Group 1 - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -590 million and -490 million yuan [3] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between -700 million and -580 million yuan [4] - The previous year's net profit attributable to shareholders was -695.69 million yuan, with a total profit of -708.53 million yuan [5] Group 2 - The company is implementing a dual-driven strategy of "AI infrastructure + AI intelligent agents" and is responding to national initiatives in AI, leading to significant revenue growth despite ongoing losses [5][6] - The company has increased its focus on optimizing personnel and cost efficiency, resulting in a notable reduction in the scale of losses compared to the previous year [6] - Non-operating gains are expected to be between 90 million and 110 million yuan, significantly increasing due to more government project approvals [7] Group 3 - The company aims to strengthen its revenue sources and market competitiveness through continuous technological innovation and ecosystem collaboration [7]

（文章来源：证券日报） 证券日报网讯 1月27日，云从科技发布公告称，预计2025年年度实现归属于母公司所有者的净利润为 负，实现归属于母公司所有者的净利润-59，000.00万元到-49，000.00万元。 ...

Group 1 - The company expects to report a net profit attributable to shareholders of between -590 million to -490 million yuan for the year 2025, indicating a loss due to impacts on its main business [1] - The company is implementing a dual-driven strategy of "AI infrastructure + AI intelligent agents" and is responding to the national "AI+" action plan, accelerating the layout of AI infrastructure [1] - Despite a significant increase in operating revenue compared to the same period last year, the company remains in a loss position due to ongoing investments in core AI technology and the high costs associated with hardware procurement [1] Group 2 - The company has seen a rise in the proportion of revenue from computing power construction, which is still in the early stages of market expansion, leading to a lower overall gross margin [1] - The company is focusing on improving personnel and cost efficiency through refined management strategies, resulting in a noticeable optimization of the expense structure and a significant reduction in the scale of losses compared to the previous year [1]

一、本期业绩预告情况 证券代码：688327 证券简称：云从科技 公告编号：2026-001 云从科技集团股份有限公司 2025 年年度业绩预亏公告 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。 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 (1)经云从科技集团股份有限公司（以下简称"公司"）财务部门初步测算， 预计 2025 年年度实现归属于母公司所有者的净利润为负，实现归属于母公司所 有者的净利润-59,000.00 万元到-49,000.00 万元。 (2)归属于母公司所有者扣除非经常性损益后的净利润-70,000.00 万元到 -58,000.00 万元。 二、上年同期业绩情况和财务状况 （一）利润总额：-70,852.54 万元。归属于母公司所有者的净利润：-69,568.76 万元，归属于母公司所有者扣除非经常性损益后的净利润：-72,232.39 万元。 （二）每股收益：-0.67 元。 三、本期业绩变化的主要原因 （一）主营业务影响 报告期内，公 ...

报告期内，公司坚定执行"AI基础设施+AI智能体"双轮驱动战略，积极响应国家"人工智能+"行动计划 和AI基础建设产业加速布局的行业趋势。受2益于市场需求的持续释放，公司加快了智算中心及相关可 信空间训练场等战略性项目的建设与交付进程，带动算力基础建设叠加AI应用业务实现放量增长，营 业收入较上年同期显著增加。 格隆汇1月27日丨云从科技(688327.SH)公布，公司财务部门初步测算，预计2025年年度实现归属于母公 司所有者的净利润为负，实现归属于母公司所有者的净利润-59,000.00万元到-49,000.00万元。归属于母 公司所有者扣除非经常性损益后的净利润-70,000.00万元到-58,000.00万元。 尽管收入规模有所扩大，但公司本期业绩仍处于亏损状态。一方面，公司始终坚持对人工智能核心技术 的前瞻性研发投入，以维持技术领先性；由于相关技术的规模化商业化落地仍需一定周期，目前的营业 收入规模尚未能完全覆盖公司在研发及经营端的各项投入。另一方面，报告期内算力建设业务在收入中 占比提升，而此类业务处于市场拓展初期且硬件外购成本较高，导致综合毛利率水平较低。 ...

云从科技1月27日公告，经云从科技集团股份有限公司财务部门初步测算，预计2025年年度实现归属于 母公司所有者的净利润为负，实现归属于母公司所有者的净利润-59,000.00万元到-49,000.00万元。归属 于母公司所有者扣除非经常性损益后的净利润-70,000.00万元到-58,000.00万元。 ...

Core Viewpoint - Texas Governor Greg Abbott has expanded the list of prohibited technologies, adding 26 Chinese tech companies and AI platforms, to mitigate security risks associated with foreign adversaries [1][3][4]. Group 1: Prohibited Technologies - The updated list includes various AI institutions such as Zhipu AI, Baichuan Intelligence, and MiniMax, as well as hardware manufacturers like Hisense and tech companies including ByteDance, Baidu, Alibaba, CATL, and TP-Link [1][6][7]. - The Texas Cyber Command (TXCC) is responsible for assessing threats and identifying high-risk technologies to protect sensitive information [1][5][6]. Group 2: Security Concerns - Governor Abbott expressed concerns about hostile actors using AI and other technologies to harvest user data, manipulate users, and compromise their safety [4][5]. - The TXCC aims to prevent cyber attacks that could lead to the exfiltration of sensitive information to malicious entities globally [5][6]. Group 3: Implementation and Oversight - The prohibition is based on a threat assessment conducted by TXCC, which was established in June 2023 as the largest state-level cybersecurity department in the U.S. [6][1]. - The directive to expand the prohibited technologies list was communicated through a letter to key state officials, emphasizing the need for vigilance against foreign threats [4][5].

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Group 1 - The core viewpoint of the news is that CloudWalk Technology has shown significant trading activity and financial performance, indicating a strong position in the AI industry [1][2]. Group 2 - On January 22, CloudWalk Technology's stock increased by 1.12%, with a trading volume of 566 million yuan. The financing buy amount was 67.78 million yuan, while the financing repayment was 58.04 million yuan, resulting in a net financing purchase of 9.74 million yuan [1]. - As of January 22, the total margin balance for CloudWalk Technology was 1.09 billion yuan, with a financing balance of 1.08 billion yuan, accounting for 7.99% of the circulating market value, which is above the 90th percentile level over the past year [1]. - In terms of securities lending, on January 22, CloudWalk Technology had a securities lending repayment of 998 shares and a securities lending sell of 70,200 shares, amounting to 1.145 million yuan at the closing price. The remaining securities lending volume was 184,100 shares, with a balance of 3.0033 million yuan, also above the 90th percentile level over the past year [1]. Group 3 - As of September 30, the number of shareholders of CloudWalk Technology was 51,600, a decrease of 1.23% from the previous period, while the average circulating shares per person increased by 1.25% to 16,163 shares [2]. - For the period from January to September 2025, CloudWalk Technology achieved an operating income of 355 million yuan, representing a year-on-year growth of 56.81%. However, the net profit attributable to the parent company was -310 million yuan, with a year-on-year increase of 39.14% [2]. - As of September 30, 2025, the top ten circulating shareholders of CloudWalk Technology included the Bosera SSE STAR Market Artificial Intelligence ETF, which held 9.6927 million shares as a new shareholder [2].

Group 1 - The core viewpoint of the news is that CloudWalk Technology has been recognized for its advancements in AI technology, particularly with its "General AI Intelligent Agent Platform," which has been included in the official list of software products by the Chongqing Economic and Information Technology Commission [1] - The selection of CloudWalk's platform as a "first version software product" highlights its proprietary intellectual property and market application, marking a significant achievement in the company's innovation capabilities and engineering level [1] - CloudWalk's inclusion in the "2025 Hurun China AI Top 50" for the second consecutive year underscores its strength in core AI technologies and the construction of intelligent agent systems [1][2] Group 2 - CloudWalk Technology has made significant strides in platformization and engineering upgrades of AI capabilities, achieving large-scale applications across various sectors such as urban governance, industrial manufacturing, and commercial services [2] - The company has supported the development of the world's first port large model, PortGPT, in collaboration with Tianjin Port, and has tackled critical technologies in embodied intelligence with partners [2] - CloudWalk has established a comprehensive layout of "AI infrastructure + industry intelligent agents + embodied intelligence," serving numerous leading clients in vertical industries, including State Grid and Qing Shan Industry [2]