转自：前瞻产业研究院 行业主要上市公司： 科大讯飞(002230)、第四范式(06682)、拓尔思(300229)、用友网络(600588)、云从科技 (688327)、出门问问(02438)、迈富时(02556)等 本文核心观点：中国AI代理行业已形成"SaaS-MaaS-RaaS"三足鼎立的商业模式，在技术、政策、生态三重 驱动下，正通过区域差异化竞争加速万亿级市场的商业化落地。 SaaS主导、MaaS狂奔、RaaS深耕的AI代理变现图谱 我国中国AI Agent行业商业模式可按服务形态、部署方式及应用场景分为三大类，其中SaaS模式占据主导地 位，主要得益于企业对标准化智能工具的需求、MaaS模式增速最快，反映出模型即服务的商业化加速、 RaaS模式在制造业和金融领域渗透率提升显著。 | 商业模式 | 市场占比 | 代表企业 | 核心应用场景(1 | | --- | --- | --- | --- | | SaaS 模式e | 30% | 百度智能云、Salesforcee | 智能客服、办公自动化(2 | | MaaS 模式(2 | 15% <= | 商汤科技、科大讯飞(2 | 模型训练、推理服务(2 ...

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） 董事會設有三個董事委員會。下表提供若干董事所任職該等委員會的成員資料。 董事名單及其角色與職能 邁富時管理有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 趙緒龍先生 （董事長兼首席執行官） 趙國帥先生 （聯席董事長兼全球執行總裁） 許健康先生 （高級副總裁） 獨立非執行董事 楊濤先生 李英傑女士 陳晨先生 | | | 董事委員會 | | | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | 趙緒龍先生 | | 成員 | 主席 | | 楊濤先生 | 成員 | 成員 | 成員 | | 李英傑女士 | 成員 | 主席 | 成員 | | 陳晨先生 | 主席 | | | 香港，2025年9月8日 ...

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。 1 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） (1) 委任董事、聯席董事長及全球執行總裁 (2) 董事辭任；及 (3) 董事委員會組成變更 董事會謹此宣佈以下董事、高級管理人員及董事委員會成員的變動自2025年9月 8日起生效： 委任董事及聯席董事長 邁富時管理有限公司（「本公司」，連同其附屬公司「本集團」）董事（「董事」）會（「董 事會」）謹此宣佈，自2025年9月8日起，趙國帥先生（「趙先生」）已獲委任為執行董 事、聯席董事長及全球執行總裁；及李英傑女士（「李女士」）已獲委任為獨立非執 行董事、董事會薪酬委員會（「薪酬委員會」）主席、董事會提名委員會（「提名委員 會」）成員及董事會審核委員會（「審核委員會」）成員。 李女士作為獨立非執行董事將收取由本公司應付每年 ...

呈交日期: 2025年9月1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 | 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8月31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 本月底法定 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's growth potential and performance [1]. Core Viewpoints - The company reported a revenue of 928 million yuan for the first half of 2025, representing a year-on-year growth of 25.54%, and achieved a net profit of 37 million yuan, a significant improvement from a loss of 820 million yuan in the same period last year [1]. - The AI+SaaS business segment showed strong performance with a revenue of 500 million yuan, growing 26.0% year-on-year, and a remarkable order growth rate of 69.1% in the first half of 2025 [1]. - The company has established a "growth + profitability + subscription model" cycle in its AI business, with an annual recurring revenue (ARR) of 190 million yuan, indicating substantial long-term growth potential if cost control is managed effectively [1]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 80.4%, reflecting a high standardization and low marginal cost business model [1]. - The company’s total customer base reached 21,700, with key accounts (KA) numbering 814, and recurring revenue accounting for 84.5% of total revenue [1]. - The revenue from direct sales was 440 million yuan, up 25.2% year-on-year, while channel revenue increased by 32.0% to 64.9 million yuan [1]. Earnings Forecast - The company is expected to experience robust growth in the digitalization sector, with projected earnings per share (EPS) for 2025, 2026, and 2027 being 0.32 yuan, 0.58 yuan, and 0.94 yuan respectively, corresponding to price-to-earnings (P/E) ratios of 180.20, 100.92, and 62.10 [2][3].

Core Insights - The report by IDC highlights that the Chinese AI Agent market has transitioned from "technical chaos to value realization" by Q3 2025, focusing on standard definitions, technical architecture, and market scale [1][2] Group 1: Market Position and Recognition - Mifus (02556.HK) has been recognized as a "benchmark vendor" in the Chinese AI Agent market due to its leading advantages in product matrix, technical architecture, and implementation effectiveness [1] - The company is positioned as an enabler of the intelligent agent ecosystem, continuously enhancing enterprise-level intelligent agent construction [1] Group 2: Technological Advancements - Mifus has developed the AI-Agentforce intelligent agent platform, which has been implemented across various industries including retail, finance, education, cultural tourism, and manufacturing [1] - The company employs a "modular + templated" approach for rapid deployment of intelligent agents, leveraging industry know-how to create replicable growth models [1] Group 3: Competitive Advantages - Mifus's differentiation lies not only in successful project delivery but also in establishing a generative AI-driven intelligent agent "foundation" [2] - The company has pioneered the concept of an "intelligent agent platform," supporting multi-faceted collaboration in content generation, customer operations, marketing automation, and sales support [2] - With the deepening implementation of the national "Artificial Intelligence+" initiative, Mifus's first-mover advantage in standardization and commercialization of intelligent agents is expected to provide ongoing expansion opportunities [2]

Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Insights - The company reported a revenue of 928 million yuan for H1 2025, representing a year-over-year increase of 25.5% [1] - The company achieved a net profit attributable to shareholders of 37 million yuan, marking a turnaround from losses in the previous year [1] - Adjusted net profit reached 85 million yuan, up 77.7% year-over-year, surpassing the total adjusted net profit for the previous year within just the first half of 2025 [1] - Sales expense ratio decreased to 17%, management expense ratio to 10.2%, and R&D expense ratio to 9.1%, all showing a decline compared to the previous year [1] - The company’s AI+SaaS business generated 500 million yuan in revenue, with a gross margin of 80.4% [1] - The precision marketing business contributed 420 million yuan in revenue, reflecting a year-over-year growth of 25% [1] Business Development - The company successfully expanded its key account (KA) customer base, with KA customer revenue now accounting for 50.3% of total revenue [2] - The company’s AI Agent services reached 5,518 enterprises, generating 110 million yuan in AI-related revenue [2] - As of June 2025, the annual recurring revenue (ARR) from AI-related businesses reached 190 million yuan, with AI Agent ARR at 87 million yuan [2] - The total number of AI+SaaS customers reached 21,700, with KA customers increasing to 814 [2] - The average revenue per user (ARPU) for SMB customers increased by 21.7%, while for KA customers it rose by 20.7% [2] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.328 billion yuan, 3.106 billion yuan, and 4.067 billion yuan respectively [3] - Net profit attributable to shareholders is projected to be 68 million yuan in 2025, 204 million yuan in 2026, and 288 million yuan in 2027 [3] - The company is expected to maintain strong growth rates, with revenue growth rates of 49.4% in 2025 and 33.4% in 2026 [4]

Group 1: Company Performance and R&D Investment - Leading companies in the AI agent industry show significant scale advantages in R&D investment, with iFlytek's R&D expenditure reaching 4.58 billion yuan in 2024, a year-on-year increase of 19.37%, accounting for 19.62% of its revenue, which grew to 23.343 billion yuan [1] - Emerging growth companies like Fourth Paradigm reported a revenue of 1.077 billion yuan in Q1 2025, with R&D expenses of 368 million yuan, indicating an improvement in R&D efficiency as the R&D expense ratio decreased from 42.2% in 2024 to 34.2% [1] - Some companies exhibit a "high R&D investment, low revenue scale" characteristic, such as SenseTime, which had an R&D expense ratio of 106% in 2024, and CloudWalk Technology, which saw its R&D investment account for 181.74% of revenue in Q1 2024, with a significant revenue decline of 36.69% to 398 million yuan [1] Group 2: Industry Application and Market Penetration - The AI agent industry in China is characterized by a dual approach of "vertical deepening" and "cross-domain expansion," covering various sectors such as finance, education, healthcare, energy, and manufacturing, creating a multi-dimensional "industry-scenario" application matrix [2] - In the finance sector, leading companies like Fourth Paradigm and CloudWalk Technology serve major financial institutions, with Fourth Paradigm implementing credit risk control and asset management solutions [2] - iFlytek leads in the education sector, with its AI learning machine ranking first on major e-commerce platforms for three consecutive years, generating 7.229 billion yuan in revenue from its smart education business [2] Group 3: Business Model and Revenue Contribution - Companies in the AI agent industry have varying revenue contributions from their AI-related businesses, with iFlytek's AI agent business accounting for 55.8% of total revenue, Fourth Paradigm at 74.8%, and CloudWalk Technology at approximately 45% [4] - The business layout of these companies includes diverse applications, with iFlytek focusing on education and healthcare, Fourth Paradigm on finance and energy, and CloudWalk Technology on manufacturing and energy sectors [4] Group 4: Industry Structure and Geographic Distribution - The AI agent industry participants can be categorized based on technological autonomy and application scenarios, including tech giants, vertical startups, traditional enterprises transitioning, and research institution-derived companies [5] - The geographic distribution of the AI agent industry shows significant clustering in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta regions, driven by policy advantages, industrial support, and talent reserves [7] - Major cities like Beijing and Shanghai attract high-end talent due to their educational resources and research institution density, contributing to the industry's growth [7]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by robust demand in its AI and SaaS business segments [1] Financial Performance - The company achieved operating revenue of 930 million yuan in 25H1, representing a year-on-year increase of 25.5% [1] - The net profit attributable to shareholders was 37.38 million yuan, marking a turnaround from a loss [1] - Adjusted net profit reached 84.72 million yuan, up 77.7% year-on-year, with an adjusted net profit margin of 9.1% [1] AI and SaaS Business Growth - The AI and SaaS business generated revenue of 500 million yuan in 25H1, a year-on-year growth of 26.0% [1] - Orders in this segment increased by 69.1% year-on-year, establishing a solid foundation for revenue growth in the second half of 2025 [1] - The gross margin for the AI and SaaS business was 80.4%, down 7.9 percentage points, primarily due to lower margins in the smart integrated machine business [1] - Excluding the smart integrated machine business, the gross margin was 82.4%, down 5.9 percentage points, mainly due to the increased proportion of key account (KA) business [1] Customer Metrics and Retention - The recurring revenue from the AI and SaaS business accounted for 84.5% of total revenue, indicating strong customer retention [1] - The total number of AI and SaaS customers reached 21,655, with KA customers increasing to 814 [1] - The average revenue per existing small and medium-sized business (SMB) customer rose by 21.7% year-on-year, driven by package upgrades and additional purchases of the Agent module [1] - The average revenue per existing KA customer increased by 20.7%, benefiting from deeper applications of Agent solutions and ongoing industry expansion [1] AI Product Development - The commercialization of AI and AI Agent products exceeded expectations, with AI revenue reaching 110 million yuan and RPO at 100 million yuan [1] - ARR for AI products reached 190 million yuan, with Agent revenue at 45.3 million yuan, RPO at 54.9 million yuan, and ARR at 86.8 million yuan [1] - The company is continuously upgrading its Tforce marketing model and AI Agentforce platform to build competitive barriers [1] - New AI Agent products, such as the AI foreign trade digital employee Eva and AI sales training system, were launched to enhance customer acquisition efficiency and sales performance [1] Future Outlook - The company plans to focus on deepening the penetration of AI Agent functions in its T-cloud product system for SMBs and accelerating the iteration of industry-specific Agent templates for KA clients [1] - The commercialization of AI Agent products is expected to continue accelerating in the second half of 2025 [1] Investment Recommendations - The company’s AI and AI Agent product commercialization is expected to accelerate in the second half of the year, with the Tforce marketing model and AI Agentforce platform creating long-term competitive advantages [1] - Revenue projections for 2025-2027 are 2.358 billion yuan, 3.179 billion yuan, and 4.142 billion yuan, respectively, with adjusted net profits of 112 million yuan, 203 million yuan, and 299 million yuan [1] - Corresponding price-to-sales ratios are projected at 6.0, 4.5, and 3.4 times [1]

Group 1 - The Chinese marketing and sales SaaS market is experiencing rapid growth, with a projected market size of 74.5 billion RMB by 2027 and a five-year compound annual growth rate (CAGR) of nearly 30% [1] - The market penetration rate was only 1.3% in 2022, indicating significant room for improvement compared to mature markets like the United States [1] - The industry's growth is driven by digital transformation demands and cost reduction, alongside AI technology lowering the barriers to SaaS usage [1] Group 2 - The company possesses a unique ecological position in the industry, combining vertical depth comparable to competitors like Weimob and Youzan with strong platform capabilities [2] - Unlike ERP/PaaS giants, the company has a deep understanding of the marketing and sales domain, having focused on this area for many years [2] - The company is transitioning to a platform model empowered by AI, with a clear evolution path from application to platform, integrating foundational data and functions for a one-stop solution [2] Group 3 - The third phase of the platform's evolution involves forming an ecosystem through high-reusability and low-customization solutions, driving a "Land-and-Expand" growth model [3] - This approach enhances customer retention and increases average revenue per user (ARPU), while significantly reducing marginal delivery costs for new business [3] - The market's core expectation gap lies in the failure to recognize the synergy between AI technology, platform strategy, and industry know-how, which could lead to a revaluation of the company's worth as it deepens its platform transformation [3] Group 4 - The company is expected to accelerate the conversion of industry know-how into reusable AI capabilities, with substantial growth potential [3] - Revenue projections for 2025, 2026, and 2027 are estimated at 2.328 billion, 3.053 billion, and 3.926 billion RMB respectively [3] - The target valuation for the company is set at 21 billion RMB, corresponding to a target price of 90 HKD per share, with an initial "buy" rating [3]