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.

Core Insights - The widespread application of intelligent customer service is a reflection of how fintech is reshaping banking services [1][3] - The digital transformation of banks is deepening, with a significant reduction in customer visits to physical branches, leading to the adoption of intelligent customer service as a standard [2][3] Group 1: Industry Transformation - The number of bank customer service personnel in China decreased to 50,200 by the end of 2021, down by 4,200 from 2020, marking a shift from previous growth trends [3] - The total amount of off-counter transactions in the banking sector reached 257.28 trillion yuan in 2021, a year-on-year increase of 11.46%, with an average electronic channel diversion rate of 90.29% [3] - The COVID-19 pandemic has accelerated the digital transformation of banks, pushing user habits further online and increasing the frequency and depth of online interactions [3] Group 2: Investment in Technology - In 2020, A-share listed banks invested 207.8 billion yuan in information technology, a year-on-year increase of 25% [6] - Major state-owned banks invested nearly 100 billion yuan in fintech in 2020, with Industrial and Commercial Bank of China investing 23.82 billion yuan, a 45.47% increase year-on-year [7] - China Merchants Bank reported an information technology investment of 13.29 billion yuan in 2021, a year-on-year increase of 11.58%, accounting for 4.37% of its operating income [7] Group 3: AI and Customer Service - In 2021, China Merchants Bank's AI initiatives replaced over 6,000 human roles through intelligent customer service and related technologies [4] - Intelligent customer service has expanded its application beyond routine inquiries to marketing and collection efforts, with voice robots effectively screening potential customers [5] - A report indicated that the satisfaction level of intelligent customer service is limited, with common complaints about repetitive responses and inadequate problem-solving capabilities [5] Group 4: Competitive Landscape - The demand for AI in the financial sector is steadily increasing, with total AI investment expected to exceed 22 billion yuan in 2022 [9] - Companies like BaiRong Cloud have reported significant revenue growth, with a 43% increase in total revenue to 1.623 billion yuan in 2021 [9] - Smaller banks are beginning to adopt AI technologies, with Guilin Bank collaborating with iFlytek to launch a virtual digital employee for customer service [10]

Group 1 - The event "AI+ Innovation Cooperation Meeting" was held in Nanning, Guangxi, focusing on AI collaboration between Beijing and Guangxi [1][5] - Chen Gang, Secretary of the Guangxi Zhuang Autonomous Region, emphasized the importance of AI capability construction and encouraged enterprises to participate in the China-ASEAN AI Innovation Cooperation Center [3][6] - Zhongguancun KJ has actively engaged in Guangxi's "AI+" initiatives, conducting industry research and launching various AI model projects tailored to local industries [2][4] Group 2 - Zhongguancun KJ is recognized as the only company leveraging domain-specific models to be listed in the "2024 Hurun China AI Companies Top 50" [4] - The company employs a "platform + application + service" strategy to accelerate the implementation of vertical AI models across various sectors [4] - Notable collaborations include the development of the "Lingzhu" platform for the engineering sector and the "Baihe" model for the shipbuilding industry, showcasing comprehensive AI solutions [4]