本报（chinatimes.net.cn）记者胡金华 上海报道 中国企业的出海浪潮出现了新的路径和趋势。 近日，国产高端医疗影像龙头联影医疗正式发布超声uSONIQUE系列产品，成为补齐其在医学影像领域 的最后一块拼图。此举也成为中企扩大海外新市场的一个缩影。 上海国家会计学院院长卢文彬在2025年度CFO论坛上表示，中国企业正处在新一轮全球化浪潮中，产业 链重构、技术变革迭代等给企业国际化带来机遇和挑战，企业CFO的角色正在发生结构性变化，财务领 导者需要重点构建三项核心能力：全球视野下的资源配置能力、基于数据的战略判断能力，以及国际规 则下的合规与治理能力。 中企全面"出击" 掌握核心技术，联影医疗成为中企"出海"的最新成功案例。 "我们计划在国内外主要市场同步推出全线超声新品，依旧秉持高举高打策略。目前联影正在申请产品 注册证，其中超高端、高端的全身、心脏和妇产超声已经获得二类证；海外市场同步正在申请CE、 FDA市场许可证。公司将于今年12月初在RSNA大会上重磅发布多款创新影像设备及全系超声产品，进 一步完善海外市场的产品矩阵。目前联影超声在美国西雅图建立了超声研发中心与海外超声营销团队， 并已经与 ...

他强调，中国企业正处在新一轮全球化浪潮中，财务领导者需要重点构建三项核心能力：全球视野 下的资源配置能力、基于数据的战略判断能力，以及国际规则下的合规与治理能力。 ACCA全球行政总裁Helen Brand（白容）分享了ACCA对财会行业未来发展的深刻洞察。她指出， 尽管全球贸易条件日趋复杂，但商业扩张的总体趋势并未改变，这使得具备全球通用性的财会技能愈发 关键。根据ACCA的《财务进化》报告，财务团队必须拥抱人工智能、数据分析等技术，并主导包括可 持续发展在内的长期价值创造，否则将面临被边缘化的风险。 Helen Brand强调，随着商业成功衡量标准的演变，CFO的角色正迅速从传统的财务管理者演变 为"首席价值官"（CVO），他们需要超越传统损益表，同等重视企业对社会和环境的影响。 她指出，弥合数字技术、可持续发展报告与鉴证、ESG等领域的技能差距，是全球CFO面临的核心 挑战。唯有积极拥抱变革、培育核心技能并恪守最高道德标准，财务领袖方能从容应对未来，成为企业 和经济体比以往任何时候都更需要的宝贵力量。 中国节能环保集团有限公司党委常委、总会计师朱庆锋系统阐述了中国节能环保集团在国际化财务 管理中面临的四 ...

Core Insights - The company, BlueFocus Communication Group, reported a strong performance in Q3 2025, achieving a revenue of 18.738 billion yuan, a year-on-year increase of 28.65%, with a net profit attributable to shareholders of 99 million yuan [1] - For the first three quarters of 2025, the company recorded a total revenue of 51.098 billion yuan, up 12.49% year-on-year, and a net profit of 196 million yuan, reflecting a significant growth of 58.90% [1] - The company's dual strategy of "AI + globalization" has proven effective in navigating a complex global market, with robust growth in overseas business contributing significantly to overall performance [1] Financial Performance - In Q3 2025, BlueFocus achieved a revenue of 18.738 billion yuan, marking a 28.65% increase compared to the previous year [1] - For the first three quarters, the total revenue reached 51.098 billion yuan, representing a 12.49% year-on-year growth, while the net profit increased by 58.90% to 196 million yuan [1] - The net profit attributable to shareholders for the first three quarters was 196 million yuan, with a non-GAAP net profit of 227 million yuan, reflecting an 85.53% increase [1] AI Strategy and Development - BlueFocus has made significant advancements in AI applications, with AI-driven business revenue reaching 2.47 billion yuan in the first three quarters, aiming for an annual target of 3 billion to 5 billion yuan [2] - The company increased its R&D investment in AI to 66.79 million yuan, an 85.84% rise from the previous year, and has built a team of over 500 AI professionals [2] - The company plans to focus on full-chain intelligence, aiming for a hundred billion yuan in AI revenue, and enhancing automation and data recovery infrastructure [2] Leadership Vision - The CEO of BlueFocus emphasized the importance of maintaining a healthy core business while transitioning into a true AI marketing technology company [3] - The company aims to leverage high-quality data and automation to significantly enhance efficiency and productivity, exploring new models in traffic, advertising, content, and interaction [3] - BlueFocus has submitted an application for H-share listing in Hong Kong, aiming to strengthen its capital platform to support AI technology development and global market expansion [3]

Core Viewpoint - Wanjun Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image, with Ernst & Young appointed as the auditing firm for this issuance [1]. Group 1: Globalization Strategy - The Chinese Securities Regulatory Commission supports compliant companies in cross-border listings, clearing institutional barriers for the "A+H" model [4]. - Wanjun Technology aims to increase its R&D investment to over 30% in 2024, with H-shares expected to attract international capital to support its global expansion [4]. - The company's overseas revenue accounted for 90% in Q1 2025, and listing in Hong Kong is anticipated to strengthen global user trust and attract talent [4]. Group 2: Industry Position and Advantages - Wanjun Technology is recognized as a benchmark for Chinese creative software going global, with a product matrix that includes video creation, drawing, and document processing [5]. - The company has a strong technical moat with its self-developed "Wanjun Tianmu" model supporting AI video generation, achieving a cost as low as 0.25 yuan per video [5]. - The subscription model contributes to a high gross margin, with an overall gross margin of 93.22% projected for 2024, approaching that of premium brands like Moutai [6]. Group 3: Financial Performance and Challenges - Despite a high gross margin, the company reported a net profit loss of 163 million yuan due to a high expense ratio of 101.94% [7]. - Sales expenses increased to 59.03%, driven by rising customer acquisition costs on platforms like Google and Facebook, with a 22% year-on-year increase in CPC [7]. - R&D expenses accounted for 30.73%, with annual AI server costs reaching 210 million yuan, and management expenses at 12.18% due to global office network expansion [7].

Core Insights - SAP and Alibaba announced a strategic partnership at the SAP Sapphire conference in Madrid, marking a significant step in forming a new "AI + globalization" digital service alliance [1] - The partnership is expected to have a substantial impact on the digital economy ecosystem in the Asia-Pacific region and globally, as it represents a shift towards a "global software + local cloud" collaboration model [1][3] - SAP's revenue in the Asia-Pacific region grew by 18% year-on-year in Q1 2025, indicating that this region is becoming the fastest-growing market for the company [3] Market Potential - The Asia-Pacific market is projected to reach $250 billion by 2025, with a compound annual growth rate (CAGR) of 14.2% through 2028, driven by the adoption of generative AI and modernization of IT infrastructure [3][4] - The region is home to a significant number of digital economy unicorns, particularly in Southeast Asia, which contributes to a vibrant digital business environment [3] AI Adoption - Companies in the Asia-Pacific region, especially in China, are highly receptive to AI, with a notable increase in AI integration across various industries [4][5] - In Japan, the AI market is expected to grow by 31.2% in 2024, reaching 900 billion yen, with projections of 4.1 trillion yen by 2029 [4] Strategic Positioning - SAP's collaboration with Alibaba enhances its market presence in the Asia-Pacific region, leveraging Alibaba Cloud's infrastructure and market leadership [13] - SAP has established a strong localization service capability through its experience with global companies, which positions it well to support businesses in the Asia-Pacific market [11] Competitive Landscape - The Asia-Pacific region is becoming a new battleground for globalization, with a significant influx of cross-border capital investments [9][10] - SAP faces competition from other major players like Salesforce, Oracle, and Microsoft, all of which are enhancing their AI capabilities and market offerings [18] Financial Performance - Following the announcement of the partnership with Alibaba, SAP's stock rose by 0.59%, with a year-to-date increase of 25%, reflecting market confidence in the company's strategic direction [19]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願公告 戰略投資瑞士YOUNGTIMERS AG 本公告由德林控股集團有限公司（「本公司」，連同附屬公司統稱為「本集團」） 自願刊發，旨在知會本公司股東及有意投資者有關本集團之最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本集團已完成對瑞士創新資產 管理機構Youngtimers AG（「Youngtimers」，其股份於瑞士上市，瑞士證券交易 所股票代碼：YTME）約170萬美元的戰略股權投資，認購Youngtimers已發行股 份總額的約3.0%，成為其戰略股東（「投資」）。本集團聯合其家族辦公室代表客 戶共同完成對Youngtimers合共約300萬美元的投資（包括上文所載本集團約170 萬美元的股權投資），標誌著本 ...