2025年，AI产业迎来从"技术展示"到"价值创造"的关键转折点，资本市场对AI的认知也从"模型狂欢"转 向"应用为王"，一批深耕垂直领域的AI+SaaS企业正悄然站上风口。 近日，智慧CRM服务商玄武云（02392）发布的25年中期业绩，也向我们展示了AI+SaaS如何深度赋能 垂直行业。中报显示，玄武云在报告期内不仅达成了毛利率的提升，还实现了经营性现金流的再度回 正，经营愈加稳健。与此同时，公司在AI+快消垂直领域持续创新，推出了饮料白酒行业的SKU超级模 型、奶粉行业防作弊检测模型以及诸多AI标品，这也使得公司上半年AI相关合同实现了大幅增长，同 时也意味着，玄武云的AI"引擎"动力正逐步增强。 业务结构持续优化，战略聚焦成效凸显 玄武云2025年中期业绩显示，公司实现总营收4.1亿元（人民币，下同）。其中，公司持续聚焦发展的 SaaS板块表现突出，实现营收2.4亿元，收入占比达59.6%，业务收入结构持续优化，显示出公司战略聚 焦的成效。 盈利能力方面，通过深化AI与SaaS业务的融合，该板块毛利率稳步提升至26.5%，并有效带动公司整体 毛利率水平提高。期内整体毛利率达到18.2%，同比提升2.6 ...

Core Insights - Xuanwu Cloud (02392) reported a revenue of 410 million yuan for the first half of 2025, with the SaaS segment contributing 240 million yuan, accounting for 59.6% of total revenue [1] - The company achieved positive operating cash flow in the first half of 2025 due to strict financial controls and improved cash flow management [1] Customer Service and Client Base - Xuanwu Cloud served a total of 2,351 clients across four major industries: finance, fast-moving consumer goods, government enterprises, and TMT, with core clients contributing 95.0% of total client revenue [1] - The SaaS segment had 1,558 clients, with an average revenue per user (ARPU) of 1.1 million yuan [1] Product Development and Innovation - The company enhanced its AI + SaaS product capabilities, particularly in its sales cloud, which saw updates to existing features and the introduction of new components like "super forms" and "surveys" [2] - Xuanwu Cloud upgraded its Smart U Customer product for the durable consumer goods sector, leveraging Huawei's Ascend and DeepSeek open-source models, and launched multilingual versions to improve global marketing efficiency [2] AI Product Expansion - The company developed new AI applications tailored to the consumer goods sector, including the SKU Super Model for beverage and liquor industries and the unique "AI Photo Detective" model for the milk powder sector [3] - Xuanwu Cloud's AI standard products now include features for detecting empty displays and layered inspections, increasing the number of standard products to 12 [3] - The company created multiple AI assistants on its low-code platform, aimed at enhancing internal development and market insights [3] International Expansion and Strategic Partnerships - Xuanwu Cloud's overseas cloud communication business experienced rapid growth, expanding its service areas to Southeast Asia, Latin America, East Asia, and the Middle East, with partnerships established with telecom operators in South Korea and Thailand [4] - The company formed a strategic partnership with Tencent Cloud to collaborate on AI products, cloud communication, and smart retail [4] - Data-related products were launched on the Guangzhou and Shenzhen stock exchanges, broadening sales channels [4] Future Outlook - The chairman of Xuanwu Cloud, Chen Yonghui, indicated that the company will continue to focus on expanding its SaaS business, optimizing product services, and enhancing organizational management to achieve sustainable and high-quality growth [4]

玄武云的海外业务也在加速拓展。公告显示，玄武云上半年海外云通信业务实现了客户与收入的快速增 长，海外服务区域已覆盖东南亚、拉丁美洲、东亚、中东等诸多国家和地区，并与韩国、泰国等国家的 电信运营商达成了直签资源的合作，这也为其海外业务实现本地化运营打下了坚实基础。在国内生态方 面，玄武云还与腾讯云达成了战略合作，双方将围绕AI产品与服务、云通信以及智慧零售等领域开展 合作。此外，玄武云的数据类相关产品于报告期内已上线广州与深圳数交所，从而进一步拓展了数据类 产品的销售渠道。 对于公司下半年的发展，玄武云董事会主席陈永辉表示，公司将继续通过聚焦拓展SaaS业务板块，优化 产品服务及组织管理等措施，深化提升盈利能力的经营目标，实现公司整体可持续、高质量发展。 客户的认可也反映了玄武云在产品服务方面的竞争优势。公司在公告中表示，上半年，公司持续深化 AI+SaaS"三朵云"（营销云、销售云、客服云）的产品应用能力，以公司第二增长曲线销售云为例，报 告期内，销售云核心产品"智慧100"在强化原有产品功能、更新UI优化用户体验的同时，还新增了"超级 表单"、"调查问卷"等即插即用的配置组件，满足客户的个性化需求；而聚焦耐 ...

Core Viewpoint - Xuanwu Cloud's Smart U Customer product has been awarded the "Top 15 Industry Application Solutions" in the Guangdong Software Wind Cloud List, highlighting its digital application capabilities in the consumer goods industry [1][4]. Group 1: Award and Recognition - The "2025 Guangdong Software Wind Cloud List" aims to promote innovation in new-generation information technologies such as cloud computing, big data, artificial intelligence, and the Internet of Things [4]. - Xuanwu Cloud's Smart U Customer solution is recognized for its comprehensive CRM capabilities tailored for the consumer goods sector, focusing on end-to-end sales service processes [4][5]. Group 2: Technology and Innovation - The Smart U Customer solution utilizes Huawei's sales management concept (LTC) to enhance enterprise value chains and improve sales efficiency through AI capabilities [4][5]. - The platform is built on Huawei's Ascend series chips and software stack, enabling efficient training and inference of large models with billions of parameters, achieving "second-level response" in customer analysis and opportunity prediction [5][6]. Group 3: Market Position and Future Plans - Xuanwu Cloud is recognized as a leading smart CRM service provider in China, with significant advancements in technology and knowledge innovation across various dimensions [6][7]. - The company aims to continue focusing on the implementation of AI and large models, upgrading CRM solutions, and reinforcing technological barriers through innovation and patent strategies [7].

Core Insights - Xuanwu Cloud has been recognized in multiple categories, including "Top 30 High-Growth Listed Companies," "Best Retail Technology Service Provider," and "Best Financial Technology Service Provider," indicating strong market validation of its technology and business model [1][3] - CEO Chen Yonghui has been listed among the "Top 50 Best CEOs in the Technology Industry for 2024," showcasing leadership recognition alongside other notable tech entrepreneurs [1][3] Company Achievements - The recognition from the first new voice platform reflects a comprehensive acknowledgment of Xuanwu Cloud's technological leadership, product iteration, industry depth, and business model [3] - The evaluation process for the awards involved four months of in-depth research and interviews, emphasizing the credibility of the recognition [3] Product Development - Xuanwu Cloud has established a "Three Clouds" strategy focusing on Marketing Cloud, Sales Cloud, and Customer Service Cloud, targeting industries such as consumer goods, finance, government, and TMT [3] - Recent product updates include the release of version 9.1.3 for the Smart 100 product under Sales Cloud, enhancing features like "store documentation" and "order optimization" [4] - The Smart U Customer product for durable goods has launched version 10.0, integrating with Huawei Ascend to enhance capabilities [4] Technological Advancements - Xuanwu Cloud is the first domestic company to achieve full-stack self-research in AI technology, developing four foundational technology platforms to support customer relationship management [5] - The company has integrated AI applications across its product matrix, creating various agent applications to enhance operational efficiency for clients [5] Strategic Partnerships - Xuanwu Cloud has formed partnerships with major companies like Huawei and Amap, enhancing its product visibility and sales channels [5] - Internationally, collaborations with leading telecom operators in Thailand and the Middle East aim to support global enterprises in digital transformation [5] Market Strategy - In response to the AI 3.0 era, Xuanwu Cloud is transitioning CRM from a tool system to a value co-creation partner throughout the business lifecycle [5] - The company is actively pursuing an overseas expansion strategy, particularly in Southeast Asia and the Middle East, to broaden its business footprint [5]