二、2024 年度营业收入扣除情况表…………………………………第 3—5 页 | | 三、附件………………………………………………………………第 | 6-9 | 页 | | --- | --- | --- | --- | | (一) | 本所营业执照复印件………………………………………第 | 6 | 页 | | (二) | 本所执业证书复印件………………………………………第 | 7 | 页 | | (三) | 签字注册会计师执业证书复印件………………………第 | 8-9 | 页 | 关于营业收入扣除情况的专项核查意见 天健审〔2025〕6-422 号 目 录 一、关于营业收入扣除情况的专项核查意见………………………第 1—2 页 云从科技集团股份有限公司全体股东： 我们接受委托，审计了云从科技集团股份有限公司（以下简称云从科技公司） 2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们核查了后 附的云从科技公司管理层编制的《2024 ...

目 录 | 一、审计报告……………………………………………………… 第 | 1—6 | | | 页 | | --- | --- | --- | --- | --- | | 二、财务报表……………………………………………………… 第 | 7—14 | | 页 | | | （一）合并资产负债表…………………………………………… | 第 | 7 | 页 | | | （二）母公司资产负债表………………………………………… | 第 | 8 | 页 | | | （三）合并利润表………………………………………………… | 第 | 9 | 页 | | | （四）母公司利润表………………………………………………第 | 10 | | 页 | | | （五）合并现金流量表……………………………………………第 | 11 | | 页 | | | （六）母公司现金流量表…………………………………………第 | 12 | | 页 | | | （七）合并所有者权益变动表……………………………………第 | 13 | | 页 | | | （八）母公司所有者权益变动表…………………………………第 | 14 | | 页 | | | 三、财务报表附注… ...

目 录 | | | | | 二、附件……………………………………………………………第 | 3-6 页 | | --- | --- | --- | | (一) | 本所营业执照复印件……………………………………第 | 3页 | | (二) | 本所执业证书复印件……………………………………第 | 4页 | | (三) | 签字注册会计师执业证书复印件……………………第 | 5-6页 | 内部控制审计报告 天健审〔2025〕6-419 号 云从科技集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了云从科技集团股份有限公司（以下简称云从科技公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 我们认为，云从科技公司于 2024 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 中国·杭州 中国注册会计师： 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 二、非经营性资金占用及其他关联资金往来情况汇总表………………第 3 页 三、附件……………………………………………………………… 第 4-7 页 (一) 本所营业执照复印件…………………………………………第 4 页 (二) 本所执业证书复印件…………………………………………第 5 页 (三) 签字注册会计师执业证书复印件…………………………第 6-7 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕6-421 号 云从科技集团股份有限公司全体股东： 我们接受委托，审计了云从科技集团股份有限公司（以下简称云从科技公司） 2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后 附的云从科技公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金 往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅 ...

三、附件…………………………………………………………… 第 10-13 页 (一) 本所营业执照复印件……………………………………… 第 10 页 (二) 本所执业证书复印件……………………………………… 第 11 页 (三) 签字注册会计师执业证书复印件………………………第 12-13 页 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告………………第 3—9 页 目 录 募集资金年度存放与使用情况鉴证报告 天健审〔2025〕6-420 号 云从科技集团股份有限公司全体股东： 我们鉴证了后附的云从科技集团股份有限公司（以下简称云从科技公司）管 理层编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供云从科技公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为云从科技公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 云从科技公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 2 号——上市公司募集资金管理 ...

云从科技公告，2025年第一季度营收为3723.32万元，同比下降31.56%；净亏损1.24亿元，去年同期净 亏损1.61亿元。 ...

Group 1 - The report highlights the release of Guangzhou's "Mergers and Acquisitions Ten Articles," aiming to promote industrial development through mergers and acquisitions, targeting at least 60 deals by 2027 [3][35][38] - In the recent period, eight companies disclosed significant restructuring events, maintaining the same level as the previous period, with an equal number of companies involved in changes of actual controllers [3][12] - The restructuring index fell by 5.68%, underperforming compared to the Shanghai Composite Index (-3.37%) and the CSI 300 (-4.21%), while slightly outperforming the CSI 1000 (-6.48%) [3][25][29] Group 2 - The report analyzes key merger cases, including the acquisition of New潮传媒 by 分众传媒, valued at 8.3 billion yuan, which aims to integrate high-end urban resources with community resources in lower-tier cities [4][12] - The acquisition of 映日科技 by 呈和科技, valued at 1.8 billion yuan, focuses on technological synergy in the high-performance sputtering target materials sector, enhancing competitiveness in the display industry [4][12] - 湖南发展 plans to acquire four hydropower companies, increasing its installed capacity to 778,000 kilowatts, aligning with national carbon neutrality goals and enhancing operational synergy [5][12] Group 3 - The report identifies investment opportunities based on the "12218" industrial map, including strategic industry clusters such as 广汽集团 and 冠昊生物, and modern service industries like 广电计量 and 山水比德 [6][12][35] - The report emphasizes the encouragement of mergers and acquisitions in the biopharmaceutical and sports sectors, with various government departments advocating for financial support for these initiatives [35][36][38] - The report outlines the strategic focus on integrating upstream and downstream assets in key industries, aiming for significant mergers and acquisitions to enhance technological capabilities and market competitiveness [38]

Core Insights - The article discusses the multi-modal large model industry chain, highlighting its complexity and the various layers involved, including the foundational layer, model layer, and application layer [1][3]. Industry Overview - The multi-modal large model industry chain consists of three main layers: foundational (hardware and basic software), model (various types of multi-modal large models), and application (industry-specific large models) [1]. - Key players in the foundational layer include Intel and NVIDIA, while foundational software participants include Huawei, Tencent, and Unisoc [3]. Regional Distribution - The multi-modal large model industry is concentrated in major cities such as Beijing, Shanghai, Suzhou, Hangzhou, and Shenzhen, with a strong presence of upstream companies in Beijing and Shenzhen [4]. - Upstream companies in Beijing include Cambricon, Lenovo, and Inspur, while Shenzhen hosts Unisoc, HiSilicon, and ZTE [4]. Revenue Insights - The revenue distribution in China's multi-modal large model sector shows a concentration among leading companies, with Alibaba Cloud generating over 110 billion yuan, accounting for approximately 15% of its group's revenue [7]. - Huawei Cloud and Tencent Cloud follow, with revenues of 68.8 billion yuan and 63.6 billion yuan, respectively, each contributing around 5-7% to their parent companies [7]. Cost Structure - The training costs for mainstream large models in China range from tens of millions to hundreds of millions of dollars, with major players like Baidu, Alibaba, and Tencent investing over 200 million dollars [10]. - Startups like Kimi and DeepSeek manage to lower their training costs to between 30 million and 60 million dollars through technological optimization [10]. Product Cost Details - The training and cloud hosting costs for various multi-modal large models are detailed, with notable examples including: - Pangu Model (Huawei): ≥ 100 million USD - Wenxin Model (Baidu): ≥ 300 million USD - Mix Yuan Model (Tencent): ≈ 250 million USD - Xinghuo Model (iFlytek): = 80 million CNY [12].

曾几何时，商汤科技、旷视科技、云从科技、依图科技并称为"AI 四小龙"，承载着AI行业的无限期 待。时光流转，"AI 六小龙""杭州七小龙"等名号层出不穷，"AI 四小龙"在时代的洪流中逐渐失色。 从财报数据来看，"AI 四小龙"曾经的辉煌已如过眼云烟。 商汤科技2024 年度财报显示，全年总营收 37.72 亿元，却伴随着 43.06 亿元的净亏损，自 2018 年至 2024 年累计亏损超 546 亿元；云从科技2024 年总营收约 3.98 亿元，归母净亏损达6.63亿元。 持续亏损"老大难" 被誉为"AI 四小龙"之一的云从科技，往昔头顶着明星企业的光环，承载着行业与资本的诸多期待。然 而，在高研发投入下，亏损却不断增加，面临着商业化的难题。 数据显示，2024年，云从科技实现营业总收入3.98亿元，同比减少36.60%；营业利润-6.49亿元，上年同 期为-6.55亿元；归属于母公司所有者的净利润-6.37亿元，上年同期为-6.43亿元；归属于母公司所有者 的扣除非经常性损益的净利润-6.63亿元，上年同期为-6.89亿元。 从更长时间跨度来看，自2017 年起至 2024 年，云从科技仿佛陷入了一 ...

Core Insights - The event held in Wuhan's National Cybersecurity Talent and Innovation Base aimed to foster communication between government and enterprises to promote high-quality development in the cybersecurity industry [1][5] Group 1: Event Overview - The National Cybersecurity Entrepreneur Symposium was organized by the Wuhan Airport Economic and Technological Development Zone, gathering leading domestic cybersecurity companies to discuss enterprise needs and industry development [1] - The symposium featured a tour of the Cybersecurity Software Park, showcasing innovative achievements and the industrial layout of the cybersecurity sector in Wuhan [3] Group 2: Regional Development and Opportunities - Officials from the Wuhan Airport Economic and Technological Development Zone highlighted the area's potential as an industrial city, a cybersecurity hub, and an investment destination, emphasizing the commitment to providing a favorable business environment [3][5] - The region's strategic advantages include strong national brand value, diverse operational scenarios, and a supportive industrial ecosystem, which are key factors attracting enterprises to the National Cybersecurity Base [5] Group 3: Collaborative Innovations - CloudWalk Technology, a key partner in the National Cybersecurity Base, has been driving collaborative innovation between artificial intelligence and cybersecurity since establishing its headquarters in Central China [7] - The company has secured a project for the expansion of the Cybersecurity Base's intelligent computing center, focusing on building an AI public computing platform and a cybersecurity model application platform [7] Group 4: Enterprise Engagement - During the event, entrepreneurs engaged in discussions regarding the industrial system and key development directions of the Wuhan Airport Economic and Technological Development Zone, as well as policies and incentives available for businesses [7]