2025 年 07 月 12 日 乐鑫科技 (688018) ——端侧 AIoT 领军，业绩高增下经营杠杆效应显著 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 07 月 11 日 | | --- | --- | | 收盘价（元） | 154.33 | | 一年内最高/最低（元） | 290.00/88.33 | | 市净率 | 10.8 | | 股息率%（分红/股价） | 0.39 | | 流通 A 股市值（百万元） | 24,184 | | 上证指数/深证成指 | 3,510.18/10,696.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 20.04 | | 资产负债率% | 23.09 | | 总股本/流通 A 股（百万） | 157/157 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04-11 0 ...

Core Insights - Feishu's ambition is to redefine enterprise collaboration through AI, aiming for practical applications rather than mere concepts [2][8][21] - The monthly active users of Feishu's multi-dimensional table are approaching 10 million, marking it as a significant player in enterprise software [2][11][12] - Despite impressive commercialization results, profitability remains a challenge for Feishu, DingTalk, and WeChat Work [3][20] Company Developments - Feishu has launched a suite of AI products, including knowledge Q&A, AI meetings, Aily, and Feishu Miaodai, targeting real enterprise pain points [2][8] - The multi-dimensional table has seen significant updates, including a single table capacity increase to 10 million rows and improved loading speeds [9][10] - Feishu's enterprise-level agent development platform, Aily, allows users to create customized agents for various business needs [14] Market Position - Feishu is competing with DingTalk and WeChat Work, forming a triad in the collaborative software market [17] - In the new energy vehicle sector, 60% of the top 30 brands are using Feishu, showcasing its strong market presence [19] - In the consumer sector, Feishu has captured significant market share, with 5 out of 6 listed tea brands and 7 out of 10 listed domestic beauty brands using its platform [20] Industry Trends - The B-end market is accelerating the commercialization of generative AI, with enterprises expected to invest $4.6 billion in 2024, an increase of nearly 8 times [16] - The competitive landscape for enterprise software is shifting from single-function products to ecosystem building, driven by AI advancements [15]

英国市场玩具品类GMV占Top10的4%，近期增长迅速，峰值约748万美元，营销以带货视频为主。经典玩具、玩具娃娃、益智玩 具GMV占Top10的54%，超70%集中在30美元以下；销量前三品类以10美元以下产品为主。Top10店铺门槛5万美元，POP MART United Kingdom Online凭品牌效应和爆款占据头部，98%销量来自店铺自身。 今天分享的是：EchoTik：2025年TikTok Shop玩具品类行业报告（欧美站） 报告共计：28页 该报告聚焦TikTok Shop 2024年6月至2025年5月（美国、英国）及2025年2月至5月（西班牙、墨西哥）玩具品类在欧美主流市场 的表现，数据源于第三方平台EchoTik，经脱敏处理仅供参考。 美国市场中，近一年GMV总额约109亿美金，玩具品类居Top5，占比7%。黑五大促推动玩具类GMV达峰值近6170万美元，超9 成销量来自视频引流。经典玩具、游戏拼图、益智玩具GMV合计超1.3亿美元，占Top10的60%，价格集中在30-50美元；销量前 三品类以10-20美元产品为主，电动玩具在50-100美元区间表现突出。头部店铺垄断明显，To ...

Core Viewpoint - The article highlights how Feishu's AI capabilities, particularly the Multi-Dimensional Table and Knowledge Q&A features, significantly enhance workplace efficiency and data management for employees, transforming traditional tasks into streamlined processes [16][18][63]. Group 1: Feishu's AI Features - Feishu's Multi-Dimensional Table has nearly 10 million monthly active users, indicating its effectiveness as a new category of tools within the platform [17]. - The Multi-Dimensional Table allows users to create sophisticated project dashboards with simple drag-and-drop functionality, supporting over 10 million rows of data [18]. - The Knowledge Q&A feature integrates various internal documents to provide comprehensive answers, functioning like a customized assistant for enterprises [18]. Group 2: Case Studies of Transformation - Zhao Xiaohui utilized Feishu to enhance her performance evaluations, transforming a previously embarrassing report into a detailed, interactive dashboard with real-time data updates [10][12][19]. - Zhu Xiaomu, CEO of a nutrition factory, addressed inventory management and live-stream review inefficiencies by using Feishu's Multi-Dimensional Table to automate data entry and analysis [24][35]. - Tuo Buhua, CEO of a company, improved data accuracy by feeding chat records directly into the Multi-Dimensional Table, eliminating the risk of data manipulation [45][54]. Group 3: Broader Implications for Businesses - Feishu's tools are positioned as essential for digital transformation in companies, enabling them to transition from basic data handling to sophisticated, real-time analytics [63]. - The introduction of a complete AI development suite allows businesses to build their AI systems without extensive programming knowledge, streamlining the development process [66][68]. - The article emphasizes that mature AI capabilities are becoming integral to business operations, with Feishu's tools being widely adopted across various industries [71][72].

来源 | 英为财情Investing 以下文章来源于英为财情Investing ，作者Jesse Cohen 英为财情Investing . 全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包 括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。 纳指近期一路攀升，在投资气氛向好、科技创新及整体经济环境利好等多重因素推动下，接近历 史高位。 在 这 轮 升 市 中 ， 云 端 安 全 及 基 建 领 域 的 两 大 龙 头 企 业 Cloudflare (NYSE:NET) 和 Zscaler (NASDAQ:ZS) 今年以来表现亮丽，股价已接近历史高位。 让我们来分析这些股票为何能突破新高，以及它们未来的发展前景。 C l o u d f l a r e ： 乘 数 字 转 型 东 风 Cloudflare 在网络基建、云端安全及边缘运算方面占尽优势，其股价在2025年表现亮丽，由年初 至今已升约73%。该股周二收报186.43美元，与2021年11月18日创下的221.64美元历史高位相 比，只相差15.8%。 今 ...

A股物联网芯片头部企业乐鑫科技(688018)7月7日收盘后发布业绩预告，2025年上半年公司归母净利润 实现2.5亿元到2.7亿元，同比增长65%到78%，增速有望反超营业收入增速。 业绩预告显示，今年上半年度公司实现营业收入为12.2亿元到12.5亿元，同比上年同期增加33%到 36%；归属于母公司所有者的净利润为2.5亿元到2.7亿元，同比增加65%到78%。另外，乐鑫科技扣非后 实现净利润为2.3亿元到2.5亿元，同比增加58%到72%。 从市场表现来看，今年1月以来，公司股价(前复权)累计回落约12.14%，最新收盘价136.72元/股，最新 市值214亿元。 得益于下游各行各业数字化与智能化渗透率不断提升，2024年乐鑫科技实现归母净利润3.39亿元，同比 增长149.13%；今年一季度，公司归母净利润同比增长约七成。 据乐鑫科技高管此前介绍，公司芯片和模组及开发套件产品都是面向物联网行业客户，得益于各行业物 联网渗透率提升，生态影响力不断扩散，新老客户采购金额增长，整体收入增长。未来预计会有更多行 业开始进行智能化。 另外，考虑国内客户付费习惯，公司通常是把软件服务打包进模组一起售卖，这也带动了 ...

证券代码：300825 证券简称：阿尔特 2023年以来，公司大力推进"技术+供应链"出海战略，目前已在全球设立七 个研发中心，重点布局日本、东南亚、中东等地区市场，能够为国际客户提供 研发设计、产线设计、技术授权、核心零部件等多种产品和服务。目前公司已 启动与国际大型汽车集团的合作，并深度赋能全球知名企业向汽车领域转型。 同时，公司将AI能力融入设计业务，提出AI赋能汽车研发设计战略，目前 已将AI大模型和数字化研发工具等新技术应用到造型、工程、仿真建模分析测 试、性能开发、试验等研发业务链的多个环节。未来以"汽车用户价值—属性 大模型"为核心，推出一系列AI工具、垂类模型和智能体的产品，形成 AI 工 业设计平台，推动汽车开发效率提升。此外，针对机器人等新兴领域，公司积 极进行布局，已于2025年5月成立了控股子公司阿尔瑞特，未来将作为公司机器 人业务主体，通过构建"一核心+四大平台"精准聚焦智能机器人行业痛点。目 前，公司AI及机器人业务产生的收入较小，对公司财务影响有限。 二、 交流互动环节 参会的各位投资者就各自关心的问题与公司进行了交流互动，主要探讨了 以下问题： 阿尔特汽车技术股份有限公司 投资 ...

北七家灾备机房集成态势感知平台、API监测系统与数据库审计工具，构建起漏洞扫描、流量监测、事 件处置的闭环管理链条。亦庄国网云平台则通过日志审计中心与威胁感知引擎的协同联动，形成覆盖内 外网的全维度防护矩阵。数据显示，该体系使安全告警误报率降低70%，威胁响应时间缩短至分钟级， 漏洞闭环处置及时率达98%以上。 "特别是在航巡数据安全领域，我们研发的电网空间数据安全通信套件已实现规模化应用。该套件通过 数据加密传输、5G大带宽通信和终端设备绑定技术，使数据回传效率提升10倍，云传输效率提高6倍， 人工成本降低25%。目前，该套件已在6个分公司的30个航检机组部署，预计全年减少32000小时工作 量，大幅提升整体作业效率。"国网空间技术公司相关负责人说。 记者6月30日从国网电力空间技术有限公司（以下简称"国网空间技术公司"）获悉，该公司已构建起"平 台—终端—边界—业务—制度"五位一体的网络安全纵深防护体系，为我国空间技术应用与电网空间数 据安全筑起"防火墙"。 保障电力系统网络安全已成为国家能源安全的关键。针对云平台安全防护痛点，国网空间技术公司创新 实施"一域一策"差异化方案。 该负责人介绍，在平台安全层 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 tomshardware 。 VideoCardz发现华硕的一份活动宣传邀请函显示，基于英伟达 GB10 Grace Blackwell 平台的实体系 统将于 7 月 22 日上市。华硕计划在当天重新推出其 Ascend GX10 迷你电脑。然而，该演示几乎没 有透露上市时间或实际价格，尽管英伟达此前曾提及过这两项信息。 VideoCardz发布的宣传单中写道："华硕 Ascent GX10 产品发布会：探索紧凑型华硕 Ascent GX10 的强大功能。了解其关键优势及其如何赋能人工智能开发。Nvidia 主题演讲嘉宾：聆听 Nvidia 专家 讲述 DGX Spark 软件堆栈的前沿功能，以及它们如何重新定义人工智能性能。" 描述清楚地表明华硕 Ascend GX10 系统超越了"迷你电脑"的范畴，并将该设备直接推向工作站和边 缘 AI 领域。 Nvidia 的GB10 Superchip系统级封装 (SiP) 集成了 Grace CPU，该 CPU 包含 10 个高性能 Arm Cortex-X925 核心，运行频率高达 3.90 GH ...

Group 1: Core Insights - AI is reshaping the advertising industry at an unprecedented pace, acting as an engine for a new revolution in the field [1] - Goldman Sachs predicts that AI will disrupt a global advertising profit pool of approximately $470 billion in the coming years [1][2] - The transformation encompasses various aspects including ad placement, content creation, audience targeting, and creative production [1] Group 2: AI's Impact on Advertising Profit Pool - AI is expected to accelerate the shift of traditional advertising budgets towards more efficient and measurable digital channels, representing a $170 billion opportunity [2][3] - The penetration rate of digital advertising has increased from 40.8% in 2017 to an estimated 69% by 2024, with an annual increase of about 4 percentage points [2] - Generative AI is projected to save $114 billion in creative production costs by replacing expensive and time-consuming creative development processes [3] - Automation platforms are challenging the core value of traditional advertising agencies, with a potential impact of $161 billion on their annual revenue [3] - AI-driven platforms are reducing the need for third-party advertising technology intermediaries, potentially squeezing about $25 billion from their profit margins [3] Group 3: Leading AI Advertising Products - Google's Performance Max and Meta's Advantage+ are recognized as the most successful integrated AI advertising products, allowing advertisers to automate cross-channel ad decisions and optimizations [4][5] - The adoption rate of Performance Max among advertisers in the U.S. surged from 2% in Q4 2021 to 59% by Q4 2024, accounting for 46% of Google's total ad spending [5] - Meta's Advantage+ saw a similar growth, with adoption rising from 2% in Q1 2023 to 36% by Q4 2024 [5] Group 4: Chinese Players in AI Advertising - Chinese tech giants like ByteDance, Tencent, and Alibaba are heavily investing in AI to lead the next generation of advertising paradigms [6] - ByteDance is enhancing its advertising creative production process with its "Instant Creation AI" platform, significantly reducing the time required to generate video and graphic materials [7][8] - Tencent's "Miao Si" platform leverages its self-developed AI model to provide various creative generation tools, improving efficiency by hundreds of times compared to traditional methods [11][12] - Alibaba's "Wanshang Laboratory" offers generative AI products that allow merchants to create high-quality advertising materials quickly, improving production efficiency by five times [16][17] Group 5: Overall Industry Transformation - The integration of AI in advertising is leading to more efficient and precise ad placements, while also enhancing the creativity and reducing costs of ad content production [18] - The value distribution in the advertising industry is being reshaped, with platform-based companies that possess data and technological advantages capturing more profits [18] - Advertisers and consumers are expected to benefit from higher ROI and more personalized ad experiences, respectively [18]