2025年，AI产业迎来从"技术展示"到"价值创造"的关键转折点，资本市场对AI的认知也从"模型狂欢"转 向"应用为王"，一批深耕垂直领域的AI+SaaS企业正悄然站上风口。 近日，智慧CRM服务商玄武云（02392）发布的25年中期业绩，也向我们展示了AI+SaaS如何深度赋能 垂直行业。中报显示，玄武云在报告期内不仅达成了毛利率的提升，还实现了经营性现金流的再度回 正，经营愈加稳健。与此同时，公司在AI+快消垂直领域持续创新，推出了饮料白酒行业的SKU超级模 型、奶粉行业防作弊检测模型以及诸多AI标品，这也使得公司上半年AI相关合同实现了大幅增长，同 时也意味着，玄武云的AI"引擎"动力正逐步增强。 业务结构持续优化，战略聚焦成效凸显 玄武云2025年中期业绩显示，公司实现总营收4.1亿元（人民币，下同）。其中，公司持续聚焦发展的 SaaS板块表现突出，实现营收2.4亿元，收入占比达59.6%，业务收入结构持续优化，显示出公司战略聚 焦的成效。 盈利能力方面，通过深化AI与SaaS业务的融合，该板块毛利率稳步提升至26.5%，并有效带动公司整体 毛利率水平提高。期内整体毛利率达到18.2%，同比提升2.6 ...

Core Insights - Xuanwu Cloud (02392) reported a revenue of 410 million yuan for the first half of 2025, with the SaaS segment contributing 240 million yuan, accounting for 59.6% of total revenue [1] - The company achieved positive operating cash flow in the first half of 2025 due to strict financial controls and improved cash flow management [1] Customer Service and Client Base - Xuanwu Cloud served a total of 2,351 clients across four major industries: finance, fast-moving consumer goods, government enterprises, and TMT, with core clients contributing 95.0% of total client revenue [1] - The SaaS segment had 1,558 clients, with an average revenue per user (ARPU) of 1.1 million yuan [1] Product Development and Innovation - The company enhanced its AI + SaaS product capabilities, particularly in its sales cloud, which saw updates to existing features and the introduction of new components like "super forms" and "surveys" [2] - Xuanwu Cloud upgraded its Smart U Customer product for the durable consumer goods sector, leveraging Huawei's Ascend and DeepSeek open-source models, and launched multilingual versions to improve global marketing efficiency [2] AI Product Expansion - The company developed new AI applications tailored to the consumer goods sector, including the SKU Super Model for beverage and liquor industries and the unique "AI Photo Detective" model for the milk powder sector [3] - Xuanwu Cloud's AI standard products now include features for detecting empty displays and layered inspections, increasing the number of standard products to 12 [3] - The company created multiple AI assistants on its low-code platform, aimed at enhancing internal development and market insights [3] International Expansion and Strategic Partnerships - Xuanwu Cloud's overseas cloud communication business experienced rapid growth, expanding its service areas to Southeast Asia, Latin America, East Asia, and the Middle East, with partnerships established with telecom operators in South Korea and Thailand [4] - The company formed a strategic partnership with Tencent Cloud to collaborate on AI products, cloud communication, and smart retail [4] - Data-related products were launched on the Guangzhou and Shenzhen stock exchanges, broadening sales channels [4] Future Outlook - The chairman of Xuanwu Cloud, Chen Yonghui, indicated that the company will continue to focus on expanding its SaaS business, optimizing product services, and enhancing organizational management to achieve sustainable and high-quality growth [4]

玄武云的海外业务也在加速拓展。公告显示，玄武云上半年海外云通信业务实现了客户与收入的快速增 长，海外服务区域已覆盖东南亚、拉丁美洲、东亚、中东等诸多国家和地区，并与韩国、泰国等国家的 电信运营商达成了直签资源的合作，这也为其海外业务实现本地化运营打下了坚实基础。在国内生态方 面，玄武云还与腾讯云达成了战略合作，双方将围绕AI产品与服务、云通信以及智慧零售等领域开展 合作。此外，玄武云的数据类相关产品于报告期内已上线广州与深圳数交所，从而进一步拓展了数据类 产品的销售渠道。 对于公司下半年的发展，玄武云董事会主席陈永辉表示，公司将继续通过聚焦拓展SaaS业务板块，优化 产品服务及组织管理等措施，深化提升盈利能力的经营目标，实现公司整体可持续、高质量发展。 客户的认可也反映了玄武云在产品服务方面的竞争优势。公司在公告中表示，上半年，公司持续深化 AI+SaaS"三朵云"（营销云、销售云、客服云）的产品应用能力，以公司第二增长曲线销售云为例，报 告期内，销售云核心产品"智慧100"在强化原有产品功能、更新UI优化用户体验的同时，还新增了"超级 表单"、"调查问卷"等即插即用的配置组件，满足客户的个性化需求；而聚焦耐 ...

智通财经APP获悉，日前，国内权威ESG评级机构Wind（万得）发布的最新评级报告显示，玄武云（02392）ESG评 级由此前的BBB级提升至A级，公司ESG综合得分为7.84（满分10分），在A股及港股软件行业181家纳评企业中排名 第19，跻身行业前10%。这一评级结果的提升也是对玄武云在ESG领域创新实践、持续深耕的权威认可。 社会责任方面，玄武云秉承着"客户第一"的理念，持续为客户提供高质量的数智化产品与服务，以AI领域为例，玄武 云在近一年先后发布了SKU超级模型、业内唯一的奶粉行业营销垂域模型等消费品业务场景的垂直模型，还基于 aPaaS平台发布了开发助手、市场摸排助手、业务助手等AI智能体矩阵。 与此同时，作为有温度的科技企业，玄武云还积极践行社会公益，在日常运营过程中，结合企业自身业务情况，开展 了社区公益捐赠、助力全民健身等各类公益活动。以公益捐赠为例，玄武云2024年在公司内部募集物资149件，通过 社工服务站援助定向困难群体。 而在企业内部，玄武云也极其重视员工健康与福利。员工福利方面，玄武云除了满足国家法定员工福利外，还为员工 提供了补充意外保险、IT办公补助等多项额外补充福利。另外， ...

Core Viewpoint - The Chinese SaaS market is undergoing a significant transformation in 2024, with a shift from general AI models to vertical scenario-based services becoming the key competitive factor. The focus is on translating AI's potential into enhanced productivity for enterprise clients [1]. SaaS Market Growth - The CRM market in China is expected to reach 38.5 billion RMB by 2026, with a compound annual growth rate (CAGR) of approximately 20% from 2021 to 2026. The integration of AI into CRM has become a consensus in the industry, driven by increasing demand for real-time data decision-making and intelligent supply chains in sectors like fast-moving consumer goods and finance [1]. Company Performance - In 2024, the company reported revenue of 1.15 billion RMB, a year-on-year decrease of 10.1%. However, it achieved a net profit of 6.914 million RMB, marking a turnaround from losses. This improvement was attributed to a reduction in low-margin businesses and an increase in high-margin SaaS business, which raised the overall gross margin to 18.2% [3][4]. Business Segment Analysis - The company's PaaS revenue decreased by 39.2% to 419.41 million RMB, while SaaS revenue grew by 23.8% to 731.87 million RMB, increasing its share of total revenue by 17.5 percentage points to 63.6%, making it the primary growth driver [3][4]. SaaS Sub-segment Growth - Within the SaaS segment, the marketing cloud grew by 23.4%, the sales cloud by 14.9%, and the customer service cloud by 55.8%, indicating strong development across all three areas [6]. AI Integration and Product Development - The company focuses on integrating AI large model technology with comprehensive marketing scenarios to enhance business efficiency and performance. Its self-developed large model for the consumer sector has shown a SKU recognition rate of 95% and processes over 8 million images daily, providing substantial data support for clients [8][10]. Ecosystem Collaboration - The company has actively collaborated with various cloud vendors to expand its market reach and enhance brand value. Partnerships, such as with Huawei Cloud, have allowed the company to leverage additional sales channels, broadening its market coverage [12]. Strategic Focus - The company aims to continue its strategic focus on product standardization, operational refinement, and global business expansion. It plans to deepen AI integration and enhance resource efficiency and profitability [16].