（文章来源：证券日报） 证券日报网2月26日讯 ，海天瑞声在接受调研者提问时表示，经过多年发展与积累，公司逐步构建起了 在行业内的竞争壁垒，核心竞争力主要体现在：公司的业务模式是服务产品双模式，且产品化贡献显 著，是收入和毛利的主要来源，标准化数据集的研、产、销体系是公司从业多年探索出来的业务模式， 其复用性为公司的规模化和高利润率提供了保障。而保持这样的能力需要具备对行业需求的强判断力和 较强的资金实力。技术平台能力：公司历来重视技术的研发，近年来更是加大研发投入的力度，全面提 升公司的算法能力、平台能力、工程化能力，加深算法辅助能力与人工工作的结合，达到更佳的人机协 同效率，这样能够做大规模、提升效率、降低成本。供应链资源管理能力：公司通过长期建设的供应链 体系，保障资源的获取，未来，公司会进一步加大供应链资源平台的建设，使人员管理、采标资源分 配、质量检验、远程工作等各方面的能力得到显著提升，为客群拓展提供有力支撑。数据安全及合规能 力：数据安全及合规能力已经成为了衡量品牌数据服务商综合能力的重要指标。公司在多年数据风险识 别和管理实践中，已形成了较为成熟的安全、合规管理体系。公司全方位做好数据风险管控 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the data annotation industry, specifically focusing on the impact of Meta's acquisition of Scale AI on companies like 海天瑞声 (Haitian Ruisheng) [2][3][5]. Key Points and Arguments 1. **Meta's Acquisition of Scale AI**: Meta acquired Scale AI for $28 billion, highlighting the potential of the data annotation industry. This acquisition is expected to lead to significant revenue growth for Scale AI, projected to reach $2 billion in 2025, exceeding market expectations [2][3][6]. 2. **Market Dynamics**: The acquisition may cause other major companies to reconsider their partnerships with Scale AI due to data sensitivity concerns, potentially creating new opportunities for competitors like 海天瑞声 [5][6]. 3. **Data Annotation Valuation Models**: The industry has diverse valuation models, including revenue, profit, Annual Recurring Revenue (ARR), and orders. The high valuation of Scale AI reflects strong market confidence in the sector's future [6][7]. 4. **Scale AI's Competitive Edge**: Scale AI's data processing efficiency, with a labeling accuracy of 99.7%, significantly surpasses the market average. Its annual compound growth rate is close to 100%, primarily driven by contracts with the U.S. military and government [2][7][8]. 5. **海天瑞声's Business Model**: 海天瑞声 generates revenue through the production and sale of standardized or customized datasets, contrasting with Scale AI's platform sales model, which focuses on high-value, sticky contracts with large institutions [11][12]. 6. **Domestic Market Growth**: In Q1 2025, 海天瑞声 experienced rapid growth in the domestic market, largely attributed to contributions from China Mobile. The revenue structure shifted significantly, with visual data accounting for 49% of total revenue [4][17][18]. 7. **Government Funding Impact**: The stability of local government funding is crucial for 海天瑞声's project selection. The company prioritizes locations with reliable financial backing to ensure project success [4][19]. 8. **Future Opportunities**: The acquisition of Scale AI by Meta may lead to increased demand for data annotation services from other companies, positioning 海天瑞声 to capitalize on these opportunities [5][20]. 9. **International Expansion**: 海天瑞声 has established a data center in Manila, Philippines, with a capacity of 1,500 personnel, generating over $10 million in revenue in Q1 2025, and is expected to reach $40-50 million for the year [12]. 10. **Collaboration with Local Governments**: The company is actively collaborating with several local governments in China to enhance public data governance and identify economically valuable data [13][16]. Additional Important Insights - **Scale AI's Success Factors**: Scale AI's rapid growth is attributed to its specialized data processing capabilities and strong client relationships, particularly with military clients [8][10]. - **Technological Advancements**: The data annotation industry is evolving towards multimodal data processing, and 海天瑞声 is adapting by optimizing data handling processes and enhancing government collaborations [9][10]. - **Future Outlook**: As a leader in the domestic data annotation sector, 海天瑞声 is well-positioned to benefit from new data annotation demands from state-owned enterprises and favorable international market conditions [20].