"AI工具铺天盖地，但增长为什么还靠人？" 这句犀利的提问，几乎点穿了当下所有企业的困惑。 过去一年，我们看到各种AI工具像雨后春笋般涌现：写稿的、画图的、剪视频的、管线索的，企业一口气买了一大堆。但到了年底复盘，ROI并没有想象中 漂亮。工具用了不少，真正跑出效果的却寥寥。 问题不在工具，而在落地。效率如果不能转化为效果，就是无效的效率；AI如果不能改造业务路径，就只是一堆昂贵的"花瓶"。 这正是9月19日虎嗅智库与万科联合举办的「智能营销·实效为王」主题沙龙要回答的问题，此次活动特别请来了深演智能、契胜、小影科技、百度智能云、 吉野家等企业嘉宾，共同探讨： 别急着造大模型，先让自己成为最强Agent 深演智能CTO、合伙人欧阳晨以"从工具到生产力"为主题，分享了他们的Agent实践。他开场就抛出一个有趣的观察："企业应用AI，往往会经历四个阶段： 一开始觉得AI无所不能；接着是全民皆兵买工具；再往后会发现很多工具隔靴搔痒；最后，才会走向聚焦单点、深耕落地。" 在跨境、零售、餐饮、出海等不同场景里，AI到底能做到什么？ 结果导向的ROI，如何倒逼AI工具从"炫技"走向"实用"？ 企业该如何找到人与AI的边界 ...

Core Viewpoint - Beijing Deep AI Technology Co., Ltd. (Deep AI) has submitted an application for listing on the Hong Kong Stock Exchange, facing challenges due to past failed IPO attempts and declining financial performance [1][2] Financial Performance - Deep AI reported revenues of approximately 543 million RMB, 611 million RMB, and 538 million RMB for the years 2022, 2023, and 2024 respectively, with net profits of about 59.36 million RMB, 60.66 million RMB, and 21.52 million RMB during the same periods [2][3] - The company experienced a significant profit decline of 64.5% in 2024, attributed to macroeconomic challenges and reduced marketing budgets from clients [2][3] Business Segments - The company's AI marketing solutions include two flagship platforms: AlphaDesk for intelligent advertising and AlphaData for intelligent data management, with the advertising segment contributing 82.1%, 80.5%, and 85.5% of total revenue from 2022 to 2024 [4][5] - The gross profit margins for both business segments have decreased, with advertising gross profit margins at 27.4% in 2024 compared to 27.7% in 2022 [5][6] Client Dependency - Deep AI relies heavily on a few major clients, with revenue from the top five clients accounting for 51.1%, 50.2%, and 54.6% of total revenue from 2022 to 2024, indicating a risk in client concentration [6][7] Cash Flow and Liquidity - The company has a high proportion of accounts receivable, with trade receivables and notes reaching 218 million RMB by the end of 2024, representing about 40% of total revenue and total assets [6][7] - Cash reserves were reported at only 72.07 million RMB at the end of 2024, which is insufficient to cover more than a year of R&D expenditures [6][7] Industry Context - The global smart advertising services market is projected to reach 520 billion USD in 2024, with expectations to exceed 1 trillion USD by 2029, indicating a rapidly expanding market [7][8] - The Chinese decision AI application market is expected to grow from 34.5 billion RMB in 2024 to 161.5 billion RMB by 2029, with a compound annual growth rate of 36.2% [8][9] Competitive Landscape - Deep AI faces intense competition in the advertising sector, with major players like Publicis Groupe and Liou Co. developing advanced AI marketing platforms [9][10] - The company's reliance on media supplier relationships for its automated marketing platforms poses a risk if suppliers withdraw [10]

Group 1: Market Overview - The Hong Kong IPO market has seen a significant rebound, with fundraising amounting to HKD 145 billion in the past year, led by major companies like CATL and Midea Group [1] - AI remains a focal point in the market, with high valuations and substantial financing, exemplified by Fourth Paradigm's market cap exceeding RMB 29.4 billion on its first trading day [1] - The AI sector is experiencing a trend of differentiation, shifting focus from large model capabilities to more practical AI agent capabilities, emphasizing deep integration with application scenarios [1] Group 2: Decision AI Market Growth - The decision AI application market in China is poised for explosive growth, with a projected market size of RMB 34.5 billion in 2024 and a remarkable compound annual growth rate (CAGR) of 36.2% over the next five years [2] - The marketing and sales decision AI platforms are particularly prominent, expected to grow from RMB 20.3 billion in 2024 to RMB 94.4 billion by 2029, reflecting a 36.5% CAGR [2] Group 3: Company Positioning - DeepYuan Intelligent leads the decision AI application market with a 2.6% market share, significantly ahead of other competitors, attributed to its robust business model and innovative product matrix [3] - The company has developed a leading product matrix, including AlphaDesk for public traffic acquisition, AlphaData for private customer management, and Deep Agent for AI agent solutions, creating a comprehensive intelligent decision-making engine [4] Group 4: Innovation and R&D - DeepYuan Intelligent prioritizes R&D as a core driver for sustained leadership, increasing its R&D investment from RMB 46.9 million in 2022 to RMB 56.3 million in 2024, with R&D expenditure as a percentage of revenue rising from 8.6% to 10.5% [7] - The company has established three key technological pillars: an innovative full-stack marketing algorithm architecture, breakthrough large-scale real-time data processing technology, and advanced collaborative multi-agent technology based on large language models [8] Group 5: Financial Performance - DeepYuan Intelligent is one of the few AI companies that has achieved profitability for three consecutive years, with a strong customer base including nearly 90 Fortune 500 companies [10] - Despite a revenue decline to RMB 537.9 million in 2024 due to macroeconomic pressures, the company maintains a high customer retention rate of over 85% for its core products [10][13] - The company is expanding its global service network, with overseas markets contributing 13.8% to total revenue by 2024, indicating a steady increase in international influence [10][11] Group 6: Future Outlook - The shift in the intelligent agent paradigm from process-oriented to results-driven problem-solving is expected to drive significant revenue contributions for DeepYuan Intelligent's AI agent business by 2025 [13] - The company is well-positioned for sustainable growth, leveraging its strong customer relationships, global service capabilities, and technological advancements to navigate macroeconomic challenges [13][14]

Core Viewpoint - The company, Beijing Deepen Intelligent Technology Co., Ltd. (Deepen Intelligent), is attempting to go public on the Hong Kong Stock Exchange amid a wave of AI-driven IPOs, despite facing significant challenges from its previous failed A-share IPO attempt and current financial difficulties [1][7]. Group 1: IPO Journey - Deepen Intelligent submitted its prospectus for a Hong Kong IPO after previously failing to list on the A-share market due to multiple rounds of inquiries from the Shenzhen Stock Exchange [2][3]. - The company had a history of seeking to go public, including an attempt to list on the New Third Board in 2016, which was ultimately abandoned due to liquidity concerns [2]. Group 2: Financial Performance - Despite being a leader in the AI marketing sector with a market share of 2.6%, Deepen Intelligent's revenue declined from 611 million RMB in 2023 to 538 million RMB in 2024, with a significant profit drop of 64.52% to 21.52 million RMB [4]. - The company's reliance on Alibaba as a major client has decreased, with revenue from Alibaba dropping from 122 million RMB in 2022 to less than 80 million RMB in 2023 and 90 million RMB in 2024 [5]. Group 3: Liquidity Risks - Deepen Intelligent faces notable liquidity risks, with trade receivables and notes receivable reaching 218 million RMB at the end of 2024, accounting for approximately 40% of its annual revenue and total assets, which is significantly higher than the healthy range of 20%-30% [6]. - The company's cash reserves were only 72.07 million RMB at the end of 2024, raising concerns about potential liquidity crises if clients delay payments or if bad debt increases [6]. Group 4: Future Outlook - The success of Deepen Intelligent's IPO and its future in the market will depend on its ability to adjust strategies post-listing, improve financial health, and enhance risk management capabilities [7].