新大陆 20250827 摘要 新大陆公司 2025 年上半年收单业务流水逐季增长，活跃商户数增至超 480 万，月流水 50 万元以上商户占比提升，经营类增值服务收入达 2.57 亿元，为未来增值服务增长奠定基础。 新大陆公司积极拓展海外市场，已获美国 MSB 牌照，正申请香港 MSO 牌照，布局跨境 B2B 海外收单产品和渠道，重点关注福建、广东、浙江 等外贸活跃省份，与全球卡组织建立战略合作。 新大陆公司在 AI 应用方面取得进展，AI 营销产品已在超千家商户试用， 助力商户提升营销效能，并与阿里云战略合作，在云栖大会展示 agent 产品，下半年将推出商业模式。 新大陆公司持续推进回购计划，截至 2025 年 8 月 6 日累计回购 2.7 亿 元，占总股本 1%，体现对股东利益的重视，增强投资者信心，稳定股 价表现。 新大陆公司在欧美市场智能设备销量增速显著，受益于团队建设完成和 核心客户需求放大，出货量和收入占比增加，提升整体毛利率，并积极 拓展拉美、中东、非洲等新兴市场。 Q&A 2025 年上半年智能设备毛利率下降的原因是什么？未来趋势如何？ 2025 年上半年智能设备毛利率下降的主要原因在于 ...

长沙晚报掌上长沙8月18日讯（全媒体记者 柳静芸）在AI技术浪潮席卷全球的当下，湖南的创新创业氛围越发浓 烈。95后创客何旭，这位刚从湖南大学信息工程学院毕业的硕士，正凭借AI技术在这片热土上熠熠生辉。8月17 日，湖南卫视节目《创业有得聊》播出，梅花创投董事长吴世春在节目中表达了对何旭创立的星兴万物科技有限 公司的投资意向。吴世春以投资风格"快、准、稳"著称，在科技领域经验颇丰，其目光的聚焦，无疑为何旭的创 业之路增添了新的关注。 2023年星兴万物成立初期，"自动回复系统"遇冷后，何旭在推进餐饮实体落地的同时，同步启动软件业务拓展。 一次与企业客户沟通时，对方直言"能帮找目标客户就买单"，这句话让他坚定了方向——聚焦企业最迫切的获客 需求，还主动接下15天交付产品的艰巨任务。 彼时生成式AI商业化尚处于初期，算力不足导致中小企业服务器难以承载、模型应答生硬缺乏人性化交互、无对 话记忆能力需"从零开始"交流，多重技术难题叠加时间压力，让这次转型充满挑战。何旭带领核心技术成员开 启"极限研发"，办公室成了不分昼夜的"战场"，大家几乎以司为家，他自己更是直接睡在办公室。最终，团队如 期交付产品，从这位客户手中赚 ...

Group 1 - Company is a leading player in China's fintech services, actively leveraging generative AI technology and focusing on AI application areas [1] - The company has successfully developed multiple AI Agent products, including the data AI product "Star ChatBI," which helps enterprises build a dedicated "digital decision-making think tank" [1] - By the first half of 2025, the Star ChatBI product has been successfully implemented in several city commercial banks and a major bank's branch, along with the successful deployment of AI marketing products in a large commercial bank branch [1] Group 2 - The China Academy of Information and Communications Technology (CAICT) recently released the "AI Agent Industry Map 1.0" at the 2025 Data Intelligence Conference, categorizing the industry into four main areas [2] - Company, along with major tech firms like Huawei, Tencent Cloud, Alibaba Cloud, and Ant Group, has been recognized in the "Industry Intelligent Agents - Financial Industry Intelligent Agents" core section, indicating broad recognition from national research institutions and the market in the AI Agent field [2]

证券日报网讯 宇信科技（300674）7月30日在互动平台回答投资者提问时表示，作为中国金融科技服务 领军企业之一，公司积极把握生成式AI技术发展，明确聚焦AI应用领域，成功开发了多款AIAgent产 品。公司数据AI产品星辰ChatBI，能够支持企业构建专属的"数字决策智库"，让每个业务提问都能获得 思考缜密的答案，实现问数、看数、析数、提数、管数的场景化融合，为终端用户提供"穿透式"的用数 体验。2025年上半年，公司星辰ChatBI产品已成功落地几家城商行和某大行分行，此外公司AI营销产品 也成功落地某大型商业银行分行。公司已构建AI大模型全栈服务体系，覆盖从算力层、基础大模型 层、应用基础能力层到业务场景能力层的全链条关键环节，为客户提供全方位、多层次的产品支持。 ...

Group 1: Collaboration with Huawei - The company has collaborated with Huawei since 2013, launching over 30 fintech solutions covering core areas such as credit, data, regulation, and cloud services, implemented in over 20 major commercial banks [2][3] - In 2025, the company received multiple awards from Huawei, including the "2024 Annual Outstanding ISV Cooperation Award" and "Industry Excellence Contribution Award - Financial Industry" [3] - A cooperation agreement was signed with Huawei focusing on the native application development of HarmonyOS NEXT in financial business scenarios [3][4] Group 2: AI Projects and Business Model - The company has actively responded to the needs of various banks and non-bank clients, helping dozens of clients identify and explore scenario requirements, and advancing POC testing and case implementations [5][6] - The data AI product, ChatBI, successfully landed in several city commercial banks in Q1, adopting a License fee model, which supports the sustainable development of the company's AI business [5][6] - AI marketing products have also been successfully implemented in a major commercial bank branch, demonstrating positive feedback and a significant impact [6][7] Group 3: Client Acceptance and Investment in AI - The development of large models has reduced the cost for clients to utilize them, leading to increased investment in AI, particularly in areas closely related to business operations [7] - Clients are now focusing on the value enhancement and efficiency improvements that technology brings to their business, seeking partnerships with fintech suppliers to achieve these goals [7] Group 4: Overseas Market Progress - In Q1, the company successfully secured a European client, showcasing its competitive capabilities in the international market [8] - The overseas banking market faces a comprehensive upgrade demand for traditional IT architectures, presenting significant market opportunities for new technology enterprises [8] - The company plans to leverage a dual-track strategy of "system upgrades + scenario finance" to penetrate overseas markets, empowering traditional banks and connecting with emerging financial service needs [8]

Core Viewpoint - Dongxin Marketing, claiming to be "China's largest AI marketing company," is attempting a second IPO on the Hong Kong Stock Exchange, but its financial data reveals a troubling trend of increasing revenue without corresponding profit growth, indicating significant operational and financial challenges [1][2][15]. Financial Performance - Dongxin Marketing's revenue has shown rapid growth, with 2022 revenue at 1.525 billion RMB, 2023 at 2.118 billion RMB (up 38.9%), and 2024's first three quarters at 2.005 billion RMB (up 66.41%) [2][18]. - In contrast, net profit has drastically declined from 104.4 million RMB in 2022 to 28.5 million RMB in 2023 (down 72.72%), and a net loss of 42.4 million RMB in the first three quarters of 2024 [2][6]. - The gross margin has also decreased significantly, from 20.8% in 2022 to 14.5% in the first three quarters of 2024, highlighting issues with cost control and profitability [2][3]. Cost Structure - Service costs have risen faster than revenue, with costs of 1.208 billion RMB in 2022, 1.790 billion RMB in 2023 (up 48.26%), and 1.714 billion RMB in the first three quarters of 2024 (up 75.75%) [3][5]. - The primary revenue driver, the digital marketing solutions segment, has seen its gross margin drop from 17.7% in 2022 to 10.7% in 2024, adversely affecting overall profitability [3][12]. Dependency on Non-Core Income - A significant portion of Dongxin Marketing's net profit is derived from government subsidies and other non-core income, which accounted for 52.18% of net profit in 2022 and 146.78% in 2023 [6][7]. - In 2024, despite a net loss, non-core income still contributed 26.3 million RMB, indicating that the company's actual profitability is much lower than reported [6][7]. Cash Flow and Debt Issues - The company has faced cash flow challenges, with negative operating cash flow of -337 million RMB in 2022, positive 111 million RMB in 2023, and again negative -156 million RMB in 2024 [8][9]. - Dongxin Marketing's debt has increased from 731 million RMB at the end of 2022 to 1.705 billion RMB by September 2024, with a current ratio indicating potential liquidity risks [9][10]. Market Position and Competition - Despite being labeled as the largest AI marketing company in China with a market share of 5%, the industry remains fragmented, with the top five companies holding only 14.9% of the market [12][16]. - Dongxin Marketing's AI marketing segment has not yet achieved significant revenue contributions, with only 3.5% to 4.7% of total revenue from AI marketing products from 2022 to 2024 [10][12]. Strategic Challenges - The company's shift in branding from a "leading mobile marketing service provider" to an "AI marketing company" raises questions about its strategic direction and the sustainability of its business model [13][15]. - High customer concentration poses risks, with the top five clients contributing a significant portion of revenue, indicating potential vulnerabilities in client relationships [13][14].

Financial Performance - The company achieved a net profit attributable to shareholders of 58.15 million yuan in Q1 2025, representing a year-on-year increase of 81.1% [3] - The non-recurring net profit attributable to shareholders was 55.32 million yuan, up 77.0% year-on-year [3] - The gross profit margin reached 27.8%, an increase of 1.4 percentage points compared to the previous year [3] - The net profit margin was 11.0%, reflecting a year-on-year increase of 5.7 percentage points [3] Client Composition - Large banks contribute approximately 50% of the main business revenue, with state-owned commercial banks, joint-stock banks, and policy banks being the primary contributors [3] - Small and medium-sized banks and rural credit cooperatives account for about 30% of revenue [3] - Revenue from overseas banks grew by 241% year-on-year, reaching 27.53 million yuan [3] Product and Solution Revenue - Revenue from banking IT products and solutions accounted for over 80% of total revenue, with a gross margin exceeding 26%, up 3.5 percentage points year-on-year [3] - Non-banking IT products and solutions contributed approximately 15% of revenue, with a year-on-year growth of 135% [3] - The innovative operations business began generating revenue from overseas digital banking clients, with a gross margin close to 80% [3] Cross-Border Payment Capabilities - The company is involved in three main areas of cross-border payment: infrastructure, institutional level, and e-commerce [4] - It has experience and technical capabilities in serving key financial infrastructures supervised by the People's Bank of China [4] - The company is actively following developments in CIPS and mBridge [4] AI Business Developments - The company focuses on applying AI to enhance client business capabilities, particularly in the banking sector [7] - AI products have been successfully implemented in several city commercial banks, utilizing a SaaS subscription model [8] - The company is responding to the needs of various banks and non-bank clients, facilitating POC testing and case implementations [7] Overseas Business Expansion - The company successfully expanded its overseas business into Southeast Asia and secured a client in Europe [9] - There is a significant demand for upgrading traditional IT architectures among overseas banks, providing opportunities for the company [9] - The company employs a dual strategy of upgrading existing systems and connecting with emerging financial needs in mobile internet ecosystems [10]