Core Points - The AI Application Working Group held its second inaugural meeting in Beijing on September 18, focusing on structural optimization and innovative applications of AI [3][4] - The meeting was attended by over 50 member units, highlighting the importance of collaboration among government, research institutions, and enterprises in advancing AI [7][3] - The group aims to enhance its influence and support the development of AI applications across various sectors, including industry, finance, and healthcare [14][16] Group 1: Meeting Highlights - The meeting featured a report by the group leader, Ke Bin, outlining achievements in organizational development, industry research, and collaborative innovation [4][13] - The new executive team was elected, with Liu Xuedong as the group leader and Niu Wenwen as the deputy leader [9][10] - The revised charter of the AI Application Working Group was approved to better regulate operations and protect member rights [8] Group 2: AI Innovation and Development - The group has been actively involved in drafting standards for AI applications and has organized over 20 themed salons to promote innovation [2][13] - A total of 46 AI application innovation cases have been evaluated, covering multiple sectors, with one-third of the cases involving listed companies and state-owned enterprises [14][13] - The group emphasizes a "four-dimensional development" system to empower industries through technology and drive digital transformation [14][16] Group 3: Entrepreneurial Initiatives - Chuangye Heima has been promoting AI transformation strategies internally and building an AI application ecosystem externally [16][17] - The company launched the Tianqi Model, a significant AI model for the sci-tech industry, and hosted the first AI Innovation Competition to discover new AI startups [17][16] - Future plans include enhancing AI services for small and medium-sized enterprises and expanding globally with initiatives like the AI Talent Incubator in Singapore [17][16]

Group 1 - The article emphasizes that a good industry is characterized by the presence of many wealthy individuals, indicating that it is profitable for entrepreneurs [1] - The tea beverage sector is cited as an example where even average entrepreneurs can earn significant profits, suggesting it is a favorable industry [1] - The choice of industry is crucial for entrepreneurs, as the same level of intelligence and effort can lead to vastly different outcomes depending on the industry selected [1] Group 2 - The article discusses the importance of transforming technology into user-perceived value, using examples from successful Japanese companies like Sony and Uniqlo [9] - It highlights that AI is reshaping consumer products by redefining their inherent value, and future market leaders will be those who effectively integrate demand with algorithms [9] - The article suggests that understanding consumer scenarios is essential for product innovation, rather than merely focusing on technical specifications [9] Group 3 - The course mentioned in the article aims to provide insights into how Japanese and Chinese consumer companies can thrive in a saturated market [10] - It covers various sectors including consumer electronics, beauty, fashion, and food, focusing on product innovation and supply chain management [10] - The course features industry experts who will share their experiences and strategies for navigating the current market landscape [10][11][12] Group 4 - The article outlines the need for Chinese companies to adapt their supply chains to meet local demands when expanding globally, rather than simply replicating domestic models [20] - It emphasizes the importance of building trust with local consumers by addressing their specific needs and not just selling products [21] - The article suggests that successful global brands must balance localization with standardization to effectively penetrate foreign markets [21]

Core Viewpoint - The most valuable business model for product creation is the "long tail on both ends," where buyers are small and medium-sized enterprises (SMEs) and sellers are long-tail suppliers. This model maximizes value, as exemplified by Alibaba. Conversely, the least valuable model is "big on both ends," serving only large clients [1]. Group 1: Product Innovation and Market Insights - The success of Japanese manufacturing since the 1980s serves as a model for emerging economies, emphasizing the transformation of technology into user-perceived value. For instance, Sony's Walkman addressed the need for portable music, while Uniqlo's success stemmed from comfortable basics and innovative materials [6]. - AI is reshaping the essence of consumption by redefining product value through algorithms. Future champions in consumption will be those who perfectly integrate demand with algorithms, as seen in products like Plaud's recording card and Haivivi's toys [6]. - The course will explore how to innovate products and manage supply chains by learning from companies like Sony, Uniqlo, and Muji, focusing on turning technology into user-friendly products [7]. Group 2: Strategies for Market Competition - In a saturated market, the course will analyze how to become a new leader in niche segments amidst brand competition. The rise of AI algorithms will be discussed in the context of creating new product categories [8]. - Globalization requires Chinese brands to deeply integrate local market needs with Chinese supply chain capabilities, moving from simple exportation to localized coexistence [9][10]. - The course will highlight the importance of balancing localization and standardization in global markets, emphasizing that successful overseas expansion involves understanding and addressing local consumer needs [10][11]. Group 3: Course Structure and Expert Insights - The course spans three days, focusing on product innovation, market strategies, and global expansion. It features insights from industry leaders like 牛文文, 朱啸虎, and 前田悟, who will share their expertise on leveraging AI and consumer insights for growth [12][13][17]. - Participants will learn about the importance of rapid market testing and the need to avoid the illusion of technical perfection, emphasizing the necessity of validating demand quickly [14]. - The course will also cover how to maintain product quality while ensuring affordability, as demonstrated by Muji's product development philosophy [22].

Market Overview - The Shanghai Composite Index is at 3852.31 points with a decline of -0.21% as of 10:32 AM, and the total trading volume of A-shares is 1,075.764 billion yuan [1] Stocks with Death Cross - A total of 152 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Songjing Co., Ltd. (688157) with a distance of -1.61% - Chunguang Technology (603657) with a distance of -1.02% - Pilin Bio (000403) with a distance of -0.93% [1] Detailed Stock Performance - Key stock performances include: - Songjing Co., Ltd. (688157): Today's change is -0.67% with a latest price of 40.09 yuan, which is -3.28% from the 10-day moving average [1] - Chunguang Technology (603657): Today's change is -3.47% with a latest price of 38.70 yuan, which is -6.79% from the 10-day moving average [1] - Pilin Bio (000403): Today's change is -0.52% with a latest price of 17.32 yuan, which is -2.64% from the 10-day moving average [1] Additional Stocks with Notable Changes - Other stocks showing significant changes include: - Jiangsu New Energy (603693): Today's change is -1.38% with a latest price of 12.87 yuan, which is -2.29% from the 10-day moving average [2] - Yongan Pharmaceutical (002365): Today's change is -1.04% with a latest price of 18.11 yuan, which is -1.45% from the 10-day moving average [2] - Mosi Co., Ltd. (001323): Today's change is -1.95% with a latest price of 28.16 yuan, which is -2.96% from the 10-day moving average [2]

上海市通力律师事务所 关于创业黑马科技集团股份有限公司 2025 年第二次临时股东会的法律意见书 致: 创业黑马科技集团股份有限公司 上海市通力律师事务所(以下简称"本所")接受创业黑马科技集团股份有限公司(以下 简称"公司")的委托, 指派本所黄雅程律师、刘奇律师(以下合称"本所律师")根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范 性文件(以下统称"法律法规")及《创业黑马科技集团股份有限公司章程》(以下简称"公 司章程")的规定就公司 2025 年第二次临时股东会(以下简称"本次股东会")相关事宜出具 法律意见。 本所律师已经对公司提供的与本次股东会有关的法律文件及其他文件、资料予以了核 查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有签 署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有效 的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东会召集和召开的程序、出席本次股东会人员资格 和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表 ...

证券代码：300688 证券简称：创业黑马 公告编号：2025-048 创业黑马科技集团股份有限公司 2025年第二次临时股东会决议公告 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。 特别提示： 1、会议召开时间： （1）现场会议时间：2025年9月12日下午15:00 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为2025年9月12日上午 9:15-9:25、9:30-11:30，下午13:00-15:00；通过深圳证券交易所互联网投票系 统投票的时间为2025年9月12日9:15-15:00 2、会议召开地点：北京市朝阳区酒仙桥路6号院6号楼8层公司会议室 3、会议召开方式：本次股东会采用现场书面记名投票与网络投票相结合的 方式 4、会议召集人：董事会 1．本次股东会未出现否决或修改提案的情形； 2．本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 5、会议主持人：本次会议由董事长牛文文先生主持 证券代码：300688 证券简称：创业黑马 公告编号：2025-048 6、本次会议的召集、召开与 ...

Core Viewpoint - The company is launching an integrated government-enterprise service machine in January 2024 to address issues faced by governments and SMEs in project application processes, utilizing advanced technologies to enhance efficiency and transparency [1] Group 1: Product Development - The integrated service machine is a collaboration between the company's subsidiary, Heima Tianqi, and Xiamen Suan Neng, aimed at solving project application challenges for governments and SMEs [1] - The machine leverages enterprise and intellectual property big data, natural language processing, and deep learning technologies, combined with a policy large model, to quickly access policy information and accurately match projects [1] Group 2: Benefits and Impact - The service machine is designed to reduce application costs for enterprises and improve the success rate of applications, thereby enhancing the execution efficiency and transparency of government policies [1] - It aims to foster a win-win cooperation between government and enterprises [1] Group 3: Technical Specifications - The integrated service machine is built on the SG series intelligent computing servers from Suan Neng, achieving an integrated design of hardware and software to meet diverse customer needs [1] Group 4: Future Strategy - The company will determine its next development strategy based on market demand and industry trends [1]

Core Insights - The partnership between Hangzhou Actuary AI Technology Co., Ltd. and Chuangye Heima aims to enhance AI-driven financial and tax services for small and micro enterprises, leveraging their respective strengths in technology and market reach [1][4]. Group 1: Company Overview - Hangzhou Actuary specializes in AI-integrated financial and tax services, achieving significant results with its proprietary tools like the "Deep Blue Financial Whale" AI, which automates the entire process from invoice scanning to tax declaration, improving efficiency by nearly 20 times and significantly reducing human error rates [1]. - Chuangye Heima has built a comprehensive innovation and entrepreneurship service platform since its establishment in 2011, covering over 30 cities in China and focusing on resource matching and capability enhancement for small and micro enterprises [2]. Group 2: Joint Venture Objectives - The newly established joint venture will integrate Actuary's advanced financial AI technology into Chuangye Heima's enterprise training system, creating specialized courses to reduce learning costs and implementation risks for small businesses [3]. - The partnership will utilize Chuangye Heima's extensive service resources to accelerate the promotion of Actuary's financial AI solutions, optimizing service costs and enabling more small enterprises to access professional financial services [3]. - Customized solutions will be developed based on insights into small enterprise transformation challenges, ensuring that the offerings are tailored, lightweight, and cost-effective, thus avoiding the pitfalls of one-size-fits-all approaches [3]. Group 3: Strategic Implications - This collaboration represents a significant strategic move in the AI and enterprise service sectors, aiming for mutual benefits in technology implementation and market expansion, while also driving the intelligent upgrade of the financial and tax industry [4].

Market Overview - The education sector experienced a decline of 0.46% on August 28, with ST Dongshi leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - China High-Tech (600730) saw a significant increase of 6.26%, closing at 9.51 with a trading volume of 446,300 shares and a turnover of 414 million yuan [1] - Kede Education (300192) rose by 2.25%, closing at 24.13 with a trading volume of 819,900 shares and a turnover of 192.6 million yuan [1] - ST Dongshi (603377) led the decline with a drop of 5.01%, closing at 3.79 with a trading volume of 344,400 shares and a turnover of 132 million yuan [2] - Xueda Education (000526) fell by 4.36%, closing at 48.97 with a trading volume of 76,300 shares and a turnover of 371 million yuan [2] Capital Flow Analysis - The education sector saw a net outflow of 479 million yuan from institutional investors, while retail investors contributed a net inflow of 350 million yuan [2] - Major stocks like China High-Tech and Xueda Education experienced mixed capital flows, with China High-Tech seeing a net inflow of 17.98 million yuan from institutional investors [3] - ST Dongshi and Kede Education faced significant net outflows from institutional investors, indicating potential concerns among larger investors [3]

Core Viewpoint - The recent financial report of Chuangye Heima (300688) indicates a narrowing loss, with total revenue declining significantly and net profit improving year-on-year despite ongoing challenges in the business model [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 70.56 million yuan, a decrease of 30.09% compared to 101 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -11.66 million yuan, showing a year-on-year improvement of 65.3% from -33.59 million yuan [1]. - The gross margin was 47.68%, down 2.46% from the previous year, while the net margin improved to -32.37%, an increase of 3.53% [1]. - Total expenses (selling, administrative, and financial) amounted to 57.70 million yuan, accounting for 81.78% of revenue, which is an increase of 10.13% year-on-year [1]. Cash Flow and Asset Changes - Cash and cash equivalents decreased by 42.78% due to investments in financial products and payments for asset restructuring [3]. - The net cash flow from operating activities decreased by 45.48%, attributed to a decline in revenue leading to reduced cash collections [3][4]. - The company reported a significant increase in other receivables by 845.42%, linked to payments made for asset restructuring [3]. Investment and Return Metrics - The historical median Return on Invested Capital (ROIC) since the company’s listing is 0.78%, indicating average investment returns, with the worst year being 2024 at -23.33% [4]. - The company has reported losses in three out of seven financial years since its IPO, suggesting a fragile business model [4]. Recommendations - Attention is advised on the company's cash flow situation, as the average operating cash flow over the past three years is -9.7% relative to current liabilities [5]. - Monitoring of financial expenses is recommended, given that the average net cash flow from operating activities over the past three years has been negative [5].