Group 1 - The core point of the news is that Weimob Group has seen continuous net buying from southbound funds for four consecutive days, with a total net buying amount of HKD 1.336 billion and a stock price increase of 115.23% [1][2] - On December 24, the total trading volume of active stocks in the Hong Kong Stock Connect was HKD 15.969 billion, with a net buying amount of HKD 2.056 billion [1] - Weimob Group's trading volume through the Hong Kong Stock Connect on December 24 was HKD 2.795 billion, with a net buying amount of HKD 174 million [2]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][17]. Core Insights - The WeChat e-commerce ecosystem is gradually improving, and leading service providers are expected to benefit first. The company is positioned as a key service provider within the Tencent ecosystem, which is likely to enhance its growth prospects [17]. - The introduction of the "Gift" feature in WeChat stores is anticipated to increase the diversity of brands and products available on the supply side, potentially attracting more merchants to the platform [3][18]. - The company has taken the lead in integrating mini-programs with WeChat stores, which is expected to drive merchant onboarding and boost Gross Merchandise Volume (GMV) [4][18]. Financial Projections - Revenue projections for the company from 2024 to 2026 are set at 1.81 billion, 2.11 billion, and 2.39 billion CNY, respectively, with year-over-year growth rates of -18.9%, 17.1%, and 13.0% [5]. - Adjusted net profit forecasts for the same period are -0.5 million, 1.3 million, and 3.0 million CNY, with corresponding adjusted diluted EPS of -0.02, 0.05, and 0.11 CNY [5]. - The company is expected to achieve a turnaround to profitability in 2025, following cost reduction and efficiency improvement measures [17]. Market Position - The current stock price is 2.48 HKD, with a price-to-sales ratio projected at 4.3, 3.7, and 3.3 for the years 2024 to 2026 [17][22]. - The company has a total market capitalization of 8.328 billion HKD and a three-month turnover rate of 258.57% [22].

因圣诞节假期，港股市场今日是半日市。截至收盘，恒生指数涨1.20%，报收20121.91点；科技指数涨 1.23%，报收4512.50点；国企指数涨1.34%，报收7310.49点。 今日市场 航运股延续涨势 象兴国际涨超14% 消息方面， 国务院国资委近日印发了《关于改进和加强中央企业控股上市公司市值管理工作的若干意 见》。其中提出，中央企业和控股上市公司要将股票回购增持作为一项长期性基础性工作，建立常态化 股票回购增持机制。高度重视控股上市公司破净问题，将解决长期破净问题纳入年度重点工作。 保险股中，中国财险(02328.HK)、中国太保(02601.HK)、友邦保险(01299.HK)分别上涨3.33%、2.25%、 2.07%。 消息方面，微信日前公告称，启动"送礼物"功能的灰度测试。用户可以自己付钱在微信小店购买珠宝首 饰、教育培训类目之外且不高于1万元的商品用于赠送微信好友，礼物送出24小时内领取有效。 【海昌海洋公园涨近11% 近一个月涨近50%】 小米集团-W(01810.HK)涨18.38%，报收32.65港元。12月23日，小米汽车宣布，小米SU7 1.4.5 OTA已开 始推送，共13项 ...

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微信电商的秘密武器发布。 微信小店今日开启 "送礼物" 功能的灰度测试，送礼一方在商品页点击 "送给朋友"，可拉起含款式 和金额的选品页面，完成支付后可将心意卡片送至选中好友，收礼一方填写收货地址并点击 "收下 礼物" 后，即可正式收礼。珠宝、教培类以外商品都将可以作为礼品赠送，但售价不能高于 1 万 元。 尽管微信有接近零成本的无限流量，但此前没怎么发力电商，在商品供给和物流基建环节都存在短 板。一位市场人士告诉我们，微信原生电商去年 GMV 为 3000 亿元左右，是头部电商平台的零 头。如今微信电商推出 "送礼" 功能，是想从社交撬动电商市场，复刻 2014 年春节发红包、用社交 打赢先跑十年的支付宝。 腾讯概念股今日午后集体拉升，截至收盘，电商 SaaS 服务商微盟大涨 35.76%，有赞涨 18.35%， 腾讯涨 2.27%。 苹果为国行 iPhone 寻找新的 AI 合作伙伴。 据媒体报道，苹果正与腾讯、字节开展初步谈判，用它们研发的大模型在中国销售的 iPhone 等设 备中推出 Apple Intelligence 功能。据媒体报道，此前苹果选了百度当大模型供应商，但双方合作时 遇到技术挑战。 ...

证券时报网讯，12月19日，恒生指数收盘跌0.56%，恒生科技指数跌0.66%。 腾讯概念股走强，微盟集团大涨近36%，腾讯控股涨超2%。 消息面上，据微盟相关负责人介绍，作为腾讯重要的生态合作伙伴之一，微盟小程序正率先接入微信小 店，支持商家参与微信电商生态。 校对：祝甜婷 ...

WEIMOB INC. 微盟集團* (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Stock Code 股份代號 : 2013 Interim Report 中期報告 2024 * For identification purpose only 僅供識別 目錄 2 公司資料 4 財務摘要 5 主席報告 10 管理層討論及分析 24 其他資料 36 中期簡明綜合全面虧損表 38 中期簡明綜合財務狀況表 40 中期簡明綜合權益變動表 42 中期簡明綜合現金流量表 44 中期簡明財務資料附註 99 釋義 公司資料 | --- | --- | |----------------------------------------------------------|------------------------------------------| | | | | 董事 | 法律顧問 | | 執行董事 | 香港與美國法律： | | 孫濤勇先生 （主席） | 高偉紳律師行 | | 方桐舒先生 | 香港 | | 游鳳 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's SaaS business is experiencing pressure due to demand weakness and adjustments in its advertising platform rebate rules, leading to a downward revision of revenue forecasts for 2024-2026 [5][6] - The company is focusing on cost reduction and efficiency improvements while actively shrinking its loss-making businesses, with a potential return to profitability expected in 2025 [5][6] - The current stock price of HKD 1.16 corresponds to a price-to-sales ratio of 1.8/1.6/1.4 for 2024-2026, indicating a favorable valuation outlook as the SaaS business adjusts and AI applications contribute to growth [5] Revenue and Profitability Forecasts - Revenue forecasts for 2024-2026 have been revised to HKD 1.81 billion, HKD 2.11 billion, and HKD 2.39 billion, reflecting year-on-year growth rates of -18.9%, 17.1%, and 13.0% respectively [5][8] - Adjusted net profit forecasts have been lowered to -HKD 0.5 billion, HKD 1.3 billion, and HKD 3.0 billion for the same period, with corresponding year-on-year changes of -87.2%, 369.4%, and 120.6% [5][8] Business Segment Performance - In H1 2024, the company's revenue was HKD 870 million, a decline of 28.3% year-on-year, significantly below Bloomberg consensus estimates [6] - The subscription solutions segment saw a 31% decline in revenue, primarily due to the company's strategic withdrawal from small and loss-making businesses [6] - The advertising solutions segment experienced a 19.4% increase in gross revenue, but overall revenue declined by 24.5% due to changes in rebate rules and a lag in merchant rebates [6][7] Market Outlook - Short-term revenue is under pressure, with a focus on improving B-end demand and the impact of advertising platform rebate policies [7] - The company is expected to benefit from new channels such as video platforms and social media, which may contribute to revenue growth in the advertising segment [7]

Summary of the Conference Call Company and Industry - The conference call pertains to WeChat Group's mid-year corporate announcement for 2024 [1] Core Points and Arguments - The call is structured to allow investors to listen to the management's presentation, followed by a Q&A session [1] - The meeting is conducted in Mandarin with simultaneous translation available in English [1] - Participants can access the presentation slides on the online platform [1] Other Important Content - The call emphasizes the importance of investor engagement and transparency in corporate communications [1] - The company has made the decision to switch to a listen-only mode for the call, indicating a structured approach to information dissemination [1]

Financial Data and Key Metrics Changes - The company's revenue has dropped by 28% compared to the same period last year, with adjusted losses narrowing from RMB600 million to RMB200 million [4][5][53] - Positive cash flow of RMB30 million has been achieved, marking the best cash flow in the last 30 months [5] - Overall costs have decreased significantly, particularly in selling expenses and cost of sales, contributing to the narrowing of losses [8][53] Business Line Data and Key Metrics Changes - Subscription revenue has decreased by 31%, while the retail segment, particularly Weimarc Retail, has shown organic growth of 3.1%, contributing 62% to overall revenue [7][9][42] - Merchant solutions revenue has decreased by 28.3%, with subscription solutions also seeing a decline [39][48] - Gross billing from merchants has increased by 9.4%, indicating some resilience in the merchant segment despite overall revenue decline [40] Market Data and Key Metrics Changes - The company has focused on core cities, reducing the number of subsidiaries from 15 to 5, which has impacted revenue from small and medium firms [6][7] - The overall economic situation has affected client acquisition costs and budgets for small and medium enterprises, leading to strategic adjustments [8][9] Company Strategy and Development Direction - The company is shifting focus towards smart retail and corporate services, aiming to increase the contribution of corporate services to 70% in the future [14][35] - There is a strong emphasis on AI product commercialization and enhancing international market presence, particularly in North America [30][32][71] - The company plans to introduce new service fees and interface calling fees to boost revenue in the second half of the year [67][68] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging economic environment but expects stable or slight growth in the second half of the year compared to the first half [66][68] - The company anticipates that the adjustments made in the first half will lead to improved financial performance moving forward [66][69] - There is optimism regarding the potential of AI products and their integration into customer workflows, although the commercialization is still in early stages [62][63] Other Important Information - The company has optimized its cash flow management, maintaining stable loan and liability levels with no bad debt concerns [44][53] - The introduction of new AI products, such as Y. Me, has already attracted 5,000 paying customers within two weeks of launch [24] Q&A Session Summary Question: Impact of Weixin shops and video accounts on the company - Management believes that Weixin small shops will not significantly impact the business as they target small customers, while the company focuses on medium to large customers [57][58] Question: Company's view on AI product commercialization - Management sees AI as a crucial part of the strategy but acknowledges that commercialization is still in early stages, with several hundred customers starting to pay for AI products [61][62] Question: Expectations for the second half of the year and international expansion - Management expects stable or slight growth in the second half, with a focus on North America for international expansion, targeting small and medium customers with simpler, AI-driven products [66][71][72]