Core Insights - OceanBase has surpassed 4,000 global customers since its commercialization in 2020, achieving an average annual growth rate of over 100% for five consecutive years [1] - The company's technology is deeply integrated across various sectors including finance, government, telecommunications, retail, manufacturing, and the internet, covering 16 countries and regions [1] - The growth is driven by a dual strategy of "private cloud + public cloud" and is rooted in 15 years of technological development and engineering capabilities [1] Private Cloud Growth - OceanBase's private cloud customer base has grown by 50% in the past year, primarily driven by the demand for stability and consistency in core systems [2] - The company has made significant inroads into the financial sector, with the "Hundred Banks Plan" achieving milestones in 2025, serving all policy banks and over 100 banks with assets exceeding 100 billion [2] - OceanBase has maintained its position as the leading distributed database in China for three consecutive years, according to IDC reports [2] Benchmark Cases - Notable implementations include Ping An Group's full-stack deployment across banking, insurance, and funds, and Cathay Securities' upgrade of over 100 systems to OceanBase, significantly enhancing batch processing performance [3] - OceanBase has also made strides in the public sector, with one-third of provincial human resources systems in China now utilizing its services [3] - The company has established a strong presence in high-reliability scenarios such as transportation, energy, and healthcare [3] Public Cloud Revenue - Public cloud revenue now accounts for 30% of OceanBase's total revenue, with an average annual growth rate of 115% over the past three years [4] - The public cloud's core advantage lies in its "multi-cloud native" capabilities, allowing for seamless operation across major cloud infrastructures without requiring application modifications [4] International Expansion - OceanBase's vector database capabilities have ranked among the top ten globally, with significant international achievements including partnerships with local fintech companies in Southeast Asia [5] - The company has served over 50 overseas clients, receiving recognition from Gartner for two consecutive years [5] Ecosystem Growth - The growth of OceanBase is fundamentally driven by its ecosystem, with partners contributing over 70% of private cloud revenue and experiencing an 80% annual growth rate [6] - The public cloud ecosystem is also expanding, with partner revenue surpassing 30% and a 300% annual growth rate [6] Service Capability Enhancement - In 2025, OceanBase plans to increase the number of senior experts and service ecosystem specialists by 30% and 50%, respectively, to improve response and resolution efficiency [7] - The establishment of service centers in Malaysia, Europe, and North America aims to provide comprehensive support for global clients [7] Future Direction - OceanBase is embarking on a new paradigm of "Data×AI," integrating transaction processing, analytical processing, and AI capabilities into a single core [8] - The company aims to become a smart data entry point in the AI era, focusing on comprehensive integration of architecture, storage, and load [8] - OceanBase has a history of overcoming extreme challenges and is committed to becoming a world-class database provider, emphasizing correctness, stability, and performance [8]

Investment Rating - The report maintains a "Positive" investment rating for the industry [2] Core Insights - Global database leaders have reported strong performance, confirming the importance of the database industry in the AI era. Companies like Snowflake, MongoDB, and Oracle have exceeded expectations, dispelling pessimism about AI's impact on software value [6][10] - The integration of AI and databases is creating a "mutual empowerment" dynamic, where databases support AI applications and AI enhances database capabilities. This dual relationship is crucial for the development of AI-driven data processing ecosystems [6][40] - AI is reshaping the value system of the database industry, driving demand for integrated architectures, inherent security, intelligent operations, and multi-cloud capabilities. These trends are essential for companies to gain a competitive edge in the AI era [6][49] Summary by Sections 1. Global Database Leaders' Performance - Major database companies like Snowflake, MongoDB, and Oracle have reported better-than-expected earnings, reaffirming their core infrastructure role in the AI era. Snowflake's revenue reached $1.145 billion, with a 32% year-on-year growth, while MongoDB's revenue was $591 million, growing 24% year-on-year [12][10][24] - The integration of AI into database operations is evident, with Snowflake and MongoDB adapting their architectures to meet AI demands, thus enhancing their market positions [12][24] 2. "AI for DB" and "DB for AI" - The report highlights the critical role of databases as a foundational software layer, facilitating efficient data management and retrieval. The emergence of vector databases like Milvus supports AI's high-dimensional data retrieval needs, while traditional relational databases are evolving to incorporate AI capabilities [6][25] - The global database market is experiencing rapid growth, with projections indicating that the Chinese database market will reach approximately 83.7 billion yuan by 2024, with a compound annual growth rate (CAGR) of 11.99% [38][39] 3. AI Restructuring Database Industry Value - The report identifies four key directions in which AI is reshaping database demand: integrated architecture, inherent security, intelligent operations, and multi-cloud readiness. These areas are critical for companies to build competitive advantages in the AI landscape [6][49] 4. Domestic Database Technology Breakthroughs - Domestic companies like Dameng Data, StarRing Technology, and Electric Science JinCang are breaking the long-standing monopoly of foreign firms in the database sector. Dameng Data reported a revenue of 1.044 billion yuan in 2024, with a 31.5% year-on-year growth [62][75] - StarRing Technology is focusing on enterprise-level big data and AI foundational software, while Electric Science JinCang has achieved significant growth, with a revenue increase of 66.1% in the first half of 2025 [67][75] 5. Investment Recommendations - The report suggests focusing on companies such as Dameng Data, StarRing Technology, and Electric Science JinCang for potential investment opportunities in the database sector [79]