21世纪经济报道记者雷晨 在电力市场化改革与"双碳"目标交汇的当下，天娱数科（002354.SZ）旗下的中科售电（辽宁）有限公 司（下称"中科售电"）正以"电碳智能化服务商"的身份闯入能源赛道。 《21世纪》：与传统模式相比，AI售电最根本的区别是什么？ 肖穆楠：两者最根本的区别，可以概括为从"经验驱动"到"数据与智能驱动"的根本性转变。 公开信息显示，中科售电成立于2024年8月，注册资本2040万元人民币，主营业务包括电力交易、能源 大模型预测及综合能源管理。该公司已取得辽宁、海南、陕西等地电力交易资质。2025年4月发生高级 管理人员变更，由天娱数科副总经理肖穆楠接任经理及董事职务。 近期，肖穆楠在接受21世纪经济报道记者专访时表示，公司将通过"智慧能源大模型+全国服务网络"， 帮助通信服务、化工制造、仓储物流等实体企业降低用电成本、优化碳资产配置，成为电力市场的"智 能引擎"。 他表示，公司所构建的AI售电模式，是双向、主动、事前的。它不再是被动接受电费成本，而是通过 AI大模型，将用电和购电两个环节深度联动起来，实现"用购协同"的智能化决策。于购电端精准地预测 市场，于用电端智能地适配市场，真正实现 ...

在电力市场化改革与"双碳"目标交汇的当下，天娱数科（002354.SZ）旗下的中科售电（辽宁）有限公 司（下称"中科售电"）正以"电碳智能化服务商"的身份闯入能源赛道。 公开信息显示，中科售电成立于2024年8月，注册资本2040万元人民币，主营业务包括电力交易、能源 大模型预测及综合能源管理。该公司已取得辽宁、海南、陕西等地电力交易资质。2025年4月发生高级 管理人员变更，由天娱数科副总经理肖穆楠接任经理及董事职务。 天娱数科（002354）跨界售电。 肖穆楠：在服务了智慧营销、数据流量谷、移动应用分发、空间智能等领域的2400余家头部企业后，我 们将目光投向了下一个关乎国计民生、且正在被数据与算法深刻影响的领域——电力交易。根据国家发 改委规划，2025年将基本实现电力现货市场全覆盖，一个万亿元级的新市场正在形成。作为一家以AI 驱动业态变革的上市公司，我们进入此赛道，本质上是将"技术复利"理念延伸至能源领域的又一次商业 模式创新。 电改十年，这场变革深刻影响着从发电到用电的每个环节。现如今，企业用电需求已经超越了"单纯买 电"。在"双碳"目标下，他们更需要的是"买对电"。这包括成本优化、绿电消费、碳资 ...

11月6日，天娱数科首席数据官吴邦毅博士受邀参与爱分析《对话首席》栏目，与爱分析合伙人兼首席 分析师李喆围绕具身智能规模化落地的核心挑战等问题展开深度对话。吴邦毅博士指出，跨越技术与应 用之间的鸿沟，关键在于坚定不移的"应用导向"理念，让技术真正下沉到场景中去解决实际问题。 一、以应用为导向，贯穿AI业务全链路 作为"人工智能的跋涉者"，天娱数科始终坚信AI价值终要体现在实际问题的解决上。这一理念已全面融 入公司的业务布局。基于自研的天星大模型、智者千问大模型及智慧广告大模型，公司构建了协同互驱 的模型矩阵，并以此为基础打造了AI营销SaaS、空间智能MaaS、移动应用分发PaaS三大核心业务平 台。通过将"应用导向"深度融入核心业务矩阵，天娱数科形成了"流量变增量、聚合促协同、智能提效 能"的高效运营模式，逐步实现数字场景与物理场景的全面覆盖。 AI营销SaaS平台以智慧广告大模型为核心，构建了"数据沉淀-模型迭代-场景落地"的完整闭环，推动AI 智能体从效率工具升级为智能协作助手。平台整合了AIGC素材生成、智能投放、AI直播电商转化等功 能，为互联网、保险、跨境电商、美妆等多个行业提供全链路营销服务。 ...

Core Insights - The advertising and marketing sector experienced a 2.04% increase on November 3, with Fushi Holdings leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Fushi Holdings (300071) closed at 5.76, with a significant increase of 13.39%, trading volume of 2.9476 million shares, and a transaction value of 1.691 billion [1] - Tianxiao (600556) saw a closing price of 6.83, up 9.98%, with a trading volume of 1.6493 million shares and a transaction value of 1.098 billion [1] - Other notable performers include Yaowang Technology (002291) with a 5.30% increase, Longyun Co. (603729) up 3.65%, and BlueFocus Communication Group (300058) up 3.13% [1] Capital Flow - The advertising and marketing sector experienced a net outflow of 128 million from institutional investors, while retail investors saw a net inflow of 155 million [1] - Specific stock capital flows indicate that Tianxiao had a net outflow of 114 million from retail investors, while Fushi Holdings had a net outflow of 87.774 million from institutional investors [2] - The overall trend shows that while institutional and speculative funds are withdrawing, retail investors are actively buying into the sector [1][2]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, driven by advancements in AI technology and diversified business operations [1] Financial Performance - In Q3 2025, the company achieved a revenue of 521 million yuan, representing a year-on-year growth of 18.78% [1] - The net profit attributable to shareholders reached 19.08 million yuan, marking a staggering increase of 1102.73% year-on-year [1] - For the first three quarters of 2025, total revenue amounted to 1.508 billion yuan, reflecting a year-on-year increase of 25.67% [1] - Cumulative net profit for the same period was 42.703 million yuan, showing a substantial growth of 597.6% year-on-year [1] Profitability and Margins - The gross profit margin in Q3 2025 rose to 27.43%, an increase of 9.01 percentage points year-on-year and 0.34 percentage points quarter-on-quarter, achieving a new high for the year [1] - The overall profitability of the company has steadily improved, with enhanced profit quality attributed to the sustained release of AI marketing momentum [1] Cash Flow and Financial Health - The net cash flow from operating activities for the first three quarters reached 78.4976 million yuan, indicating a positive turnaround from a negative position in the previous year [1] - The company's financial condition remains healthy and stable, reflecting strong operational performance [1]

Core Insights - The report highlights significant growth in revenue and net profit for Tianyu Shuke in Q3 2025, alongside improvements in asset structure and financial health, indicating a transformation in the company's fundamentals driven by AI technology implementation [1] Asset Side - Total assets reached 1.976 billion, an increase of 11.88% compared to the end of the previous year, with a notable growth in non-current assets related to business expansion and technology implementation [2] - Right-of-use assets doubled to 31.76 million, up 110.77% year-on-year, reflecting substantial business scale expansion and a shift from technology R&D to large-scale implementation [2] - Prepayments surged by 184% to 135 million, indicating strong demand in data traffic business, with a corresponding 99.63% increase in contract liabilities, suggesting a robust order backlog for future revenue recognition [2] Profitability - Non-recurring gains are manageable, showcasing the genuine profitability of core business operations, with a 592.87% year-on-year increase in net profit excluding non-recurring items, reaching 13.91 million [3] - The core business remains the primary growth driver, with a 149.41% increase in cumulative net profit excluding non-recurring items, while non-recurring gains accounted for only 27.12% of quarterly net profit [3] Expense Side - R&D expenses were strategically optimized, focusing on core AI technologies, with a total of 31.21 million spent in the first three quarters, down from 38.83 million the previous year, indicating a shift towards more targeted investments [4] - Sales expenses increased by 37.27% to 117 million, driven by heightened investments in data traffic business and AI marketing, facilitating the transition from technology validation to market expansion [5] - Financial expenses turned positive at 4.24 million, primarily due to increased short-term borrowing, which rose by 708% to 74.51 million, reflecting the funding needs for business expansion in the data traffic sector [5][6] Conclusion - The highlights of Tianyu Shuke's Q3 2025 report include not only significant revenue and profit growth but also improvements in asset structure, profitability quality, and expense alignment, collectively supporting the effective implementation of the "AI + application" strategy and indicating a promising long-term growth trajectory [6]

Core Insights - The advertising and marketing sector saw a rise of 2.39% on October 31, with Fushi Holdings leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Fushi Holdings (300071) closed at 5.08, up 20.09% with a trading volume of 1.3387 million shares and a transaction value of 639 million [1] - BlueFocus Communication Group (300058) closed at 7.35, up 8.73% with a trading volume of 7.4609 million shares and a transaction value of 5.383 billion [1] - Other notable performers include: - Easy Point World (301171) at 30.84, up 6.09% [1] - Jiayun Technology (300242) at 4.75, up 5.32% [1] - Yinxu Group (300781) at 37.07, up 5.22% [1] Capital Flow - The advertising and marketing sector experienced a net inflow of 1.218 billion in main funds, while retail investors saw a net outflow of 717 million [2][3] - Main fund inflows for key stocks include: - BlueFocus Communication Group with 67.5 million [3] - Fushi Holdings with 237 million [3] - Tianyu Digital Science (002354) with 95.831 million [3] Summary of Individual Stocks - Fushi Holdings had a significant main fund inflow of 237 million, but retail investors withdrew 119 million [3] - BlueFocus Communication Group had a main fund inflow of 67.5 million, with retail investors withdrawing 46.2 million [3] - Tianyu Digital Science saw a main fund inflow of 95.831 million, while retail investors withdrew 80.017 million [3]

天娱数字科技（大连）集团股份有限公司（以下简称"公司"）分别于 2025 年 9 月 22 日、2025 年 10 月 14 日召开了第六届董事会第二十四次会议、2025 年第二次临时股东大会，审议通过了《关于修订<公司章程>的议案》《关于董 事会换届暨选举第七届董事会非独立董事的议案》《关于董事会换届暨选举第七 届董事会独立董事的议案》；公司于 2025 年 10 月 14 日召开了第七届董事会第 一次会议，审议通过了《关于选举公司第七届董事会董事长的议案》。具体内容 详见公司在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 近日，公司已办理完成了上述事项相关的工商变更登记备案手续，并取得了 辽宁省大连市市场监督管理局换发的《营业执照》。变更后的《营业执照》具体 内容如下： 1、名称：天娱数字科技（大连）集团股份有限公司 2、统一社会信用代码：91210200751573467T 天娱数字科技（大连）集团股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 股票代码：002354 股票简称：天娱数科 编号 ...

Core Insights - High-quality 3D data is essential for advancing robotics from "perception intelligence" to "action intelligence" in the context of embodied intelligence [1] - The Behavision Pro platform, under Tianyu Shuke, has developed a comprehensive 3D articulated dataset that has gained global recognition for its consistency, physical accuracy, and interpretability [2][3] - The transition from static to dynamic 3D data represents a significant leap in data capabilities, positioning 3D data as a core competitive advantage in the industry [3] Group 1: Industry Context - The 3D data field has been historically dominated by static datasets like ModelNet and ShapeNet, but the need for dynamic, articulated object data has emerged as a critical breakthrough for research institutions [1] - Existing datasets like PartNet-Mobility and SAPIEN have attempted to introduce mobility concepts but still face limitations in scale, action consistency, and physical accuracy [1] Group 2: Behavision Pro Platform - Behavision Pro has accumulated over 1.5 million 3D data entries and 650,000 multimodal data entries, creating a rich dataset that supports various core tasks in robotics [2] - The dataset systematically defines the behavior logic of how to manipulate objects, moving beyond traditional 3D data that only describes what objects are [2] Group 3: Technological Advancements - The Behavision 3D articulated dataset bridges the gap between visual recognition and behavior generation, facilitating Real2Sim2Real closed-loop learning [3] - The platform's structured design and physical realism address the industry's bottleneck of scarce articulated data, providing a viable solution for current challenges [3] Group 4: Future Directions - Tianyu Shuke plans to increase investment in behavior-oriented 3D data assets, continuously optimizing and expanding the dataset to support the development of general embodied intelligence [3] - The company aims to collaborate with global research institutions and developers to enhance the industry's data infrastructure and accelerate the arrival of the embodied intelligence era [3]

Core Points - The case involves a loan contract dispute between Galaxy Jinhui Securities Asset Management Co., Ltd. and Shi Botao, with the Shenzhen Qianhai Cooperation Zone People's Court set to auction shares of Tianyu Shuke (stock code: 002354) held by Shi Botao [2] Group 1 - The auction will take place on the Taobao judicial auction platform, with the auctioned asset being 6,197,533 shares of Tianyu Shuke [2] - The displayed auction price is set at 33,020,455.82 yuan, which is based on the stock's closing price of 6.66 yuan per share on October 28, 2025 [2] - The actual starting price for the auction will be calculated as 80% of the average closing price over the 20 trading days prior to the auction date, multiplied by the total number of shares [2]