证券代码：688365 证券简称：光云科技 公告编号：2026-003 杭州光云科技股份有限公司 2025年年度业绩预告 本公司董事会及全体董事保证本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、本期业绩预告情况 （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 经杭州光云科技股份有限公司（以下简称"公司"）财务部门初步测算： 2、预计 2025 年年度归属于母公司所有者的扣除非经常性损益的净利润为人 民币-3,500.00 万元至-2,800.00 万元，较上年同期相比，将减少亏损 3,798.71 万 元到 4,498.71 万元，亏损比例同比下降 52.05%到 61.64%。 （三）本期业绩预告未经注册会计师审计。 二、上年同期业绩情况和财务状况 2024 年度利润总额：-8,773.36 万元； 2024 年度归属于母公司所有者的净利润：-8,204.61 万元； 2024 年度归属于母公司所有者的扣除非经常性损益的净利润：-7,298.71 万元； 2024 年度基本每股收益 ...

Core Viewpoint - The A-share market has seen a collective surge in "AI marketing (core stocks)" concept stocks, becoming one of the most prominent market themes, with companies like InSai Group, Zhejiang Wenlian, Tianlong Group, BlueFocus, Guangyun Technology, and Yidian Tianxia leading the charge. Company Summaries - **InSai Group (300781.SZ)**: Latest stock price is 54.18 CNY with a daily increase of +20.00%. The company has formed a joint venture with XinSuo Technology to launch a generative engine for reputation marketing and GEO optimization, supported by its self-developed InsightGPT for content production and distribution [1]. - **Zhejiang Wenlian (600986.SH)**: Latest stock price is 13.78 CNY with a daily increase of +9.98%. The company has released the "HochiGEO" intelligent agent to monitor mainstream AI search platforms and provide intelligent advertising and content distribution strategies across sectors like automotive and fast-moving consumer goods [2]. - **Tianlong Group (300063.SZ)**: Latest stock price is 6.13 CNY with a daily increase of +19.99%. The company has developed its own "PinXue·JianYou" AIGC tool matrix and AI engine, compatible with mainstream large models, enabling multi-modal material generation and intelligent advertising optimization [3]. - **BlueFocus (300058.SZ)**: Latest stock price is 8.00 CNY with a daily increase of +14.93%. The company has invested in PureblueAI, which focuses on GEO technology, quickly entering the generative engine optimization sector through model-driven content generation and distribution [4]. - **Guangyun Technology (688365.SH)**: Latest stock price is 9.80 CNY with a daily increase of +12.07%. The company offers products like "KuaiMai XiaoZhi" and "ShenHui MeiGong Robot," integrating multi-modal large models to provide comprehensive solutions for e-commerce customer service, shopping guidance, material generation, and advertising optimization [5]. - **Yidian Tianxia (301171.SZ)**: Latest stock price is 20.20 CNY with a daily increase of +9.69%. As a leader in cross-border marketing, the company has developed a GEO optimization framework compatible with overseas AI search platforms to enhance brand visibility in generative search results [6]. - **Lio Co., Ltd. (002131.SZ)**: Latest stock price is 2.39 CNY with a daily increase of +9.12%. The company has developed the LEOAIAD platform and unified model, leading the standardization of AIGC advertising materials and implementing MCP protocol tools [7]. - **Fushi Holdings (300071.SZ)**: Latest stock price is 3.14 CNY with a daily increase of +8.66%. The company has launched the FlinkAI full-link intelligent marketing platform and the Disi AI smart chain platform, covering multi-modal content generation, intelligent advertising, and digital marketing [8]. - **Zhidao Mai (300785.SZ)**: Latest stock price is 72.19 CNY with a daily increase of +8.20%. The company is advancing its "comprehensive AI" strategy by launching the "ZhiShu" AI full-domain content insight platform and other B-end marketing tools to empower content creation and data analysis [9]. - **Kunlun Wanwei (300418.SZ)**: Latest stock price is 37.60 CNY with a daily increase of +6.05%. The company’s DramaWave utilizes self-developed AI tools for batch generation of multi-language short video materials and intelligent advertising, establishing an "AI + marketing" growth cycle for overseas short drama marketing [10]. - **Yi Wang Yi Chuang (300792.SZ)**: Latest stock price is 19.21 CNY with a daily increase of +5.88%. As one of Alibaba's first AI Agent ecosystem partners, the company’s AI agents have been implemented in scenarios such as AI-generated images, content generation, and advertising optimization, while promoting SaaS subscription services [11]. - **Shengguang Group (002400.SZ)**: Latest stock price is 5.85 CNY with a daily increase of +6.05%. The company has developed the Lingxi AI marketing platform, integrating top large models to create vertical models covering full-link marketing, collaborating deeply with TikTok and Meta, serving over 300 benchmark clients [12]. - **Tianxia Xiu (600556.SH)**: Latest stock price is 6.15 CNY with a daily increase of +7.75%. The company has launched the AI product "Inspiration Island," leveraging AIGC to empower social media and short video content operations, enabling batch content generation, review, and digital IP creation [14].

场内ETF方面，截至2026年1月29日 10:02，中证人工智能产业指数(931071)强势上涨2.17%，成分股光 云科技20cm涨停，星环科技上涨14.85%，科大讯飞10cm涨停，吉比特、合合信息等个股跟涨。人工智 能ETF(515980)上涨1.83%。 华富人工智能ETF（515980）以40%权重聚焦应用端、60%布局算力基础设施，攻守兼备贴合市场节 奏。春季躁动窗口期，AI作为核心主线确定性高，全球AI浪潮由中美引领，A股是布局中国AI产业的核 心阵地。华富人工智能ETF（515980）跟踪中证人工智能产业指数，依托标的指数三层闭环编制逻辑 +季度调仓紧跟产业趋势的优势，是布局A股AI的优质小宽基标的。 没有股票账户的场外投资者可以选择华富人工智能ETF联接基金（A类008020，C类008021）。 近期，头部云厂商密集上调算力服务价格，AI训练与推理需求激增正加速推动"云、边、端"全栈算力通 胀。谷歌于2026年1月27日宣布，自5月1日起上调CDN Interconnect等数据传输服务价格，北美、欧洲、 亚洲地区单价分别上涨100%、60%、42%；AWS亦将搭载H200芯片的p5e. ...

德邦稳盈增长灵活配置混合A（004260）基金经理为雷涛、陆阳。 截至发稿，雷涛累计任职时间4年28天，现任基金资产总规模161.49亿元，任职期间最佳基金回报 288.21%， 任职期间最差基金回报-13.63%。 陆阳累计任职时间2年92天，现任基金资产总规模133.65亿元，任职期间最佳基金回报288.21%， 任职 期间最差基金回报38.07%。 从基金十大重仓股角度 数据显示，德邦基金旗下1只基金重仓光云科技。德邦稳盈增长灵活配置混合A（004260）四季度减持 77.43万股，持有股数301.23万股，占基金净值比例为5.03%，位居第十大重仓股。根据测算，今日浮盈 赚取约400.64万元。 1月23日，光云科技涨5.31%，截至发稿，报26.39元/股，成交3.66亿元，换手率3.35%，总市值112.38亿 元。 资料显示，杭州光云科技股份有限公司位于浙江省杭州市滨江区浦沿街道坚塔街599号光云大厦，成立 日期2013年8月29日，上市日期2020年4月29日，公司主营业务涉及基于电子商务平台为电商商家提供 SaaS产品,在此基础上提供配套硬件、运营服务及CRM短信等增值产品及服务。主营业务收 ...

Group 1 - The A-share market has seen a continued rise in certain AIGC concept stocks, indicating positive market sentiment towards this sector [1] - Zhejiang Wenhu Internet has reached its daily limit increase, showcasing strong investor interest [1] - Century Tianhong has increased by over 7%, reflecting robust performance among AIGC-related companies [1] Group 2 - Other notable gainers include Guangyun Technology, Chaotu Software, Dian Diagnostics, and Qianfang Technology, all rising by more than 5% [1] - Companies such as Jiuzhoutong, Danghong Technology, Leizhi Group, Fushi Holdings, Keda Guochuang, Yanshan Technology, and Zhongkong Technology have all seen increases of over 4% [1]

Group 1 - A-share market sees a rise in AIGC concept stocks, with notable increases in several companies [1] - Zhejiang Wenhu Internet (浙文互联) hits the daily limit with a 10.05% increase, while Century Tianhong (世纪天鸿) rises by 7.63% [2] - Other companies such as Guangyun Technology (光云科技), SuperMap Software (超图软件), and Di'an Diagnostics (迪安诊断) also experience significant gains, exceeding 5% [1][2] Group 2 - The total market capitalization of Zhejiang Wenhu Internet is 17.9 billion, with a year-to-date increase of 54.09% [2] - Century Tianhong has a market cap of 4.236 billion and a year-to-date increase of 16.75% [2] - Guangyun Technology's market cap stands at 11.3 billion, with a year-to-date increase of 57.32% [2]

Investment Rating - The report maintains a positive outlook on the industry, specifically highlighting the potential for effective control of AI model hallucinations by 2026 [2]. Core Insights - The report emphasizes that while hallucinations in AI models are inevitable, advancements in algorithms, data quality, and engineering practices can significantly reduce their occurrence. The top 25 global models have achieved a hallucination rate below 8% [5][6]. - The report identifies three key areas for investment: mature AI applications, marketing AI that is less sensitive to hallucinations, and data plus AI infrastructure [6]. Summary by Sections 1. Hallucinations - The Lower Bound of Model Capability - The report defines hallucinations as overconfident errors produced by language models, which can include fabrications, factual inaccuracies, contextual misunderstandings, and logical fallacies. For instance, GPT-3.5 had a hallucination rate of approximately 40%, while GPT-4's rate was 28.6% [14][15]. 2. Sources of Hallucinations - Hallucinations arise from several factors, including model architecture, toxic data, lack of accuracy in reward objectives, and context window limitations. Addressing these factors is crucial for controlling hallucinations [7][8]. 3. Reducing Hallucinations: From Models, Data, Engineering, and Agents - The report discusses various strategies to mitigate hallucinations, such as using larger training datasets, extending context windows, and incorporating human feedback through reinforcement learning (RLHF) [25][26]. - Engineering practices like Retrieval-Augmented Generation (RAG) are becoming standard, with Gartner predicting a 68% adoption rate by 2025 [56][57]. 4. 2B Application Penetration and Evolution - The report notes that the control of hallucinations in mainstream models has made significant progress, with the top 25 models in the Vectara HHEM ranking achieving hallucination rates below 8%. For example, the Finix model developed by Ant Group has a hallucination rate of only 1.8% [72].

Core Viewpoint - The A-share market saw a significant rise in AIGC concept stocks, driven by news of OpenAI's upcoming advertising service for ChatGPT, set to launch in early February [1] Group 1: Stock Performance - Huakai Yibai experienced a 20.03% increase, reaching a market capitalization of 6.13 billion [2] - Zhejiang Wenlian rose by 10%, with a total market value of 16.7 billion [2] - Bona Film Group saw a 9.96% increase, bringing its market cap to 12.9 billion [2] - Zhongwen Online increased by 6.81%, with a market capitalization of 24.1 billion [2] - Wanxing Technology rose by 5.3%, reaching a market value of 18.6 billion [2] - Other notable increases include BlueFocus (4.45%, 69.9 billion), Fantou Shuchuang (4.83%, 3.166 billion), and several others with gains over 3% [2] Group 2: Year-to-Date Performance - Huakai Yibai has a year-to-date increase of 39.59% [2] - Zhejiang Wenlian's year-to-date performance stands at 43.48% [2] - Bona Film Group has a year-to-date increase of 23.42% [2] - Zhongwen Online shows a year-to-date increase of 31.81% [2] - Wanxing Technology has a year-to-date increase of 36.38% [2] - BlueFocus leads with a year-to-date increase of 69.01% [2]

Group 1 - The core point of the news is that Guangyun Technology's stock price increased by 6.32% to 27.41 CNY per share, with a trading volume of 381 million CNY and a turnover rate of 3.40%, resulting in a total market capitalization of 11.672 billion CNY [1] - Guangyun Technology, established on August 29, 2013, and listed on April 29, 2020, is based in Hangzhou, Zhejiang Province. The company primarily provides SaaS products for e-commerce merchants through its electronic commerce platform, along with supporting hardware, operational services, and value-added products such as CRM SMS [1] - The revenue composition of Guangyun Technology includes 85.00% from SaaS products, 9.72% from supporting hardware, 3.54% from other supplementary services, 0.96% from CRM SMS, and 0.78% from operational services [1] Group 2 - From the perspective of fund holdings, one fund under Huaxia Fund has a significant position in Guangyun Technology. The Huaxia Stable Gain One-Year Holding Mixed A Fund (017912) held 6,400 shares, accounting for 0.31% of the fund's net value, making it the sixth-largest holding [2] - The Huaxia Stable Gain One-Year Holding Mixed A Fund was established on August 11, 2023, with a latest scale of 24.1981 million CNY. Year-to-date, it has achieved a return of 2.13%, ranking 6470 out of 8846 in its category, and a one-year return of 3.93%, ranking 7456 out of 8091 [2] - The fund manager, Jing Boling, has been in the position for 2 years and 74 days, with the total asset scale of the fund at 12.265 billion CNY. The best return during his tenure is 25.78%, while the worst return is 0.13% [2]

Group 1 - The core viewpoint of the news is that Guangyun Technology's stock has seen a significant increase, with a rise of 6.32% to 27.41 CNY per share, and a total market capitalization of 11.672 billion CNY [1] - Guangyun Technology, established on August 29, 2013, and listed on April 29, 2020, primarily provides SaaS products for e-commerce merchants, with revenue composition being 85.00% from SaaS products, 9.72% from hardware, 3.54% from other services, 0.96% from CRM SMS, and 0.78% from operational services [1] Group 2 - According to data, Shenyuan Lingxin Fund holds Guangyun Technology as a significant investment, with the Shenyuan Lingxin Digital Industry Stock Fund A (018048) holding 481,900 shares, representing 4.74% of the fund's net value, making it the seventh-largest holding [2] - The Shenyuan Lingxin Digital Industry Stock Fund A has achieved a year-to-date return of 26.58%, ranking 8th out of 5,542 in its category, and a one-year return of 53.29%, ranking 1,121 out of 4,235 [2]