Core Viewpoint - The company has not yet applied Huawei's newly released AI inference technology UCM and maintains an open attitude towards technological innovation [1] Group 1 - The company will strictly adhere to information disclosure rules if it engages in any technology cooperation or business integration related to UCM in the future [1]

Core Viewpoint - Truecaller AB has been actively repurchasing its own B shares as part of a share buyback program initiated by the board of directors, with a total of 230,000 shares repurchased between August 18 and August 22, 2025, amounting to 0.07% of outstanding capital [1][2]. Group 1: Share Buyback Program - The share buyback program was announced on May 30, 2025, and is set to continue until the Annual General Meeting (AGM) in May 2026 [1]. - As of August 22, 2025, Truecaller has repurchased a total of 1,155,000 shares, which is 0.33% of the outstanding capital [1]. - The board was authorized to buy back B-shares until the AGM in 2026, with the limit set so that the company's shareholding does not exceed 10% of the total number of outstanding shares [2]. Group 2: Transaction Details - The total accumulated share buybacks for the week of August 34, 2025, amounted to 230,000 shares, with a weighted average price of SEK 46.80, resulting in a total transaction value of SEK 10,764,340 [3]. - The total accumulated buybacks during the entire program reached 1,155,000 shares at a weighted average price of SEK 52.29, with a total transaction value of SEK 60,397,509 [3]. Group 3: Current Shareholding - Following the recent acquisitions, Truecaller holds 5,100,332 B shares and 5,013,786 C shares, which corresponds to 2.86% of the outstanding capital [4]. - The total number of shares in Truecaller, including its own shares, is now 353,750,053, while the number of outstanding shares, excluding its own shares, is 343,635,935 [4].

2025 年 8 月 25 日 公司研究 AI 红利驱动业务健康成长，实控人拟参与定增彰显信心 ——科大讯飞（002230.SZ）2025 年半年报点评 要点 公司披露 2025 年中报：25H1 营收 109.1 亿元，同比+17.0%；归母净利润-2.39 亿元，亏损同比缩窄 40.4%；扣非归母净利润-3.64 亿元，亏损同比缩窄 24.6%。 其中 25Q2 营收 62.5 亿元，同比+10.1%，归母净利润-0.46 亿元，亏损同比缩 窄 54.4%。 AI 红利驱动各业务线健康成长：1）智慧教育业务 25H1 收入 35.3 亿元，同比 +23.5%，其中 AI 学习机上半年收入继续保持翻番增长。2）智慧医疗业务 25H1 收入 2.8 亿元，同比+21.1%，截至 6 月底智医助理已覆盖 31 个省市的 697 个 区县超过 7.5 万个基层医疗机构。3）开放平台业务 25H1 收入 27.2 亿元，同比 +16.2%，平台的大模型 API 日均调用量较年初增长 4.3 倍，智能体总数较年初 增长 85%。4）企业 AI 解决方案 25H1 收入 4.4 亿元，同比+349.9%，公司正在 加快 ...

Group 1 - The year 2025 is anticipated to be the "Year of Intelligent Agents," driven by advancements in large model capabilities and decreasing invocation costs [1][3] - Companies are actively deploying intelligent agents in vertical fields such as healthcare, financial intelligence, and e-commerce digital personas, with several products already implemented [1][3] Group 2 - Guangdian Yuntong focuses on financial technology and urban intelligence, developing the Wangdao industry large model, which has been applied in digital auditing and government services [3] - The company has created a knowledge middle platform and large model integrated machine that connects industry applications with large model technology, enabling a closed loop of knowledge production, accumulation, and creation [3] - Far Light Software has launched enterprise-level general intelligent agents for tasks such as intelligent Q&A, form filling, and data analysis, along with specialized applications like travel planning and fund scheduling [3] Group 3 - Huatai Securities reports that generative AI is entering a new development stage dominated by AI agents, with a trajectory of first targeting B2B, then B2C, and finally end-users [3] - Current large models are transitioning into the execution era of intelligent agents, with AI application implementation accelerating alongside policy support [3] - The thriving open-source ecosystem, comprehensive policy support, and rapid application implementation make AI scenario platforms and consumer application companies worthy of attention [3]

2025 年 08 月 24 日 科大讯飞 (002230) ——符合预期，教育、开放平台、企业 AI 高增 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 52.22 | | 一年内最高/最低（元） | 59.37/32.66 | | 市净率 | 6.8 | | 股息率%（分红/股价） | 0.19 | | 流通 A 股市值（百万元） | 114,315 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 07-22 08-22 -20% 0% 20% 40% 60% 80% 科大讯飞 沪深300指数 (收益率) 相关研究 证券分析师 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com ...

Core Viewpoint - Baidu's video generation model, Steam Engine, has undergone a significant upgrade just 50 days after its launch, enhancing its capabilities and reducing costs substantially [1][2]. Model Capabilities - The Steam Engine model now supports integrated generation of multi-person videos with synchronized voices, expressions, and actions, maintaining stability even in complex scenes [1]. - Improvements in video clarity, smoothness, and camera movement techniques have been noted [1]. - The model's Turbo version can generate a 5-second 720p video for only 1.4 yuan, significantly lower than the industry average of approximately 2 yuan for a silent video, positioning Baidu at 70% of the market price [1]. Development and Strategy - The Steam Engine model has a faster update cycle compared to Baidu's Wenxin series, with a more aggressive pricing strategy [2]. - The 1.0 version was driven by demand, while the 2.0 version incorporated technical optimizations based on user feedback [2]. - The model is developed by the Mobile Ecosystem Group (MEG) to cater specifically to advertisers and agencies [2]. Cost Efficiency - A short film created using the Steam Engine model, featuring over 40 shots and 120 clips, cost only 330.6 yuan, compared to an estimated 200,000 yuan for traditional filming methods [4]. - This cost reduction is significant for marketing budgets, allowing clients to produce content at a fraction of the traditional costs [4]. Market Context - The commercial value of video generation models is being validated, as evidenced by Kuaishou's revenue from its video generation model reaching 250 million yuan in Q2, with expectations to double its annual revenue target [5]. - Baidu's online advertising revenue fell by 15% in Q2, indicating a pressing need for new revenue streams, which is a key reason for Baidu's active engagement in video generation models [5]. - The Steam Engine model operates on a subscription model, but the focus is on enhancing user engagement and advertising effectiveness on Baidu's platform rather than direct revenue from subscriptions [5].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - Supernodes are the new generation of computing infrastructure, with leading companies in the computing industry launching supernode products to address performance bottlenecks in large model training and inference, particularly in communication speed [2][10] - The introduction of supernodes is expected to enhance the value across multiple computing segments, suggesting investment opportunities in related sectors of the industry chain [2][10] Summary by Sections Event Description - Global computing leaders like NVIDIA and Huawei are set to launch supernode products in 2025, with NVIDIA's GB200 and Huawei's Ascend 384 supernode being notable examples [4][10] - Inspur also announced its supernode AI server "Yuan Brain SD200" at the 2025 Open Computing Technology Conference, capable of running trillion-parameter models [4][10] Technical Insights - Supernodes, initially proposed by NVIDIA, utilize high-bandwidth interconnections among GPUs to form a scalable system, significantly improving computing density and communication complexity compared to traditional AI servers [10] - The architecture of supernodes supports parallel computing tasks, accelerating parameter exchange and data synchronization, thus shortening training cycles for large models [10] Investment Opportunities - The report suggests focusing on investment opportunities in the following areas: 1. Leading domestic AI chip companies like Cambricon 2. Supernode server manufacturers 3. Supporting manufacturers for supernode components such as PCBs and liquid cooling systems 4. Partners related to Huawei's supernode initiatives [10]

智通财经APP讯，迈富时(02556)公布2025年中期业绩，收入约9.28亿元，同比增长25.5%;毛利约4.51亿 元，同比增长14.7%;经调整净利润为8472.1万元，同比增长77.7%;母公司拥有人应占溢利3737.9万元， 同比扭亏为盈;每股盈利0.15元。 受益于全球AI大模型的更新迭代，客户对智能营销及销售解决方案需求愈发旺盛。该集团凭借领先的 AI Agent 技术优势与产品实力精准响应市场，于报告期间实现高质量增长。其中AI+SaaS 业务收入人民 币5.0亿元，同比增长26.0%，AI+SaaS 业务毛利率达80.4%;精准营销业务收入人民币4.2亿元，同比增长 25.0%。 用户价值方面，AI+SaaS 客户总数达21,655家，其中 KA 大客户数量增至814家。 SMB 客户老客客单价 同比提升21.7%，主要得益于客户升级套餐、Agent 模块增购及模块AI 化升级提价的客单价提升;KA 客 户老客客单价同比提升20.7%，得益于 Agent的解决方案的深化应用以及多个核心行业的持续深耕与拓 展。 运营效率提升是支撑高质量增长的另一关键：集团积极应用自研AI Agent 及 AI ...

Core Viewpoint - The company, MaiFus, reported significant growth in its mid-year performance for 2025, with a revenue of 930 million and a net profit of 84.72 million, marking a transition from loss to profit, driven by the scaling application of AI agents in various industries [1] Group 1: Financial Performance - The company achieved a revenue of 930 million, representing a year-on-year growth of 25.5% [1] - Adjusted net profit reached 84.72 million, a 77.7% increase compared to the previous year, surpassing the total profit of the previous year within just the first half [1] - AI and Agent business generated 110 million in revenue, with Agent revenue specifically at 45.3 million, empowering 5,518 enterprises [1] Group 2: Technological Advancements - The company's self-developed AI-Agentforce platform has been upgraded to version 2.0, featuring 356 core AI modules that cover essential functions such as content generation and process automation [2] - The company is continuously iterating its Tforce marketing model and has established interoperability with leading cloud providers, creating a robust technological barrier [2] - Future product launches include Agent-Data and Agent-Decision, alongside the rollout of AI-Agentforce version 3.0 to enhance integration capabilities [2] Group 3: Customer Structure and Revenue Model - The company's AI+SaaS business revenue reached 500 million, with a gross margin of 80.4%, and recurring revenue accounting for 84.5% [3] - The total number of AI+SaaS customers is approximately 21,700, with key accounts increasing to 814, contributing to 50.3% of revenue [3] - The average revenue per customer for both SMB and key accounts grew by 21.7% and 20.7% respectively, indicating enhanced customer value [3] Group 4: International Expansion - The company's foreign trade revenue surged by 89.0%, reflecting its strategic shift towards international market expansion [4] - The AI foreign trade digital employee matrix supports 49 language versions, reaching over 95% of potential markets globally [4] - The company aims to accelerate its internationalization through local agency networks and strategic partnerships, focusing on building a global ecosystem for AI agents [5]

具体来看，1月份，国内唯一基于国产算力训练的深度推理大模型讯飞星火X1正式发布；4月份，讯飞 星火X1升级，在模型参数量(70B)比业界同行少一个数量级的情况下，整体效果对标国内外一流大模型 最优版本效果，并在国内率先实现用同一个模型同时支持"快思考"和"慢思考"两种模式的创新架构；7 月份，讯飞星火X1再次升级，在数学、翻译、推理、文本生成等方面持续进步并保持业界领先，尤其 在掣肘大模型落地应用的幻觉治理准确率上大幅领先业界主流模型，进一步扩大了教育、医疗等行业大 模型的领先优势。 目前，大模型讯飞星火X1多语言能力已覆盖130多个语种，为世界提供全栈自主可控大模型底座的"第 二种选择"。公司进一步证明了基于国产算力训练的全栈自主可控大模型具备在底座能力上对标全球第 一梯队、在教育等行业模型上全球领先的实力和持续创新潜力。 本报讯(记者徐一鸣)8月21日晚间，科大讯飞（002230）股份有限公司(以下简称"科大讯飞")发布2025年 上半年业绩报告。报告期内，公司营收首次突破百亿元，达109.11亿元，同比增长17.01%。此外，销售 回款首次突破百亿元，达103.61亿元。 记者从科大讯飞方面获悉，公司始 ...