zSpace (ZSPC) Q1 2025 Earnings Call May 14, 2025 05:00 PM ET Speaker0 Good day, everyone. Thank you for participating in today's conference call to discuss zSpace's financial results for the first quarter ending 03/31/2025. Joining us today are zSpace CEO, Paul Kellenberger CFO, Eric de Oliveira and Greg Robbles from Investor Relations. Following their remarks, we'll open the call for analyst questions. Before we go further, I would like to turn the call over to Mr. Rawls as he reads the company's safe harb ...

｜2025年5月15日星期四｜ NO.1深圳A股上市公司总市值达8.53万亿元 "深圳发布"微信公众号5月14日消息，截至2025年4月底，深圳A股上市公司共有423家，占全国的7.8%。深圳上市公司总资产超过40万亿元、净资产近6万亿 元，均仅次于北京、上海，位列全国第三；总市值达8.53万亿元，排名全国第二。 点评：深圳上市公司总资产、营业收入、净利润规模等均位居全国前列。2025年一季度，62.6%的深圳上市公司实现营收正增长，实体经济韧性凸显。 NO.2香港方面希望自动驾驶服务一两年内投入运作 香港特区政府去年实施新的规管制度，让自动驾驶车辆在道路进行更广泛和更灵活的测试。5月14日，香港特区政府运输及物流局局长陈美宝表示，相关测 试和应用正提速提效，她期望自动驾驶服务未来一两年可在个别社区正式投入运作。 "深圳发布"微信公众号5月14日消息，5月22日至26日，第二十一届中国（深圳）国际文化产业博览交易会将在深圳举行。据悉，展会共组织了6280家政府组 团、文化机构和企业线上线下参展，将展出文化产品超过12万件，4000多个文化产业投融资项目将在现场进行展示与交易。 点评：作为"中国文化产业第一会" ...

新华网福州5月13日电（蒋巧玲）110余项科技小发明，嵌⼊美景视频的⼿绘地铁线路图，还有来自机器人的"深情"拥抱……5月13日，2024 —2025学年福州市教学开放⽇暨福州金山小学教育教学年会举行，一个个学科融合、AI赋能的活力课堂和系列展览展示，多维度呈现了福州教 育事业的发展成果。 尚春红⽼师通过"提问—思考—探究"引导学生深入理解课文，并运用AI技术将朗读训练、思维发展和审美创造融为⼀体。新华网 蒋巧玲 摄 开放日当天，学生们展示跨学科学习作品。新华网 蒋巧玲 摄 这是"智创福州地铁沙盘"，电力驱动双向列车模型可实现到站自动停靠、语音播报站点等功能。新华网 蒋巧玲 摄 本次开放日活动由福州市教育局、福州教育研究院联合主办，福州金山小学承办。活动主要内容包括学生社团活动展示、学生跨学科学习 作品展示、课堂教学观摩、专家讲座等。 5 月13日，2024—2025学年福州市教学开放⽇暨福州金山小学教育教学年会举行。新华网 蒋巧玲 摄 林莹⽼师整合数学体积计算、科学密度公式与AI技术，培养跨学科思维，发展推理能⼒及实际问题解决能⼒。新华网 蒋巧玲 摄 福州市多所学校的教师到活动现场参加课堂教学观摩，并做记录。 ...

4 月，卓越教育推出「鲸准教 AI 批改」和「AI·爱阅读」两款 AI 工具，前者聚焦教师备课与批改提 效，支持学生听写、AI 自动批改并生成个性化学习记录，使用量超 5000 次；后者作为自适应学习独立 产品，能精准推荐阅读材料、智能调整难度，提供引导式阅读与材料解析服务，已吸引超千名学生使 用，实现 AI 应用从教师端向学生端延伸。 2024 年卓越教育集团实现收入人民币 11.02 亿元，同比增长 125.2%；净利润达人民币 1.92 亿元，同比 增长 114%，创近四年新高。基于 2024 年取得的优异成绩，卓越教育在 2025 年围绕「降本、增效、创 新」三主线，进一步深化 AI 在各业务环节的应用。集团将 Deepseek - R1 模型融入教学、管理、服务全 链条，全面开启智能化升级之路。 卓越教育不仅将 AI 作为教学工具，更构建了覆盖内部运营与外部服务的生态系统，通过技术渗透实现 人效提升与产品创新的双重目标，尤其在K12细分场景中展现出精细化运营能力。 2025 年 5 月，《时代》杂志与 Statista 联合发布的全球顶尖教育科技公司榜单揭示了一个重要趋势：AI 已从商业「加分项」演 ...

Summary of Key Points from Conference Call Records Industry and Companies Involved - The conference call discusses the performance and trends in the AI application sector, particularly focusing on companies like Duolingo, Palantir, and Applovin, as well as the education industry and programmatic advertising in China [1][4][8]. Core Insights and Arguments - **Growth in AI Applications**: The AI application sector in the US stock market is expected to see significant growth starting in the second half of 2024, with companies like Duolingo, Palantir, and Applovin reporting revenue and profit that exceed expectations, leading to stock price increases of 5-10 times [1][4]. - **Duolingo's Performance**: Duolingo has integrated GPT-4 into its platform, launching Duolingo Max, which has led to a 44% year-over-year increase in daily active users to 46 million and a 40% increase in paid subscribers to 10.3 million [1][9]. - **Palantir's Financials**: Palantir reported Q1 revenue of $884 million, a 39% year-over-year increase, with net profit rising 130% to $214 million. The company raised its full-year revenue guidance to $3.89 to $3.92 billion, reflecting a 20% growth [3][11]. - **Applovin's Advertising Growth**: Applovin's Q1 revenue reached $1.5 billion, with a 71% growth in advertising business and a non-GAAP profit margin of 81%. The company holds a 28% market share in game advertising and is expanding into the e-commerce advertising market [1][5][6]. - **AI and Programmatic Advertising**: The combination of AI and programmatic advertising offers insights for domestic companies like Tencent and Kuaishou, potentially increasing app display time and conversion rates [1][8]. Other Important but Potentially Overlooked Content - **Challenges in Education Sector**: The education industry faces challenges in producing large-scale, low-cost, high-quality educational products. AI technology can enhance personalized education but is limited by cost and precision issues [9][10]. - **Domestic AI Adoption**: Chinese education companies are adopting low-cost AI technologies to upgrade their products, with companies like Haotian and Anlian Education utilizing models like DeepSeek [3][10]. - **Future of AI in Enterprises**: The core challenge for enterprise AI applications lies in data governance. Companies that can manage data effectively are likely to benefit in the future [12][16]. - **Potential of Domestic Companies**: Companies like Fourth Paradigm are seen as potential equivalents to Palantir in China, focusing on data training platforms and data governance [17]. This summary encapsulates the key points from the conference call records, highlighting the performance of specific companies, industry trends, and the implications for future developments in AI applications.

Core Insights - On May 7, Xueersi International Education Group launched three new series of learning machines: P, S, and T, aiming to reshape the learning experience with "Good AI + Good Content" [1][3] - The P series targets foundational learning, covering all educational stages from early childhood to high school, integrating classic practice modules for a comprehensive learning solution [3] - The S series focuses on enhancing students' capabilities with a twelve-level mathematics training system and includes 55 AI tools, along with a personalized learning report feature [3] - The T series, as the flagship product, offers advanced interactive experiences and integrates more AI capabilities, pushing the boundaries of traditional learning machines [3] - The company aims to address the "impossible triangle" in education, balancing high quality, large scale, and personalization through technology, providing each child with a dedicated AI tutor [3] Product Features - The learning machines have added 4 million minutes of premium courses and 850,000 sets of real exam questions, aligning with new curriculum standards [1] - The "Little Think AI 1-on-1" interactive feature encourages students to explore actively, providing a personalized and efficient learning experience [1] - The P series is designed as "the first learning machine for children," while the S series incorporates a classic enhancement system, and the T series focuses on future-oriented learning [3] Strategic Vision - Xueersi is committed to creating tailored learning solutions for millions of students, leading the smart education hardware sector into a new era of "active learning empowerment" [3]

Core Insights - The company launched three new series of learning machines (P, S, T) aimed at enhancing the learning experience through "good AI + good content" [1] - The learning machines utilize the self-developed Jiuzhang model and DeepSeek, achieving a comprehensive upgrade of the intelligent learning system [1] - The content library has expanded to 16 million minutes of courses, with 4 million minutes and 850,000 sets of real questions added since the launch [2] Group 1: AI and Content Development - The Jiuzhang model is one of the first educational models in China to receive a 4+ rating from the China Academy of Information and Communications Technology [1] - The company has established exclusive partnerships with authoritative educational resources, including the TOEFL Junior exam [2] - The new "New Curriculum Connection Course" is designed to help students transition smoothly to the new curriculum standards [2] Group 2: Product Features and User Experience - The P series aims to provide a complete and foundational learning solution for children, while the S series focuses on a twelve-level math ability cultivation system [3] - The T series flagship product includes advanced AI capabilities for personalized learning experiences, such as task planning and homework assistance [3] - All three models support the "Xueersi Care+" service, which includes model updates, course content updates, and additional user benefits [3] Group 3: Industry Challenges and Solutions - The company addresses the "impossible triangle" dilemma in education, which involves balancing high quality, large scale, and personalization [4] - The mission of intelligent learning is to leverage technology to provide each child with a dedicated AI tutor [4]

根据近年来的创业趋势与相关报告，以下是近10年（2015-2025年）中国创业产业活跃度及发展潜力的 排名与分析，综合政策导向、行业增速、市场成熟度等因素总结如下： 1. 批发与零售业 活跃度排名第一：近10年间，批发与零售业始终是创业最活跃的行业，新注册企业数量长期领先其他行 业。以2022年数据为例，其新注册企业数约为第二名制造业的两倍，尤其在区域中心城市（如上海、重 庆、深圳）表现突出。 驱动因素：消费升级、电商渗透率提升（如跨境电商）、线上线下融合模式（如社区团购）的兴起。 典型案例：义乌在县域经济中表现尤为亮眼，其批发零售业新注册企业数量远超其他地区。 2. 制造业 技术升级推动增长：受《中国制造2025》政策驱动，制造业创业活跃度在2015年后持续增长，尤其在智 能制造、新能源装备等领域涌现大量创新企业。深圳、苏州、东莞等城市是核心聚集地。 4. 居民服务与生活服务业 刚需驱动：包括家政服务、修理维护、社区养老等细分领域。2020年后，受疫情影响，线上预约服务 （如"15元洗车游击队"）和社区化服务模式（如"阳台蔬菜订阅"）迅速崛起。 区域分布：北京、成都等城市的居民服务类企业注册量位居前列，与经 ...

2025 年 5 月，《时代》杂志与 Statista 联合发布全球顶尖教育科技公司榜单，相比于 2024 年的「《时代》杂志：2024 年全球顶尖教育科技公司榜单」， 全球教育科技格局发生了巨大变化——中国企业首次包揽前三甲，编程猫、网易有道、好未来以绝对优势领跑，彻底改写了美国主导的旧格局。 2025 年榜单审查了 7000 多家公司的数据，并根据财务实力和行业影响力相结合的公式进行评估。美国拥有最多高分教育科技公司，共有 138 家，占榜单 总数的 39.4%；印度位居第二，共有 33 家公司，占榜单总数的 9.4%。中国位居第三，共有 23 家公司，占榜单总数的 6.6%。 这份覆盖 350 家企业的榜单，不仅是排名的更迭，更透露着全球教育科技从「在线补课」到「AI 重构」的深层变革。 财务实力x行业影响力：评选核心指标 这是《时代》杂志第二次与领先的国际市场和消费者数据及排名提供商 Statista 合作，评选出「2025 年全球顶尖教育科技公司」。这项定量研究的成果涵 盖了 350 家致力于开发和提供教育科技产品及服务的公司。 该排名基于两大支柱：财务实力和行业影响力。Statista 通过案头研 ...

Company Developments - Bawang Chaji opened its first store in the United States in Los Angeles, with former McDonald's CMO Eugene Lee joining as the Vice President and Chief Marketing Officer for the Asia-Pacific region [3] - Stone Technology reported a revenue of 3.428 billion yuan in Q1 2025, a year-on-year increase of 86.22%, driven by an expanded product matrix and optimized sales structure [4] - Midea Group's overseas OBM business grew by 40% year-on-year, with e-commerce sales increasing by over 50% in Q1 2025 [5] - Didi launched its overseas car rental service in 11 countries and 26 cities to cater to domestic users traveling abroad [6] - Tianlala plans to open over 200 new stores globally by 2025, focusing on Southeast Asia, Europe, North America, and the Middle East [7] - Anker Innovations reported a revenue of 24.71 billion yuan for 2024, a 41.14% increase year-on-year, with Q1 2025 revenue reaching 5.993 billion yuan, up 36.91% [8] - Uber partnered with Momenta to deploy autonomous taxis in Europe by early 2026 [8] - COSCO Shipping established a new company in Saudi Arabia to enhance its operations in the region [8] - Yizhibo plans to expand its consumer content and marketing services overseas, aiming to establish a presence in five countries by the end of the year [8] - JA Solar expects to rapidly increase production capacity after launching a project in Oman [8] - Zeekr Technology Group has entered over 60 international markets, with more than 1,200 global stores [8] - Deep Blue aims for overseas sales to account for 20% of its total sales by 2025 [8] - Cainiao's order volume in the North American market increased by over 30% [11] Macro Policies & Industry Data - The U.S. officially terminated its tax exemption policy for small packages from China, leading to increased logistics costs and delays for e-commerce platforms [12] - The trade volume between China and Arab countries exceeded $400 billion in 2024, marking a tenfold increase since 2004 [12] - In Q1 2025, China's software business exports reached $13.1 billion, a year-on-year increase of 2.4% [13] - The Export-Import Bank of China issued over 300 billion yuan in loans to support foreign trade in Q1 2025 [14] - Mexico is expanding its largest port to strengthen trade ties with China [14] Investment & Financing - In Time Robotics completed nearly 100 million yuan in B3 round financing to accelerate global market expansion [15] - IndustrialNext raised several million dollars in Series A funding to enhance team size and R&D efforts [15] - Aihua New Materials secured several million yuan in A round financing to focus on product development and overseas market expansion [15] - Guopei Chuang (Suzhou) Education Technology completed a million yuan Pre-A round financing to support AI technology development and overseas market expansion [16] - Clickmate, a live-streaming e-commerce platform in South Korea, announced seed round financing, with a monthly transaction volume of 9 billion KRW [17]