登录新浪财经APP 搜索【信披】查看更多考评等级 A股证券代码：000002、299903 A股证券简称：万科A、万科H代 公告编号：〈万〉2025-117 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。除另有界定外，本半年度报告摘要所用词汇与半 年度报告全文所界定释义相同。 本报告已经公司第二十届董事会第二十二次会议审议通过。所有董事均亲自出席了本次董事会会议。 本报告未经审计之财务报告乃按照中国会计准则编制，德勤华永会计师事务所 （特殊普通合伙 ）根据 《中国注册会计师审阅准则第2101号一财务报表审阅》执行了审阅工作并出具了审阅报告。 注2：计算基本每股收益、稀释每股收益和加权平均净资产收益率采用的总股数为本公司发行在外普通 股的加权平均数，包含已回购股份的影响 （三）公司股东数量及持股情况 董事长辛杰，执行副总裁、财务负责人韩慧华声明：保证本报告中财务报告的真实、准确和完整。 公司2025年半年度不派发现金红利，不送红股，不以公积金转增股本。 本报告涉及的未来计划、发展战略等前瞻性陈述，不构成本 ...

1 李强主持召开国务院常务会议 听取实施大规模设备更新和消费品以旧换新政策情况汇报等 国务院总理李强8月22日主持召开国务院常务会议，听取实施大规模设备更新和消费品以旧换新政策情况汇报，研究释放体育消费潜力进一步推进体育产业 高质量发展的意见，审议通过《"三北"工程总体规划》，部署开展海洋渔船安全生产专项整治工作。（新华社） 2 隔夜市场 每经编辑｜陈鹏程 王晓波 当地时间8月22日，美联储主席鲍威尔在杰克逊霍尔全球央行年会上表示，当前形势暗示就业增长面临下行风险，风险平衡点的变化可能要求调整政策。鲍 威尔称，美联储对降息持开放态度。鲍威尔指出，美国经济在高关税与收紧移民政策背景下仍展现韧性，但劳动力市场与经济增长已出现显著放缓。他强 调，在政策维持紧缩的背景下，经济前景及风险变化或需调整政策立场。鲍威尔在讲话中暗示尽管当前通胀上行风险依然存在，但美联储仍可能在未来数月 降息。 鲍威尔发表鸽派讲话后，美股涨幅持续扩大，最终三大指数集体收涨，道指涨1.89%，纳指涨1.88%，标普500指数涨1.52%，其中，道指涨846点，再创新 高，道指、标普500指数连涨三周；大型科技股普涨，特斯拉涨超6%，创两个月以来 ...

大模型能力不断提升 上市公司积极布局智能体 ...

点击下方 卡片 ，关注" 具身智能之心 "公众号 编辑丨机器之心 >> 点击进入→ 具身智能之心 技术交流群 更多干货，欢迎加入国内首个具身智能全栈学习社区 ： 具身智能之心知识星球 (戳我) ， 这里包含所有你想要的。 本文主要介绍来自该团队的最新论文：ToolVQA: A Dataset for Multi-step Reasoning VQA with External Tools。 本文提出了一个旨在提升基础模型工具使用能力的大型多模态数据集 ——ToolVQA。现有研究已在工具增强的视觉问答（VQA）任务中展现出较强性能， 但在真实世界中，多模态任务往往涉及多步骤推理与功能多样的工具使用，现有模型在此方面仍存在显著差距。 为弥补这一空缺， ToolVQA 共包含 2.3 万 条样本 ，覆盖真实图像场景与隐式多步骤推理任务，更贴近真实用户交互需求。我们提出了一种新颖的数据构 建流程 ToolEngine ，通过深度优先搜索（DFS）与动态上下文示例匹配机制，模拟人类工具使用过程中的推理链条。该数据集 涵盖 10 种多 模 态工具 与 7 类任务领域 ，每条样本平均涉及 2.78 步推理。在 ToolV ...

Core Viewpoint - The company reported a significant increase in revenue and a narrowing of losses in the first half of the year, while also announcing a capital increase plan to enhance its technological capabilities in the education sector [1][2]. Financial Performance - The company achieved a revenue of 10.911 billion yuan in the first half of the year, marking a year-on-year growth of 17.01%, with the first-time revenue surpassing 10 billion yuan [1]. - Gross profit reached 4.389 billion yuan, up 17.12% year-on-year, while the net profit attributable to shareholders was a loss of 239 million yuan, which is a reduction in losses compared to the previous year [1]. - The net cash flow from operating activities was -772 million yuan [1]. Capital Increase Plan - The company plans to issue up to 100 million shares, accounting for 4.33% of the total share capital before the issuance, aiming to raise 4 billion yuan, with 800 million yuan allocated for the Spark Education model and 3.2 billion yuan for working capital [1][6]. - The controlling shareholder, Anhui Yanzhi Technology Co., Ltd., intends to subscribe for shares worth between 250 million yuan and 350 million yuan [6]. Business Segmentation - The revenue structure for the company in the reporting period was 26% from government, 42% from enterprises, and 32% from consumers, with the consumer segment showing the fastest growth at 38% [2]. - AI learning machine products in the consumer segment saw a revenue increase of 100% year-on-year [2]. - Major revenue contributors included the open platform and consumer business (36%) and smart education (32.36%) [2]. Research and Development - R&D expenses amounted to 2.392 billion yuan, representing 21.92% of revenue, with an increase of 91.7% in spending related to the core technology of the Spark model [2]. - Sales expenses also rose significantly, reaching 2.086 billion yuan, a year-on-year increase of 28.28% [2]. Cash Collection - The company achieved sales collections of 10.361 billion yuan, a year-on-year increase of 14.99%, marking the first time collections exceeded 10 billion yuan [3]. - The company has prioritized improving collection mechanisms to enhance cash flow [3].

答：尊敬的投资者，您好，人工智能算法是公司重要的核心技术之一，应用在 巡检系统相关产品中。得益于早期布局与长期深耕，公司通过庞大的设备部署量， 积累了国内领先的行业样本数据库，开发了隐患检测的人工智能算法模型，也凭借 出色的识别准确率，我们的产品获得了市场的广泛认可，进而推动了设备部署量的 持续增长，海量的现场数据又反哺样本库与算法模型的优化迭代，从而构筑了一个 自我增强的良性循环。目前，公司所构建的样本库已成为显著的竞争优势，并成功 筑起了较高的行业技术壁垒，除了原来采用的神经网络专业模型，近年来公司也开 展大模型的研究，在基础视觉大模型的基础上，引入行业数据，对模型进行训练调 优，开发了电力行业隐患检测的垂直领域视觉大模型。此外，除了图像、视频，公 司还结合声音、点云、文本，开发了检测和运维相关的多模态大模型，对隐患从多 维度进行精准检测，提供更为智能的运维决策支持。感谢您的关注。 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其 ...

Group 1 - Major stock index futures are showing positive movements, with Dow futures up 0.28%, S&P 500 futures up 0.20%, and Nasdaq futures up 0.12% [1] - NIO's stock is up 6.5% in pre-market trading, following the announcement of the new ES8 model, which has a starting price of 416,800 yuan for the luxury version and 308,800 yuan for the battery-as-a-service option [1] - Nvidia's stock is down 1.5% in pre-market trading after reports that the company has asked suppliers to pause production of the H20 chip [1] Group 2 - Alphabet's stock is up over 1% in pre-market trading after the company announced it would provide AI services to U.S. federal agencies at a symbolic price of 47 cents per institution [1] - Starbucks is expected to receive a non-binding acquisition offer for its China operations within two weeks, although details regarding the offer and potential buyers remain unclear [1] Group 3 - Tesla plans to integrate voice assistant features powered by DeepSeek and ByteDance's "Doubao" large model into vehicles sold in China [2] - Morgan Stanley analysts predict that OPEC is likely to cut production again in early 2026 due to potential oversupply between Q4 of this year and Q2 of next year [2]

Core Viewpoint - The stock price of Jishi Media (601929.SH) has experienced significant volatility, rising sharply due to market rumors but subsequently declining after the release of disappointing financial results for the first half of 2025 [2][3][9]. Financial Performance - In the first half of 2025, Jishi Media reported a revenue of 999.7 million yuan, an increase of 8.70% year-on-year, but incurred a net loss of 232 million yuan, a decline of 18.82% compared to the previous year [3][6]. - The company's operating cash flow decreased by 19.74 million yuan, down 114.63% year-on-year, indicating challenges in cash generation [3]. Business Transformation - Jishi Media is currently undergoing a business transformation, with revenue growth slowing and operating costs rising faster than revenue. Operating revenue for the first half of 2025 was 498 million yuan, up 9.56% year-on-year, while operating costs reached 899.8 million yuan, an increase of 11.86% [7]. - The company attributes its losses to a decline in public customer business revenue and rising costs associated with group customer business growth [6][7]. Accounts Receivable Concerns - Accounts receivable increased significantly, reaching 592 million yuan, a year-on-year growth of 29.43%, which is much higher than revenue growth, indicating potential issues with revenue quality [7]. - The increase in accounts receivable is linked to the shift towards government and enterprise business, which typically involves larger transactions that may not be fully paid in cash [7]. Market Sentiment and Stock Performance - Despite the financial challenges, Jishi Media's stock saw a remarkable rise of 104.12% over 14 trading days, with 8 trading halts, driven by market speculation and rumors [9][11]. - On August 21, the stock experienced a sharp decline of over 8% after the release of the half-year report, closing down 6.82% at 3.69 yuan per share, with a total market capitalization of 12.9 billion yuan [2][9]. Strategic Initiatives - Jishi Media aims to foster new growth through the integration of "content + network" and "culture + technology," positioning itself as an innovative cultural technology enterprise [7]. - The company is also exploring digital innovation services, including data element services and large model deployment services, to enhance its offerings [8].

近期，关于生成式AI投资回报的讨论已成为产业界的核心议题 。当以大模型为代表的AI走向产业腹 地，一个关键挑战也随之浮现： 如何跨越其巨大的技术潜力与真实的商业价值之间的鸿沟？ 金融业是数字化转型的先锋。在人工智能+浪潮中，金融机构如何走好大模型落地的最后一公里？ 带着这一关切，腾讯研究院与毕马威企业咨询基于对金融机构的深度调研与前沿实践分析，联合撰写了 《2025金融业大模型应用报告》。报告的核心观点是，当前AI应用的关键，并非陷入"为了AI而AI"的技 术竞赛，而是要回归技术服务商业的本质——以投入产出比 （ ROI ） 为标尺，校准应用范式，优化落地 路径。 事实上，穿透喧嚣，一场由大模型驱动的、真正以ROI为导向的生产力革命，早已在金融业的头部机构 中悄然发生： 这远非零散试点或工具集成所能企及，它要求我们像建设工业时代的电网、信息时代的光缆一样，进行 系统性的规划与投入。这不仅是一场技术革命，更是一场涵盖数据基建、组织形态、信任机制乃至社会 伦理的全维度重构。 信审效率变革：一家领先大行将过去需要数小时甚至数天完成的复杂信贷审批报告分析压缩至3分 钟，准确率提升超15%； 投研能力破壁：一家头部券商 ...

Core Viewpoint - Tesla has partnered with ByteDance's Volcano Engine to enhance the interactive experience of its smart cockpit by utilizing large model services [1] Group 1: Partnership Details - The collaboration involves Volcano Engine providing large model services for Tesla's smart cockpit interaction [1] - The newly launched Tesla Model Y L will feature the Doubao model and DeepSeek model, both integrated through Volcano Engine [1] Group 2: Model Functions - The Doubao model will handle voice command functionalities such as navigation settings, media playback control, and air conditioning temperature adjustments, along with a vehicle owner's manual query feature [1] - The DeepSeek model will offer AI voice chat services [1]