Core Insights - Cloud Wisdom (09678) has successfully transitioned from "technological leadership" to "product implementation" and "commercial realization," showcasing a comprehensive breakthrough in the AI industry [1] - The company is projected to generate revenue of 600 million to 620 million RMB from its large model-related business in 2025, representing a year-on-year increase of 1057% to 1095%, which will account for 48% to 53% of total revenue [1] Group 1: Growth Drivers - The company's growth is attributed to three main drivers: technological leadership, enhanced productization capabilities, and deep integration into serious application scenarios [2] - Cloud Wisdom has developed a complete "Shan Hai" large model matrix, including general large language models, multimodal models, and vertical industry models, with "Shan Hai. Zhi Yi 5.0" achieving top rankings in medical intelligence, large language models, and multimodal assessments [2] - The newly released "Shan Hai. Zhi Yin 2.0" has reached the highest level in speech recognition, supporting over 30 Chinese dialects and 14 international languages, while its speech synthesis can humanize 12 dialects and 10 foreign languages [2] Group 2: Focus on Serious Applications - Cloud Wisdom focuses on high-value "serious scenarios" such as healthcare, insurance, and transportation, which require high accuracy, compliance, and stability [3] - The "Shan Hai. Zhi Yi" system has been deployed in nearly 400 hospitals, with over 700 hospitals in testing, achieving a nearly 90% utilization rate for medical record generation at Beijing Friendship Hospital [3] Group 3: Strategic Direction - With large model revenue exceeding half of total revenue, Cloud Wisdom aims to become a leader in the professional large model and intelligent agent field in China by 2026 [4] - The company will continue to deepen its "one base, two wings" technology strategy, focusing on solidifying its general large model foundation and developing expert-level intelligent agents [4] - Cloud Wisdom plans to replicate its successful model from the healthcare sector to other complex fields such as insurance, government, and transportation, aiming for scalable commercial potential [4] Group 4: Industry Reflection - Cloud Wisdom's transformation reflects the broader trends in the Chinese AI industry, emphasizing that market value is derived from solving real problems rather than just parameter scale [5] - The company is positioned to establish a replicable, sustainable, and profitable commercialization model for the AI industry [6] - Investors are encouraged to focus on companies with controllable technology, clear scenarios, and visible revenue, as exemplified by Cloud Wisdom's strategic execution [6]

在"表达"层面，山海.知音-TTS以"高度拟人+创意多元"为核心，目前支持12种方言(粤语、四川话、上 海话全拿下)+10种外语，甚至能切换12种普通话风格。 更重要的是，山海.知音2.0基于端到端交互大脑，攻克了流畅全双工交互的挑战，支持随时打断、即时 接话与连贯追问，使人机对话如挚友交谈般行云流水。 这一切能力的背后，是云知声独创的"山海.Atlas"智算一体基座，将通用多模态大模型底座与Atlas基础 架构深度整合，既是专业智能体的基础，也是感知AI中枢的根基。 伴随智能体时代浪潮奔涌，云知声(09678)正加速完成其"一基两翼"技术战略的能力拼图。继年前升 级"山海.知医"5.0医疗大模型后，公司于近日重磅发布"山海.知音"大模型2.0。 据悉，"山海.知音"大模型2.0依托"山海.Atlas"的多模态、跨语言基座能力，核心聚焦三大能力进化—— 听懂专业与乡音、聊出亲情与温度、极致机敏反应。 在"听懂"的维度，此次模型ASR能力在公开测试集和自有全场景测试集中，均显现了领先的语音识别能 力，评测中实现了从通用到极端全面的领先水平，超过了国内主流的开源和闭源语音大模型，达到业界 最高水平。 ...