Core Viewpoint - The company has made significant progress in the AI agent sector, evolving its platform into a production-grade vertical intelligent agent platform with breakthroughs in autonomous planning, multi-agent collaboration, and deep research capabilities [1] Group 1: AI Development and Applications - The company's "Tuotian" model has been integrated into various high-value scenarios, including finance, government, public safety, intellectual property, public opinion, and specialized industries, achieving large-scale application [1] - Key advancements in the multi-modal AI field include high-fidelity voice cloning, precise lip-sync synthesis, and significant improvements in generation efficiency [1] - The AI content recognition and authentication capabilities integrated into the model have been successfully applied in cutting-edge scenarios, demonstrating practical value [1]

Core Viewpoint - The company, Torish, reported a significant investment in R&D during the first half of the year, focusing on enhancing its technological foundation and core competitiveness through various initiatives [1] R&D Investment - In the first half of the year, the company's R&D expenditure amounted to 147.51 million yuan, primarily directed towards multi-modal large model optimization, industry-specific large model applications, overseas product development, and strengthening global data collection capabilities [1] Strategic Focus - The company plans to closely monitor market trends and flexibly adjust its business strategies in the second half of the year, with a focus on accelerating the large-scale application of core technologies in benchmark scenarios, deepening industry-specific solutions, improving operational efficiency and profitability, and seizing opportunities presented by data-related policies [1] Business Growth - The company is committed to driving business recovery and growth, aiming to deliver returns to its investors [1]

证券日报网讯拓尔思（300229）9月24日在互动平台回答投资者提问时表示，公司报告期内经营情况正 常，主营业务未发生变化，内外部经营环境未发生重大变化。公司、控股股东和实际控制人不存在关于 公司的应披露而未披露的重大事项，或处于筹划阶段的重大事项。公司将严格遵循信息披露准则，及 时、准确、完整地向市场传递最新动态。 ...

拓尔思（300229.SZ）9月24日在投资者互动平台表示，公司尚未与摩尔线程智能有限公司开展合作或参 与持股。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有没有与摩尔线程智能有限公司合作或参 与持股？ （文章来源：每日经济新闻） ...

Group 1 - The MLOps concept declined by 3.31% as of the market close on September 23, ranking among the top declines in concept sectors, with ST创意 hitting a 20% limit down [1] - Major stocks within the MLOps sector that experienced significant declines include 启明信息, 科大国创, and 绿盟科技 [1] - The MLOps sector saw a net outflow of 1.236 billion yuan in principal funds today, with 16 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 50 million yuan [2] Group 2 - The stock with the highest net outflow in the MLOps sector was 润和软件, with a net outflow of 563 million yuan, followed by 中科创达 and 拓尔思 with net outflows of 252 million yuan and 175 million yuan respectively [2][3] - The top gainers in terms of net inflow today included 传音控股 and 星环科技, with net inflows of 200 million yuan and 423,540 yuan respectively [2] - The MLOps concept's outflow list includes stocks like 中科创达 and 拓尔思, which saw declines of 1.94% and 2.92% respectively, alongside their respective net outflows [3]

Group 1 - The core viewpoint of the news is that Tuoer Si's stock price has been declining, with a drop of 5.06% on September 23, bringing the total market value to 17.883 billion yuan and a cumulative decline of 3.75% over three days [1] - Tuoer Si Information Technology Co., Ltd. specializes in artificial intelligence products and services, big data products and services, and data security products and services, with revenue composition being 44.49% from AI software, 33.73% from big data software, 11.07% from security products, and 10.70% from system integration and others [1] Group 2 - From the perspective of Tuoer Si's top ten circulating shareholders, GF Fund's Guangfa CSI 1000 ETF increased its holdings by 593,200 shares in the second quarter, now holding 2.6802 million shares, which is 0.31% of the circulating shares [2] - The Guangfa CSI 1000 ETF has a current scale of 30.718 billion yuan and has achieved a return of 26.93% this year, ranking 1882 out of 4220 in its category [2] Group 3 - The fund manager of Guangfa CSI 1000 ETF is Luo Guoqing, who has a total tenure of 9 years and 349 days, with the fund's total asset scale at 67.565 billion yuan [3] - During Luo Guoqing's tenure, the best fund return was 78.4%, while the worst was -48.08% [3]

Company Overview - Tuolsi Information Technology Co., Ltd. is located in Haidian District, Beijing, and was established on February 18, 1993, with its listing date on June 15, 2011 [2] - The company specializes in artificial intelligence products and services, big data products and services, and data security products and services [2] - The revenue composition includes 44.49% from AI software products and services, 33.73% from big data software products and services, 11.07% from security products, and 10.70% from system integration and others [2] Financial Performance - For the first half of 2025, Tuolsi achieved operating revenue of 245 million yuan, a year-on-year decrease of 38.36%, and a net profit attributable to shareholders of -73.63 million yuan, a year-on-year decrease of 223.11% [2] - Since its A-share listing, the company has distributed a total of 325 million yuan in dividends, with 55.67 million yuan distributed in the last three years [3] Stock Market Activity - On September 22, Tuolsi's stock price fell by 2.03%, closing at 21.24 yuan per share, with a trading volume of 640 million yuan and a turnover rate of 3.39%, resulting in a total market capitalization of 18.556 billion yuan [1] - Year-to-date, Tuolsi's stock price has increased by 1.43%, but it has decreased by 2.03% in the last five trading days and by 21.36% in the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on February 5, where it recorded a net buy of -30.27 million yuan [1] Shareholder Information - As of June 30, 2025, Tuolsi had 120,000 shareholders, a decrease of 5.83% from the previous period, with an average of 7,275 circulating shares per shareholder, an increase of 16.66% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 6.3563 million shares, a decrease of 1.5779 million shares from the previous period [3]

Company Overview - Tuolisi Information Technology Co., Ltd. is located in Haidian District, Beijing, and was established on February 18, 1993, with its listing date on June 15, 2011 [2] - The company's main business includes artificial intelligence products and services (44.49%), big data products and services (33.73%), data security products and services (11.07%), and system integration and others (10.70%) [2] - Tuolisi belongs to the software development industry, specifically in vertical application software, and is associated with concepts such as electronic ID, intellectual property, military-civilian integration, Huawei Pangu, and knowledge payment [2] Financial Performance - For the first half of 2025, Tuolisi reported operating revenue of 245 million yuan, a year-on-year decrease of 38.36%, and a net profit attributable to shareholders of -73.63 million yuan, a year-on-year decrease of 223.11% [2] - Since its A-share listing, Tuolisi has distributed a total of 325 million yuan in dividends, with 55.67 million yuan distributed in the last three years [2] Stock Performance - On September 19, Tuolisi's stock price fell by 2.03%, closing at 21.75 yuan per share, with a trading volume of 555.7 million yuan and a turnover rate of 2.88%, resulting in a total market capitalization of 19 billion yuan [1] - Year-to-date, Tuolisi's stock price has increased by 3.87%, but it has decreased by 1.36% over the last five trading days and by 21.45% over the last 20 days, while it has increased by 18.92% over the last 60 days [1] - Tuolisi has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on February 5, where it recorded a net buy of -30.27 million yuan [1] Shareholder Structure - As of June 30, 2025, Tuolisi had 120,000 shareholders, a decrease of 5.83% from the previous period, with an average of 7,275 circulating shares per shareholder, an increase of 16.66% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 6.36 million shares, a decrease of 1.58 million shares from the previous period [3] - Other notable shareholders include Southern CSI 1000 ETF, Huabao CSI Financial Technology Theme ETF, and Huaxia CSI 1000 ETF, which have all increased their holdings [3]

Group 1 - The stock price of Tuolisi increased by 2.03% on September 17, reaching 22.62 CNY per share, with a trading volume of 355 million CNY and a turnover rate of 1.83%, resulting in a total market capitalization of 19.761 billion CNY [1] - Year-to-date, Tuolisi's stock price has risen by 8.02%, with a 4.72% increase over the last five trading days, a 14.09% decrease over the last 20 days, and a 24.70% increase over the last 60 days [1] - Tuolisi has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on February 5, where it recorded a net buy of -30.2733 million CNY [1] Group 2 - Tuolisi Information Technology Co., Ltd. was established on February 18, 1993, and went public on June 15, 2011. The company specializes in artificial intelligence products and services, big data products and services, and data security products and services [2] - The revenue composition of Tuolisi includes 44.49% from artificial intelligence software products and services, 33.73% from big data software products and services, 11.07% from security products, and 10.70% from system integration and other services [2] - As of June 30, 2025, Tuolisi had 120,000 shareholders, a decrease of 5.83% from the previous period, with an average of 7,275 circulating shares per person, an increase of 16.66% [2] Group 3 - Tuolisi has distributed a total of 325 million CNY in dividends since its A-share listing, with 55.6704 million CNY distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders of Tuolisi include Hong Kong Central Clearing Limited as the third-largest shareholder with 6.3563 million shares, a decrease of 1.5779 million shares from the previous period [3] - Other notable shareholders include Southern CSI 1000 ETF, which increased its holdings by 1.0708 million shares, and Huabao CSI Financial Technology Theme ETF, which increased its holdings by 0.2251 million shares [3]

Core Viewpoint - The Chinese AI agent industry has established a "SaaS-MaaS-RaaS" tripartite business model, driven by technology, policy, and ecosystem factors, accelerating the commercialization of a trillion-level market through regional differentiated competition [1]. Business Model Summary - The AI agent industry in China can be categorized into three main models based on service form, deployment method, and application scenario: - **SaaS Model**: Dominates the market with a 30% share, driven by the demand for standardized intelligent tools. It operates on a subscription basis, focusing on efficiency improvement through basic subscription fees and value-added services [3][12]. - **MaaS Model**: Fastest growth at 15%, reflecting the acceleration of model-as-a-service commercialization. It relies on computational power and model innovation for customer acquisition, with significant cost advantages, such as SenseTime's model inference cost being 60% lower than the industry average [3][8]. - **RaaS Model**: Accounts for 12% of the market, focusing on human-machine collaborative automation in sectors like manufacturing and finance, with notable improvements in operational efficiency [3][8]. Market Dynamics - The AI agent industry is experiencing a competitive race among innovation parks, with Shanghai's Xuhui District housing over 1,000 companies and offering substantial computational subsidies. SenseTime's generative AI revenue reached 2.4 billion yuan in 2024, constituting 63.7% of its total revenue [4]. - The industry is supported by policy initiatives, such as the Ministry of Industry and Information Technology promoting "AI + manufacturing" actions and various cities providing computational vouchers and project subsidies to foster ecosystem development [7][8]. Financial Metrics - **SaaS Model**: Average gross margin of 60%-80%, customer retention rate of 75%-90%, and annual customer spending between 50,000 to 500,000 yuan [11][12]. - **MaaS Model**: Average gross margin of 40%-60%, customer retention rate of 60%-75%, and annual customer spending between 100,000 to 2 million yuan [11][12]. - **RaaS Model**: Average gross margin of 30%-50%, customer retention rate of 50%-65%, and annual customer spending between 200,000 to 1 million yuan [11][12].