本文源自：金融界 财务数据显示，截至2024年12月31日，猎豹移动收入总额8.07亿人民币，同比增长20.52%；归母净利 润-6.18亿人民币，同比减少2.43%。 作者：行情君 5月2日，猎豹移动(CMCM)盘中上涨3.89%，截至21:45，报3.85美元/股，成交1.41万美元，总市值1.18 亿美元。 资料显示，猎豹移动公司是一家全球领先的移动互联网公司,公司致力于"在人机共存的世界里,用科技让 生活更美好"。2014 年 5 月 8 日,在纽交所正式上市。在保持原有业务优势基础上,猎豹移动正在从移动 互联网向以AI驱动的产业互联网进行战略升级,并已经构建了垂直一体化的AI能力,包括自研芯片算力、 算法能力、系统能力、应用能力、商业大脑。其中算法能力涵盖语音全链路技术(口)、麦克风阵列 (耳)、全感知视觉识别(眼)、室内导航平台(腿)和6轴机械臂(手);并打造了猎户星空语音OS、猎户星空 Robot OS、猎户星空Arm OS三大开放系统。实现了以智能语音服务机器人、智能递送服务机器人、智 能劳动服务机器人为基础的智能服务机器人解决方案;同时,涵盖语音、芯片、视觉、智能自助设备、室 内自主导航解决 ...

Core Viewpoint - The article highlights the achievements and strategic initiatives of Zhou Yunjie, the Chairman and CEO of Haier Group, in transforming the company into a leading player in the smart home and health sectors while enhancing its international competitiveness in manufacturing [2][4][6]. Group 1: Manufacturing Transformation - Zhou Yunjie has been instrumental in Haier's transition from a traditional manufacturing company to a smart home ecosystem brand, focusing on high-end, intelligent, green, and cluster-based upgrades in the home appliance industry [4][5]. - Under his leadership, Haier's premium brand Casarte has seen a 13-fold growth over seven years, becoming the only Chinese brand in the light industry to surpass European and American brands in both price and sales [4]. - The company has optimized manufacturing costs by 4% and improved labor efficiency by 16% through large-scale customization [4]. Group 2: Green Development - Zhou Yunjie has led the implementation of the 6-GREEN strategy, establishing a low-carbon system with nine "lighthouse factories" and 18 national-level green factories [5]. - Haier has created the first recycling-disassembly-reuse system in the home appliance industry, recovering over 7.69 million old appliances in 2024, ranking first in the industry [5]. Group 3: New Business Ventures - In the health sector, Haier has developed three major segments: life sciences, medical devices, and medical services, with revenue exceeding 10 billion in 2024 [6]. - The company has made a strategic investment of 12.5 billion in Shanghai Laishi to enhance its blood product ecosystem, positioning itself as a leader in the domestic healthcare industry [6]. Group 4: Digital Economy and Industrial Internet - Zhou Yunjie has built a digital economy ecosystem that includes the Kaos platform, which has been ranked first nationally for six consecutive years, serving over 160,000 enterprises [6]. - The platform has significantly reduced digital transformation costs for companies, exemplified by a 60% cost reduction for businesses in Jinan [6]. Group 5: Renewable Energy and Automotive Aftermarket - Haier is constructing a renewable energy ecosystem that integrates green electricity, energy storage, and smart energy management, aiming to create a 50 billion-level renewable energy industry cluster within five years [7]. - The Kaichai platform has become the leading brand in the second-hand car retail market, achieving sales revenue of 20 billion in two years, with plans to develop a trillion-level industry cluster in the next five years [7]. Group 6: AI and Management Innovation - Zhou Yunjie has driven transformation through AI technology, launching the HomeGPT model for smart home applications and developing over 4,700 mechanism models to enhance enterprise efficiency [7].

不浪、不作、不膨胀 作者 丨高珮莙 如果仅从两位创始人的个性观察，中国运动健身连锁品牌"乐刻"呈现出两种截然不同的气质。 创始人韩伟是个不折不扣的理想主义者。创办乐刻，是为了实现全人群、全场景、全覆盖的运动平 权。投入资金做AI辅助的居家健身品牌LITTA，是为了让偏远山区的人和年纪更大的人，也能以尽 可能低的价格拥有更好的身体机能。 他甚至"异想天开"地提出要把高尔夫的价格打到99元，因为数字太离谱，被团队集体"摁住了"。 最终的十周年发布会上，韩伟还是宣布："我希望让中国每一个人都可以花99打一场高尔夫球，花99 坐一次游艇。""再有几年时间，我们一定把这个事打透，一定实现高尔夫平权。" 他喜欢用"一定""最好""所有人"这样的词和刻意加重的语气，来强调自己的决心。 而联合创始人、联席CEO夏东恰恰相反，理性、精密，不确定的市场，先投石问路；商业模型没跑 通，迅速纠偏；运营细节出错，及时调整。他表达逻辑清晰，对每一个数字熟稔于心、信口拈来， 但如果要喊口号、立flag，一定是慎之又慎。 在实现"百城万店"目标的路上，不亏钱，比什么都重要。 乐刻埋头"搬砖"的十年，恰恰是中国健身行业风起云涌的十年。新业态不 ...

在当今数字化浪潮席卷全球的时代背景下，经济学类数字经济这一新兴专业犹如熠熠生辉的星辰，数字经济的发展"上半场是消费互联网，下半场是产业互 联网游戏网络米哈游戏客服的服务电话:008617-52740-4018 产业互联网起源于消费互联网。所谓消费互联网，就是当数字化平台与老百姓的生活消费场景相 结合，就产生了消费互联网，过去十余年，我国消费互联网取得了举世瞩目的成绩，随着消费互联网进入平稳增长期，行业增量红利逐渐消退。专家指出， 产业互联网才是数字经济真正的蓝海 现阶段，对于产业互联网的定义并没有完全统一的说法，但是业界的讨论有很多共识性的成果。简单来说，产业互联网是利用人工智能、区块链、云计算、 大数据等互联网技术和工具为传统产业进行赋能的概念，从而提高企业在服务和运营方面的能力，实现"互联网+"的组织架构，场景范围包括制造业、城市 管理、政府服务、零售、金融、医疗、交通等领域的各个行业 毫无疑问，产业互联网正在成为下一个蓝海增长点，那么人们应该如何认识"产业互联网"？它又将对社会经济起到怎样的促进作用？未来又将如何发展？今 天，请跟随《中国科技信息》一起来了解。 实现虚拟经济与实体经济深度融合的过程 伴随 ...

Core Viewpoint - The company, Western Construction, is positioned as a leading player in the precast concrete industry in China, leveraging its unique platform and resources from China State Construction Engineering Corporation to enhance its competitive edge in both domestic and international markets [1][4]. Group 1: Business Overview - Western Construction is the only development platform for precast concrete under China State Construction, integrating concrete assets and business resources, which provides significant competitive advantages [1]. - The company operates in 26 provinces across major regions in China and has successfully expanded into overseas markets, establishing strong production and supply capabilities [1]. - The company has a designed production capacity of 11,939 million cubic meters for precast concrete, ranking second in the industry, and is one of the largest publicly listed companies in this sector [2]. Group 2: Financial Performance - For the reporting period, Western Construction reported a revenue of 20.347 billion yuan and a net profit attributable to shareholders of -263 million yuan, with a new contract amount of 56.081 billion yuan [4]. - The production and sales volume of precast concrete reached 5,884.81 million cubic meters, reflecting a year-on-year growth of 0.62% [2]. Group 3: Strategic Initiatives - The company has focused on strategic regional layouts, adding 54 new mixing stations in key areas, achieving a contract volume of 80.1 million cubic meters, which is an 18.5% increase year-on-year [3]. - Western Construction has made significant advancements in technology and innovation, including the development of ultra-high-performance concrete (UHPC) for new applications, such as the world's largest floating wind power platform [5]. - The company is committed to green and low-carbon development, establishing multiple green factories and achieving significant waste recycling milestones [3]. Group 4: Market Expansion - The company has seen substantial growth in overseas markets, with business growth rates of 103.69% in Indonesia, 94.97% in Thailand, and 100% in Malaysia [2]. - Western Construction aims to continue expanding its market presence and enhancing its market share through strategic initiatives and technological advancements [5].

Core Insights - The company, Zall Smart Commerce, reported a revenue of 162.36 billion yuan for the fiscal year 2024, marking a year-on-year growth of 29.59% and a net profit of 93.36 million yuan, up 42.15%, demonstrating strong operational resilience [1] - The core business of supply chain trade and management achieved a revenue of 161.74 billion yuan, reflecting a growth of 29.71%, solidifying its position as a leader in digital trading of bulk commodities [1] - The overseas revenue reached a historical high of 40.67 billion yuan, showcasing significant growth in international operations [2] Revenue Growth - The company has consistently surpassed the 100 billion yuan revenue mark for four consecutive years, with revenue increasing from 103.61 billion yuan in 2021 to 162.36 billion yuan in 2024 [2] - Domestic bulk business also saw stable growth, with overall revenue increasing by 37.05 billion yuan compared to the previous year [4] Business Expansion - The establishment of the World Commodity Intelligent Trading Center (CIC) in Singapore has been pivotal, focusing on coal, nickel, and copper trading, and utilizing blockchain technology to enhance digital trade solutions [2] - The CIC platform has registered over 16,000 users and facilitated transactions exceeding 29.3 billion USD, indicating robust international engagement [2] Supply Chain Innovations - The company is actively integrating online and offline supply chain services, with the Han Kou Bei International Trade City achieving a total transaction volume exceeding 200 billion yuan in 2024 [6] - The company has developed multiple modern supply chains, including flower, seafood, and coffee chains, enhancing consumer experience and market reach [6][8] Technological Advancements - The company has applied for 365 patents and obtained 173, focusing on integrating digital technologies like AI and big data into its operations [9] - The launch of the digital management platform 2.0 and the establishment of low-altitude ports for drone logistics signify the company's commitment to enhancing operational efficiency and service quality [12]

来源 | 美股研究社整理 2024年，全球科技行业在AI浪潮与市场洗牌中呈现两极分化。一方面，头部企业凭借算力与5G基建 持续领跑；另一方面，中小型科技公司则在转型中挣扎求生。 2024年，猎豹移动毛利达到5.45亿元（约7469万美元），较上一年同期的4.38亿元增长24%。 聚焦第四季度，猎豹移动在2024年第四季度营收2.37亿元，较上一年同期的1.67亿元增长41.7%；毛 利为1.73亿元，较上一年同期的9907万元增长74.4%。 猎豹移动最新财报显示，其全年营收同比增长20.5%至8.07亿元，但净亏损却扩大至，股价在财报 发布后一路向上。这家曾以工具类应用闻名的公司，正试图通过AI和机器人业务实现"第二增长曲 线"，然而市场对其战略的质疑声始终未消。 营 收 增 长 背 后 的 双 引 擎 ， 互 联 网 业 务 企 稳 与 A I 业 务 爆 发 猎豹移动发布的财报显示，2024年，公司营收达8.07亿元（约1.11亿美元），较上一年同期的6.7亿 元增长20.5%。 从业务板块来看，2024年猎豹移动互联网业务营收为5.17亿元（约7085万美元），上一年同期这一 业务营收为4.5亿元；A ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue growth of 20.2% year-on-year for 2024, achieving total revenue of 93.46 billion yuan, while adjusted net profit decreased by 26.4% to 7.21 billion yuan [7] - The company's GTV (Gross Transaction Value) for 2024 reached 3.35 trillion yuan, reflecting a year-on-year increase of 6.6%, with revenue contributions from various business segments including existing homes, new homes, home decoration, rental housing, and emerging businesses [7] - The company is expected to benefit from structural adjustments in the market, particularly in the second-hand housing market, which is anticipated to recover first in 2025 [7] Summary by Sections Financial Performance - Total revenue for 2023 was 77.78 billion yuan, projected to grow to 93.46 billion yuan in 2024, with a year-on-year growth rate of 20.16% [1] - Adjusted net profit for 2024 is forecasted at 7.21 billion yuan, down from 9.80 billion yuan in 2023, reflecting a decrease of 26.41% [1] - The company's EPS (Earnings Per Share) is expected to be 1.12 yuan in 2024, with projections of 1.82 yuan, 2.35 yuan, and 2.90 yuan for 2025, 2026, and 2027 respectively [1] Business Segments - Revenue from existing homes reached 282 billion yuan in 2024, a slight increase of 0.7% year-on-year, while new homes generated 337 billion yuan, up 10.1% [7] - Home decoration business saw a significant growth of 36.1%, contributing 148 billion yuan, and rental housing business surged by 135% to 143 billion yuan [7] - The company expanded its active store count to 49,700, an increase of 18.3%, and the number of active agents reached 445,000, up 12.1% [7] Market Position - The company increased its market share in the new home sector by 1.7 percentage points to 11.4%, despite a 3.3% decline in GTV for new homes [7] - The commission rate for new homes improved by 0.4 percentage points to 3.47% [7] - The home decoration and rental businesses are expected to continue their rapid growth, with the number of managed rental units increasing from 210,000 to 430,000 [7] Future Outlook - The company is positioned as a leader in the domestic brokerage industry, with potential for performance improvement driven by increased turnover rates in the second-hand housing market and enhanced penetration in new home brokerage [7] - Adjusted net profit forecasts for 2025 and 2026 have been revised down to 9.70 billion yuan and 11.62 billion yuan respectively, with a 2027 forecast of 13.62 billion yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 93.46 billion yuan in 2024, representing a year-on-year growth of 20.2%. However, the adjusted net profit decreased by 26.4% to 7.21 billion yuan [7][8] - The company's gross transaction value (GTV) reached 3.35 trillion yuan, showing a positive growth of 6.6% year-on-year, which supported stable revenue growth [7] - The report highlights a decline in gross margin by 3.3 percentage points to 24.6%, primarily due to a decrease in the revenue share from the higher-margin existing home business [7] - The company expanded its market share in the new home sector, with a GTV decline of 3.3% but an increase in market share by 1.7 percentage points to 11.4% [7] - The home decoration and rental businesses experienced significant growth, with the home decoration GTV increasing by 27.3% to 16.9 billion yuan and the rental business expanding its managed properties from 210,000 to 430,000 units [7] Financial Summary - The company's total revenue forecast for 2024 is 93.46 billion yuan, with projected revenues of 109.63 billion yuan in 2025 and 127.49 billion yuan in 2026 [1][8] - The adjusted net profit is expected to be 6.59 billion yuan in 2025 and 8.50 billion yuan in 2026, with a forecasted EPS of 1.82 yuan and 2.35 yuan respectively [1][8] - The report projects a decrease in the adjusted net profit for 2025 and 2026 due to market fluctuations, with revised estimates of 9.70 billion yuan and 11.62 billion yuan respectively [7]

中国境内第一家通过De-SPAC模式在港上市的企业。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，找钢产业互联集团（以下简称"找钢集团"）于2025年3月10日正式以"6676"为 股票代码在港交所主板挂牌上市，这也是中国境内第一家通过De-SPAC模式在港上市的企业。 在本次De-SPAC上市过程中，找钢集团通过PIPE投资者募集资金约5.326亿港元，PIPE投资者包 括徐州臻心、东英资管、东方资产管理、托克香港、宁海真为、许昌产业投资、Spring Prosper Pte. Ltd.及郑州诚信等。 截至10:05，找钢集团报于每股10.6港元，市值125.41亿港元。 已成功完成从"重"到"轻"的转型 找钢集团创始人、董事长兼CEO王东在上市致辞中表示："多年前，我们带着革新钢铁行业交易模式 的初心，搭建了行业级数字化平台——找钢网，率先在中国提供涵盖了全价值链的线上交易、物流、 SaaS产品等一站式B2B综合服务。 今天，找钢产业互联集团在香港交易所主板挂牌，这是找钢集团迈向新征程的重要里程碑，更是中国 钢铁产业互联网平台迈向新阶段的标志 ...