Core Viewpoint - The AI application sector in both Hong Kong and A-shares has shown strong performance, with several concept stocks experiencing significant price increases, driven by multiple positive signals and favorable news in the industry [2][4]. Stock Performance - In the Hong Kong market, notable stock price increases include: - Fenbi (02469.HK) up 10.36% - Meitu (01357.HK) up 7.08% - Huisheng Technology (01860.HK) up 6.05% - Reading Group (00772.HK) up 5.27% - Maifushi (02556.HK) up 4.92% - Xindong Company (02400.HK) up 4.3% [2][3] - In the A-share market, stocks such as: - 37 Interactive Entertainment (002555.SZ) and Jishi Media (601929.SH) hit the daily limit - Fushi Holdings (300071.SZ) surged 13.39% - Huina Technology (300609.SZ) rose 11.79% - 360 (601360.SH) increased by 7.52% [2][3]. Catalysts for Growth - The surge in the AI application sector is attributed to a combination of individual stock benefits and a series of positive industry signals [4]. - Fenbi announced a share buyback plan of up to 200 million HKD and reported a milestone in AI product sales, with over 42,000 units sold, reflecting a more than 100% increase month-on-month [5]. - Minglue Technology (02718.HK) saw a 106.1% increase on its first trading day, further igniting market enthusiasm for AI sub-sectors [6]. Policy Support - Recent policies in the AI sector have been released, creating a comprehensive support system from strategic planning to practical applications. The "14th Five-Year Plan" emphasizes the implementation of "AI+" actions to seize the high ground in AI industry applications [7]. - A recent State Council meeting focused on accelerating AI scene cultivation and large-scale application, aiming to transform technological advantages into new momentum for industrial development [7]. Industry Events - The establishment of the "World Artificial Intelligence Cooperation Organization" (WAICO) at the APEC summit aims to set global AI governance rules and promote technology accessibility [8]. - Upcoming industry summits, including the World Internet Conference and the Global Computing Conference, will further enhance optimistic expectations for the AI sector [8]. Market Validation - The commercial value of AI applications has been validated through user growth and corporate performance. As of Q3 2025, the number of active mobile users in AI applications exceeded 729 million, with 200 million on PC [8]. - Companies like Kingsoft Office reported Q3 revenue of 1.521 billion CNY, a 25% year-on-year increase, driven by active user growth and enhanced AI features [9]. - 360 reported Q3 revenue of 2.241 billion CNY, a 16.88% year-on-year increase, achieving profitability with multiple significant contracts in the AI sector [10]. Long-term Investment Value - The AI application sector is becoming a core focus for the market, with long-term investment value expected to continue to emerge as the "AI+" initiative deepens and global cooperation progresses [11]. - Several brokerages have released reports highlighting the rapid transition of AI application business models from concept validation to revenue generation, indicating a strong demand for AI applications across various sectors [12]. - The upcoming "Hong Kong Top 100" evaluation will include AI and smart driving as key focus areas, providing a more precise evaluation dimension for industry innovation [12].

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 致：香港交易及結算所有限公司 公司名稱: 邁富時管理有限公司 FF301 截至月份: 2025年10月31日 狀態: 新提交 呈交日期: 2025年11月3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) | 02556 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 ...

Core Viewpoint - AI application concept stocks are experiencing significant activity, with several companies seeing stock price increases of over 5% following a surge in the US market for AI applications [1] Group 1: Stock Performance - Stocks such as Fenbi (02469) rose by 7.14% to HKD 3, Meitu (01357) increased by 5.57% to HKD 9.1, and Huya Technology (01860) gained 5.04% to HKD 18.74 [1] - Other notable performers include Maifushi (02556) up 4.92% to HKD 45.64 and Yuedu Group (00772) rising 3.59% to HKD 43.28 [1] Group 2: Market Context - The US market saw a significant rise in AI application stocks last Friday, with Twilio and Reddit both increasing over 19% and 7% respectively [1] - The upcoming earnings season for AI application companies in the US includes Palantir on November 4, Shopify on November 5, and Applovin on November 6 [1] Group 3: Domestic Performance - Several domestic software companies reported better-than-expected earnings, with 360's Q3 revenue reaching CNY 2.241 billion, a year-on-year increase of 16.88%, and a net profit of CNY 160 million, marking a return to profitability [1] Group 4: Industry Outlook - The 14th Five-Year Plan emphasizes the importance of seizing the high ground in AI application industries, which is expected to promote collaborative development within the AI industry chain [1] - Analysts from CITIC Securities noted that updates from companies like OpenAI, Xai, and Google are driving continuous innovation in the industry, which is favorable for the implementation of AI applications [1] - There is an optimistic outlook for domestic companies to leverage their product and engineering capabilities, as well as their innovation and iteration speed, to seize investment opportunities in AI applications abroad [1]

每经AI快讯，AI应用概念股早盘活跃，截至发稿，粉笔(02469.HK)涨7.14%，报3港元；美图公司 (01357.HK)涨5.57%，报9.1港元；汇量科技(01860.HK)涨5.04%，报18.74港元；迈富时(02556.HK)涨 4.92%，报45.64港元；阅文集团(00772.HK)涨3.59%，报43.28港元。 ...

智通财经APP获悉，AI应用概念股早盘活跃，截至发稿，粉笔(02469)涨7.14%，报3港元；美图公司 (01357)涨5.57%，报9.1港元；汇量科技(01860)涨5.04%，报18.74港元；迈富时(02556)涨4.92%，报45.64 港元；阅文集团(00772)涨3.59%，报43.28港元。 值得一提的是，十五五规划建议提出要抢占人工智能产业应用制高点。江海证券认为有望进一步促进人 工智能产业链协同发展。中信证券此前表示，10月以来，OpenAI、Xai、Google等陆续更新大模型能 力，产业创新持续推进，持续利好AI应用落地，国产AI应用有望迎来拐点机遇。与此同时，外部环境 变化叠加国内政策支持，未来应用的国产化、AI化支持力度或将更加显著。看好国内公司凭借产品与 工程化能力、创新与迭代速度等优势在AI应用出海的投资机遇。 消息面上，上周五美股AI应用概念爆发，Twilio、Reddit绩后涨超19%，Reddit涨超7%。值得关注的 是，美股AI应用财报季将开启，11月4日Palantir、11月5日Shopify、11月6日Applovin等将发布最新业 绩。此外，国内部分软件公司业 ...

Core Viewpoint - The company, MaiFushi, is a leading integrated marketing and sales SaaS service provider in China, successfully transitioning to an AI-driven enterprise growth platform following its IPO on the Hong Kong Stock Exchange in 2024 [1] Group 1: AI + SaaS Business Model - MaiFushi's core revenue source is its AI + SaaS business, which is structured around three growth curves: Marketing Cloud, Sales Cloud, and Intelligent Agent Middle Platform, creating a digital operation loop covering customer "reach - conversion - retention" [1] - The company targets both SMB and KA customer segments, with a clear growth path under the trends of platformization and intelligence [1] Group 2: Marketing Cloud - The Marketing Cloud empowers small and medium-sized enterprises (SMBs), with significant structural expansion potential in the SMB market [2] - The marketing automation sector is a key direction in marketing technology, with the Chinese marketing automation market projected to grow from $394 million in 2024 to $952 million by 2030, representing a CAGR of 15.8% [2] - MaiFushi's T Cloud serves as the core for building a marketing automation platform, aiming to replicate the development path of overseas giant HubSpot [2] Group 3: Sales Cloud - The Sales Cloud supports the operational loop for large clients (KA), with the SFA SaaS market in China reaching $344 million in the first half of 2024, marking an 18.08% year-on-year growth [3] - The trend towards digitalization in sales processes has made SFA a core application scenario for CRM systems [3] - MaiFushi's sales cloud platform, centered around customer management, aims to create a 360° customer view by integrating data through CDP [3] Group 4: Intelligent Agent Middle Platform - The Intelligent Agent Middle Platform is expected to accelerate the commercialization of AI products, with the AI Agent market in marketing and sales reaching ¥442 billion in 2024 and projected to exceed ¥1.1 trillion by 2028 [4] - MaiFushi plans to launch Tforce marketing model in 2024 and Agentforce Intelligent Middle Platform in 2025, featuring rapid setup and low operational thresholds [4] - Recent product launches include AI intelligent recruitment, sales coaching, and foreign trade EVA, indicating a strong growth trajectory for AI products [4] Group 5: Investment Outlook - MaiFushi is positioned as a leading AI + SaaS marketing and sales enterprise in China, with expectations to strengthen its product capabilities and expand into overseas markets through an "internal + external" strategy [4] - Revenue projections for 2025, 2026, and 2027 are estimated at ¥2.369 billion, ¥2.934 billion, and ¥3.619 billion, respectively, with net profits of ¥110 million, ¥720 million, and ¥1.56 billion [4]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of HKD 65.79 over the next six months [6][9]. Core Insights - The company is positioned as a leading AI+SaaS integrated marketing and sales service provider in China, leveraging AI technology to enhance its core products and expand its market presence [5][16]. - The company has established three growth curves: Marketing Cloud for SMBs, Sales Cloud for key accounts (KA), and an AI platform that drives commercialization [4][16]. - The marketing automation market in China is expected to grow significantly, with a projected CAGR of 15.8% from USD 394 million in 2024 to USD 952 million by 2030, driven by the digital transformation of SMBs [2][44]. - The sales automation market is also expanding, with the SFA SaaS market in China reaching USD 344 million in the first half of 2024, reflecting an 18.08% year-on-year growth [3][42]. Summary by Sections 1. Company Overview - The company has evolved from a marketing automation focus to an AI-driven SaaS platform, successfully listing on the Hong Kong Stock Exchange in 2024 [16]. - It has a concentrated shareholding structure, ensuring strategic execution stability [21][27]. 2. First Growth Curve: Marketing Cloud for SMBs - The marketing automation sector is experiencing structural expansion, with SMBs driving industry growth [2][48]. - The company’s T Cloud product addresses the marketing needs of SMBs, providing a comprehensive automation platform [53]. 3. Second Growth Curve: Sales Cloud for KA - The sales cloud platform, centered around key accounts, is designed to enhance customer lifecycle management and data integration [3][42]. - The SFA SaaS market is witnessing a digital transformation, with significant growth potential for the company [3][42]. 4. Third Growth Curve: AI Platform - The AI Agent market is projected to reach CNY 4.42 trillion in 2024, with the company launching its Tforce marketing model and Agentforce AI platform to capitalize on this trend [4][55]. - The company aims to enhance its AI product offerings, which are expected to become a significant growth driver [4][55]. 5. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are CNY 2.37 billion, CNY 2.93 billion, and CNY 3.62 billion, respectively, with net profits expected to turn positive by 2025 [9][11]. - The company’s AI+SaaS business is projected to maintain a CAGR of 24% from 2021 to 2024, becoming a core pillar of its revenue [29][33].

Core Insights - OpenAI's launch of the Sora 2.0 video generation model is seen as a pivotal moment in the AI industry, marking a transition from text-based content to dynamic visual content, with significant implications for commercialization and investment opportunities [1][6] - The emergence of video as an "intelligent agent" capable of understanding, expressing, and making decisions is expected to reshape business processes, with companies that integrate this capability into their operations likely to be key beneficiaries [1][4] Company Overview - MaiFus (02556.HK) is positioned at the forefront of the video intelligence revolution, having invested in developing video intelligent agent capabilities over the past few years, creating a comprehensive product matrix from content generation to business operations [1][5] - The company's T Cloud serves as the central hub for marketing and operations, covering the entire customer acquisition, engagement, and conversion process [2] - Video Magic focuses on short video and marketing scenarios, enhancing production efficiency through capabilities like script generation, cloud editing, and intelligent distribution [2] Product and Technology Advancements - The release of Sora 2.0 is expected to significantly enhance MaiFus's product offerings, particularly the Video Magic tool, by improving content production capabilities, allowing brands to generate high-quality videos more efficiently [2][4] - The integration of multi-camera generation and audio-visual synchronization will enhance the granularity and adaptability of video content, providing more data dimensions for intelligent marketing and channel operations [2][3] Strategic Alignment and Market Position - The trend towards video "intelligent agents" aligns with MaiFus's strategic direction, enabling the encapsulation of video capabilities into reusable intelligent units that can participate in key business functions like marketing and customer service [3][5] - The intelligent recognition and analysis capabilities of the company's products will facilitate a feedback loop for continuous optimization of content strategies and interaction processes [3] Business Model Evolution - The advancements in video capabilities are expected to lead to a structural commercial benefit for MaiFus, including a revaluation of product value as Video Magic evolves into an "intelligent content engine" [4] - Increased customer engagement and willingness to pay are anticipated as video intelligent agents become integral to business processes, enhancing customer retention and lifetime value [4] - The company's business model may evolve from a single SaaS subscription to a "platform + operational services" model, opening new avenues for valuation growth [4][5] Industry Implications - The significance of Sora 2.0 extends beyond technological breakthroughs, as it redefines the role and commercial value of video in enterprise operations, potentially transforming the growth logic of the enterprise AI industry [4][6] - Companies with established platform capabilities and industry experience are likely to be the first to capitalize on the upcoming wave of opportunities in the AI video sector [4][6]

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: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 邁富時管理有限公司 呈交日期: 2025年10月8日 | 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) | 02556 | 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 | | | | 256,269,900 | | | 0 | | 256,269,900 | | 增加 / 減少 (-) | | | | | | | 0 | | | | 本月底結存 | | | | 256,269,900 | | | 0 | | 256,269,900 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. ...

Core Viewpoint - The AI concept stocks in the Hong Kong market showed a positive trend, with most stocks experiencing gains on September 30th [1] Group 1: Stock Performance - Huilyang Technology (01860.HK) increased by 4.47%, reaching HKD 19.88 [1] - Maifushi (02556.HK) rose by 4.33%, trading at HKD 51.35 [1] - Chuangxin Qizhi (02121.HK) saw a gain of 3.65%, priced at HKD 7.95 [1] - Fourth Paradigm (06682.HK) climbed by 3.15%, with a share price of HKD 65.5 [1] - Meitu Inc. (01357.HK) increased by 3.26%, now at HKD 9.16 [1]