任何有实力的技术专家都会告诉你，成功的AI战略取决于可靠的数据。事实上，最近一项针对技术领导者的调查发现，近94%的受访者如今更加关注数 据，其背后的推动力正是AI热潮的持续升温。 虽然这一结果并不令人意外，但当企业试图在众多厂商中挑选合作伙伴时，问题就变得复杂了。市场变化迅速，企业很难判断哪一家厂商能真正帮助他们 充分挖掘数据价值，实现战略转型，包括推动AI项目。 好消息是，无论企业现在处于数据转型的哪个阶段，都有可行的路径。以下是实现成功的三条建议： 1. 为最重要的业务应用赋能 企业在整合业务应用中的数据时，仍然面临巨大的挑战，尤其是在保留数据上下文与关系的同时。当前，只有34%的企业领导者表示对自家数据有高度信 任。缺少可信的数据基础，往往会导致分析和AI项目停滞不前——团队花更多时间在整合和管理数据上，而不是用于创造业务价值。 这正是业务数据层（business data fabric）发挥作用的地方。业务数据层通过在碎片化数据环境中提供一层集成、语义丰富的数据层，减少了数据延迟。这 种架构简化了数据管理，使企业更容易访问可信数据。借助统一的"真相来源"，企业可以更轻松地建立数据治理体系，实现自助式 ...

Group 1 - The current operating environment is characterized by uncertainty, prompting companies to reassess their supply chains and decision-making processes [3][4] - Companies are seeking more transparency and data integration to navigate through uncertainty, indicating a demand for solutions that combine financial data with risk management [4]

2025年5月27日，一则重磅消息连接了亚洲与欧洲的两位科技巨头，主角一方是中国的阿里巴巴，另一方则是德国的SAP。 SAP这家欧洲软件巨头，在过去一年里因AI业务的强劲增长，市值大幅攀升，成为欧洲市值最高的公司。并以第一大权重股的身份，拉动着德国 DAX指数在自身经济基本面持续趋弱的背景下，不断刷新历史新高。 根据合作协议，SAP将探索接入通义千问大模型，并支持企业在阿里云上部署SAP ERP云及SAP ERP私有云版本。双方将共同扩展企业级市场客 户，初期聚焦于中国市场，并逐步扩展至东南亚、中东和非洲。 SAP股价不断新高，证明AI依然是当下资本市场最为核心的"叙事主题"，牵动着投资者的情绪与资本的流向。 SAP的AI狂飙：引领DAX逆势登顶，德意志经济寒流中的"异数"？ 过去一年，SAP在欧洲资本市场表现抢眼。尽管其AI进展不像阿里年初那样引发市场热议和股价暴涨，但SAP凭借其AI战略，已悄然成为欧洲最 受瞩目的明星股。 截至2025年，其股价年初至今已上涨25%，过去12个月的涨幅更是高达60% ，公司市值超过3000亿欧元，成为欧洲最大市值公司。 然而，这份资本市场的火热与德国整体经济的"温差"形成 ...

Core Viewpoint - SAP stock is currently near its 52-week high, raising questions about whether to hold or sell, with a focus on evaluating the company's strengths and weaknesses [1] Group 1: Cloud Business Performance - SAP's cloud business is a significant driver of growth, with a cloud backlog increasing by 28% to €18.2 billion in Q1 [2] - Cloud revenues rose 27% year-over-year to €4.99 billion, with Cloud ERP Suite revenues growing 34% to €4.25 billion, making up 85% of total cloud revenues [2] - The launch of SAP Business Data Cloud aims to unify enterprise data and has already resulted in 20 deals in Q1 [4] Group 2: Revenue Predictability and Growth Outlook - 86% of SAP's total revenues are now classified as predictable, enhancing long-term earnings visibility [3] - Management projects cloud revenues for the year to be between €21.6 billion and €21.9 billion, reflecting a year-over-year increase of 26-28% [8] Group 3: AI Investments and Future Prospects - SAP is optimistic about the impact of generative AI on future revenues, with over 1,300 skills integrated into its AI co-pilot [9] - The company plans to invest heavily in AI, with more than 30,000 developers focused on enhancing its AI capabilities by 2025 [9] Group 4: Challenges and Market Conditions - SAP faces challenges with declining software license revenues, which fell 10% year-over-year to €0.18 billion, and a 1% decline in services revenue to €1.07 billion [10] - The company is navigating a volatile macroeconomic environment, increasing costs, and stiff competition in the cloud sector [10] Group 5: Investment Strategy and Analyst Outlook - Analysts have raised earnings estimates for SAP over the past 60 days, with increases of 1.9% for the current quarter and 3.3% for the current year [11][13] - Despite a strong growth outlook, SAP's premium valuation with a forward P/E ratio of 41.06X compared to the industry's 31.72X suggests caution for new investors [15]

Core Insights - SAP SE has introduced innovations and partnerships aimed at enhancing business productivity by up to 30 percent through the use of Business AI [1][2] - The generative AI assistant Joule is designed to provide personalized answers and streamline workflows across various applications [2][3] AI Innovations - Joule can assist users throughout their workday, providing real-time insights and anticipating needs while adhering to ethical AI guidelines [3] - A collaboration with Perplexity enhances Joule's capabilities to answer complex business questions using structured and unstructured data [4] - An expanded library of Joule Agents is introduced to optimize business processes across various functions such as customer experience and supply chain management [5] AI Development and Applications - SAP has launched an AI Foundation that serves as an operating system for developing and scaling AI solutions, allowing for quicker creation of effective AI prompts [6] - New intelligent applications in SAP Business Data Cloud are designed to continuously learn and optimize business processes using critical data [7] Strategic Partnerships - SAP is partnering with Palantir to support joint customers in their cloud migration and modernization efforts, facilitating a harmonized data foundation [8] Cloud Solutions - SAP Business Suite packages are introduced to simplify cloud solution adoption for customers, allowing for customization to meet specific business needs [9] - A new solution leveraging Joule aims to accelerate cloud transition, potentially delivering up to 35 percent faster time to value [10]

Financial Data and Key Metrics Changes - Current cloud backlog increased by 29% to €18.2 billion in Q1 [5][37] - Quarterly cloud revenue grew by 26%, approaching the €5 billion mark [5][37] - Total revenue rose by 11% to €9 billion [42] - Operating profit surged by 58% to €2.5 billion, significantly exceeding the guidance for the year [41][45] - Cloud gross margin improved by 2.6 percentage points to 75% [6][40] Business Line Data and Key Metrics Changes - Cloud ERP suite revenue maintained high growth momentum with a 33% increase in Q1, accounting for 85% of total cloud revenue [37] - Software licenses decreased by only 10%, indicating resilience despite being a smaller quarter [38] - Approximately half of cloud order entries included AI use cases, reflecting strong demand for AI integration [13] Market Data and Key Metrics Changes - Strong cloud revenue performance noted in APJ and EMEA regions, with Brazil, Germany, and India showing outstanding results [40] - The Americas region also demonstrated robust performance, with notable strength in Canada and the US [40] Company Strategy and Development Direction - Company emphasizes a suite-first, AI-first approach to expand its offerings [36] - Focus on product innovation, particularly with the launch of Business Data Cloud, which aims to unify and govern business data [22][23] - Continued investment in AI and cloud solutions to enhance customer productivity and reduce implementation costs [30][31] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in the company's resilience despite high market uncertainty [9][45] - The pipeline for the year remains solid, with no significant deterioration in conversion rates observed [56] - Management acknowledges potential risks from geopolitical tensions and trade disputes but maintains a positive outlook for long-term growth [44][120] Other Important Information - The company plans to provide deeper insights into its growth strategy at the upcoming Sapphire event in May [34][47] - The transformation program concluded in 2024, positioning the company for focused investments in key areas [36] Q&A Session Summary Question: Current trading and confidence in cloud revenue guidance - Management noted strong customer engagement and resilience in supply chains, which supports confidence in cloud revenue guidance despite macro uncertainties [52][56] Question: Deceleration in cloud revenue growth - Management explained that the deceleration was influenced by the timing of cloud deals and expected a rebound in Q2 as these deals ramp up [58][62] Question: Current cloud backlog performance - Current cloud backlog performance was in line with expectations, with no significant changes in customer dynamics despite tariff uncertainties [68][71] Question: Product innovation and Business Data Cloud differentiation - Management clarified that Business Data Cloud offers a more comprehensive solution than the previous SAP Datasphere, enabling better data integration and AI capabilities [78][83] Question: Impact of tariffs on business and cloud margins - Management indicated that while tariffs could impact hardware costs, the company's multi-cloud strategy provides price security and mitigates risks [130][132]