8月30日，A股科创板上市的AI科技公司云从科技（证券代码：688327）发布2025年半年度报告。上半年云从科技 营收约1.69亿元，同比增长40.21%，归属于上市公司股东的净利润为约-2.30亿元，亏损同比收窄35.5%。财报显 示，净亏损大幅收窄主要得益于公司的降本增效举措，其中报告期内薪酬总支出同比大幅下降48.05%。 财报显示，报告期内，云从科技主要通过人机协同操作系统（CWOS），围绕打造AI智能体目标，基于数据要素 整合视觉、语音、NLP等多个领域核心技术，为金融、治理等多个领域提供信息化、数字化和智能化的人工智能 服务与行业解决方案。主要产品及用途较2024年无重大变化。 业绩方面，2025年上半年，云从科技营业收入同比增长，亏损幅度同比收窄，累计与新签在手订单规模均实现同 比增长。其中，实现营收约1.69亿元，同比增长40.21%，主要源于人工智能解决方案业务规模增长，该板块收入 同比增长达59.24%。从应用领域分析，泛AI、智慧金融、智慧出行板块均呈现良好发展态势。 财报中称，报告期内研发投入比例大幅减少，一方面系公司战略性地平衡短期盈利压力与长期创新驱动的可持续 发展路径，通过研发 ...

Core Viewpoint - The company, Jiadu Technology, announced the disposal of part of its equity in its associate company, CloudWalk Technology, to lock in investment gains, resulting in a tax-adjusted investment loss of 16.29 million yuan, which represents 14.18% of the company's audited net profit attributable to shareholders for 2024 [2]. Group 1: Equity Disposal Details - Between May 13, 2025, and May 26, 2025, Jiadu Technology disposed of 7,664,200 shares of CloudWalk Technology for a transaction amount of 99.64 million yuan (excluding transaction taxes) [2]. - This transaction marks the fifth time Jiadu Technology has reduced its holdings in CloudWalk Technology since May 2023, with a total of over 46 million shares disposed of, amounting to 643 million yuan in cash [4]. - As of the end of Q1 2025, Jiadu Technology held 25,802,100 shares of CloudWalk Technology, representing a 2.48% stake, which will decrease further after this disposal [4]. Group 2: Company Performance and Market Context - CloudWalk Technology, which went public on the STAR Market on May 27, 2022, has faced continuous losses for eight years, with a reported loss of 696 million yuan in 2024 [4]. - In Q1 2025, CloudWalk Technology reported revenue of 37.23 million yuan, a year-on-year decline of 31.56%, and a net loss attributable to shareholders of 124 million yuan [4]. - In contrast, Jiadu Technology reported a revenue of 2.254 billion yuan in Q1 2025, reflecting a year-on-year growth of 106.26%, with a net profit of 120 million yuan [4].

Core Viewpoint - CloudWalk Technology, one of the "AI Four Little Dragons," reported a significant decline in performance for 2024, with revenue dropping to 398 million yuan, a year-on-year decrease of 36.69%, marking the lowest revenue point in seven years [1][2] Financial Performance - The company recorded a net profit of -722 million yuan, with losses expanding compared to the previous year, marking eight consecutive years of losses [1][2] - Revenue projections made during the company's IPO in 2022 were significantly overestimated, with actual revenues from 2022 to 2024 being 526 million yuan, 628 million yuan, and 398 million yuan respectively, resulting in a negative compound annual growth rate [2][3] - The company's gross margin fell by 16.39 percentage points to 35.81% in 2024, while its peers like SenseTime maintained a gross margin of 42.90% [3] Workforce and R&D - CloudWalk underwent significant layoffs in 2024, reducing its workforce from 801 to 453 employees, a decrease of 43%, with R&D personnel decreasing by 51% [5][6] - The company’s R&D expenses fell by 18.27% to 472 million yuan, yet the R&D expense ratio increased to 118.72% due to declining revenue [5][6] - The departure of key technical personnel, including a core technology staff member, raises concerns about the company's ability to maintain its technological edge [5][6] Strategic Challenges - The company is facing challenges in keeping pace with technological advancements, particularly in the development of large models, which has hindered its competitive position against major players like Baidu and Alibaba [3][4] - CloudWalk's cash flow from operating activities has been negative for three consecutive years, totaling nearly 1.2 billion yuan in cash outflows [3][4] Industry Context - The struggles faced by CloudWalk are not isolated, as other members of the "AI Four Little Dragons" are also experiencing similar issues, including prolonged losses and workforce reductions [6]