Core Insights - The company has made significant progress in its "All in AI" strategy, transitioning from a traditional entrepreneurial service provider to a "government-enterprise AI ecosystem builder" [1] Group 1: Strategic Focus on AI - The company is addressing the challenges faced by small and medium-sized enterprises (SMEs) in China, including cognitive upgrades, resource integration, and technology implementation [2] - The core engine of the company's strategy is the self-developed "Tianqi Large Model," which integrates various stakeholders including government, industry, enterprises, and academia to build a comprehensive AI ecosystem [2] - The company has developed an AI empowerment platform for government clients, collaborating with Huawei Cloud to create the "HW Black Horse Tianqi Government-Enterprise Large Model Training and Promotion Machine," which has passed Ascend technology certification [2][3] Group 2: Talent Development and Support - To support the urgent need for AI talent, the company has established an AI talent incubator, with its subsidiary Black Horse Digital's "Turing Academy" focusing on AI talent training [3] - The company has partnered with educational institutions to offer AI vocational certification courses and training programs for founders, contributing to the talent pipeline for the AI industry and SMEs [3] Group 3: Market Opportunities and Future Plans - The national push for digital transformation and AI development for SMEs presents a significant market opportunity for the company [4] - The company plans to enhance its service offerings through an OMO (Online-Merge-Offline) model, providing intelligent services and deep engagement with enterprises throughout their lifecycle [4] - The company aims to build a global AI talent incubation platform and promote standardized technical certifications in collaboration with government agencies and large enterprises [4] Group 4: Competitive Advantage - The company has established a competitive moat with its "model + computing power + service" approach, positioning itself to capitalize on the trillion-dollar market for SME digital transformation [5] - With ongoing policy support and rapid technological advancements, the company is expected to accelerate its growth in the AI-enabled sector [5]

Core Viewpoint - The company is focusing on providing diversified services to support the growth of small and medium-sized enterprises (SMEs) through an AI-driven approach, while facing challenges in revenue and profitability due to strategic business adjustments and market conditions [6][16][17]. Financial Performance - The company reported a revenue of 221.93 million yuan for the year, a decrease of 18.12% compared to the previous year [16]. - The net profit attributable to shareholders was -105.54 million yuan, reflecting a significant decline of 1192.13% year-on-year [16]. - The company’s gross profit margin decreased to 42.97%, down 22.03% from the previous year [16]. Business Strategy - The company is implementing an "AI + professional services" strategy, integrating intelligent tools with personalized services to support SMEs throughout their lifecycle [7][15]. - The focus is on enhancing AI capabilities and developing a comprehensive service platform that includes enterprise acceleration, intellectual property services, and AI talent services [15][17]. Product and Service Offerings - The company offers a range of services including enterprise acceleration, intellectual property services, and AI talent development, aimed at addressing the needs of SMEs [10][12][15]. - The "Black Horse Acceleration System" is central to the company's offerings, providing strategic management consulting and support for SMEs [9][10]. Market Position and Future Outlook - The company aims to deepen its involvement in AI services, with significant growth in AI training revenue, which increased by 2426.82% year-on-year [17]. - The company has established partnerships with major tech firms to enhance its AI capabilities and expand its service offerings [12][14].