Financial Data and Key Metrics Changes - Revenues for Q4 2025 were $62.6 million, a 1.7% increase from $61.6 million in Q4 2024. Full year 2025 revenues were $245.6 million, up 1.4% from $242.2 million in 2024 [8] - Services revenues for Q4 2025 were $34.6 million, a 1% increase year-over-year, accounting for 55.3% of total revenues. Annual service revenues were $130.7 million, a 0.4% increase from $130.2 million in 2024 [8] - GAAP gross margin for Q4 2025 was 65.6%, down from 66.2% in Q4 2024. Operating income for Q4 was $3.7 million, or 6% of revenues, compared to $4.1 million, or 6.7% of revenues in Q4 2024 [9][10] - Full year 2025 net income was $9 million, or $0.31 per diluted share, down from $15.3 million, or $0.15 per diluted share in 2024 [10][11] Business Line Data and Key Metrics Changes - The connectivity business accounted for approximately 93% of total revenue, maintaining an operating margin above 14% in 2025, with a long-term target of 16%-18% [20] - The Voice AI business grew revenues by 35% year-over-year, reaching nearly $17 million in 2025, which accounted for 7% of total revenues [21][18] - The combined annual recurring revenue from live managed services and Voice AI was $79 million at the end of 2025, representing a 22% year-over-year growth [15] Market Data and Key Metrics Changes - Revenue by geographical region for Q4 2025: North America (47%), EMEA (35%), Asia Pacific (13%), and Central and Latin America (5%) [9] - The Microsoft Teams voice ecosystem saw a significant increase in PSTN users, reaching 26 million, up from 20 million in April 2024, indicating a 16%-17% annual growth rate [27] Company Strategy and Development Direction - The company is transitioning to an AI-driven hybrid cloud software and services model, focusing on Voice AI and managed services as primary growth engines [15] - The strategy includes reallocating product development investments to high-potential areas and enhancing sales and marketing efforts to build market awareness [15] - The company aims to maintain revenue growth and margin expansion while strengthening its leadership in Voice AI-driven business applications for UCaaS and CX markets [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the connectivity business and the growth trajectory of the Voice AI segment, expecting continued momentum in 2026 [42] - The company anticipates revenues for 2026 to be in the range of $247 million to $255 million, with non-GAAP diluted earnings per share projected at $0.60 to $0.75 [13][25] - Management noted that the impact of tariffs is expected to decrease from $2.7 million in 2025 to approximately $2.3 million in 2026 [50] Other Important Information - The company declared a cash dividend of $0.20 per share, totaling approximately $5.4 million, to be paid on March 6, 2026 [12] - The company ended 2025 with 981 employees, an increase from 946 at the end of 2024 [24] Q&A Session Summary Question: Is the 40%-50% annual growth intended to be a CAGR growth rate through 2028? - Management expects growth from both new customer acquisition and increased spending per customer, with a significant increase in the number of potential customers anticipated [44][46] Question: How has the shift in market expectations around AI impacted pipeline visibility? - Management noted improved visibility and size of the pipeline due to easier-to-use SaaS applications and compelling capabilities being introduced [48] Question: What impact should be expected from tariffs on 2026 financials? - Management expects gross margins to improve as the product mix shifts more towards software and services, with a lower tariff impact anticipated in 2026 [50]

证券日报网讯 2月3日，彩讯股份（300634）在互动平台回答投资者提问时表示，公司高度重视AIGC视 频生成技术的创新与应用，已在文生视频领域完成前瞻性布局并实现关键技术落地。依托全栈AI服务 体系及深厚的多模态大模型技术积累，公司已推出3D超拟人智能视频生成平台、AI智舞等系列产品， 支持通过文字或图片输入自动生成舞蹈视频、3D数字人动画等内容。目前，相关技术能力已在5G新通 话、视频彩铃等场景实现落地应用，持续推动业务体验升级与产品创新。 ...

Core Insights - The 2025 End-of-Year U.S. Sales Tax Rates and Rules Report by Vertex indicates a significant increase in new taxes and sales tax rates, marking a 10-year high in new taxing jurisdictions and the first rise in average state sales tax rates in three years [1][2][5] Group 1: Tax Changes and Trends - A total of 681 sales tax rate changes were implemented in 2025, one of the highest annual totals in recent years [2] - 335 new taxing jurisdictions were established, the highest in over a decade, as local governments sought to stabilize and identify new revenue sources [2] - The average state sales tax rate increased to 5.5592%, reversing a three-year decline [5] Group 2: Compliance and Technology - The rapid changes in sales and use tax are creating a complex compliance environment, necessitating greater visibility and automation for businesses [3] - AI and digital commerce are reshaping taxable transactions, increasing the demand for trusted tax technology to ensure compliance [5][6] - Multinational companies face challenges with e-invoicing compliance as more countries implement real-time reporting requirements [4] Group 3: Fiscal Strategies and Global Implications - States are becoming more self-reliant due to declining federal revenue sharing, leading to an increased focus on indirect taxes to address budget gaps [5] - Policymakers are exploring new revenue strategies, including taxes on digital advertising and re-evaluating previously exempt services [5] - Global trade tensions and evolving digital services tax policies may impact U.S.-based companies operating internationally [6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊市场号 文 | 尚扬 2026年2月初最刺激的事，不是年味渐浓，而是A股给股民们上演的"过山车特技"，2月2日黑色星期一 惊魂跳水，2月3日步履蹒跚弱势反弹，两天行情把人整得哭笑不得，堪称"节前精神内耗现场"，重仓者 emo，轻仓者看热闹，空仓者拍大腿，怕踏空也怕被套。 月初指数上演"过山车"特效 复盘这两天的名场面，2月2日，沪指下跌2.48%，一天跌没102点，深证成指、创业板指等也跟风跌超 2%，全市场4600多只个股飘绿，九成股票在"比惨"，123只个股直接跌停，总市值一天蒸发2.87万亿 元，朋友圈满屏都是"我是谁，我在哪，我的钱去哪了"。 2月3日，市场未再继续杀跌，而是上演了弱势"回血"，沪指上涨1.29%，深证成指、创业板指、科创板 指、北证50等主要股指纷纷收涨。但看似止跌，成交量却在继续萎缩，全天成交额2.57万亿元，比前一 天还少400多亿元，典型的"缩量反弹"（附图），网友们调侃"这反弹比我工资涨幅还敷衍"。 2月初的大跌小涨，不是A股故意"整活"，而是内外因素联手"搞事情"的结果，罪魁祸首主要 ...

Core Viewpoint - The company is leveraging advanced AI technologies, particularly through its GAIStation product, to enhance workplace efficiency and data security while providing a range of AI applications for various business needs [1] Group 1: Product Features - GAIStation integrates large language models like DeepSeek for deep integration and technical empowerment, enabling multi-scenario applications [1] - The system achieves efficient inference and real-time response with a model that has over 100 billion parameters, significantly improving processing accuracy in Chinese [1] - It combines RAG dual knowledge base retrieval with a "hybrid cloud" deployment solution to ensure data privacy and security while allowing users to access advanced AI capabilities at an affordable cost [1] Group 2: Specific Applications - GAIStation includes built-in applications such as meeting minutes, writing assistance, and in-depth research, designed to quickly respond to various corporate office needs [1] - The meeting minutes feature uses a combination of "local translation + AI optimization" to ensure data security and effective summarization, creating a precise loop from "meeting records" to "task assignments" [1] - The writing assistant is built on an authoritative corpus from the "Learning Power" platform, establishing a four-level knowledge system for professional content creation [1] - The in-depth research capability allows users to read approximately 100,000 words of reference material in about 10 minutes and produce a clear, professional report of around 10,000 words through multiple interactions [1] Group 3: Market Deployment - GAIStation has already achieved initial user delivery and is gradually being applied in sectors such as government services, scientific research, education, and intelligent manufacturing [1]

于2026年1月26日，集团于中国成立一间附属公司，以支持SaaS解决方案及创新数码产品业务在中国的 营运及销售活动。该附属公司的主要职能包括但不限於制定营销计划、扩大销售网络、PAS的技术升级 及研发。 该合约将于合约生效日起开始实施，并预期于一年内完成。此项成功的合作不仅提升我们的市场地位， 更为未来增长与协作奠定基础。董事相信，该合约的落实将扩展本集团未来收益基础，提升公司及其全 体股东之投资回报。 格隆汇2月3日丨数盟资本(08375.HK)公布，有关迪拜附属公司及其拟议的透过运用领航员算法系统 ("PAS")提供软件即服务("SaaS")及数码营销解决方案的业务。继集团于2026年2月2日在香港主办PAS路 演后，迪拜附属公司已与一间澳门分销商签订总额为300万美元的合约，内容有关PAS的SaaS年度授权 及订阅、设置与部署、维护及技术服务以及附加服务。 ...

Core Insights - AudioCodes reported a revenue increase of 1.7% year-over-year for Q4 2025, reaching $62.6 million, and a full-year revenue increase of 1.4% to $245.6 million [2][7] - The company experienced a decline in both GAAP and Non-GAAP net income for Q4 2025 compared to Q4 2024, with GAAP net income at $1.9 million ($0.07 per diluted share) and Non-GAAP net income at $4.5 million ($0.16 per diluted share) [4][5] - Annual Recurring Revenue (ARR) grew by 22% year-over-year to $79 million, driven by strong performance in managed services and conversational AI [10][11] Financial Performance - Q4 2025 EBITDA was $4.9 million, down from $5.2 million in Q4 2024, while full-year EBITDA decreased to $18.3 million from $21.1 million [3] - Non-GAAP EBITDA for Q4 2025 was $6.5 million, compared to $8.5 million in Q4 2024, with full-year Non-GAAP EBITDA at $24.8 million, down from $31.4 million [3] - The company reported a gross margin of 65.6% for Q4 2025 on a GAAP basis and 65.9% on a Non-GAAP basis [7] Shareholder Returns - AudioCodes repurchased 667,193 ordinary shares for $6.1 million during Q4 2025, with a total of $20.6 million available for further repurchases or dividends as of December 31, 2025 [12][13] - A cash dividend of $0.20 per share was declared, amounting to approximately $5.4 million, payable on March 6, 2026 [14] Strategic Focus - The company is transitioning towards becoming a Voice AI-focused hybrid cloud software and services provider, with significant growth in its conversational AI portfolio, which saw over 50% revenue growth in Q4 2025 [9][11] - Investments in Live services and conversational AI are expected to contribute to sustained growth in the coming years [11]

Core Insights - The company demonstrated strong growth and margin improvement in 2025, with a focus on product and platform strategies leading to significant contract wins and synergies from the merger with SDC A/S [3][4][5] Financial Performance - Organic revenue grew by 7.7% to DKK 7,044.1 million in 2025, with reported revenue increasing by 20.7%, of which 13 percentage points were attributed to non-organic growth from Netcompany Banking Services [5] - Organic adjusted EBITDA increased by 8.3% to DKK 1,188.8 million, yielding an organic adjusted EBITDA margin of 16.9% in constant currencies [5] - Free cash flow for 2025 was DKK 355.8 million, with a cash conversion ratio of 97.7% [5] Q4 2025 Highlights - In Q4 2025, organic revenue grew by 9.5% to DKK 1,838 million, while reported revenue increased by 34.9%, with 25.4 percentage points from non-organic sources [5] - Organic adjusted EBITDA rose by 19.6% to DKK 329.3 million, resulting in an organic adjusted EBITDA margin of 17.8%, an increase of 1.4 percentage points year-over-year [5] - The Group's adjusted EBITDA margin was 17%, compared to 16.4% in Q4 2024 [5] Guidance for 2026 - The company expects revenue growth of 5% to 10% for the Group excluding Netcompany Banking Services, and an adjusted EBITDA margin between 16% and 19% [5] - Including Netcompany Banking Services, revenue growth is anticipated to be between 15% and 20%, with an adjusted EBITDA margin of 15% to 18% [6] Strategic Focus - The integration of SDC into Netcompany Banking Services is progressing faster than expected, with initial synergies already materializing [4] - The company emphasizes the importance of leveraging components and AI to deliver solutions effectively in the European market [6]

Core Insights - The core viewpoint of the article emphasizes that intelligent customer service has transitioned from an optional feature to a necessity for digital transformation in enterprises by 2026, with the Chinese market expected to exceed 28.5 billion yuan and an AI penetration rate of 58% [1][3]. Market Overview - The intelligent customer service market is diversifying, featuring comprehensive products from large cloud platforms and specialized solutions for vertical scenarios [3]. - Companies like Lingyang Quick Service and Yijie Cloud Customer Service are leading the market, offering various capabilities tailored to different industry needs [3]. Recommended Scenarios and Advantages - E-commerce and retail sectors require automation for high-frequency tasks like returns and order tracking, with Lingyang Quick Service's "Return Agent" improving processing efficiency by over 60% [4]. - The automotive and durable goods industries benefit from lead screening and follow-up automation, with Quick Service reducing lead processing time by 50% [4]. - Small and medium-sized service enterprises can utilize subscription-based online customer service to ensure basic response quality while minimizing labor dependency [4]. Technical and Service Highlights - Lingyang Quick Service employs a "scenario-driven + data closed-loop" architecture, enabling seamless integration with internal systems for automated customer interactions [6]. - The service supports both private and public cloud deployments, offering tools for knowledge base construction and dialogue process configuration to lower usage barriers [6]. Certifications and Compliance - Lingyang Quick Service has obtained ISO/IEC 27001 and ISO/IEC 27701 certifications, ensuring compliance with data protection laws and financial-grade security [7]. - Yijie Cloud Customer Service also holds multiple industry compliance certifications, emphasizing secure data storage and transmission [7]. Cost Structure and Budgeting - The minimum budget for small enterprises to establish an intelligent customer service system starts at approximately 1,500 yuan annually for basic online reception [10]. - Modular purchasing options are available, allowing companies to select functionalities based on their specific needs without the necessity to buy a complete system [11]. Deployment and Integration - Standardized SaaS services can typically be launched within 1 to 3 days, while projects requiring system integration may take 2 to 8 weeks [12]. - Major platforms, including Lingyang Quick Service, offer open APIs for integration with existing CRM or ERP systems [13]. Conclusion - Companies should focus on addressing business pain points rather than merely accumulating features when building intelligent customer service systems. Lingyang Quick Service is highlighted for its understanding of business processes and its ability to deliver measurable efficiency improvements [14].

Core Viewpoint - The National Cybersecurity Center has reported that 72 mobile applications are found to be in violation of personal information protection laws, highlighting significant issues in user consent and data handling practices. Group 1: User Consent Issues - 17 mobile applications failed to clearly inform users about privacy policies and data collection practices at the first run of the app [1] - 34 mobile applications did not specify the purposes, methods, and scope of personal information collection in their privacy policies [2] - 17 mobile applications provided personal information to third parties without user consent or proper notification [3] Group 2: Data Collection Practices - 5 mobile applications collected personal information without obtaining user consent or continued to collect data after users declined [4] - 9 mobile applications did not provide effective mechanisms for users to correct, delete personal information, or cancel their accounts [5] - 3 mobile applications failed to process complaints and requests for personal rights in a timely manner [6] Group 3: User Rights and Security Measures - 22 mobile applications did not offer users a straightforward way to withdraw consent for data collection [7] - 25 mobile applications lacked adequate security measures such as encryption or anonymization of personal data [8] - 1 mobile application continued to display ads after the user closed the page, disrupting normal usage [9] Group 4: Compliance with Regulations - 4 mobile applications were found to have no privacy policy at all [10] - 33 out of 71 previously reported applications still exhibited issues upon re-evaluation, leading to their removal from distribution platforms [10]