xufang的个人主页 - 老虎社区

xufang

暂无个人介绍

IP属地：北京

24关注

0粉丝

1主题

0勋章

10-15 15:07

这标题和内容都对不上啊

Morgan Stanley Adjusts Price Target on Plug Power to $1.20 From $1.65, Keeps Underweight Rating<blockquote>摩根士丹利将普拉格能源目标价从 1.65 美元调整至 1.20 美元，维持跑输大盘评级</blockquote>

09-11

$云迹(02670)$ 终于来了跟放量的阳线。

09-10

那为啥跌成这样

@王五仕:$云迹(02670)$纳入港股通的时间点其实挺巧的，正好赶上港股市场情绪回暖。天时地利都有，就差业绩催化了

09-07

$云迹(02670)$ 入通了，就这？

09-03

$泡泡玛特(09992)$ 什么时候回购啊

09-03

$云迹(02670)$ 3.5万的成交量就拉跌14个点？为啥啊

08-14

骗我们太多次了。

市场消息：苹果告别纯“借力”，携手阿里训练中国市场专属大模型

07-02

$奈飞(NFLX)$ 又减持

07-02

$云迹(02670)$ 这是主力出逃了吗？

06-25

$携程网(TCOM)$ 赶紧回购吧

06-17

$云迹(02670)$ 咋回事啊？回购拉不起来股价了？

06-08

$海致科技集团(02706)$ 一切都是假象吗？之前是为了拉入港股通而拉升的股价？

06-02

$奈飞(NFLX)$ 说好的回购呢

05-13

$泡泡玛特(09992)$ 美股昨晚涨那么多，为啥港股上来就跌？

04-27

$海致科技集团(02706)$ 又开始竞价挂单大涨然后撤单，开盘就是跌了

04-22

$海致科技集团(02706)$ 主力，你别放弃海致啊。

04-02

$海致科技集团(02706)$ 智谱收入7.24亿，亏损47.18亿，经调整后亏损31.82亿；海致收入6.21亿，亏损2.05亿，经调整后净利2415万。一个涨上天，一个跌到地狱。

04-02

$海致科技集团(02706)$ 人家涨你跌，人家跌你还跌。

03-30

$海致科技集团(02706)$ 连横盘震荡都懒得震，直接这样每天破新低的跌，合适吗？

03-30

我就想知道为啥别的ai都涨，就海致头也不回的一直跌

海致科技（02706）2025年报：从图谱到智能体，收入结构反转倒计时

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3497659839568444","uuid":"3497659839568444","gmtCreate":1534566897142,"gmtModify":1534566897142,"name":"xufang","pinyin":"xufang","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":24,"tweetSize":25,"questionSize":0,"limitLevel":900,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":1,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.10.30","exceedPercentage":"93.61%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.10.16","exceedPercentage":"93.12%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.02.09","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.01.19","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":7,"crmLevelSwitch":0,"location":"北京","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":6,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":618521687188488,"gmtCreate":1792048051837,"gmtModify":1792048054055,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"这标题和内容都对不上啊","listText":"这标题和内容都对不上啊","text":"这标题和内容都对不上啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/618521687188488","repostId":"2675434482","repostType":2,"repost":{"id":"2675434482","kind":"highlight","weMediaInfo":{"introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"media_name":"MT Newswires Live","id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"pubTimestamp":1791980650,"share":"https://www.laohunote.com/m/news/2675434482?lang=zh_CN&edition=full","pubTime":"2026-10-14 20:24","market":"hk","language":"en","title":"Morgan Stanley Adjusts Price Target on Plug Power to $1.20 From $1.65, Keeps Underweight Rating<blockquote>摩根士丹利将普拉格能源目标价从 1.65 美元调整至 1.20 美元，维持跑输大盘评级</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2675434482","media":"MT Newswires Live","summary":"Plug Power (PLUG) has an average rating of hold and mean price target of $3.41, according to analysts polled by FactSet.(MT Newswires covers equity, commodity and economic research from major banks an","content":"<p><html><body> Plug Power (PLUG) has an average rating of hold and mean price target of $3.41, according to analysts polled by FactSet.</p><p><blockquote><html><body>FactSet 调查的分析师表示，普拉格能源 (PLUG) 的平均评级为持有，平均目标价为 3.41 美元。</body></html></blockquote></p><p>(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)</p><p><blockquote>（MT Newswires 涵盖北美、亚洲和欧洲主要银行和研究公司的股票、大宗商品和经济研究。研究提供商可以在这里联系我们：https://www.mtnewswires.com/contact-us）</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"mtnewswires_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley Adjusts Price Target on Plug Power to $1.20 From $1.65, Keeps Underweight Rating<blockquote>摩根士丹利将普拉格能源目标价从 1.65 美元调整至 1.20 美元，维持跑输大盘评级</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley Adjusts Price Target on Plug Power to $1.20 From $1.65, Keeps Underweight Rating<blockquote>摩根士丹利将普拉格能源目标价从 1.65 美元调整至 1.20 美元，维持跑输大盘评级</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1092851196\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">MT Newswires Live </p>\n<p class=\"h-time smaller\">2026-10-14 20:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body> Plug Power (PLUG) has an average rating of hold and mean price target of $3.41, according to analysts polled by FactSet.</p><p><blockquote><html><body>FactSet 调查的分析师表示，普拉格能源 (PLUG) 的平均评级为持有，平均目标价为 3.41 美元。</body></html></blockquote></p><p>(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)</p><p><blockquote>（MT Newswires 涵盖北美、亚洲和欧洲主要银行和研究公司的股票、大宗商品和经济研究。研究提供商可以在这里联系我们：https://www.mtnewswires.com/contact-us）</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","PLUL":"Leverage Shares 2X Long PLUG Daily ETF","PLUG":"普拉格能源","BK4541":"氢能源","LU1548497426.USD":"安联环球人工智能AT Acc","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4096":"电气部件与设备","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","BK4588":"碎股","LU0823414478.USD":"法巴经典能源转换基金","BK4585":"ETF&股票定投概念"},"source_url":"https://www.mtnewswires.com/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2675434482","content_text":"Plug Power (PLUG) has an average rating of hold and mean price target of $3.41, according to analysts polled by FactSet.(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)","news_type":1,"symbols_score_info":{"PLUL":0.6,"PLUG":1.91}},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606583902184736,"gmtCreate":1789115361269,"gmtModify":1789115363498,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 终于来了跟放量的阳线。","listText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 终于来了跟放量的阳线。","text":"$云迹(02670)$ 终于来了跟放量的阳线。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606583902184736","isVote":1,"tweetType":1,"viewCount":992,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606102262395816,"gmtCreate":1789011173290,"gmtModify":1789011175208,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"那为啥跌成这样","listText":"那为啥跌成这样","text":"那为啥跌成这样","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606102262395816","repostId":"606075773126040","repostType":1,"repost":{"id":606075773126040,"gmtCreate":1789004775961,"gmtModify":1789004779436,"author":{"id":"4232514960896280","authorId":"4232514960896280","name":"王五仕","avatar":"https://static.tigerbbs.com/e3a9fb7016e010d309e1b761f8fec532","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4232514960896280","idStr":"4232514960896280"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a>纳入港股通的时间点其实挺巧的，正好赶上港股市场情绪回暖。天时地利都有，就差业绩催化了","listText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a>纳入港股通的时间点其实挺巧的，正好赶上港股市场情绪回暖。天时地利都有，就差业绩催化了","text":"$云迹(02670)$纳入港股通的时间点其实挺巧的，正好赶上港股市场情绪回暖。天时地利都有，就差业绩催化了","images":[{"img":"https://static.tigerbbs.com/1e1c1940a215cac43dce3c8391dfcff9","width":"524","height":"420"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606075773126040","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605116778816920,"gmtCreate":1788770646491,"gmtModify":1788770648640,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 入通了，就这？","listText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 入通了，就这？","text":"$云迹(02670)$ 入通了，就这？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605116778816920","isVote":1,"tweetType":1,"viewCount":669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603708187137008,"gmtCreate":1788426696140,"gmtModify":1788426698293,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 什么时候回购啊","listText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 什么时候回购啊","text":"$泡泡玛特(09992)$ 什么时候回购啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603708187137008","isVote":1,"tweetType":1,"viewCount":750,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603681018004384,"gmtCreate":1788420047590,"gmtModify":1788420049548,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 3.5万的成交量就拉跌14个点？为啥啊","listText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 3.5万的成交量就拉跌14个点？为啥啊","text":"$云迹(02670)$ 3.5万的成交量就拉跌14个点？为啥啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603681018004384","isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":596802018435184,"gmtCreate":1786721053412,"gmtModify":1786721055740,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"骗我们太多次了。","listText":"骗我们太多次了。","text":"骗我们太多次了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596802018435184","repostId":"1165744380","repostType":2,"repost":{"id":"1165744380","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1786682145,"share":"https://www.laohunote.com/m/news/1165744380?lang=zh_CN&edition=full","pubTime":"2026-08-14 12:35","market":"us","language":"zh","title":"市场消息：苹果告别纯“借力”，携手阿里训练中国市场专属大模型","url":"https://stock-news.laohu8.com/highlight/detail?id=1165744380","media":"老虎资讯综合","summary":"此前从未有报道称苹果公司正在训练其专为中国市场设计的模型。苹果和阿里巴巴均未回应置评请求。知情人士透露，苹果公司的人工智能工具套件 Apple Intelligence 预计将在未来几个月内，随着 iOS 操作系统的更新在中国推出。这将使苹果成为第一家获得批准在中国提供自主研发人工智能模型的外国公司。","content":"<html><head></head><body><p>8月14日，据路透援引三名知情人士透露，苹果已针对中国市场训练了一款大语言模型。这一做法与其此前在中国市场主要依赖第三方模型为AI功能提供支持的策略有所不同。</p><p>知情人士称，这款AI模型由苹果与阿里巴巴合作开发，并在后者的支持下完成训练。苹果训练中国专属AI模型的消息此前从未被报道。此前，苹果更倾向于依靠中国本土合作伙伴提供的模型，为在中国销售的iPhone及其他设备引入生成式AI功能。</p><p>苹果和阿里巴巴均未回应媒体置评请求。知情人士称，苹果的AI工具套件Apple Intelligence预计将在iOS操作系统更新后，于未来几个月在中国推出。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>市场消息：苹果告别纯“借力”，携手阿里训练中国市场专属大模型</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n市场消息：苹果告别纯“借力”，携手阿里训练中国市场专属大模型\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-08-14 12:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>8月14日，据路透援引三名知情人士透露，苹果已针对中国市场训练了一款大语言模型。这一做法与其此前在中国市场主要依赖第三方模型为AI功能提供支持的策略有所不同。</p><p>知情人士称，这款AI模型由苹果与阿里巴巴合作开发，并在后者的支持下完成训练。苹果训练中国专属AI模型的消息此前从未被报道。此前，苹果更倾向于依靠中国本土合作伙伴提供的模型，为在中国销售的iPhone及其他设备引入生成式AI功能。</p><p>苹果和阿里巴巴均未回应媒体置评请求。知情人士称，苹果的AI工具套件Apple Intelligence预计将在iOS操作系统更新后，于未来几个月在中国推出。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8bf4565bc4c9ea6e0ff587a10365663","relate_stocks":{"09988":"阿里巴巴-W","AAPY":"AAPL收益溢价策略ETF-Kurv","APLY":"AAPL期权收益策略ETF-YieldMax","KBAB":"2倍做多BABA ETF-KraneShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BABO":"BABA期权收益策略ETF-YieldMax","BBYY":"GraniteShares YieldBOOST BABA ETF","AAPW":"AAPL周配息ETF-Roundhill","BABX":"2倍做多BABA ETF-GraniteShares","AAPB":"2倍做多AAPL ETF-GraniteShares","BABA":"阿里巴巴","AAPL":"苹果","BABU":"Direxion Daily BABA Bull 2X ETF","AAPX":"2倍做多Apple ETF-T-Rex","AAPU":"2倍做多AAPL ETF-Direxion","AAPD":"1倍做空AAPL ETF-Direxion","BABW":"Roundhill BABA WeeklyPay ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165744380","content_text":"8月14日，据路透援引三名知情人士透露，苹果已针对中国市场训练了一款大语言模型。这一做法与其此前在中国市场主要依赖第三方模型为AI功能提供支持的策略有所不同。知情人士称，这款AI模型由苹果与阿里巴巴合作开发，并在后者的支持下完成训练。苹果训练中国专属AI模型的消息此前从未被报道。此前，苹果更倾向于依靠中国本土合作伙伴提供的模型，为在中国销售的iPhone及其他设备引入生成式AI功能。苹果和阿里巴巴均未回应媒体置评请求。知情人士称，苹果的AI工具套件Apple Intelligence预计将在iOS操作系统更新后，于未来几个月在中国推出。","news_type":1,"symbols_score_info":{"AAPL":1,"AAPD":0.6,"AAPX":0.6,"BABW":0.6,"KBAB":0.6,"BBYY":0.6,"AAPB":0.6,"AAPE":0.6,"09988":1,"AAPW":0.6,"AAPY":0.6,"BABA":1,"BABX":0.6,"BABO":0.6,"BABU":0.6,"APLY":0.6,"AAPU":0.6}},"isVote":1,"tweetType":1,"viewCount":1669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":581481987163592,"gmtCreate":1782994885288,"gmtModify":1782994887352,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NFLX\">$奈飞(NFLX)$&nbsp;</a> 又减持","listText":"<a href=\"https://laohu8.com/S/NFLX\">$奈飞(NFLX)$&nbsp;</a> 又减持","text":"$奈飞(NFLX)$ 又减持","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/581481987163592","isVote":1,"tweetType":1,"viewCount":1504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":581335735169736,"gmtCreate":1782957761246,"gmtModify":1782957763075,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 这是主力出逃了吗？","listText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 这是主力出逃了吗？","text":"$云迹(02670)$ 这是主力出逃了吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/581335735169736","isVote":1,"tweetType":1,"viewCount":894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":578897649168448,"gmtCreate":1782341588684,"gmtModify":1782351439949,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TCOM\">$携程网(TCOM)$&nbsp;</a> 赶紧回购吧","listText":"<a href=\"https://laohu8.com/S/TCOM\">$携程网(TCOM)$&nbsp;</a> 赶紧回购吧","text":"$携程网(TCOM)$ 赶紧回购吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/578897649168448","isVote":1,"tweetType":1,"viewCount":1603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":576092139346488,"gmtCreate":1781661449584,"gmtModify":1781662298288,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 咋回事啊？回购拉不起来股价了？","listText":"<a href=\"https://laohu8.com/S/02670\">$云迹(02670)$</a> 咋回事啊？回购拉不起来股价了？","text":"$云迹(02670)$ 咋回事啊？回购拉不起来股价了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/576092139346488","isVote":1,"tweetType":1,"viewCount":977,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":572876552792512,"gmtCreate":1780884845880,"gmtModify":1780884855312,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 一切都是假象吗？之前是为了拉入港股通而拉升的股价？","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 一切都是假象吗？之前是为了拉入港股通而拉升的股价？","text":"$海致科技集团(02706)$ 一切都是假象吗？之前是为了拉入港股通而拉升的股价？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/572876552792512","isVote":1,"tweetType":1,"viewCount":1026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":570836538335456,"gmtCreate":1780366851989,"gmtModify":1780368351999,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NFLX\">$奈飞(NFLX)$&nbsp;</a> 说好的回购呢","listText":"<a href=\"https://laohu8.com/S/NFLX\">$奈飞(NFLX)$&nbsp;</a> 说好的回购呢","text":"$奈飞(NFLX)$ 说好的回购呢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/570836538335456","isVote":1,"tweetType":1,"viewCount":964,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":563630990095688,"gmtCreate":1778639554849,"gmtModify":1778639556653,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 美股昨晚涨那么多，为啥港股上来就跌？","listText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 美股昨晚涨那么多，为啥港股上来就跌？","text":"$泡泡玛特(09992)$ 美股昨晚涨那么多，为啥港股上来就跌？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/563630990095688","isVote":1,"tweetType":1,"viewCount":2376,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4205501215595162","authorId":"4205501215595162","name":"云中孤身","avatar":"https://static.tigerbbs.com/d8d9162359de9e28ddbe5ab8177dd2d3","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"4205501215595162","idStr":"4205501215595162"},"content":"是啊财报也还可以，奇怪了","text":"是啊财报也还可以，奇怪了","html":"是啊财报也还可以，奇怪了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":557966098211600,"gmtCreate":1777253968960,"gmtModify":1777253971088,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 又开始竞价挂单大涨然后撤单，开盘就是跌了","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 又开始竞价挂单大涨然后撤单，开盘就是跌了","text":"$海致科技集团(02706)$ 又开始竞价挂单大涨然后撤单，开盘就是跌了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/557966098211600","isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4223518393511272","authorId":"4223518393511272","name":"低调的糖飞","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4223518393511272","idStr":"4223518393511272"},"content":"天天这样跌。何时是个头啊","text":"天天这样跌。何时是个头啊","html":"天天这样跌。何时是个头啊"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":556223883851456,"gmtCreate":1776825364001,"gmtModify":1776825366073,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 主力，你别放弃海致啊。","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 主力，你别放弃海致啊。","text":"$海致科技集团(02706)$ 主力，你别放弃海致啊。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/556223883851456","isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":549194053780736,"gmtCreate":1775102418027,"gmtModify":1775104861104,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 智谱收入7.24亿，亏损47.18亿，经调整后亏损31.82亿；海致收入6.21亿，亏损2.05亿，经调整后净利2415万。一个涨上天，一个跌到地狱。","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 智谱收入7.24亿，亏损47.18亿，经调整后亏损31.82亿；海致收入6.21亿，亏损2.05亿，经调整后净利2415万。一个涨上天，一个跌到地狱。","text":"$海致科技集团(02706)$ 智谱收入7.24亿，亏损47.18亿，经调整后亏损31.82亿；海致收入6.21亿，亏损2.05亿，经调整后净利2415万。一个涨上天，一个跌到地狱。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/549194053780736","isVote":1,"tweetType":1,"viewCount":3849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":549159251617984,"gmtCreate":1775093993131,"gmtModify":1775093995065,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 人家涨你跌，人家跌你还跌。","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 人家涨你跌，人家跌你还跌。","text":"$海致科技集团(02706)$ 人家涨你跌，人家跌你还跌。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/549159251617984","isVote":1,"tweetType":1,"viewCount":1713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":548181521074200,"gmtCreate":1774856937082,"gmtModify":1774856938974,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 连横盘震荡都懒得震，直接这样每天破新低的跌，合适吗？","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 连横盘震荡都懒得震，直接这样每天破新低的跌，合适吗？","text":"$海致科技集团(02706)$ 连横盘震荡都懒得震，直接这样每天破新低的跌，合适吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/548181521074200","isVote":1,"tweetType":1,"viewCount":2840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":548166166877152,"gmtCreate":1774853115326,"gmtModify":1774853117945,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"我就想知道为啥别的ai都涨，就海致头也不回的一直跌","listText":"我就想知道为啥别的ai都涨，就海致头也不回的一直跌","text":"我就想知道为啥别的ai都涨，就海致头也不回的一直跌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/548166166877152","repostId":"2623536395","repostType":2,"repost":{"id":"2623536395","kind":"news","pubTimestamp":1774846500,"share":"https://www.laohunote.com/m/news/2623536395?lang=zh_CN&edition=full","pubTime":"2026-03-30 12:55","market":"hk","language":"zh","title":"海致科技（02706）2025年报： 从图谱到智能体，收入结构反转倒计时","url":"https://stock-news.laohu8.com/highlight/detail?id=2623536395","media":"智通财经","summary":"上市44天，海致科技迎来了第一次大考。核心增长引擎Atlas智能体收入1.46亿元，同比激增68.4%。年报还披露，有5名客户自智能体产品推出以来持续复购。2025年末图谱客户172家，其中仅约20家转化为智能体客户，转化率约12%。如果转化率提升至30-40%，智能体增长将获得额外的内生动力，反转时间表可能进一步提前。截至2026年2月28日，公司账面现金及金融资产合计超过10亿元。2025年研发费用同比增长64.6%至约1亿元，增幅远超收入增速。","content":"<html><body><p>上市44天，海致科技（02706）迎来了第一次大考。</p><p>2026年2月13日<a href=\"https://laohu8.com/S/00388\">港交所</a>挂牌，首日暴涨246%，公开发售超购5065倍——市场对海致科技的“抢筹”，押的不是一家图数据库公司，而是一个“图模融合”驱动的AI智能体增长逻辑。</p><p>3月27日，公司交出上市后首份年报。总收入6.21亿元，同比增长23.4%；经调整净利润2415万元，同比增长42.6%。核心增长引擎Atlas智能体收入1.46亿元，同比激增68.4%。</p><p>市面上已有分析谈到“增速68.4%，第二增长曲线确立”。本文则试图用更精确的数字拆解，回答三个问题：这条曲线的质量如何？离真正改变公司收入结构还有多远？投资者应该盯住哪些指标来持续验证？</p><p>把两条业务线摆在一起看</p><p>海致科技的收入由两大板块构成——Atlas图谱解决方案（核心基本盘）和Atlas智能体解决方案（第二增长曲线）。2025年的全量数据如下：</p><p><img src=\"https://img.zhitongcaijing.com/image/20260330/1774847804558011.png?x-oss-process=image/format,jpg/quality,q_40\" title=\"1774847804558011.png\"/></p><p>增速的差异一目了然，但更值得咀嚼的是几个容易被忽略的细节。</p><p>智能体客单价360万，比图谱高出近30%。 这说明客户不是在“试水”，而是在“下注”，360万的采购决策在任何一家大型机构都需要走多层审批，能卖出这个价，意味着产品已经进入了客户的核心业务流程。更重要的是，这类大额采购往往并非零散的部门级需求，而是被客户管理层定位为企业智能化转型的核心战略级 AI 建设投入，相较于常规的工具型软件采购，战略级项目对应的长期预算规划更为充足，后续全场景落地、功能迭代升级的可拓展预算空间也将更为广阔。</p><p>智能体毛利率53.2%，高出图谱约14个百分点。 在To B软件行业，毛利率是衡量产品化程度的硬标尺。项目制公司通常在20-30%，能做到50%以上意味着标准化程度高、定制开发少、技术复用强。智能体53%的毛利率直接拉动公司整体毛利率从36.3%跃升至43.3%，一年提升7个百分点，在To B领域极其少见。</p><p>不过，真正让人眼前一亮的数字藏在客户结构里：50%的智能体客户是从图谱老客户转化而来的。</p><p>这个数字的重要性怎么强调都不为过。它意味着海致走通了一条“先卖基础设施、再卖上层应用”的客户升级路径——已经部署了图数据库和知识图谱的客户，天然具备向智能体进化的技术底座和数据资产，获客成本大幅降低，交付效率显著提高。年报还披露，有5名客户自智能体产品推出以来持续复购。在企业级市场，“第一单”也许靠偶然，“第二单”只能靠产品。能让客户掏两次钱，才是真正的商业验证。</p><p>反转倒计时：智能体什么时候能挑大梁？</p><p>确认了曲线的质量，下一个问题自然浮出水面：按照这个速度，智能体什么时候能超过图谱，成为公司的第一大业务？</p><p>目前的比例是77:23，差距超过3倍。我们做了三组情景推演：</p><p><strong>乐观情景：智能体维持6</strong><strong>5</strong><strong>%增速，图谱维持15%增速</strong></p><p><strong><img src=\"https://img.zhitongcaijing.com/image/20260330/1774847825430121.png?x-oss-process=image/format,jpg/quality,q_60\" title=\"1774847825430121.png\"/></strong></p><p>乐观情景下，2028年智能体收入占比接近一半；2029年智能体反超图谱。</p><p><strong>基准情景：智能体增速逐年放缓至40%，图谱维持12%增速</strong></p><p><strong><img src=\"https://img.zhitongcaijing.com/image/20260330/1774847855855692.png?x-oss-process=image/format,jpg/quality,q_60\" title=\"1774847855855692.png\"/></strong></p><p>基准情景下，2030年占比逼近45%，完全反转在2030-2031年。</p><p><strong>保守情景：智能体增速降至30%，图谱增速10%</strong></p><p><strong><img src=\"https://img.zhitongcaijing.com/image/20260330/1774847867691137.png?x-oss-process=image/format,jpg/quality,q_60\" title=\"1774847867691137.png\"/></strong></p><p><strong>即便在最保守的假设下，智能体占比也将在2030年突破40%。</strong></p><p><strong>三组情景指向同一个结论：收入结构反转是方向性确定的，分歧只在于3年还是5年。</strong></p><p>而且，推演中还有一个尚未计入的加速因子——图谱客户的存量转化空间。2025年末图谱客户172家，其中仅约20家转化为智能体客户，转化率约12%。另外150多家客户构成了一个庞大的“待转化蓄水池”。如果转化率提升至30-40%，智能体增长将获得额外的内生动力，反转时间表可能进一步提前。</p><p>10亿现金在手，下一步棋怎么走？</p><p>增长需要弹药。这方面海致目前不缺。</p><p>截至2026年2月28日，公司账面现金及金融资产合计超过10亿元。对于一家年营收6.2亿的公司，这意味着手上握着约1.6年收入体量的储备——在AI行业普遍\"缺钱找钱\"的大环境下，这个家底相当扎实。弹药主要来自IPO募资（净额约6.55亿港元）和存量经营积累。</p><p>从年报释放的信号来看，管理层的花钱优先级很清晰：</p><p>第一，研发先行。 2025年研发费用同比增长64.6%至约1亿元，增幅远超收入增速。公司牵头承担了国家级重大项目，聚焦新一代多模数据库关键技术攻关，同时作为唯一牵头方入选北京市重点项目。AtlasGraph图数据库新版本在时序图、数据生命周期管理等数十项功能上实现重要增强，GraphRAG技术也升级了对结构化及半结构化文本的解析能力。研发是在为下一代产品蓄力。</p><p>第二，开疆拓土。 公司的行业版图正在从金融和公共安全两个大本营向外延伸。年报中出现了几个新面孔：为粤港澳大湾区某无人空间管理中心构建无人设备图本体模型，覆盖无人机、无人船、无人车；为某城市交通<a href=\"https://laohu8.com/S/600820\">隧道</a>公司部署路网运行分析智能体和基建养护智能体；某大型国有电信运营商连续三年复购，从图数据库扩展至GraphAgent等生态工具。高端制造、医疗健康、智能矿业也被列入了下一步重点方向。</p><p>第三，试探出海。 公司已为某海外非银<a href=\"https://laohu8.com/S/FISI\">金融机构</a>落地了包含大模型一体机在内的智能体应用平台，并明确表态要依托香港上市平台探索东南亚市场。海外收入目前体量尚小，但港股的身份天然为国际化资本运作打开了一扇门。</p><p>与此同时，经营效率也在改善。剔除上市费用后，经营现金流净流出从2024年的3850万元收窄至2025年的3020万元。</p><p>护城河：为什么别人很难复制？</p><p>市场不缺AI公司，也不缺喊“智能体”口号的玩家。海致凭什么守住自己的地盘？</p><p>先看一个定位数据：根据弗若斯特沙利文，按2024年收入计，海致在<a href=\"https://laohu8.com/S/08111\">中国产业</a>级AI智能体提供商中排名第五——前面是<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/BABA\">阿里</a>、华为级别的巨头。但在“以图为核心的AI智能体提供商”这个细分赛道上，海致排名第一，市场份额超过50%。</p><p>这个差异揭示了海致的竞争策略：不和大厂在通用大模型上正面对撞，而是卡住图模融合这个交叉地带，做细分市场的绝对头部。</p><p>这个卡位在目前看，有三层东西是竞争对手短期内难以复制的。</p><p>首先是底层技术。 AtlasGraph图数据库在2023年LDBC国际测试中以高于此前纪录45%的优势打破世界纪录，综合性能排名第一。图数据库是开发周期长、工程复杂度高的底层基础设施，不是砸钱就能速成的。2025年新版本继续拉大差距。</p><p>其次是行业沉淀。 服务超400家客户，覆盖100+行业场景，最具分量的战绩是在六家大型国有商业银行中的四家都完成了图数据库的国产替代——这些知识本体、数据治理经验和行业方法论沉淀在交付过程中，是真正的隐性壁垒。</p><p>再次是商业飞轮。 “图谱→智能体”的升级路径已经跑通，50%客户转化率和持续复购构成了正向循环。纯大模型公司没有图谱的客户基础和数据底座，纯数据库公司没有上层智能体的应用能力，能同时打通全栈的玩家极少。</p><p>当然也要看到风险。<a href=\"https://laohu8.com/S/MSFT\">微软</a>已经发布了GraphRAG框架，主流大模型厂商都在增强图计算能力。如果通用工具的图谱能力大幅提升，可能压缩海致的技术差异化空间。但在可预见的2-3年内，通用框架在能源电网调度、金融资金监管、高端制造等专业领域知识多、安全要求极高的场景中达到海致的行业深度，几乎不可能。</p><p>市场将如何定价？关注这五个数字</p><p>回到最初的问题——5065倍超购背后的预期，这份年报兑现了多少？</p><p>方向验证了。 图模融合的技术路线在产业端跑通了商业闭环，“先卖图谱、再卖智能体”的客户升级路径有50%的转化率和实打实的复购订单支撑。</p><p>节奏是稳的。 23.4%的收入增速、43.3%的毛利率、2415万经调整净利润——在AI行业普遍增收不增利的背景下，海致交出了一份增长与利润兼顾的答卷。连续两年持续盈利，在同赛道中是稀缺属性。</p><p>想象空间在于收入结构的演进。智能体从23%起步，未来3-5年有望成为第一大业务。10亿现金的弹药储备、研发投入的持续加码、新行业和海外市场的拓展，为增长曲线提供了向上弹性。</p><p>至于这个逻辑能不能继续延续下去，接下来的每一份财报都是验证。建议长期跟踪五个核心指标：智能体收入增速、智能体客户数从40家向外扩展的速度、整体毛利率能否持续向50%靠近？经营现金流何时转正？海外收入何时进一步突破？</p><p>一家在AI智能体赛道里能盈利、有壁垒、被客户反复买单的公司，投资者值得给它一点时间。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>海致科技（02706）2025年报： 从图谱到智能体，收入结构反转倒计时</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n海致科技（02706）2025年报： 从图谱到智能体，收入结构反转倒计时\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-30 12:55 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1421610.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>上市44天，海致科技（02706）迎来了第一次大考。2026年2月13日港交所挂牌，首日暴涨246%，公开发售超购5065倍——市场对海致科技的“抢筹”，押的不是一家图数据库公司，而是一个“图模融合”驱动的AI智能体增长逻辑。3月27日，公司交出上市后首份年报。总收入6.21亿元，同比增长23.4%；经调整净利润2415万元，同比增长42.6%。核心增长引擎Atlas智能体收入1.46亿元，同比...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1421610.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"02706":"海致科技集团","BK1117":"系统软件"},"source_url":"http://www.zhitongcaijing.com/content/detail/1421610.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2623536395","content_text":"上市44天，海致科技（02706）迎来了第一次大考。2026年2月13日港交所挂牌，首日暴涨246%，公开发售超购5065倍——市场对海致科技的“抢筹”，押的不是一家图数据库公司，而是一个“图模融合”驱动的AI智能体增长逻辑。3月27日，公司交出上市后首份年报。总收入6.21亿元，同比增长23.4%；经调整净利润2415万元，同比增长42.6%。核心增长引擎Atlas智能体收入1.46亿元，同比激增68.4%。市面上已有分析谈到“增速68.4%，第二增长曲线确立”。本文则试图用更精确的数字拆解，回答三个问题：这条曲线的质量如何？离真正改变公司收入结构还有多远？投资者应该盯住哪些指标来持续验证？把两条业务线摆在一起看海致科技的收入由两大板块构成——Atlas图谱解决方案（核心基本盘）和Atlas智能体解决方案（第二增长曲线）。2025年的全量数据如下：增速的差异一目了然，但更值得咀嚼的是几个容易被忽略的细节。智能体客单价360万，比图谱高出近30%。 这说明客户不是在“试水”，而是在“下注”，360万的采购决策在任何一家大型机构都需要走多层审批，能卖出这个价，意味着产品已经进入了客户的核心业务流程。更重要的是，这类大额采购往往并非零散的部门级需求，而是被客户管理层定位为企业智能化转型的核心战略级 AI 建设投入，相较于常规的工具型软件采购，战略级项目对应的长期预算规划更为充足，后续全场景落地、功能迭代升级的可拓展预算空间也将更为广阔。智能体毛利率53.2%，高出图谱约14个百分点。 在To B软件行业，毛利率是衡量产品化程度的硬标尺。项目制公司通常在20-30%，能做到50%以上意味着标准化程度高、定制开发少、技术复用强。智能体53%的毛利率直接拉动公司整体毛利率从36.3%跃升至43.3%，一年提升7个百分点，在To B领域极其少见。不过，真正让人眼前一亮的数字藏在客户结构里：50%的智能体客户是从图谱老客户转化而来的。这个数字的重要性怎么强调都不为过。它意味着海致走通了一条“先卖基础设施、再卖上层应用”的客户升级路径——已经部署了图数据库和知识图谱的客户，天然具备向智能体进化的技术底座和数据资产，获客成本大幅降低，交付效率显著提高。年报还披露，有5名客户自智能体产品推出以来持续复购。在企业级市场，“第一单”也许靠偶然，“第二单”只能靠产品。能让客户掏两次钱，才是真正的商业验证。反转倒计时：智能体什么时候能挑大梁？确认了曲线的质量，下一个问题自然浮出水面：按照这个速度，智能体什么时候能超过图谱，成为公司的第一大业务？目前的比例是77:23，差距超过3倍。我们做了三组情景推演：乐观情景：智能体维持65%增速，图谱维持15%增速乐观情景下，2028年智能体收入占比接近一半；2029年智能体反超图谱。基准情景：智能体增速逐年放缓至40%，图谱维持12%增速基准情景下，2030年占比逼近45%，完全反转在2030-2031年。保守情景：智能体增速降至30%，图谱增速10%即便在最保守的假设下，智能体占比也将在2030年突破40%。三组情景指向同一个结论：收入结构反转是方向性确定的，分歧只在于3年还是5年。而且，推演中还有一个尚未计入的加速因子——图谱客户的存量转化空间。2025年末图谱客户172家，其中仅约20家转化为智能体客户，转化率约12%。另外150多家客户构成了一个庞大的“待转化蓄水池”。如果转化率提升至30-40%，智能体增长将获得额外的内生动力，反转时间表可能进一步提前。10亿现金在手，下一步棋怎么走？增长需要弹药。这方面海致目前不缺。截至2026年2月28日，公司账面现金及金融资产合计超过10亿元。对于一家年营收6.2亿的公司，这意味着手上握着约1.6年收入体量的储备——在AI行业普遍\"缺钱找钱\"的大环境下，这个家底相当扎实。弹药主要来自IPO募资（净额约6.55亿港元）和存量经营积累。从年报释放的信号来看，管理层的花钱优先级很清晰：第一，研发先行。 2025年研发费用同比增长64.6%至约1亿元，增幅远超收入增速。公司牵头承担了国家级重大项目，聚焦新一代多模数据库关键技术攻关，同时作为唯一牵头方入选北京市重点项目。AtlasGraph图数据库新版本在时序图、数据生命周期管理等数十项功能上实现重要增强，GraphRAG技术也升级了对结构化及半结构化文本的解析能力。研发是在为下一代产品蓄力。第二，开疆拓土。 公司的行业版图正在从金融和公共安全两个大本营向外延伸。年报中出现了几个新面孔：为粤港澳大湾区某无人空间管理中心构建无人设备图本体模型，覆盖无人机、无人船、无人车；为某城市交通隧道公司部署路网运行分析智能体和基建养护智能体；某大型国有电信运营商连续三年复购，从图数据库扩展至GraphAgent等生态工具。高端制造、医疗健康、智能矿业也被列入了下一步重点方向。第三，试探出海。 公司已为某海外非银金融机构落地了包含大模型一体机在内的智能体应用平台，并明确表态要依托香港上市平台探索东南亚市场。海外收入目前体量尚小，但港股的身份天然为国际化资本运作打开了一扇门。与此同时，经营效率也在改善。剔除上市费用后，经营现金流净流出从2024年的3850万元收窄至2025年的3020万元。护城河：为什么别人很难复制？市场不缺AI公司，也不缺喊“智能体”口号的玩家。海致凭什么守住自己的地盘？先看一个定位数据：根据弗若斯特沙利文，按2024年收入计，海致在中国产业级AI智能体提供商中排名第五——前面是百度、阿里、华为级别的巨头。但在“以图为核心的AI智能体提供商”这个细分赛道上，海致排名第一，市场份额超过50%。这个差异揭示了海致的竞争策略：不和大厂在通用大模型上正面对撞，而是卡住图模融合这个交叉地带，做细分市场的绝对头部。这个卡位在目前看，有三层东西是竞争对手短期内难以复制的。首先是底层技术。 AtlasGraph图数据库在2023年LDBC国际测试中以高于此前纪录45%的优势打破世界纪录，综合性能排名第一。图数据库是开发周期长、工程复杂度高的底层基础设施，不是砸钱就能速成的。2025年新版本继续拉大差距。其次是行业沉淀。 服务超400家客户，覆盖100+行业场景，最具分量的战绩是在六家大型国有商业银行中的四家都完成了图数据库的国产替代——这些知识本体、数据治理经验和行业方法论沉淀在交付过程中，是真正的隐性壁垒。再次是商业飞轮。 “图谱→智能体”的升级路径已经跑通，50%客户转化率和持续复购构成了正向循环。纯大模型公司没有图谱的客户基础和数据底座，纯数据库公司没有上层智能体的应用能力，能同时打通全栈的玩家极少。当然也要看到风险。微软已经发布了GraphRAG框架，主流大模型厂商都在增强图计算能力。如果通用工具的图谱能力大幅提升，可能压缩海致的技术差异化空间。但在可预见的2-3年内，通用框架在能源电网调度、金融资金监管、高端制造等专业领域知识多、安全要求极高的场景中达到海致的行业深度，几乎不可能。市场将如何定价？关注这五个数字回到最初的问题——5065倍超购背后的预期，这份年报兑现了多少？方向验证了。 图模融合的技术路线在产业端跑通了商业闭环，“先卖图谱、再卖智能体”的客户升级路径有50%的转化率和实打实的复购订单支撑。节奏是稳的。 23.4%的收入增速、43.3%的毛利率、2415万经调整净利润——在AI行业普遍增收不增利的背景下，海致交出了一份增长与利润兼顾的答卷。连续两年持续盈利，在同赛道中是稀缺属性。想象空间在于收入结构的演进。智能体从23%起步，未来3-5年有望成为第一大业务。10亿现金的弹药储备、研发投入的持续加码、新行业和海外市场的拓展，为增长曲线提供了向上弹性。至于这个逻辑能不能继续延续下去，接下来的每一份财报都是验证。建议长期跟踪五个核心指标：智能体收入增速、智能体客户数从40家向外扩展的速度、整体毛利率能否持续向50%靠近？经营现金流何时转正？海外收入何时进一步突破？一家在AI智能体赛道里能盈利、有壁垒、被客户反复买单的公司，投资者值得给它一点时间。","news_type":1,"symbols_score_info":{"02706":1.5}},"isVote":1,"tweetType":1,"viewCount":1451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":557966098211600,"gmtCreate":1777253968960,"gmtModify":1777253971088,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 又开始竞价挂单大涨然后撤单，开盘就是跌了","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 又开始竞价挂单大涨然后撤单，开盘就是跌了","text":"$海致科技集团(02706)$ 又开始竞价挂单大涨然后撤单，开盘就是跌了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/557966098211600","isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4223518393511272","authorId":"4223518393511272","name":"低调的糖飞","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4223518393511272","idStr":"4223518393511272"},"content":"天天这样跌。何时是个头啊","text":"天天这样跌。何时是个头啊","html":"天天这样跌。何时是个头啊"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":549194053780736,"gmtCreate":1775102418027,"gmtModify":1775104861104,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 智谱收入7.24亿，亏损47.18亿，经调整后亏损31.82亿；海致收入6.21亿，亏损2.05亿，经调整后净利2415万。一个涨上天，一个跌到地狱。","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 智谱收入7.24亿，亏损47.18亿，经调整后亏损31.82亿；海致收入6.21亿，亏损2.05亿，经调整后净利2415万。一个涨上天，一个跌到地狱。","text":"$海致科技集团(02706)$ 智谱收入7.24亿，亏损47.18亿，经调整后亏损31.82亿；海致收入6.21亿，亏损2.05亿，经调整后净利2415万。一个涨上天，一个跌到地狱。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/549194053780736","isVote":1,"tweetType":1,"viewCount":3849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":563630990095688,"gmtCreate":1778639554849,"gmtModify":1778639556653,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 美股昨晚涨那么多，为啥港股上来就跌？","listText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 美股昨晚涨那么多，为啥港股上来就跌？","text":"$泡泡玛特(09992)$ 美股昨晚涨那么多，为啥港股上来就跌？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/563630990095688","isVote":1,"tweetType":1,"viewCount":2376,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4205501215595162","authorId":"4205501215595162","name":"云中孤身","avatar":"https://static.tigerbbs.com/d8d9162359de9e28ddbe5ab8177dd2d3","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"4205501215595162","idStr":"4205501215595162"},"content":"是啊财报也还可以，奇怪了","text":"是啊财报也还可以，奇怪了","html":"是啊财报也还可以，奇怪了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":548181521074200,"gmtCreate":1774856937082,"gmtModify":1774856938974,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 连横盘震荡都懒得震，直接这样每天破新低的跌，合适吗？","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 连横盘震荡都懒得震，直接这样每天破新低的跌，合适吗？","text":"$海致科技集团(02706)$ 连横盘震荡都懒得震，直接这样每天破新低的跌，合适吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/548181521074200","isVote":1,"tweetType":1,"viewCount":2840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":572876552792512,"gmtCreate":1780884845880,"gmtModify":1780884855312,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 一切都是假象吗？之前是为了拉入港股通而拉升的股价？","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 一切都是假象吗？之前是为了拉入港股通而拉升的股价？","text":"$海致科技集团(02706)$ 一切都是假象吗？之前是为了拉入港股通而拉升的股价？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/572876552792512","isVote":1,"tweetType":1,"viewCount":1026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":549159251617984,"gmtCreate":1775093993131,"gmtModify":1775093995065,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 人家涨你跌，人家跌你还跌。","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 人家涨你跌，人家跌你还跌。","text":"$海致科技集团(02706)$ 人家涨你跌，人家跌你还跌。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/549159251617984","isVote":1,"tweetType":1,"viewCount":1713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":570836538335456,"gmtCreate":1780366851989,"gmtModify":1780368351999,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NFLX\">$奈飞(NFLX)$&nbsp;</a> 说好的回购呢","listText":"<a href=\"https://laohu8.com/S/NFLX\">$奈飞(NFLX)$&nbsp;</a> 说好的回购呢","text":"$奈飞(NFLX)$ 说好的回购呢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/570836538335456","isVote":1,"tweetType":1,"viewCount":964,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":556223883851456,"gmtCreate":1776825364001,"gmtModify":1776825366073,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 主力，你别放弃海致啊。","listText":"<a href=\"https://laohu8.com/S/02706\">$海致科技集团(02706)$</a> 主力，你别放弃海致啊。","text":"$海致科技集团(02706)$ 主力，你别放弃海致啊。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/556223883851456","isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":548166166877152,"gmtCreate":1774853115326,"gmtModify":1774853117945,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"我就想知道为啥别的ai都涨，就海致头也不回的一直跌","listText":"我就想知道为啥别的ai都涨，就海致头也不回的一直跌","text":"我就想知道为啥别的ai都涨，就海致头也不回的一直跌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/548166166877152","repostId":"2623536395","repostType":2,"repost":{"id":"2623536395","kind":"news","pubTimestamp":1774846500,"share":"https://www.laohunote.com/m/news/2623536395?lang=zh_CN&edition=full","pubTime":"2026-03-30 12:55","market":"hk","language":"zh","title":"海致科技（02706）2025年报： 从图谱到智能体，收入结构反转倒计时","url":"https://stock-news.laohu8.com/highlight/detail?id=2623536395","media":"智通财经","summary":"上市44天，海致科技迎来了第一次大考。核心增长引擎Atlas智能体收入1.46亿元，同比激增68.4%。年报还披露，有5名客户自智能体产品推出以来持续复购。2025年末图谱客户172家，其中仅约20家转化为智能体客户，转化率约12%。如果转化率提升至30-40%，智能体增长将获得额外的内生动力，反转时间表可能进一步提前。截至2026年2月28日，公司账面现金及金融资产合计超过10亿元。2025年研发费用同比增长64.6%至约1亿元，增幅远超收入增速。","content":"<html><body><p>上市44天，海致科技（02706）迎来了第一次大考。</p><p>2026年2月13日<a href=\"https://laohu8.com/S/00388\">港交所</a>挂牌，首日暴涨246%，公开发售超购5065倍——市场对海致科技的“抢筹”，押的不是一家图数据库公司，而是一个“图模融合”驱动的AI智能体增长逻辑。</p><p>3月27日，公司交出上市后首份年报。总收入6.21亿元，同比增长23.4%；经调整净利润2415万元，同比增长42.6%。核心增长引擎Atlas智能体收入1.46亿元，同比激增68.4%。</p><p>市面上已有分析谈到“增速68.4%，第二增长曲线确立”。本文则试图用更精确的数字拆解，回答三个问题：这条曲线的质量如何？离真正改变公司收入结构还有多远？投资者应该盯住哪些指标来持续验证？</p><p>把两条业务线摆在一起看</p><p>海致科技的收入由两大板块构成——Atlas图谱解决方案（核心基本盘）和Atlas智能体解决方案（第二增长曲线）。2025年的全量数据如下：</p><p><img src=\"https://img.zhitongcaijing.com/image/20260330/1774847804558011.png?x-oss-process=image/format,jpg/quality,q_40\" title=\"1774847804558011.png\"/></p><p>增速的差异一目了然，但更值得咀嚼的是几个容易被忽略的细节。</p><p>智能体客单价360万，比图谱高出近30%。 这说明客户不是在“试水”，而是在“下注”，360万的采购决策在任何一家大型机构都需要走多层审批，能卖出这个价，意味着产品已经进入了客户的核心业务流程。更重要的是，这类大额采购往往并非零散的部门级需求，而是被客户管理层定位为企业智能化转型的核心战略级 AI 建设投入，相较于常规的工具型软件采购，战略级项目对应的长期预算规划更为充足，后续全场景落地、功能迭代升级的可拓展预算空间也将更为广阔。</p><p>智能体毛利率53.2%，高出图谱约14个百分点。 在To B软件行业，毛利率是衡量产品化程度的硬标尺。项目制公司通常在20-30%，能做到50%以上意味着标准化程度高、定制开发少、技术复用强。智能体53%的毛利率直接拉动公司整体毛利率从36.3%跃升至43.3%，一年提升7个百分点，在To B领域极其少见。</p><p>不过，真正让人眼前一亮的数字藏在客户结构里：50%的智能体客户是从图谱老客户转化而来的。</p><p>这个数字的重要性怎么强调都不为过。它意味着海致走通了一条“先卖基础设施、再卖上层应用”的客户升级路径——已经部署了图数据库和知识图谱的客户，天然具备向智能体进化的技术底座和数据资产，获客成本大幅降低，交付效率显著提高。年报还披露，有5名客户自智能体产品推出以来持续复购。在企业级市场，“第一单”也许靠偶然，“第二单”只能靠产品。能让客户掏两次钱，才是真正的商业验证。</p><p>反转倒计时：智能体什么时候能挑大梁？</p><p>确认了曲线的质量，下一个问题自然浮出水面：按照这个速度，智能体什么时候能超过图谱，成为公司的第一大业务？</p><p>目前的比例是77:23，差距超过3倍。我们做了三组情景推演：</p><p><strong>乐观情景：智能体维持6</strong><strong>5</strong><strong>%增速，图谱维持15%增速</strong></p><p><strong><img src=\"https://img.zhitongcaijing.com/image/20260330/1774847825430121.png?x-oss-process=image/format,jpg/quality,q_60\" title=\"1774847825430121.png\"/></strong></p><p>乐观情景下，2028年智能体收入占比接近一半；2029年智能体反超图谱。</p><p><strong>基准情景：智能体增速逐年放缓至40%，图谱维持12%增速</strong></p><p><strong><img src=\"https://img.zhitongcaijing.com/image/20260330/1774847855855692.png?x-oss-process=image/format,jpg/quality,q_60\" title=\"1774847855855692.png\"/></strong></p><p>基准情景下，2030年占比逼近45%，完全反转在2030-2031年。</p><p><strong>保守情景：智能体增速降至30%，图谱增速10%</strong></p><p><strong><img src=\"https://img.zhitongcaijing.com/image/20260330/1774847867691137.png?x-oss-process=image/format,jpg/quality,q_60\" title=\"1774847867691137.png\"/></strong></p><p><strong>即便在最保守的假设下，智能体占比也将在2030年突破40%。</strong></p><p><strong>三组情景指向同一个结论：收入结构反转是方向性确定的，分歧只在于3年还是5年。</strong></p><p>而且，推演中还有一个尚未计入的加速因子——图谱客户的存量转化空间。2025年末图谱客户172家，其中仅约20家转化为智能体客户，转化率约12%。另外150多家客户构成了一个庞大的“待转化蓄水池”。如果转化率提升至30-40%，智能体增长将获得额外的内生动力，反转时间表可能进一步提前。</p><p>10亿现金在手，下一步棋怎么走？</p><p>增长需要弹药。这方面海致目前不缺。</p><p>截至2026年2月28日，公司账面现金及金融资产合计超过10亿元。对于一家年营收6.2亿的公司，这意味着手上握着约1.6年收入体量的储备——在AI行业普遍\"缺钱找钱\"的大环境下，这个家底相当扎实。弹药主要来自IPO募资（净额约6.55亿港元）和存量经营积累。</p><p>从年报释放的信号来看，管理层的花钱优先级很清晰：</p><p>第一，研发先行。 2025年研发费用同比增长64.6%至约1亿元，增幅远超收入增速。公司牵头承担了国家级重大项目，聚焦新一代多模数据库关键技术攻关，同时作为唯一牵头方入选北京市重点项目。AtlasGraph图数据库新版本在时序图、数据生命周期管理等数十项功能上实现重要增强，GraphRAG技术也升级了对结构化及半结构化文本的解析能力。研发是在为下一代产品蓄力。</p><p>第二，开疆拓土。 公司的行业版图正在从金融和公共安全两个大本营向外延伸。年报中出现了几个新面孔：为粤港澳大湾区某无人空间管理中心构建无人设备图本体模型，覆盖无人机、无人船、无人车；为某城市交通<a href=\"https://laohu8.com/S/600820\">隧道</a>公司部署路网运行分析智能体和基建养护智能体；某大型国有电信运营商连续三年复购，从图数据库扩展至GraphAgent等生态工具。高端制造、医疗健康、智能矿业也被列入了下一步重点方向。</p><p>第三，试探出海。 公司已为某海外非银<a href=\"https://laohu8.com/S/FISI\">金融机构</a>落地了包含大模型一体机在内的智能体应用平台，并明确表态要依托香港上市平台探索东南亚市场。海外收入目前体量尚小，但港股的身份天然为国际化资本运作打开了一扇门。</p><p>与此同时，经营效率也在改善。剔除上市费用后，经营现金流净流出从2024年的3850万元收窄至2025年的3020万元。</p><p>护城河：为什么别人很难复制？</p><p>市场不缺AI公司，也不缺喊“智能体”口号的玩家。海致凭什么守住自己的地盘？</p><p>先看一个定位数据：根据弗若斯特沙利文，按2024年收入计，海致在<a href=\"https://laohu8.com/S/08111\">中国产业</a>级AI智能体提供商中排名第五——前面是<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/BABA\">阿里</a>、华为级别的巨头。但在“以图为核心的AI智能体提供商”这个细分赛道上，海致排名第一，市场份额超过50%。</p><p>这个差异揭示了海致的竞争策略：不和大厂在通用大模型上正面对撞，而是卡住图模融合这个交叉地带，做细分市场的绝对头部。</p><p>这个卡位在目前看，有三层东西是竞争对手短期内难以复制的。</p><p>首先是底层技术。 AtlasGraph图数据库在2023年LDBC国际测试中以高于此前纪录45%的优势打破世界纪录，综合性能排名第一。图数据库是开发周期长、工程复杂度高的底层基础设施，不是砸钱就能速成的。2025年新版本继续拉大差距。</p><p>其次是行业沉淀。 服务超400家客户，覆盖100+行业场景，最具分量的战绩是在六家大型国有商业银行中的四家都完成了图数据库的国产替代——这些知识本体、数据治理经验和行业方法论沉淀在交付过程中，是真正的隐性壁垒。</p><p>再次是商业飞轮。 “图谱→智能体”的升级路径已经跑通，50%客户转化率和持续复购构成了正向循环。纯大模型公司没有图谱的客户基础和数据底座，纯数据库公司没有上层智能体的应用能力，能同时打通全栈的玩家极少。</p><p>当然也要看到风险。<a href=\"https://laohu8.com/S/MSFT\">微软</a>已经发布了GraphRAG框架，主流大模型厂商都在增强图计算能力。如果通用工具的图谱能力大幅提升，可能压缩海致的技术差异化空间。但在可预见的2-3年内，通用框架在能源电网调度、金融资金监管、高端制造等专业领域知识多、安全要求极高的场景中达到海致的行业深度，几乎不可能。</p><p>市场将如何定价？关注这五个数字</p><p>回到最初的问题——5065倍超购背后的预期，这份年报兑现了多少？</p><p>方向验证了。 图模融合的技术路线在产业端跑通了商业闭环，“先卖图谱、再卖智能体”的客户升级路径有50%的转化率和实打实的复购订单支撑。</p><p>节奏是稳的。 23.4%的收入增速、43.3%的毛利率、2415万经调整净利润——在AI行业普遍增收不增利的背景下，海致交出了一份增长与利润兼顾的答卷。连续两年持续盈利，在同赛道中是稀缺属性。</p><p>想象空间在于收入结构的演进。智能体从23%起步，未来3-5年有望成为第一大业务。10亿现金的弹药储备、研发投入的持续加码、新行业和海外市场的拓展，为增长曲线提供了向上弹性。</p><p>至于这个逻辑能不能继续延续下去，接下来的每一份财报都是验证。建议长期跟踪五个核心指标：智能体收入增速、智能体客户数从40家向外扩展的速度、整体毛利率能否持续向50%靠近？经营现金流何时转正？海外收入何时进一步突破？</p><p>一家在AI智能体赛道里能盈利、有壁垒、被客户反复买单的公司，投资者值得给它一点时间。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>海致科技（02706）2025年报： 从图谱到智能体，收入结构反转倒计时</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n海致科技（02706）2025年报： 从图谱到智能体，收入结构反转倒计时\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-30 12:55 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1421610.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>上市44天，海致科技（02706）迎来了第一次大考。2026年2月13日港交所挂牌，首日暴涨246%，公开发售超购5065倍——市场对海致科技的“抢筹”，押的不是一家图数据库公司，而是一个“图模融合”驱动的AI智能体增长逻辑。3月27日，公司交出上市后首份年报。总收入6.21亿元，同比增长23.4%；经调整净利润2415万元，同比增长42.6%。核心增长引擎Atlas智能体收入1.46亿元，同比...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1421610.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"02706":"海致科技集团","BK1117":"系统软件"},"source_url":"http://www.zhitongcaijing.com/content/detail/1421610.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2623536395","content_text":"上市44天，海致科技（02706）迎来了第一次大考。2026年2月13日港交所挂牌，首日暴涨246%，公开发售超购5065倍——市场对海致科技的“抢筹”，押的不是一家图数据库公司，而是一个“图模融合”驱动的AI智能体增长逻辑。3月27日，公司交出上市后首份年报。总收入6.21亿元，同比增长23.4%；经调整净利润2415万元，同比增长42.6%。核心增长引擎Atlas智能体收入1.46亿元，同比激增68.4%。市面上已有分析谈到“增速68.4%，第二增长曲线确立”。本文则试图用更精确的数字拆解，回答三个问题：这条曲线的质量如何？离真正改变公司收入结构还有多远？投资者应该盯住哪些指标来持续验证？把两条业务线摆在一起看海致科技的收入由两大板块构成——Atlas图谱解决方案（核心基本盘）和Atlas智能体解决方案（第二增长曲线）。2025年的全量数据如下：增速的差异一目了然，但更值得咀嚼的是几个容易被忽略的细节。智能体客单价360万，比图谱高出近30%。 这说明客户不是在“试水”，而是在“下注”，360万的采购决策在任何一家大型机构都需要走多层审批，能卖出这个价，意味着产品已经进入了客户的核心业务流程。更重要的是，这类大额采购往往并非零散的部门级需求，而是被客户管理层定位为企业智能化转型的核心战略级 AI 建设投入，相较于常规的工具型软件采购，战略级项目对应的长期预算规划更为充足，后续全场景落地、功能迭代升级的可拓展预算空间也将更为广阔。智能体毛利率53.2%，高出图谱约14个百分点。 在To B软件行业，毛利率是衡量产品化程度的硬标尺。项目制公司通常在20-30%，能做到50%以上意味着标准化程度高、定制开发少、技术复用强。智能体53%的毛利率直接拉动公司整体毛利率从36.3%跃升至43.3%，一年提升7个百分点，在To B领域极其少见。不过，真正让人眼前一亮的数字藏在客户结构里：50%的智能体客户是从图谱老客户转化而来的。这个数字的重要性怎么强调都不为过。它意味着海致走通了一条“先卖基础设施、再卖上层应用”的客户升级路径——已经部署了图数据库和知识图谱的客户，天然具备向智能体进化的技术底座和数据资产，获客成本大幅降低，交付效率显著提高。年报还披露，有5名客户自智能体产品推出以来持续复购。在企业级市场，“第一单”也许靠偶然，“第二单”只能靠产品。能让客户掏两次钱，才是真正的商业验证。反转倒计时：智能体什么时候能挑大梁？确认了曲线的质量，下一个问题自然浮出水面：按照这个速度，智能体什么时候能超过图谱，成为公司的第一大业务？目前的比例是77:23，差距超过3倍。我们做了三组情景推演：乐观情景：智能体维持65%增速，图谱维持15%增速乐观情景下，2028年智能体收入占比接近一半；2029年智能体反超图谱。基准情景：智能体增速逐年放缓至40%，图谱维持12%增速基准情景下，2030年占比逼近45%，完全反转在2030-2031年。保守情景：智能体增速降至30%，图谱增速10%即便在最保守的假设下，智能体占比也将在2030年突破40%。三组情景指向同一个结论：收入结构反转是方向性确定的，分歧只在于3年还是5年。而且，推演中还有一个尚未计入的加速因子——图谱客户的存量转化空间。2025年末图谱客户172家，其中仅约20家转化为智能体客户，转化率约12%。另外150多家客户构成了一个庞大的“待转化蓄水池”。如果转化率提升至30-40%，智能体增长将获得额外的内生动力，反转时间表可能进一步提前。10亿现金在手，下一步棋怎么走？增长需要弹药。这方面海致目前不缺。截至2026年2月28日，公司账面现金及金融资产合计超过10亿元。对于一家年营收6.2亿的公司，这意味着手上握着约1.6年收入体量的储备——在AI行业普遍\"缺钱找钱\"的大环境下，这个家底相当扎实。弹药主要来自IPO募资（净额约6.55亿港元）和存量经营积累。从年报释放的信号来看，管理层的花钱优先级很清晰：第一，研发先行。 2025年研发费用同比增长64.6%至约1亿元，增幅远超收入增速。公司牵头承担了国家级重大项目，聚焦新一代多模数据库关键技术攻关，同时作为唯一牵头方入选北京市重点项目。AtlasGraph图数据库新版本在时序图、数据生命周期管理等数十项功能上实现重要增强，GraphRAG技术也升级了对结构化及半结构化文本的解析能力。研发是在为下一代产品蓄力。第二，开疆拓土。 公司的行业版图正在从金融和公共安全两个大本营向外延伸。年报中出现了几个新面孔：为粤港澳大湾区某无人空间管理中心构建无人设备图本体模型，覆盖无人机、无人船、无人车；为某城市交通隧道公司部署路网运行分析智能体和基建养护智能体；某大型国有电信运营商连续三年复购，从图数据库扩展至GraphAgent等生态工具。高端制造、医疗健康、智能矿业也被列入了下一步重点方向。第三，试探出海。 公司已为某海外非银金融机构落地了包含大模型一体机在内的智能体应用平台，并明确表态要依托香港上市平台探索东南亚市场。海外收入目前体量尚小，但港股的身份天然为国际化资本运作打开了一扇门。与此同时，经营效率也在改善。剔除上市费用后，经营现金流净流出从2024年的3850万元收窄至2025年的3020万元。护城河：为什么别人很难复制？市场不缺AI公司，也不缺喊“智能体”口号的玩家。海致凭什么守住自己的地盘？先看一个定位数据：根据弗若斯特沙利文，按2024年收入计，海致在中国产业级AI智能体提供商中排名第五——前面是百度、阿里、华为级别的巨头。但在“以图为核心的AI智能体提供商”这个细分赛道上，海致排名第一，市场份额超过50%。这个差异揭示了海致的竞争策略：不和大厂在通用大模型上正面对撞，而是卡住图模融合这个交叉地带，做细分市场的绝对头部。这个卡位在目前看，有三层东西是竞争对手短期内难以复制的。首先是底层技术。 AtlasGraph图数据库在2023年LDBC国际测试中以高于此前纪录45%的优势打破世界纪录，综合性能排名第一。图数据库是开发周期长、工程复杂度高的底层基础设施，不是砸钱就能速成的。2025年新版本继续拉大差距。其次是行业沉淀。 服务超400家客户，覆盖100+行业场景，最具分量的战绩是在六家大型国有商业银行中的四家都完成了图数据库的国产替代——这些知识本体、数据治理经验和行业方法论沉淀在交付过程中，是真正的隐性壁垒。再次是商业飞轮。 “图谱→智能体”的升级路径已经跑通，50%客户转化率和持续复购构成了正向循环。纯大模型公司没有图谱的客户基础和数据底座，纯数据库公司没有上层智能体的应用能力，能同时打通全栈的玩家极少。当然也要看到风险。微软已经发布了GraphRAG框架，主流大模型厂商都在增强图计算能力。如果通用工具的图谱能力大幅提升，可能压缩海致的技术差异化空间。但在可预见的2-3年内，通用框架在能源电网调度、金融资金监管、高端制造等专业领域知识多、安全要求极高的场景中达到海致的行业深度，几乎不可能。市场将如何定价？关注这五个数字回到最初的问题——5065倍超购背后的预期，这份年报兑现了多少？方向验证了。 图模融合的技术路线在产业端跑通了商业闭环，“先卖图谱、再卖智能体”的客户升级路径有50%的转化率和实打实的复购订单支撑。节奏是稳的。 23.4%的收入增速、43.3%的毛利率、2415万经调整净利润——在AI行业普遍增收不增利的背景下，海致交出了一份增长与利润兼顾的答卷。连续两年持续盈利，在同赛道中是稀缺属性。想象空间在于收入结构的演进。智能体从23%起步，未来3-5年有望成为第一大业务。10亿现金的弹药储备、研发投入的持续加码、新行业和海外市场的拓展，为增长曲线提供了向上弹性。至于这个逻辑能不能继续延续下去，接下来的每一份财报都是验证。建议长期跟踪五个核心指标：智能体收入增速、智能体客户数从40家向外扩展的速度、整体毛利率能否持续向50%靠近？经营现金流何时转正？海外收入何时进一步突破？一家在AI智能体赛道里能盈利、有壁垒、被客户反复买单的公司，投资者值得给它一点时间。","news_type":1,"symbols_score_info":{"02706":1.5}},"isVote":1,"tweetType":1,"viewCount":1451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":548160486123128,"gmtCreate":1774851735609,"gmtModify":1774851738172,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3497659839568444","idStr":"3497659839568444"},"themes":[],"title":"","htmlText":"果然不正常，停牌了","listText":"果然不正常，停牌了","text":"果然不正常，停牌了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/548160486123128","repostId":"546432534205328","repostType":1,"repost":{"id":546432534205328,"gmtCreate":1774431034348,"gmtModify":1774431350354,"author":{"id":"4203549428456222","authorId":"4203549428456222","name":"老虎要给力吖","avatar":"https://static.tigerbbs.com/633db815613dff8d5266e3393f1343cb","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4203549428456222","idStr":"4203549428456222"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02649\">$优乐赛共享(02649)$</a> 这玩意确定正常？","listText":"<a href=\"https://laohu8.com/S/02649\">$优乐赛共享(02649)$</a> 这玩意确定正常？","text":"$优乐赛共享(02649)$ 这玩意确定正常？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546432534205328","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}