市公司 公司研究 公司深 2025 年 08 月 17 日 迈拿时 (02556) 差异定位，强执行力的 Al+营销专家 报告原因: 首次覆盖 (首次评级) | 市场数据: | 2025年08月15日 | | --- | --- | | 收盘价（港币） | 53.25 | | 恒生中国企业指数 | 9039.09 | | 52 周最高/最低（港币） | 144.00/32.40 | | H 股市值（亿港币） | 136.46 | | 流通 H 股 (百万股) | 256.27 | | 汇率（人民币/港币） | 1.0982 | 一年内股价与基准指数对比走势: 135% 资料来源: Bloomberg 相关研究 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 研究支持 曹峥 A0230525040002 caozheng@swsresearch.com 联系人 曹峥 (8621)23297818× caozheng@swsresearch.com 申万宏源研究微信服务号 财务数 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 2025 年 08 月 17 日 迈富时 (02556) ——差异定位，强执行力的 AI+营销专家 黄忠煌 A0230519110001 huangzh@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 08 月 15 日 | | --- | --- | | 收盘价（港币） | 53.25 | | 恒生中国企业指数 | 9039.09 | | 52 周最高/最低（港币） | 144.00/32.40 | | H 股市值（亿港币） | 136.46 | | 流通 H 股（百万股） | 256.27 | | 汇率（人民币/港币） | 1.0982 | 一年内股价与基准指数对比走势： -65% 135% 08/15 09/15 10/15 11/15 12/15 01/15 02/15 03/15 04/15 05/15 06/15 07/15 08/15 HSCEI 迈富时 资料来源：Bloomberg 相关研究 证券分析师 ...

T 云为模块化营销SaaS 产品，满足中小客户营销获客需求，2024 年T 云客户增长至近2.6 万家，订阅客 户留存率、收入留存率分别为73%、88%；珍客主要提供CRM 与数据分析，面向垂直行业大型企业， 2024 年珍客客户增长至近783 家，订阅客户留存率、收入留存率分别为95%、124%，实现极高的客户 粘性。面对垂直行业大客户，公司为其提供标准化Agent 模块，同时也向其销售AI-Agentforce 中台，用 于填补标准产品难以覆盖的企业精细化场景，提供"标准中台+定制实施"的服务。 投资建议：国内营销及销售SaaS 龙头，由SMB 向KA 客户拓展，Agent加速客户渗透并提升客单价，一 体机产品打开新市场。我们预计公司2025-2027 年实现营业收入23.55/30.85/40.62 亿元，归母净利润 0.96/2.07/3.54亿元。对应PS 分别为5.3/4.1/3.1 倍，首次覆盖，给予"买入"评级。 风险提示：客户拓展不及预期；Agent 产品迭代不及预期；限售股解禁风险 生成式AI 在营销及销售场景优先落地，Agent 打开万亿元市场。根据弗若斯特沙利文的预测，2025 年 中 ...

国内营销及销售 SaaS 龙头，Agent 商业化先锋 迈富时(02556) 证券研究报告 软件开发 / 公司深度研究报告 / 2025.08.15 | 投资评级:买入(首次) | | --- | | 基本数据 | 2025-08-14 | | --- | --- | | 收盘价(元) | 54.05 | | 流通股本(亿股) | 2.56 | | 每股净资产(元) | 2.23 | | 总股本(亿股) | 2.56 | 最近 12 月市场表现 -65% -32% 1% 34% 67% 100% 迈富时 恒生指数 软件开发 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 李宇轩 SAC 证书编号：S0160524080001 liyx02@ctsec.com 相关报告 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 ...

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公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部份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。 Marketingforce Management Ltd 邁 富 時 管 理 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2556） 邁富時管理有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2025年 8月22日（星期五）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其附屬 公司截至2025年6月30日止六個月之中期業績及其刊發，並考慮建議有關派發中期 股息事宜（如有）。 承董事會命 董事會會議召開日期 董事長兼首席執行官 趙緒龍 香港，2025年8月11日 於本公告日期，本公司董事為：董事長、執行董事兼首席執行官趙緒龍先生、執行 董事許健康先生、非執行董事趙芳琪女士以及獨立非執行董事楊濤先生、秦慈先 生及陳晨先生。 邁富時管理有限公司 ...

Group 1 - Yisou Technology (02550) rose nearly 12.63% after announcing a share subscription agreement with Lightnet Pte. Ltd., acquiring approximately 1.23% equity for $5 million [1] - Maifushi (02556) fell nearly 2.28% despite a profit forecast of RMB 31.8 million to RMB 41 million for the six months ending June 30, 2025, a significant turnaround from a loss of RMB 820 million in the same period last year [1] - New World Development (00086) increased nearly 4.19% after announcing a profit forecast of no less than HKD 800 million for the six months ending June 30, 2025, compared to HKD 75.4 million in the same period last year [2] Group 2 - Cao Cao Travel (02643) surged nearly 15.68% after signing a strategic cooperation memorandum with Victory Securities to explore virtual asset tokenization and stablecoin applications [2] - Boan Bio (06955) dropped nearly 5.06% after announcing a placement of 48 million shares at HKD 16.42 each, aiming to raise approximately HKD 780 million for R&D and operational purposes [2] - Huaxing Capital Holdings (01911) rose nearly 6%, with a year-to-date stock price increase of 1.1 times, as it plans to invest $100 million in Web 3.0 and cryptocurrency assets [3] Group 3 - Cathay Pacific Airways (00293) continued to decline nearly 3% after a report indicated an 8.3% year-on-year increase in net profit for the first half of the year, but operating profit fell short of market expectations [3] - Keep (03650) rose over 10%, with a cumulative increase of over 22% this week, reporting an adjusted net profit of approximately RMB 10 million for the first half of the year [4] - Smoore International (06969) increased nearly 5%, with BAT's new tobacco product revenue growing 2.4% year-on-year, and Smoore is expected to benefit from this growth [4] Group 4 - Xiaomi Group-W (01810) fell over 4% after Nomura raised its target price by 79% to HKD 61 but downgraded its rating to "Neutral" due to limited upside potential [5] - Apple (AAPL.US) rose 5.09% after announcing a commitment to invest an additional $100 billion in U.S. manufacturing, bringing its total investment commitment to $600 billion [6] - McDonald's (MCD.US) increased 2.98% with second-quarter revenue growing 5.4% year-on-year to $6.84 billion, exceeding analyst expectations [6]

消息面上，8月6日，迈富时发布公告，预期截至2025年6月30日止6个月将扭亏为盈，取得本公司拥有人 应占净利润约人民币3180万元至人民币4100万元，去年同期本公司拥有人应占净亏损约人民币8.2亿 元。 截至2025年6月30日止6个月，本公司拥有人应占净利润的预期增长主要由于：本集团于2024年5月完成 股份在香港联合交易所上市，因此截至2025年6月30日止6个月上市费用及可转换可赎回优先股的公允价 值变动的影响为零，较去年同期大幅减少；2025年上半年AI市场需求增加，带动AI+SaaS业务收入持续 增长，使本集团毛利增加；及本集团内部应用AI工具，带来集团整体运营效率持续提升，致使销售费 用、行政费用及研发费用下降。 智通财经APP获悉，迈富时(02556)盈喜后涨超4%，截至发稿，涨4.15%，报64.15港元，成交额8732.14 万港元。 （原标题：港股异动 | 迈富时(02556)盈喜后涨超4% 预期中期股东应占净利至多约4100万元 AI+SaaS业 务收入持续增长） ...

消息面上，8月6日，迈富时发布公告，预期截至2025年6月30日止6个月将扭亏为盈，取得本公司拥有人 应占净利润约人民币3180万元至人民币4100万元，去年同期本公司拥有人应占净亏损约人民币8.2亿 元。 迈富时(02556)盈喜后涨超4%，截至发稿，涨4.15%，报64.15港元，成交额8732.14万港元。 截至2025年6月30日止6个月，本公司拥有人应占净利润的预期增长主要由于：本集团于2024年5月完成 股份在香港联合交易所上市，因此截至2025年6月30日止6个月上市费用及可转换可赎回优先股的公允价 值变动的影响为零，较去年同期大幅减少；2025年上半年AI市场需求增加，带动AI+SaaS业务收入持续 增长，使本集团毛利增加；及本集团内部应用AI工具，带来集团整体运营效率持续提升，致使销售费 用、行政费用及研发费用下降。 ...

Group 1 - The Ministry of Transport, Ministry of Finance, and Ministry of Natural Resources have issued a plan to complete the construction and renovation of 300,000 kilometers of rural roads by 2027, aiming to establish a convenient and efficient rural road network [1] - The plan includes implementing 300,000 kilometers of repair and maintenance projects, maintaining a good road condition rate of over 70%, and carrying out safety protection projects on 150,000 kilometers of roads [1] - The initiative aims to enhance rural transportation services and support the vision of a well-structured, high-quality rural transportation system by 2035 [1] Group 2 - U.S. stock markets saw an overall increase, with the Dow Jones rising by 81.38 points (0.19%) and the Nasdaq increasing by 252.87 points (1.21%) [2] - Notable stock movements included Apple rising by 5% due to anticipated investments in U.S. manufacturing, and McDonald's gaining over 3% following better-than-expected earnings [2] - Many popular Chinese concept stocks also saw gains, with Alibaba up over 3% and NIO increasing by over 2% [2] Group 3 - The State Grid reported a record high electricity load for three consecutive days, reaching a maximum load of 1.233 billion kilowatts, an increase of 53 million kilowatts compared to last year's peak [3] - The electricity load is expected to remain above 1.2 billion kilowatts, with a potential decrease anticipated due to upcoming rainfall and cooler temperatures [3] Group 4 - The Hong Kong Monetary Authority intervened in the currency market, buying HKD 8.439 billion after the Hong Kong dollar hit the weak end of its trading band [4] - This action is part of the linked exchange rate system, where the HKMA sells USD and buys HKD to stabilize the currency [4] Group 5 - The China Photovoltaic Industry Association is soliciting opinions on the draft amendment to the Price Law, focusing on price behavior norms and regulatory mechanisms [5] - This initiative aims to reflect the demands of the photovoltaic industry and gather feedback for potential modifications [5] Group 6 - Guangnan Group's subsidiary successfully acquired land use rights in Foshan for RMB 56.16 million, expanding its meat industry chain [6] Group 7 - Caocao Travel is exploring the tokenization of real-world assets and stablecoin payments through a strategic partnership with a licensed financial institution in Hong Kong [7][8] Group 8 - Lianzhong is integrating AI technology into traditional board games, collaborating with tech companies to enhance gaming experiences [9] Group 9 - China National Pharmaceutical Group's self-developed drug TQ05105 has been included in the breakthrough therapy designation program for chronic graft-versus-host disease treatment [10] Group 10 - China Nuclear Technology expects a mid-year profit increase of no less than 15% compared to the previous year [11] Group 11 - Hengrui Medicine's product received orphan drug designation from the FDA, which may provide regulatory advantages in the U.S. market [12] Group 12 - Huaxian Optoelectronics anticipates a significant profit increase of at least 600% for the first half of 2025 [13] Group 13 - New World Development expects a mid-year profit of no less than HKD 800 million, a substantial increase from the previous year's HKD 75.4 million [14] Group 14 - Xinwei Medical expects to achieve a net profit of at least RMB 40 million in the first half of 2025, marking a turnaround from losses [15] Group 15 - Zhiyu Technology anticipates a mid-year profit increase of approximately 108.9% to 126.7% [16] Group 16 - Ningmeng Media expects to achieve a net profit of approximately RMB 10 million to 12 million in the first half of 2025, reversing previous losses [17] Group 17 - Weixin Jinke anticipates a significant profit increase of no less than RMB 200 million for the first half of 2025, reflecting a growth of at least 65% [18] Group 18 - Uni-President China reported a 33.24% increase in shareholder profit to RMB 1.287 billion for the mid-year period [19] Group 19 - BeiGene reported a net profit of USD 94.32 million for the second quarter, marking a turnaround from a loss of USD 120 million in the previous year [20] Group 20 - Maifushi expects to achieve a net profit of approximately RMB 31.8 million to 41 million in the first half of 2025, reversing a significant loss from the previous year [21]

智通财经讯，迈富时(02556)发布公告，预期截至2025年6月30日止6个月将扭亏为盈，取得本公司拥有 人应占净利润约人民币3180万元至人民币4100万元，去年同期本公司拥有人应占净亏损约人民币8.2亿 元。 企业公告称，2025年上半年AI市场需求增加，带动AI+SaaS业务收入持续增长，使本集团毛利增加；及 本集团内部应用AI工具，带来集团整体运营效率持续提升，致使销售费用、行政费用及研发费用下 降。 2025年公司迎来AI Agent产品商业化落地新阶段，AI产品的成功实践以及今年以来AI Agent产品持续推 出将提供场景验证。目前公司持续推出AI-Agentforce智能体中台、智能体一体机、AI-Agentforce智能体 中台2.0等AI Agent产品，驱动利润释放成为业绩核心增长点。 根据沙利文数据统计，从IT支出/GDP维度来看，中国2022年达2.6%，远低于全球的4.7%以及美国的 7.2%。 本文源自：智通财经网 营销及销售SaaS市场规模有望从2022年的206亿元增长至2027年的745亿元，复合增速达29.3%。 中国银河证券发布研报称，AI Agent的商业模式正从"提供 ...