Financial Data and Key Metrics Changes - Q1 revenue grew 18% year over year to $55.8 million, marking the thirteenth consecutive quarter of exceeding guidance [14][23] - Gross margin improved to 72.1%, a 170 basis point increase year over year [14][26] - Operating income for Q1 was $39,000, an improvement of $1.4 million year over year [28] - Adjusted EBITDA for Q1 was $1 million, improving by $1.4 million year over year [28] Business Line Data and Key Metrics Changes - Record sales in the Medical segment, particularly in MedSpa and plastic surgery, with strong performance in primary therapy [14][24] - Payments revenue continues to grow at more than twice the rate of total revenue, contributing positively to the business [25][82] - Retention metrics remained stable with Net Revenue Retention (NRR) at 98% and Gross Revenue Retention (GRR) at 91% [25] Market Data and Key Metrics Changes - The acquisition of TrueLark expands the addressable market to over $10 billion in the U.S. [7][19] - New integrations launched in Q1 increased the integrated market by approximately 60,000 locations [15] Company Strategy and Development Direction - The acquisition of TrueLark is aimed at enhancing the product roadmap and expanding market opportunities [12][20] - Focus on automating workflows and improving patient engagement through technology [8][12] - Continued investment in R&D and sales/marketing to drive growth and customer acquisition [21][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business amid economic challenges, with no degradation in lead flow or pipeline [50] - Anticipated core business growth in 2025 to outpace 2024, despite a tough year-over-year revenue comparison in Q2 [30][31] - The company remains focused on revenue growth, operational efficiency, and maintaining positive free cash flow [32] Other Important Information - The company ended Q1 with $98.2 million in cash and short-term investments, with plans to use $25 million for the TrueLark acquisition [28] - The acquisition is expected to close in Q2 2025, with performance-based equity awards tied to revenue milestones [19][21] Q&A Session Summary Question: Incremental value of TrueLark to existing bundles - Management highlighted joint customers and the revenue-driving potential of TrueLark, emphasizing its automation capabilities [36][37] Question: Specialty medical growth and hiring plans - Management confirmed strong Q1 performance in specialty medical and anticipated further growth in the back half of the year due to increased sales capacity [40][41] Question: TrueLark's pricing model and monetization opportunities - TrueLark's product is primarily sold on a per-location or per-contract basis, with opportunities for reevaluation of pricing strategies [45][46] Question: Resilience of the pipeline amid economic challenges - Management reported no degradation in pipeline metrics and expressed optimism about the integration of TrueLark enhancing their market position [49][50] Question: Competitive landscape and AI opportunity - Management noted a clear vision for their product roadmap and highlighted TrueLark's established customer base and proven ROI as competitive advantages [55][56] Question: Vertical penetration and economic sensitivity - Management indicated less than 15% penetration across all verticals, with dental being the most penetrated and specialty medical the least [68][71] Question: Customer acquisition cost and go-to-market strategy - Management confirmed ongoing efforts to refine the go-to-market strategy to reduce customer acquisition costs and increase sales velocity [75][76] Question: Payment solution attach rate - Management noted that the payment solution currently makes up less than 10% of revenue but is growing faster than overall revenue [80][81]

2025 年 05 月 05 日 智能眼镜引领产业发展新优势,AI PC 紧跟 PC 智 能化浪潮 买入(首次) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn | 基本数据 | 2 0 2 5-0 4-3 0 | | --- | --- | | 当前股价（元） | 32.98 | | 总市值（亿元） | 33 | | 总股本（百万股） | 100 | | 流通股本（百万股） | 99 | | 52 周价格范围（元） | 11.6-45 | | 日均成交额（百万元） | 177.41 | 市场表现 100 150 200 250 (%) 雷神科技 沪深300 -50 资料来源：Wind，华鑫证券研究 相关研究 —雷神科技（872190.BJ）公司动态研究报告 ▌ AI 智能眼镜延伸视觉，打开人类与数字世界交 互的入口 公司持续布局智能产品，在 2025 国际眼镜业展览会上，公司 就曾展出过三款基于不同技术原理的产品——雷神 AURA 智能 眼镜 AI 探索版、雷神 AURA 智能 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly focusing on the growth potential in AI intelligence and robotics within the industry [3]. Core Insights - The automotive sector is experiencing a rebound, with a notable increase in vehicle insurance registrations, which rose by 16.9% week-on-week in the fourth week of April [2][50]. - The report highlights significant growth in electric vehicle deliveries, with XPeng delivering 35,045 vehicles in April, marking a 273% year-on-year increase [2][63]. - The report emphasizes the importance of the easing of the US-China trade tensions, which is expected to positively impact the automotive market by alleviating concerns over external demand and potential price wars [3]. Summary by Sections Weekly Market Review - The automotive sector index increased by 0.5% this week, with the best-performing segments being automotive parts (+2.3%) and motorcycles (+1.8%) [2]. - The report notes that the overall automotive sector ranked 8th in A-shares and 23rd in Hong Kong stocks this week [7][9]. Industry Changes - The report outlines key changes in the industry, including the performance of major companies such as SAIC Motor, which reported a total revenue of 140.86 billion yuan in Q1 2025, with a year-on-year net profit increase of 11% [2][63]. - The report predicts a total retail sales volume of 23.83 million vehicles in 2025, reflecting a 4.7% year-on-year growth [51]. Company Performance Tracking - XPeng and Li Auto both reported significant year-on-year growth in vehicle deliveries, with XPeng achieving a 273% increase and Li Auto a 31.6% increase in April [63]. - BYD's wholesale volume reached 380,000 units in April, reflecting a 21% increase year-on-year [63]. - The report also highlights the performance of other companies, such as Geely and Leap Motor, which reported year-on-year increases of 53% and 174% in April deliveries, respectively [63].

2、 《 OpenAI ChatGPT搜索上线网购功能 还能记住用户偏好 》摘要 4 、 《 新·摩尔定律诞生：AI智能体能力每4个月翻一番 》摘要 ■ 随着"记忆模式"上线，AI对个体消费行为的理解将更深入，提升个性化营销效率，值得关注相关数 据服务商与用户画像平台的机会。 ■ OpenAI 不参与交易抽成，可能成为多个电商平台之间的"中立推荐入口"，其对第三方结构化数据 质量和覆盖面的依赖也提示了数据服务供应商的新机遇。 1 、 《巴菲特股东大会上 批评"特朗普关税" 》摘要 ■ 巴菲特接任者Abel的稳健风格预计不会带来战略大幅调整， 短期内市场信心稳定 ，但中长期对其 投资决策能力仍需观察。 ■ 不确定的政策环境或影响跨国企业业绩，投资者应注意地缘政治对公司全球供应链的冲击。 ■ OpenAI 近日正式上线了 ChatGPT Search 的智能网购功能，标志着 AI 技术在电商领域的深度渗透 和商业化探索。 ■ 用户现在可以通过自然语言与 ChatGPT 进行完整的购物交互，包括商品推荐、价格比对和直接购 买链接，实现"从需求到下单"的一站式体验。 ■ 用户可输入如"预算3000元，想买一台15寸笔 ...

这是新消费智库第 2 6 2 8 期文章 新消费 1. 果子熟了推出 100% 果汁系列 1. 果子熟了推出 100% 果汁系列 2. 吾岛藻蓝蛋白椰子风味希腊酸奶上架盒马 3. 骆 驼发布中国首款 ePE 膜无氟冲锋衣 4. 统一新推可乐冰红茶 5. 瑞幸携手成都文旅局推出升级版柠檬茶 6. AI 智能体公司 Manus 融资 7500 万美元 7. 金字火腿控股权变更 8. 三呆科技获得数千万美元的新一轮投资 9. ABG 集团或考虑竞购 Gues s 10. 雅莎股份股票停牌 11. 盐津铺子计划扩大东南亚魔芋产品市场 12. 东鹏特饮海南生产基地奠基 13. 太平鸟全新推出新精英 Polo 系列 14. 家具品牌 Cas tler y 启动加拿大电商业务 15. BOSS 携手大卫 · 贝克汉姆推出首个联合设计系列 果子熟了官宣 100% 果汁系列新品上市。新品精选优质原产地水果，其中，芭乐桃桃复合果汁采用北京平谷白桃和广西北流番石榴，桑葚山 楂复合果汁采用四川德昌桑葚和河北承德山楂，红心苹果复合果蔬汁则采用新疆阿克苏红心苹果。 （ 食品板 ） 2. 吾岛藻蓝蛋白椰子风味希腊酸奶上架盒马 近日， 吾岛 ...

作为生活节的核心板块，赛事活动吸引了来自全国各地的青少年球员和业余高手。5天时间，共进行了 超过800场比赛，涵盖钻石杯青少年挑战赛、国网会员邀请赛、战神杯等多元赛事。国家网球中心"AI学 练中心"也在生活节期间正式开放。该中心搭载全球首款网球垂直领域AI智能系统，通过动作捕捉、实 时纠错及个性化课程生成功能，为用户提供发球角度、挥拍速度等20余项数据反馈。 试营业5天时间，"AI学练中心"累计接待体验者超1100人。中国网球协会副主席、两届大满贯双打冠军 郑洁活动期间也来到学练中心，"这套系统能精准定位技术短板，特别适合初学者快速入门。通过游戏 化的设计让训练变得有趣，对吸引大众参与网球至关重要。" 活动期间，"北京塔可节"也于5月3日至4日登陆国家网球中心西广场。30余家京沪人气塔可品牌齐聚， 搭配限定特调饮品及拉美风情演出，打造了"舌尖上的墨西哥"。两天时间，入园超2.5万人次，其中近 半数为外籍人士。此外，活动现场还设置露营打卡区、亲子互动游戏及宠物友好空间，实现了"美食 +音乐+社交"的沉浸式体验闭环。 新京报讯（记者孙海光）首届"国网生活节"5月5日在国家网球中心落幕，为期5天的活动入园人数超过3 ...

Core Insights - The article discusses the journey of Li Jianchen, a prominent figure in the Chinese antique market who moved to Singapore, highlighting the challenges he faced in China and his subsequent success in Southeast Asia [1][8] - It emphasizes the transformation of the antique industry through innovative business models, technology integration, and the establishment of trust in a regulated environment [2][8] Group 1: Reasons for Departure - Li Jianchen's departure reflects the systemic issues within the traditional Chinese antique market, including rampant counterfeiting, chaotic authentication processes, and monopolistic practices by established experts [1] - His experience of being marginalized and attacked by peers after achieving significant recognition illustrates the hostile environment for young professionals in the industry [1] Group 2: Opportunities in Singapore - Singapore's legal and regulatory framework, including the Personal Data Protection Act, provided a conducive environment for Li Jianchen's business model, which focuses on credibility, transparency, and customer satisfaction [2] - The trust established through Singapore's judicial system allowed him to bridge cross-border transactions effectively, gaining the confidence of collectors from Southeast Asia and beyond [2] Group 3: Business Success Metrics - Li Jianchen's business generated over 630 billion RMB in revenue over seven years, with a single-day sales record of 45 billion SGD (approximately 230 billion RMB) during the 2020 "Double Eleven" shopping event [1] - His live-streaming sales model, initiated in 2019, achieved monthly sales exceeding 2 billion RMB, with total sales surpassing 45 billion SGD within two years, outperforming leading domestic auction houses [4] - The integration of AI and blockchain technology into his business model aims to enhance authentication and traceability of antiques, with plans to invest 1 billion RMB in developing an AI-driven platform [4] Group 4: Industry Reflections and Insights - Li Jianchen's success challenges traditional antique trading norms, highlighting the need for innovation and adaptation in the industry [6] - The case reveals deeper issues in the Chinese antique market, such as the monopolization of knowledge by older experts, lack of accountability, and high costs of counterfeit identification [6] - The article suggests that the industry must embrace technology, establish standardized services, and adopt a global perspective to retain talent and foster innovation [6][8]

点击图片▲立即抢购 对话 / 齐普策 × 吴晓波 整理 / 巴九灵（微信公众号：吴晓波频道） 对深耕中国企业史多年的吴老师而言，宝马在中国的发展历程是部浓缩的改革开放史，更令他好奇的，是这家处于浪潮之巅的百年企业，将如何在 中国的下一个三十年谱写新篇章。 近一个月来，齐普策三次来到中国，参加中国发展高层论坛，与最高领导人会面，在上海车展上携两款 BMW 新世代概念车以及多项新世代首创 技术亮相。他还宣布，未来宝马将接入 DeepSeek 、引入华为鸿蒙生态，还将与阿里巴巴深化战略合作，推动 AI 大语言模型 " 上车 " 等等。 多年前， 宝马提出 " 家在中国 " 战略，温情中又带着深耕中国的决意，吴老师则用 " 慢思考 " 与 " 快进化 " 来形容宝马是如何将德国的精密制 造和严谨、坚持责任感的企业价值观，融入到快速迭代的中国式进化之中。 实际上，随着新崛起的中国汽车进入深水区，从白热化的知名度竞争转向品牌与服务的比拼，从开拓中国市场到 " 生而全球 " ，这家成立 109 年，所能带给我们的启发还有很多很多。 正如齐普策在对话中所言： "109 岁意味着我们知道如何创新，知道如何负责任地创新 "" 宝 ...

Core Viewpoint - The company is experiencing significant financial challenges, with declining revenues and increasing net losses, but it is also taking steps to enhance its competitive position through fundraising and product development [3][4][6][7]. Financial Performance Summary - In Q4 2024, the company reported revenue of 4.694 billion yuan, representing a decrease of 6.3% quarter-over-quarter and 22.8% year-over-year. The net profit attributable to shareholders was -2.457 billion yuan, worsening from -2.148 billion yuan in Q4 2023 and -1.920 billion yuan in Q3 2024 [3]. - The Q1 2025 revenue was 3.773 billion yuan, showing a significant increase of 150.8% quarter-over-quarter but a decrease of 19.6% year-over-year. The net profit attributable to shareholders improved slightly to -0.953 billion yuan compared to -1.016 billion yuan in Q1 2024 [3][5]. Sales and Margins - In Q4 2024, the company sold 46,000 units, with a year-over-year increase of 23% and a quarter-over-quarter increase of 16%. The average selling price (ASP) was 102,000 yuan, down 23.8% year-over-year and 33.1% quarter-over-quarter [4]. - The gross margin for Q4 2024 was -22.01%, reflecting a decline due to accounting changes that impacted gross profit by 390 million yuan [4]. Cost Structure - The expense ratios for Q4 2024 were 6.33% for sales, 5.43% for management, and 14.12% for R&D, with variations in year-over-year and quarter-over-quarter comparisons [4]. Fundraising and Strategic Initiatives - The company plans to raise up to 6 billion yuan through a private placement to enhance its competitive strength. The funds will primarily support the development of new energy vehicle projects and AI-driven systems [6]. Profit Forecast and Investment Rating - Due to intensified industry competition, the company has revised its profit forecasts for 2025 and 2026, projecting net losses of -3.58 billion yuan and -1.02 billion yuan, respectively. However, a net profit of 1.31 billion yuan is expected in 2027, leading to a "buy" rating based on anticipated volume growth from the new product launches [7].

Core Insights - The emergence of the Model Context Protocol (MCP) is seen as a significant advancement in AI development, allowing for easier integration of external data sources and tools, thereby enhancing the efficiency of AI applications and agents [3][5][9] - Major tech companies, including Alibaba, Baidu, Tencent, and ByteDance, are actively adopting and promoting MCP, indicating a competitive landscape for AI agent development [9][10][11] Group 1: MCP Overview - MCP is likened to a "universal socket" for AI, enabling seamless connections between large models and external tools, which significantly reduces development costs and time [3][5][8] - The protocol was initially introduced by Anthropic in November 2022 but gained traction with the launch of the Manus AI agent in February 2023, showcasing the potential of MCP [7][13] - The adoption of MCP is expected to transform AI agents from simple information retrieval systems to more complex applications capable of executing tasks [8][12] Group 2: Industry Adoption - As of April 2025, various tech giants have integrated MCP into their services, with Baidu being the first to offer an enterprise-level MCP service [3][9] - Alibaba Cloud has launched a comprehensive MCP service that integrates over 200 leading models and nearly 100 mainstream MCP services, facilitating easier development of AI agents [10][12] - The introduction of payment MCP services by Alipay further enhances the capabilities of AI agents, allowing for streamlined transaction processes within applications [11][12] Group 3: Future Developments - The MCP ecosystem is still evolving, with ongoing improvements and adaptations expected as the technology matures [13][15] - The competition between MCP and other protocols, such as Google's Agent2Agent Protocol (A2A), highlights the dynamic nature of AI integration standards [14][15] - Industry experts believe that while MCP may face challenges, its foundational role in AI development will continue to be significant as it evolves [15][16]