（记者 张明双） 彩讯股份（300634.SZ）12月11日在投资者互动平台表示，公司AI技术已落地民航领域，核心应用包 括：1）RichMail 智能邮箱为南方航空等客户提供 AI 智能检索、智能撰写、智能翻译与分类归档等服 务，提升办公协同效率；2）基于 Rich AIBox 平台可快速构建智能客服、数字员工等应用，支撑民航客 户在服务响应、运营流程等场景降本提效；3）智算服务与数据智能方案助力民航客户进行数据治理、 模型训练及推理，赋能业务决策与智能化升级。 每经AI快讯，有投资者在投资者互动平台提问：您好！请问公司的人工智能项目目前有什么能应用到 民航领域的？ ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Viewpoints - The company has shown steady growth across its three main product lines, with a deeper integration of AI technologies [2][3]. - In the first half of 2025, the company achieved a revenue of 920 million yuan, representing a year-on-year growth of 17.72%, and a net profit attributable to the parent company of 135 million yuan, up 14.74% year-on-year [1][2]. Summary by Relevant Sections Product Lines Performance - **Collaborative Office Product Line**: Revenue reached 250 million yuan in 2025H1, growing by 2.01% year-on-year. The product line focuses on digital employees and includes various AI-driven tools such as Rich AIBox and Rich Mail, which have been integrated into the Huawei Harmony ecosystem [2]. - **Smart Channel Product Line**: This line generated 353 million yuan in revenue, a 14.80% increase year-on-year. It emphasizes data-driven operations and includes products like the rapid marketing platform and digital human intelligence platform, serving over 1 billion users [2]. - **Intelligent Computing and Data Intelligence Product Line**: Revenue surged to 284 million yuan, marking a 50.05% increase year-on-year. This line focuses on cloud services, intelligent computing, and data governance, supporting various industries including smart driving and energy [2][3]. AI Integration and Development - The company reported AI and computing-related revenue of 177 million yuan in 2025H1, assisting major clients like China Mobile and Southern Power Grid in their AI platform development [3]. - Continuous investment in AI product development is evident, with R&D spending increasing by 6.87% compared to the previous year [3]. Financial Forecast and Valuation - The company is expected to see rapid growth in order volume due to its strong R&D capabilities and alignment with trends in the digital economy and state-owned cloud development. Projected net profits for 2025-2027 are 270 million, 340 million, and 410 million yuan respectively, with corresponding P/E ratios of 49, 40, and 33 [3].

Investment Rating - The report maintains an "Overweight" rating for the industry, consistent with the previous rating [2]. Core Insights - The report emphasizes that the competitive barriers in the AI application landscape are shifting from public information to private information, highlighting the importance of industry-specific know-how and private data for AI service providers [4][25]. - It identifies that enterprise-level AI agents, built on private information, represent the ultimate form of B2B applications, enabling personalized and efficient business solutions [30][33]. - The report suggests that private information services are poised to become a significant business opportunity as AI applications accelerate in the B2B sector [60]. Summary by Sections 1. Transition from Public to Private Information - The report discusses how the barriers in internet applications were historically based on the openness of information, which has now been disrupted by advanced AI models like DeepSeek [1.1][18]. - It notes that the value of public information is diminishing as AI models can utilize vast amounts of data, leading to a new focus on private information as a competitive advantage [1.3][25]. 2. Enterprise-Level AI Agents - The report outlines that traditional B2B applications are limited by clear functional boundaries and lack collaboration, which AI models can help integrate [30][32]. - It highlights that private information is crucial for developing personalized AI applications that can adapt to specific business needs, thus enhancing operational efficiency [35][36]. 3. Potential of Private Information Services - The report indicates that private information services will play a vital role in helping businesses leverage their unique data and industry knowledge to build customized AI workflows [60][61]. - It emphasizes that as companies accelerate their digital transformation, the demand for private information services will grow, creating new business models and opportunities [61][62].