Summary of Conference Call Records Company and Industry Overview - **Company**: 通达海 (Tongda Hai) - **Industry**: Legal Technology (Legal AI) Core Insights and Arguments - **Market Opportunity**: The legal industry is experiencing a transformation driven by AI, with a projected market size exceeding 47 billion yuan as product penetration increases from 8%-25% to 18%-45% over the long term, based on an estimated 144,000 active paying users [1][3] - **Business Model**: The company aims to replicate the "Bloomberg model" in the legal sector, focusing on high-value data and high annual fees from top lawyers, similar to the approach taken by HarveyAI, which has reached a valuation of 8 billion USD [2] - **Competitive Advantage**: Tongda Hai possesses a significant competitive edge with its extensive G-end judicial data, having deep insights into judicial decision-making processes and a strong foothold in the market, covering 78% of the national court execution system [2][3] - **Data Ecosystem**: The company has developed a unique "G+B" dual-driven ecosystem by integrating court, banking, and law firm data, leveraging over 140 million standardized legal documents and a judicial knowledge graph [3] Financial Projections - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected to be 429 million yuan, 617 million yuan, and 850 million yuan respectively, with corresponding price-to-sales (PS) ratios of 9, 6, and 5 times [3] - **Investment Rating**: The company is recommended for investment due to its strong G-end barriers and clear commercialization logic for its B-end "legal Wind" model, indicating a potential turnaround in performance and valuation [3] Risks and Considerations - **Budget Cuts**: There is a risk of reduced budgets for G-end court information technology [3] - **Conversion Rates**: Potential challenges in the B-end AI product payment conversion rates may impact revenue [3] - **Assumption Deviations**: Risks associated with deviations from projected assumptions in financial models [3]

证券日报网讯通达海（301378）8月12日在互动平台回答投资者提问时表示，作为华为生态合作伙伴， 公司积极推进基于CANN生态的原生开发和兼容性适配工作，目前海睿大模型等产品已经取得昇腾及相 关技术认证，后续公司将结合用户需求和兼容需要持续开展产品技术的适配工作。 ...

Core Viewpoint - Tongdahai (301378.SZ) is actively advancing native development and compatibility adaptation based on the CANN ecosystem as a Huawei ecosystem partner [1] Group 1 - The company has achieved Ascend and related technology certifications for products such as the Huirui large model [1] - The company plans to continue product technology adaptation work based on user needs and compatibility requirements [1]

通达海（301378.SZ）8月12日在投资者互动平台表示，作为华为生态合作伙伴，公司积极推进基于 CANN生态的原生开发和兼容性适配工作，目前海睿大模型等产品已经取得昇腾及相关技术认证，后续 公司将结合用户需求和兼容需要持续开展产品技术的适配工作。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：据了解，公司海睿大模型等产品已完成并通过华为 Atlas 800T A2 训练服务器和 AI 框架昇思 MindSpore 昇腾技术认证。华为宣布CANN全面开源，请问公 司是否已经全面适配进入CANN生态？ ...