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Core Viewpoint - The article discusses the emergence of AI Agents as a significant focus in the AI field, highlighting the launch of the Eureka platform by Zhihuiya, which aims to enhance technology innovation through AI-driven solutions [1][12]. Group 1: AI Era and Business Model Transformation - The interest in AI has shifted from casual discussion to serious investment and implementation across various industries since the Chinese New Year [2]. - The SaaS business model is evolving due to AI, moving from traditional account-based pricing to usage-based models, where customers pay based on the value delivered [3][4]. Group 2: Vertical Opportunities in AI Agents - There is a need for specialized AI Agents in vertical fields, as general models may not adequately address specific industry requirements [5][6]. - The development of vertical Agents allows for more precise task execution, such as patent analysis, by breaking down complex requests into manageable tasks [6][7]. Group 3: AI Agent Development and User Interaction - The interaction between users and AI Agents is crucial for building trust, with a gradual approach to increasing user control and confidence in AI capabilities [8]. - Current AI Agents can significantly reduce the time required for tasks, such as generating reports, demonstrating clear ROI for users [9]. Group 4: Zhihuiya's AI Strategy and Future Directions - Zhihuiya's AI Agent platform, Eureka, focuses on four main areas: Intellectual Property, General R&D, Biomedicine, and Materials [12]. - The company aims to maintain a competitive edge by continuously improving the accuracy of its Agents and addressing user needs effectively [18].

Agent （智能体） 已成为AI领域的下一个重点。日前，作为AI驱动的科技创新与知识产权信息服务领域的领军企 业，智慧芽宣布即将发布更懂技术创新的AI Agent平台Eureka，开启全新AI战略。 近期， 智慧芽创始人兼CEO张济徽与未尽研究创始人周健工围绕AI时代SaaS商业模式转型，垂直领域AI Agent 发展机遇，智慧芽AI战略，以及AI对企业研发和科学研究所产生的深远影响等话题，展开深度对话。 以下是精选对话实录： 以下文章来源于未尽研究 ，作者未尽研究 未尽研究 . AI，新能源，合成生物，地缘X AI大时代真正来临 " DeepSeek后AI万众期待 周健工： 春节前，我遇到各行各业的人，都在谈AI，但都是以一种看热闹的方式在谈。但春节之后再谈 AI，各行各业都是真的想真金白银，拿点钱去试一把，拥抱AI。 张济徽： 是的。春节回来之后，过去一两个月约不上的企业客户高管，现在都约得上了。很多客户的高管 都很愿意说，你们过来给我们讲讲这个AI怎么用。 " AI时代的商业模式和SaaS创新 周健工： B2B SaaS，B端的订阅制，主要看卖多少个账户。AI时代，SaaS的服务模式，还有获客的方式， ...

Core Viewpoint - Changjie Tong has successfully transitioned into profitability, demonstrating the sustainability of its small and micro enterprise SaaS business model, while other companies are still discussing the end of the SaaS winter [1][2]. Financial Performance - In the reporting period, Changjie Tong achieved a net profit of 33.46 million yuan, a year-on-year increase of 111%. Operating cash flow improved significantly, with a net inflow of 91.3 million yuan compared to a net outflow of 42.05 million yuan in the previous year [2][5]. - The company’s total revenue for 2024 grew by 20% year-on-year, with cloud subscription revenue increasing by 34%. In contrast, competitor Kingdee's total revenue grew by 10.2% and cloud business by 13.4% [5]. Business Model Validation - The breakeven point is crucial as it validates the business model, particularly for small and micro enterprise SaaS. Changjie Tong has successfully broken the myth of profitability challenges in this sector [2][3]. - The company has leveraged high operational efficiency and continuous R&D investment to enhance customer conversion rates and improve delivery quality and efficiency [2]. Market Positioning - Changjie Tong's cloud service revenue accounted for 86% as early as 2021, and by 2024, the cloud subscription revenue share had significantly increased to nearly 70% [5]. - The company has a gross margin of 72%, compared to Kingdee's 65.1% [5]. Valuation Insights - Changjie Tong's current price-to-sales (PS) ratio is 2.3X, significantly lower than Kingdee's 6.8X and the average PS of 4.2X for the Hong Kong SaaS sector [6]. - The company holds substantial cash assets, with total assets of 1.695 billion yuan and cash assets of 1.259 billion yuan, indicating a low valuation when cash is deducted from market capitalization [7].