人民财讯9月11日电，9月11日，在2025年半年度业绩会上，云从科技董事长兼总经理周曦介绍，公司未 来盈利增长将主要依靠三方面驱动：一是核心技术优势，公司的"从容多模态大模型"在国际评测中表现 领先，并通过"AI基础设施+AI智能体"战略持续提升产品竞争力；二是市场拓展，在深耕智慧金融、智 慧政务等成熟领域的同时，正加速向智能制造、智慧能源等新领域以及出海扩张；三是运营效率提升， 公司通过优化业务结构和成本控制，期间费用显著下降，经营效率持续改善。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 169 million yuan in H1 2025, exceeding expectations of 10-15% growth, with a year-on-year increase of 40.21% [6] - The improvement in revenue is attributed to a significant increase in AI solution sales, which reached 130 million yuan, up 59.2% [6] - The company's gross margin decreased to 37.7%, down 22.5 percentage points year-on-year, primarily due to the higher proportion of lower-margin AI business [6] - The company has made strategic adjustments to its business structure, which is expected to restore growth momentum [6] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 544 million, 742 million, and 1,096 million yuan respectively, with corresponding net losses of 455 million, 360 million, and 217 million yuan [5][8] - The company’s operating expenses decreased by 33.8% in H1 2025, with significant reductions in sales, management, and R&D expenses [6] - The return on equity (ROE) is projected to be -69.0%, -123.5%, and -315.2% for 2025-2027 [5]

Core Insights - The company reported a revenue of 169 million with a year-on-year growth of 40.21% and a reduction in losses by 35.51%, indicating the effectiveness of its "AI Intelligent Agent + Large Model" strategy [1] Financial Performance - The company achieved a significant reduction in operating expenses by 33.83% year-on-year through refined cost control and operational optimization [2] - Cash outflow from operating activities decreased by 76.76% year-on-year, reflecting improvements in cash collection management and resource allocation [2] Technological Innovation - The self-developed "Congrong Multimodal Large Model" ranked among the top three globally and first domestically in authoritative evaluations, showcasing strong performance in natural language processing, image recognition, and data analysis [2] - A strategic partnership with Huawei aims to enhance technological capabilities through the development of an integrated AI large model training and deployment project [2] - The establishment of a "controllable training ground" at the National Cybersecurity Base is designed to support large model development with robust computing power and a comprehensive development environment [2] Industry Ecosystem Development - The company is actively expanding the boundaries of AI technology applications through investments in companies like Yisiwei Computing, Zhongshu Xinke, and Yuansheng Intelligent, creating a complete AI industry ecosystem [3] - The Risc-V chip from Yisiwei Computing supports edge computing for smart manufacturing, while applications from Zhongshu Xinke and Yuansheng Intelligent enhance technology application scenarios [3] Application Across Multiple Sectors - In the cultural tourism sector, the investment in Zhongshu Xinke has enabled personalized "AI tour guide" services on Yangtze River cruise ships [5] - In finance, the company launched an all-in-one machine that supports private deployment, providing efficient credit and anti-money laundering services for banks and insurance institutions [5] - In e-commerce, the intelligent customer service agent improved efficiency by over 24% [5] - In urban governance, the intelligent platform addressed issues like illegal parking and garbage overflow in Guangzhou [5] - The deployment of the world's first port large model, PortGPT, at Tianjin Port significantly enhanced cargo scheduling efficiency and optimized logistics paths [5] Future Outlook - The company plans to continue its dual-driven strategy of "AI Intelligent Agent + Industry Large Model," increasing investments in key technology areas such as AI security, multimodal integration, and human-machine collaboration [6]

Group 1: US-China Economic Relations - The US-China economic talks have made substantial progress, leading to a reduction in tariffs on each other's goods, which is better than expected [2] - The effective US tariff rate is projected to decrease from 28.4% to 15.5%, alleviating inflation risks in the US and reducing export risks for China [2] - The future trajectory of China's domestic economy will largely depend on the strength of macroeconomic policies, particularly fiscal policy [2] Group 2: US Stock Market Performance - US stock markets experienced significant gains, with the Nasdaq rising by 4.35%, the S&P 500 increasing by 3.26%, and the Dow Jones gaining 1160.72 points, marking new highs since March [1] - The Nasdaq China Golden Dragon Index surged by 5.4%, reaching its highest level since April 4, with notable increases in various Chinese concept stocks [1] Group 3: Apple iPhone Pricing - Apple is considering raising the prices of the upcoming iPhone 17 series, particularly the Pro models, due to increased costs associated with new technology and materials [3] - The cost of the A19 Pro chip is expected to rise by 35%, and the BOM cost is projected to increase by 19% due to new design features [3] Group 4: AI and Robotics Collaborations - Huawei and UBTECH Robotics signed a comprehensive cooperation agreement to innovate in the fields of embodied intelligence and humanoid robots, leveraging Huawei's AI infrastructure [5] - CloudWalk Technology's "Calm Multi-modal Large Model" ranked among the top three globally, surpassing models from Google, and has been implemented in various projects to enhance operational efficiency by over 20% [6] Group 5: Solid-State Battery Equipment - XianDao Intelligent has received repeated orders for solid-state battery production equipment, having established itself as a provider of comprehensive solutions in this field [7] - The company has successfully delivered equipment to leading battery manufacturers and automakers across multiple countries, receiving high recognition from clients [7] Group 6: New Features in Digital Platforms - Alipay has launched a voice call feature that displays the real names of users during calls, enhancing communication clarity and security [8] - Tencent's WeChat and QQ have expanded their earthquake warning features to cover the entire country, providing enhanced notifications for potentially destructive earthquakes [9] Group 7: AI Development in Japan - Alibaba's Tongyi Qianwen model has become a foundational tool for AI development in Japan, ranking sixth in a comprehensive evaluation of AI models [10] - The model has been downloaded over 300 million times globally, with more than 100,000 derivative models created, establishing it as the leading open-source model [10]

云从科技自主研发的"从容多模态大模型"在Open Compass评测中以65.5分位列全球前三，超越谷歌 Gemini1.5Pro等模型，并在跨模态跟踪、3D人脸识别等细分领域10次刷新世界纪录。基于这一技术优 势，公司与华为昇腾联合推出的智用一体机解决方案，已在天津港（600717）智慧物流调度、国网山东 能源管理等多个标杆项目中落地，助力企业运营效率提升超20%。(36氪) ...