Core Viewpoint - Traditional SaaS applications like CRM and ERP systems will not be replaced but will evolve to serve as the infrastructure for AI Agents, which will enhance the importance of data definition and interpretation within enterprises [2][10][15] Group 1: The Role of AI Agents - AI Agents will not eliminate traditional software systems; instead, they will necessitate a clearer separation between how tasks are performed and the sources of facts [2][10] - The effectiveness of AI Agents is contingent upon their ability to access and understand the correct data from various systems, highlighting the need for accurate and structured input data [2][9] - The emergence of AI Agents creates significant entrepreneurial opportunities for companies that can help businesses manage and structure their unstructured data [3][10] Group 2: Data Management Challenges - A significant portion of enterprise knowledge (80%) exists in unstructured data, which is becoming increasingly difficult to manage [2] - The complexity of data definitions within organizations leads to discrepancies in key metrics like Annual Recurring Revenue (ARR), complicating the role of AI Agents in providing accurate information [7][11] - The traditional approach of consolidating data into warehouses has only partially succeeded, as operational teams still rely on individual systems for real-time transactions [8][10] Group 3: Evolution of Systems - CRM and ERP systems will transition from user-centric interfaces to machine-oriented APIs, allowing AI Agents to interact with these systems programmatically [12][15] - The core value of enterprise systems lies in their ability to encapsulate chaotic data, which will remain essential despite changes in interface and interaction methods [13][15] - The demand for a clear, authoritative source of truth will only increase as AI Agents become more prevalent in business processes [14][15] Group 4: Future of Data Infrastructure - The combination of data warehouses, semantic layers, and governance tools will form the foundation for AI Agent workflows, evolving beyond traditional reporting systems [10][12] - The valuation of AI platforms will increasingly depend on their ability to define and manage facts, rather than just their user interfaces [14][15] - Companies that can create exceptional AI Agent experiences based on reliable data sources will have a competitive advantage in the evolving landscape [15]

Core Insights - The company reported a revenue of 1.614 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.63% [1] - The net profit attributable to shareholders for the same period was 51 million yuan, up 2.40% year-on-year, while the net profit after deducting non-recurring items fell by 12.07% to 40 million yuan [1] Revenue Breakdown - Revenue growth was stronger outside mainland China compared to within, with Q3 revenue from mainland China at 260 million yuan, down 7.9% year-on-year, while non-mainland revenue was 310 million yuan, up 7.7% [2] - The decline in mainland revenue was attributed to the temporary pressure on small and medium-sized enterprises, while non-mainland regions saw growth due to successful expansion in Southeast Asia and strong performance in Taiwan driven by AI applications [2] Performance Analysis - The gross margin for Q3 was 55.39%, showing a decline of 0.82 percentage points year-on-year, primarily due to increased market competition across various business sectors [3] - Q3 expenses for sales, management, and R&D were 186 million yuan, 66 million yuan, and 44 million yuan respectively, with sales expenses rising significantly due to AI business promotion [3] Business Development - The company's core strategy of integrating AI into its offerings is progressing steadily, with AI applications being incorporated into ERP, PLM, and BI systems [4] - The company is expected to continue enhancing the integration of AI with its product matrix and anticipates growth in demand as AI-enabled effects become more apparent [4] Investment Outlook - Despite a slowdown in overall growth, the company is strategically reducing low-margin businesses while maintaining strong growth in traditional advantageous regions [4] - The company is expected to achieve net profits of 170 million yuan, 204 million yuan, and 237 million yuan from 2025 to 2027, with year-on-year growth rates of 9%, 20%, and 16% respectively [4]