantly to RMB784/143mn from 3Q25 levels,indicating marginal improvements in project delivery confirmation and year-end operating cash collection.
Operating resilience emerges as ToB ratio rises
Epoint demonstrated resilience in its business structure.According to its 2025 annual report,ToB revenue remained largely flat YoY,accounting for 48.9%of total revenue—nearly half—which we expect to gradually reduce the company's exposure to fiscal budget fluctuations in the government sector.On the cash flow front,full-year net operating cash flow reached RMB266mn(+0.95%YoY),with 4Q25 alone generating RMB411mn.Additionally,the company proposed acash dividend of RMB0.1/share and completed share repurchases,with total cash returns(dividends+buybacks)amounting to RMB83.85mn,representing 232.03%of 2025 attributable NP.The strong cash performance and shareholder returns during alow-profit phase warrant continued attention.
Earnings forecasts and valuation
We lower our 2026/2027 attributable NP forecasts by 45.96/46.54%to RMB171.19/183.86mn and introduce our 2028 attributable NP forecast of RMB206.76mn,corresponding to EPS of RMB0.53/0.57/0.64.The downward revision mainly reflects potential order declines due to broader macroeconomic pressures and the company's continued investments in AI.In our SOTP valuation,we value the digital building business at 4.3x 2026E PS(previous:6.4x for 2025E)on our 2026E revenue forecast of RMB415mn(previous:RMB314mn for 2025E),and the remaining business at 36.4x 2026E PE(previous:43.6x for 2025E)on our 2026E attributable NP forecast of RMB219mn(previous:RMB293mn for 2025E),both at their peers'averages on Wind consensus.We lower our target price to RMB30.32(previous:RMB44.84).Maintain BUY.
Risks:macroeconomic fluctuations;technological advancement missing our estimates;intensifying competition between China and US.

　　事项：
　　近日，公司发布2025年报及2026年一季报。2025年公司实现营业收入18.4亿元，同比下降14.4%，归母净利润3613.9万元，同比下降82.3%。2026Q1实现营业收入2.7亿元，同比下降2.9%；归母净利润-2403.2万元，亏损收窄；扣非净利润-4866.4万元，亏损收窄。
　　评论：
　　战略转型推进，2026Q1公司业绩企稳。1）2026Q1公司B端收入实现增长，整体亏损收窄。2）三项费用率为55.8%，同比增长1.9pct，其中，管理费用率为18.9%，同比增长4.5pct；财务费用率为-1.2%，同比增加0.1pct；销售费用率为38.1%，同比减少2.7pct。3）公司研发费用率为25.7%，同比下降10.4pct，主要由于公司研发流程管理优化及智能化研发工具推广应用，人员成本下降。
　　AI赋能成效初显，拉动业绩增长。公司布局AI大模型在招采、政务和建筑三大细分领域的应用，并推出AIagent在政府端、央国企、以及投标人领域的落地部署和工具服务，2026Q1公司AI业务实现营业收入4001.3万元。
　　SaaS化智慧招采平台，加快市场拓展。1）2025年公司智慧招采业务实现营收8.2亿元，同比下降13.3%。2）政府侧业务，公司中标了湖北省、湖南省、江西省等多个重要标杆项目。3）企业侧业务，截至2025年底，公司累计服务30家央企、180多家国有及民营企业。4）招采运营领域，新点e交易平台新增专区125个，同比增长22.5%，累计专区总数543个。
　　以“AI+数据”为核心，智慧政务向“订阅制”转型。1）2025年智慧政务业务实现营收6.4亿元，同比下降25.3%。2）公司通过智能化产品研发、知识服务运营、数据驱动行业拓展及海外市场布局四大路径，深化核心产品的智能化升级和云服务转型。3）截至2025年底，公司政务类产品累计服务项目数超10300个，服务客户超5200家；2025年新增客户330多家，实现海外业务0-1突破。
　　大模型应用与数字住建相结合。1）2025年公司数字建筑业务实现营收3.6亿元，同比增长10.3%。2）公司发布了住建行业数据资产管理平台V1.0，以及针对企业用户的“筑小服”和工作人员的“住政通”两款大模型。3）数字建造领域，工程数字化监管平台业务覆盖20个省/直辖市/自治区，54个地市；智慧工地应用平台应用于6400余个项目。4）数字造价领域，单机版软件年销量超过24万套，造价软件覆盖全国27个省级行政区，累计销售超过140万套。
　　投资建议：公司聚焦政务、招采、建筑行业数字化转型，加强AI应用赋能。我们预计公司2026-2028年归母净利润分别为1.1/1.6/1.9亿元，对应增速为195.5%/46.4%/20.7%，对应PE为69/47/39倍，考虑到公司2026年业绩回暖，以及AI业务增长潜力，因此以2027年为锚，给予公司2027年50倍PE，对应目标价24.2元，维持“推荐”评级。
　　风险提示：行业政策发生变化；技术创新不及预期；市场竞争加剧等。