Core Viewpoint - Keda Xunfei has significantly adjusted its private placement plan, changing the use of raised funds while maintaining the total fundraising amount at 4 billion yuan [2][3]. Fundraising Allocation - The total investment amount for the fundraising plan is 432.57 million yuan, with 400 million yuan allocated for use [3]. - The funding for the Spark Education large model and typical products remains at 80 million yuan, while the amount for supplementing working capital has been reduced from 3.2 billion yuan to 800 million yuan [3][4]. - A new allocation of 2.4 billion yuan has been added for the computing power platform project, which now accounts for approximately 60% of the total fundraising scale [3][4]. Strategic Importance of Computing Power - The computing power platform project aims to support the upgrade and iteration of the underlying model for Xunfei's Spark cognitive large model, ensuring the optimization of various large models, including deep reasoning and multilingual models [4]. - The Chinese government's emphasis on the construction of autonomous and controllable large model computing power enhances the rationale for the rental computing power model [4][5]. Collaboration with Domestic Suppliers - Keda Xunfei has established long-term collaborative mechanisms with domestic computing power suppliers such as Huawei and Cambrian, addressing hidden issues in the underlying software and hardware of domestic computing power [5]. - The implementation of the computing power platform project is expected to enhance the multilingual support capabilities of the Spark large model, creating new revenue growth points for the company [5]. Market Position and Valuation - As of September 29, Keda Xunfei's stock closed at 53.95 yuan per share, with a market capitalization of 124.7 billion yuan [6].

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) has officially commenced, with iFlytek serving as a translation partner and showcasing over 20 AI products across various sectors including healthcare, education, urban development, finance, and legal technology [1][3] Group 1: AI Translation and Communication - iFlytek's upgraded voice simultaneous translation model has achieved a response time of as fast as 2 seconds for Chinese-English translation, meeting high-level industry standards while maintaining translation quality [3] - The simultaneous translation service has been utilized in over 400,000 meetings globally, serving more than 400 million participants across 50+ countries and regions [3] Group 2: AI in Healthcare - The "Smart Medical Assistant" showcased AI-assisted diagnostic capabilities, providing clinical diagnosis and treatment recommendations based on patient data, and has been implemented in over 75,000 grassroots medical institutions, offering over 1 billion auxiliary diagnosis suggestions [4] - A comprehensive medical imaging service platform was presented, integrating data acquisition, storage, governance, and retrieval to provide remote imaging and intelligent diagnostic services [4] Group 3: AI in Urban Development - The "Contract Risk Review" feature demonstrated by the Starfire Smart Law Assistant analyzes contract details and highlights risk points, providing professional modification suggestions [4][5] Group 4: AI in Education - The AI Blackboard transforms traditional teaching tools into AI assistants, generating teaching designs and resources through voice commands, enhancing the educational experience [5] Group 5: AI in Enterprise Solutions - The new Starfire Flying Code platform offers full-stack support for enterprises, enhancing development processes in industries such as energy and finance through code generation and unit testing [5] - The Starfire Knowledge Base facilitates the entire lifecycle management of knowledge creation, processing, management, sharing, and application [5] Group 6: AI Robotics - The Lingdong Intelligent Data Collection and Model Training Machine can perform data collection and model training for various robot brands, showcasing advancements in AI robotics [5] Group 7: Academic Engagement - iFlytek will host an international academic seminar on high-level multilingual foundational models and participate in various industry sub-forums during the conference [6]