Investment Rating - The report downgrades the investment rating to "Outperform" [2][9] Core Views - The company is experiencing performance pressure due to strategic adjustments, with revenue declining as it focuses on high-value clients and reduces low-margin businesses [7] - The gross margin is expected to recover to normal levels in Q1 2025 after a temporary reduction in 2024 [7] - The company has launched multiple AI projects and partnerships, indicating a focus on innovation and market adaptation [7] Financial Data Summary - Total revenue for 2024 is projected at 398 million, with a significant decline of 36.7% year-on-year, and a net loss of 696 million [6] - For Q1 2025, revenue is expected to be 37 million, down 31.6% year-on-year, with a net loss of 124 million [7] - The company anticipates a gradual recovery in revenue, projecting 544 million for 2025 and 742 million for 2026, with a net loss of 455 million and 360 million respectively [6][7] Business Strategy and Adjustments - The company is strategically adjusting its business model, reducing its focus on low-margin sectors while enhancing its AI capabilities [7][8] - The proportion of revenue from smart governance has decreased from 54% to 36%, while the share from innovative AI and other sectors has increased from 10% to 37% [7] - The report highlights the successful launch of various AI models and projects, including partnerships with Huawei for integrated solutions [7][9] Market Comparison - The report compares the company with peers in the AI sector, noting its broad range of services and technological capabilities [8][13] - The average price-to-sales ratio for comparable companies is noted, with the company being valued at a PS of 14x, indicating potential growth [9][10]

Core Insights - The multi-modal large model industry focuses on deep learning models capable of processing, understanding, and generating various types of data, including text, images, audio, and video, enabling complex and intelligent tasks [1] - The industry has a wide application potential across various sectors such as natural language processing, image recognition, speech recognition, intelligent driving, and medical imaging diagnosis [1] Industry Overview - The multi-modal large model industry chain is complex, encompassing hardware facilities, software development, and various model types, including CLIP, BLIP, and LLaMA, among others [1] - The industry is divided into three layers: the foundational layer (hardware and basic software), the model layer (various types of multi-modal large models), and the application layer (industry-specific applications) [1] Cost Structure - The training costs for mainstream domestic large models range from tens of millions to hundreds of millions of dollars, with major companies like Baidu, Alibaba, and Tencent investing over $200 million [3][5] - Startups like Kimi and DeepSeek have managed to reduce training costs to between $30 million and $60 million through technological optimizations [3] - Cloud hosting costs are significantly influenced by model scale, with major companies leveraging their own cloud platforms to reduce costs [3] Development History - The global large model industry has evolved through several phases: early exploration (1956-2005), rapid growth (2006-2019), the rise of large models (2020-2022), and the current phase of widespread application starting in 2023 [6] Computational Demand - The demand for computational power in AI is increasing, with larger models requiring exponentially more computational resources; for instance, the GPT-3 model requires 3640 PF-days of computation and at least 10,000 GPUs [9] - As model parameters increase, the computational investment needed grows significantly, influenced by model architecture, optimization efficiency, and hardware capabilities [9]

Group 1 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market, along with a 0.1 percentage point decrease in policy interest rates [1] - The AI sector is experiencing a significant transformation, moving from quantitative to qualitative changes, with advancements in general large models demonstrating near-human capabilities in various cognitive tasks [1] - The AI technology is reshaping social production methods and human existence, indicating a profound impact on various industries [1] Group 2 - The release of multiple AI models by Alibaba and the financial results from major US tech companies highlight the competitive landscape in the AI sector [2] - The upcoming 2025 Lenovo Tech World and other significant industry events indicate a growing focus on AI and related technologies [2] - The emergence of new job roles, such as prompt engineers, reflects the changing employment landscape driven by AI advancements [4] Group 3 - The diversification of AI applications is evident, with digital human technology marking a shift towards multi-dimensional penetration in various fields, including education and healthcare [5] - The market for digital humans is projected to grow significantly, with estimates indicating a market size exceeding 640 billion yuan by 2025 [5] - The integration of AI into public services and commercial sectors demonstrates the expanding boundaries of technology applications [5] Group 4 - The competition in the AI industry is shifting towards breakthroughs in underlying technologies and cost control, with advancements in embodied intelligence and multi-modal models [7] - The technology sector is expected to regain momentum as concerns over previous performance and tariff disruptions dissipate, with a focus on long-term industry trends [8] - The upcoming months are critical for the tech sector, with numerous industry conferences and events expected to catalyze new growth opportunities [8] Group 5 - The TMT sector is showing signs of recovery, with a notable increase in net profit growth rates, particularly in the AI industry [9] - Institutional investors have significant room for increasing allocations in the TMT sector, particularly in computer and media segments [9] - The AI ETF, which tracks the innovation board's AI index, includes major companies across the AI value chain, indicating a strategic investment opportunity [9][10]

1. 车企董事长薪酬曝光！李想6.4亿元，吉利李书福仅37.6万元 2.阿里通义应用视觉团队负责人薄列峰离职，入职某互联网大厂，任多模态部门负责人 3. 宣传三元锂，装车变成磷酸铁锂？问界回应M8出厂合格证印错 4.曝苹果智能国行版将在iOS 18.6上线，百度、阿里巴巴提供支持 5.乐道员工炫耀"卖爆了"被沈斐批评：绝不应该轻易立flag 6.京东骑手招募规则悄然改变：「目前」由公司承担所有五险一金 7.美国盯上"对华特供芯片"，拟立法跟踪英伟达芯片定位 8.苹果据称考虑调整iPhone发布节奏：标准版、Pro版机型或错开发布 再来看民营车企，最受关注的当属比亚迪。财报显示，董事长、执行董事、总裁王传福税前报酬总额 765.5万元，在公司高管中排名第9，薪酬最高的是执行副总裁李柯，达1689万元，执行副总裁罗红斌、 高级副总裁何志奇税前工资同样均超千万元。吉利汽车集团CEO桂生悦、吉利控股集团CEO李东辉薪资总 额分别为3201万元、1967万元，而作为掌舵者的李书福，其全年薪酬仅37.6万元。长城财报显示，长城 汽车董事长魏建军全年薪酬568.56 万元，与2023年持平，长城汽车副总经理、副董事长赵国庆 ...

自从OpenAI引爆AI浪潮，国内外无数AI企业得到了投资者的青睐，收获了大量融资。 投资者给钱的前提是AI企业能够为其带去利益，而现阶段各大企业的AI业务却几乎没有盈利能力。即便是拥有中科院背景，曾与商汤科技、旷视科技、依 图科技并列为AI四小龙的老牌AI企业云从科技，也被迫裁员、高管降薪。 （图源：云从科技） 云从科技财报数据显示，2024年营收为3.98亿元，同比下降36.69%，归母净利润-6.96亿元，亏损同比扩大8.12%，在职工作人员从2023年的801人下降到2024 年的453人，核心研发人员从467人减少到239人，三大核心技术人员之一的云从科技副总裁、AI平台负责人张岭离职，就连云从科技董事长、总经理周曦年 薪也降低了7.46万元。 按照此前的协议，若OpenAI不能在今年底前转变成营利性公司，软银领投的400亿美元将缩减至200亿美元。因此，放弃转型的OpenAI在资金方面也将承受 更大的压力。 更严重的问题在于，现在的衰退只是开端，接下来一段时间，国内可能会有大量AI企业破产倒闭。 AI创业：理想丰满，现实骨感 在行业高速发展初期，投资者和机构无法确认哪个企业拥有成长为行业巨头的潜力 ...

Core Viewpoint - CloudWalk Technology, once hailed as one of the "AI Four Little Dragons," reported its lowest revenue in seven years for 2024, marking its eighth consecutive year of losses with a cumulative loss exceeding 4.579 billion yuan [2][5]. Financial Performance - In 2024, CloudWalk's revenue was approximately 398 million yuan, a year-on-year decline of 36.69%, with the main business revenue also decreasing by 36.70% [2][5]. - The net profit attributable to shareholders was approximately -696 million yuan, with losses expanding by 8.12% year-on-year, resulting in a total cumulative loss of over 4.579 billion yuan [5][7]. - The company's revenue for 2022-2024 was reported as 526.4 million yuan, 628.1 million yuan, and 398 million yuan, reflecting a significant drop of 51.06% in 2022, a growth of 19.33% in 2023, and a decline of 36.70% in 2024 [5][7]. Employee Changes - CloudWalk experienced a significant reduction in its workforce, with total employees decreasing from 801 to 453, a reduction rate of 43.44% [9][10]. - The number of R&D personnel dropped from 467 to 228, a reduction rate of 51.18%, and R&D expenses decreased by 18.27% [9][10]. Management Adjustments - The annual salary of the chairman and general manager, Zhou Xi, was adjusted to 1.9149 million yuan, a decrease of 74,600 yuan, or 3.75% [2][11]. Shareholder Activity - The second-largest shareholder, Jiadu Technology, continued to reduce its stake in CloudWalk, selling 761,888 shares in 2024, following a significant sell-off in 2023 [12]. - The third-largest shareholder also reduced its holdings, indicating a potential loss of confidence in the company among major investors [12]. Industry Context - CloudWalk faces increasing competition from emerging AI companies like DeepSeek and challenges from large equipment manufacturers and internet giants, which may impact its market attractiveness [13].

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company is exploring the implementation of AI models across various sectors, including smart governance, smart travel, smart finance, and more [4] - The company has launched several AI models, including the "Congrong Intelligent Review Model" and a self-developed financial model, and has partnered with Huawei to release integrated AI training and inference machines [4] - The company aims to promote the prosperity of the Hongmeng ecosystem and has secured projects with Guangzhou Bank and Chongqing Rural Commercial Bank [4] - The expected EPS for 2025-2027 is projected to be -0.45, -0.38, and -0.19 yuan respectively [4] Financial Summary - In 2024, the company's revenue is expected to be 398 million yuan, a decrease of 36.69% year-on-year, with a net profit of -696 million yuan, a decrease of 8.12% year-on-year [6][8] - Revenue is projected to grow to 440 million yuan in 2025, with a growth rate of 10.64%, and further to 560 million yuan in 2026, with a growth rate of 27.27% [6][8] - The company’s net profit is expected to improve from -468 million yuan in 2025 to -192 million yuan in 2027 [6][8]

Key Points - The company, Yuncong Technology, ensures the authenticity, accuracy, and completeness of its quarterly report, with all board members and senior management taking legal responsibility for the report's content [1][2][3] - The quarterly financial statements for the first quarter of 2025 have not been audited [1][6] - The company made adjustments to previous financial data, reducing last year's management expenses by 42,350,074.73 yuan and increasing sales expenses by 17,180,932.46 yuan and R&D expenses by 25,169,142.27 yuan [2] - The company reported no net profit from merged entities in the current or previous periods [6]

（一）工作履历、专业背景以及兼职情况 云从科技集团股份有限公司 2024 年度独立董事（周忠惠）述职报告 根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》 等法律、法规以及云从科技集团股份有限公司（以下简称"公司"）《独立董事 工作制度》的相关规定，本人对 2024 年度作为公司独立董事履职情况述职如下： 一、基本情况 本人1947年出生，中国国籍，无境外永久居留权，博士研究生学历。毕业于 上海财经学院会计学专业，获得经济学博士学位。1995年获得中国注册会计师资 格，普华永道中天会计师事务所有限公司创始人之一、首任总经理和主任会计师。 曾任普华永道国际会计公司资深合伙人，上海财经大学会计学讲师、副教授、教 授，香港鑫隆有限公司财务总监。2007年5月至2011年4月，任中国证券监督管理 委员会首席会计师；2010年11月起担任中国注册会计师协会资深会员、中国上市 公司协会财务总监专业委员会委员、中国评估师协会咨询委员会委员；2011年6 月至2014年5月，任普华永道会计师事务所高级顾问；2011年9月至2016年9月， 任中国证券监督管理委员会国际顾问委员会委员；2013年6月至201 ...

经核查独立董事周忠惠、周斌、王延峰的任职经历以及签署的相关自查文 件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东 公司担任任何职务，与公司以及主要股东、实际控制人之间不存在利害关系或 其他可能妨碍其进行独立客观判断的关系，符合《上市公司独立董事管理办法》 《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》中关于 独立董事独立性的相关要求。 云从科技集团股份有限公司董事会 2025 年 4 月 28 日 云从科技集团股份有限公司 董事会关于 2024 年度独立董事独立性的评估意见 云从科技集团股份有限公司（以下简称"公司"）于近日收到独立董事周忠 惠、周斌、王延峰出具的《独立性情况自查表》，根据《上市公司独立董事管理 办法》《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》的 有关规定及《公司独立董事工作制度》的相关要求，公司董事会就独立董事的 独立性情况进行评估并出具专项意见如下： ...