Core Insights - The rise of "Physical AI" is becoming a new focal point in global technology competition, with significant implications for human-machine interaction [2][4] - Tianyu Shuke, a pioneer in embodied intelligence, has developed the Behavision platform, establishing a complete closed loop of "perception-reasoning-execution" for the industrialization of Physical AI [2][3] Company Developments - Tianyu Shuke's Behavision platform integrates various models, including the Tianxing large model and the "Wise Questions" 3D intelligent industry model, creating a synergistic model matrix [2] - The Tianxing model utilizes 260TB of multimodal data, enabling cross-perception reasoning capabilities, while the "Wise Questions" model employs Sim2Real simulation technology for efficient training [2] - The company has built a standardized robot ontology classification system and an atomic skill library, supporting various types of robotic actions [3] Industry Standards and Ecosystem - Tianyu Shuke is not only a technology leader but also a standard setter, with its solutions recognized in the China Academy of Information and Communications Technology's "AI Agent Industry Map 1.0" [3] - The company has established a 3D motion capture and multimodal data collection base, storing 1.2 million structured 3D motion data sets and 500,000 multimodal behavior data sets [3] - The "human-shaped robot space 6D motion capture long-range data" sets are available on national data trading platforms, providing low-cost, high-quality data services to SMEs [3] Future Outlook - The emergence of Physical AI signifies a new stage in AI development, focusing on enabling machines to understand and interact with the physical world [4] - As the industry chain continues to improve, Physical AI is expected to unlock significant potential in smart manufacturing and service robots, with Tianyu Shuke's practices serving as a key paradigm [4] - The ability to dominate the technical standards and scene implementation of Physical AI will determine the future leadership in the next generation of AI development [4]

在技术迭代的浪潮中，每一代计算革命都诞生了定义时代的核心载体：PC时代，网站构筑起互联网的 根基；移动时代，APP重塑了数字生态的边界。如今的AI时代，智能体正成为重构产业格局的新引擎。 据Gartner预测，到2026年，30%的企业服务将经由智能体完成。当智能体推动全球AI竞争进入深水区， 天娱数科（002354）通过多模态感知与物理世界交互的深度融合，推动AI从"语言交互"迈向"自主执 行"，成为产业升级的核心生产力。 三位一体智能体生态：破解AI"动口不动手"的行业困局 天娱数科通过"感知-推理-执行"全链路贯通，构建起覆盖数字与物理世界的智能体体系，打破传统AI仅 停留在语言交互的局限。 感知层，通过自主研发的Behavision平台融合百万级3D语料库与深度视觉芯片技术，让机器拥有类人直 觉； 推理层，以自研"天星"基座大模型与"智者千问""智慧广告"行业大模型为核心，构建起适配营销、工 业、文旅等领域的垂直智能体系，打造行业专属的决策大脑； 在旅游营销中，智能体通过用户行为数据分析生成个性化推荐策略，同时自动完成内容合规审核，将运 营效率提升150%，客户响应率与正确率双双突破99%，成为企业真 ...

公告称，本次公司董事郭柏春被刑事拘留系其任公职期间的个人事项，与公司无关。公司拥有完善的治 理结构及内部控制机制，以及成熟高效的经营管理体系，公司及子公司生产经营秩序正常。目前，公司 董事会、监事会运作正常，公司控制权未发生变化。本事项不会对公司日常生产经营产生重大影响。 就在近日，天娱数科发布了2025年半年度业绩预告，公司预计上半年实现归母净利润1800万元至2600万 元，与上年同期相比成功扭亏为盈。公告称，公司数据流量业务较上期有所增长，同时公司加大各项降 本增效措施，对报告期的业绩产生了一定的正向影响。 凭借自研的智者千问大模型与3D数据采集技术，天娱数科在数据积累上取得实质进展。截至今年2月， 公司Behavision平台3D数据量突破百万组，多模态数据达35万组，涵盖广泛场景与高精度模型，为人工 智能与人形机器人技术提供了坚实的数据支撑。 7月18日晚间，天娱数科（002354）发布《关于公司董事被留置的进展公告》。 今年4月1日，天娱数科旗下山西数据流量谷与山西数据交易中心达成战略合作，共建数据运营服务基 地。双方将通过资源共享优化数据赋能实体经济路径，推进山西省数据要素资源化、资产化、资本化 ...

Core Viewpoint - Tianyu Digital Science (002354) is experiencing performance improvement driven by AI technology after two years of goodwill impairment and long-term equity investment losses [1] Financial Performance - In Q1 2025, the company reported a net profit of 5.5 million yuan, achieving a turnaround from losses [1] - For the full year 2024, revenue was 1.579 billion yuan, with a net loss of 118 million yuan, significantly narrowing from a loss of 1.08 billion yuan in 2023, a reduction of 89.15% [1] - The company's gross profit margin has increased for three consecutive years, with a 4.32% year-on-year increase in the data traffic business margin, indicating improved cost control and operational efficiency [1] AI Contribution - AI technology has significantly contributed to business performance, with the AI marketing SaaS platform generating a large volume of AI scripts and short videos, and AI live interaction accounting for 82.49% of operations [1][2] - The AI marketing SaaS platform produced over 30,500 script materials, with more than 6,700 effective scripts generated by AI, representing 22.07% [2] - The platform also created 2.004 million short videos, with over 188,000 generated by AI, accounting for 9.4% [2] User Growth and Platform Development - The mobile application distribution PaaS had 336 million registered users by the end of last year, with an increase of approximately 24 million users year-on-year, and over 7,600 applications available on the platform [3] - The company is advancing the development of the embodied intelligence platform Behavision, which was showcased at CES 2025 [3] Cash Flow and Competitive Landscape - The company faced cash flow pressure, with a 6564.59% year-on-year decrease in net cash flow from operating activities in 2024, primarily due to unreceived payments from data traffic business [4] - However, Q1 2025 showed a 97.97% increase in net cash flow from operating activities, attributed to improved cash collection from accounts receivable [4] - In the AI marketing sector, the company competes with giants like Baidu, ByteDance, and BlueFocus (300058), but its AI model scale and data accumulation are relatively small, raising concerns about its competitive sustainability [4]

出海业务蓬勃发展，游戏与分发平台双轮驱动用户增长。公司进行本地化深耕细作的同时，也着力实现 全球化拓疆布局。目前，游戏竞技平台成功出海，海外弹幕游戏发展迅猛，已有合作游戏67 款，上线 的自研游戏9 款，如《Sunvy Poker》等，共覆盖19 个国家和地区，上线国内外5 个直播平台。2024 全 年总新增用户30.58 万，累计用户200 万。此外，海外移动应用分发平台3u tools 在2024 年累计用户突破 4962 万元，月均活跃用户超244 万，能依托AI 数据智能分析，提升应用与用户的精准匹配效率，我们 预计其未来海外用户数将持续攀升。 盈利预测与估值分析。我们预计2025-2027 年归母净利润分别同比增长145.07%、10.22%、16.51%为 5315 万、5859 万元、6826 万元，当前股价对应2025~2027 年PE 分别为170X/154X/132X，维持"推 荐"评级。 风险提示：AI技术落地不及预期、宏观经济风险、政策监管不确定性。 2）移动应用分发PaaS 平台方面，其在2024 年末总注册用户达3.36 亿，同比新增约2400 万，用户增长 迅猛。平台上架应用数量 ...