晨 会 纪 要 [2025]第 108 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 6 月 17 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 朱毅 仇华 许雯 王攀 蒋栋 张德燕 轩鹏程 文正平 李杰 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 王逸奇 孙菲 马丽明 贺钰偲 汪炜 聂孟依 顾华昊 整理记录：李正威 研究所今日晨会要点如下: 一、行业公司 1、中药行业（许雯） 核心要点： 市场表现：上周中药Ⅱ下跌0.32%，医药板块涨跌互现，中药表现相对较弱 根据wind数据，上周（2025.06.08-2025.06.14）医药生物报收7895.79点，上涨1.4%；中 药Ⅱ报收6410.24点，下跌0.32%；化学制药报收12686.19点，上涨3.53%；生物制品报收6212.51 点，上涨0.33%；医药商业报收5099.4点，下跌0.83%；医疗器械报收6147.18点，下跌0.52%； 医疗服务报收5403.37点，上涨2.42%。医药二级子板块涨跌互现，化学制药表现最好，中药 表现相对较弱。 根据wind数据，上周中药 ...

一名上海消费者从填完缺货登记表到拿到一件波司登羽绒服，最快需要多久？答案是72小时。 生产好的羽绒服通过波司登的物流系统自动打包、贴运单后直接从工厂发货。波司登集团物流管理中心 总监戴建国介绍，公司物流自动化程度达90%以上，出入库量最高可达100万件/天。从自动称重、抽 样、校验到机器人分拣、码垛、搬运，从机器人分拣到自动包装、贴标，从自动交付到智能配送，公司 构建起了智能物流体系。 以数字化变革更好对接消费需求，不仅体现在生产端，也体现在销售端。2024年12月，波司登北京三里 屯登峰概念店开业。在这里，消费者除了可以购买标准版的羽绒服，还可以享受袖子改短、衣长加长、 腰身放大等定制化服务。需求通过小程序从门店传送到产品部门，消费者可以在小程序上实时查看定制 进度。即便所在城市没有波司登门店，通过寄回厂家也能享受改衣和修补服务。一名消费者网购了一件 波司登羽绒服，肥瘦合适，但因为个子矮，衣服显得特别长，于是联系售后寄回，改短10厘米后满足了 消费者的个性化需求。 如今，波司登在设计端开发出了AI大模型，实现了从设计构思到虚拟成衣交付的全流程数字化闭环。 去年，有借助AI生成的8款花型和9款成衣推向市场。波 ...

Core Insights - The consensus in the industry is that AI large models are set to reconstruct and upgrade various sectors, with significant advancements observed in 2023 [1] - Major cloud service providers in China, such as Tencent Cloud, Volcano Engine, and Baidu Smart Cloud, have reported the deployment of large models across multiple fields, particularly in consumer hardware integration [1][2] - The application of large models in industrial manufacturing is still emerging, with collaborations primarily focused on smart cockpit interactions and marketing strategy optimization, while core manufacturing processes remain underexplored [1] Application Areas - The most widespread applications of large models are in internal knowledge management and building AI knowledge bases, particularly in knowledge-intensive industries [2] - Companies like China Chemical Wuhuan are actively developing AI knowledge bases to consolidate the expertise of their highly educated engineers, enhancing operational efficiency [2] - In the industrial sector, low-risk scenarios such as marketing services and customer service are seeing faster adoption of large models due to their higher tolerance for errors [3] Challenges in Implementation - The integration of large models into core manufacturing processes faces significant challenges, particularly due to the low tolerance for errors in production control and safety operations [5][6] - Current AI applications in production processes are limited, with companies hesitant to rely on large language models for critical decision-making due to their black-box nature and low interpretability [5][6] - The return on investment (ROI) for AI quality inspection solutions has not significantly surpassed traditional methods, leading to cautious exploration of AI applications in manufacturing [6]

每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收购、业绩、解禁、 高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前寻找到投资热点， 防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①谷子经济+区块链+AI游戏+AI大模型+华为鸿蒙！这家公司积累大量IP授权包括"大富翁"等知名IP；②数 字货币+区块链+人形机器人+军工+鸿蒙+数字经济+信创！这家公司正在推进与相关金融机构的合作并在 数字货币试点城市进行业务拓展；③人形机器人+军工+无人机+新能源汽车！公司拟定增募资不超10亿元 用于具身智能机器人等项目。 前言 ...

智驾平权，正在把汽车云拉向新的战场。 作 编 者 辑 | | 徐 周 晓 蕾 飞 "今年的汽车行业更卷了。"不少参加过今年几个大型车展的业内人都发现，汽车智能化下半场里一个突出 矛盾是， 不仅要卷技术先进性，还要卷合规性，既要快，又要稳。 这背后是智驾平权时代到来使然。放眼望去，如今不少一二十万的车型都配备了辅助驾驶、座舱大模型等 功能，智能汽车已走进了广泛的C端大众。 所以，要快，但不能野蛮发展，任风险扩散；要稳，但不能进展迟缓，让体验掉队。这也对汽车云服务商 们提出了更高维的要求。 而纵观一众汽车云厂商，腾讯汽车云是个特别的存在：它是一个手握To C、To B两类优势牌面，并将之 相互打通的玩家。 首先，在C端，腾讯拥有大量"超级入口"：微信，腾讯会议，腾讯地图、QQ音乐等，这些都是大众日常高 频使用的APP，也是保证用户体验的基本前提。 而在B端，一方面，这些C端超级APP让腾讯汽车云找到了立足点和基本盘，就连一位汽车云友商高管也曾 直言："我们和微信、QQ音乐都有合作。在座舱场景中，你很难绕开他（腾讯）。"另一方面，从C端沉淀 下来的经验，还在不断转化成腾讯汽车云To B的技术势能。 这种兼具B、C两 ...

2025年6月，河北省跨境电子商务协会副会长、鲸驰集团CEO吴静波应邀前往广电孵化基地进行座谈交流。此次座谈围绕国内电商、跨境电商、国际贸易、 境外仓储、供应链及金融、AI大模型等多领域展开，持续了四个小时，内容丰富且深入。 座谈中，吴静波首先分享了鲸驰集团在国内电商领域的布局与创新。他指出，随着市场竞争的加剧，国内电商需要更加注重用户体验和服务质量，同时借助 大数据和AI技术实现精准营销和个性化推荐。他还提到，鲸驰集团通过优化供应链管理，实现了产品的快速响应和高效配送，提升了市场竞争力。 在供应链及金融方面，吴静波指出，供应链的稳定性和金融支持是企业发展的基石。鲸驰集团通过与金融机构合作，建立了完善的供应链金融体系，为企业 提供了充足的资金支持，同时也保障了供应链的稳定运行。 最后，吴静波着重介绍了AI大模型在电商领域的应用。他提到，鲸驰集团正在积极探索AI大模型在智能客服、智能推荐、数据分析等方面的应用，通过AI 技术提升企业的运营效率和用户体验。他还分享了AI技术在跨境电商中的应用案例，展示了其在语言翻译、市场分析等方面的优势。 在跨境电商方面，吴静波详细介绍了鲸驰集团的国际化战略。他强调，跨境电商是企 ...

Group 1: Industry Overview - The humanoid robot industry is gaining significant attention from capital markets, driven by advancements in AI large model technology and increasing commercialization potential in sectors like smart manufacturing, services, and healthcare [1] - Goldman Sachs predicts that the humanoid robot market could reach a scale of $154 billion by 2035 [1][10] - The AI-enabled home robot system market is expected to grow from RMB 2.2 billion in 2022 to RMB 5.9 billion in 2024, with a compound annual growth rate (CAGR) of approximately 63.7% [11] Group 2: Company Profile - Woan Robotics is a leading provider of AI-enabled home robot systems, holding a 11.9% market share globally in this segment as of 2024 [2] - The company's flagship brand, SwitchBot, has consistently ranked first in retail sales in Japan for three consecutive years since 2022 [2] - Woan Robotics reported revenues of approximately RMB 275 million, RMB 457 million, and RMB 610 million for the years 2022, 2023, and 2024, respectively [2] Group 3: Product and Market Performance - The company has launched several innovative products, including the world's first finger robot and curtain robot, with over 3.1 million registered users on the SwitchBot App and more than 9.1 million devices connected [3] - Japan is the largest market for Woan Robotics, contributing 60% of its revenue during the reporting period, followed by Europe and North America [5] - Revenue from the European market has shown a compound growth rate of over 68%, increasing from RMB 46.19 million in 2022 to RMB 130 million in 2024 [5] Group 4: Financial Challenges - Despite revenue growth, Woan Robotics has faced losses of RMB 86.98 million, RMB 16.38 million, and RMB 3.07 million over the reporting period, totaling RMB 106 million in losses [9] - The company has significant debt pressure, with net current liabilities recorded at RMB 109 million, RMB 137 million, and RMB 199 million for the years 2022, 2023, and 2024, respectively [9]

Core Viewpoint - The company has reported mixed financial results for 2024 and Q1 2025, with a significant decline in revenue but a notable increase in net profit for Q1 2025, indicating potential for recovery driven by AI business growth [1][2]. Financial Performance Summary - In Q1 2025, the company achieved total revenue of 0.60 million, a year-on-year decrease of 31.32%, while net profit attributable to shareholders was 0.01 million, showing a year-on-year increase of 156.77% [1]. - For the year 2024, total revenue was 6.18 million, down 10.98% year-on-year, and net profit attributable to shareholders was 0.21 million, reflecting a decline of 49.98% year-on-year [1][2]. Business Growth and Strategy - The company is expanding its AI large model and computing power business, launching the "KAI WU Magic Box" edge AI integrated machine, which supports deployment of models with up to 30 billion parameters [3]. - The company has developed its own AI intelligent platform, collaborating with state-owned enterprises in Beijing for digital transformation solutions, and has signed contracts for its self-developed multi-modal content production platform [3]. - Revenue from AI large models and computing power business is expected to grow over 949% in 2024, positioning it as a core growth driver [3]. Earnings Forecast and Investment Recommendation - The company is projected to achieve revenues of 6.69 million, 8.18 million, and 9.60 million for the years 2025 to 2027, with net profits of 0.40 million, 0.49 million, and 0.55 million respectively, corresponding to P/E ratios of 94.50, 77.23, and 68.04 [3]. - The overall outlook is positive due to the recovery of the company's fundamentals and comprehensive AI layout, leading to an initial "Buy" rating [3].

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 编辑 | 任彩茹 头图 | IC photo 「飞熊领鲜」完成近亿元C轮融资 据IT桔子，飞熊领鲜完成近亿元C轮融资，由河北临空私募基金管理有限公司与北京意诚阳光资产管 理有限公司联合投资。 飞熊领鲜为冻品产业链用户提供供应链金融、跨境采购、撮合交易、共享仓储交付、SaaS软件赋能 等综合服务。 「无限探索」完成1600万元天使轮融资 Busy Money 「贝陪科技」完成Pre-A轮投资 据智能涌现，智能玩具公司贝陪科技近日宣布完成Pre-A轮投资，由顺为资本独家投资。此前公司曾 获得由五源资本投资的天使轮融资和由青山资本独投的天使+轮融资，累计融资金额达到近千万美 元。 贝陪科技打造了AI玩具品牌"可豆陪陪"（KidoPally），并于今年4月底推出了首批AI玩具产品——友 爱兔和好奇熊。其产品主要面向全球2-8岁的儿童，有自然对话的儿童AI大模型、NFC游戏启智卡和 家长小程序等功能。 「Shiok Burger」完成Pre-A轮融资 36氪获悉，东南亚本土融合汉堡品牌Shiok Burger宣布完成Pre-A轮融资，本轮由 ...

Core Insights - Meta has completed a significant acquisition of Scale AI for nearly $15 billion, acquiring 49% of the company’s non-voting shares, which raises concerns about Scale AI's neutrality and potential data leakage risks for its large clients [1][2] - Following the acquisition, Scale AI's valuation has surged from $14 billion to $29 billion, indicating strong market interest and potential growth in the AI sector [2][3] Company Overview - Scale AI, founded by Alexandr Wang, specializes in data annotation services crucial for various AI applications, including chatbots and autonomous driving [2] - The company has received investments from major tech firms such as Y Combinator, NVIDIA, AMD, Amazon, and Meta [2] Financial Performance - Scale AI's revenue is projected to be approximately $870 million in 2024, with Google spending around $150 million on its services [3] - The company’s business model heavily relies on a few key clients, making it vulnerable to significant losses if it loses major customers like Google [3] Competitive Landscape - The acquisition has led to increased competition, with other data annotation companies like Labelbox and Handshake reporting a surge in demand and potential new revenue opportunities from clients leaving Scale AI [3][4] - OpenAI has expressed concerns about the acquisition potentially harming the AI ecosystem and slowing innovation due to competitive pressures [3] Regulatory Considerations - The acquisition may attract scrutiny from U.S. antitrust regulators, despite being a minority stake, as it could be perceived as harming competition [5][6] - There are ongoing investigations into similar acquisitions in the tech industry, reflecting a broader concern about "talent acquisition" strategies employed by major firms [5][6]