AI Agent（指"AI代理"，或称"AI智能体"）如何落地企业的业务发展？ 在2025年世界人工智能大会（WAIC）期间，容联云在AI Agent落地实践产业创新论坛上正式推出"容 犀"Agent&Copilot平台，它能够通过质检代理、座席助理、座席代理、洞察代理四个智能引擎，为企业 提供覆盖营销、客服、质检、数据洞察等全场景的AI能力。 论坛期间，容联云大模型负责人唐兴才接受了《中国经营报》记者的采访。记者了解到，2024年年初， 容联云正式立项AI Agent，将原本只能"辅助人"的模型升级为"能自己干活"的智能体，目前已在多家银 行、券商机构跑通了质检、回访等关键场景。在采访中，就AI Agent落地中的机会与挑战、企业客户对 于AI Agent的需求变化，以及企业级 Agent的未来发展趋势等问题，唐兴才一一给出了回答。 《中国经营报》：你提到AI Agent"跑通"了关键场景，能不能结合具体案例解释下究竟是怎么"跑 通"的？ 唐兴才：最典型的一个标杆案例是长江证券，涉及的主要业务流程是开户质检回访，所谓质检是指质检 管理人员对服务质量实行实时监控、录音抽检、评分、问题反馈与改进建议，以确保服务 ...

VIE Structure and Foreign Investment - The VIE structure is used to replicate foreign investment in China-based companies, with revenues from affiliated entities accounting for substantially all of the company's total revenues in 2021, 2022, and 2023[33]. - The contractual arrangements with the VIE may face enforcement challenges due to jurisdictional limitations and uncertainties in PRC law[33]. Dividends and Financial Operations - The company has not paid any dividends or made distributions to shareholders, including U.S. investors, in 2021, 2022, and 2023, and does not expect to declare dividends in the foreseeable future[34]. - The company’s WFOE is permitted to pay dividends only out of retained earnings, and any limitations on this could adversely affect its ability to conduct business and pay dividends[35]. - The company has not maintained specific cash management policies for fund transfers among its entities, which may affect its financial flexibility[34]. - The company’s ability to transfer funds or assets may be restricted by PRC government interventions, affecting its financial operations[35]. Regulatory Compliance and Risks - As of the date of the report, the company has obtained necessary licenses and permits for its operations in China, but future compliance with evolving regulations remains uncertain[37]. - The company is subject to the Cybersecurity Review Measures, which may require it to undergo reviews if it holds personal information of over one million users[38]. - The Overseas Listing Trial Measures require PRC domestic companies to fulfill filing procedures with the CSRC for overseas offerings, which could impact future capital raising activities[38]. - The company has not received any requirement for a cybersecurity review from PRC authorities as of the report date, but non-compliance could lead to significant penalties[38]. - The company is subject to extensive and evolving laws and regulations in the PRC, which could impact its operations and compliance[45]. - The company faces risks related to compliance with laws and regulations when conducting business with state-owned enterprises, which may complicate sales efforts and increase costs[98]. - The PRC government exercises significant control over various sectors, which may adversely affect the company's operations and financial condition due to regulatory changes[203]. - The company may face uncertainty regarding future actions by the Chinese government that could significantly impact its financial performance and operations[204]. Financial Performance and Challenges - The company reported net losses of RMB904.5 million, RMB975.9 million, and RMB412.4 million (US$58.1 million) for the years 2021, 2022, and 2023 respectively, indicating ongoing financial challenges[71]. - Operating cash outflows were RMB238.1 million, RMB567.3 million, and RMB516.2 million (US$72.7 million) for the same years, reflecting significant cash management issues[71]. - The company has incurred significant costs related to legal expenses and the restatement of financial statements due to previously disclosed employee misconduct and transaction irregularities[48]. - The company faces increased risks of litigation and regulatory proceedings due to the Independent Investigation and restatement of consolidated financial statements[51]. - Negative publicity from the Independent Investigation could adversely affect the company's business and financial condition[52]. - The company may struggle to obtain desirable insurance coverage due to the employee misconduct and transaction irregularities[48]. Internal Control and Governance - Material weaknesses in internal control over financial reporting were identified as of December 31, 2023, including insufficient accounting personnel and lack of rigorous implementation of controls[54][55]. - The company’s management concluded that internal control over financial reporting was ineffective as of December 31, 2023, which may strain management and operational resources[57]. - The company’s ability to maintain effective internal controls over financial reporting is critical, as weaknesses could lead to material misstatements and regulatory issues[61]. Market and Competitive Landscape - The cloud-based communications market is rapidly evolving and highly competitive, with significant pressure from competitors who may have greater resources and brand recognition[82]. - The company must enhance and upgrade existing solutions and introduce new ones to meet evolving customer demands, as failure to do so could adversely affect its business[78]. - The company faces risks related to customer retention and acquisition, as failure to attract new customers or retain existing ones could materially impact its financial condition[63]. - The company generated 67.0% of total revenues from large-enterprise customers in 2023, highlighting the importance of this segment for future growth[94]. - The average sales cycle for large enterprises is approximately four months, but can extend up to one year, affecting revenue recognition timing[94]. International Expansion and Operations - The company has expanded its international operations into regions outside China, including Japan, Philippines, Malaysia, South Korea, Singapore, and Mexico[138]. - The company has established overseas subsidiaries in Japan, Philippines, Malaysia, South Korea, Singapore, and Mexico, indicating a strategy for international expansion[165]. Employee and Workforce Management - The company's headcount increased from 806 employees as of January 1, 2018, to 1,214 employees as of December 31, 2023, indicating significant growth in workforce[138]. - The company faces challenges in attracting and retaining qualified workforce due to high demand and competition in the industry[135]. - The company relies on the expertise of senior management and core technical personnel, and any loss of these key individuals could disrupt operations[134]. Intellectual Property and Legal Risks - The company has faced substantial litigation regarding intellectual property rights, which could harm its business if resolved adversely[106]. - The company may incur significant costs in defending against claims of infringement, which could materially affect its financial condition[109]. - The company relies on various forms of intellectual property protection, but these may not be sufficient to provide a competitive advantage[110]. - The company has adopted internal policies to protect intellectual property, but risks remain regarding compliance with open-source software licenses, which could lead to significant legal expenses[175]. Data Privacy and Cybersecurity - The company is subject to evolving data privacy and cybersecurity regulations, which could increase compliance costs and affect operations[115]. - The Personal Information Protection Law, effective from November 1, 2021, outlines requirements for processing personal information, impacting the company's data handling practices[119]. - The Cyber Data Security Regulations, effective January 1, 2025, require data processors to undergo national security reviews, potentially affecting business operations[120]. - The company has been required to implement measures for data export security assessments since September 1, 2022, increasing operational complexity[122]. - The company acknowledges the risk of potential cyberattacks that could adversely affect business operations[130]. Financial Reporting and Shareholder Concerns - The company has incurred share-based compensation expenses of RMB277.6 million, RMB107.5 million, and RMB22.2 million (US$3.1 million) in 2021, 2022, and 2023, respectively[163]. - As of December 31, 2023, the company has unrecognized share-based compensation expenses of RMB1.8 million (US$0.3 million) and RMB6.2 million (US$0.9 million) related to share options and restricted shares, respectively[163]. - The company may require additional capital beyond what was generated from the initial public offering to support growth, which could lead to dilution of existing shareholders if new equity is issued[172]. Economic and Political Risks - The company generates substantially all of its revenues from operations in China, making it vulnerable to changes in China's economic, political, or social conditions[202]. - Fluctuations in exchange rates, particularly the Renminbi against the U.S. dollar, could materially affect the company's results of operations and investment value[225]. - Significant revaluation of the Renminbi may adversely impact the company's financial transactions, including conversions for operational needs[226].

Financial Performance - The company reported a revenue decrease of 21.1% to RMB593.6 million (US$86.1 million) in 2022, with recurring revenues constituting 64.0% of total revenues[125]. - The company incurred a net loss of RMB975.9 million (US$141.5 million) in 2022, compared to RMB904.5 million in 2021[125]. - The adjusted EBITDA for 2022 was RMB563.4 million (US$81.7 million), up from RMB422.8 million in 2021[125]. - Revenue decreased by 21.1% to RMB593.6 million (USD$86.1 million) in 2022, following a 4.0% increase from RMB723.5 million in 2020 to RMB752.7 million in 2021[188]. - The net loss for the year ended December 31, 2022, was RMB 975,899, compared to a net loss of RMB 904,451 in 2020, indicating an increase in losses of about 7.9%[227]. - The company reported net cash used in operating activities of RMB 567,270 for the year ended December 31, 2022, compared to RMB 238,077 in 2021, indicating a significant increase in cash outflow[232]. Customer Metrics - The active customer base declined from 11,406 in 2021 to 9,980 in 2022, with large-enterprise customers decreasing from 142 to 118 during the same period[125]. - The dollar-based net customer retention rate for recurring solutions dropped to 61.7% in 2022 from 90.2% in 2021[125]. - As of December 31, 2022, the company had approximately 4,600 active customers for its CPaaS solutions, down from 6,600 in 2020[134]. - The dollar-based net customer retention rate for CPaaS solutions decreased to 42.6% in 2022 from 82.2% in 2020, primarily due to a strategic downsizing of lower-margin services[134]. - The company achieved a dollar-based net customer retention rate of 87.3%, 90.2%, and 61.7% for recurring solutions in 2020, 2021, and 2022, respectively[142]. Operational Changes - The company has established its second R&D center in Wuhan, China, in addition to its primary center in Beijing[143]. - The company plans to focus on developing AI and video technologies to introduce new features and solutions[191]. - The company intends to expand its customer base by penetrating more industry verticals and lower-tier cities[190]. - The company has a dedicated research and development team of 652 members as of December 31, 2022, accounting for 46.7% of total employees[143]. Regulatory Environment - The Foreign Investment Law, effective January 1, 2020, replaced previous regulations governing foreign investment in the PRC[151]. - The Cybersecurity Law mandates network operators to fulfill security obligations and protect personal information, with penalties for violations including fines and operational restrictions[155]. - The PRC Data Security Law imposes fines ranging from RMB2 million to RMB10 million for violations that endanger national security, along with potential business suspensions[157]. - The Personal Information Protection Law, effective from November 1, 2021, aims to protect personal information rights and regulates its processing[161]. Shareholder and Corporate Governance - The company raised approximately US$340.2 million in net proceeds from its initial public offering in February 2021[123]. - The aggregate cash compensation for directors and executive officers in 2022 was approximately RMB 10.2 million (US$ 1.5 million)[255]. - The company has established three committees under the board of directors: audit, compensation, and nominating and corporate governance[264][266][267]. - The company has entered into indemnification agreements with directors and executive officers to cover liabilities and expenses incurred in their roles[271]. Legal and Compliance Issues - The company is currently involved in two class action lawsuits related to its initial public offering, with a settlement requiring a payment of $12.0 million[283]. - The company has faced legal proceedings related to intellectual property infringement and labor claims but currently does not anticipate any material adverse effects on its business[283]. - The company has not experienced any significant changes since the date of its audited consolidated financial statements[286]. Cybersecurity Measures - The company has implemented strict protocols for data protection and compliance with applicable laws regarding customer data[316]. - The chief technology officer has over 20 years of experience in risk management, cybersecurity, and information technology, leading the company's cybersecurity efforts[317]. - The company has not experienced any cybersecurity incidents that resulted in operational interruptions or known losses of critical data[317]. - Employees with access to confidential data are bound by confidentiality agreements, with legal obligations to maintain confidentiality even after resignation[317]. Financial Position and Investments - The company has not declared or paid any dividends and does not plan to do so in the foreseeable future, intending to retain available funds for business operations and expansion[284]. - The company may require additional cash resources due to changing business conditions or future developments, including potential acquisitions or investments[220]. - The company has entered into multiple Share Pledge Agreements with various parties, indicating ongoing financial arrangements and commitments[321].

VIE Structure and Foreign Investment - The VIE structure is used to replicate foreign investment in China-based companies, allowing the company to control and receive economic benefits from affiliated entities despite restrictions on direct foreign investment [41]. - Revenues from affiliated entities accounted for substantially all of the company's total revenues in 2019, 2020, and 2021 [45]. - The company faces potential restrictions on transferring funds or assets due to PRC government interventions, which could impact its financial operations [47]. - The VIE structure poses unique risks, including potential breaches of contractual arrangements by VIE shareholders, which could adversely affect operational control [42]. Financial Performance and Dividends - The company has not paid any dividends or made distributions to shareholders, including U.S. investors, since 2019 [46]. - The company expects to distribute earnings and settle service fees based on business needs, with no dividends anticipated in the foreseeable future [46]. - The company reported significant net losses of RMB233.5 million, RMB425.2 million, and RMB904.5 million (US$141.9 million) for the years 2019, 2020, and 2021 respectively, with operating cash outflows of RMB161.6 million, RMB216.5 million, and RMB238.1 million (US$37.4 million) during the same periods [86]. - The company has incurred substantial investments in developing new cloud-based communication solutions and enhancing existing ones, which continue to drive negative cash flows [86]. Regulatory Compliance and Risks - The company has obtained necessary licenses and permits for operations in China, but future compliance with evolving regulations remains uncertain [49]. - The company is subject to the Cybersecurity Review Measures, which may require compliance for operations affecting national security [49]. - The company is required to comply with extensive and evolving laws and regulations in the PRC, which may adversely affect its business prospects [60]. - The company may face significant compliance costs due to new cybersecurity laws and regulations, which could adversely affect business performance [137]. Legal and Litigation Issues - Significant legal and other expenses were incurred due to employee misconduct and transaction irregularities, impacting the company's financial position and reputation [63]. - The company has faced class action lawsuits from securities purchasers, which could materially affect its business and financial condition [65]. - The SEC settlement regarding employee misconduct resulted in the loss of certain exemptions under federal securities laws [63]. - The company has been the target of cyberattacks, which, while not materially significant to date, pose ongoing risks to operations [146]. Internal Controls and Financial Reporting - Material weaknesses in internal control over financial reporting were identified, including insufficient accounting personnel and lack of documented financial closing policies [68][69]. - The company is implementing remedial measures to address identified weaknesses, including employee training and improving internal policies [70]. - The company has experienced delays in SEC filings due to material weaknesses in internal control over financial reporting, which could affect investor confidence [76]. Market Competition and Customer Relations - The company faces intense competition in the cloud-based communications market, with pricing pressures from competitors offering lower-priced solutions [96]. - The company must attract new customers and retain existing ones to increase revenues, which is contingent on the quality and competitiveness of its solutions [78]. - The company has experienced customer loss during the COVID-19 outbreak, primarily due to a decrease in the number of smaller enterprise customers [148]. - The company has experienced challenges in configuring and implementing solutions for large enterprises, which may affect customer satisfaction and retention [110]. Growth and Expansion Strategies - The company has established overseas subsidiaries in Japan, Philippines, Malaysia, South Korea, Singapore, and Mexico, with plans for further expansion into the Middle East and South America [185]. - The company recognizes revenues over the subscription term, which means downturns in new sales may not immediately impact current results but will affect future revenues [177]. - The company has plans to enhance customer support and innovate solutions to maintain high levels of customer satisfaction as it focuses on serving large enterprises [158]. - Future international expansion will require significant investment and may expose the company to new operational risks [187]. Financial Management and Capital Needs - The company may require additional capital for growth, which could involve selling equity or debt securities, potentially diluting existing shareholders [193]. - The company has incurred substantial share-based compensation expenses, with 26,385,975 Class A ordinary shares options granted under the 2016 Plan as of the report date [182]. - Share-based compensation expenses increased from RMB27.1 million in 2019 to RMB277.6 million (US$43.6 million) in 2021, with unrecognized expenses of RMB87.3 million (US$13.7 million) and RMB133.9 million (US$21.0 million) as of December 31, 2021 [184]. Risks Related to Data and Cybersecurity - The company has access to sensitive data and must comply with evolving data privacy and cybersecurity regulations, which could lead to significant penalties if not adhered to [127][130]. - The PRC Data Security Law, effective September 1, 2021, imposes obligations on entities regarding data security and introduces a tiered protection system based on data importance [131][132]. - The company must comply with various data protection and cybersecurity practices of suppliers and contractors, which adds to operational complexity [142]. - The interpretation and enforcement of new laws and regulations regarding data protection and cybersecurity remain uncertain, potentially impacting business operations [137]. Operational Challenges and Risks - The company faces significant operational strains due to its expansion, necessitating investments in operational, financial, and managerial controls [157]. - The company has outsourced certain non-core software development activities, which may lead to operational difficulties if service providers fail to meet standards [181]. - The company relies on third-party cloud infrastructure, making it vulnerable to disruptions that could adversely affect its business and financial condition [169]. - Errors or defects in solutions could lead to reputational damage and loss of customers, adversely affecting financial results [114].

Revenue Diversification - No customers individually represented greater than 10.0% of total revenues in 2018, 2019, and 2020, indicating a diversified revenue base [735]. - No customers represented greater than 10.0% of accounts receivable, net, as of December 31, 2019, and 2020, reflecting stable credit risk management [736]. Contract Management - Contract liabilities to customers did not exceed 10.0% of total contract liabilities for the years 2018, 2019, and 2020, indicating effective contract management [737]. Currency Risk Exposure - The Renminbi depreciated approximately 5% against the U.S. dollar in 2018 and further depreciated by 4% in 2019, highlighting currency risk exposure [742]. - The company does not currently have significant direct foreign exchange risk, as substantially all revenues and expenses are denominated in Renminbi [741]. - A 10% appreciation of the U.S. dollar against the Renminbi would result in an increase of RMB22.3 million in cash and cash equivalents [744]. Financial Position - As of December 31, 2020, the company had U.S. dollar-denominated cash and cash equivalents of RMB223.4 million [744]. Credit Risk Management - The investment policy requires cash and short-term investments to be placed with high-quality financial institutions to limit credit risk [738]. - The company conducts credit evaluations on customers prior to delivery of goods or services, ensuring a robust credit risk assessment process [739].