Core Viewpoint - The company, Beijing Bonree Macro Data Technology Co., Ltd., reported a revenue of 141 million yuan in 2024, a year-on-year increase of 16.42%, but a net profit loss of 115 million yuan, a decrease of 8.02% compared to the previous year. The company has faced continuous losses since its listing in 2020, with revenue consistently below 150 million yuan and an increasing trend in losses [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 141 million yuan, up 16.42% year-on-year, but recorded a net profit loss of 115 million yuan, down 8.02% year-on-year [1]. - Since its listing in 2020, the company's revenue has remained below 150 million yuan, and it has been operating at a loss since 2021, with losses expanding over time [1][2]. - The concentration of sales to the top five customers has been decreasing, with the sales amount to the top five customers in 2020 being 28.203 million yuan, accounting for 20.06% of total sales [1]. Group 2: Customer and Revenue Analysis - The company categorized its main business into monitoring services, software sales, technical development services, and system integration, with a total revenue of 140.525 million yuan from 2022 to 2024 [2]. - The revenue from the internet and software information industry showed a compound annual growth rate (CAGR) of 48.72% from 2022 to 2024, driven by the launch of the Bonree ONE product [2][3]. - The financial industry revenue increased from 542.05 million yuan in 2022 to 2,048.44 million yuan in 2024, with a CAGR of 94.40%, attributed to the expansion of financial industry clients [2][3]. Group 3: Market and Competitive Landscape - The APMO market in China is projected to reach 3.41 billion yuan in 2024, with a total market size for IT infrastructure management and application performance management estimated at 2.62 billion yuan, reflecting a year-on-year growth of 2.8% [4][5]. - The company identified three development stages for its products: proactive product introduction, passive tool exploration, and passive platform transformation, with the current focus on the latter [6][7]. - The company is experiencing a transitional phase where the demand for IT operations products is diversifying, particularly in the financial and manufacturing sectors, which are expected to drive future growth [6][7]. Group 4: Customer Acquisition and Strategy - The company has made significant strides in customer acquisition, with 12 new banking clients, 9 manufacturing clients, and 4 insurance clients in 2024, indicating improved penetration in key industries [3]. - The average contract amount has increased from 387,100 yuan in 2022 to 555,500 yuan in 2024, with a CAGR of 19.79%, reflecting a growing demand for the company's products [8]. - The company plans to implement a distribution model to further drive revenue growth and leverage its cloud ecosystem for stable income growth [8].

Core Insights - The article highlights the evolution of observability technology from mere visibility to intelligent prediction and autonomous decision-making, emphasizing its importance in ensuring data ecosystem transparency and efficient business operations [1][15]. Group 1: Product Development and Features - Bonree Data officially launched the Bonree ONE 2025 Spring Edition, focusing on international expansion, cloud-native observability, AI model capabilities, and enhanced user experience [3]. - The new version supports a multilingual interface, allowing users to switch between Chinese and English, and features a redesigned navigation system for improved user interaction [5]. - The platform has been upgraded to fully support cloud-native environments, including compatibility with Prometheus on Kubernetes, enhancing data access, analysis, alerting, and visualization capabilities [9][11]. Group 2: Market Strategy and Deployment - Bonree ONE 2025 Spring Edition offers dual deployment modes (private and SaaS) to meet diverse international user needs, with a pricing strategy tailored for overseas markets, particularly in Southeast Asia and Central Asia [7]. - The company has established subsidiaries in Hong Kong and Singapore to strengthen its presence in high-potential markets [7]. Group 3: Technological Innovations - The new version enhances the value of data models and improves the overall observability and management experience, including features like unified event querying and automatic tagging capabilities [13]. - The integration of large model technology aims to improve complex operational issue resolution and root cause analysis, showcasing the company's commitment to leveraging advanced AI capabilities [15].

所属行业：计算机/IT 服务Ⅱ 当前价格(元)：50.85 证券分析师 买入（首次） 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 市场表现 -34% 0% 34% 69% 103% 137% 171% 206% 2024-05 2024-09 2025-01 博睿数据 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 12.75 | -12.64 | -3.88 | | 相对涨幅(%) | 10.20 | -10.23 | -2.92 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 [Table_Main] 证券研究报告 | 公司首次覆盖 博睿数据(688229.SH) 2025 年 05 月 12 日 博睿数据：拥抱华为与字节，新 产品或进放量周期 投资要点 | [Table_Base] 股票数据 | | [Table_Finance] 主要财务数据及预测 | | | | | | | - ...

买入（首次） 市场表现 -34% 0% 34% 69% 103% 137% 171% 206% 2024-05 2024-09 2025-01 博睿数据 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 12.75 | -12.64 | -3.88 | | 相对涨幅(%) | 10.20 | -10.23 | -2.92 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 所属行业：计算机/IT 服务Ⅱ 当前价格(元)：50.85 证券分析师 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn | [Table_Base] 股票数据 | | [Table_Finance] 主要财务数据及预测 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 总股本(百万股)： | 44.40 | | 2023A | 2024A | 2025 ...

近日，2025年"AI助力湾区数智金融会议"在广州圆满落幕。这场备受瞩目的盛会由广东省粤港澳合作促进会金融专业委员会和粤港澳大湾区金融创新研究院 联合主办，聚焦智能技术在金融领域的深化应用，吸引了来自银行、保险、证券、基金等金融领域的百余名专业人士齐聚一堂。会议旨在汇聚行业智慧，深 入探讨AI技术赋能湾区金融数智化的无限可能，共同谋划金融业未来发展新篇章。 博睿数据作为粤港澳大湾区金融创新研究院理事会副理事长单位，受邀发表《Bonree ONE 一体化智能可观测平台赋能企业LLM服务与智能运维全面升级》 主题演讲，分享博睿数据在金融数智化领域的前沿技术与创新实践。 当前，数字化浪潮汹涌澎湃，大模型技术的快速发展，正以前所未有的速度重构金融科技的技术生态与行业格局，为金融行业带来了前所未有的机遇与挑 战，企业加速迈向智能化，生成式人工智能技术正成为业务创新的核心驱动力。然而，随着LLM服务正加速从通用场景向金融风控等垂直领域深化，企业 在数据治理、系统集成等方面遭遇多重挑战。企业需要新的解决方案来应对这些挑战，推动金融数智化发展。 赋能企业LLM服务与智能运维全面升级 博睿数据正加速推进LLM技术的深度应用，通 ...

Core Insights - Generative AI technology is becoming a core driver of business innovation as companies accelerate their journey towards intelligence [2] - The integration of DeepSeek's large model into Bonree ONE platform enhances operational efficiency through "observability + AI" [2][7] Industry Trends and Challenges - LLM services are transitioning from general applications to vertical fields such as financial risk control and medical diagnosis, with companies focusing on private deployment to create data loops and customized services [3] - Challenges include data governance and model security, resource allocation, technical debt, system integration complexity, and dynamic model management, which impact the stability and sustainability of intelligent transformation [3] Solution Overview - Bonree ONE platform focuses on the full lifecycle observability of private LLM services, enhancing intelligent operations [4] - The platform covers the entire operational loop from monitoring to action, ensuring improved efficiency and business stability [4] Key Solutions: Technical Breakthroughs and Core Capabilities - Companies face challenges in LLM service implementation, including lack of observability, inefficient root cause analysis, complex traditional tools, and delayed responses [5] - Bonree ONE addresses these challenges with four core solutions to enhance operational efficiency and business value [6] Operational Efficiency Enhancements - AI assistant improves root cause analysis through a three-step process, enhancing cross-team collaboration and efficiency [6] - The end-to-end monitoring system tracks the entire training and inference process, improving model iteration efficiency by 40% and fault recovery speed by 60% [6] - Daily operational tasks are streamlined, reducing usage barriers by 80% and increasing self-analysis by business departments to 70% [6] - AI assistant automates diagnostics and report generation, reducing major fault occurrence by 50% and resource waste by 25% [6] Value Proposition - The integration of "observability + DeepSeek" in Bonree ONE significantly enhances intelligent operations, providing direct value support for cost reduction and efficiency improvement [7]