2025年12月18日百融云举办的"硅基生产力大会2026暨AI战略及产品发布会"，在大会上公司发布了未来 的企业级AIAgent战略，首度明确提出了以"交付结果"为核心的RaaS(Result as a Service)商业新模式。 AIAgent战略是其在AI技术浪潮下，对商业模式、业务形态与行业价值进行重构。此次战略核心与本质 是将公司业务生产从"工具提供"到"结果共创"进行范式跃迁，以"硅基劳动力"为核心、以RaaS为商业模 式支撑的系统性变革。同时将传统MaaS、BaaS模式的提供技术工具，转向交付可量化业务结果，直接 解决了企业AI应用落地的核心痛点，未来通过按任务计费、按价值分成等灵活计价模式来进一步实现 商业化。 从金融行业向更多垂直行业复制，AIAgent服务有望规模化落地 百融云的AIAgent战略目前已在多个领域实现了规模化应用，服务企业客户超过8000家。在跨行业拓展 方面，百融云正依托其在金融业打磨成熟的AI能力，向更多高潜力赛道进行延伸。例如，通过智能语 音产品VoiceGPT和百工平台，将AI能力纵深嵌入运营商、医疗、大零售、金融、教育、政务等多个场 景。 国元国际发布研报称，百 ...

智通财经APP获悉，国元国际发布研报称，百融云-W(06608)的AIAgent战略目前已在多个领域实现了规 模化应用，服务企业客户超过8000家。展望未来，公司将可以对金融行业的AI解决方案进行适配与改 造，快速切入运营商、零售、医疗、政务等新市场。给予公司对应2026年18倍PE目标估值，对应66.8亿 港币市值目标，对应目标价14.28港元，相较现价预计有32.24%的升幅，维持"买入"评级。 国元国际主要观点如下： 从金融行业向更多垂直行业复制，AIAgent服务有望规模化落地 百融云的AIAgent战略目前已在多个领域实现了规模化应用，服务企业客户超过8000家。在跨行业拓展 方面，百融云正依托其在金融业打磨成熟的AI能力，向更多高潜力赛道进行延伸。例如，通过智能语 音产品VoiceGPT和百工平台，将AI能力纵深嵌入运营商、医疗、大零售、金融、教育、政务等多个场 景。 核心业务稳盘叠加新战略破局，维持买入评级 展望未来，公司可以将深耕金融行业的AI解决方案进行适配和改造，快速切入运营商、零售、医疗、 政务等新市场。同时持续完善"百工"生态建设，大力发展开发者社区，推出更易用的AIAgent开发工 ...

百融云 20251212 摘要 百融云创采用 Result as a Service (RAS)模式，以结果为导向收费， 例如语音机器人按客户收入增量分成，而非传统项目收费，降低客户前 期投入风险，并与客户利益深度绑定。 百融云创在 AI 产业链 L2 至 L5 层级均有布局，包括自研大模型 BRLM、 专属大模型、智能体工厂白光 CyberStar 平台及智能体商店，覆盖基础 算力到应用端，形成完整 AI 生态。 百融云创提供 CX 和 EX 两类 AI Agent，CX Agent 提升客户体验，EX Agent 提升员工体验，如信贷审核 Agent"信审专员"、法务 Agent"百 健"、招聘 Agent"百才"，通过百工平台开发配置。 CX Agent 语音识别准确率达 99%，支持 100%打断和 20 多种语言， 响应时间 40 毫秒，远超市场平均水平，适用于电话营销、数字人等场 景，可节省呼叫中心 90%成本。 截至目前，百融云创账上现金储备 37 亿元，研发人员占比达 57%，总 人数约 1,400 人，研发投入持续增加，为 AI 技术创新提供充足资金和 人才保障。 Q&A 百融云创在 202 ...

Summary of Baifengyun Conference Call Company Overview - Baifengyun is recognized as a leading company in the AI application field, being the only financial company listed in Morgan Stanley's "Top 60 AI Companies in China for H1 2025" [2][3] - The company has a strong financial position with a gross margin of 73% and a net profit margin of 12% for H1 2025, alongside operating cash flow of 151 million RMB and cash reserves of 3.729 billion RMB [2][4] Financial Performance - For H1 2025, Baifengyun reported a gross margin of 73% and a net profit margin of 12%, indicating robust profitability [4] - The company has a high customer retention rate of 98% and customer satisfaction rate of 97%, showcasing strong customer loyalty [5] - The company’s cash and cash equivalents as of June 30 were 3.729 billion RMB, indicating a healthy financial status [4] Technology and R&D - 57% of Baifengyun's workforce is dedicated to R&D, with an average revenue per employee exceeding 2 million RMB [6] - The internal use of AI tools is at 80%, enhancing operational efficiency across various processes [6] - Baifengyun has developed advanced voice robots and digital avatars, demonstrating significant technological capabilities [6] Product and Service Offerings - The company focuses on AI Agent development, particularly in L3/L4 layers, with core products including proprietary large models and intelligent agent factory platforms [7] - Baifengyun's EX (Employee Experience) and CX (Customer Experience) product lines generate significant revenue, with EX revenue around 1 billion RMB and CX revenue around 2 billion RMB [10] - The company employs a Result as a Service (RAS) model to enhance customer value and market competitiveness [9] Market Position and Competitive Advantages - Baifengyun has multiple competitive advantages, including proprietary large models, extensive data accumulation, and a standardized API capability [8] - The company’s intelligent agent system allows non-technical personnel to quickly develop agents, significantly reducing costs and improving efficiency [11][12] - Baifengyun's focus on the AGI AI market positions it well for future growth, with a projected market size of 2 trillion RMB by 2030 if the replacement rate increases [14] Future Outlook and Strategic Direction - The company plans to increase R&D investment significantly in 2025 to support strategic adjustments and new product development [19][20] - Baifengyun is exploring opportunities in the telecommunications and retail sectors, which show strong willingness to pay and growth potential [21] - The company aims to leverage its technology and experience to meet the evolving demands of the financial technology sector, particularly in compliance and risk assessment [23] Conclusion - Baifengyun is well-positioned in the AI technology landscape, with strong financial health, innovative products, and a commitment to R&D, making it a compelling investment opportunity in the rapidly growing AI market.