资料显示，涂鸦智能(纽交所代码:TUYA;港交所代码:2391)是全球领先的云平台服务提供商,致力于构建 智慧解决方案的开发者生态,赋能万物智能。涂鸦智能开创了一个专有的云开发者平台,具备云计算及生 成式人工智能的能力,为智能设备、商业应用和行业开发者提供包括平台即服务(PaaS)、软件即服务 (SaaS)和智慧解决方案在内的完整产品及服务。通过其云开发者平台,涂鸦智能激发了一个由品牌、原始 设备制造商、AIAgents、系统集成商和独立软件供应商组成的充满活力的全球开发者社区,共同打造绿 色低碳、安全、高效、敏捷和开放的智慧解决方案生态。 本文源自：金融界 作者：行情君 8月21日，涂鸦智能(TUYA)盘中上涨2.59%，截至21:36，报2.38美元/股，成交40.58万美元，总市值 14.51亿美元。 财务数据显示，截至2025年03月31日，涂鸦智能收入总额7468.7万美元，同比增长21.12%；归母净利润 1101.7万美元，同比增长410.95%。 大事提醒： 8月26日，涂鸦智能将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为 ...

Core Viewpoint - Baozun E-commerce (BZUN) shows a positive financial outlook with a revenue increase and a scheduled mid-year report release, indicating potential growth opportunities in the e-commerce sector [1][2]. Financial Performance - As of March 31, 2025, Baozun's total revenue reached 2.064 billion RMB, reflecting a year-on-year growth of 4.27% [1]. - The company's net profit attributable to shareholders was -63.08 million RMB, with a year-on-year increase of 5.34% [1]. Company Overview - Founded in 2007, Baozun is a leader in the Chinese brand e-commerce service industry, employing approximately 8,000 staff and serving over 450 brands globally across various regions including East Asia, Southeast Asia, Europe, and North America [2]. - The company operates three main business lines: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI), all contributing to sustainable business development [2]. - Baozun emphasizes innovation and aims to enhance its global supply chain capabilities, marking its 15th anniversary with a new corporate promotional video that showcases its digital commercial lifecycle services [2].

周四，小鹏汽车(XPEV.US)大涨近9%，报22.19美元。消息面上，该公司创始人何小鹏于2025年8月20日 至2025年8月21日通过全资拥有的Galaxy Dynasty Limited增持310万股港股股份，此次增持体现了管理层 对公司未来发展的信心。 交银国际研报称，小鹏汽车2Q25汽车毛利率14.3%，环比大幅改善3.9个百分点，超市场和该机构的预 期。二季度公司净亏损4.8亿元/non-GAAP净亏损3.8亿元(人民币)，亏损按季进一步收窄。该机构维持盈 利预测，预计随着新车/改款车上市，特别是一车双能车型在4季度和明年上市，销量有望持续增长。受 益于智驾普及和新车上量，季度盈利有望转正，同时考虑小鹏在人工智能/低空经济/RoboTaxi/人形机器 人的布局，有望对股价产生正面影响，估值中枢上移。 ...

五矿地产(00230)公布2025年中期业绩，收入约19.76亿港元，同比减少60.66%;公司股权持有人应占亏损 约5.85亿港元，同比收窄43.96%;每股亏损17.49港仙。 由于期内房地产项目结转规模下降，集团房地产发展业务收入较去年同期下降63.7%至17.43亿港元，占 集团综合收入的88.2%。房地产发展业务的毛利率较去年同期上升3.4百分点至10.3%，主要受产品组合 变化所影响，期内确认毛利率较高的房地产发展项目比例较高所致。 ...

Core Viewpoint - The logistics industry is experiencing a shift towards effective scale growth, with a trend against "involution" becoming prominent, as highlighted by Aneng Logistics' CEO during the earnings call [1] Financial Performance - In the first half of 2025, Aneng Logistics achieved a total freight volume of 6.82 million tons, a year-on-year increase of 6.2% - The company's revenue reached 5.625 billion yuan, up 6.4% year-on-year, while adjusted net profit was 476 million yuan, reflecting a 10.7% increase - Gross profit stood at 880 million yuan, with a gross margin of 15.6% [1][2] Market Competition - The express delivery market remains highly competitive, with price wars being a common strategy among major players - Aneng Logistics has managed to maintain a leading market share in the franchise-based express logistics sector despite aggressive pricing strategies from competitors like Zhongtong [3][4] - The average weight per shipment decreased from 89 kg in the first half of 2024 to 75 kg in the first half of 2025, indicating a shift in freight structure [2] Strategic Adjustments - The company is actively monitoring competitive dynamics and adjusting pricing policies accordingly, with a focus on maintaining a balance between market share and profitability [3][4] - Aneng Logistics plans to invest in over 200 smart driving vehicles and more than 100 electric heavy trucks in the second half of 2025 to enhance operational efficiency [6] Technological Advancements - The company is exploring the application of automation and smart logistics technologies to reduce costs and improve efficiency - Aneng Logistics has deployed automated sorting lines in several distribution centers, resulting in a 6% reduction in cost per kilogram and improved sorting efficiency [5][6] - The company is also testing the use of unmanned delivery vehicles in specific scenarios, although regulatory challenges regarding road rights remain a concern [5]

每经记者｜潘婷 每经编辑｜张益铭 8月21日，移卡发布2025年中期业绩。报告期内，公司实现营收16.42亿元人民币，与上年同期相比增长 4%；实现期内利润4137万元人民币，与上年同期相比增长27%。 其中，移卡一站式支付服务业绩亮眼，2025年上半年支付GPV（总支付额）近1.14万亿元人民币，日交 易笔数峰值近6000万笔；海外业务快速增长，上半年交易量超越上年全年交易量，达15亿元人民币。 另外，人工智能技术持续渗透移卡集团各业务线并带来积极改变。2025年上半年移卡的销售、行政及研 发开支较去年同期减少19.3%，各项费用全线下降。 移卡表示，公司已经在海外市场建立起一套相对成熟且易于复制的业务模式并累积了良好业绩。随着陆 续获得美国、日本等主要市场的本地支付牌照，海外业务对支付总毛利的贡献预期也将持续攀升。 封面图片来源：图片来源：每日经济新闻 刘国梅 摄 2025年上半年，移卡支付业务的费率与盈利能力逐步回升。 其中，一站式支付服务营收同比增长6.1%至14.29亿元人民币，业务毛利润同比大幅提升110.3%至人民 币1.95亿元，毛利率同步攀升至13.7%，显著优化了支付服务的盈利能力。 移卡 ...

Core Insights - Leap Motor reported a significant revenue increase of 174% year-on-year, reaching 24.25 billion yuan in the first half of 2025, with a net profit of 30 million yuan, marking its first positive half-year profit [1][2] - The company raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, with a target of 170,000-180,000 units for Q3 [1][4] - Leap Motor aims to achieve a sales target of 1 million units in 2026, supported by new model launches and existing series [1][3] Financial Performance - Revenue for the first half of 2025 was 24.25 billion yuan, a 174% increase from 8.85 billion yuan in the same period of 2024, driven by a significant rise in vehicle deliveries [2] - The total delivery volume reached 221,664 units, a 155.7% increase year-on-year, making Leap Motor the top-selling new energy vehicle brand in China [2] - The gross margin improved to 14.1%, up from 1.1% in 2024, nearing levels of competitors like Tesla and Li Auto [2][3] Research and Development - R&D expenditure for the first half of 2025 was 1.89 billion yuan, a 54.9% increase from 1.22 billion yuan in 2024, reflecting increased investment in smart driving technology [3] - The company plans to enhance its smart driving capabilities, aiming to reach a leading position in the domestic market by the end of 2025 [3] Market Strategy - Leap Motor plans to launch multiple new models in the second half of 2025, including the B05 at the Munich Auto Show and the D series, which will debut in Q1 2026 [5] - The company is focusing on maintaining a competitive edge in the domestic market while targeting 50,000-80,000 units in overseas sales without raising the current overseas sales target [5][6] - Leap Motor has initiated local assembly projects in Malaysia and plans to establish local production in Europe for its B series models [6]

机器之心报道 编辑：+0 AI 有意识吗？ 无论是古今中外的文艺作品中，还是 AI 迅猛发展的当下，好像都难以给出一个绝对的答案。 要探讨这个问题，我们首先需要理解 AI 的「黑盒」困境。作为现代 AI 核心的深度神经网络，其内部包含了数以亿计的参数，这些参数在多层结构中进 行着极其复杂的非线性相互作用。 AI 并非由人类编写固定的规则来执行任务，而是通过自主学习海量数据来识别模式、构建决策逻辑。这一过程往往超越了人类的直观理解，就像一个神 秘的黑匣子：你向它提问，它能给出精准的答案，但你无法洞悉其内部的思考与决策过程。 图源：Medium。 微软 AI CEO Mustafa Suleyman 深入讨论了这个问题，并提出了「看似有意识的 AI」（Seemingly Conscious AI，SCAI）的概念。 他强调，这不是科幻，而是基于当前技术即可实现的幻觉，却可能带来深刻的社交、道德和法律影响。 评论区也展开了激烈讨论，有人赞同 Suleyman 的观点，认为我们应该警惕「幻觉」。 也有人认为无法轻易断定 AI 没有意识。 他坦言，SCAI 的潜在影响「让他夜不能寐」，因为它虽然没有真正的意识，却能完美 ...

格隆汇8月21日丨山高控股(00412.HK)公告，集团预期截至2025年6月30日止6个月期间将录得未经审核 综合净利润不少于约人民币4.5亿元，而于截至2024年6月30日止6个月则录得未经审核综合净利润约人 民币7800万元。 上述本期间未经审核综合净利润的增加主要归因于下列各项净影响：(a)按公允值计入损益金融资产公 允值大幅增加超过约人民币5.5亿元；(b)本期间收益减少约人民币3.3亿元；(c)本期间行政及其他经营开 支及销售及服务成本减少约人民币1.2亿元。 ...

Core Viewpoint - Yuexiu Services reported a stable performance in the first half of 2025, with a revenue of 1.962 billion RMB, maintaining a high dividend payout ratio of 50% and a focus on service quality upgrades to drive growth [1][3][6]. Financial Performance - The total revenue for the first half of 2025 was 1.962 billion RMB, slightly up from 1.961 billion RMB in the same period last year [3]. - The gross profit margin decreased to 21.3% from 25.99% year-on-year, while the net profit attributable to shareholders was 240 million RMB, down from 271 million RMB [3]. - The company maintained a dividend payout ratio of 50%, with an interim dividend of 0.08 RMB per share [3]. Operational Highlights - The total contracted area reached 92.45 million square meters, a 4.2% increase from the end of 2024, with 515 projects under management [3][6]. - The average property management fee was approximately 2.8 RMB per square meter, positioning the company in the mid-to-high range of the industry [3]. Strategic Initiatives - The management emphasized service quality upgrades as a key driver for growth, focusing on customer needs and utilizing smart technology to enhance service efficiency [6][7]. - The company implemented a "human-machine collaboration" cleaning model, improving service efficiency and customer satisfaction [6]. - Yuexiu Services plans to expand its project portfolio, including metro property management, and has allocated 500 million RMB for acquisitions this year [7].