智通财经APP讯，卓易信息(688258.SH)发布股价异动公告称，公司AI编程产品尚处于市场导入期，目 前尚未形成规模化的产品体系，技术迭代及商业化进展可能不及预期。目前两款产品使用用户以免费用 户为主，尚未形成稳定、可持续的收入来源，未来产品的收入规模、盈利水平及现金流贡献存在高度不 确定性，短期内对公司整体经营业绩影响有限。DeepSeek、通义千问等均系开源大语言模型，任何用 户皆可免费基于该模型开展训练工作，进而进行个性化开发或模型优化，以满足不同用户在多元场景下 的特定需求。公司旗下AI编程产品也部署了DeepSeek、通义千问等开源大模型，但公司并不直接开发 AI大模型，且与AI大模型系统公司无任何直接业务往来。 ...

公司IDE业务在2024及2025年陆续发布了两款AI编程产品，尚处于市场导入期，在初步商业化阶段，产 品技术路径、编程效果及市场接受度存在不确定性，目前尚未形成规模化的产品体系，技术迭代及商业 化进展可能不及预期。目前两款产品使用用户以免费用户为主，尚未形成稳定、可持续的收入来源。未 来产品的收入规模、盈利水平及现金流贡献存在高度不确定性，短期内对公司整体经营业绩影响有限。 DeepSeek、通义千问等均系开源大语言模型，任何用户皆可免费基于该模型开展训练工作，进而进行 个性化开发或模型优化，以满足不同用户在多元场景下的特定需求。公司旗下AI编程产品也部署了 DeepSeek、通义千问等开源大模型，但公司并不直接开发AI大模型，且与AI大模型系统公司无任何直 接业务往来。AI编程领域技术更新迅速，行业竞争激烈，公司面临来自国内外大型科技企业的强力竞 争，存在技术被替代或市场份额受限的风险。公司股票价格近期波动较大，可能存在非理性炒作风险。 公司提醒广大投资者理性判断，审慎决策，注意二级市场交易风险。 格隆汇1月12日丨卓易信息(688258.SH)公布股票交易异常波动公告，公司AI编程产品尚处于市场导入 期 ...

公司IDE业务在2024及2025年陆续发布了两款AI编程产品，尚处于市场导入期，在初步商业化阶段，产 品技术路径、编程效果及市场接受度存在不确定性，目前尚未形成规模化的产品体系，技术迭代及商业 化进展可能不及预期。目前两款产品使用用户以免费用户为主，尚未形成稳定、可持续的收入来源。未 来产品的收入规模、盈利水平及现金流贡献存在高度不确定性，短期内对公司整体经营业绩影响有限。 DeepSeek、通义千问等均系开源大语言模型，任何用户皆可免费基于该模型开展训练工作，进而进行 个性化开发或模型优化，以满足不同用户在多元场景下的特定需求。公司旗下AI编程产品也部署了 DeepSeek、通义千问等开源大模型，但公司并不直接开发AI大模型，且与AI大模型系统公司无任何直 接业务往来。AI编程领域技术更新迅速，行业竞争激烈，公司面临来自国内外大型科技企业的强力竞 争，存在技术被替代或市场份额受限的风险。公司股票价格近期波动较大，可能存在非理性炒作风险。 公司提醒广大投资者理性判断，审慎决策，注意二级市场交易风险。 格隆汇1月12日丨卓易信息(688258.SH)公布股票交易异常波动公告，公司AI编程产品尚处于市场导入 期 ...

卓易信息发布异动公告，公司股票于连续三个交易日内收盘价格涨幅偏离值累计达到30%，属于股票交 易异常波动情形。公司AI编程产品尚处于市场导入期，目前尚未形成规模化的产品体系，技术迭代及 商业化进展可能不及预期。目前两款产品使用用户以免费用户为主，尚未形成稳定、可持续的收入来 源，未来产品的收入规模、盈利水平及现金流贡献存在高度不确定性，短期内对公司整体经营业绩影响 有限。。公司旗下AI编程产品也部署了DeepSeek、通义千问等开源大模型，但公司并不直接开发AI大 模型，且与AI大模型系统公司无任何直接业务往来。 ...

2026年1月5日 A股迎来新年首个交易日 三大指数集体高开高走 记者从无锡市上市公司协会获悉，A股"无锡板块"方面，截至收盘，127只无锡A股中88只实现上涨，其中，卓易信息、三房巷、柏诚股份、振江股份4只 股票强势涨停，喜迎市场开门红。 | 排名 | 证券简称 | 涨幅 | 行业 | | --- | --- | --- | --- | | 1 | 卓易信息 | 19.99% | 计算机 | | 2 | 隆达股份 | 11.15% | 有色金属 | | 3 | 采纳股份 | 11.05% | 医药生物 | | 4 | 灵鸽科技 | 10.31% | 机械设备 | MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ "无锡板块今天表现非常亮眼，尽显区域产业韧性与成长活力。"国联民生证券研究所研究员表示，无锡股今日整体表现强劲，主力资金大幅流入科技与新 能源相关领域。从行业分布看，表现突出的个股主要集中在电力设备、电子、医药生物等板块，与当前市场热点高度契合。 卓易信息全天封死涨停，报收91.88元，涨幅19.99%，换手率6.9%，成交额7.24亿元。市场分析认为，公司主要受AI编 ...

Core Insights - The article highlights the paradox of AI coding companies appearing profitable while actually facing significant losses due to high operational costs and low profit margins [1][3][4] Revenue and Valuation - Windsurf has an annual recurring revenue (ARR) of $40 million and a valuation of $3 billion, having doubled in six months [1] - Cursor (Anysphere) boasts an ARR of $500 million and a valuation of $9.9 billion, achieving the fastest record in SaaS history to reach $100 million ARR in just 12 months [1] - Replit has an ARR of $100 million and a valuation of $1.16 billion, growing tenfold in 18 months [1] Profitability Challenges - AI coding companies, particularly Windsurf, face extremely high operational costs, resulting in significantly negative gross margins [4] - The costs associated with large language model usage constitute a major portion of operational expenses, with variable costs increasing as user numbers grow [5][6] Market Competition - The AI coding sector is characterized by intense competition from both emerging companies like Cursor, Replit, and established model providers like Anthropic and OpenAI, complicating profitability [7] Strategies for Profitability - Companies are exploring self-developed models to reduce reliance on external suppliers, although this comes with high costs and risks [9] - Some companies, like Windsurf, are opting for acquisition as a strategy to secure high returns before the market becomes saturated [9][10] - There is hope that the costs of large language models will decrease with advancements in technology, although current trends show rising costs instead [10][12] Pricing Strategies - Companies are adjusting pricing structures to pass increased operational costs onto users, which has led to customer dissatisfaction [12] - The sensitivity of users to pricing changes poses a risk, as they may switch to competitors if better tools are available [12]

Core Viewpoint - The article highlights the paradox of AI programming companies appearing successful in terms of revenue and valuation, yet facing significant operational losses due to high costs and low profit margins [1][4][6]. Group 1: Company Performance - Windsurf has seen its valuation double in six months, reaching $3 billion with an annual recurring revenue (ARR) of $40 million, yet is looking to sell [2][6]. - Cursor has an ARR of $500 million and a valuation of $9.9 billion, achieving the fastest record in SaaS history to reach $100 million ARR in just 12 months [2]. - Replit has an ARR of $100 million and a valuation of $1.16 billion, growing tenfold in 18 months [2]. Group 2: Cost Structure - AI programming companies, particularly Windsurf, have extremely high operational costs, leading to significantly negative profit margins [6][7]. - The costs associated with large language model usage constitute a major portion of operational expenses [8]. - The variable costs of model usage increase with user growth, contrary to traditional software models where costs decrease with more users [10]. Group 3: Market Competition - The AI programming sector faces intense competition from both emerging companies like Cursor and established model providers like Anthropic and OpenAI, making profitability challenging [12]. - Many AI coding startups are experiencing near-zero profit margins, with variable costs ranging from 10% to 15% [11]. Group 4: Strategies for Profitability - Companies are exploring self-developed models to reduce reliance on external suppliers, although this comes with significant costs and risks [15][16]. - Some companies, like Cursor, are pursuing self-developed models to gain better cost control, while others, like Windsurf, have opted for acquisition as a strategy to secure returns before market saturation [20][21]. - Adjusting pricing structures to pass increased costs onto users has been attempted, but this has led to customer dissatisfaction and backlash [25][26]. Group 5: Future Outlook - The expectation of decreasing costs for large language models with advancements like GPT-5 is uncertain, as some reports indicate rising costs due to increased complexity in tasks [22][24]. - The sensitivity of users to pricing remains a significant concern, with potential for users to switch to better alternatives if available [30][31]. - The overarching question remains whether AI coding startups can find a sustainable business model in a landscape where even larger companies struggle to achieve profitability [33].