Core Insights - Recently, a new venture capital partnership named Infinite Sailing Haihe (Tianjin) was established with a capital contribution of approximately 140 million yuan [1] - The business scope includes venture capital, private equity investment, investment management, and asset management activities [1] - The company is co-funded by Hangzhou Alibaba Venture Capital Co., Ltd. and Haitan Ruisheng among others [1]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the data annotation industry, specifically focusing on the impact of Meta's acquisition of Scale AI on companies like 海天瑞声 (Haitian Ruisheng) [2][3][5]. Key Points and Arguments 1. **Meta's Acquisition of Scale AI**: Meta acquired Scale AI for $28 billion, highlighting the potential of the data annotation industry. This acquisition is expected to lead to significant revenue growth for Scale AI, projected to reach $2 billion in 2025, exceeding market expectations [2][3][6]. 2. **Market Dynamics**: The acquisition may cause other major companies to reconsider their partnerships with Scale AI due to data sensitivity concerns, potentially creating new opportunities for competitors like 海天瑞声 [5][6]. 3. **Data Annotation Valuation Models**: The industry has diverse valuation models, including revenue, profit, Annual Recurring Revenue (ARR), and orders. The high valuation of Scale AI reflects strong market confidence in the sector's future [6][7]. 4. **Scale AI's Competitive Edge**: Scale AI's data processing efficiency, with a labeling accuracy of 99.7%, significantly surpasses the market average. Its annual compound growth rate is close to 100%, primarily driven by contracts with the U.S. military and government [2][7][8]. 5. **海天瑞声's Business Model**: 海天瑞声 generates revenue through the production and sale of standardized or customized datasets, contrasting with Scale AI's platform sales model, which focuses on high-value, sticky contracts with large institutions [11][12]. 6. **Domestic Market Growth**: In Q1 2025, 海天瑞声 experienced rapid growth in the domestic market, largely attributed to contributions from China Mobile. The revenue structure shifted significantly, with visual data accounting for 49% of total revenue [4][17][18]. 7. **Government Funding Impact**: The stability of local government funding is crucial for 海天瑞声's project selection. The company prioritizes locations with reliable financial backing to ensure project success [4][19]. 8. **Future Opportunities**: The acquisition of Scale AI by Meta may lead to increased demand for data annotation services from other companies, positioning 海天瑞声 to capitalize on these opportunities [5][20]. 9. **International Expansion**: 海天瑞声 has established a data center in Manila, Philippines, with a capacity of 1,500 personnel, generating over $10 million in revenue in Q1 2025, and is expected to reach $40-50 million for the year [12]. 10. **Collaboration with Local Governments**: The company is actively collaborating with several local governments in China to enhance public data governance and identify economically valuable data [13][16]. Additional Important Insights - **Scale AI's Success Factors**: Scale AI's rapid growth is attributed to its specialized data processing capabilities and strong client relationships, particularly with military clients [8][10]. - **Technological Advancements**: The data annotation industry is evolving towards multimodal data processing, and 海天瑞声 is adapting by optimizing data handling processes and enhancing government collaborations [9][10]. - **Future Outlook**: As a leader in the domestic data annotation sector, 海天瑞声 is well-positioned to benefit from new data annotation demands from state-owned enterprises and favorable international market conditions [20].

海天瑞声 20250610 摘要 Meta 投资 Scale AI 旨在获取高质量数据及拓展国防等市场，以支持其 AI 商业化落地，并看重其客户资源及政商军事领域布局。 Scale AI 营收高速增长，预计 2025 年达 20 亿美元，估值翻倍至 276 亿美元，主要受益于美国军方和政府订单。 海天瑞声认为 AI 应用普及和多模态大模型发展抬升市场空间，视觉数据 需求激增，2025 年 Q1 视觉收入占比达 49%。 海天瑞声 2025 年发力数据积累业务，并拓展海外市场，菲律宾数据交 付基地提供低成本产能，内容审核业务贡献现金流。 海天瑞声通过研发创新、AI 辅助标注和合成数据等方式提升竞争力，并 关注新型数据需求。 国内大模型发展推动海天瑞声与中国移动等央企合作，受益于沿投联动 机制，订单显著增长。 海天瑞声通过"3+1"模式参与地方政府数据产业化项目，提供数据治 理和标注等服务，并采取本地化部署策略确保合规。 Q&A Meta 对 Scale AI 的投资背后的逻辑是什么？ Meta 对 Scale AI 的投资主要有两个方面的考虑。首先，数据处理在 AI 训练中 仍然至关重要。Scale AI 拥有 ...

证券代码：688787 证券简称：海天瑞声 公告编号：2025-019 北京海天瑞声科技股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 6 月 6 日 （二） 股东大会召开的地点：北京市海淀区知春路 68 号院 1 号楼 4 层 401 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 66 | | --- | --- | | 普通股股东人数 | 66 | | 2、出席会议的股东所持有的表决权数量 | 24,226,099 | | 普通股股东所持有表决权数量 | 24,226,099 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 40.4719 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 40.4719 | （四） ...

北京市天元律师事务所 关于北京海天瑞声科技股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 387 号 致：北京海天瑞声科技股份有限公司 北京海天瑞声科技股份有限公司（以下简称"公司"）2024 年年度股东大会 （以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议 于 2025 年 6 月 6 日 14 点 30 分在北京市海淀区知春路 68 号院 1 号楼 4 层 401 召开。北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师 参加本次股东大会现场会议，并根据《中华人民共和国公司法》《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称《" 股东 会规则》"）以及《北京海天瑞声科技股份有限公司章程》（以下简称"《公司章 程》"）等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的 资格、召集人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《北京海天瑞声科技股份有限公司第 三届董事会第四次会议决议公告》《北京海天瑞声科技股份有限公司第三届监事 会第三次会议决议公告》《北 ...

Summary of Haitai Ruisheng Conference Call Company Overview - **Company**: Haitai Ruisheng - **Industry**: AI and Data Processing Key Financial Performance - In 2024, Haitai Ruisheng achieved a net profit of 11.34 million yuan, turning around from a loss, with operating cash flow of 28.73 million yuan, driven by increased multimodal data orders and improved gross margins on high-margin products and customized services [2][3][4] - Total revenue for 2024 reached 237 million yuan, a year-on-year increase of 39.45%, with a gross margin of 66.46%, up by 10.45 percentage points [3][4] - The company reported a significant improvement in net profit, up by 41.72 million yuan compared to the previous year [3] Strategic Initiatives - The company is actively expanding its overseas market presence, particularly in the smart driving sector, aligning with automotive companies' international expansion trends [2][5] - Haitai Ruisheng is focusing on R&D investments in smart driving data processing platforms and intelligent data operation platforms, achieving significant advancements in algorithm reserves and inference frameworks [2][6] Technological Innovations - The company has established a technology-led strategy, emphasizing R&D to overcome technical bottlenecks and enhance the production of training data [2][7] - Innovations in smart driving annotation include multi-frame point cloud overlay and object tracking algorithms, which improve annotation efficiency and transition towards 4D annotation [2][8] - The company has developed a self-research SLAM algorithm to optimize parking scene 4D point cloud annotation, addressing complex 3D environments [8][9] Voice Recognition and Natural Language Processing - In collaboration with Tsinghua University, Haitai Ruisheng launched the Dolphin training project to improve ASR accuracy for Eastern languages, processing 212,000 hours of high-quality data covering 40 Eastern languages and 22 Chinese dialects [3][10] - The company has introduced over 150 new training data products, with a total of 1,716 proprietary products, and expanded its offerings to include 11 new languages in the smart voice sector [10] Future Plans - For 2025, the company aims to continue driving growth through technology and product innovation, focusing on building an intelligent data management platform and developing automated data processing algorithms [12] - The company plans to expand its multimodal data product matrix and explore new areas such as embodied intelligence and vertical industry applications [12] Market Positioning - Haitai Ruisheng is positioning itself to support national digital economy strategies by collaborating with local governments and educational institutions to enhance data governance and talent development [13] - The company is also expanding its resource network in finance, healthcare, and manufacturing sectors to improve data service capabilities [12][13] Q1 2025 Financial Performance - In Q1 2025, the company reported revenue of 69.81 million yuan, a 72% year-on-year increase, with a gross margin of 47.41% and a net profit of 370,000 yuan, marking a 101 million yuan increase compared to the previous year [14]

Core Viewpoint - Haitai Ruisheng (688787) has experienced significant growth in its performance, driven by the rapid evolution of multimodal AI technology and the deep application of AI in vertical industries, creating new market opportunities [1] Group 1: Financial Performance - In 2024, Haitai Ruisheng achieved total revenue of 237 million yuan, a nearly 40% year-on-year increase, and a net profit attributable to shareholders of 11.3361 million yuan, marking a turnaround from losses [1] - The company reported a net profit attributable to shareholders in the first quarter of this year, indicating a continued positive trend [1] Group 2: Business Growth Drivers - The core drivers of revenue growth for 2025 will be the increasing demand for cross-modal fusion data and the rapid iteration of multimodal large models [1] - The company's computer vision and natural language businesses have experienced rapid growth, supported by the implementation of AI in government, legal compliance, and other application scenarios [1] Group 3: Global Expansion and Strategic Initiatives - Haitai Ruisheng has expanded its data delivery system in Southeast Asia, which is now in the ramp-up operational phase, contributing to significant incremental revenue [1] - The company aims to explore the overseas custom service market, which is expected to become a new strategic foothold for business expansion [1] Group 4: Data Service Market Trends - The data service market is expected to undergo a reshuffle, with increasing concentration as major players invest in technology research and resource capability building [3] - Companies lacking data security and compliance capabilities are likely to be eliminated from the market due to stricter national regulations [3] - The company is collaborating with local governments and universities to develop data labeling talent and enhance the regional digital economy [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company is recognized as a leading AI training data provider in China, with a significant uptick in performance driven by the rapid development of large model technologies and the increasing demand for multilingual and natural language processing services [5][6]. - The company has established a strong competitive edge through its standardized dataset products, with over 1,700 proprietary training datasets available, catering to various AI core fields [7]. - Strategic collaborations with government entities and local operators are underway to build a "trusted data space," enhancing data governance and circulation systems [8]. - A partnership with Huawei has led to the launch of the Deepseek data flywheel intelligent agent, which integrates high-performance hardware and software for comprehensive data processing solutions [9]. Financial Performance - In 2024, the company achieved a revenue of 237 million yuan, representing a year-on-year growth of 39.45%, with a net profit attributable to shareholders of 11.34 million yuan [6][10]. - The first quarter of 2025 saw a rapid revenue increase of 71.75% year-on-year, reaching approximately 69.81 million yuan, with a turnaround to profitability [6]. - Forecasts for 2025-2027 predict earnings per share (EPS) of 0.33, 0.49, and 0.70 yuan, with corresponding price-to-earnings (P/E) ratios of 290.74, 192.52, and 135.94 [10][11].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is recognized as a leading AI training data service provider in China, with a significant performance turnaround expected due to the rapid development of large model technologies and the increasing demand for AI training datasets across various applications [5][6]. - The company has established a strong competitive edge through its standardized dataset products, with over 1,700 proprietary training datasets developed, catering to the growing needs of central enterprises in AI training [7]. - The company is actively exploring new business models in the data industry and collaborating with local governments to build trusted data spaces, enhancing data governance and circulation systems [8]. - A partnership with Huawei has led to the launch of the Deepseek data flywheel intelligent agent, which integrates high-performance hardware and software for comprehensive data processing and model training solutions [9]. Financial Performance - In 2024, the company achieved a revenue of 237 million yuan, representing a year-on-year growth of 39.45%, driven by the demand for multilingual and natural language processing services [6]. - The company's net profit attributable to shareholders was 11.34 million yuan in 2024, with a significant increase in gross margin due to a higher proportion of high-margin dataset products [6]. - For the first quarter of 2025, the company reported a revenue growth of 71.75% year-on-year, amounting to 69.81 million yuan, indicating a strong recovery and profitability [6]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.33, 0.49, and 0.70 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 290.74, 192.52, and 135.94 [10][11]. - Revenue is expected to grow to 338 million yuan in 2025, with a growth rate of 42.67%, and further increase to 441 million yuan in 2026 [11][12]. - The net profit attributable to shareholders is forecasted to reach 19.77 million yuan in 2025, reflecting a growth rate of 74.41% [11].

Core Insights - The launch of the "Haitian Ruisheng X Ascend DeepSeek Data Flywheel Intelligent Agent" aims to address the core challenges of digital transformation for enterprises, providing a zero-code, low-threshold deployment solution for intelligent agents [1][7] Group 1: Technological Empowerment - The new solution tackles high deployment barriers and data security risks associated with AI technology in various industries, leveraging the Ascend AI foundational hardware and software platform for robust computational support [3] - The software integrates the Haitian Ruisheng Data Flywheel Intelligent Agent platform, DOTS data labeling platform, and AI research and development platform, creating a complete closed loop from data labeling to model training [3] Group 2: Three Key Advantages - The intelligent agent system is designed to ensure data security while allowing for rapid deployment with minimal transformation costs, tailored to meet specific business needs [4] - Utilizing Retrieval-Augmented Generation (RAG) technology, the solution deeply extracts internal data value and supports multi-source data mixed retrieval, ensuring outputs are closely aligned with business scenarios [4] - The system features built-in intelligent parsing, automated labeling, and dynamic feedback mechanisms, forming a "data-training-application-feedback" loop that promotes continuous iteration of the intelligent agent and reduces manual maintenance costs [4] Group 3: Future Collaboration - The partnership between Haitian Ruisheng and Ascend not only addresses the "last mile" challenge of AI implementation but also builds a sustainable intelligent ecosystem, supporting the intelligent development across various industries [7]