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智譜(02513.HK):Agent仍處商業化早期放量階段 Token量價齊升具延續性
智譜(02513.HK)董秘肖磊在2025年度業績發布會上表示,公司下半年將重點關注企業級市場,認為該領域是AI agent產品更廣闊的應用場景。企業級市場存在大量可自動化及可持續調用的業務流程,是7×24小時常駐任務高粘性場景的集中地。肖磊認為,從中長期來看,Agent產品的普及將回歸「智能輸出革命」-本質是智能輸出方式發生大規模及根本性的變更。目前智能輸...
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智譜(02513.HK):Agent仍處商業化早期放量階段 Token量價齊升具延續性
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智譜(02513.HK)  0.000 (0.000%)    Short selling $455.92M; Ratio 10.306%   董秘肖磊在2025年度業績發布會上表示,公司下半年將重點關注企業級市場,認為該領域是AI agent產品更廣闊的應用場景。企業級市場存在大量可自動化及可持續調用的業務流程,是7×24小時常駐任務高粘性場景的集中地。

肖磊認為,從中長期來看,Agent產品的普及將回歸「智能輸出革命」-本質是智能輸出方式發生大規模及根本性的變更。目前智能輸出已進入規模級調用階段,雲端大參數模型開始發揮主導作用。隨著模型能力持續提升及使用門檻不斷降低,Agent將從當前的工具形態逐步轉變為通用生產力形態,進而覆蓋更複雜及長期任務場景。Agent當前仍處於商業化早期放量階段,真實需求與付費意願已得到驗證。長遠來看,無論是面向軟件開發者的C端用戶側,還是企業級應用場景,均擁有廣闊的增長與滲透潛力。

肖磊還稱,Token量價齊升並非短期階段性結果,而是由模型能力提升與需求側變化共同驅動。價格攀升並未抑制需求,反而與需求擴張同步發生,高質量模型對應的使用場景正向更高價值及更高複雜度延伸,這類場景對價格敏感度較低,對能力依賴更強。

至於趨勢持續性,肖磊表示,量價齊升本質是基模從工具走向生產力基礎設施過程中的自然結果,趨勢具備延續性。一方面,模型能力向更複雜維度推進,新使用場景持續被打開;另一方面,企業級應用仍處於早期階段,用戶數和單用戶使用深度均有提升空間。智普當前戰略高度聚焦高質量模型能力,以coding為核心入口向外擴展,正是順應該結構化趨勢變化。(ta/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-01 16:25.)

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