{"id":535,"date":"2026-06-02T16:03:48","date_gmt":"2026-06-02T16:03:48","guid":{"rendered":"https:\/\/equitiesorbis.com\/%e8%be%be%e7%b4%a2%e7%b3%bb%e7%bb%9f%ef%bc%9a%e5%a4%84%e4%ba%8e%e5%85%b3%e9%94%ae%e6%97%b6%e5%88%bb\/"},"modified":"2026-06-08T18:56:39","modified_gmt":"2026-06-08T18:56:39","slug":"%e8%be%be%e7%b4%a2%e7%b3%bb%e7%bb%9f%ef%bc%9a%e5%a4%84%e4%ba%8e%e5%85%b3%e9%94%ae%e6%97%b6%e5%88%bb","status":"publish","type":"post","link":"https:\/\/equitiesorbis.com\/zh-hans\/%e8%be%be%e7%b4%a2%e7%b3%bb%e7%bb%9f%ef%bc%9a%e5%a4%84%e4%ba%8e%e5%85%b3%e9%94%ae%e6%97%b6%e5%88%bb\/","title":{"rendered":"\u8fbe\u7d22\u7cfb\u7edf\uff1a\u5904\u4e8e\u5173\u952e\u65f6\u523b"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u8fbe\u7d22\u7cfb\u7edf\uff08Dassault Syst\u00e8mes\uff09\u6b63\u5904\u4e8e\u4ece\u4f20\u7edf\u8ba1\u7b97\u673a\u8f85\u52a9\u8bbe\u8ba1\u8f6f\u4ef6\u63d0\u4f9b\u5546\u5411\u7f16\u6392\u6574\u4e2a\u4ea7\u54c1\u751f\u547d\u5468\u671f\u7684\u4e91\u539f\u751f\u5e73\u53f0\u8f6c\u578b\u7684\u5173\u952e\u65f6\u523b\u3002\u8be5\u516c\u53f8\u6210\u7acb\u4e8e 1981 \u5e74\uff0c\u6700\u521d\u662f\u4ece\u8fbe\u7d22\u822a\u7a7a\uff08Dassault Aviation\uff09\u5265\u79bb\u51fa\u6765\u7684\uff0c\u76ee\u524d\u5df2\u5728\u5de5\u4e1a\u8f6f\u4ef6\u9886\u57df\u5efa\u7acb\u4e86\u5f3a\u5927\u7684\u62a4\u57ce\u6cb3\u3002\u5982\u4eca\uff0c\u5b83\u5728\u5168\u7403\u4ea7\u54c1\u751f\u547d\u5468\u671f\u7ba1\u7406 (PLM) \u5e02\u573a\u4e2d\u5360\u636e\u7ea6 22% \u7684\u4efd\u989d\u3002\u7136\u800c\uff0c\u8fc7\u53bb\u4e00\u5e74\u4e2d\u663e\u8457\u7684\u4f30\u503c\u56de\u8c03\u2014\u2014\u80a1\u4ef7\u8f83 52 \u5468\u9ad8\u70b9\u4e0b\u8dcc\u8d85\u8fc7 40%\u2014\u2014\u53cd\u6620\u4e86\u6295\u8d44\u8005\u5bf9\u77ed\u671f\u5b8f\u89c2\u7ecf\u6d4e\u9006\u98ce\u53ca\u5176\u6218\u7565\u8f6c\u578b\u4e2d\u56fa\u6709\u6267\u884c\u98ce\u9669\u7684\u62c5\u5fe7\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\">\u8fbe\u7d22\u7cfb\u7edf\u7684\u6838\u5fc3\u8bba\u70b9\u56f4\u7ed5\u5176 3DEXPERIENCE \u5e73\u53f0\u548c\u201c\u865a\u62df\u5b6a\u751f\u201d\u6982\u5ff5\u5c55\u5f00\u3002\u4e0e\u4f20\u7edf\u7684 3D \u5efa\u6a21\u4e0d\u540c\uff0c\u865a\u62df\u5b6a\u751f\u662f\u52a8\u6001\u7684\u6570\u5b57\u526f\u672c\uff0c\u96c6\u6210\u4e86\u5b9e\u65f6\u6570\u636e\u3001\u591a\u7269\u7406\u573a\u4eff\u771f\u548c\u751f\u547d\u5468\u671f\u8bc4\u4f30\u80fd\u529b\u3002\u8fd9\u79cd\u751f\u6001\u7cfb\u7edf\u65b9\u6cd5\u65e8\u5728\u521b\u9020\u9ad8\u6602\u7684\u5207\u6362\u6210\u672c\uff0c\u5e76\u786e\u4fdd\u4e0e\u822a\u7a7a\u822a\u5929\u3001\u6c7d\u8f66\u548c\u5de5\u4e1a\u8bbe\u5907\u5236\u9020\u5546\u7684\u4f01\u4e1a\u67b6\u6784\u6df1\u5ea6\u96c6\u6210\u30022019 \u5e74\u4ee5 58 \u4ebf\u7f8e\u5143\u6218\u7565\u6536\u8d2d Medidata\uff0c\u8fdb\u4e00\u6b65\u5c06\u8fd9\u4e00\u613f\u666f\u6269\u5c55\u5230\u751f\u547d\u79d1\u5b66\u9886\u57df\uff0c\u65e8\u5728\u5c06\u5de5\u7a0b\u4e25\u8c28\u6027\u5e94\u7528\u4e8e\u751f\u7269\u7cfb\u7edf\u548c\u4e34\u5e8a\u8bd5\u9a8c\u3002   <\/p>\n\n<h2 class=\"wp-block-heading\">\u516c\u53f8\u6982\u51b5<\/h2>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u6210\u7acb\u65f6\u95f4<\/strong><\/td><td><strong>1981 \u5e74\uff08\u6cd5\u56fd\u7ef4\u5229\u9f50-\u7ef4\u62c9\u5e93\u5e03\u83b1\uff09<\/strong><\/td><\/tr><tr><td><strong>\u9996\u5e2d\u6267\u884c\u5b98\u517c\u8463\u4e8b\u957f<\/strong><\/td><td>Pascal Daloz<\/td><\/tr><tr><td><strong>\u80a1\u7968\u4ee3\u7801<\/strong><\/td><td>DSY.PA (\u5df4\u9ece\u6cdb\u6b27\u4ea4\u6613\u6240) \/ DASTY (\u7f8e\u56fd\u573a\u5916\u4ea4\u6613\u5e02\u573a)<\/td><\/tr><tr><td><strong>\u5e02\u503c<\/strong><\/td><td>~250 \u4ebf\u6b27\u5143<\/td><\/tr><tr><td><strong>\u5ba2\u6237<\/strong><\/td><td>300,000+<\/td><\/tr><tr><td><strong>PLM \u5e02\u573a\u4efd\u989d<\/strong><\/td><td>~22%\uff08\u5168\u7403\u7b2c\u4e00\u6216\u7b2c\u4e8c\uff09<\/td><\/tr><tr><td><strong>2025 \u8d22\u5e74\u8425\u6536<\/strong><\/td><td>62.4 \u4ebf\u6b27\u5143<\/td><\/tr><tr><td><strong>2025 \u8d22\u5e74\u6bcf\u80a1\u6536\u76ca (Non-IFRS)<\/strong><\/td><td>1.31 \u6b27\u5143<\/td><\/tr><tr><td><strong>\u80a1\u606f\u7387<\/strong><\/td><td>~1.4%<\/td><\/tr><tr><td><strong>MSCI ESG \u8bc4\u7ea7<\/strong><\/td><td>AAA<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<h1 class=\"wp-block-heading\">\u8d22\u52a1\u8868\u73b0\u4e0e\u4e91\u8f6c\u578b<\/h1>\n\n<p class=\"wp-block-paragraph\">2025 \u5168\u5e74\u53ca 2026 \u7b2c\u4e00\u5b63\u5ea6\u7684\u8d22\u52a1\u4e1a\u7ee9\u8868\u660e\uff0c\u516c\u53f8\u6b63\u5904\u4e8e\u4e1a\u52a1\u6a21\u5f0f\u8f6c\u578b\u4e4b\u4e2d\u30022025 \u8d22\u5e74\uff0c\u8fbe\u7d22\u7cfb\u7edf\u62a5\u544a\u603b\u8425\u6536\u4e3a 62.4 \u4ebf\u6b27\u5143\uff0c\u5176\u4e2d\u8f6f\u4ef6\u8425\u6536\u589e\u957f 4%\u3002\u81f3\u5173\u91cd\u8981\u7684\u662f\uff0c\u7ecf\u5e38\u6027\u6536\u5165\u589e\u957f\u4e86 6%\uff0c\u5360\u8f6f\u4ef6\u603b\u8425\u6536\u7684 82%\u3002\u8fd9\u79cd\u5411\u8ba2\u9605\u6a21\u5f0f\u7684\u8f6c\u53d8\u9884\u8ba1\u5c06\u5728 2026 \u5e74\u8fbe\u5230\u8f6c\u6298\u70b9\uff0c\u5c4a\u65f6\u8ba2\u9605\u6536\u5165\u9884\u8ba1\u5c06\u8d85\u8fc7\u4f20\u7edf\u7684\u7ef4\u62a4\u6536\u5165\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\">2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u603b\u8425\u6536\u8fbe\u5230 15.1 \u4ebf\u6b27\u5143\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u7b97\u589e\u957f 3%\uff0c\u7b26\u5408\u7ba1\u7406\u5c42\u76ee\u6807\u3002\u6f5c\u5728\u9a71\u52a8\u56e0\u7d20\u7a81\u663e\u4e86\u6218\u7565\u8f6c\u578b\uff1a3DEXPERIENCE \u8f6f\u4ef6\u8425\u6536\u589e\u957f 7%\uff0c\u76ee\u524d\u5360\u5408\u683c\u8f6f\u4ef6\u8425\u6536\u7684 42%\uff0c\u800c\u4e91\u8f6f\u4ef6\u8425\u6536\u589e\u957f 8%\uff0c\u5360\u8f6f\u4ef6\u603b\u7ec4\u5408\u7684 26%\u3002\u516c\u53f8\u7684\u5e74\u5ea6\u8fd0\u884c\u7387 (ARR) \u8fbe\u5230 43.7 \u4ebf\u6b27\u5143\uff0c\u540c\u6bd4\u589e\u957f 6%\uff0c\u5f3a\u8c03\u4e86\u5176\u73b0\u91d1\u6d41\u65e5\u76ca\u589e\u957f\u7684\u53ef\u9884\u6d4b\u6027\u3002  <\/p>\n\n<h2 class=\"wp-block-heading\">\u5173\u952e\u8d22\u52a1\u6307\u6807<\/h2>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u6307\u6807<\/strong><\/td><td><strong>2025 \u8d22\u5e74<\/strong><\/td><td><strong>2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6<\/strong><\/td><td><strong>\u589e\u957f (\u56fa\u5b9a\u6c47\u7387)<\/strong><\/td><\/tr><tr><td><strong>\u603b\u8425\u6536<\/strong><\/td><td>62.4 \u4ebf\u6b27\u5143<\/td><td>15.1 \u4ebf\u6b27\u5143<\/td><td>+3% (\u7b2c\u4e00\u5b63\u5ea6\u540c\u6bd4)<\/td><\/tr><tr><td><strong>\u8425\u4e1a\u5229\u6da6\u7387 (Non-IFRS)<\/strong><\/td><td>32.0%<\/td><td>30.3%<\/td><td>-60 \u4e2a\u57fa\u70b9 (\u7b2c\u4e00\u5b63\u5ea6\u540c\u6bd4)<\/td><\/tr><tr><td><strong>\u7a00\u91ca\u540e\u6bcf\u80a1\u6536\u76ca (Non-IFRS)<\/strong><\/td><td>1.31 \u6b27\u5143<\/td><td>0.30 \u6b27\u5143<\/td><td>+4% (\u7b2c\u4e00\u5b63\u5ea6\u540c\u6bd4)<\/td><\/tr><tr><td><strong>\u5e74\u5ea6\u8fd0\u884c\u7387 (ARR)<\/strong><\/td><td>~45.0 \u4ebf\u6b27\u5143<\/td><td>43.7 \u4ebf\u6b27\u5143<\/td><td>+6% (\u7b2c\u4e00\u5b63\u5ea6\u540c\u6bd4)<\/td><\/tr><tr><td><strong>\u4e91\u8425\u6536\u5360\u6bd4<\/strong><\/td><td>\u4e0d\u9002\u7528<\/td><td>26%<\/td><td>+8% (\u7b2c\u4e00\u5b63\u5ea6\u540c\u6bd4)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u5c3d\u7ba1\u6709\u8fd9\u4e9b\u7ed3\u6784\u6027\u6539\u5584\uff0c\u4f46\u8f6c\u578b\u5e76\u975e\u6ca1\u6709\u6469\u64e6\u3002\u4e0e\u6c38\u4e45\u8bb8\u53ef\u76f8\u6bd4\uff0c\u5411\u8ba2\u9605\u6a21\u5f0f\u7684\u8f6c\u53d8\u6682\u65f6\u6291\u5236\u4e86\u524d\u671f\u73b0\u91d1\u8f6c\u5316\u548c\u6536\u5165\u786e\u8ba4\u3002\u6b64\u5916\uff0c\u516c\u53f8\u5728\u7279\u5b9a\u7ec6\u5206\u9886\u57df\u9762\u4e34\u660e\u663e\u6311\u6218\u3002\u7531\u4e8e\u4e34\u5e8a\u7814\u7a76\u91cf\u6301\u7eed\u4f4e\u8ff7\u548c\u5ba2\u6237\u8c03\u6574\uff0c\u751f\u547d\u79d1\u5b66\u90e8\u95e8\uff08\u4e3b\u8981\u662f Medidata\uff09\u5728 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u8425\u6536\u4e0b\u964d\u4e86 3%\u3002\u76f8\u53cd\uff0c\u5728 SOLIDWORKS \u548c CENTRIC \u7684\u63a8\u52a8\u4e0b\uff0c\u4e3b\u6d41\u521b\u65b0\u90e8\u95e8\u5b9e\u73b0\u4e86 14% \u7684\u5f3a\u52b2\u589e\u957f\uff0c\u7a81\u663e\u4e86\u5f53\u524d\u8fd0\u8425\u73af\u5883\u7684\u4e0d\u5747\u8861\u6027\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\">2025 \u8d22\u5e74\u7684\u7ecf\u8425\u73b0\u91d1\u6d41\u603b\u8ba1 16.3 \u4ebf\u6b27\u5143\uff0c\u800c 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u8868\u73b0\u5c24\u4e3a\u5f3a\u52b2\uff0c\u8fbe\u5230 9.49 \u4ebf\u6b27\u5143\u2014\u2014\u5728\u8425\u8fd0\u8d44\u91d1\u52a8\u6001\u6539\u5584\u7684\u63a8\u52a8\u4e0b\uff0c\u540c\u6bd4\u589e\u957f 22%\u3002\u622a\u81f3 2026 \u5e74 3 \u6708\uff0c\u51c0\u8d22\u52a1\u72b6\u51b5\u4e3a 24.0 \u4ebf\u6b27\u5143\uff0c\u73b0\u91d1\u53ca\u7b49\u4ef7\u7269\u603b\u989d\u4e3a 48.7 \u4ebf\u6b27\u5143\uff0c\u4e3a\u6218\u7565\u6295\u8d44\u548c\u8865\u5f3a\u6536\u8d2d\u63d0\u4f9b\u4e86\u5145\u8db3\u7684\u706b\u529b\u3002 <\/p>\n\n<h1 class=\"wp-block-heading\">\u90e8\u95e8\u8868\u73b0<\/h1>\n\n<p class=\"wp-block-paragraph\">\u8fbe\u7d22\u7cfb\u7edf\u5c06\u5176\u8f6f\u4ef6\u7ec4\u5408\u5206\u4e3a\u4e09\u4e2a\u4e3b\u8981\u62a5\u544a\u90e8\u95e8\uff0c\u6bcf\u4e2a\u90e8\u95e8\u670d\u52a1\u4e8e\u4e0d\u540c\u7684\u7ec8\u7aef\u5e02\u573a\uff0c\u5e76\u8868\u73b0\u51fa\u4e0d\u540c\u7684\u589e\u957f\u52a8\u6001\u3002<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u5de5\u4e1a\u521b\u65b0<\/strong> \u5305\u62ec\u65d7\u8230\u54c1\u724c CATIA\u3001SIMULIA \u548c ENOVIA\u3002\u8be5\u90e8\u95e8\u5728 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u521b\u9020\u4e86 7.5 \u4ebf\u6b27\u5143\u7684\u8425\u6536\uff0c\u4f46\u5728\u9ad8\u5bf9\u6bd4\u57fa\u6570\u4e0b\u540c\u6bd4\u6301\u5e73\u3002CATIA \u4f5c\u4e3a\u822a\u7a7a\u822a\u5929\u548c\u6c7d\u8f66\u8bbe\u8ba1\u7684\u6838\u5fc3\u4ea7\u54c1\uff0c\u9762\u4e34\u7740\u6b27\u6d32\u6c7d\u8f66\u884c\u4e1a\u75b2\u8f6f\uff08\u5c24\u5176\u662f\u5fb7\u56fd\uff09\u5e26\u6765\u7684\u5468\u671f\u6027\u538b\u529b\u3002\u7136\u800c\uff0cSIMULIA \u548c ENOVIA \u4fdd\u6301\u4e86\u97e7\u6027\uff0c\u53d7\u76ca\u4e8e\u5de5\u7a0b\u5de5\u4f5c\u6d41\u7a0b\u6301\u7eed\u7684\u6570\u5b57\u5316\u8fdb\u7a0b\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u751f\u547d\u79d1\u5b66<\/strong> \u62a5\u544a 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\u4e3a 2.59 \u4ebf\u6b27\u5143\uff0c\u4e0b\u964d 3%\u30022019 \u5e74\u6536\u8d2d\u7684\u4e34\u5e8a\u8bd5\u9a8c\u5e73\u53f0 Medidata \u7ee7\u7eed\u9762\u4e34\u7814\u7a76\u91cf\u51cf\u5c11\u548c\u7279\u5b9a\u5ba2\u6237\u8c03\u6574\u5e26\u6765\u7684\u9006\u98ce\u3002\u7ba1\u7406\u5c42\u6b63\u901a\u8fc7\u65b0\u7684 AI \u9a71\u52a8\u529f\u80fd\u4ee5\u53ca 2026 \u5e74 4 \u6708\u5ba3\u5e03\u7684\u4e0e Worldwide Clinical Trials \u7684\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6765\u89e3\u51b3\u8fd9\u4e00\u95ee\u9898\u3002\u5c06\u865a\u62df\u5b6a\u751f\u65b9\u6cd5\u5e94\u7528\u4e8e\u7cbe\u51c6\u533b\u7597\u7684\u957f\u671f\u613f\u666f\u4ecd\u7136\u5177\u6709\u5438\u5f15\u529b\uff0c\u4f46\u77ed\u671f\u6267\u884c\u60c5\u51b5\u4ee4\u4eba\u5931\u671b\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u4e3b\u6d41\u521b\u65b0<\/strong> \u8868\u73b0\u6700\u4e3a\u51fa\u8272\uff0c\u589e\u957f 14% \u81f3 3.67 \u4ebf\u6b27\u5143\u3002\u4f5c\u4e3a\u4e2d\u7aef\u5e02\u573a 3D \u8bbe\u8ba1\u7684\u4e2d\u575a\u529b\u91cf\uff0cSOLIDWORKS \u4fdd\u6301\u4e86\u5f3a\u52b2\u52bf\u5934\uff0c\u516c\u53f8\u5c06\u5176\u4ea7\u54c1\u547d\u540d\u7edf\u4e00\u4e3a SOLIDWORKS Design Standard\u3001Professional \u548c Premium\u3002\u65f6\u5c1a\u548c\u96f6\u552e PLM \u5e73\u53f0 CENTRIC \u7684\u589e\u957f\u5c24\u4e3a\u5f3a\u52b2\uff0c\u9a8c\u8bc1\u4e86\u8fbe\u7d22\u7cfb\u7edf\u5728\u4f20\u7edf\u5236\u9020\u4e1a\u4e4b\u5916\u7684\u591a\u5143\u5316\u6218\u7565\u3002  <\/p>\n\n<h2 class=\"wp-block-heading\">2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u90e8\u95e8\u7ec6\u5206<\/h2>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u90e8\u95e8<\/strong><\/td><td><strong>2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536<\/strong><\/td><td><strong>\u589e\u957f (\u56fa\u5b9a\u6c47\u7387)<\/strong><\/td><\/tr><tr><td><strong>\u5de5\u4e1a\u521b\u65b0<\/strong><\/td><td>7.5 \u4ebf\u6b27\u5143<\/td><td>\u6301\u5e73<\/td><\/tr><tr><td><strong>\u751f\u547d\u79d1\u5b66<\/strong><\/td><td>2.59 \u4ebf\u6b27\u5143<\/td><td>-3%<\/td><\/tr><tr><td><strong>\u4e3b\u6d41\u521b\u65b0<\/strong><\/td><td>3.67 \u4ebf\u6b27\u5143<\/td><td>+14%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<h1 class=\"wp-block-heading\">\u7ade\u4e89\u683c\u5c40\u4e0e\u6218\u7565\u8981\u52a1<\/h1>\n\n<p class=\"wp-block-paragraph\">\u8fbe\u7d22\u7cfb\u7edf\u5728\u4e00\u4e2a\u9ad8\u5ea6\u7ade\u4e89\u7684\u5be1\u5934\u5784\u65ad\u5e02\u573a\u4e2d\u8fd0\u8425\u3002\u5728\u9ad8\u7aef\u822a\u7a7a\u822a\u5929\u548c\u6c7d\u8f66\u9886\u57df\uff0c\u5b83\u4e0e\u897f\u95e8\u5b50\u6570\u5b57\u5de5\u4e1a\u8f6f\u4ef6\u516c\u53f8\uff08Siemens Digital Industries Software\uff09\u5c55\u5f00\u6fc0\u70c8\u7ade\u4e89\uff0c\u540e\u8005\u7684 Teamcenter \u548c Xcelerator \u7ec4\u5408\u662f\u8fbe\u7d22 CATIA \u548c ENOVIA \u7684\u5f3a\u529b\u66ff\u4ee3\u65b9\u6848\u3002\u5728\u4e2d\u7aef\u5e02\u573a\u4ee5\u53ca\u5efa\u7b51\u3001\u5de5\u7a0b\u548c\u65bd\u5de5 (AEC) \u9886\u57df\uff0cAutodesk \u4ecd\u7136\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\u3002\u4eff\u771f\u5e02\u573a\u4e5f\u5df2\u6574\u5408\uff0c\u6700\u8fd1 Synopsys \u4e0e Ansys \u7684\u5408\u5e76\u4e3a\u8fbe\u7d22\u7684 SIMULIA \u5957\u4ef6\u521b\u9020\u4e86\u4e00\u4e2a\u5f3a\u5927\u7684\u6311\u6218\u8005\u3002\u5728\u751f\u547d\u79d1\u5b66\u9886\u57df\uff0c\u7532\u9aa8\u6587\uff08Oracle\uff09\u548c Veeva \u5728\u4e34\u5e8a\u6570\u636e\u7ba1\u7406\u548c\u76d1\u7ba1\u5de5\u4f5c\u6d41\u7a0b\u65b9\u9762\u5411 Medidata \u53d1\u8d77\u6311\u6218\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\">\u4e3a\u4e86\u4fdd\u6301\u4f18\u52bf\uff0c\u8fbe\u7d22\u7cfb\u7edf\u6b63\u6295\u5165\u5de8\u8d44\u8fdb\u884c\u7814\u53d1\uff0c\u6bcf\u5e74\u5c06\u7ea6 18% \u81f3 20% \u7684\u8425\u6536\u5206\u914d\u7ed9\u521b\u65b0\u3002\u4e00\u4e2a\u4e3b\u8981\u91cd\u70b9\u662f\u4eba\u5de5\u667a\u80fd\u7684\u96c6\u6210\u3002\u516c\u53f8\u6b63\u5728\u90e8\u7f72\u201c\u4ee3\u7406\u5f0f AI\u201d\u548c\u865a\u62df\u52a9\u624b\uff0c\u5e76\u5f97\u5230\u4e0e NVIDIA \u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u7684\u652f\u6301\uff0c\u4ee5\u5f00\u53d1\u5de5\u4e1a\u4e16\u754c\u6a21\u578b\u3002\u8fd9\u79cd AI \u96c6\u6210\u65e8\u5728\u81ea\u52a8\u5316\u751f\u6210\u5f0f\u8bbe\u8ba1\uff0c\u4f18\u5316\u5236\u9020\u5de5\u4f5c\u6d41\u7a0b\uff0c\u5e76\u663e\u8457\u964d\u4f4e\u7269\u7406\u539f\u578b\u6210\u672c\u2014\u2014\u4e3a\u65e9\u671f\u91c7\u7528\u8005\u7f29\u77ed\u9ad8\u8fbe 40% \u7684\u5f00\u53d1\u5468\u671f\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\">\u53e6\u4e00\u4e2a\u5173\u952e\u6218\u7565\u652f\u67f1\u662f\u6570\u636e\u4e3b\u6743\u3002\u968f\u7740\u6b27\u6d32\u6cd5\u89c4\u65e5\u76ca\u8981\u6c42\u672c\u5730\u5316\u6570\u636e\u5b58\u50a8\uff0c\u8fbe\u7d22\u7cfb\u7edf\u6b63\u5728\u5f00\u53d1\u4e3b\u6743\u4e91\u89e3\u51b3\u65b9\u6848\uff0c\u4ee5\u6355\u6349\u56fd\u9632\u3001\u822a\u7a7a\u822a\u5929\u548c\u5176\u4ed6\u53d7\u76d1\u7ba1\u884c\u4e1a\u7684\u9700\u6c42\u3002\u8fd9\u79cd\u672c\u5730\u5316\u65b9\u6cd5\u4f5c\u4e3a\u4e00\u9053\u9632\u5fa1\u62a4\u57ce\u6cb3\uff0c\u53ef\u4ee5\u62b5\u5fa1\u53ef\u80fd\u96be\u4ee5\u6ee1\u8db3\u533a\u57df\u5408\u89c4\u8981\u6c42\u7684\u5168\u7403\u4e91\u539f\u751f\u98a0\u8986\u8005\u3002  <\/p>\n\n<h1 class=\"wp-block-heading\">\u4f30\u503c\u4e0e\u6295\u8d44\u5c55\u671b<\/h1>\n\n<p class=\"wp-block-paragraph\">\u8fbe\u7d22\u7cfb\u7edf\u80a1\u4ef7\u8fd1\u671f\u7684\u6536\u7f29\u5df2\u5c06\u5176\u4f30\u503c\u500d\u6570\u538b\u7f29\u81f3\u5177\u6709\u5386\u53f2\u5438\u5f15\u529b\u7684\u6c34\u5e73\u3002\u8be5\u80a1\u5728\u5df4\u9ece\u6cdb\u6b27\u4ea4\u6613\u6240\u7684\u4ea4\u6613\u4ef7\u683c\u7ea6\u4e3a 18.80 \u6b27\u5143\uff0c\u63a5\u8fd1\u5176 15.82 \u6b27\u5143\u81f3 33.16 \u6b27\u5143\u7684 52 \u5468\u6ce2\u52a8\u8303\u56f4\u4f4e\u7aef\u3002\u5728\u8fd9\u4e9b\u6c34\u5e73\u4e0a\uff0c\u8be5\u80a1\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u7ea6\u4e3a 14.1 \u500d\uff0c\u8f83\u5176\u5386\u53f2\u5e73\u5747\u6c34\u5e73\u548c\u540c\u4e1a\u500d\u6570\u6709\u663e\u8457\u6298\u8ba9\u3002\u6eda\u52a8\u5e02\u76c8\u7387\u7ea6\u4e3a 20.5 \u500d\uff0c\u800c 3.2 \u7684 PEG \u6bd4\u7387\u53cd\u6620\u4e86\u5e02\u573a\u5bf9\u77ed\u671f\u589e\u957f\u52a0\u901f\u7684\u6000\u7591\u3002   <\/p>\n\n<h2 class=\"wp-block-heading\">\u4f30\u503c\u6458\u8981<\/h2>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u80a1\u4ef7 (DSY.PA)<\/strong><\/td><td><strong>~18.80 \u6b27\u5143<\/strong><\/td><\/tr><tr><td><strong>52 \u5468\u6ce2\u52a8\u8303\u56f4<\/strong><\/td><td>15.82 \u6b27\u5143 \u2013 33.16 \u6b27\u5143<\/td><\/tr><tr><td><strong>\u5e02\u503c<\/strong><\/td><td>~250 \u4ebf\u6b27\u5143<\/td><\/tr><tr><td><strong>\u6eda\u52a8\u5e02\u76c8\u7387<\/strong><\/td><td>~20.5x<\/td><\/tr><tr><td><strong>\u8fdc\u671f\u5e02\u76c8\u7387<\/strong><\/td><td>~14.1x<\/td><\/tr><tr><td><strong>PEG \u6bd4\u7387 (5 \u5e74)<\/strong><\/td><td>3.2x<\/td><\/tr><tr><td><strong>\u5206\u6790\u5e08\u5171\u8bc6<\/strong><\/td><td>\u6301\u6709<\/td><\/tr><tr><td><strong>\u5e73\u5747\u76ee\u6807\u4ef7<\/strong><\/td><td>23.32 \u6b27\u5143<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u76ee\u524d\u7684\u5206\u6790\u5e08\u5171\u8bc6\u53cd\u6620\u4e86\u8c28\u614e\u7684\u201c\u6301\u6709\u201d\u8bc4\u7ea7\uff0c\u5e73\u5747\u76ee\u6807\u4ef7\u7ea6\u4e3a 23.32 \u6b27\u5143\uff0c\u8fd9\u610f\u5473\u7740\u5982\u679c\u6267\u884c\u529b\u6539\u5584\uff0c\u7ea6\u6709 24% \u7684\u4e0a\u6da8\u6f5c\u529b\u3002\u76ee\u6807\u4ef7\u8303\u56f4\u4ece 15.00 \u6b27\u5143\u5230 33.35 \u6b27\u5143\u4e0d\u7b49\uff0c\u7a81\u663e\u4e86\u5bf9\u516c\u53f8\u53d1\u5c55\u8f68\u8ff9\u89c2\u70b9\u7684\u5de8\u5927\u5206\u6b67\u3002\u5e02\u573a\u663e\u7136\u6b63\u5728\u6d88\u5316\u4e0e Medidata \u96c6\u6210\u76f8\u5173\u7684\u98ce\u9669\u3001\u6b27\u6d32\u5b8f\u89c2\u7ecf\u6d4e\u4f4e\u8ff7\uff08\u5c24\u5176\u662f\u5fb7\u56fd\u6c7d\u8f66\u884c\u4e1a\uff09\u4ee5\u53ca\u4e91\u8f6c\u578b\u5bf9\u5229\u6da6\u7387\u7684\u5f71\u54cd\u3002  <\/p>\n\n<h1 class=\"wp-block-heading\">2026 \u8d22\u5e74\u7ba1\u7406\u5c42\u6307\u5f15<\/h1>\n\n<p class=\"wp-block-paragraph\">\u7ba1\u7406\u5c42\u5728\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u516c\u5e03\u540e\u786e\u8ba4\u4e86 2026 \u5168\u5e74\u76ee\u6807\u3002\u8425\u6536\u9884\u8ba1\u5728 62.9 \u4ebf\u81f3 64.1 \u4ebf\u6b27\u5143\u4e4b\u95f4\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u7b97\u589e\u957f 3% \u81f3 5%\u3002Non-IFRS \u8425\u4e1a\u5229\u6da6\u7387\u76ee\u6807\u4e3a 32.2% \u81f3 32.6%\uff0c\u8fd9\u610f\u5473\u7740\u6392\u9664\u6c47\u7387\u5f71\u54cd\u540e\u6709 40 \u5230 80 \u4e2a\u57fa\u70b9\u7684\u6539\u5584\u3002\u7a00\u91ca\u540e\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u4e3a 1.30 \u81f3 1.34 \u6b27\u5143\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u7b97\u589e\u957f 3% \u81f3 6%\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e9b\u76ee\u6807\u53cd\u6620\u4e86\u4e00\u79cd\u7a33\u5065\u7684\u65b9\u6cd5\uff0c\u627f\u8ba4\u4e86\u751f\u547d\u79d1\u5b66\u9886\u57df\u6301\u7eed\u7684\u9006\u98ce\u4ee5\u53ca\u6b27\u6d32\u4e3b\u8981\u5e02\u573a\u7684\u5b8f\u89c2\u4e0d\u786e\u5b9a\u6027\u3002\u516c\u53f8\u5728\u7ee7\u7eed\u6295\u8d44\u5176 AI \u8def\u7ebf\u56fe\u548c\u4e91\u57fa\u7840\u8bbe\u65bd\u7684\u540c\u65f6\uff0c\u4f18\u5148\u8003\u8651\u8fd0\u8425\u7eaa\u5f8b\u548c\u751f\u4ea7\u529b\u63d0\u5347\u3002\u8ba2\u9605\u6a21\u5f0f\u7684\u8de8\u8d8a\u2014\u2014\u5373\u8ba2\u9605\u6536\u5165\u8d85\u8fc7\u7ef4\u62a4\u6536\u5165\u2014\u2014\u9884\u8ba1\u5c06\u5728 2026 \u5e74\u671f\u95f4\u53d1\u751f\uff0c\u8fd9\u6807\u5fd7\u7740\u4e1a\u52a1\u6a21\u5f0f\u6f14\u8fdb\u4e2d\u7684\u4e00\u4e2a\u7ed3\u6784\u6027\u91cc\u7a0b\u7891\u3002  <\/p>\n\n<h1 class=\"wp-block-heading\">\u5173\u952e\u98ce\u9669\u4e0e\u6ce8\u610f\u4e8b\u9879<\/h1>\n\n<p class=\"wp-block-paragraph\">\u6295\u8d44\u8005\u5728\u8bc4\u4f30\u8fbe\u7d22\u7cfb\u7edf\u65f6\u5e94\u6743\u8861\u51e0\u4e2a\u91cd\u5927\u98ce\u9669\u3002Medidata \u7684\u96c6\u6210\u5df2\u88ab\u8bc1\u660e\u6bd4\u6700\u521d\u9884\u671f\u7684\u66f4\u5177\u6311\u6218\u6027\uff0c\u751f\u547d\u79d1\u5b66\u90e8\u95e8\u5df2\u8fde\u7eed\u591a\u4e2a\u5b63\u5ea6\u8868\u73b0\u4e0d\u4f73\u3002\u4e34\u5e8a\u8bd5\u9a8c\u91cf\u7684\u6301\u7eed\u6062\u590d\u5bf9\u4e8e\u8bc1\u660e\u6700\u521d\u7684\u6536\u8d2d\u6ea2\u4ef7\u81f3\u5173\u91cd\u8981\u3002\u6b27\u6d32\u6838\u5fc3\u5e02\u573a\uff08\u5c24\u5176\u662f\u5fb7\u56fd\u6c7d\u8f66\u884c\u4e1a\uff09\u7684\u5b8f\u89c2\u7ecf\u6d4e\u75b2\u8f6f\u7ed9\u5de5\u4e1a\u521b\u65b0\u90e8\u95e8\u5e26\u6765\u4e86\u5468\u671f\u6027\u98ce\u9669\u3002\u6765\u81ea AI \u539f\u751f\u521d\u521b\u516c\u53f8\u7684\u7ade\u4e89\u5a01\u80c1\uff0c\u8fd9\u4e9b\u516c\u53f8\u4ee5\u66f4\u4f4e\u7684\u4ef7\u683c\u63d0\u4f9b\u57fa\u4e8e\u6d4f\u89c8\u5668\u7684 CAD 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