2025 年 08 月 21 日 研 —计算机行业点评报告 推荐(维持) 事件 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 联系人：谢孟津 S1050123110012 xiemj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 计算机(申万) 11.2 20.9 90.1 沪深 300 4.5 9.1 28.6 究 多邻国（DUOL.O）：订阅高增长与产品创新双轮驱 动，AI 应用助力盈利能力持续提升 报 告 资料来源：Wind，华鑫证券研究 1、《计算机行业点评报告：谷歌 （GOOGL.O）：广告与云双轮驱动， AI 驱动下的搜索革新与云增长共 振》2025-08-21 2 、 《 计 算 机 行 业 点 评 报 告 ： 构筑增长韧性》2025-08-20 （UBER.O）：业务与生态构筑协同 效应》2025-08-19 行 多邻国于 8 月 6 日公布 2025 年第二季度财报。本季度实现 营收 2.52 亿美元，同比增长 41%。净利润 4,480 万美元， 同比大增 84%；调整后 EBITDA 为 7,870 万美元，利润率 31.2%，同比提 ...

针对市场竞争环节，润泽园教育核心讲师、《尚书》主讲老师颜顺华提出"瞄准-出击-取胜"三阶方法论："瞄准"的核心是客户细分、读懂客户，以提升竞 争力；"出击"需要对客户抱有深情厚意、超越客户期待，"取胜"则要注重团队激励。 当前，经济环境复杂多变，中小企业面临生存压力加剧、战略方向迷茫等多重挑战。 为帮助中小企业在困境中找到破局路径，8月14日至17日，知名互联网教育机构润泽园教育举办了第15期战略领导力学习会。 据悉，战略领导力学习会为润泽园教育旗下面向董事长群体的专属学习会，旨在帮助企业家带领队伍把事干成，打造更高层面的领导力，收获数倍精彩于 当下的事业与人生，本次学习会以"做好企业过好人生"为主题，共计1600余位企业经营者、管理者参加。 会上，在经济环境复杂多变的时期，中小企业如何找准发展主航道、做好生意，成为本次学习会首日聚焦的主题。 "未来5年，民营企业与祖国同频共振不是选择题，而是必答题。"润泽园教育核心讲师、中国中小商业企业协会副会长郭红波建议企业家：不能只做合规 产品，而应紧跟国家方向。 正如部分与会企业家结合自身企业发展历程分享的观点："过去，重风险控制、轻政策洞察是未能成为行业龙头的关键。 ...

当前，经济环境复杂多变，中小企业面临生存压力加剧、战略方向迷茫等多重挑战。为帮助中小企业在困境中找到破局路径，8月14日至17日，知名互联网 教育机构润泽园教育举办了第15期战略领导力学习会。 （润泽园教育核心讲师、中国中小商业企业协会副会长郭红波） 本次学习会以"做好企业 过好人生"为主题，在润泽园教育核心讲师与青年讲师的基础上，邀请了多名外部专家教授授课，并增设多轮全场大讨论互动环 节，为中小企业家们提供商业管理的实践方法指引的同时注入了发展信心。 本次学习会在河北廊坊、邢台、上海、安徽亳州、福建厦门、广东惠州、广西南宁、河南漯河、湖北利川、湖南怀化、江苏淮安、江西南昌、吉林长春、内 蒙古鄂尔多斯、山东滨州、山东诸城、山西晋城、陕西咸阳、云南昆明、浙江永康以及贵州、川渝的22个会场同步线上线下开展，共计1600余位企业经营 者、管理者参加。 据悉，战略领导力学习会为润泽园教育旗下面向董事长群体的专属学习会，旨在帮助企业家带领队伍把事干成，打造更高层面的领导力，收获数倍精彩于当 下的事业与人生。 （润泽园教育第15期战略领导力学习会主会场） 在经济环境复杂多变的时期，中小企业如何找准发展主航道、做好生意，成 ...

Core Insights - The 2025 China (Shenzhen) Unicorn Enterprise Conference highlighted the growth and valuation of unicorn companies in Shenzhen and across China, with Shenzhen leading in new unicorns [1][3] Group 1: Unicorn Companies Overview - In 2024, Shenzhen had 42 unicorn companies with a total valuation of $159.9 billion, averaging $3.71 billion per company [1] - Nationally, there were 372 unicorn companies in China, with a total valuation exceeding $1.2 trillion, and 1212 globally, marking an increase of 11 from the previous year [1][2] Group 2: Characteristics of Unicorns - Chinese unicorns are characterized by a strong focus on "hard technology," with 11 super unicorns contributing nearly 40% of the total valuation [2] - The integrated circuit sector leads with 56 companies and a valuation of $161.8 billion, while commercial aerospace is the fastest-growing sector with a 150% growth rate [2] Group 3: Regional Distribution - The "3+X" pattern shows that the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area regions account for 85% of unicorn companies, with Beijing, Shanghai, and Shenzhen forming the top tier [2] - In Shenzhen, 48% of unicorn companies are located in Nanshan District, which has a total valuation exceeding $70 billion [6] Group 4: Innovation and R&D - Shenzhen unicorn companies have an average of 141 authorized invention patents per company, indicating strong innovation capabilities [4] - In 2024, 10 new financing companies in Shenzhen were reported, focusing on sectors like robotics, VR/AR, and smart hardware [5] Group 5: Globalization and Market Expansion - Over 80% of Shenzhen's unicorn companies are globalized, expanding through overseas factories and marketing networks [6] - Companies like XREAL and Xinwangda are capitalizing on international markets, with significant revenue contributions from abroad [6] Group 6: Government Support and Investment - The Shenzhen government has supported 200 listed companies through guiding funds, with local institutions investing in over 100 companies to foster industrial cluster development [7]

Group 1 - As of the end of 2024, Shenzhen has 42 unicorn companies with a total valuation of $159.9 billion, with 4 super unicorns contributing 56% of this valuation [1][2] - Shenzhen leads the nation with 13 newly recognized unicorn companies, showcasing its strength in nurturing innovative enterprises [1][2] - The unicorn companies in Shenzhen are primarily concentrated in "hard technology" sectors, with 66.7% of them operating in cutting-edge technology fields [1] Group 2 - The newly recognized unicorn companies include notable names such as Honor (smart hardware), Yuanxiang XVERSE (VR/AR), and Laplace (clean energy), with Laplace being a newly listed company in the same year [2] - Shenzhen's government emphasizes the importance of supporting unicorn companies, having introduced a comprehensive action plan for 2025-2027 to foster their development [2] - The city aims to enhance its innovation ecosystem by optimizing policies, capital, and talent to become a globally influential hub for unicorn companies [2]

Core Insights - The report highlights Shenzhen's dominance in the growth of unicorn companies, with 42 unicorns and a total valuation of $159.9 billion, making it the city with the highest number of new unicorns in China [2][4] Group 1: Unicorn Growth in Shenzhen - In 2024, Shenzhen added 13 new unicorns, accounting for 25% of the national total, while the overall number of new unicorns in China decreased by 10 [2] - Shenzhen's unicorns have an average valuation of $3.71 billion, with a total valuation of $159.9 billion [2] - The city is the only one among "Beijing, Shanghai, Shenzhen, Guangzhou, and Hangzhou" to see an increase in unicorn numbers [2] Group 2: Characteristics of Shenzhen Unicorns - Shenzhen's unicorns are heavily concentrated in "hard technology" sectors, with 66.7% of them in advanced technology fields such as integrated circuits and robotics [4] - The average number of authorized invention patents per unicorn in Shenzhen is 141, significantly higher than Beijing and Shanghai [4] - Over 80% of Shenzhen's unicorns are global companies, expanding through overseas factories and marketing networks [4] Group 3: Regional Distribution - Nanshan District leads with 20 unicorns, accounting for 48% of the total, followed by Bao'an District with 7 [5] - Nanshan's unicorns contribute a valuation of over $70 billion, representing 45% of the total valuation [5] - The presence of two super unicorns, Honor and Huolala, significantly boosts the valuation in the Futian District, which has a total valuation of over $49 billion [5]

Group 1 - Alibaba Cloud has introduced a new agency discount policy, allowing enterprises to reduce procurement costs through certified partners, potentially saving 10-30% [1][5][7] - Common misconceptions include confusing cloud services with traditional hardware procurement and misunderstanding the partner list, as many believe cloud products can only be purchased through official channels [6][9] - The new policy allows for higher discounts on core cloud services and the ability to combine various procurement plans, which many enterprises have yet to fully understand [6][7] Group 2 - Chuangyun Technology, established in 2015, is a leading cloud computing and security value-added service provider in China, serving over 10,000 enterprise clients with annual public cloud sales reaching hundreds of millions [3] - The company focuses on providing full-stack hybrid cloud solutions and has a nationwide service coverage across 34 provincial-level administrative regions [3] - The procurement process for different industries varies, with manufacturing clients prioritizing stability and compliance, while healthcare and internet sectors emphasize billing cycles and rapid deployment capabilities [10][11] Group 3 - The new agency discount policy includes various promotional packages, allowing enterprises to save significantly on IT budgets by effectively combining different benefits [11][12] - Enterprises are encouraged to choose reliable agents from the official partner list to ensure compliance and quality of service, as well as to utilize the full range of available discounts [11][13] - The importance of timely submission of required documentation for maximizing benefits is highlighted, as incomplete information can hinder the procurement process [11][12]

Industry Overview: Innovation and Value Chain Reconstruction - The internet education sector has evolved through various stages, including remote education and intelligent teaching, transitioning from simple online videos to interactive live streaming and adaptive learning systems [1] - The value chain encompasses upstream technology support (AI, big data), midstream content production (course development, platform operation), and downstream user services (C-end learners, B-end institutional cooperation), forming a "technology-content-service" closed loop [1] ESG Development: Core Issues and Practice Differences Disclosure Status and Policy Direction - Domestic internet education companies are in the early stages of ESG disclosure, with leading firms like Zhonggong Education and NetDragon beginning to publish social responsibility reports, but overall transparency is lower than in Europe and the US [2] - China has introduced regulations emphasizing data security and educational equity, while Europe and the US have strengthened ESG compliance requirements through regulations like GDPR and SFDR [2] Core Issues Analysis - Environmental (E): Focus on data center energy consumption management, reduction of paper materials, and carbon footprint accounting. For example, NetEase Youdao promotes electronic textbooks to reduce paper usage [3] - Social (S): Issues include educational equity (bridging the urban-rural digital divide), user rights (refund dispute handling), and technology ethics (AI algorithm bias). Initiatives like the "Rural Revitalization Talent Training Program" aim to cover remote areas with live courses [3] - Governance (G): Emphasis on data security (user information protection), business ethics (false advertising regulation), and supply chain management (compliance of third-party partners). For instance, VIPKID has established a user data encryption system [3] Domestic and International Practice Differences - Disclosure focus: Domestic companies emphasize social welfare (e.g., rural education support), while European and American firms focus on environmental performance (e.g., carbon reduction targets) and governance structures (e.g., board diversity) [4] - Technology application: Foreign companies have adopted blockchain for degree certification earlier (e.g., MIT digital certificates), while domestic firms focus on AI supervision and adaptive learning system development [5] - Policy drive: The EU pushes for green transformation through carbon tariffs, while domestic platforms are guided by "dual carbon" goals for energy-saving renovations [6] Practical Cases: Diverse Paths and Innovative Models Khan Academy: Public Welfare-Oriented Global Inclusivity - ESG highlights include 100% free courses covering over 200 countries, a near-zero carbon footprint, and the use of open-source technology platforms with fully transparent data [7] Zhonggong Education: Integration of ESG in Vocational Education - Environmental: Optimizing energy consumption in offline campuses and promoting online live streaming to reduce commuting carbon emissions [9] - Social: Conducting "Employment Assistance Programs" with over 1 million annual training sessions to support stable employment [10] - Governance: Establishing an independent ESG committee and regularly disclosing supply chain audit reports to ensure compliance in areas like textbook printing and technology outsourcing [11] NetDragon: Sustainable Development through Technology Empowerment - Environmental: Investing in "green data centers" with energy consumption reduced by 40% compared to traditional centers [12] - Social: Donating "smart classrooms" to underdeveloped areas to bridge the digital divide and developing a "silver education platform" to address aging society needs [13] - Governance: Establishing an AI ethics review mechanism to avoid algorithm discrimination and collaborating with UNESCO to set global digital education standards [14] Challenges and Recommendations: Building a Sustainable Development Ecosystem Existing Challenges - Environmental: High energy consumption of data centers and lack of industry carbon accounting standards [15] - Social: Frequent user privacy breaches and mismatches in vocational education supply and demand leading to varied training outcomes [16] - Governance: Lack of a unified ESG disclosure framework, with some companies treating ESG as a marketing tool rather than a strategic core [17] Countermeasures and Suggestions - Environmental management: Promote green data center certification and establish industry carbon footprint accounting systems; encourage the adoption of electronic textbooks and low-carbon office practices [18] - Social value: Government and enterprises should jointly build an "Educational Equity Fund" to support rural digital education; improve user complaint handling mechanisms and introduce third-party supervision [19] - Governance optimization: Develop industry ESG disclosure guidelines based on international standards (e.g., GRI, TCFD) and incorporate ESG into corporate performance evaluations to strengthen board oversight responsibilities [20] Future Outlook - The internet education industry should integrate ESG principles into technological innovation and business models, focusing on data security and educational equity in the short term, promoting green transformation and governance upgrades in the medium term, and building a "technology for good, social benefit, and environmentally friendly" ecosystem in the long term to achieve a dual enhancement of economic and social value [21]