8月20日，清科创业回购8000.00股股票，每股回购均价1.31港元，共耗资约1.05万港元，本年累计回购 175.68万股，占总股本0.58%。 截至当日港股收盘，清科创业下跌1.5%，报1.31港元/股。 清科创业近期回购情况 回购日期回购均价回购股数回购金额本年累计回购股数2025-08-201.3088000.001.05万175.68万2025-08- 191.3041.48万1.93万174.88万2025-08-181.2754.48万5.71万173.40万2025-08-151.2581.12万1.41万168.92万 2025-08-141.2782000.002556.00167.80万2025-07-091.1742800.003288.00167.60万2025-07- 081.1212800.003140.00167.32万2025-07-071.125800.00900.00167.04万2025-07-041.2432.88万3.58万166.96 万2025-07-031.25110.48万13.11万164.08万2025-07-021.2385200.006436.00 ...

Financial Data and Key Metrics Changes - Gartner has demonstrated a long-term experience of delivering double-digit top-line growth with a contract value CAGR of 14% over ten years and free cash flow CAGR of 16% [4][29] - The company expects EBITDA margins to be at least 23.5% for the year, with structural improvements leading to margins running in the mid to low 20% range [23][28] Business Line Data and Key Metrics Changes - The Research segment is the largest and most profitable, with contribution margins in the low to mid 70% [12][13] - The Conferences segment provides a platform for client engagement with around 50% gross margins [21] - The Consulting segment focuses on high-level IT labor-based strategy and project management services, contributing to overall revenue [22] Market Data and Key Metrics Changes - Gartner's contract value is approximately $5.1 billion, with an identified addressable market of around $200 billion [20] - About two-thirds of contract value is generated in North America, with growth opportunities identified both domestically and internationally [41] Company Strategy and Development Direction - The company aims to expand its sales force and penetrate new territories to capture more of the addressable market [41][42] - Gartner's strategy includes leveraging AI to enhance efficiency within its research organization and services team [36] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while the company is resilient to macroeconomic challenges, it is not completely immune to a difficult selling environment [42] - The focus remains on generating valuable insights and productizing them to deliver ongoing value to clients [41] Other Important Information - Gartner's business model is characterized by strong free cash flow generation, with annual free cash flow expected to exceed $1 billion [29] - The company has a strong balance sheet with excess cash of about $2.1 billion, targeting a gross debt to EBITDA ratio of about 2 to 2.1 times [30][31] Q&A Session Summary Question: How does AI affect Gartner's business? - Gartner is leveraging AI to help clients with strategy and challenges while also using it internally to improve efficiency in research and sales training [35][36] Question: What is the percentage of clients on each subscription tier? - The most commonly purchased product is the advisor product, priced around $45,000 to $50,000, with reference products at about $20,000 and higher-end services ranging from $75,000 to $80,000 [38][39] Question: What are the key drivers for growth? - Growth drivers include generating valuable insights, expanding sales territories, and hiring sellers, with a focus on execution and resilience in challenging macro environments [41][42]