Core Viewpoint - The prolonged losses of Guangyun Technology may reveal flaws in its business model, particularly due to reliance on e-commerce platforms, which may be showing signs of saturation, and the need to restructure its customer base, which could further pressure profitability [1][16]. Financial Performance - Guangyun Technology forecasts a net profit attributable to shareholders of between -32 million to -25 million yuan for 2025, indicating a reduction in losses by 50.0461 million to 57.0461 million yuan compared to the previous year, with a year-on-year loss reduction rate of 61.00% to 69.53% [17][21]. - The company has been in a continuous loss state for five years since 2021, with revenue not exceeding the peak level reached in that year [20][21]. Revenue and Profitability - Despite the losses, the company's gross margin exceeds 60%, rising to 70.31% in the first three quarters of 2025 [5][22]. - The company’s SaaS products primarily serve e-commerce merchants, providing various software and services, but has faced stagnant revenue since 2021 [2][18]. Business Model Challenges - Guangyun Technology operates under a platform-dependent model, which has not led to sustained profitability, as the company lacks pricing power within the e-commerce ecosystem dominated by platforms like Taobao and JD [9][25]. - The e-commerce sector is experiencing a peak in user engagement, with a reported active penetration rate of 95.6% as of October 2024, indicating a shift in market dynamics and increased competition [10][26]. Customer Structure Issues - The customer base is structured like a pyramid, with a majority being small, uncertain startups that are price-sensitive, while the company primarily serves these lower-tier clients, limiting its revenue potential [12][28]. - The company has seen a slight increase of 1.66% in revenue from small and medium-sized merchant SaaS business in the first half of 2025 [28]. Product Development and Market Strategy - To better meet the operational needs of e-commerce merchants, the company has introduced new SaaS products tailored for larger merchants, which require significant upfront investment in marketing and channel development [29][32]. - The company is focusing on expanding its SaaS business into procurement and supply chain management, which is expected to provide new growth opportunities [32][33].

Group 1 - A-share market AIGC concept stocks experienced a collective decline, with notable drops in several companies [1] - Zhejiang Wenlian fell by 9.09%, Kunlun Wanwei and Yue Media dropped over 7%, while Xuan Ya International and Tian Xia Xiu fell over 5% [1][2] - Other companies such as Zhongkong Technology and Zhi De Mai saw declines of over 4%, and several others fell by more than 3% [1] Group 2 - Zhejiang Wenlian's total market value is 21 billion, with a year-to-date increase of 80.43% [2] - Kunlun Wanwei has a market value of 68.8 billion, with a year-to-date increase of 31.37% [2] - Yue Media's market value stands at 13.1 billion, with a year-to-date increase of 31.21% [2]

Core Viewpoint - The AI application sector experienced a significant downturn on February 6, with multiple companies facing substantial declines in their stock prices, indicating a bearish trend in the market [1]. Group 1: Market Performance - As of 9:37 AM on February 6, companies such as Yue Media and Zhejiang Wenlian hit the daily limit down, while Shiji Information, Sanwei Tiandi, and Xinhua Du saw declines exceeding 8% [1]. - The following companies reported notable stock price drops: - Zhejiang Wenlian: -9.99% - Yue Media: -9.98% - Shiji Information: -8.86% - Sanwei Tiandi: -8.54% - Xinhua Du: -8.19% [2]. Group 2: Additional Declines - Other companies also faced declines, including: - Liuchuan Technology: -6.45% - Xuan V International: -6.33% - Zhi De Mai: -5.86% - Guangyun Technology: -5.98% - Kunlun Wanwei: -5.57% - Yi Wan Yi Chuang: -4.93% - Yinsai Group: -4.92% [2].

Market Performance - The IT services sector increased by 3.33% on February 3, with *ST Yunchuang leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Top Gainers in IT Services - *ST Yunchuang saw a closing price of 8.06, with a significant increase of 30.00% and a trading volume of 116,100 shares, totaling a transaction value of 88.596 million yuan [1] - Wangsu Science and Technology closed at 19.31, up 14.40%, with a trading volume of 5.4564 million shares and a transaction value of 9.851 billion yuan [1] - Capital Online closed at 27.46, up 11.63%, with a trading volume of 842,800 shares and a transaction value of 2.214 billion yuan [1] Market Capital Flow - The IT services sector experienced a net inflow of 3.064 billion yuan from institutional investors, while retail investors saw a net outflow of 466 million yuan [2] - The main funds showed a mixed trend, with some companies like Huasheng Tiancheng receiving significant net inflows, while others like Xiangyou Technology faced outflows [3] Notable Stocks with Net Inflows - Huasheng Tiancheng had a net inflow of 1.698 billion yuan, accounting for 38.55% of its trading volume [3] - Yanshan Technology recorded a net inflow of 863 million yuan, representing 11.85% of its trading volume [3] - Wangsu Science and Technology had a net inflow of 530 million yuan, making up 5.38% of its trading volume [3]

Group 1 - The A-share market is seeing a strong performance in the new retail sector, with notable stocks such as Anfu Technology and Xinhua Department Store hitting the daily limit up [1] - Other companies like Sanjiang Shopping and Kingood Co. have increased by over 7%, while Guangyun Technology and Wanshili have risen by over 6% and 5% respectively [1] Group 2 - Anfu Technology (stock code: 603031) has a market capitalization of 14.3 billion and has increased by 25.62% year-to-date, with a daily increase of 10% [2] - Xinhua Department Store (stock code: 600785) has a market capitalization of 5.787 billion and has seen a year-to-date increase of 89.30%, with a daily increase of 9.99% [2] - Sanjiang Shopping (stock code: 601116) has a market capitalization of 10.3 billion, with a daily increase of 7.22% and a year-to-date increase of 36.89% [2] - Guangyun Technology (stock code: 688365) has a market capitalization of 12.5 billion, with a daily increase of 6.97% and a year-to-date increase of 73.86% [2] - Wanshili (stock code: 301066) has a market capitalization of 4.325 billion, with a daily increase of 5.08% but a year-to-date decrease of 6.50% [2]

Core Viewpoint - AI application concept stocks opened high, indicating strong market interest and potential growth in this sector [1] Group 1: Company Performance - Hengdian Film and Television achieved a four-day consecutive rise in stock price [1] - Liujin Technology and Fushi Holdings both saw stock increases of over 5% [1] - BlueFocus Communication Group, Guangyun Technology, and Yili Media also opened high, reflecting positive market sentiment [1]

Group 1 - The AI social platform Moltbook has gained significant popularity overseas, featuring 1.5 million AI agents engaging in discussions across thousands of forums, mimicking human social patterns [1][3] - Tencent's AI platform Yuanbao launched a cash red envelope activity on February 1, leading to a surge in downloads, topping the iPhone app rankings on the same day [2][3] - The advancements in large model reasoning and multi-modal capabilities indicate a strong foundation for human-like interactions in AI social platforms, suggesting a pathway from niche applications to broader social engagement [1][3] Group 2 - Google announced the public testing of its world model Genie3, allowing users to create real-time interactive virtual worlds through natural language dialogue, enhancing game development accessibility [4] - The launch of Taptap Maker by Xindong Company enables game creators to develop games directly within a chat interface, significantly lowering the barriers to game development [4] - The gaming sector is expected to benefit from AI advancements, with recommendations to focus on companies with strong platform attributes, including Xindong Company and others [4]

证券研究报告 | 行业点评报告 2026 年 02 月 01 日 为什么我们特别看好 AI 电商 AI 应用研究感思录（三） TMT 及中小盘/传媒 近期 AI 应用呈现井喷式发展，各种 AI 应用层出不穷，比如阿里的千问，比如 KIMI 的更新，又比如 CLAWDBOT，但我们近期还是建议投资者重点关注 AI 电商，我们非常看好 AI 电商的发展。原因如下： ❑ 风险提示：AI 技术发展不及预期、商业化存在不确定性、政策监管风险。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 160 | 3.1 | | 总市值（十亿元） | 2248.3 | 2.0 | | 流通市值（十亿元） | 2067.2 | 2.0 | 行业指数 % 1m 6m 12m 绝对表现 18.8 22.4 39.3 相对表现 17.6 9.0 16.0 资料来源：公司数据、招商证券 -20 0 20 40 60 Feb/25 May/25 Sep/25 Jan/26 (%) 传媒 沪深300 相关报告 1、《AI 应用研究感思录（二）—一"问" 激起千层浪，超级 AI 入口 ...

Group 1 - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -32 million and -25 million RMB, representing a reduction in losses by 50.0461 million to 57.0461 million RMB compared to the previous year, with a year-on-year loss reduction percentage of 61.00% to 69.53% [1] - The expected net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between -35 million and -28 million RMB, indicating a decrease in losses by 37.9871 million to 44.9871 million RMB compared to the previous year, with a year-on-year loss reduction percentage of 52.05% to 61.64% [1] - The main reason for the performance change is the company's focus on its core business in response to the evolving competitive landscape of the e-commerce industry, aiming to provide a more efficient service experience for customers [1] Group 2 - The company's SaaS product revenue is expected to grow steadily in 2025, with active exploration of multi-platform investments and continuous optimization of SaaS products for small and medium-sized businesses [2] - The company's large enterprise SaaS product development and market layout are becoming increasingly mature, with rising customer satisfaction and market recognition, leading to a steady increase in the number of large clients and related revenue [2] - The company plans to extend its e-commerce SaaS business into procurement and supply chain management in 2025, providing new business growth opportunities [2]

本期业绩变化的主要原因：2025年度，面对电商行业竞争格局的演进以及新业态的呈现，公司进一步聚 焦主营业务，为客户带来更高效的服务体验。近年来，公司围绕着大商家SaaS业务的战略布局，在持续 保持研发及市场投入力度的同时，动态优化了研发的投入结构。公司大商家 SaaS 业务从过往几年的投 入阶段转变为稳定回收阶段，在产品功能逐步稳定实现的条件下，公司通过精细化管理优化研发投入结 构，对部分成熟技术项目进行阶段性收尾，缩减了重复投入。 2025年度，公司 SaaS 产品总体收入稳定增长。报告期内，公司积极开拓多平台投入，中小商家 SaaS 产 品持续迭代优化；公司大商家SaaS 产品研发及市场布局日趋成熟，已有产品的客户满意度和市场认可 度不断提升，大客户数量稳步增长，相关大商家 SaaS 业务收入保持稳步增长；同时，公司2025 年度将 电商SaaS 业务进一步延伸至采购及供应链管理环节，为公司提供了新的业务增长点。 格隆汇1月30日丨光云科技(688365.SH)公布，预计2025年年度实现归属于母公司所有者的净利润为人民 币-3200万元至-2500万元，较上年同期相比，将减少亏损5004.61万元到57 ...