证券代码：300229 证券简称：拓尔思 公告编号：2025-020 拓尔思信息技术股份有限公司 关于举办 2024 年度暨 2025 年第一季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 拓尔思信息技术股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日 在中国证券监督管理委员会指定的创业板信息披露网站披露《2024年年度报告》 及其摘要，并已于 2025 年 4 月 24 日披露《2025 年第一季度报告》。 为方便广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公 司将于 2025 年 5 月 12 日（星期一）15:00-16:00 在"价值在线"举办 2024 年度暨 2025 年第一季度网上业绩说明会。本次业绩说明会将采用网络文字互动方式举 行，投资者可登陆"价值在线"（www.ir-online.cn）参与本次业绩说明会。 出席本次业绩说明会的公司人员有：董事长兼总经理施水才先生，财务总监 林义女士，副总经理、董事会秘书李党生先生，独立董事俞放虹女士（如遇特殊 情况，参会人员可能进行调整）。 1 ...

Core Viewpoint - The financial performance of the company, Toris (300629), has shown significant volatility, with a sharp decline in data resource revenue and continued net losses in the latest quarterly report [1][3]. Financial Performance Summary - In Q1 2025, Toris reported total revenue of 124.97 million yuan, a decrease from 178.24 million yuan in Q1 2024, and a net loss of 22.93 million yuan [3][4]. - The data resource revenue for Q1 2025 was 9.32 million yuan, down approximately 29.78 million yuan from the previous year's report, marking a decline of over 76% [1][3]. - The company experienced a peak in data resource revenue in 2024, reaching 39.10 million yuan in the annual report, but this was followed by a significant drop in Q1 2025 [1][3]. Revenue and Profit Trends - The operating income showed a notable increase throughout 2024, peaking at 619.14 million yuan in Q3, but fell to 124.97 million yuan in Q1 2025 [3][4]. - The net profit fluctuated dramatically, with a profit of 27.25 million yuan in Q1 2024, followed by a loss of 94.15 million yuan in the annual report for 2024, and continuing losses into Q1 2025 [3][4]. Stock Performance - The stock price of Toris has experienced significant fluctuations, reaching a low of 9.53 yuan in February 2024 and a high of 30.73 yuan in February 2025, before closing at 17.18 yuan as of April 29, 2025 [4].

Group 1 - The year 2024 marks the formal inclusion of data assets in accounting practices, with 92 listed companies reporting a total of 2.495 billion yuan in data assets by the end of the year [1][2] - The number of companies reporting data assets has increased from 17 in the first quarter to 92 by the annual report, with the total value rising from 79 million yuan to 2.495 billion yuan [2] - Major contributors to data asset reporting include China Mobile, Cloud Horse, China Unicom, and China Telecom, each reporting over 100 million yuan in data assets [2][5] Group 2 - Data assets are primarily classified as intangible assets, with over 60 companies accounting for more than 1.3 billion yuan in this category, representing approximately 60% of the total [3] - The inclusion of data assets in financial statements helps companies optimize their financial reports, impacting asset scale and net profit [3] - Data asset reporting is seen as a foundation for digital transformation and exploring data trading and value-added services [3] Group 3 - The standardization and normalization of data asset reporting is a growing concern, as not all data resources qualify as assets [4] - Companies face challenges in distinguishing between data resources, products, and assets, necessitating a comprehensive approach to compliance and management [4] - Some companies have been cautious in reporting data assets, with instances of previously reported data being corrected or omitted in annual reports [5]

Core Insights - The article discusses the multi-modal large model industry chain, highlighting its complexity and the various layers involved, including the foundational layer, model layer, and application layer [1][3]. Industry Overview - The multi-modal large model industry chain consists of three main layers: foundational (hardware and basic software), model (various types of multi-modal large models), and application (industry-specific large models) [1]. - Key players in the foundational layer include Intel and NVIDIA, while foundational software participants include Huawei, Tencent, and Unisoc [3]. Regional Distribution - The multi-modal large model industry is concentrated in major cities such as Beijing, Shanghai, Suzhou, Hangzhou, and Shenzhen, with a strong presence of upstream companies in Beijing and Shenzhen [4]. - Upstream companies in Beijing include Cambricon, Lenovo, and Inspur, while Shenzhen hosts Unisoc, HiSilicon, and ZTE [4]. Revenue Insights - The revenue distribution in China's multi-modal large model sector shows a concentration among leading companies, with Alibaba Cloud generating over 110 billion yuan, accounting for approximately 15% of its group's revenue [7]. - Huawei Cloud and Tencent Cloud follow, with revenues of 68.8 billion yuan and 63.6 billion yuan, respectively, each contributing around 5-7% to their parent companies [7]. Cost Structure - The training costs for mainstream large models in China range from tens of millions to hundreds of millions of dollars, with major players like Baidu, Alibaba, and Tencent investing over 200 million dollars [10]. - Startups like Kimi and DeepSeek manage to lower their training costs to between 30 million and 60 million dollars through technological optimization [10]. Product Cost Details - The training and cloud hosting costs for various multi-modal large models are detailed, with notable examples including: - Pangu Model (Huawei): ≥ 100 million USD - Wenxin Model (Baidu): ≥ 300 million USD - Mix Yuan Model (Tencent): ≈ 250 million USD - Xinghuo Model (iFlytek): = 80 million CNY [12].

中信建投证券股份有限公司 关于拓尔思信息技术股份有限公司向特定对象发行股票 限售股份解除限售上市流通的核查意见 | 序号 | 认购对象名称 | 获配股数（股） | 获配金额（元） | 限售期（月） | | --- | --- | --- | --- | --- | | 1 | 诺德基金管理有限公司 | 18,363,799 | 211,000,050.51 | 6 | | 2 | 财通基金管理有限公司 | 12,532,637 | 143,999,999.13 | 6 | | 3 | UBS AG | 6,005,221 | 68,999,989.29 | 6 | | 4 | 易米基金管理有限公司 | 4,960,835 | 56,999,994.15 | 6 | 1 | 序号 | 认购对象名称 | 获配股数（股） | 获配金额（元） | 限售期（月） | | --- | --- | --- | --- | --- | | 5 | 广发证券股份有限公司 | 3,655,352 | 41,999,994.48 | 6 | | 6 | 董易 | 3,046,127 | 34,999,999.23 | 6 | | ...

证券代码：300229 证券简称：拓尔思 公告编号：2025-019 拓尔思信息技术股份有限公司 关于向特定对象发行股票限售股份解除限售上市流通 的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、本次解除限售的股份为拓尔思信息技术股份有限公司（以下简称"公司"） 于 2024 年 10 月向特定对象发行的股票，解除限售股份的数量为 78,328,981 股， 占公司目前总股本的 8.9660%。 2、本次解除限售股份的上市流通日期为 2025 年 4 月 29 日。 一、本次解除限售股份发行情况和公司股本变动情况 经中国证券监督管理委员会出具的《关于同意拓尔思信息技术股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2024〕790 号）核准，公司向特定 对象发行人民币普通股（A 股）78,328,981 股，发行价格为 11.49 元/股，并于 2024 年 10 月 29 日在深圳证券交易所创业板上市，股份限售期为自新增股份上市之日 起 6 个月。 本次向特定对象发行股份实施完成后，公司股本总额由 795,291,951 ...

Core Viewpoint - The company,拓尔思信息技术股份有限公司, has disclosed its first quarter report for 2025, ensuring the accuracy and completeness of the information provided [9]. Financial Data Summary - The company has not made any retrospective adjustments or restatements to previous accounting data [3]. - The total number of shares issued in the recent private placement is 78,328,981 shares at a price of 11.49 yuan per share, raising a total of approximately 900 million yuan, with a net amount of about 890 million yuan [5]. Shareholder Information - The company has confirmed that there are no changes in the top ten shareholders or any significant changes in shareholding due to the transfer of shares for margin trading [5]. Audit Status - The first quarter report has not been audited [8].

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 拓尔思信息技术股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开 第六届董事会第十八次会议、第六届监事会第十二次会议，审议通过了《2025 年 第一季度报告》。 为使投资者全面了解公司经营成果、财务状况，公司《2025 年第一季度报 告》已于 2025 年 4 月 24 日在中国证券监督管理委员会指定的创业板信息披露网 站巨潮资讯网（www.cninfo.com.cn）披露，敬请投资者注意查阅。 证券代码：300229 证券简称：拓尔思 公告编号：2025-017 拓尔思信息技术股份有限公司 2025 年第一季度报告披露的提示性公告 特此公告。 拓尔思信息技术股份有限公司董事会 2025 年 4 月 24 日 1 ...

Revenue and Profitability - Revenue for Q1 2025 was ¥124,967,319.45, a decrease of 29.89% compared to ¥178,244,396.98 in the same period last year[5] - Net profit attributable to shareholders was -¥22,929,808.70, representing a decline of 184.14% from ¥27,252,720.64 year-on-year[5] - Basic and diluted earnings per share were both -¥0.0262, down 176.38% from ¥0.0343 in the same period last year[5] - Net profit for the period was a loss of ¥23,585,079.73, compared to a profit of ¥27,202,919.34 in the previous period, indicating a significant decline[23] - Operating profit turned negative at ¥-27,492,851.27, down from a positive ¥31,161,011.84 in the prior year[23] - Other comprehensive income after tax was a loss of ¥-53,041.93, contrasting with a gain of ¥25,515.85 in the prior year[23] Cash Flow - The net cash flow from operating activities improved to ¥42,160,300.02, a significant increase of 351.04% compared to -¥16,794,432.92 in the previous year[5] - Cash flow from operating activities generated ¥42,160,300.02, a turnaround from a negative cash flow of ¥-16,794,432.92 in the previous period[26] - Cash flow from investing activities resulted in a net outflow of ¥-60,423,622.27, compared to a net outflow of ¥-73,100,061.14 last year[27] - Cash and cash equivalents at the end of the period totaled ¥1,056,594,945.92, down from ¥1,076,036,446.46 at the beginning of the period[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,457,098,819.47, a slight decrease of 0.55% from ¥4,481,824,962.63 at the end of the previous year[5] - The total current assets decreased from 2,143,649,525.84 RMB to 2,087,017,630.35 RMB, a decline of approximately 2.65%[18] - The total non-current assets increased from 2,338,175,436.79 RMB to 2,370,081,189.12 RMB, an increase of about 1.36%[19] - The company's total liabilities decreased slightly from 355,787,998.30 RMB to 354,699,976.80 RMB, a decrease of approximately 0.31%[20] - The company's cash and cash equivalents decreased from 1,082,730,950.21 RMB to 1,060,949,780.74 RMB, a decrease of about 2.02%[18] - The company's accounts receivable decreased from 268,592,664.07 RMB to 251,923,612.37 RMB, a decline of approximately 6.19%[18] - The company's inventory increased from 28,251,992.55 RMB to 30,445,867.38 RMB, an increase of about 7.77%[18] - The company's retained earnings decreased from 1,051,971,817.08 RMB to 1,029,042,008.38 RMB, a decrease of approximately 2.17%[21] - The company reported a total equity of 4,102,398,842.67 RMB, down from 4,126,036,964.33 RMB, a decrease of about 0.57%[21] Investments and Assets Changes - The company reported a 116.39% increase in right-of-use assets, totaling ¥14,476,687.94 due to the renewal of long-term lease contracts[12] - Intangible assets increased by 37.42% to ¥504,055,387.62, attributed to the capitalization of completed R&D projects[12] - Investment income rose by 157.07% to ¥4,470,927.48, reflecting increased returns from exited investment projects[12] - The company recorded a significant decrease of 96.08% in asset disposal gains, amounting to ¥282,095.05, compared to ¥7,200,064.47 in the previous year[12] Share Issuance - The company issued 78,328,981 shares at a price of 11.49 RMB per share, raising a total of approximately 900 million RMB[16]

Group 1 - The core viewpoint of the article highlights a significant financial performance with a revenue increase of 29.89% [1] - The company reported a total revenue of 2,292.98 million, indicating strong growth compared to previous periods [1] - The projected revenue for 2025 is estimated to reach 2,725.27 million, reflecting continued positive momentum in the industry [1]