Core Viewpoint - The company, Toris (300229), has successfully implemented its artificial intelligence technology in various high-value B-end scenarios, moving beyond mere concepts or demonstrations [1] Group 1: AI Technology Implementation - The company is one of the earliest in China to focus on natural language processing (NLP) and has developed a comprehensive AI capability system centered on large models, knowledge graphs, and multimodal understanding [1] - The AI technology is applied in key sectors such as government, finance, public security, media, and intellectual property, facilitating the evolution of AI from "usable" to "user-friendly, reliable, and frequently used" [1] Group 2: Business Applications and Value - The self-developed "TuoTian large model" and intelligent platform have been deployed in central ministries, state-owned banks, provincial public security, and mainstream central media, supporting complex tasks like policy interpretation, financial risk assessment, public opinion event simulation, and intellectual property infringement identification [1] - The company emphasizes the integration of industry knowledge and AI engineering to achieve deep fusion of technology and business in highly compliant, secure, and deeply integrated scenarios [1] - The AI capabilities have been thoroughly validated and widely applied in the target market, forming a replicable and measurable business value loop [1]

Core Insights - The company, Toris (300229), emphasizes its core competitiveness in three main areas: full-stack AI capabilities, scarce data resource barriers, and dual-driven industry deepening and AI engineering [1] Group 1: Full-Stack AI Capabilities - The company has established a comprehensive AI technology system covering "data—algorithm—application" [1] - In the data layer, it possesses a vast amount of high-quality, multi-scenario corpus globally and has independently developed core engines such as Haibei search database, vector database, and graph database [1] - The algorithm layer features a collaborative matrix of large and small models based on the "TuoTian large model," integrating knowledge graphs, NLP, and visual computing capabilities [1] - The application layer includes the launch of the "TuoTian Chain" no-code platform and event simulation game theory platform, among other vertical scene AI products [1] Group 2: Scarce Data Resource Barriers - Since establishing its big data center in 2010, the company has continuously accumulated and governed high-value industry data [1] - It has formed a data closed loop characterized by "high-quality governance—high-density mining—high-value empowerment," providing solid support for large model training and industry intelligence [1] Group 3: Industry Deepening and AI Engineering - The company deeply serves key sectors such as government, media, finance, public security, and cybersecurity [1] - It covers 80% of central ministries, 72% of central media, 100% of state-owned banks, and over half of provincial public security and cybersecurity departments among its top clients [1] - This has established a profound industry know-how and scalable implementation capability [1]

格隆汇12月25日丨拓尔思(300229.SZ)在投资者互动平台表示，拓尔思的人工智能技术已在多个高价值B 端场景实现规模化、深度化应用，并非停留在概念或演示阶段。作为国内最早深耕自然语言处理 （NLP）的企业之一，公司已构建以大模型、知识图谱、多模态理解为核心的全栈AI能力体系，并聚焦 政务、金融、公安、媒体、知识产权等关键领域，推动AI从"能用"向"好用、敢用、常用"演进。 目 前，公司自研的"拓天大模型"及智能体平台已在中央部委、国有银行、省级公安及主流央媒等客户中落 地，支撑如政策智能解读、金融风险研判、舆情事件推演、知识产权侵权识别等高复杂度任务，形成可 复制、可计量的业务价值闭环。 需要说明的是，公司AI技术路线始终聚焦产业智能化升级，而非消费 级C端应用（如影视流、广告推荐等）。我们更强调在强合规、高安全、深业务耦合的场景中，通 过"行业知识+AI工程化"实现技术与业务的深度融合。因此，公司的AI能力已在目标市场获得充分验证 和广泛应用。 ...

Core Viewpoint - The company has successfully implemented its artificial intelligence technology in various high-value B-end scenarios, moving beyond mere concepts or demonstrations [1] Group 1: AI Technology and Applications - The company is one of the earliest in China to focus on natural language processing (NLP) and has developed a comprehensive AI capability system centered around large models, knowledge graphs, and multimodal understanding [1] - The AI technology is applied in key sectors such as government, finance, public security, media, and intellectual property, facilitating the evolution of AI from "usable" to "user-friendly, reliable, and frequently used" [1] - The self-developed "Tuotian Large Model" and intelligent platform have been deployed among central ministries, state-owned banks, provincial public security, and mainstream central media, supporting complex tasks like policy interpretation, financial risk assessment, public opinion event simulation, and intellectual property infringement identification [1] Group 2: Focus on Industry and Compliance - The company's AI technology strategy is focused on industrial intelligence upgrades rather than consumer-level applications, emphasizing strong compliance, high security, and deep business integration [1] - The integration of "industry knowledge + AI engineering" aims to achieve a deep fusion of technology and business, which has been validated and widely applied in the target market [1]

格隆汇12月25日丨拓尔思(300229.SZ)在互动平台表示，公司目前未涉及OCS（全光交换）技术及相关 Scale-Up智算网络底层硬件研发。拓尔思的核心聚焦于人工智能与大数据在行业应用层的深度融合，包 括大模型、智能体平台及多模态分析系统等软件与解决方案。 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司是否有OCS（全光交换）技术？ 拓尔思（300229.SZ）12月25日在投资者互动平台表示，公司目前未涉及OCS（全光交换）技术及相关 Scale-Up智算网络底层硬件研发。拓尔思的核心聚焦于人工智能与大数据在行业应用层的深度融合，包 括大模型、智能体平台及多模态分析系统等软件与解决方案。 （记者 王瀚黎） ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][6]. Core Insights - The release of Doubao Model 1.8 and the Seedance 1.5 pro video generation model at the Force conference highlights significant advancements in AI capabilities, particularly in multi-modal agent scenarios [5]. - Doubao Model 1.8 achieved a score of 67.6 in the BrowseComp evaluation, surpassing leading models like GPT-5 High (54.9) and Gemini-3-pro (37.8), indicating its top-tier performance in complex task planning and execution [5]. - The upgraded Seedance 1.5 pro model features breakthroughs in audio-visual synchronization and multilingual dialogue alignment, enhancing its practical and commercial potential [5]. - The AI industry is transitioning from technical validation to large-scale implementation, with Doubao Model's daily token usage exceeding 50 trillion, ranking third globally [5]. - Future investment focus areas include general agent development platform vendors, vertical industry agent solution providers, and small to medium enterprises benefiting from cost-reduction policies [5]. Summary by Sections Recent Developments - The Force conference held on December 18-19, 2025, showcased the launch of Doubao Model 1.8 and the Seedance 1.5 pro model [3][5]. Market Trends - The AI ecosystem in China is led by major companies, with a focus on agents, multi-modal capabilities, and low-code solutions, which are expected to drive continued investment in computing infrastructure [6]. Investment Recommendations - Key companies to watch include: - AI Computing: Cambrian-U (688256.SH), Haiguang Information (688041.SH), Inspur Information (000977.SZ) - Agent Solutions: Kingsoft Office (688111.SH), Dingjie Zhizhi (300378.SZ), Saiyi Information (300687.SZ) - Multi-modal Solutions: Wanjing Technology (300624.SZ), iFlytek (002230.SZ), Tuolisi (300229.SZ) - AI Programming: Zhuoyi Information (688258.SH), Jinxiandai (300830.SZ) [6].

Core Viewpoint - The company's performance assessment indicators for the 2025 equity incentive plan will depend on the actual operational results in the fourth quarter of the current year [1] Group 1: Performance Assessment - The performance assessment indicators are set based on multiple factors including macroeconomic environment, historical performance, strategic goals, and industry development [1] - Actual performance may deviate from expected targets due to various influences such as intensified market competition, delayed customer procurement schedules, and postponed project deliveries [1]

Core Viewpoint - The company is focusing on the development of the "Tuotian Industry Large Model Research and AIGC Application Industrialization Project" through a targeted fundraising initiative, with a commitment to effective fund utilization and ongoing technological innovation [2]. Fundraising and Project Investment - The company has raised funds primarily for the "Tuotian Industry Large Model Research and AIGC Application Industrialization Project" [2]. - As of the first half of 2025, the project has invested 16.5891 million yuan, which accounts for 1.84% of the total committed investment [2]. - The project is expected to reach its intended usable status by October 31, 2027 [2]. Fund Utilization and Management - The company is adhering strictly to the fundraising usage plan and is arranging fund usage based on project implementation progress to ensure effective utilization [2]. - Idle raised funds are being used for cash management to enhance fund efficiency and safeguard investor interests [2]. Research and Development Efforts - The company continues to invest in research and development, driving technological advancement and product innovation [2]. - As of the first half of 2025, the company has obtained 37 software copyrights and 9 patent certificates [2]. - The company plans to increase R&D efforts to enhance its core competitiveness in the future [2].

Core Viewpoint - The company, Toris, is actively tracking and researching the latest AI technologies as a technology vendor in the AI field [2] Company Summary - Toris has engaged with investors on an interactive platform, indicating its commitment to staying updated with advancements in AI technology [2]