AI 落地，技术并非关键，真正门槛是理解业务与行业 Know-how。 为什么许多 AI 产品在内测时表现良好，一旦交付客户后就会 "翻车" ？ 在「DeepTalk」第三个系列话题栏目「AI 落地实战」对话中，崔牛会创始人 & CEO 崔强，与北森联合 创始人 & CEO 纪伟国，围绕 "AI 产品上线第一仗：从内测到客户交付的那些坑" 这一主题展开了深度 对话。 纪伟国认为：第一，AI 产品在从 0 到 1 阶段，最大的挑战是难以有效匹配客户业务场景，因此 AI 产品 经理应当在一线围绕客户业务场景做产品，并根据客户需求快速迭代； 第二，AI 产品成功的关键是以客户为中心理解客户业务，以及将行业 Know-how 融入产品； 第三，AI Agent 最终会走向客户的自定义，未来客户化工作将可能较重； 第四，在 AI 产品的打磨中，耐心非常重要，要确保产品成熟后再进行规模化销售。 以下是经牛透社编辑整理的对话内容：（有删减） AI 上线第一仗 崔强：现在大家看到 AI 在 ToB 领域比较热，但接下来可能会较快进入一个理性的状态，其中一个常见 问题是：大家没有找对场景，所以交付后才会出现各种问题。 北森的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company is expected to achieve total revenue of RMB 943 million in FY25, representing a year-on-year growth of approximately 10%. The cloud HCM solutions revenue is projected to reach RMB 730 million, growing by 16% year-on-year, while professional services revenue is anticipated to decline by 6% to RMB 210 million [1][4]. - The company has initiated an AI strategy in 2024, launching a suite of AI-powered HR SaaS products, which includes seven AI assistants designed to enhance recruitment and employee experience [3]. Summary by Sections Financial Performance - For FY25, the adjusted net loss is estimated at RMB 60 million, corresponding to an adjusted net loss margin of -6.4% [1]. - The company’s revenue forecast for FY26 is set at RMB 1,043 million, with a further increase to RMB 1,150 million in FY27 [5]. Business Segments - In FY25H1, the cloud HCM solutions revenue reached RMB 340 million, marking a year-on-year increase of 14.3%. The Core HCM integrated ARR grew by 28%, accounting for 55% of total revenue, with nearly 2,100 clients [2]. - The acquisition of the HR SaaS platform KuXueYuan for RMB 180 million is expected to enhance market position and facilitate cross-selling opportunities, leveraging the existing customer base of both companies [2]. AI Development - The AI Interviewer product has shown rapid commercialization, with over 120 clients by January 2025, and is projected to reach 200 clients by the end of March 2025, with an ARR of RMB 7-8 million [3]. - The AI Employee Assistant is designed to provide 24/7 support, improving employee self-service experiences [3].