值得注意的是，徐少春所说的"七个转型"举措中高频次地提到了"智能体"，这也是一年多以来AI领域的 热点词，成为众多AI技术公司以及各行业领域需求方的重点布局方向。对此，金蝶推出了企业级AI原 生入口——金蝶小K，以及AI原生智能体、AI套件、数据云等一系列AI产品。简单理解来说，金蝶小K 是一个智能体互联互通的入口和平台。截至目前，金蝶小K已上线近20个智能体，如毛利分析智能体、 呆滞料智能体、ESG智能体、报价智能体等，均可"开箱即用"。 关于智能体的落地成本及其商业模式，金蝶总裁章勇在接受记者采访时坦言，目前，对于多数企业来 说，AI投入尚处在增量投入的阶段，对企业整个业务的改造会有一个持续的价值释放时间。但是，随 着AI应用的不断深入，从一个长周期的视角来看，企业总体成本是在不断降低的。至于付费模式，行 业内都在探索，而金蝶目前更倾向于按照组织规模和用量来定价，与云服务的方式类似，当然也会存在 预付费的模式。总体来说，智能体还处在一个正在努力跑通收费模式的探索阶段。 【金蝶全面转向AI 徐少春称要完成"七个转型"】"过去的十年，金蝶云服务业务高速增长，2024年云服 务比例高达82%，每年的复合增长率达 ...

Navan由Ariel Cohen与Ilan Twig于2015年创立，最初名为TripActions，核心业务为企业差旅管理。其成 立初衷是为了革新传统差旅服务模式——这类服务此前主要由美国运通(AXP.US)、SAP Concur等公司 提供。 今年早些时候，受关税影响，旅游需求曾出现下滑;目前这一需求已逐步回升。多家大型航空公司高管 均对今年下半年行业提升票价的能力表达了乐观态度。 据Navan官网信息，多年来该公司已将业务拓展至企业支付与费用管理领域，服务的全球客户包括Zoom 通讯(ZM.US)和Lyft(LYFT.US)等。 Navan将于周四在纳斯达克全球市场挂牌交易，股票代码为NAVN。此次IPO的承销商包括高盛、花旗、 Jefferies、瑞穗以及摩根士丹利等机构。 智通财经APP获悉，企业差旅与费用管理平台Navan(NAVN.US)于周三确定其首次公开募股(IPO)发行价 为每股25美元，处于24至26美元的原定招股区间范围内。此次发行募资约9.231亿美元，进一步巩固了 新股发行市场的强劲势头。 这家总部位于美国加利福尼亚州帕洛阿尔托的公司，通过发行3000万股新股募资7.5亿美元;现 ...

New IPO Listings - No companies listed on the Shanghai Stock Exchange or Shenzhen Stock Exchange from June 23 to June 29 [2] - No companies passed the listing committee review on the Shanghai Stock Exchange or Shenzhen Stock Exchange during the same period [3] Listing Applications Submitted - From June 23 to June 29, 5 companies submitted listing applications to the Shanghai Stock Exchange Main Board, and 7 companies to the Sci-Tech Innovation Board; 6 companies submitted applications to the Shenzhen Stock Exchange Main Board, and 12 companies to the Sci-Tech Innovation Board [4] Company Profiles and Financial Data Linping Development - Engaged in the research, production, and sales of corrugated paper and boxboard products, with a planned fundraising of 1.2 billion yuan for new material projects [7][8] - Financials: Revenue from 2022 to 2024 is projected at 2.879 billion yuan, 2.8 billion yuan, and 2.485 billion yuan, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [9] Zhenstone Co., Ltd. - Focuses on the research, production, and sales of fiber-reinforced materials in the clean energy sector, with a planned fundraising of 3.981 billion yuan [10][11] - Financials: Revenue from 2022 to 2024 is projected at 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan, with net profits of 774 million yuan, 790 million yuan, and 608 million yuan respectively [12] Fengwo Co., Ltd. - Specializes in the research, manufacturing, and sales of turbochargers, with a planned fundraising of 656 million yuan [13][14] - Financials: Revenue from 2022 to 2024 is projected at 1.399 billion yuan, 1.598 billion yuan, and 2.067 billion yuan, with net profits of 119 million yuan, 130 million yuan, and 204 million yuan respectively [15] Hongban Technology - Focuses on the research, production, and sales of printed circuit boards, with a planned fundraising of 2.057 billion yuan [16][17] - Financials: Revenue from 2022 to 2024 is projected at 2.205 billion yuan, 2.34 billion yuan, and 2.702 billion yuan, with net profits of 141 million yuan, 105 million yuan, and 214 million yuan respectively [18] Shiya Technology - Engaged in the research, design, production, and sales of OLED micro-displays, with a planned fundraising of 2.015 billion yuan [19][20] - Financials: Revenue from 2022 to 2024 is projected at 190 million yuan, 215 million yuan, and 280 million yuan, with net losses of 247 million yuan, 304 million yuan, and 247 million yuan respectively [21] Zhenbao Technology - Specializes in manufacturing equipment components for the semiconductor and display panel industries, with a planned fundraising of 1.398 billion yuan [22][23] - Financials: Revenue from 2022 to 2024 is projected at 386 million yuan, 506 million yuan, and 635 million yuan, with net profits of 81.62 million yuan, 108 million yuan, and 152 million yuan respectively [24] Youxun Technology - Focuses on the research, design, and sales of optical communication chips, with a planned fundraising of 889 million yuan [25][26] - Financials: Revenue from 2022 to 2024 is projected at 339 million yuan, 313 million yuan, and 411 million yuan, with net profits of 81.39 million yuan, 72.08 million yuan, and 77.87 million yuan respectively [27] Future Materials - Engaged in the research, production, and sales of high-performance fluorine-containing functional membranes, with a planned fundraising of 2.446 billion yuan [28][29] - Financials: Revenue from 2022 to 2024 is projected at 530 million yuan, 721 million yuan, and 640 million yuan, with net profits of 143 million yuan, 230 million yuan, and 165 million yuan respectively [30] Kuirui Technology - Specializes in the research, production, and sales of direct-drive CNC machine tools and systems, with a planned fundraising of 719 million yuan [31][32] - Financials: Revenue from 2022 to 2024 is projected at 222 million yuan, 254 million yuan, and 316 million yuan, with net profits of 24.94 million yuan, 35.91 million yuan, and 64.06 million yuan respectively [33] Yadian Technology - Focuses on wet cleaning equipment for semiconductors and photovoltaics, with a planned fundraising of 950 million yuan [34][35] - Financials: Revenue from 2022 to 2024 is projected at 121 million yuan, 442 million yuan, and 580 million yuan, with net profits of 209 million yuan, 189 million yuan, and 338 million yuan respectively [36] Electric Science Blue Sky - Engaged in the research, production, and sales of electric energy materials and systems, with a planned fundraising of 1.5 billion yuan [37][38] - Financials: Revenue from 2022 to 2024 is projected at 2.521 billion yuan, 3.524 billion yuan, and 3.127 billion yuan, with net profits of 215 million yuan, 190 million yuan, and 339 million yuan respectively [39] Fuen Co., Ltd. - Focuses on the research, production, and sales of eco-friendly fabrics, with a planned fundraising of 1.25 billion yuan [49][50] - Financials: Revenue from 2022 to 2024 is projected at 1.764 billion yuan, 1.517 billion yuan, and 1.813 billion yuan, with net profits of 277 million yuan, 229 million yuan, and 275 million yuan respectively [51] Kangrui New Materials - Specializes in the production of stainless steel wires and rods, with a planned fundraising of 1.105 billion yuan [52][53] - Financials: Revenue from 2022 to 2024 is projected at 1.053 billion yuan, 2.486 billion yuan, and 2.998 billion yuan, with net profits of 47.56 million yuan, 229 million yuan, and 411 million yuan respectively [54] Tianhai Electronics - Engaged in providing automotive transmission and connection systems, with a planned fundraising of 2.46 billion yuan [55][56] - Financials: Revenue from 2022 to 2024 is projected at 8.215 billion yuan, 11.549 billion yuan, and 12.523 billion yuan, with net profits of 402 million yuan, 652 million yuan, and 614 million yuan respectively [57] Plant Doctor - A nationwide chain focusing on cosmetic products, with a planned fundraising of 998 million yuan [58][59] - Financials: Revenue from 2022 to 2024 is projected at 2.117 billion yuan, 2.151 billion yuan, and 2.156 billion yuan, with net profits of 168 million yuan, 229 million yuan, and 242 million yuan respectively [60] Gaote Electronics - Engaged in manufacturing power electronic components, with a planned fundraising of 850 million yuan [60][61] - Financials: Revenue from 2022 to 2024 is projected at 346 million yuan, 779 million yuan, and 919 million yuan, with net profits of 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan respectively [62] Xinxing Tools - Specializes in the production of drilling tools, with a planned fundraising of 560 million yuan [62][63] - Financials: Revenue from 2022 to 2024 is projected at 391 million yuan, 425 million yuan, and 467 million yuan, with net profits of 172 million yuan, 177 million yuan, and 185 million yuan respectively [64] Lianya Pharmaceutical - Focuses on the research and production of complex drug formulations, with a planned fundraising of 950 million yuan [65][66] - Financials: Revenue from 2022 to 2024 is projected at 550 million yuan, 700 million yuan, and 866 million yuan, with net profits of 113 million yuan, 116 million yuan, and 260 million yuan respectively [67]

Core Viewpoint - The stock of Workday is considered too expensive despite the company's achievements and potential for growth [10][11]. Company Overview - Workday (NASDAQ: WDAY) is a US-based SaaS company founded in 2005 and went public in 2012. Since its IPO, it has delivered a total return of 456.77%, outperforming the S&P 500's 419.26% [2][3]. - The company specializes in cloud-based enterprise software for human resources and finance departments, targeting Fortune 500 companies [3]. Financial Performance - Workday achieved GAAP profitability last year, with positive free cash flow (FCF) since 2016. The company reported a revenue CAGR of 31.5% over the past 10 years [3][4]. - Recent earnings history shows consistent revenue growth, with Q4 2025 revenue expected to be $2.21 billion, a 15.04% year-over-year increase [6]. Market Position and Strategy - Workday has a strong market share in its category, providing services that large companies prefer to maintain due to their complexity [7]. - The company has completed 19 acquisitions to enhance its service offerings, focusing on large clients rather than acquiring competitors [3][4]. Valuation Metrics - Workday's valuation metrics indicate a high EV/Sales ratio of 7.8 and an EV/EBITDA ratio of 87.8, suggesting that the stock is priced at a premium compared to peers like SAP and Oracle [9][10]. - The historical price-to-earnings (P/E) ratio shows a decline, reflecting a slowdown in revenue growth as the company transitions from a high-growth phase [10]. Future Outlook - Analysts remain optimistic about Workday's potential for growth, particularly in expanding operating margins and maintaining market share due to the stickiness of its services [10]. - The company has a significant total addressable market (TAM) for future growth, but current stock prices rely heavily on earnings growth for returns [10][11].