证券代码：002908 证券简称：德生科技 广东德生科技股份有限公司 二、问答环节 问题 1：公司重点推进的 AI 应用相关业务进展情况如何？今年能 否弥补传统业务下滑的部分？ 答：您好，公司重点推进以"人"为核心的 AI 应用服务，目前已 在政务服务、就业、医疗三大场景落地，实现降本增效。其中， 政务服务场景已覆盖 100 多个地市，依托积累的丰富语料数据和 自研大模型，持续提升服务精准度（如：在东莞，政务专业问题 解答准确率已超 99%）；在就业和医疗场景中，AI 技术显著提升 了人岗撮合匹配效率，并面向签约无感支付用户精准推送健康相 关服务。 目前"人社运营及大数据服务"收入占比接近 30%，AI 应用业务 呈现良好增长趋势，未来具备弥补传统业务下滑的潜力。同时， 在一卡通应用方面，公司在华中、华南区域的社保卡服务模式已 取得积极成效，我们将抓住二代卡换发升级为三代卡的机遇，保 持一卡通应用业务收入的重要占比。感谢您的关注！ 投资者关系活动记录表 编号：2025-006 | 投资者关系活动类 | 特定对象调研 分析师会议 | | --- | --- | | 别 | □媒体采访 业绩说明会 | | ...

Coreweave Overview - CoreWeave, established in 2017, transitioned from a cryptocurrency mining company to a specialized AI cloud computing service provider, operating 32 data centers and deploying over 250,000 NVIDIA GPUs by the end of 2024 [11][12]. Business Model and Revenue Mechanism - CoreWeave operates on a "light asset + high premium" AI computing rental model, focusing on GPU leasing and infrastructure rental, with a revenue structure heavily reliant on major clients like Microsoft [14][22]. - The company reported a revenue of $1.92 billion in 2024, with GPU bare metal leasing contributing 68% of total revenue [14][20]. Financial Performance - CoreWeave's revenue surged from approximately $0.16 million in 2022 to $1.92 billion in 2024, reflecting a compound annual growth rate of 737%, while net losses increased from $31 million to $863 million during the same period [18][20]. - The company has a significant customer concentration risk, with 77% of revenue coming from two major clients, primarily Microsoft [22]. Growth Drivers - The capital expenditure increased dramatically from $2.8 billion in 2023 to $8.5 billion in 2024, expanding GPU cluster capacity threefold [23]. - A shift in pricing strategy improved operational efficiency, reducing the average cost per dollar of revenue from $1.31 in 2023 to $0.76 in 2024 [24]. Future Outlook - CoreWeave anticipates a revenue of $4.9 to $5.1 billion in 2025, driven by partnerships and unfulfilled contracts [31]. - The company aims to achieve an adjusted operating profit of $800 to $840 million, indicating the potential for profitability as scale effects materialize [32].

Group 1: AI Market Insights - The core theme of the forum was "Re-evaluating, Reconstructing, and Reigniting - The Leap in Asset Value Driven by AI" [2] - The global macro environment is undergoing deep restructuring, with frequent technology blockades and accelerated industrial ecological iterations driven by AI [2] - The focus of investment opportunities in the tech sector is shifting from upstream hardware to downstream application services, reflecting a similar trend observed in the US market [2][3] Group 2: AI Development Stages - AI hardware capital expenditure is currently in a deep water zone, indicating that the penetration rate has not yet reached a critical turning point [3][4] - The development of AI is a gradual process, characterized by increased hardware investment followed by software and application breakthroughs [3] - The penetration rate of AI applications is expected to reach 10% soon, but significant killer applications are still awaited [4] Group 3: Investment Strategies - The technology sector is being prioritized for investment due to recent adjustments and the emergence of potential catalysts in June [3] - The "technology flywheel effect" is crucial for driving investment in tech, where high R&D investment leads to technological breakthroughs and superior products [5] - The current AI and humanoid robot sectors are seeing leading companies initiate technology R&D, aiming for scale production and profitability [6] Group 4: Future Trends in AI - The development of AI is categorized into four stages: perceptual AI, generative AI, intelligent assistant AI, and physical AI, with a focus on wearable devices and intelligent driving [6] - New technologies such as solid-state batteries and controllable nuclear fusion in the energy sector are emerging as potential investment opportunities [6]

Group 1 - The capital market may experience phases of bubbles and restlessness, but innovation is worth encouraging and will continue to occur [2][45] - The primary market has seen a constant shift in hotspots this year, with the hard technology sector cooling down while the AI sector is gaining momentum [3][4] - The investment landscape is divided, with top investment firms having ample funds but facing pressure to invest, while mid-tier firms are disappearing and smaller firms are seeking collaboration [5][6] Group 2 - The AI sector has produced several waves of beneficiaries, including major internet companies, AI project service providers, and AI talent [8] - The emergence of Deepseek has led to a reevaluation of previously successful AI projects, highlighting the importance of foundational research and long-term support from major players [9][10] - The current AI investment paradigm is shifting, with fewer entrepreneurs focusing on training foundational models and more on application development [14][15] Group 3 - Successful projects should exhibit potential for explosive growth, clear signal points for validation, unique organizational advantages, and a rebellious spirit in their founding teams [17] - The risks in high-tech investments extend beyond technical risks to include team stability, commercialization, and management challenges [19] - There are prevalent misconceptions among entrepreneurs regarding their project positioning and the nature of their innovations [20][21] Group 4 - Entrepreneurs in the AI space can be categorized into four types: the commercially savvy, the technically focused, the business-oriented, and those who rely on technical support [27][30][32] - The VC industry is characterized by a continuous cycle of opportunity and risk, requiring patience and strategic thinking from investors [36][38] - The essence of VC investment lies in identifying strong teams and making calculated bets based on probability [38][39]