<p><em>这家企业服务提供商在通信流量方面遭遇了下滑，在新所有权下，将其复苏希望寄托于人工智能的转型</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/13030717/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-3-2026_105458_thebambooworks.com_-1024x672.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/13030717/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-3-2026_105458_thebambooworks.com_-1024x672.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>在更严格的规则阻碍了企业消息传递的繁荣后，玄武云预测其 2025 年的亏损将超过前一年亏损的 50 倍</li>
<li>今年早些时候，创始人陈永辉辞职，公司控制权发生了变更</li>
</ul>
<p>在商业世界中，企业控制权的变更往往是更深层次困难的迹象。当一个曾经盈利的模式突然失效时，公司可能会在新所有权下寻求新的方向。</p>
<p>这样的转型正在 <strong>玄武云科技控股有限公司</strong>（2392.HK）进行，该公司为企业提供软件和通信服务。在过去几个月中，该公司的收益大幅下滑，出售了资产，并获得了新的控股股东。</p>
<p>上周，该公司预告了 2025 年的巨大 亏损，现在将希望寄托于人工智能，作为解决其问题的途径，提供更智能的客户关系管理（CRM）服务。</p>
<p>玄武云于 2010 年在广州由企业家陈永辉创立。那时，中国的移动互联网刚刚起步，企业短信的需求急剧上升。但接入电信系统的高技术门槛为中介提供了商业机会。</p>
<p>该公司将来自不同电信运营商的消息和语音能力打包，使企业能够通过连接其平台轻松发送验证码和通知短信。这种模式在行业内被称为通信平台即服务，或 PaaS。</p>
<p>随着中国移动互联网的繁荣，企业消息传递的需求持续增长。金融机构、电子商务平台和互联网公司都高度依赖此类服务。借助需求的浪潮，玄武云成为中国企业通信的关键供应商之一，并于 2022 年在香港上市。</p>
<h4><strong>监管压力</strong></h4>
<p>然而，繁荣的时代无法持续。中国政府加大了打击电信诈骗和垃圾电话的力度，要求企业在发送营销信息时获得用户同意，并提供选择退出的可能性。</p>
<p>这一影响在公司去年上半年的收益中显而易见。由于消息量骤降，收入同比下降约 36.5%，降至 4.11 亿元人民币（6000 万美元）。来自 CRM 软件服务的收入下降 32.9%，约为 2.45 亿元人民币，而 CRM 平台服务的下降幅度更大，下降 41.2%，约为 1.66 亿元人民币。</p>
<p>一个亮点是数字客户服务，云产品收入增长约 71.7%，达到 2660 万元人民币，成为为数不多的增长项目之一。</p>
<p>但上周的盈利警告显示出持续的压力。玄武云预计其 2025 年的净亏损将扩大至 5800 万至 6400 万元人民币，而 2024 年仅为约 110 万元人民币。唯一的好消息是，预计运营现金流在今年已转为正值。</p>
<p>在新管理层的领导下，公司面临挑战。今年早些时候，创始人和前控股股东出售了约 20% 的股份，并辞去了董事长和首席执行官的职务。买方 <strong>汉唐明源投资</strong> 及其最终控制人连剑成为公司的最大单一股东。在董事会重组中，连剑担任董事长，而前执行董事李海荣被任命为首席执行官。</p>
<p>新董事长在技术和制造方面有背景，曾创办一家光电公司，并担任深圳上市的 <strong>长鑫科技</strong>（300088.SZ）电子显示器制造商的董事。观察人士怀疑他对玄武云的兴趣可能源于将企业通信与人工智能驱动的软件即服务（SaaS）结合的潜力。</p>
<h4><strong>进入人工智能</strong></h4>
<p>在收益压力下，公司开始调整其业务。去年十月，玄武云剥离了其销售云部门 <strong>广州选通科技</strong>，这表明它可能正在缩减部分自营 SaaS 业务。</p>
<p>在关于董事会变更的二月声明中，公司表示正在加强对核心业务的关注，全面拥抱人工智能，并旨在扩大其国际足迹。</p>
<p>优先事项似乎是云 CRM 服务，并为企业创建一个增强的客户服务平台，将公司的通信能力与人工智能功能（如能够与客户互动的语音代理）结合起来。</p>
<p>这一战略大体上与企业软件的趋势相符，后者正从单一功能工具转向整合客户数据、营销和服务流程的平台。近年来，国际 SaaS 公司如 <strong>Salesforce</strong>（CRM.US）和 <strong>Zendesk</strong>（ZEN.US）已将人工智能融入其服务中，类似的趋势也在中国市场出现。</p>
<p>在所有权变更的消息传出后，玄武云的股价短暂反弹，但在盈利警告后的首个交易日下跌近 7%。该公司的市值不足 7 亿港元（8900 万美元），市销率约为 0.7 倍，远低于香港上市的 SaaS 提供商 <strong>微盟科技</strong>（2013.HK）的 4.2 倍。较低的倍数反映了投资者对公司能否真正扭转业绩的怀疑。</p>
<p>对于玄武云来说，来自企业消息传递的轻松增长时代可能已经结束，而在其新东家之下，一项新战略仍在形成中。该公司能否在人工智能客户服务和企业软件市场立足还有待观察。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

玄武云

<p>玄武云，一家企业服务提供商，正面临重大财务挑战，预计 2025 年净亏损将达到 5800 万至 6400 万元，较 2024 年的 110 万元大幅增加。在所有权变更后，公司计划转向以人工智能驱动的客户关系管理（CRM）服务，以扭转其命运。由于监管压力影响了消息流量，该公司收入下降了 36.5%。新管理层专注于将人工智能与其通信平台整合，以提升服务产品并拓展国际市场</p>

<p><em>The enterprise services provider has suffered a downturn in its communications traffic and, under new ownership, is pinning its recovery hopes on an AI pivot</em></p>
<div class="lb-trans"><p><em>这家企业服务提供商在通信流量方面遭遇了下滑，在新所有权下，将其复苏希望寄托于人工智能的转型</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/13030717/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-3-2026_105458_thebambooworks.com_-1024x672.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/13030717/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-3-2026_105458_thebambooworks.com_-1024x672.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>After tighter rules stalled a corporate messaging boom, Xuan Wu Cloud has predicted its loss for 2025 will be more than 50 times the shortfall a year earlier</li>
<li>Control of the company changed hands earlier this year when founder Chen Yonghui stepped down</li>
</ul>
<div class="lb-trans"><ul>
<li>在更严格的规则阻碍了企业消息传递的繁荣后，玄武云预测其 2025 年的亏损将超过前一年亏损的 50 倍</li>
<li>今年早些时候，创始人陈永辉辞职，公司控制权发生了变更</li>
</ul>
</div><p>In the business world, a change in corporate control is often a sign of deeper difficulties. When a once-profitable model suddenly stops working, companies may seek a fresh direction under new ownership.</p>
<div class="lb-trans"><p>在商业世界中，企业控制权的变更往往是更深层次困难的迹象。当一个曾经盈利的模式突然失效时，公司可能会在新所有权下寻求新的方向。</p>
</div><p>Just such a transformation is underway at <strong>Xuan Wu Cloud Technology Holdings Ltd.</strong> (2392.HK), a provider of software and communications services for businesses. Over recent months, the company has seen its earnings tumble, sold off assets and acquired a new controlling shareholder.</p>
<div class="lb-trans"><p>这样的转型正在 <strong>玄武云科技控股有限公司</strong>（2392.HK）进行，该公司为企业提供软件和通信服务。在过去几个月中，该公司的收益大幅下滑，出售了资产，并获得了新的控股股东。</p>
</div><p>Last week the company flagged up a gaping loss for 2025, and is now pinning its hopes on artificial intelligence as a way out of its problems, by providing smarter customer relationship management (CRM) services.</p>
<div class="lb-trans"><p>上周，该公司预告了 2025 年的巨大 亏损，现在将希望寄托于人工智能，作为解决其问题的途径，提供更智能的客户关系管理（CRM）服务。</p>
</div><p>Xuan Wu Cloud was founded in Guangzhou in 2010 by entrepreneur Chen Yonghui. China's mobile internet was just taking off, and demand for enterprise text messaging was soaring. But the high technical thresholds for accessing telecoms systems created a business opportunity for intermediaries.</p>
<div class="lb-trans"><p>玄武云于 2010 年在广州由企业家陈永辉创立。那时，中国的移动互联网刚刚起步，企业短信的需求急剧上升。但接入电信系统的高技术门槛为中介提供了商业机会。</p>
</div><p>The company packaged up messaging and voice capabilities from different telecoms operators, allowing businesses to send verification codes and notification texts simply by connecting to its platform. This model is known in the industry as communications platform as a service, or PaaS.</p>
<div class="lb-trans"><p>该公司将来自不同电信运营商的消息和语音能力打包，使企业能够通过连接其平台轻松发送验证码和通知短信。这种模式在行业内被称为通信平台即服务，或 PaaS。</p>
</div><p>As China's mobile internet boomed, demand for enterprise messaging kept growing.  Financial institutions, e-commerce platforms and internet companies all relied heavily on such services. Riding the wave of demand, Xuan Wu Cloud became one of China's key suppliers of enterprise communications and eventually went public in Hong Kong in 2022.</p>
<div class="lb-trans"><p>随着中国移动互联网的繁荣，企业消息传递的需求持续增长。金融机构、电子商务平台和互联网公司都高度依赖此类服务。借助需求的浪潮，玄武云成为中国企业通信的关键供应商之一，并于 2022 年在香港上市。</p>
</div><h4><strong>Regulatory squeeze</strong></h4>
<div class="lb-trans"><h4><strong>监管压力</strong></h4>
</div><p>However, the boom times could not last. China's government stepped up efforts to combat telecom fraud and spam calls, requiring companies to obtain user consent for marketing messages and to provide the possibility of opting out.</p>
<div class="lb-trans"><p>然而，繁荣的时代无法持续。中国政府加大了打击电信诈骗和垃圾电话的力度，要求企业在发送营销信息时获得用户同意，并提供选择退出的可能性。</p>
</div><p>The effects were plain to see in the company's earnings for the first half of last year. Revenue dropped about 36.5% to 411 million yuan ($60 million) from the year-earlier period as messaging volumes tumbled. Income from CRM software services fell 32.9% to around 245 million yuan, while CRM platform services fell a sharper 41.2% to about 166 million yuan.</p>
<div class="lb-trans"><p>这一影响在公司去年上半年的收益中显而易见。由于消息量骤降，收入同比下降约 36.5%，降至 4.11 亿元人民币（6000 万美元）。来自 CRM 软件服务的收入下降 32.9%，约为 2.45 亿元人民币，而 CRM 平台服务的下降幅度更大，下降 41.2%，约为 1.66 亿元人民币。</p>
</div><p>One bright spot was digital customer service, where cloud product revenue rose about 71.7% to 26.6 million yuan, one of the few growth items.</p>
<div class="lb-trans"><p>一个亮点是数字客户服务，云产品收入增长约 71.7%，达到 2660 万元人民币，成为为数不多的增长项目之一。</p>
</div><p>But last week's profit warning shows continuing pressure. Xuan Wu Cloud estimated its net loss for 2025 would blow out to between 58 million and 64 million yuan, from only about 1.1 million yuan in 2024. The one piece of positive news was that operating cash flow was estimated to have turned positive for the year.</p>
<div class="lb-trans"><p>但上周的盈利警告显示出持续的压力。玄武云预计其 2025 年的净亏损将扩大至 5800 万至 6400 万元人民币，而 2024 年仅为约 110 万元人民币。唯一的好消息是，预计运营现金流在今年已转为正值。</p>
</div><p>The company is facing its challenges under new management. Earlier this year, the founder and former controlling shareholder sold about 20% of his stake and stepped down from his roles as chairman and CEO. The buyer, <strong>Hantang Mingyuan Investment</strong>, and its ultimate controller, Lian Jian, became the company's largest single shareholder. In a boardroom reshuffle, Lian took over as chairman while former executive director Li Hairong was appointed CEO.</p>
<div class="lb-trans"><p>在新管理层的领导下，公司面临挑战。今年早些时候，创始人和前控股股东出售了约 20% 的股份，并辞去了董事长和首席执行官的职务。买方 <strong>汉唐明源投资</strong> 及其最终控制人连剑成为公司的最大单一股东。在董事会重组中，连剑担任董事长，而前执行董事李海荣被任命为首席执行官。</p>
</div><p>The new chairman has a background in technology and manufacturing, having previously founded an optoelectronics firm and served as director at Shenzhen-listed <strong>Changxin Technology</strong> (300088.SZ), a maker of electronic displays. Observers suspect his interest in Xuan Wu Cloud may stem from the potential to combine enterprise communications with AI-driven software as a service (SaaS).</p>
<div class="lb-trans"><p>新董事长在技术和制造方面有背景，曾创办一家光电公司，并担任深圳上市的 <strong>长鑫科技</strong>（300088.SZ）电子显示器制造商的董事。观察人士怀疑他对玄武云的兴趣可能源于将企业通信与人工智能驱动的软件即服务（SaaS）结合的潜力。</p>
</div><h4><strong>Enter AI</strong></h4>
<div class="lb-trans"><h4><strong>进入人工智能</strong></h4>
</div><p>Under earnings pressure, the company has begun tweaking its business. Last October, Xuan Wu Cloud hived off <strong>Guangzhou Xuantong Technology</strong>, its sales cloud unit, in a sign that it could be scaling back parts of the self-operated SaaS business.</p>
<div class="lb-trans"><p>在收益压力下，公司开始调整其业务。去年十月，玄武云剥离了其销售云部门 <strong>广州选通科技</strong>，这表明它可能正在缩减部分自营 SaaS 业务。</p>
</div><p>In a February statement about the boardroom changes, the company said it was sharpening its focus on the core business, fully embracing AI and aiming to expand its international footprint.</p>
<div class="lb-trans"><p>在关于董事会变更的二月声明中，公司表示正在加强对核心业务的关注，全面拥抱人工智能，并旨在扩大其国际足迹。</p>
</div><p>The priority appears to be cloud CRM services and creating an enhanced customer service platform for enterprises, combining the firm's communications capabilities with AI features such as voice agents that can interact with customers.</p>
<div class="lb-trans"><p>优先事项似乎是云 CRM 服务，并为企业创建一个增强的客户服务平台，将公司的通信能力与人工智能功能（如能够与客户互动的语音代理）结合起来。</p>
</div><p>This strategy broadly aligns with trends in enterprise software, which is shifting from single-function tools toward platforms that integrate customer data, marketing and service processes. International SaaS companies such as <strong>Salesforce</strong> (CRM.US) and <strong>Zendesk</strong> (ZEN.US) have folded AI into their services in recent years, and similar trends are emerging in the Chinese market.</p>
<div class="lb-trans"><p>这一战略大体上与企业软件的趋势相符，后者正从单一功能工具转向整合客户数据、营销和服务流程的平台。近年来，国际 SaaS 公司如 <strong>Salesforce</strong>（CRM.US）和 <strong>Zendesk</strong>（ZEN.US）已将人工智能融入其服务中，类似的趋势也在中国市场出现。</p>
</div><p>Xuan Wu Cloud's shares briefly rebounded after news of the ownership change but fell nearly 7% in the first session after the profit warning. The company has a market value of less than HK$700 million ($89 million), with a price-to-sales ratio of about 0.7 times, much less than the 4.2 times for Hong Kong-listed SaaS provider <strong>Weimob Inc.</strong> (2013.HK). The lower multiple reflects investor doubts about whether the company can truly turn its performance around.</p>
<div class="lb-trans"><p>在所有权变更的消息传出后，玄武云的股价短暂反弹，但在盈利警告后的首个交易日下跌近 7%。该公司的市值不足 7 亿港元（8900 万美元），市销率约为 0.7 倍，远低于香港上市的 SaaS 提供商 <strong>微盟科技</strong>（2013.HK）的 4.2 倍。较低的倍数反映了投资者对公司能否真正扭转业绩的怀疑。</p>
</div><p>For Xuan Wu Cloud, the era of easy growth from enterprise messaging may be over, and a new strategy is still taking shape under its new owner. Whether the company can establish itself in the market for AI customer service and enterprise software remains to be seen.</p>
<div class="lb-trans"><p>对于玄武云来说，来自企业消息传递的轻松增长时代可能已经结束，而在其新东家之下，一项新战略仍在形成中。该公司能否在人工智能客户服务和企业软件市场立足还有待观察。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

在消息需求萎缩的情况下，人工智能能否重振玄武云？