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]

Core Insights - The global multimodal large model industry has evolved through distinct phases, from early exploration (1956-2005) to rapid growth (2006-2019), the rise of large models (2020-2022), and now into a phase of widespread application starting in 2023 [1] Market Size and Growth - The global AI hardware market, particularly for servers, is projected to grow from $19.5 billion in 2022 to $34.7 billion by 2026, with a compound annual growth rate (CAGR) of 17.3% [3][4] - The market for servers specifically used for generative AI is expected to increase its share from 11.9% in 2023 to 31.7% by 2026 [4] Computational Demand - The demand for computational power in AI is increasing, with models like ChatGPT requiring significant resources; for instance, the GPT-3 model needs 1,750 billion parameters and consumes 3,640 PF-days of computational power [5] - A tenfold increase in model parameters can lead to more than a tenfold increase in computational requirements, influenced by model architecture and hardware capabilities [5] Large Model Market Dynamics - The global large model market is experiencing rapid growth, with an estimated size of $21 billion in 2023 and a projected increase to $28 billion in 2024, reflecting a year-on-year growth of 33% [7] Competitive Landscape - According to the SuperCLUE benchmark report, GPT-4o leads the global model rankings with a score of 81, while six Chinese models have surpassed GPT-4-Turbo-0409, indicating a strong competitive presence in the market [10]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300229 证券简称：拓尔思 公告编号：2025-007 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 立信会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 1、公司简介 ■ 2、报告期主要业务或产品简介 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 （一）行业概述：2024年软件与信息技术服务业发展态势良好 软件与信息技术服务业是国民经济和社会发展的重要支撑与引领产业。2024年，我国该行业运行良好， 软件业务收入达13.73万亿元，同比增长10%；利润总额1.7万亿元，增长8.7%。人工智能、云计算、大 数据等新兴领域贡献 ...