近年来，中泰期货围绕数据战略、组织机制、制度流程与技术工具持续发力，逐步构建起体系完整、运 行规范的数据治理架构。为系统提升数据管理能力，公司引入DCMM国家标准，委托专业机构开展全 面评估，从数据战略、数据治理、数据应用等八大核心能力域入手。通过此次认证，中泰期货不仅获得 了数据管理领域的权威资质认可，更系统梳理并打通了"管好数据、用活数据"的战略实施路径，通过精 准识别管理优势与改进方向，公司推动数据治理体系全面升级，为构建敏捷高效的数据治理新格局奠定 了坚实基础。 近日，中泰期货股份有限公司（以下简称"中泰期货"）正式通过国家数据管理能力成熟度（DCMM） 稳健级（三级）认证，标志着公司在数据战略、治理、应用及安全等方面的综合能力达到行业先进水 平。 DCMM（数据管理能力成熟度评估模型）作为我国数据管理领域的首个国家标准，其认证结果具备高 度的权威性与公信力。该标准将数据管理能力划分为五个成熟度等级，其中第三级"稳健级"被视为企业 实现数据管理规范化、体系化的重要分水岭。中泰期货此次通过该级别认证，不仅是对其数据治理体系 的权威认可，也体现出公司在数据资产管理方面的系统化建设成果。 DCMM稳健级（三 ...

Core Insights - Teradata (TDC) reported quarterly earnings of $0.66 per share, exceeding the Zacks Consensus Estimate of $0.57 per share, and showing an increase from $0.57 per share a year ago, resulting in an earnings surprise of 15.79% [1] - The company posted revenues of $418 million for the quarter ended March 2025, which was 1.71% below the Zacks Consensus Estimate and a decrease from $465 million in the same quarter last year [2] - Teradata has surpassed consensus EPS estimates in all four of the last quarters, but has only topped revenue estimates once during the same period [2] Financial Performance - The earnings surprise of 15.79% indicates strong performance relative to expectations, while the revenue miss suggests challenges in meeting market forecasts [1][2] - Year-to-date, Teradata shares have declined approximately 29.1%, significantly underperforming the S&P 500, which has seen a decline of 3.9% [3] Future Outlook - The company's future stock performance will largely depend on management's commentary during the earnings call and the subsequent revisions of earnings estimates [3][4] - Current consensus EPS estimate for the upcoming quarter is $0.55, with projected revenues of $399.52 million, while the estimate for the current fiscal year is $2.18 on revenues of $1.65 billion [7] Industry Context - The Computer-Storage Devices industry, to which Teradata belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, indicating a challenging environment [8] - Historical data suggests that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than a factor of 2 to 1, highlighting the potential impact of industry performance on Teradata's stock [8]

Financial Data and Key Metrics Changes - In Q4, the company reported net revenue of $323.3 million, a sequential increase of 1.3% and a constant currency increase of 2.6% [7][18] - For the full fiscal year, net revenue was $1.266 billion, down 1.5% on a reported basis and 1.7% on a constant currency basis [12][22] - Adjusted operating margin for Q4 was 21.4%, up from 20.9% year-over-year and 19.3% sequentially [19] - Full year adjusted operating margin was 19.5%, down 110 basis points compared to the previous year [23] - Adjusted net income for Q4 was $66.2 million, compared to $53.9 million in the same quarter last year [21] Business Line Data and Key Metrics Changes - The company added nine new logos and expanded 50 existing relationships in Q4 [8] - Full year revenue growth was driven by new logo additions and existing client expansions, despite headwinds from client-specific issues [15][22] - The company recorded $1.3 billion of short-term high-margin revenue in Q4 [19] Market Data and Key Metrics Changes - The company experienced a loss of a large healthcare client and reductions in travel volumes, impacting revenue [12][18] - Online travel revenue was down to 3% of total company revenue, with no improvements baked into fiscal 2026 guidance [70][72] Company Strategy and Development Direction - The company is focusing on digital transformation, AI, and data management, highlighted by the acquisition of Kippi.ai [9][10] - The strategy includes a tuck-in M&A approach to enhance technology and AI capabilities [11] - The company aims to leverage its industry-specific knowledge to create transformational AI-led solutions [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about client demand, noting a consistent theme of urgency in digital transformation and cost reduction [30][31] - The company has 90% visibility to the midpoint of its revenue guidance for fiscal 2026, projecting 9% growth [17][25] - Management acknowledged potential volatility in client behavior but emphasized the defensive nature of its business model [16][32] Other Important Information - The company generated strong free cash flow and engaged in aggressive share repurchases [13][24] - The attrition rate increased to 39%, up from 33% year-over-year [21] Q&A Session Summary Question: Client demand and broader sentiment - Management noted that clients are increasingly focused on digital transformation and cost reduction, leading to accelerated deal closures [30][31] Question: Growth outlook for fiscal 2026 - The company expects a 7% to 11% growth range, with a 2% headwind from previous client ramp downs [33][34] Question: Cadence of growth and margin expectations - Management indicated that Q1 is typically soft, with expectations for sequential margin improvement throughout the year [40][41] Question: Characteristics of large deals - Both large deals are five-plus years in duration, focusing on mission-critical operations for clients [56][57] Question: Travel volume sensitivity - The company has a robust pipeline in travel and logistics, with no significant downside risk anticipated [67][70] Question: Hiring plans and geographic focus - The recent increase in headcount is aimed at ramping up for future growth, particularly in client-facing roles [82][84] Question: Use of GenAI across clients - The company has deployed GenAI solutions at around 20 clients, with expectations for increased revenue contribution from these assets [86][88]