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 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,615,888,208 | | 0 | | 3,615,888,208 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 3,615,888,208 | | 0 | | 3,615,888,208 | 第 2 頁 共 10 頁 v 1.1.1 | 截至月份: | 2025年8月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | ...

Core Viewpoint - The company reported a revenue of 775 million RMB for 1H25, a year-on-year decrease of 10.6%, primarily due to cost-cutting measures and a reduction in low-margin businesses, leading to a decrease in deferred revenue [1] Group 1: Financial Performance - The company achieved a gross profit of 582 million RMB in 1H25, reflecting a year-on-year increase of 1.1%, with a gross margin of 75.1%, up by 8.7 percentage points [1] - Adjusted net profit for 1H25 was 17 million RMB, marking the first profit since 2021, attributed to cost reduction and efficiency improvements [1] Group 2: Subscription Revenue and Market Focus - Subscription solutions revenue for 1H25 was 438 million RMB, down 10.1% year-on-year, mainly due to the reduction of low-quality subscription businesses, resulting in a decrease of approximately 30 million RMB in deferred subscription revenue [2] - The number of paying merchants reached 59,100, a year-on-year decrease of 13.9%, with an average revenue per user (ARPU) of 7,402 RMB, up 4.5% year-on-year [2] - The smart retail business generated 286 million RMB in revenue, accounting for 65.2% of subscription solutions revenue, with a year-on-year decline of 6.1% [2] Group 3: Advertising and Merchant Solutions - Merchant solutions revenue for 1H25 was 338 million RMB, down 11.3% year-on-year; however, after adjusting for a reduction in the rebate ratio, the revenue growth was 45.3% [3] - The gross advertising revenue for merchants was approximately 8.623 billion RMB, reflecting a year-on-year growth of 3.4% [3] - The gross margin for this business segment reached 91.3%, compared to 74.5% in 24H1, due to the reduction of low-margin businesses [3] Group 4: AI Integration and Product Development - AI product revenue for 1H25 was approximately 34 million RMB, with the development of three major products: WAI SaaS, WAI Pro, and WIME, covering various application scenarios [4] - The usage rate of the WAI SaaS for store operations increased by 4.5 times, indicating strong adoption among merchants [4] - The number of registered users for WIME reached 110,000, with revenue growth of 172% quarter-on-quarter [4]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3][4]. Summary by Category Increase in Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 5.48%, bringing the total holding to 6.10% - Tracker Fund of Hong Kong (02800) with an increase of 4.07%, totaling 4.76% - Anjoy Foods (02648) with an increase of 1.74%, now at 15.81% [2] - Other notable increases include: - Angelalign Technology (06699) +1.66% to 23.03% - Ganfeng Lithium (01772) +1.44% to 34.51% - East China Environmental Protection (00895) +1.44% to 43.67% [2] Decrease in Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Kinglong Motor Group (06680) with a decrease of 3.39%, now at 24.56% - Interstellar Technology (01725) with a decrease of 2.02%, totaling 10.16% - Goldwind (02208) with a decrease of 1.48%, now at 41.84% [3] - Other notable decreases include: - ZTE Corporation (00763) -1.35% to 56.09% - Longpan Technology (02465) -1.08% to 49.62% [3] Five-Day Changes - Over the last five trading days, the companies with the largest increases in holdings are: - Lens Technology (06613) +6.93% to 13.85% - ZTE Corporation (00763) +5.92% to 56.09% - Tongyu Pharmaceutical-B (02410) +5.40% to 14.72% [4] - The companies with the largest decreases in holdings over the same period include: - Hang Seng China Enterprises (02828) -14.01% to 6.10% - Tracker Fund of Hong Kong (02800) -4.36% to 4.76% [4] Twenty-Day Changes - In the last twenty days, the companies with the largest increases in holdings are: - Meizhong Jiahe (02453) +12.09% to 37.34% - Changfei Optical Fiber (06869) +10.66% to 54.73% - Tongyu Pharmaceutical-B (02410) +8.30% to 14.72% [5] - The companies with the largest decreases in holdings over the same period include: - Yisou Technology (02550) -10.13% to 47.88% - Chongqing Steel (01053) -5.27% to 31.55% [6]

Group 1 - JPMorgan Chase increased its stake in Weimob Group (02013) by approximately 22.56 million shares at a price of about HKD 2.77 per share [1] - The total amount for this transaction was approximately HKD 62.44 million [1] - After the increase, JPMorgan's total shareholding in Weimob Group reached approximately 192 million shares, representing a holding percentage of 5.31% [1]

Group 1 - Morgan Stanley increased its stake in Weimob Group (02013) by acquiring 22,561,829 shares at a price of HKD 2.7675 per share, totaling approximately HKD 62.44 million [1] - Following the acquisition, Morgan Stanley's total shareholding in Weimob Group reached approximately 192 million shares, representing a holding percentage of 5.31% [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 2.65 HKD per share [5]. Core Insights - The company's SaaS business has stabilized sequentially, and the structure of advertising clients continues to optimize [1]. - The company reported a revenue of 775 million RMB for 1H25, a year-over-year decrease of 10.6%, primarily due to cost-cutting measures that reduced low-margin, low-quality small business operations [1]. - The adjusted net profit for 1H25 was 17 million RMB, marking the first profit since 2021, attributed to cost reduction and efficiency improvements [1]. Summary by Sections Subscription Revenue - Subscription solutions revenue for 1H25 was 438 million RMB, down 10.1% year-over-year, mainly due to the reduction of low-quality subscription businesses [2]. - The number of paying merchants decreased by 13.9% year-over-year to 59,100, while the average revenue per user (ARPU) increased by 4.5% to 7,402 RMB [2]. - The smart retail business generated 286 million RMB in revenue, accounting for 65.2% of subscription solutions revenue, despite a 6.1% year-over-year decline [2]. Advertising Revenue - Merchant solutions revenue for 1H25 was 338 million RMB, down 11.3% year-over-year, but adjusted revenue growth reached 45.3% after accounting for a reduction in the rebate ratio [3]. - The gross advertising revenue for merchants was approximately 8.623 billion RMB, reflecting a year-over-year growth of 3.4% [3]. - The gross margin for this business segment improved to 91.3% compared to 74.5% in 24H1, due to the reduction of low-margin businesses [3]. AI Integration - The company's AI product revenue reached approximately 34 million RMB in 1H25, with significant growth in user engagement for its AI solutions [4]. - The WAI SaaS product saw a 4.5-fold increase in usage for store operations, while WIME registered 110,000 users with a revenue growth of 172% [4]. - The company plans to continue expanding its AI applications and has developed 15 AI agents to enhance business operations [4]. Financial Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards to 1.58 billion RMB and 1.74 billion RMB, respectively, with a new forecast for 2027 set at 1.88 billion RMB [4]. - The report indicates a gradual stabilization of the SaaS business and an improvement in the merchant solutions segment due to strategic adjustments [4].

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2]. Group 1: Companies with Increased Holdings - Jinli Permanent Magnet (06680) saw the largest increase in holdings, up by 4.65%, bringing its total to 27.95% [2]. - ZTE Corporation (00763) experienced a 1.42% increase, with a current holding of 57.44% [2]. - Lens Technology (06613) had a 1.31% increase, resulting in a holding of 12.88% [2]. - Other notable increases include Ganfeng Lithium (01772) and Shanghai Fudan (01385), both up by 1.31% and 1.14% respectively [2]. Group 2: Companies with Decreased Holdings - Longpan Technology (02465) faced the largest decrease, down by 2.70%, now holding 50.70% [2]. - Weimob Group (02013) saw a 2.38% reduction, with a current holding of 32.57% [2]. - Shandong Molong Petroleum Machinery (00568) decreased by 1.80%, now at 55.59% [2]. - Other companies with notable decreases include Vanke Enterprises (02202) and Changfei Optical Fiber (06869), down by 1.55% and 1.54% respectively [2]. Group 3: Five-Day Changes in Holdings - Over the last five trading days, ZTE Corporation (00763) had the highest increase of 8.14%, with a holding of 57.44% [3]. - Jinli Permanent Magnet (06680) increased by 6.89%, reaching 27.95% [3]. - Lens Technology (06613) rose by 6.20%, now at 12.88% [3]. - Other significant increases include Tongyuan Kang Pharmaceutical (02410) and Beijing Machinery (00187), up by 5.45% and 4.59% respectively [3]. Group 4: Twenty-Day Changes in Holdings - In the last twenty days, Meizhong Jiahe (02453) saw a substantial increase of 14.36%, with a holding of 37.32% [4]. - Changfei Optical Fiber (06869) increased by 13.19%, now at 54.88% [4]. - Yimai Sunshine (02522) rose by 12.20%, reaching 40.88% [4].

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 581 million, Kangfang Biotech (09926) with 541 million, and Hong Kong Stock Exchange (00388) with 434 million [1] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -2.396 billion, Xiaomi Group-W (01810) with -1.524 billion, and SMIC (00981) with -845 million [1] - In terms of net inflow ratios, the top three companies are Quan Feng Holdings (02285) at 51.60%, Sen Song International (02155) at 49.91%, and GX China (03040) at 43.94% [1] - The top three companies with the highest net outflow ratios are Yihai International (01579) at -51.63%, Zhou Hei Ya (01458) at -49.54%, and Kangji Medical (09997) at -46.09% [1] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 581 million, representing a 2.88% increase in closing price to 124.500 [2] - Kangfang Biotech (09926) saw a net inflow of 541 million, with a closing price of 169.500, down 4.18% [2] - Hong Kong Stock Exchange (00388) experienced a net inflow of 434 million, closing at 462.800, up 3.30% [2] - Kuaishou-W (01024) had a net inflow of 428 million, closing at 78.750, up 5.14% [2] - Horizon Robotics-W (09660) recorded a net inflow of 401 million, closing at 7.760, up 1.31% [2] Net Outflow Rankings - Yingfu Fund (02800) had the largest net outflow of -2.396 billion, with a closing price of 26.360, up 2.01% [2] - Xiaomi Group-W (01810) experienced a net outflow of -1.524 billion, closing at 53.500, up 1.81% [2] - SMIC (00981) saw a net outflow of -845 million, with a closing price of 57.800, up 1.58% [2] - CNOOC (00883) had a net outflow of -708 million, closing at 18.830, up 0.53% [2] - Pop Mart (09992) recorded a net outflow of -418 million, closing at 326.600, up 1.94% [2] Net Inflow Ratio Rankings - Quan Feng Holdings (02285) had a net inflow ratio of 51.60%, with a net inflow of 24.33 million, closing at 24.300, up 5.29% [3] - Sen Song International (02155) recorded a net inflow ratio of 49.91%, with a net inflow of 54.68 million, closing at 10.900, up 1.68% [3] - GX China (03040) had a net inflow ratio of 43.94%, with a net inflow of 1.29 million, closing at 37.820, up 2.55% [3] Net Outflow Ratio Rankings - Yihai International (01579) had a net outflow ratio of -51.63%, with a net outflow of -69.47 million, closing at 14.780, up 4.23% [3] - Zhou Hei Ya (01458) recorded a net outflow ratio of -49.54%, with a net outflow of -20.12 million, closing at 2.570, up 2.80% [3] - Kangji Medical (09997) had a net outflow ratio of -46.09%, with a net outflow of -30.83 million, closing at 8.680, up 0.35% [3]

Group 1 - The core viewpoint of the article highlights the successful commercialization of AI within Weimob's SaaS framework, marking a significant milestone in its business transformation [2][11][19] - Weimob reported AI-related revenue of approximately 34 million RMB in the first half of 2025, primarily from its AI tool matrix, indicating a successful application in e-commerce [2][11] - The company's subscription solution revenue increased by 1.38% to 438 million RMB, reflecting a stabilization and recovery phase [2][11] Group 2 - Weimob achieved a significant turnaround by reporting a net profit of 17 million RMB in the first half of 2025, a 109% year-on-year improvement, marking its first profit since 2021 [9][11] - The adjusted revenue rose by 7.8% year-on-year to 775 million RMB, demonstrating improved operational efficiency despite macroeconomic challenges [9][11] - The gross margin increased from 66.4% to 75.1%, a notable rise of nearly 9 percentage points, indicating enhanced profitability [9][11] Group 3 - Weimob's smart retail segment saw a 13.4% year-on-year growth in GMV, with significant increases in the number of high-value accounts [10][11] - The company has established a strong presence in major retail sectors, capturing 48% of the top fashion retail companies in China [10][11] - The integration of AI capabilities into core business areas has effectively increased customer engagement and created new revenue streams [11][19] Group 4 - Weimob is actively exploring growth opportunities within the WeChat ecosystem, having launched solutions that enhance the integration of WeChat mini-programs and stores [13][14] - The company has reported a 100% monthly growth rate in GMV for newly bound WeChat store merchants, indicating strong market traction [13][14] - Weimob's strategy includes diversifying its ecosystem partnerships beyond WeChat, with plans to integrate with platforms like Douyin [14][19] Group 5 - The SaaS industry is undergoing profound changes due to AI technology, with companies like Weimob evolving from traditional service providers to intelligent product companies [15][19] - The market sentiment towards Weimob's mid-2025 report is positive, with institutional investors showing confidence in its growth potential [17][19] - The successful transformation of Weimob serves as a valuable reference for domestic tech companies navigating the new economic cycle [19]

Core Viewpoint - The company, Weimob, has shown significant improvement in its fundamentals, achieving profitability for the first time since 2021, which has led to a revaluation of its stock price and positive market sentiment [1][15][16]. Financial Performance - Weimob reported a revenue of 775 million RMB for the first half of 2025, with an adjusted revenue increase of 7.8% year-on-year when accounting for changes in merchant solution rebate rates [1][12]. - The adjusted net profit reached 17 million RMB, marking a substantial improvement of 109% year-on-year, indicating a turnaround from losses [1][15]. - The gross profit margin improved significantly to 75.2%, up over 15 percentage points from the previous year, driven by a strategic adjustment in customer structure [12][13]. AI Commercialization - The company disclosed that AI commercialization revenue reached 34 million RMB, accounting for nearly 5% of total revenue, reflecting the initial success of its AI initiatives [2][5]. - Weimob has established four key directions for AI development, including AI+SaaS and AI+Marketing, and has launched several intelligent solutions to enhance operational efficiency for merchants [4][5]. Market Position and Strategy - Weimob has been proactive in adapting to new market trends, such as the launch of Tencent's "WeChat Store" and the rapid growth of cross-border e-commerce, positioning itself as a leading service provider in the retail SaaS industry [6][7]. - The company has successfully integrated its services across multiple platforms, enhancing its operational capabilities and customer engagement [8][10]. Customer Base and Growth - The average revenue per paid merchant for subscription solutions increased by 4.5% to 7,402 RMB, indicating a focus on high-value clients and improved operational efficiency [10][11]. - The number of paid merchants for merchant solutions grew by 1.5% to 39,281, with a strategic shift away from low-margin clients to enhance profitability [11][12]. Future Outlook - Analysts predict continued growth in Weimob's adjusted net profit, with estimates of 50 million RMB, 130 million RMB, and 240 million RMB for 2025 to 2027, respectively, suggesting a positive trajectory for the company's financial performance [16][17]. - The current market valuation of Weimob is at a historical low, with a price-to-sales ratio of approximately 4.8 times for 2025, indicating potential for valuation recovery [16][17].