2025 年 12 月，《财富》杂志记者鲁克米尼・拉奥走进 Zoho 研发中心，与 Zoho 创始人兼首席科学家斯 瑞达•温布、Zoho CEO 马尼坎丹・温布、集团 CEO 沙伊莱什•戴维及其他核心高管围坐畅谈，这场轻松 却富有深意访谈，呈现了 Zoho 在 AI 版块的前瞻布局、近些年高速增长的动力来源及对未来全球化市 场的研判。 此外，Zoho 在语音识别模型上也有新动作，去年中旬分别推出了针对英语和印地语的 ASR 模型，这类 语音模型能够与 Zia LLM 高效联动，实现会议纪要、客服工单等多场景自动化，为企业客户提供高效 安全的语音驱动工作流。 不同于通用大模型的场景使用逻辑，「我们努力的方向是，是通过自研技术，聚焦 B2B 企业场景，探 索企业级 AI 应用边界。」 从白手起家，到成为全球云计算赛道的百强企业，三十年的风雨兼程，Zoho 不仅实现了从本土到全球 的业务跨越，更成为了 SaaS 企业全球化的标杆典范。 Zoho 企业级 AI 应用探索 「大约半年前，市场上曾盛行一种观点，AI 将会接管大部分的软件工作。半年过去，这种声音小了很 多，显然短期内很难实现。市场从早期对 AI 的理想化狂 ...

每经AI快讯，港股SaaS概念涨幅居前，截至发稿，狮腾控股(02562.HK)涨10.8%，报1.95港元；金蝶国 际(00268.HK)涨5.04%，报13.95港元；汇量科技(01860.HK)涨4.71%，报15.99港元；中软国际 (00354.HK)涨3.62%，报5.15港元。 ...

这种回报提升部分来自运营成本节省，但更重要的是将大型推荐系统从CPU迁移到GPU后，这些公司 实现了巨大的效率提升，推动了收入增长的加速。 Baker强调，无论回报来源如何，关键事实是ROI确实为正。他还观察到，每家大型互联网公司内部， 负责创造收入的部门都在激烈争夺GPU资源。因为这是一个简单的线性关系：更多的GPU意味着更多 的收入。 企业正在兑现AI红利 Baker特别强调，2024年第三季度成为一个重要分水岭。这是科技行业之外的财富500强公司首次给出AI 驱动业绩提升的具体量化案例。 货运代理公司C.H. Robinson的股价在财报发布后上涨约20%，原因正是AI带来的生产力提升。 该公司的核心业务之一是为货运需求报价。过去，处理一个询价需要15到45分钟，且只能响应60%的入 站请求。 资深科技投资人Gavin Baker表示大型GPU采购方的公开财报显示，AI已经明确赚钱。 12月9日，科技投资大佬Gavin Baker接受播客采访时表示，在GPU上投入最大的公司都是上市公司，通 过计算这些公司的财报可以发现，在大规模GPU投入后，这些公司的投资资本回报率（ROIC）实际上 高于投入前的水平。 ...

Core Insights - Senvest Management significantly increased its stake in nCino by nearly 2.4 million shares, raising the total position value to approximately $65.6 million as of September 30, reflecting a $63.8 million increase from the previous quarter [2][3][7] Company Overview - nCino operates as a leading SaaS provider for the financial services industry, offering cloud-based software solutions that digitize and automate complex banking processes [6][9] - The company reported a total revenue of $586.5 million and a net income of -$21.8 million for the trailing twelve months [5] Financial Performance - nCino's stock price was $24.73, down 33% over the past year, underperforming the S&P 500, which increased by 13% during the same period [4][5] - The company achieved 10% total revenue growth and 11% subscription revenue growth in the latest quarter, with GAAP operating margin expanding to 8%, an increase of over 800 basis points year over year [11] Market Position and Strategy - nCino's integrated platform and diversified client base position it competitively within the financial technology sector, serving a wide range of clients from global banks to credit unions [9][13] - The company is leveraging advanced analytics and AI/ML capabilities to enhance operational efficiency and regulatory compliance for its clients [9][13] Investment Sentiment - Senvest's increased investment in nCino suggests strong conviction in the company's potential for recovery, especially given recent improvements in profitability and customer momentum [10][12]

Core Viewpoint - Salesforce's stock price has fallen to its historical lowest level, with investor concerns about artificial intelligence undermining the company's growth prospects [1][2] Group 1: Stock Performance and Market Sentiment - Salesforce's stock has declined by 30% year-to-date, making it the second-largest decliner in the Dow Jones Industrial Average and among the top 25 decliners in the S&P 500 [1] - The company's market capitalization has dropped to its lowest level since its IPO in 2004, with a forward P/E ratio of less than 19, significantly below its 10-year average of 47 and the S&P 500 average of about 22 [2] - Despite predictions of double-digit revenue growth in the coming years, Wall Street remains skeptical about whether the upcoming earnings report will change the cautious market sentiment [1][2] Group 2: AI Concerns and Competitive Landscape - Concerns persist that products from native AI companies like OpenAI may weaken demand for Salesforce's services and its pricing power [2][3] - Salesforce has its own AI product, Agentforce, but investor confidence in its financial contribution remains low, raising doubts about the company's ability to thrive in the AI era [3] - The broader SaaS sector has also faced pressure, with a 12% decline in the sector tracked by Morgan Stanley in 2025 due to fears of AI disruption [3] Group 3: Future Projections and Analyst Opinions - Salesforce is projected to see an 11% net profit growth and an 8.8% revenue growth for the current fiscal year, with expectations of acceleration in these metrics over the next three fiscal years [4] - Some analysts believe current market fears are overblown, suggesting that the SaaS sector is undervalued by 30% to 40% relative to its fundamentals [4] - The average target price for Salesforce over the next 12 months is approximately $325, indicating a potential upside of nearly 40% from the current price of $235 [4] Group 4: Importance of Services and Market Complexity - The sentiment towards SaaS companies has become quite harsh, but some services are deemed "critical" for businesses, suggesting that Salesforce may be one of the companies worth monitoring [5][6] - The outlook for the sector remains complex, with companies needing time to demonstrate resilience against AI disruptions or to emerge as winners in the AI era [6]

Core Insights - The article emphasizes the importance of sustainable growth in the SaaS industry, highlighting that high growth rates can often be misleading and may indicate underlying issues [1][3][27] Group 1: Growth Metrics - Many SaaS companies confuse "recurring revenue" with "sustainable growth," leading to potential pitfalls [5][21] - Sustainable ARR growth requires two key conditions: revenue purity and growth resilience [5][11] - Revenue purity refers to the proportion of recurring income in total ARR, with a healthy benchmark being above 85% [7][25] Group 2: Growth Resilience - Growth resilience is the ability to maintain ARR growth despite external challenges, such as economic downturns or increased competition [11][19] - Companies with high resilience experience less decline in ARR compared to industry averages during tough times [11][27] Group 3: Evaluation of Growth - A systematic approach is necessary to evaluate growth, including analyzing metrics, breaking down structures, and validating scenarios [15][19] - The annual growth rate ratio is a commonly used metric to assess quality growth, where a ratio above 1 indicates positive performance [15][17] Group 4: Risks of Unsustainable Growth - Companies focusing on short-term high growth may overlook significant underlying issues that can surface when growth slows [21][25] - Over-reliance on one-time custom services can lead to a cycle of neglecting core product development, ultimately harming long-term viability [21][23] Group 5: Strategies for Sustainable Growth - To achieve sustainable growth, companies should prioritize building a dynamic optimization system rather than chasing perfect metrics [25][27] - Key strategies include focusing on common customer needs in product iterations, monitoring customer health for retention, and allocating resources effectively in R&D [25][27]

Financial Data and Key Metrics Changes - In Q4, the company achieved a GMV of $404.5 million, up 12% year-over-year, and revenue of $118.1 million, up 10% year-over-year, resulting in a revenue to GMV ratio of 29% for the quarter [17] - For the full fiscal year 2025, the company reported a record GMV of $1.57 billion, surpassing the $1.5 billion milestone for the first time, and revenues of nearly $477 million, up 31% year-over-year [6][16] - Adjusted EBITDA for fiscal 2025 was $60.8 million, up 25% year-over-year, marking the highest EBITDA in 11 years [6][14] Business Line Data and Key Metrics Changes - The GovDeals segment achieved a GMV of $903 million, up 8% year-over-year, driven by growth in new and active sellers [7] - The CAG segment's GMV grew 18% year-over-year, with revenue up 20% and direct profit up 16% [19] - The retail segment's GMV increased by 8%, with revenue up 6%, reflecting growth in consignment programs [19] Market Data and Key Metrics Changes - The company surpassed 6 million registered buyers for the first time, with 4.1 million auction participants [7] - The retail segment experienced lower purchase volumes in Q4 compared to the previous quarter, but GMV was sequentially up [17] Company Strategy and Development Direction - The company is focused on expanding its capabilities in the circular economy, integrating new payment solutions to enhance buyer experience and operational efficiency [4][10] - The strategy emphasizes low-touch consignment services and software solutions with recurring revenue characteristics [6] - The company aims for midterm goals of $2 billion in annual GMV and $100 million in annual adjusted EBITDA [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable long-term growth in the fragmented circular economy market [12] - The outlook for Q1 of fiscal 2026 includes double-digit year-over-year growth in profitability metrics, despite expected lower inventory purchases in the retail segment [20][21] Other Important Information - The company ended the fiscal year with $186 million in cash and zero debt, providing flexibility for strategic plans [12] - The company has a strong focus on technology integration, including AI-assisted technologies to improve operational efficiencies [26][27] Q&A Session Summary Question: Can you elaborate on the new payment solution and its impact on adjusted EBITDA margin? - Management highlighted the operating leverage from increased volume through fixed costs and the integration of AI technologies to enhance service quality and reduce costs [26][27] Question: What is the goal with GovDeals and the concept of government-adjacent markets? - The company aims to service public sector agencies and adjacent sellers, expanding its marketplace to include lessors and service providers [37][38] Question: Why is the company focusing on consignment versus purchase models in retail? - Management noted that consignment allows sellers to retain more of the proceeds, and there is a growing comfort with this model among clients [39][40]

Core Viewpoint - The article discusses the impact of AI on Customer Relationship Management (CRM) systems, questioning their necessity in the AI era and suggesting that CRM can regain value through AI integration [4][25]. Group 1: AI's Impact on CRM - AI is expected to replace repetitive tasks in human-intensive service sectors, particularly in CRM, which has traditionally been a tool for recording customer information and managing business processes [2][6]. - The challenge for traditional CRM is not just functionality but the reliance on processes that lead to inefficiencies and a lack of personalized customer experiences [7][9]. Group 2: CRM's Value Proposition - CRM's value lies in its ability to facilitate personalized interactions and insights rather than merely recording data [6][25]. - The integration of AI into CRM systems is seen as a way to bridge the gap between operational efficiency and customer experience [7][9]. Group 3: Compliance and Localization Challenges - Companies face a dilemma between using international CRM systems, which may conflict with local regulations, and local tools that may lack global visibility [8][14]. - The collaboration between Salesforce and Alibaba Cloud aims to address these compliance challenges by ensuring data storage within China while maintaining a unified global architecture [14][15]. Group 4: AI Integration in CRM - The article outlines a three-phase approach to integrating AI into CRM: starting with AI actions as process assistants, followed by enhancing unstructured data handling, and ultimately creating autonomous business agents [15][17][18]. - The successful integration of AI requires a deep coupling of AI capabilities with enterprise data, business processes, and compliance requirements [9][15]. Group 5: Case Studies and Practical Applications - Examples from various industries, such as agriculture and dairy, illustrate how AI CRM can enhance operational efficiency and drive business growth by transforming data management and customer interactions [20][22]. - The shift from experience-based decision-making to data-driven, AI-enabled capabilities is highlighted as a key growth strategy for businesses [22][25]. Group 6: Implications for the SaaS Industry - The collaboration between Salesforce and Alibaba Cloud serves as a model for the SaaS industry, emphasizing the importance of compliance, ecosystem integration, and AI as a growth driver [23][24]. - The article concludes that CRM is evolving from a data repository to an intelligent hub, essential for balancing efficiency and customer experience in the AI era [25].

Core Insights - The domestic e-commerce SaaS market is becoming increasingly competitive, evolving into a "red ocean" scenario, prompting companies to invest in overseas AI innovation projects and expand cross-border operations to create a second growth curve [1][2] Company Developments - Weimob has confirmed a strategic investment in North American AI startup Genstore.ai and announced the establishment of the "Weimob Overseas" business unit to enter the cross-border service market [1] - The "Weimob Overseas" unit will focus on providing comprehensive outbound solutions centered around independent sites, covering precise marketing, product support, and full-process services [1][2] - Genstore.ai is an AI-native e-commerce startup based in Silicon Valley, aiming to reconstruct site building and operational processes using AI technology, allowing users to complete various tasks through natural language dialogue in minutes [1] Strategic Partnerships - As the exclusive strategic partner of Genstore.ai in China, Weimob Overseas will integrate its AI-native site-building technology with an AI agent matrix to offer multi-dimensional capabilities including AI site building, advertising, content creation, SEO optimization, intelligent customer service, social media operations, and data analysis [2] - The collaboration aims to leverage Weimob's technological accumulation, customer resources, and overseas media investment experience to provide a comprehensive and data-driven outbound service for Chinese cross-border merchants [2] Financial Background - Weimob Group, established in 2013, primarily offers SaaS products to small and medium-sized enterprises through the WeChat ecosystem and was listed on the Hong Kong Stock Exchange in January 2019, becoming the "first stock of new economy SaaS" [2] - Recently, Weimob announced the completion of a $200 million financing round, with funds directed towards AI research and development, multi-platform ecosystem expansion, and overseas business initiatives [2]

Summary of IDT Conference Call - September 17, 2025 Company Overview - **Company**: IDT Corporation (NYSE:IDT) - **Market Cap**: Approximately $1.6 billion, an increase of nearly 80% over the past year [2] - **Headquarters**: Newark, New Jersey - **Financial Position**: Profitable with $224 million in cash and no debt, providing strategic flexibility [3] Key Business Segments High-Growth, High-Margin Businesses 1. **National Retail Solutions (NRS)** - Largest point-of-sale platform for independent retailers in the U.S. with 37,200 active terminals across over 32,000 stores [4][5] - Recurring revenue increased 23% year-over-year to $29.4 million, with a 70% CAGR from 2021 to 2024 [6] - Recurring revenue per terminal increased to $279.79 per month, up 3% year-over-year [7] - Merchant services revenue grew 37% year-over-year to $20 million, with a four-year CAGR of 91% [8] - Adjusted EBITDA for NRS was $7.2 million with a 23% EBITDA margin [10] 2. **BOSS Money** - International money remittance business generating over 90% of fintech segment revenue [11] - Digital transaction volume increased 32% in Q3, with send volume up 40% [12] - Digital revenue grew 31% to $24.5 million in Q3, with a four-year annualized growth rate of 27% [12] - Adjusted EBITDA for BOSS Money was over $5 million, with a 13% margin [15] 3. **net2phone** - Provides cloud communications services, focusing on SMB and mid-market enterprises [16] - Served 415,000 UCaaS and CCaaS seats, with an 8% year-over-year increase [17] - Adjusted EBITDA increased 50% year-over-year to $3.2 million, with a margin of 15% [17] Traditional Communication Segment - Generated $867 million in revenue over the trailing 12 months, accounting for 71% of consolidated revenue [18] - Focus on expanding digital prepaid platforms while managing declines in legacy businesses [19] Financial Performance - Consolidated gross profit margin reached a record 37.1%, up 470 basis points year-over-year [20] - Adjusted EBITDA for the trailing 12 months was $120.4 million, with expectations of at least $126 million for fiscal year 2025 [22] - Regular quarterly dividend increased from 5% to 6% ($0.06 per share) [22] Market and Regulatory Environment - Immigration policy impacts money transfer operators; IDT positioned well due to its digital focus [24] - A 1% remittance transaction tax will take effect on January 1, 2026, primarily affecting cash transactions [25] - Retailers in immigrant-heavy communities are not significantly impacted by immigration issues, with an 8% year-over-year sales increase reported [27] Future Outlook - Guidance for fiscal 2026 to be provided in the upcoming Q4 earnings report [29] - Focus on increasing recurring revenue per terminal and expanding the customer base through upselling and cross-marketing initiatives [30][32] Additional Insights - The company is actively scouting M&A opportunities to enhance growth [22] - The shift towards digital transactions is expected to continue driving revenue growth and customer acquisition [25][26]