2026 年 3 月 22 日 盈利预测、估值与评级：微盟集团 SaaS 业务经历调整已逐步呈现企稳态势； 商家解决方案业务方面，公司主动调整广告业务客户结构，与抖音旗下巨量引 擎达成合作；全面拥抱 AI，AI 产品收入预计增长强劲。维持 26-27 年收入预测 17.9/20.0 亿元，新增 28 年收入预测 21.4 亿元。维持"增持"评级。 公司研究 SaaS 业务环比企稳，广告平台返点比例恢复正常 ——微盟集团（2013.HK）2025 年业绩点评 要点 事件： 公司发布 2025 年 全 年 业 绩 ， 实 现 营 收 15.92 亿 元 人 民 币 （YoY+18.9%），系公司商家解决方案收入大幅增加所致；实现毛利润 11.95 亿元（YoY+100.4%），对应毛利率为 75.1%，同比提升 30.6pct；经调整净利 润为 0.42 亿元（vs24 年经调整净亏损 5.10 亿元），自 2021 年来首次扭亏转 盈，主要系降本增效所致。 订阅收入环比企稳，聚焦智慧零售大客市场。25 年订阅解决方案收入 8.97 亿 元（YoY-2.3%），主要系公司 24 年削减低质量订阅业务，带来 25 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the coming months [4][6]. Core Insights - The company has achieved its first positive adjusted profit since 2021, with total revenue reaching 1.592 billion yuan in 2025, a year-on-year increase of 18.9%. The adjusted net profit was 42 million yuan, marking a significant improvement [1]. - The company's strategic focus on AI is showing results, with AI-related revenue expected to accelerate in 2026. The introduction of various AI products has contributed to this growth [3][4]. - The company is optimizing its SaaS offerings, particularly in retail, which has led to improved operational efficiency and customer quality, despite a short-term decline in the number of paying users [2]. Financial Performance Summary - In 2025, the company reported total revenue of 1.592 billion yuan, with a gross profit of 1.195 billion yuan and a gross margin of 75.1% [1]. - The adjusted net profit for 2025 was 42 million yuan, a notable recovery from previous losses, while the net profit attributable to shareholders was a loss of 221 million yuan, significantly narrowed compared to prior periods [1][5]. - The company expects to achieve revenues of 1.763 billion yuan in 2026, with a projected net profit of 5 million yuan, indicating a continued recovery trajectory [5][10]. AI Strategy and Product Development - The company has launched several AI products, including WAI and WIME, which have seen significant user engagement and growth in GMV [3]. - The AI-related revenue reached 116 million yuan in 2025, with a substantial quarter-on-quarter growth of 137.5% in the second half of 2025 [3]. - The company is also exploring new business units and partnerships in the AI sector, indicating a robust commitment to expanding its AI capabilities [3]. Market Position and Future Outlook - The company is expected to see revenue growth of 17.63 billion yuan in 2026, with a corresponding price-to-sales ratio of 3.55 [4]. - The report anticipates a continued increase in profitability, with net profit projections of 67 million yuan in 2027 and 138 million yuan in 2028, reflecting a strong recovery and growth potential [4][5].

微盟集团 20260317 摘要 2025 年财务拐点显现：调整后净利润 4,200 万元首次扭亏，自由现金 流转正，销售成本下降 46.6%，资产负债率降至 64%。 AI 业务爆发式增长：2025 年营收 1.6 亿元，下半年环比增 137%；预 计 2026 年下半年环比增速有望翻倍，成为核心增长引擎。 商户解决方案量质齐升：收入同比增长 65%至 6.9 亿元，毛利率回升至 91%，主因客户结构优化及低毛利金融业务剥离。 订阅业务触底回升：受低质量业务退出及宏观环境影响，2025 年收入 同比微降 2.3%，但剔除干扰后下半年已实现连续环比增长。 AI 产品矩阵与技术升级：推出 Y、Weimi、GEO 等产品；底层架构升级 至 Agent Framework 2.0，强化垂直领域行业知识壁垒。 国际化战略提速：成立独立海外业务单元，采用"全包模式"支持名创 优品等出海，目标未来营收占比达 20%-30%。 2026 年业绩指引乐观：依托多渠道（抖音、小红书等）与 AI 战略，预 计整体营收增长 20%-50%，利润将稳步提升。 Q&A 公司 2026 年的核心战略是什么？在国际化扩张方面有何具体规划？ ...

Weimob (SEHK:02013) H2 2025 Earnings call March 17, 2026 08:00 AM ET Company ParticipantsCao Yi - CFOSun Taoyong - Chairman of the Board and CEOYou Fengchun - Executive Director and PresidentConference Call ParticipantsLiao Yuan - AnalystXia Jun - AnalystOperatorThe event is for invited investors only. The audio recording transcript is for meeting for internal use by participants, not to be made public. Weimob Group has not authorized any media outlet to redistribute any content of this event. Any unauthori ...

Financial Data and Key Metrics Changes - Overall revenue grew by 80.9%, reaching CNY 1.592 billion, with a gross profit (GP) margin of CNY 1.2 billion, reflecting a 100% year-over-year increase [4][30] - GP margin rate increased by 31%, reaching 75.1%, indicating a successful high-quality development strategy [4] - Adjusted profit turned positive at CNY 42 million, with positive cash flows and free cash flow reaching CNY 300 million [6][38] Business Line Data and Key Metrics Changes - Subscription revenue was CNY 900 million, showing a slight decrease of 2.3% due to historical low-margin orders and economic pressures [30][33] - Merchant Solutions revenue grew by 65.1%, reaching CNY 690 million, with a GP margin for Merchant Solutions reaching 90% [5][30] - AI-related revenue reached CNY 160 million, contributing significantly to the overall revenue and indicating a new growth engine [5][31] Market Data and Key Metrics Changes - The retail industry spending on software continued to decline, impacting the SaaS business, but the company managed to optimize its customer base [8][29] - The overall market environment remains challenging due to deflation and tight merchant budgets, but the company is adapting through strategic transformation [29][30] Company Strategy and Development Direction - The company is focusing on an "All-in AI" strategy and high-quality growth, with plans to continue expanding into local life services and verticals like pets and fitness [3][9] - The international expansion strategy aims to support Chinese enterprises in global markets, leveraging AI for marketing and operational solutions [25][64] - The company is enhancing its multi-channel marketing strategy, including partnerships with platforms like Douyin and Xiaohongshu [12][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving significant growth in 2026, driven by AI adoption and international expansion [40][66] - The company acknowledges the challenges posed by AI on the SaaS industry but believes that its vertical-specific solutions will remain relevant [54][58] - The management team is optimistic about the future, expecting overall revenue growth of 20%-50% in 2026 due to improved operational efficiency and reduced costs [70] Other Important Information - The company has optimized its client structure by reducing low-margin customers, which has positively impacted overall profitability [30][39] - The total assets of the group reached CNY 6.96 billion, with cash and cash equivalents at CNY 2.1 billion, indicating a solid financial position [32] Q&A Session Summary Question: Can the management team walk us through the AI business revenue and future outlook? - Management highlighted that AI-related revenue reached CNY 160 million, with various agent applications embedded into SaaS products, contributing to commercialization [42][45] Question: What are the challenges and opportunities for the SaaS industry in the face of AI? - Management noted that while AI impacts general SaaS tools, vertical-specific solutions remain essential due to the need for industry know-how [54][55] Question: Can the management elaborate on the overseas strategy and expected growth? - The company aims to provide a one-stop solution for Chinese merchants expanding internationally, with expectations for overseas business revenue to grow significantly [60][66]

Performance Summary - Fuyao Glass (03606.HK) reported a revenue of approximately 45.787 billion yuan for 2025, representing a year-on-year increase of 16.65%, with a net profit of about 9.312 billion yuan, up 24.2% [1] - Hengan International (01044.HK) achieved a revenue of 23.069 billion yuan in 2025, a 1.8% increase year-on-year, and a net profit of 2.535 billion yuan, up 10.3%. E-commerce and new retail sales revenue grew by 10.1%, with an annual gross margin improvement to approximately 33.8% [1] - Sunac China (01918.HK) expects a loss between 12 billion to 13 billion yuan for 2025, a reduction compared to the previous year, primarily due to gains from overseas debt restructuring [1] - Tencent Music (01698.HK) reported total revenue of 32.9 billion yuan for 2025, a 15.8% year-on-year increase, with a net profit of 11.06 billion yuan, up 66.4% [2] - China Eastern Education (00667.HK) achieved a revenue of 4.616 billion yuan in 2025, a 12.1% increase, with adjusted net profit of 792 million yuan, up 50.9% [4] - Hong Kong Electric (02638.HK) reported a revenue of 12.125 billion yuan for 2025, a 0.6% increase, and a net profit of 3.149 billion yuan, up 1.2% [5] - Longjiang Life Science (00775.HK) reported a revenue of 5.41 billion HKD, a 2% decrease, with a net loss of 187 million HKD, an increase of 47.61% year-on-year [3] Company News - Weisheng Holdings (03393.HK) won a supply contract for reclosers from CEMIG, Brazil's largest power company, valued at 138 million Brazilian Reais (approximately 182 million yuan or 206 million HKD), to be delivered in batches over the next two years [9] - Hong Kong International Holdings (00480.HK) partnered with Jiaxing Xiutuo Construction Investment Group to acquire a commercial land plot in Jiaxing for approximately 216.4 million yuan, planning to develop a shopping center [9] Financing and Buyback Activities - Xindong Company (02400.HK) repurchased 108,000 shares at a cost of approximately 7.911 million HKD, with prices ranging from 72.00 to 75.05 HKD [16] - Yum China (09987.HK) repurchased 18,500 shares for about 7.714 million HKD, with prices between 414.8 and 420.6 HKD [16] - CNOOC Oilfield Services (02883.HK) completed the issuance of 5 billion yuan in bonds through its wholly-owned overseas subsidiary [17]

Financial Performance - Total revenue for Weimob Inc. in 2025 was RMB 1.592 billion, representing an 18.9% increase compared to RMB 1.339 billion in 2024[5]. - Gross profit surged to RMB 1.195 billion, a 100.4% increase from RMB 596.3 million in the previous year, with gross margin rising from 44.5% to 75.1%[5][7]. - Adjusted net profit reached RMB 42.4 million, a significant turnaround from a loss of RMB 510 million in 2024, marking the first annual profit since 2021[7]. - Operating cash flow turned positive for the first time since the company's listing, amounting to RMB 5 million[7]. - Operating loss decreased to RMB 146,923 in 2025 from RMB 1,431,160 in 2024, reflecting better operational efficiency[29]. - The company recorded a net loss of approximately RMB 241.5 million in 2025, a significant improvement from a loss of approximately RMB 1,744.0 million in 2024[65]. - Total revenue for the year ended December 31, 2025, reached RMB 1,591,954, an increase from RMB 1,339,255 in 2024, representing a year-on-year growth of approximately 19%[29]. - Gross profit for the same period increased to RMB 1,195,120 from RMB 596,324, indicating a significant improvement in profitability[29]. - The company reported a total comprehensive loss of RMB 243,078,000 for the year ended December 31, 2025, compared to RMB 1,745,711,000 in 2024[83]. Revenue Segmentation - Subscription solutions revenue was approximately RMB 897 million, a slight decline of 2.3% year-on-year, with the number of paying merchants decreasing by 7.2% to 58,396[8]. - Merchant solutions revenue grew by 65.1% to RMB 695 million, with gross profit increasing by 137.7% to RMB 631 million and gross margin rising to 90.9%[9]. - AI-related revenue contributed RMB 116 million in 2025, with a significant increase in the second half of the year, achieving 237.5% growth compared to the first half[8]. - Subscription solutions revenue for 2025 was approximately RMB 897 million, a slight decrease of 2.3% year-on-year, with the number of paying merchants at 58,396, down 7.2%[13]. - Merchant solutions revenue surged by 65.1% from approximately RMB 420.8 million in 2024 to approximately RMB 694.6 million in 2025, due to an increase in net rebate income from advertising platforms[40]. Cost Management - Total sales costs decreased by 46.6% from approximately RMB 743.0 million in 2024 to approximately RMB 396.9 million in 2025, mainly due to a reduction in impairment losses[43]. - Sales and distribution expenses decreased by 23.3% from approximately RMB 1,014.0 million in 2024 to approximately RMB 778.1 million in 2025, primarily due to organizational optimization[52]. - General and administrative expenses fell by 27.3% from approximately RMB 616.8 million in 2024 to approximately RMB 448.2 million in 2025, driven by reductions in R&D and administrative personnel costs[54]. - R&D expenses totaled approximately RMB 272.2 million in 2025, down from approximately RMB 406.3 million in 2024[55]. Market Expansion and Strategy - The company expanded its international presence with the "Weimob Outbound" business unit, signing new clients in six countries across various industries[11]. - Weimob launched several AI products, including the AI Work365 platform and customized solutions, enhancing its AI+SaaS strategy[10]. - The company actively expanded its market share by enhancing partnerships with platforms like Douyin, Xiaohongshu, and Alipay, while maintaining a leading position in Tencent channels[21]. - The company plans to fully embrace AI, launching products like WIME and WAI Pro, and exploring opportunities in AI-driven SaaS and international markets[25]. Corporate Governance and ESG - Weimob's MSCI ESG rating improved to A, reflecting advancements in corporate governance, data security, and sustainable practices[12]. - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing the company's financial reporting, risk management, and internal controls[154]. - The financial statements for the year ending December 31, 2025, have been audited and confirmed by PwC, ensuring consistency with the reported figures[155]. Employee and Operational Metrics - The company employed 3,507 full-time employees as of December 31, 2025, focusing on attracting and retaining qualified personnel[82]. - The number of active merchants using the WAI AI tool grew by 66.7% year-on-year, with core feature usage increasing by 77.8%[14]. - Monthly average GMV for incubated influencers exceeds RMB 2 million, with notable accounts achieving around 100% GMV growth during the collaboration period[24]. Financial Position and Liquidity - As of December 31, 2025, cash and bank balances totaled approximately RMB 2,098.7 million, with cash and cash equivalents at RMB 1,469.0 million[68][70]. - The net debt to equity ratio decreased to 10% as of December 31, 2025, compared to 53% in the previous year[72]. - Total liabilities decreased to RMB 4,444,840 thousand in 2025 from RMB 5,147,880 thousand in 2024, a reduction of about 13.65%[89]. - Cash and cash equivalents rose to RMB 1,469,005 thousand in 2025, up from RMB 1,194,203 thousand in 2024, marking an increase of approximately 23%[87]. Shareholder and Investment Activities - The company issued ordinary shares worth RMB 716,056 thousand during the year, contributing to the increase in equity[90]. - The company completed the first A batch of subscription shares on October 21, 2025, with 172,123,000 shares, raising a net amount of approximately HKD 1,166.3 million from various subscription activities[142]. - The company raised approximately USD 293.6 million from the issuance of convertible bonds in June 2021, with all funds fully utilized by December 31, 2025[141]. - The company did not declare or pay any dividends for the years ended December 31, 2025, and 2024[124].

茲提述Weimob Inc.（「本公司」）日期為2026年2月2日有關股東特別大會（「股東特 別大會」）之股東特別大會通告及通函（「通函」），以及本公司日期為2026年2月24 日有關股東特別大會延期的公告。除非另有定義，否則本公告所用詞彙與通函所 界定者具有相同涵義。 於2026年3月11日舉行之股東特別大會上，所有載於股東特別大會通告之建議決 議案獲股東以投票表決方式正式通過。股東特別大會決議案投票表決結果如下： | | 普通決議案 | 投票數目 | | | | --- | --- | --- | --- | --- | | | | （佔投票數目的概約百分比(%)） | | | | | | 贊成 | 反對 | 棄權 | | 1. | (A) 批准及確認根據2020年受限制股份單 | | | | | | 位計劃及根據該計劃發出之適用的授 | | | | | | 予函，向孫濤勇先生（本公司執行董 | 187,064,221 | 64,876,296 | 0 | | | 事，「孫先生」）授予150,000,000個受 | (74.249360)% | (25.750640)% | (0.000000)% | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 WEIMOB INC. 微盟集團 * （於開曼群島註冊成立的有限公司） 承董事會命 Weimob Inc. 董事會主席兼首席執行官 孫濤勇 中國，上海 二零二六年三月五日 （股份代號：2013） 董事會會議通告 Weimob Inc.（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二六年三 月十七日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬 公司截至二零二五年十二月三十一日止年度的業績及其發佈，並考慮派發末期股 息（如有）。 於本通告日期，董事會包括執行董事孫濤勇先生、方桐舒先生、游鳳椿先生及費 雷鳴先生；以及獨立非執行董事李緒富先生、唐偉先生及徐曉鷗女士。 * 僅供識別 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 微盟集團 | | | | | | 呈交日期: | 2026年3月2日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02013 | 說明 | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 5,000,000,000 | USD | 0.0001 | USD | 500,000 | | 增加 / 減少 (-) | 0 | | | USD | 0 | | 本月底結存 | 5,000,000,000 | USD | 0.0 ...