Group 1 - The meeting of the Supervisory Board of CloudWalk Technology Group Co., Ltd. was held on August 28, 2025, in Shanghai, with all legal requirements met for attendance and voting [1] - The Supervisory Board approved the 2025 semi-annual report summary and the 2025 semi-annual report, confirming that the disclosed information accurately reflects the company's financial status, operational results, and cash flow without any false statements or omissions [1][2] - The voting results for the approved proposals were unanimous, with 3 votes in favor and no votes against or abstentions [2] Group 2 - The special report on the management and actual use of raised funds for the first half of 2025 was also approved, confirming compliance with relevant laws and regulations, and that the funds were stored and used appropriately [2] - The company ensured that there were no changes or disguised changes in the use of raised funds that could harm shareholder interests, and no significant violations in the storage and use of these funds were reported [2]

证券代码：688327 证券简称：云从科技 公告编号：2025-038 云从科技集团股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况的专项报 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》和《上海证券交易所科创板股票上市规则》等有 关规定，云从科技集团股份有限公司（以下简称"公司"或"云从科技"）董事 会对公司 2025 年半年度募集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 根据中国证券监督管理委员会《关于同意云从科技集团股份有限公司首次公 开发行股票注册的批复》（证监许可〔2022〕333 号），公司向社会公开发行人 民币普通股 112,430,000 股，募集资金总额为人民币 172,804.91 万元，扣除发行 费用合计人民币 10,095.42 万元后，实际募集资金净额为人民币 162,709.49 万元。 本次募集资金已于 2022 年 ...

云从科技集团股份有限公司 关于 2025 年"提质增效重回报"行动方案的半年度 评估报告 云从科技集团股份有限公司（以下简称"公司"或"云从科技"）作为一家始终秉持"以 投资者为本"发展理念的上市公司，深知提高自身质量，增强对投资者回报，提升投资者的 获得感，是公司发展的必然要求，也是公司对投资者应尽的责任。2025 年，公司在延续前 述行动方案的基础上，结合国家最新政策导向、市场环境变动以及公司业务发展需求，进一 步优化资源配置，提升运营效率，强化核心竞争力，为股东创造更大价值，促进公司高质量 发展。公司制定并发布了 2025 年"提质增效重回报"行动方案。2025 年上半年，公司根据 该行动方案内容积极开展并落实各项工作，现将主要工作成果评估报告如下： 一、主业推进与效率提升执行情况与成效 （一）保持研发投入，核心技术国内领先 公司深知前沿研发投入对长期发展的重要性，上半年持续在视觉、多模态大模型等领域 2025 年上半年，公司聚焦核心主营业务，不断优化客户和业务结构，提升经营效率与 效益。面对宏观环境变化和行业竞争加剧，公司继续坚持"提质增效"战略，一方面主动收 缩附加值低、资金占用高的业务单元，聚焦高 ...

证券代码：688327 证券简称：云从科技 公告编号：2025-037 云从科技集团股份有限公司 第二届监事会第二十五次会议决议公告 本公司监事会及全体监事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本次会议由监事会主席刘君先生主持，会议应出席监事 3 人，实际出席监事 3 人（其中监事周哲斯先生以通讯表决的方式出席）。本次会议的召集、召开和 表决程序符合《中华人民共和国公司法》等法律、法规以及《公司章程》的有关 规定。 二、监事会会议审议情况 经与会监事表决，审议通过以下议案： 1、《关于<2025 年半年度报告及其摘要>的议案》 公司严格按照各项法律、法规、规章的要求规范运作，《2025 年半年度报 告摘要》和《2025 年半年度报告》所披露的信息真实、准确、完整，公允地反 映了公司的财务状况、经营成果和现金流情况，其中不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日在上海证券交易所网站（http://www.s ...

证券代码：688327 证券简称：云从科技 公告编号：2025-039 云从科技集团股份有限公司 关于董事、高级管理人员减持股份计划的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 董事、高级管理人员持有的基本情况 截至本公告披露日，云从科技集团股份有限公司（以下简称"公司"）董事、 高级管理人员持股情况如下： 1、公司董事、副总经理、核心技术人员李继伟先生直接持有公司 172,940 股，占公司总股本的 0.0167%。 因自身资金需求，公司财务总监高伟女士拟在本减持计划披露的减持期间内， 通过集中竞价方式减持合计不超过 8,696 股的公司股份，减持股份占公司总股本 的比例不超过 0.0008%。 减持价格按市场价格确定，若公司在上述减持计划实施期间发生派发红利、 送红股、转增股本、增发新股或配股等股本除权、除息事项的，则上述减持计划 1 将作相应调整。 公司于近日分别收到李继伟先生和高伟女士出具的《股份减持计划告知函》， 现将相关减持计划情况公告如下： | 一、减持主体的基本情况 | ...

云从科技集团股份有限公司 2025 年半年度报告 公司代码：688327 公司简称：云从科技 云从科技集团股份有限公司 2025 年半年度报告 1 / 256 云从科技集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实 性、准确性、完整性，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。 二、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险，具体内容详见本报告第三节 "管理层讨论与分析"之"四、风险因素"的相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人周曦、主管会计工作负责人高伟及会计机构负责人（会计主管人员） 黄莲声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 √适用 □不适用 公司治理特殊安排情况： □本公司为红筹企业 □本公司存在协议控制架构 √本公司存在表决权差异安排 1.特别表决权设置的基本安排 2020 年 9 月 1 日，公司召开 ...

Group 1 - CloudWalk Technology's stock increased by 0.90% on August 28, with a trading volume of 1.394 billion yuan [1] - The financing buy-in amount for CloudWalk Technology on the same day was 205 million yuan, while the financing repayment was 196 million yuan, resulting in a net financing buy of 8.841 million yuan [1] - As of August 28, the total margin balance for CloudWalk Technology was 1.049 billion yuan, with the financing balance accounting for 7.02% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of March 31, the number of shareholders for CloudWalk Technology was 58,700, an increase of 51.76% from the previous period [2] - The company reported a revenue of 37.2332 million yuan for the first quarter of 2025, a year-on-year decrease of 31.56%, while the net profit attributable to the parent company was -124 million yuan, a year-on-year increase of 22.86% [2] - Among the top ten circulating shareholders, the Bosera SSE Sci-Tech Innovation Board 100 ETF ranked seventh with 6.2119 million shares, a decrease of 2.0614 million shares from the previous period [2]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 44.34 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 2.57 billion yuan [1] - A total of 214 stocks on the Sci-Tech Innovation Board had net inflows, while 372 stocks had net outflows [1] Stock Performance - On the Sci-Tech Innovation Board, 390 stocks rose, with one stock, Dingtong Technology, hitting the daily limit, while 192 stocks declined [1] - The stock with the highest net inflow was SMIC, with 2.49 billion yuan, followed by Lanke Technology and Chipone Technology with net inflows of 644 million yuan and 449 million yuan, respectively [1] Continuous Fund Flow - There are 54 stocks that have seen continuous net inflows for more than three trading days, with Huafeng Measurement Control leading at nine consecutive days of inflow [1] - Conversely, 166 stocks have experienced continuous net outflows, with ST Nuotai and Xuantai Pharmaceutical both seeing 13 consecutive days of outflow [1] Top Net Inflows - The top stocks by net inflow include: - SMIC: 2.49 billion yuan, 9.18% inflow rate, 17.45% increase [1] - Lanke Technology: 644 million yuan, 6.97% inflow rate, 8.60% increase [1] - Chipone Technology: 449 million yuan, 9.88% inflow rate, 6.99% increase [1] Top Net Outflows - The stocks with the highest net outflows include: - Borui Pharmaceutical: 548 million yuan, 6.63% decrease [1] - Kaipu Cloud: 188 million yuan, 1.88% decrease [1] - CloudWalk Technology: 187 million yuan, 6.63% decrease [1]

Group 1: Company Performance and R&D Investment - Leading companies in the AI agent industry show significant scale advantages in R&D investment, with iFlytek's R&D expenditure reaching 4.58 billion yuan in 2024, a year-on-year increase of 19.37%, accounting for 19.62% of its revenue, which grew to 23.343 billion yuan [1] - Emerging growth companies like Fourth Paradigm reported a revenue of 1.077 billion yuan in Q1 2025, with R&D expenses of 368 million yuan, indicating an improvement in R&D efficiency as the R&D expense ratio decreased from 42.2% in 2024 to 34.2% [1] - Some companies exhibit a "high R&D investment, low revenue scale" characteristic, such as SenseTime, which had an R&D expense ratio of 106% in 2024, and CloudWalk Technology, which saw its R&D investment account for 181.74% of revenue in Q1 2024, with a significant revenue decline of 36.69% to 398 million yuan [1] Group 2: Industry Application and Market Penetration - The AI agent industry in China is characterized by a dual approach of "vertical deepening" and "cross-domain expansion," covering various sectors such as finance, education, healthcare, energy, and manufacturing, creating a multi-dimensional "industry-scenario" application matrix [2] - In the finance sector, leading companies like Fourth Paradigm and CloudWalk Technology serve major financial institutions, with Fourth Paradigm implementing credit risk control and asset management solutions [2] - iFlytek leads in the education sector, with its AI learning machine ranking first on major e-commerce platforms for three consecutive years, generating 7.229 billion yuan in revenue from its smart education business [2] Group 3: Business Model and Revenue Contribution - Companies in the AI agent industry have varying revenue contributions from their AI-related businesses, with iFlytek's AI agent business accounting for 55.8% of total revenue, Fourth Paradigm at 74.8%, and CloudWalk Technology at approximately 45% [4] - The business layout of these companies includes diverse applications, with iFlytek focusing on education and healthcare, Fourth Paradigm on finance and energy, and CloudWalk Technology on manufacturing and energy sectors [4] Group 4: Industry Structure and Geographic Distribution - The AI agent industry participants can be categorized based on technological autonomy and application scenarios, including tech giants, vertical startups, traditional enterprises transitioning, and research institution-derived companies [5] - The geographic distribution of the AI agent industry shows significant clustering in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta regions, driven by policy advantages, industrial support, and talent reserves [7] - Major cities like Beijing and Shanghai attract high-end talent due to their educational resources and research institution density, contributing to the industry's growth [7]

Investment Rating - The report maintains a positive outlook on the computer industry, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [27]. Core Insights - The computer industry index rose by 7.93% during the week of August 18-24, 2025, ranking 4th among 31 primary industries, with a year-to-date increase of 28.86%, outperforming the CSI 300 index by 17.60 percentage points [3][22]. - The release of DeepSeek-V3.1 is expected to drive the domestic AI industry, enhancing the capabilities of programming and search agents significantly [4][8]. - DeepSeek-V3.1 features a hybrid reasoning architecture, improved efficiency, and enhanced agent capabilities, marking a significant advancement in AI technology [12][14]. Summary by Sections 1. DeepSeek-V3.1 Release - DeepSeek-V3.1 was officially released on August 21, 2025, featuring a hybrid reasoning architecture that supports both thinking and non-thinking modes with an expanded context of 128K [12]. - The new version shows improved reasoning efficiency, with a score of 88.4 in AIME 2025, compared to 87.5 for the previous model [13]. - Enhanced agent capabilities were achieved through post-training optimization, significantly improving performance in programming and multi-step tasks [14][16]. 2. Market Review - The computer industry index increased by 7.93% in the week of August 18-24, 2025, with a year-to-date increase of 28.86%, outperforming the CSI 300 index by 17.60 percentage points [22]. - The top five companies in terms of weekly gains included Yuyin Co. (+46.2%), Chengmai Technology (+34.92%), and Kexin Information (+33.94%) [24][25]. 3. Investment Recommendations - The report recommends focusing on companies that will benefit from the release of DeepSeek-V3.1, including Haiguang Information, Zhiwei Intelligent, and Lenovo Group [8]. - Application-side recommendations include Kingsoft Office, Yonyou Network, and Saiyi Information, among others [8].