Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]

Core Insights - The AI training and inference integrated machine market in China is projected to reach 16.8 billion yuan in 2024, with expectations to exceed 20 billion yuan by 2025 due to the surge in demand for AI large models, accelerated domestic substitution, and policy support [1][3] - The industry is characterized by a focus on local deployment, particularly in sectors such as government, finance, and healthcare, which is driving the growth of the market [3][16] Industry Definition and Classification - The AI training and inference integrated machine is a specialized computing device or system that integrates AI model training and inference deployment functions, aiming for efficient collaboration from data training to model implementation [1] - It can be classified based on deployment location into cloud-based, edge-based, and hybrid machines, and by vertical specialization into general-purpose and industry-specific types [1] Current Industry Development - Following the release of ChatGPT and the GPT series by OpenAI, there has been a global surge in AI large model development, with a focus on commercializing these models [3] - The market for AI training and inference integrated machines is expected to grow significantly, driven by increased penetration in various sectors [3][16] Industry Value Chain - The upstream of the industry involves components such as CPUs, GPUs, storage devices, and foundational software like operating systems and databases [5] - The midstream focuses on the research, production, and system integration of training and inference integrated machines, while the downstream applications span government, finance, healthcare, manufacturing, energy, and education [5] Competitive Landscape - The industry is currently in its early stages, characterized by a "domestic-led, concentrated head, and accelerated vertical segmentation" competitive landscape [10] - Major players include Alibaba, Inspur, Sugon, iFlytek, Huawei, ZTE, and others, with a focus on enhancing hardware products related to computing power [10][11] Key Companies - **Inspur**: A leading cloud computing and big data service provider in China, with a projected revenue of 114.77 billion yuan in 2024, marking a 74.24% increase from 2023 [12] - **Sugon**: A core information infrastructure leader in China, with a revenue of 13.15 billion yuan in 2024, showing a 4.10% increase in net profit [14] - **iFlytek**: Known for its intelligent voice and AI solutions, it has launched new integrated machines supporting rapid deployment and data security [11] Industry Development Trends - The AI training and inference integrated machine is a key infrastructure for AI industrialization, with increasing demand for localized deployment in sectors like finance, healthcare, and government [16] - The industry is undergoing transformations such as technological integration, localized substitution, and green computing, with future developments expected in high-performance domestic solutions and multi-modal integration [16]

Core Viewpoint - The AI industry is experiencing intensified competition, with companies like CloudWalk Technology facing significant challenges, including a sharp decline in revenue and changes in customer dynamics due to external factors and strategic adjustments [1][3][6]. Financial Performance - CloudWalk Technology reported a revenue of 398 million yuan in 2024, a decrease of 36.69% year-on-year, with a gross margin of 35.68%, down by 16.20 percentage points [4][5]. - The company's net profit attributable to shareholders was a loss of approximately 696 million yuan, compared to a loss of about 643 million yuan in the previous year [5]. - The cash flow from operating activities showed a net outflow of approximately 307 million yuan, worsening from a net outflow of about 240 million yuan in 2023 [5]. Business Segment Analysis - The "Smart Governance" segment saw a dramatic revenue drop of 57.86%, while other segments like "Smart Finance," "Smart Travel," and "Smart Business" also experienced declines [9][10]. - The revenue from the "Smart Governance" segment was significantly impacted by price competition in government project bidding, leading to a gross margin decrease to 35.08% [10]. - The "Pan-AI" segment reported a substantial revenue increase of 136.10%, but its gross margin fell by 44.43 percentage points due to high initial costs and increased hardware expenses [10]. Strategic Adjustments - CloudWalk Technology is shifting its focus from traditional sectors like government and finance to new areas such as manufacturing, energy, and cultural tourism, which has resulted in a change in customer composition [3][8][11]. - The company emphasized the importance of cash flow in its order acquisition strategy, indicating a shift towards prioritizing projects with better cash flow characteristics [12][13]. - The management has been actively optimizing its product mix and customer structure to focus on high-quality business areas, which has led to a cyclical pressure on revenue [6][11].

Core Insights - CloudWalk Technology Group reported a significant decline in revenue and profitability for 2024, with revenue dropping to 398 million yuan, a year-on-year decrease of 36.69%, marking the largest decline in its history [2] - The company attributed this downturn to tightened customer budgets due to macroeconomic conditions and a wait-and-see attitude among clients regarding AI technology advancements [2] - Compared to peers, CloudWalk's performance is notably worse, with competitors like SenseTime and Yitu Technologies experiencing revenue growth [2] Revenue and Profitability - Revenue for 2024 was 398 million yuan, down 36.69% year-on-year, the largest drop recorded [2] - Gross margin fell from 51.88% to 35.68%, indicating a significant decline across core business segments [2] - Although revenue from the general AI business increased by 136%, costs surged by 428.5%, leading to a gross margin drop of 44 percentage points to 19.7% [2] Customer Concentration and Orders - The top five customers accounted for 45.2% of total revenue, with four of them being new clients [2] - New signed orders for 2024 amounted to 203 million yuan, an 18% decline year-on-year, indicating a potential ongoing crisis [2] Asset Quality and Financial Health - Accounts receivable bad debt provisions surged by 291%, with a specific provision balance of 82.31 million yuan [3] - The company reported a significant impairment of intangible assets amounting to 32.74 million yuan, primarily due to the obsolescence of technology [3] - Cash reserves decreased by 31% to 838 million yuan, while short-term borrowings reached 399 million yuan, indicating pressure on the cash flow [3] Strategic Challenges - CloudWalk terminated a 3.6 billion yuan fundraising plan intended for the development of a large model due to market changes [3] - Previous IPO projects faced delays due to insufficient funding, raising concerns about the company's ability to meet future revenue projections [3] - The company's strategic adjustments appear reactive rather than proactive, as it struggles with a changing market landscape [4] Industry Context - The AI sector is facing widespread commercialization challenges, with competitors also reporting significant losses [4] - CloudWalk's net loss for the year was 696 million yuan, slightly narrowing year-on-year, but it remains at the bottom of its peer group in terms of revenue scale [4]

中信建投证券股份有限公司 关于云从科技集团股份有限公司 2024 年年度报告信息披露监管问询函的核查意见 上海证券交易所： 根据贵所于 2025 年 6 月 4 日出具的上证科创公函〔2025〕0215 号《关于云 从科技集团股份有限公司 2024 年年度报告的信息披露监管问询函》（以下简称 "问询函"）的要求，中信建投证券股份有限公司（以下简称"中信建投证券" 或"持续督导机构"）作为云从科技集团股份有限公司（以下简称"云从科技" 或"公司"）的持续督导机构，会同公司及公司年审会计师天健会计师事务所（特 殊普通合伙）（以下简称"天健会计师"、"年审会计师"）等相关各方，本着 勤勉尽责、诚实守信的原则，就问询函所提问题逐项进行认真讨论、核查与落实， 并逐项进行了说明。具体核查意见附后。 关于核查意见内容释义、格式及补充更新披露等事项的说明： 1、如无特殊说明，本核查意见中使用的简称或名词释义与《云从科技集团 股份有限公司 2024 年年度报告》（以下简称"年报"）一致； 2、本核查意见中若出现总计数尾数与所列数值总和尾数不符的情况，均为 四舍五入所致； 3、本核查意见的字体代表以下含义： | 问询函所列问题 ...

证券代码：688327 证券简称：云从科技 公告编号：2025-036 云从科技集团股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复公告 本公司董事会及全体董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。 重要内容提示： 鉴于本公告中部分内容涉及商业敏感信息，根据相关法律法规、规范性 文件的规定，公司对相关内容进行了豁免披露处理。 若无特殊说明，以下单位均为万元。本公告中若明细项目金额加计之和 与小计数存在尾差，系四舍五入所致。 云从科技集团股份有限公司（以下简称"公司"或"云从科技"）于近日收 到上海证券交易所科创板公司管理部下发的《关于云从科技集团股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0215 号）（以 下简称"年报问询函"或"问询函"）。公司收到年报问询函后高度重视，根据 年报问询函的要求及时组织相关部门、天健会计师事务所（特殊普通合伙）（以 下简称"天健"或"年审会计师"）和中信建投证券股份有限公司（以下简称"中 信建投"或"持续督导机构"）对年报问询函所列事项进行了认真核查 ...

| | | | 关于营业收入和毛利率……………………………………… 一、 | 第 1—17 | 页 | | --- | --- | --- | | 二、关于应收账款…………………………………………………第 | 18—28 | 页 | | 三、关于存货………………………………………………………第 | 28—34 | 页 | | 四、关于合同资产…………………………………………………第 | 34—36 | 页 | | 五、关于无形资产…………………………………………………第 | 37—42 | 页 | | 六、关于货币资金和短期借款……………………………………第 | 43—54 | 页 | 问询函专项说明 天健函〔2025〕6-72 号 上海证券交易所科创板公司管理部： 由云从科技集团股份有限公司（以下简称云从科技公司或公司）转来的《关 于云从科技集团股份有限公司 2024 年年度报告的信息披露监管问询函》（上证 科创公函〔2025〕0215 号，以下简称问询函）奉悉。我们已对问询函中需要我 们说明的财务事项进行了审慎核查，现汇报说明如下。 若无特殊说明，以下单位均为万元。本说明中若明细项目金额加计之和与小 计数 ...

Core Insights - The chairman and general manager of CloudWalk Technology emphasized the need for balancing cutting-edge research and commercial application to deliver value growth to investors [1] - The AI industry is entering an operational phase, with the Agent expected to generate more output and opportunities [1] Business Strategy - CloudWalk Technology is focusing on five major sectors, including smart governance, to drive project implementation in high-margin areas [1] - The company's self-developed model achieved a top score of 80.7 in international evaluations [1] - The company plans to leverage mixed models and hybrid cloud approaches to expand applications as costs decrease and technology matures [1] Financial Performance - Revenue from the core business, "Human-Machine Collaborative Operating System," declined by 55.86% year-on-year in 2024 [1] - The CFO stated that this decline was due to the contraction of inefficient projects and a focus on high-quality clients [1] - The company aims for a revenue growth rate of no less than 25% in 2025, based on development considerations and market expectations [1] Operational Adjustments - The company is addressing the issue of core technical personnel turnover by adjusting team size, attracting talent, and optimizing structure [1] - Plans are in place to enhance research and development investment and implement incentive programs to ensure team stability [1] Future Outlook - CloudWalk Technology is optimistic about turning losses into profits by continuously optimizing operations, controlling costs, and expanding market reach [1] - The 2025 operational strategy includes accumulating performance through technology implementation, optimizing cash flow management, and advancing a "dual curve" business layout [1]

Core Viewpoint - The company emphasizes the importance of balancing cutting-edge research and practical application to deliver sustainable value growth for investors, with a focus on the operational phase of the AI industry and the potential of Agents to create valuable outputs and opportunities [1] Group 1: Business Strategy and Focus - The company has a broad layout covering five major sectors: smart governance, smart finance, smart travel, smart business, and general AI, aiming to deepen its presence in high-margin areas and strengthen product strategies to drive project implementation [1] - The company is actively optimizing its cost structure, improving operational efficiency, and increasing the promotion of profitable projects to enhance cash flow [1][2] - The company plans to adjust the scale of its R&D team based on business needs and market dynamics, aiming to attract top talent and optimize team structure to ensure sustained R&D efficiency and innovation capability [2] Group 2: Financial Performance and Goals - The company's core business, the "human-machine collaborative operating system," experienced a 55.86% year-on-year decline in revenue for 2024, attributed to a strategic focus on high-quality clients and a reduction in low-efficiency projects [1] - The company has set a performance target for 2025, aiming for a revenue growth rate of no less than 25% based on 2024 revenue, reflecting a positive outlook on market potential and future development [2] - The company aims to achieve a profitability inflection point by 2025 through business structure optimization, cost control, and market expansion, with a focus on narrowing losses and enhancing revenue capabilities [3] Group 3: Talent and Innovation - The company is implementing a stock incentive plan and optimizing assessment mechanisms to strengthen talent development and ensure the stability and efficiency of the R&D team [2] - The company is committed to continuous investment in technology while focusing on business expansion, driven by successful pilot projects in various industries [3]

Core Viewpoint - The Supervisory Board of CloudWalk Technology Group Co., Ltd. has reviewed and approved the list of incentive recipients for the 2025 Restricted Stock Incentive Plan, confirming compliance with relevant laws and regulations [1][2]. Group 1: Incentive Plan Overview - The 2025 Restricted Stock Incentive Plan aims to motivate key personnel, excluding independent directors, supervisors, and major shareholders [2]. - The plan includes a total of 1.04 million shares of restricted stock to be granted at a price of 6.58 yuan per share, with the grant date set for July 3, 2025 [2]. Group 2: Eligibility Criteria - The Supervisory Board has established specific criteria for disqualifying potential incentive recipients, including recent sanctions by the stock exchange or the China Securities Regulatory Commission (CSRC) [1]. - The eligibility criteria align with the provisions of the Company Law, Securities Law, and other relevant regulations, ensuring that the selected recipients meet the necessary qualifications [2].