<p><em>這家企業服務提供商在通信流量方面遭遇了下滑，在新所有權下，將其復甦希望寄託於人工智能的轉型</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>在更嚴格的規則阻礙了企業消息傳遞的繁榮後，玄武雲預測其 2025 年的虧損將超過前一年虧損的 50 倍</li>
<li>今年早些時候，創始人陳永輝辭職，公司控制權發生了變更</li>
</ul>
<p>在商業世界中，企業控制權的變更往往是更深層次困難的跡象。當一個曾經盈利的模式突然失效時，公司可能會在新所有權下尋求新的方向。</p>
<p>這樣的轉型正在 <strong>玄武雲科技控股有限公司</strong>（2392.HK）進行，該公司為企業提供軟件和通信服務。在過去幾個月中，該公司的收益大幅下滑，出售了資產，並獲得了新的控股股東。</p>
<p>上週，該公司預告了 2025 年的巨大 虧損，現在將希望寄託於人工智能，作為解決其問題的途徑，提供更智能的客户關係管理（CRM）服務。</p>
<p>玄武雲於 2010 年在廣州由企業家陳永輝創立。那時，中國的移動互聯網剛剛起步，企業短信的需求急劇上升。但接入電信系統的高技術門檻為中介提供了商業機會。</p>
<p>該公司將來自不同電信運營商的消息和語音能力打包，使企業能夠通過連接其平台輕鬆發送驗證碼和通知短信。這種模式在行業內被稱為通信平台即服務，或 PaaS。</p>
<p>隨着中國移動互聯網的繁榮，企業消息傳遞的需求持續增長。金融機構、電子商務平台和互聯網公司都高度依賴此類服務。藉助需求的浪潮，玄武雲成為中國企業通信的關鍵供應商之一，並於 2022 年在香港上市。</p>
<h4><strong>監管壓力</strong></h4>
<p>然而，繁榮的時代無法持續。中國政府加大了打擊電信詐騙和垃圾電話的力度，要求企業在發送營銷信息時獲得用户同意，並提供選擇退出的可能性。</p>
<p>這一影響在公司去年上半年的收益中顯而易見。由於消息量驟降，收入同比下降約 36.5%，降至 4.11 億元人民幣（6000 萬美元）。來自 CRM 軟件服務的收入下降 32.9%，約為 2.45 億元人民幣，而 CRM 平台服務的下降幅度更大，下降 41.2%，約為 1.66 億元人民幣。</p>
<p>一個亮點是數字客户服務，雲產品收入增長約 71.7%，達到 2660 萬元人民幣，成為為數不多的增長項目之一。</p>
<p>但上週的盈利警告顯示出持續的壓力。玄武雲預計其 2025 年的淨虧損將擴大至 5800 萬至 6400 萬元人民幣，而 2024 年僅為約 110 萬元人民幣。唯一的好消息是，預計運營現金流在今年已轉為正值。</p>
<p>在新管理層的領導下，公司面臨挑戰。今年早些時候，創始人和前控股股東出售了約 20% 的股份，並辭去了董事長和首席執行官的職務。買方 <strong>漢唐明源投資</strong> 及其最終控制人連劍成為公司的最大單一股東。在董事會重組中，連劍擔任董事長，而前執行董事李海榮被任命為首席執行官。</p>
<p>新董事長在技術和製造方面有背景，曾創辦一家光電公司，並擔任深圳上市的 <strong>長鑫科技</strong>（300088.SZ）電子顯示器製造商的董事。觀察人士懷疑他對玄武雲的興趣可能源於將企業通信與人工智能驅動的軟件即服務（SaaS）結合的潛力。</p>
<h4><strong>進入人工智能</strong></h4>
<p>在收益壓力下，公司開始調整其業務。去年十月，玄武雲剝離了其銷售雲部門 <strong>廣州選通科技</strong>，這表明它可能正在縮減部分自營 SaaS 業務。</p>
<p>在關於董事會變更的二月聲明中，公司表示正在加強對核心業務的關注，全面擁抱人工智能，並旨在擴大其國際足跡。</p>
<p>優先事項似乎是雲 CRM 服務，併為企業創建一個增強的客户服務平台，將公司的通信能力與人工智能功能（如能夠與客户互動的語音代理）結合起來。</p>
<p>這一戰略大體上與企業軟件的趨勢相符，後者正從單一功能工具轉向整合客户數據、營銷和服務流程的平台。近年來，國際 SaaS 公司如 <strong>Salesforce</strong>（CRM.US）和 <strong>Zendesk</strong>（ZEN.US）已將人工智能融入其服務中，類似的趨勢也在中國市場出現。</p>
<p>在所有權變更的消息傳出後，玄武雲的股價短暫反彈，但在盈利警告後的首個交易日下跌近 7%。該公司的市值不足 7 億港元（8900 萬美元），市銷率約為 0.7 倍，遠低於香港上市的 SaaS 提供商 <strong>微盟科技</strong>（2013.HK）的 4.2 倍。較低的倍數反映了投資者對公司能否真正扭轉業績的懷疑。</p>
<p>對於玄武雲來説，來自企業消息傳遞的輕鬆增長時代可能已經結束，而在其新東家之下，一項新戰略仍在形成中。該公司能否在人工智能客户服務和企業軟件市場立足還有待觀察。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

玄武雲

<p>玄武雲，一家企業服務提供商，正面臨重大財務挑戰，預計 2025 年淨虧損將達到 5800 萬至 6400 萬元，較 2024 年的 110 萬元大幅增加。在所有權變更後，公司計劃轉向以人工智能驅動的客户關係管理（CRM）服務，以扭轉其命運。由於監管壓力影響了消息流量，該公司收入下降了 36.5%。新管理層專注於將人工智能與其通信平台整合，以提升服務產品並拓展國際市場</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>這家企業服務提供商在通信流量方面遭遇了下滑，在新所有權下，將其復甦希望寄託於人工智能的轉型</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>在更嚴格的規則阻礙了企業消息傳遞的繁榮後，玄武雲預測其 2025 年的虧損將超過前一年虧損的 50 倍</li>
<li>今年早些時候，創始人陳永輝辭職，公司控制權發生了變更</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>在商業世界中，企業控制權的變更往往是更深層次困難的跡象。當一個曾經盈利的模式突然失效時，公司可能會在新所有權下尋求新的方向。</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>這樣的轉型正在 <strong>玄武雲科技控股有限公司</strong>（2392.HK）進行，該公司為企業提供軟件和通信服務。在過去幾個月中，該公司的收益大幅下滑，出售了資產，並獲得了新的控股股東。</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>上週，該公司預告了 2025 年的巨大 虧損，現在將希望寄託於人工智能，作為解決其問題的途徑，提供更智能的客户關係管理（CRM）服務。</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>玄武雲於 2010 年在廣州由企業家陳永輝創立。那時，中國的移動互聯網剛剛起步，企業短信的需求急劇上升。但接入電信系統的高技術門檻為中介提供了商業機會。</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>該公司將來自不同電信運營商的消息和語音能力打包，使企業能夠通過連接其平台輕鬆發送驗證碼和通知短信。這種模式在行業內被稱為通信平台即服務，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>隨着中國移動互聯網的繁榮，企業消息傳遞的需求持續增長。金融機構、電子商務平台和互聯網公司都高度依賴此類服務。藉助需求的浪潮，玄武雲成為中國企業通信的關鍵供應商之一，並於 2022 年在香港上市。</p>
</div><h4><strong>Regulatory squeeze</strong></h4>
<div class="lb-trans"><h4><strong>監管壓力</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，繁榮的時代無法持續。中國政府加大了打擊電信詐騙和垃圾電話的力度，要求企業在發送營銷信息時獲得用户同意，並提供選擇退出的可能性。</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>這一影響在公司去年上半年的收益中顯而易見。由於消息量驟降，收入同比下降約 36.5%，降至 4.11 億元人民幣（6000 萬美元）。來自 CRM 軟件服務的收入下降 32.9%，約為 2.45 億元人民幣，而 CRM 平台服務的下降幅度更大，下降 41.2%，約為 1.66 億元人民幣。</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>一個亮點是數字客户服務，雲產品收入增長約 71.7%，達到 2660 萬元人民幣，成為為數不多的增長項目之一。</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>但上週的盈利警告顯示出持續的壓力。玄武雲預計其 2025 年的淨虧損將擴大至 5800 萬至 6400 萬元人民幣，而 2024 年僅為約 110 萬元人民幣。唯一的好消息是，預計運營現金流在今年已轉為正值。</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>在新管理層的領導下，公司面臨挑戰。今年早些時候，創始人和前控股股東出售了約 20% 的股份，並辭去了董事長和首席執行官的職務。買方 <strong>漢唐明源投資</strong> 及其最終控制人連劍成為公司的最大單一股東。在董事會重組中，連劍擔任董事長，而前執行董事李海榮被任命為首席執行官。</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>新董事長在技術和製造方面有背景，曾創辦一家光電公司，並擔任深圳上市的 <strong>長鑫科技</strong>（300088.SZ）電子顯示器製造商的董事。觀察人士懷疑他對玄武雲的興趣可能源於將企業通信與人工智能驅動的軟件即服務（SaaS）結合的潛力。</p>
</div><h4><strong>Enter AI</strong></h4>
<div class="lb-trans"><h4><strong>進入人工智能</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>在收益壓力下，公司開始調整其業務。去年十月，玄武雲剝離了其銷售雲部門 <strong>廣州選通科技</strong>，這表明它可能正在縮減部分自營 SaaS 業務。</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>在關於董事會變更的二月聲明中，公司表示正在加強對核心業務的關注，全面擁抱人工智能，並旨在擴大其國際足跡。</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>優先事項似乎是雲 CRM 服務，併為企業創建一個增強的客户服務平台，將公司的通信能力與人工智能功能（如能夠與客户互動的語音代理）結合起來。</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>這一戰略大體上與企業軟件的趨勢相符，後者正從單一功能工具轉向整合客户數據、營銷和服務流程的平台。近年來，國際 SaaS 公司如 <strong>Salesforce</strong>（CRM.US）和 <strong>Zendesk</strong>（ZEN.US）已將人工智能融入其服務中，類似的趨勢也在中國市場出現。</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>在所有權變更的消息傳出後，玄武雲的股價短暫反彈，但在盈利警告後的首個交易日下跌近 7%。該公司的市值不足 7 億港元（8900 萬美元），市銷率約為 0.7 倍，遠低於香港上市的 SaaS 提供商 <strong>微盟科技</strong>（2013.HK）的 4.2 倍。較低的倍數反映了投資者對公司能否真正扭轉業績的懷疑。</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>對於玄武雲來説，來自企業消息傳遞的輕鬆增長時代可能已經結束，而在其新東家之下，一項新戰略仍在形成中。該公司能否在人工智能客户服務和企業軟件市場立足還有待觀察。</p>
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<div class="lb-trans"><p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
</div>

在消息需求萎縮的情況下，人工智能能否重振玄武雲？