今天，飞书终于又开了一年一次的飞书大会。 作为飞书的深度用户和老基友，我自然是也来到了现场。 我们整个公司，可以说就是长在飞书上。 我这两年，跟之前做金融公司的时候还不太一样，我们这次完全没有别的系统，没有ERP，没有CRM，没有OA，也没有什么花里胡哨的自研中台。 几乎我的所有的业务、流程和流程，都在飞书上，所有的数据，也都存在多维表格里，这玩意就是我们现在最核心的数据库。 | 用 发布 国 的创新驱 | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ● 酒加记录 ◎ 字段配置 视频配置 分期 | | 三行高 ◇ 4 壤色 | | | | | | | | | | | | 0 | ල 图 生成表单 | | さ ち さ 五 日 | | | | | | | | | | | | | 日 次日数据 | | | | | | | | 日 15分 | | □ 色 A ...

结合AIoT 优势，融合发布工业机理AI。通过工业机理AI，实现工厂里的动态数据应用，以孪生工厂的 形式，结合AIoT 设备数据，帮助企业推演指令执行状况，快速响应异常并给出处理方案，解放"车间主 任"的人工管理。从管理AI 拓展至工业AI，完整提供制造业AI 场景解决方案。 平台层：Indepth AI 2.0 发布，企业快速自建Agent。公司重磅发布新一代Agent 构建平台，针对部分用 户新增非标准化需求，可通过该平台以对话、拖拉拽等形式构建企业内部业务流程甚至是解决方案，补 齐Agent 在企业级应用中的重要一环。 上层应用：多领域"专家"Agent 已经上线。除了对已有ERP、PLM 等系统的AI 化改造（即四大工业软 件AI 智能套件），更大增量来自新的AI 原生的智能化系统，目前公司已经推出采购、销售、研发、生 产、财务等多领域AI 原生的"专家"Agent 协助企业全流程提升效率甚至是发掘新的增长引擎。 公司制造业Agent 具备多方面优势，优秀实践下有望快速放量。1）公司长期面向中小型制造业，单个 Agent 对于企业的效率提升更直观，客户付费意愿更高；2）客户资源丰富，每年众多活跃付费客 ...

Investment Logic - The company is a leader in domestic enterprise service SaaS, having launched the first Windows-based financial management software in 1995 and transitioning to cloud services in 2007. By 2024, cloud service revenue is expected to account for 81.6% of total revenue [1] - From a total perspective, the company's cloud transformation has resulted in stronger revenue growth resilience, maintaining positive growth from 2016 to 2024, higher employee efficiency with a CAGR of 10% from 2020 to 2024, lower expense ratios with improvements of 2.45pp and 5.10pp in sales and R&D expense ratios respectively from 2020 to 2024, and healthier cash flow returning to historical highs in 2024 [1] - From a structural perspective, in 2024, the revenue from the "Cang Qiong" and "Xing Han" products is expected to be approximately 1.3 billion yuan, accounting for 20.8% of total revenue, with a net dollar retention rate (NDR) of 108% maintained for five consecutive quarters. The demand side is driven by ERP system replacements mandated by policies for central and state-owned enterprises by the end of 2025/2027 [1] Revenue Breakdown - In 2024, revenue from the "Xing Kong" product is projected to be approximately 2.15 billion yuan, accounting for 34.3% of total revenue, with an NDR of over 94% [2] - The "Xing Chen" product, aimed at small and micro enterprises, is expected to generate approximately 1.23 billion yuan in revenue in 2024, accounting for 19.6% of total revenue, with an NDR improvement to 93% [2] - The company has covered 435,000 small and micro enterprises with its integrated financial, tax, and business solutions, addressing common issues faced by these enterprises in their digital transformation [2] AI and Future Outlook - Since 2017, the company has been investing in AI, launching the "Jin Die Cloud·Cang Qiong GPT" large model platform in 2023, and has developed agent capabilities across seven major scenarios including finance, human resources, and marketing [2] - The company forecasts revenues of 7.01 billion, 8.05 billion, and 9.38 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 80 million, 490 million, and 1.07 billion yuan for the same years [2] - A target price of 16.98 HKD per share is set based on an 8x PS valuation for 2025, with an initial "buy" rating assigned [2]