Core Viewpoint - Dassault Systèmes announces the appointment of Pascal Daloz as both Chairman and Chief Executive Officer following the resignation of Bernard Charlès for personal reasons, ensuring continuity in leadership and governance [2][8]. Leadership Transition - Bernard Charlès has stepped down as Executive Chairman and member of the Board, effective immediately, and has expressed his confidence in Pascal Daloz to lead the company [2][8]. - Pascal Daloz has been with Dassault Systèmes for 25 years and shares a vision with Charlès to push the boundaries of science and innovation [3][4]. Company Vision and Strategy - The company aims to lead the transformation powered by Industrial AI through its 3D UNIV+RSES initiative, which is a long-term commitment to redefine industry innovation and competition in the Generative Economy [5][8]. - Daloz emphasizes the importance of maintaining the freedom necessary for Dassault Systèmes to remain a game-changer and accelerate growth [5][6]. Legacy and Future Direction - Bernard Charlès, as a co-founder, has been instrumental in guiding Dassault Systèmes from a startup to a world leader, fostering a culture of innovation and sustainability [4][9]. - The transition is seen as a strong foundation for the continued development of Dassault Systèmes, with a focus on high-quality standards and the successful engagement of the next generation of AI-based industry solutions [9].

来源：经济观察网 经济观察网 截至2026年2月15日，根据公开信息，大树云（DSY.US）近期未披露新的重大事件公告。 以下为基于近期公开动态的值得关注点： 战略推进 AI领域转型：大树云于2025年第四季度宣布全面向人工智能领域转型，包括将总部迁至深圳前海，并 声称获得3000万元人民币战略投资及500万美元国际资本支持。但截至2026年1月，公司未披露具体技术 方向、团队或项目细节，市场对其转型实效持谨慎态度。 股票近期走势 股价持续低于1美元：截至2026年1月26日，公司股价报0.2762美元，长期低于纳斯达克1美元的最低要 求。若连续30个交易日未能达标，可能触发退市程序。 财务状况 财务表现恶化：2025财年（截至2025年6月30日）营收同比暴跌65.08%至255.7万美元，净利润亏损3253 万美元，经营活动现金流为负值，反映持续经营压力。 公司业务状况 业务收缩：核心卫生巾业务收入从2024财年的516.28万美元骤降至95.45万美元，线上渠道（如抖音、小 红书官方账号）已停更，线下加盟项目亦停滞。 产品研发进展 研发能力薄弱：截至2024年6月底，公司仅2名研发人员，转型AI面临技术 ...

Core Viewpoint - Big Tree Cloud Holdings Limited has announced that the previously planned reverse share split and related corporate actions will not take effect on February 12, 2026, as initially expected, with a new effective date to be announced later [1] Company Overview - Big Tree Cloud was founded in 2020 and is positioned as an international capital platform focused on industrial integration and strategic investment in China's personal care industry [1] - The company is currently expanding into the AI sector to meet the growing market demand for AI skills, aiming to inject new momentum into its development [1]

Core Viewpoint - Big Tree Cloud Holdings Limited has announced the implementation of a dual-class share structure and a 1-for-20 share consolidation, aimed at strengthening its market position and supporting future growth [1] Group 1: Share Consolidation - The company held an extraordinary general meeting on January 30, 2026, where shareholders approved the consolidation of every 20 ordinary shares into one ordinary share [1] - The reverse stock split will not alter any shareholder's percentage interest in the company's outstanding ordinary shares, except for adjustments from rounding up fractional shares [1] - The consolidated shares will begin trading on the Nasdaq Capital Market under the symbol "DSY" on February 12, 2026 [1] Group 2: Dual-Class Share Structure - The authorized share capital has been changed to US$50,000, divided into 25,000,000 shares, comprising 20,000,000 Class A ordinary shares and 5,000,000 Class B ordinary shares [1] - The company has redesignated existing shares, with 3,500,000 shares registered in the name of Ploutos Group Limited becoming Class B shares, while the remaining shares are designated as Class A shares [1] - All outstanding options, warrants, and other securities will be adjusted according to their respective terms following the share consolidation [1] Group 3: Management Commentary - A company spokesperson stated that the share consolidation and dual-class structure are significant milestones designed to support the next phase of growth and provide stability for executing long-term strategies [1] - The measures are intended to strengthen the corporate foundation and enhance governance, focusing on driving innovation and sustainable value for stakeholders [1] Group 4: Company Overview - Big Tree Cloud, founded in 2020, is positioned as an international capital platform focused on industrial integration and strategic investment in China's personal care industry [1] - The company is accelerating its expansion into the AI sector to capture growing market demand for AI skills, injecting fresh momentum into its development [1]

Core Insights - Dassault Systèmes reported a Q4 2025 revenue growth of 1% and a full-year revenue growth of 4%, with a recurring revenue increase of 6% driven by an 11% growth in subscription revenue [2][9][10] - The company initiated a revenue guidance for FY26, projecting a growth of 3-5% [2][9] - The CEO emphasized the long-term commitment to leading the Industrial AI transformation through their 3D UNIV+RSES initiative [5][6] Financial Performance - Q4 2025 total revenue reached €1.68 billion, while full-year revenue was €6.24 billion, reflecting a 4% increase [14][15] - Non-IFRS operating margin for Q4 was 37.0%, up 90 basis points year-over-year, and for FY25 it was 32.0%, up 40 basis points [9][10] - Diluted EPS for Q4 was €0.40, a 1% increase, and for FY25 it was €1.31, a 2% increase [14][15] Revenue Breakdown - Subscription and support revenue rose 3% in Q4, representing 76% of software revenue, while services revenue increased by 11% [15][16] - The Americas saw a 3% revenue increase, Europe experienced a 5% decline, and Asia grew by 6% [15][16] - Industrial Innovation software revenue rose 1% to €880 million, while Life Sciences software revenue decreased by 4% to €264 million [19][22] Strategic Focus - The company is focusing on disciplined execution and aligning resources around strategic priorities to deliver measurable impacts [6][12] - New AI-native generative solutions were launched, and a partnership with NVIDIA aims to enhance capabilities in Industrial AI [7][8] - The introduction of Annual Run Rate (ARR) reporting in 2026 is intended to provide better visibility into recurring revenue health [9][12] 2026 Financial Objectives - The company anticipates total revenue growth of 3-5% for FY26, with an operating margin between 32.2% and 32.6% [21][24] - Diluted EPS is projected to be between €1.30 and €1.34 [21][24] - The company expects subscription revenue to accelerate as customers adopt new business models [12][21]

Core Viewpoint - Dassault Systèmes announced the total number of outstanding shares and voting rights as of January 31, 2026, in compliance with regulatory requirements [2]. Group 1: Outstanding Shares and Voting Rights - The total number of outstanding shares is reported as 1,341,809,943 [2]. - The total number of voting rights is calculated to be 2,013,517,837, which includes all outstanding shares regardless of any suspended voting rights [2]. Group 2: Regulatory Compliance - The announcement adheres to articles 223-16 and 221-3 of the General Regulation of the Autorité des marchés financiers [2]. - Shareholders are advised to refer to Article 223-11 for details on declaring crossing of thresholds related to shareholdings and voting rights [2].

在人工智能从技术研发走向规模应用的关键阶段，大树云集团(DSY.US)其To B AI业务近日传出实质性 进展。公司已成功签约多笔企业级AI解决方案订单，标志着其商业化路径初步走通，形成"人才培养 +行业赋能"的双向循环。 当前，人工智能行业正经历从"技术为王"到"应用落地"的深刻转变。在此背景下，大树云集团以其独特 的"人才—场景"连接器模式，在企业级AI服务市场悄然卡位。 破解"应用鸿沟"，打造人才与场景闭环 行业普遍面临的核心难题在于：AI技术能力与产业实际需求之间存在断层。大树云选择从"人"切入，通 过自研平台与课程体系，规模化培养兼具业务理解与技术实操能力的"AI应用工程师"，试图构筑产业智 能化的基础人才层。与此同时，其企业服务团队深入教育、咨询等垂直行业，提供定制化解决方案。 二者并非孤立业务，而是形成协同循环：人才培养为项目交付储备实施力量，而复杂的行业项目又反哺 课程与培训体系，注入实战案例。这种"从产业中来，到产业中去"的闭环，正逐步成为其差异化竞争力 的来源。 业务飞轮初转，商业化进程加速 大树云的业务路径显示出较强的规划性：早期通过To C业务验证产品、积累用户、打磨方法论；继而以 技 ...

Core Insights - Dassault Systèmes has reported on the liquidity contract with Oddo BHF SCA, detailing transactions and resources as of December 31, 2025 [1][8]. Group 1: Liquidity Contract Overview - The liquidity contract was implemented on January 7, 2015, and updated on June 18, 2019 [1]. - As of December 31, 2025, the liquidity account held 925,197 shares of Dassault Systèmes and €5,384,754.01 in cash [3]. - Initial resources at the time of the contract's implementation included 0 shares and €10,000,000 in cash [3]. Group 2: Transaction Details - From July 1, 2025, to December 31, 2025, a total of 20,126 purchases and 22,371 sales were executed [4]. - The total volume of securities traded during this period amounted to 4,863,746 shares purchased for €128,747,093 and 4,796,309 shares sold for €128,114,812.54 [4]. - Specific transaction examples include purchases of 40,000 shares on July 7, 2025, for €1,246,769.05 and sales of 69,000 shares on July 10, 2025, for €2,236,435.00 [4]. Group 3: Financial Contributions - Amendments to the liquidity agreement included an additional €5,000,000 contribution on October 26, 2017, raising the total to €15,000,000, and another €5,000,000 contribution on December 13, 2018, increasing it to €20,000,000 [3]. - At the time of the new liquidity contract implementation on June 18, 2019, the account had 62,557 shares and €17,496,140.38 in cash [3].

Core Points - Dassault Systèmes announced the total number of outstanding shares and voting rights as of December 31, 2025, with 1,341,806,268 outstanding shares and 2,013,578,477 voting rights [2]. Group 1 - The number of outstanding shares is reported as 1,341,806,268 [2]. - The total number of voting rights is calculated based on the outstanding shares, totaling 2,013,578,477 [2]. - The calculation of voting rights includes shares with suspended voting rights, as per regulatory guidelines [2]. Group 2 - Shareholders are advised to refer to Article 223-11 of the General Regulation for declaring crossing of thresholds [2]. - Declarations related to crossing of thresholds must be sent to Dassault Systèmes' Investor Relations Service [3]. - The company emphasizes its role as a catalyst for human progress through its 3DEXPERIENCE platform, serving 370,000 customers across various industries [3].

Core Viewpoint - Dazhu Cloud (DSY.US) has experienced a significant decline, with its stock price dropping to $0.3 per share, marking a 91% decrease over the year and a market capitalization reduction to $288 million (approximately 2 billion RMB) [3][14]. Financial Performance - For the fiscal year 2024, Dazhu Cloud's revenue plummeted by 65.08% to $255.7 million, and it reported a net loss of $32.53 million (approximately 220 million RMB), while sales expenses surged 26 times from $127.9 million to $34.71 million [3][8]. - The company's core business, sanitary napkin sales, saw a drastic decline of 81.51%, with revenue dropping from $516.28 million to $95.45 million in fiscal year 2025 [8][10]. Business Model and Strategy - Dazhu Cloud initially adopted a rapid growth strategy targeting the Chinese women's hygiene product market, leveraging social media marketing and KOL endorsements [6][7]. - The company launched a "Smile Cloud" public welfare initiative to enhance brand visibility, although this strategy faced criticism for being misaligned with the target consumer demographic [6][11]. - Following its SPAC listing on NASDAQ in June 2024, Dazhu Cloud shifted to a dual strategy of capital operation and large-scale marketing, but this approach has not yielded the expected returns [7][12]. Operational Challenges - The company has faced significant operational challenges, including a lack of core product competitiveness, with only two R&D personnel as of June 2024 [11][12]. - Dazhu Cloud's marketing expenditures raised concerns, particularly regarding the transparency of its sales expenses, which included $34.2 million in stock compensation primarily to distributors [11][13]. Market Position and Competition - The sanitary napkin market in China is highly competitive, with major brands holding only a small market share, leading to intense competition among numerous small and medium-sized brands [16][17]. - Dazhu Cloud's stock has been under pressure, facing potential delisting due to falling below NASDAQ's market capitalization requirements [14][16]. Future Outlook - The company has announced plans to continue its "Innovation 50" initiative aimed at enhancing core competitiveness through technological innovation, although doubts remain about its feasibility given the current resource constraints [16][17]. - Dazhu Cloud's trajectory reflects broader issues within the industry, highlighting the importance of product quality and innovation in a competitive market [17].