浙商证券（601878）发布研报称，维持美图公司(01357)"买入"评级。该行预计公司2025-2027年营收分 别为41.85、52.81、64.93亿元，归母净利润分别为9.64、13.34、16.61亿元。该行采用相对估值法对公司 进行估值，参考可比公司估值水平以及考虑到不同市场间的估值差异给予一定估值折价，给予公司2026 年40x PE，对应目标市值为534亿港元，对应目标价为11.6港元，参考2026年2月24日收盘价，现价对应 2026年17x PE。 浙商证券主要观点如下： 考虑到付费用户数=MAU付费订阅渗透率，公司付费用户数的提升主要来源于海外市场的开拓，带来 MAU提升;AI技术加持下用户体验大幅提升，叠加B端生产力工具用户更高的付费意愿，带来付费订阅 渗透率整体提升。 从跟踪验证视角来看，根据公司最新发布的2025年业绩预告，公司2025年全球付费订阅用户数快速增 加，其中来自国际市场的付费订阅用户增速高于中国内地市场，印证了公司全球化战略的有效性。 驱动因素二：ARPPU提升 ARPPU衡量每付费用户平均收入，考虑到总收入=付费用户数ARPPU，ARPPU的提升有望进一步拉动 公司 ...

来源：环球网 【环球网科技综合报道】2月25日消息，据彭博社援引知情人士消息，全球知名3D游戏开发引擎提供商 Unity Software正评估其中国业务的多种战略选项，其中包括潜在的出售计划。 知情人士透露，Unity Software已委托专业顾问团队协助评估中国业务的潜在买家兴趣。作为全球游戏 开发领域的核心工具提供商，Unity在中国市场拥有广泛用户基础，其引擎被广泛应用于手游、端游及 虚拟现实（VR）内容开发。 据相关人士称，Unity Software对中国业务的估值预期超过10亿美元，但具体金额将取决于买家报价及 谈判进展。报道强调，目前相关磋商仍处于早期阶段，尚未与任何潜在买家达成最终协议，交易存在不 确定性。（青山） ...

来源：环球网 尽管裁员消息引发争议，但WiseTech Global同步发布的财报显示，其上半年盈利超出市场预期。受此提 振，该公司股价在早盘交易中一度飙升10.7%。 资料显示，WiseTech Global核心产品包括货运代理平台CargoWise。该公司首席执行官祖宾·阿普（Zubin Appoo）直言："AI意味着用更少的人、更短的时间实现更高生产效率。"他透露，公司正将AI技术深度 整合至客户软件及内部运营中，目标是通过自动化流程彻底精简成本结构，并重塑软件开发商业模式。 根据计划，裁员将波及40个国家的多个部门，其中客服岗位受冲击最大，预计约一半员工将被裁撤。阿 普强调："以人工编写代码为核心的工程时代已经结束。AI正在释放我们此前无法企及的效率提升空 间。"例如，AI可自动生成代码、优化供应链算法，并实时处理客户咨询，大幅减少对人工的依赖。 （青山） 【环球网科技综合报道】2月25日消息，据The Economic Times报道，澳大利亚物流软件巨头WiseTech Global宣布，将在未来两年内裁减约2000名员工，占其全球7000名员工总数的近29%。这一举措被视为 澳大利亚企业因人工智 ...

Market Overview - Asian stocks experienced a rally, with Japanese and South Korean shares reaching record highs, driven by strong stock performance [1] - The dollar weakened in Asian trade, contributing to a surge in gold prices towards $5,200 per ounce, while oil prices approached seven-month highs amid geopolitical tensions [2] Japan's Market Dynamics - The Nikkei average increased by 2.20 percent to 58,583.12, supported by strong performances in chip and AI sectors, as the government nominated dovish candidates to the Bank of Japan's board, reducing rate hike expectations [3] - Nippon Steel shares fell by 5.5 percent after raising ¥600 billion ($3.9 billion) through an upsized convertible bond sale [4] South Korea's Market Performance - Seoul's Kospi index surged 1.91 percent to 6,083.86, marking a new record, as concerns over AI's disruptive effects eased ahead of Nvidia Corp's earnings report [4] - Hyundai Motor's shares rose by 9.2 percent following news of a potential IPO for its U.S. affiliate Boston Dynamics, while Kia Corp's shares skyrocketed by 12.7 percent [5] Australian Market Highlights - Australian shares reached a record high, with the S&P/ASX 200 closing 1.17 percent higher at 9,128.30, driven by strong inflation data and speculation of further rate hikes [6] - Woolworths shares surged by 13 percent to a 17-month high after reporting a strong half-year profit and raising full-year guidance [6] Technology Sector Developments - WiseTech Global's shares jumped over 11 percent following the announcement of a significant AI overhaul and plans to lay off about 2,000 employees over the next two years [7] - The tech-heavy Nasdaq Composite rose by 1 percent, bolstered by AMD's major supply deal with Meta [8]

Core Viewpoint - Microsoft Japan is under investigation by the Japan Fair Trade Commission for allegedly restricting customers of its Azure platform from utilizing competing cloud services [1]. Group 1: Investigation Details - The raid on Microsoft Japan's offices was conducted as part of the investigation into potential anti-monopoly law violations [1]. - Sources indicate that the investigation focuses on whether Microsoft Japan improperly limited customer choices regarding cloud service providers [1]. Group 2: Company Response - Microsoft Japan has not provided immediate comments regarding the investigation [1].

Core Viewpoint - Hongsoft Technology (688088.SH) reported a strong performance for the fiscal year 2025, with significant growth in both revenue and net profit, indicating robust market adaptability and ongoing innovation efforts [1] Financial Performance - The company achieved total operating revenue of 923 million yuan, representing a year-on-year increase of 13.22% [1] - Net profit attributable to the parent company was 258 million yuan, reflecting a year-on-year growth of 45.86% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 213 million yuan, showing a year-on-year increase of 36.85% [1] Business Segments - In the mobile smart terminal business, the company maintained its leading position in mobile imaging technology and market share, with steady revenue growth driven by new AI glasses visual solutions achieving mass production in several benchmark projects [1] - In the automotive AI sector, the company expanded its project portfolio, contributing positively to revenue, with the Tahoe product for in-cabin visual solutions also achieving mass production and shipment during the reporting period [1]

虹软科技公告称，2025年度营业总收入92297.10万元，同比增长13.22%；归属于母公司所有者的净利润 25770.60万元，同比增长45.86%；扣非净利润21325.23万元，同比增长36.85%。报告期末，总资产 303186.97万元，较期初增长0.35%；所有者权益274021.36万元，较期初增长0.82%。业绩增长得益于业 务拓展与规模效应，以及政府补助增加。数据为初步核算，未经审计，以年报为准。 ...

Core Viewpoint - Ouma Software (301185.SZ) focuses on the examination and assessment sector and has not yet ventured into the mass digital reading business [1] Group 1: Business Focus - The company specializes in text and image digitization, high-speed image acquisition, intelligent recognition, and smart grading, establishing industry-leading technological capabilities [1] - Its technologies and products have been successfully applied in large-scale paper-based exams, paperless exams, and online grading, effectively supporting major projects such as national education exams, professional qualification exams, and civil service recruitment [1] Group 2: Future Developments - The company plans to continuously optimize AI models and data training to enhance recognition accuracy and processing efficiency [1] - There is a commitment to promote the digital and intelligent upgrade of examination and assessment services [1]

Core Insights - Zuper and Vonage have signed a Memorandum of Understanding (MoU) to collaborate on integrating Vonage's network APIs into the Zuper platform [1] - This partnership will provide Zuper with early access to Vonage's network-powered solutions, starting with Quality on Demand (QoD) [1] - The integration aims to enhance mobile network performance to support critical field workflows, leading to improved operational efficiency [1]

格隆汇2月25日丨鸥玛软件(301185.SZ)在互动平台表示，公司主营业务聚焦于考试与测评领域，暂未布 局大众数字阅读业务。公司在文本图像数字化、高速图像采集、智能识别、智能评卷等方向形成行业领 先的技术积累，相关技术及产品已在大规模纸笔考试、无纸化考试、网上评卷等领域成熟应用，高效支 撑了国家教育考试、职业资格考试、公务员事业单位招考等重大项目。公司将持续优化 AI 模型与数据 训练，提升识别精度与处理效率，推动考试与测评业务数智化升级。 ...