随着AI Agent 在营销销售场景的深入应用及智能体一体机业务放量，AI 产品有望成为公司第三条高速 增长曲线。 投资建议： 机构：国投证券 研究员：赵阳/夏瀛韬 三条增长曲线驱动下的AI+SaaS 平台型公司 迈富时是国内领先的营销销售一体化SaaS 服务商，2024 年在港交所成功上市，全面转型为AI 驱动的企 业增长平台。公司拥有广泛的客户基础与高度自研的产品体系，围绕"营销云+销售云+智能体中台"构 建三条增长曲线，打造覆盖客户"触达—转化—留存"的数智化运营闭环。公司AI+SaaS 业务为核心收入 来源，客户结构涵盖SMB 与KA 客群，在平台化与智能化趋势下成长路径明确。 营销云全面赋能中小企业，SMB 市场仍具结构性扩容空间营销自动化是营销科技赛道的关键方向，中 小企业扩容与数字化升级持续驱动行业增长，根据Grand View Research 数据，预计中国营销自动化市 场将由2024 年的3.94 亿美元增至2030 年的9.52 亿美元，CAGR 达15.8%。公司以T 云为核心，围绕平台 搭建、内容生成、智能分发与效果评估构建营销自动化平台，对标海外巨头HubSpot 发展路径，迈富时 ...

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].

10月1日凌晨，OpenAI发布新一代视频生成模型Sora 2.0，并同步上线同名社交应用，再次点燃了人工 智能产业的热情。 凭借在物理一致性、多镜头叙事和音画同步等方面的技术突破，Sora 2被业内视为"视频领域的ChatGPT 时刻"，不仅让AI内容从文字跃迁至动态视觉，更标志着视频生成能力开始具备真实感、可控性和产业 化潜力。 这一系列能力的提升，将为迈富时带来结构性商业利好。首先是产品价值的重估：当视频魔方具备了接 近人类创作水平的生成能力，其产品从"短视频工具"升级为"智能内容引擎"，为公司带来更高的定价空 间。其次是客单价与ARPU值的提升：当视频智能体深度嵌入企业业务流程，承担的不再是一次性内容 供给，而是长期的增长与决策支持，客户的使用深度和付费意愿将显著提高。再次是客户粘性的增强： 随着视频能力与企业核心运营系统深度绑定，平台的不可替代性将进一步强化，续约率和客户生命周期 价值都有望持续增长。此外，随着智能体的应用范围从营销扩展到培训、客服、销售等更多场景，迈富 时的商业模式也有望从单一SaaS订阅向"平台+运营服务"演进，为未来估值提升打开新的想象空间。 从行业演进的角度看，Sora 2的 ...

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]

Group 1 - AI concept stocks saw a majority increase in early trading, with notable gains from companies such as 汇量科技 (4.47% increase), 迈富时 (4.33% increase), and 创新奇智 (3.65% increase) [1] - DeepSeek announced a significant update to its services, reducing the cost of its API by over 50% due to a new model that lowers service costs [1] - The National Development and Reform Commission (NDRC) plans to support various enterprises, including private companies, to deeply engage in AI initiatives [1] Group 2 - Huatai Securities indicated that the reduction in model prices will attract more developers to create AI applications, potentially boosting demand for computing power and increasing the likelihood of Super Apps [2] - Zhongyin International believes that the commercialization inflection point for AI applications is approaching, driven by improvements in reasoning efficiency and cost-effectiveness of domestic chips [2] - The combination of advancements in model capabilities, data accumulation, and synthetic data technology is facilitating a shift from "single-point breakthroughs" to "systematic collaboration" in AI capabilities, paving the way for large-scale commercialization [2]

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's foundational details, including its governance structure, legal and auditing advisors, registration, and share information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) During the reporting period, the company's board members changed, with Mr. Zhao Guoshuai appointed Executive Director, Co-Chairman, and Global Executive President, and Ms. Li Yingjie appointed Independent Non-Executive Director, Remuneration Committee Chair, and member of the Nomination and Audit Committees; Ms. Zhao Fangqi and Mr. Qin Ci resigned - Board member changes: Mr. Zhao Guoshuai appointed Executive Director, Co-Chairman, and Global Executive President; Ms. Li Yingjie appointed Independent Non-Executive Director, Remuneration Committee Chair, and member of the Nomination and Audit Committees; Ms. Zhao Fangqi and Mr. Qin Ci resigned[76](index=76&type=chunk) [Legal Advisors and Auditor](index=3&type=section&id=Hong%20Kong%20Legal%20Advisors) The company appointed Chow Chun Hin Solicitors & Beijing Tongshang Law Firm (in association) as Hong Kong legal advisors, Tung Yan Finance Limited as compliance advisor, and Ernst & Young as auditor - Hong Kong Legal Advisors: Chow Chun Hin Solicitors & Beijing Tongshang Law Firm (in association)[7](index=7&type=chunk) - Compliance Advisor: Tung Yan Finance Limited[7](index=7&type=chunk) - Auditor: Ernst & Young[6](index=6&type=chunk) [Registered and Business Locations](index=3&type=section&id=Registered%20Office) The company is registered in the Cayman Islands, with its headquarters and principal place of business in China located in Shanghai, and its principal place of business in Hong Kong in Causeway Bay - Registered Office: PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands[7](index=7&type=chunk) - Headquarters and Principal Place of Business in China: Zhenjiao Center, Building 8, Shanghai Big Data Industrial Park, No. 1, Lane 1401, Jiangchang Road, Jing'an District, Shanghai, China[8](index=8&type=chunk) - Principal Place of Business in Hong Kong: Room 1918, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong[9](index=9&type=chunk) [Share Information](index=4&type=section&id=Stock%20Code) The company's stock code is 2556, with a Hong Kong share registrar and a principal share registrar - Stock Code: **2556**[9](index=9&type=chunk) - Hong Kong Share Registrar: Hong Kong Central Share Registrar Limited[9](index=9&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) The company's H1 2025 revenue grew by **25.5%** to **RMB 928 million**, gross profit increased by **14.7%** to **RMB 451 million**, turning a period loss into profit, with adjusted net profit surging **77.7%** to **RMB 84.721 million** Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 928,293 | 739,443 | 25.5% | | Gross Profit | 450,751 | 392,868 | 14.7% | | Profit/(Loss) for the Period | 35,820 | (820,178) | 104.4% | | Adjusted Net Profit | 84,721 | 47,681 | 77.7% | [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) This section outlines the company's business performance and strategic direction, highlighting key achievements and future outlook [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) In H1 2025, the company achieved high-quality growth driven by AI Agent technology and China's enterprise digital transformation, with total revenue reaching RMB 930 million, AI+SaaS revenue at RMB 500 million, and precise marketing revenue at RMB 420 million, turning net profit attributable to owners from negative to positive - Global economic restructuring, China's economic recovery, and digital transformation entering a new phase of AI Agent applications are driving explosive demand for enterprise intelligent digital development[13](index=13&type=chunk) - Leveraging its AI Agent technology advantages, the company achieved high-quality growth, with total revenue of **RMB 930 million**, a **25.5%** year-on-year increase[14](index=14&type=chunk) - AI+SaaS business revenue reached **RMB 500 million**, up **26.0%** year-on-year, with a gross profit margin of **80.4%**; precise marketing business revenue was **RMB 420 million**, up **25.0%** year-on-year[14](index=14&type=chunk) - Net profit attributable to owners was **RMB 37.4 million**, turning from loss to profit; adjusted net profit was **RMB 84.7 million**, a **77.7%** year-on-year increase[14](index=14&type=chunk) [Review of Core Achievements in H1 2025](index=7&type=section&id=Review%20of%20Core%20Achievements%20in%20H1%202025) The company made significant progress in AI Agent technology, product innovation, market expansion, and operational efficiency, with AI Agentforce intelligent agent platform fully implemented, serving 5,518 enterprises, and AI and AI Agent revenue reaching RMB 110 million; KA client revenue share increased to 50.3%, and channel partner numbers and revenue both grew - AI Agentforce intelligent agent platform 1.0 and 2.0 were fully implemented, covering the entire marketing and sales value chain and scenarios, with deep cultivation in core sectors such as consumer retail, automotive, healthcare, finance, culture and tourism, and manufacturing[15](index=15&type=chunk) - AI and AI Agent revenue reached **RMB 110 million**, serving **5,518 enterprises**[15](index=15&type=chunk) - KA client revenue share increased to **50.3%**, with new iconic enterprise clients including Walmart, L'Oréal, and Pepsi[15](index=15&type=chunk) - The number of channel partners increased from 208 to **232**, generating revenue of **RMB 64.9 million**, a **32.0%** year-on-year increase[19](index=19&type=chunk) - Under the internationalization strategy, AI foreign trade digital employees and T-Cloud foreign trade version cover over **95%** of global language regions, serving **982 foreign trade clients**, with revenue of **RMB 28.4 million**, an **89.0%** year-on-year increase[19](index=19&type=chunk) - Recurring revenue from AI+SaaS business maintained a high proportion of **84.5%**, continuously strengthening customer stickiness[21](index=21&type=chunk) - Total AI+SaaS customers reached **21,655**, with KA key accounts increasing to **814**; average order value for existing SMB and KA customers increased by **21.7%** and **20.7%** year-on-year, respectively[21](index=21&type=chunk) - Sales expense ratio, administrative expense ratio, and R&D expense ratio all decreased year-on-year, while overall per capita efficiency increased by **25.6%** year-on-year, indicating continuous optimization of operational efficiency[21](index=21&type=chunk) [Outlook for H2 and Full Year 2025](index=8&type=section&id=Outlook%20for%20H2%20and%20Full%20Year%202025) The company will continue to focus on four key strategies: deepening AI Agent technology integration with vertical industry scenarios, upgrading international expansion, building an AI product ecosystem through technological innovation and M&A, and achieving sustainable growth through extreme operational efficiency - Deepen the integration of AI Agent technology with vertical industry scenarios, accelerate full-scenario commercialization, and plan to launch Agent-Data business analysis intelligent agents and Agent-Decision business decision-making intelligent agents[17](index=17&type=chunk)[22](index=22&type=chunk) - Promote the upgrade of international layout from "serving Chinese enterprises going global" to "expanding into new overseas markets," building a "product + service" dual-driven system[17](index=17&type=chunk)[23](index=23&type=chunk) - Build an AI product ecosystem through technological innovation, investment, and M&A, optimize the product matrix, and accelerate the integration of vertical solutions[17](index=17&type=chunk)[24](index=24&type=chunk) - Optimize cost and expense structures and improve net profit margin through extreme operational efficiency, a flat management structure, and refined control mechanisms[17](index=17&type=chunk)[25](index=25&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's financial performance, business segment results, costs, operating expenses, and financial position [Financial Review](index=10&type=section&id=Financial%20Review) In H1 2025, the company's total revenue increased by **25.5%** year-on-year to **RMB 928 million**, with significant growth in both AI+SaaS business and precise marketing services revenue Key Operating Data for the Six Months Ended June 30, 2025 | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | **AI+SaaS Business** | | | | Total Users | 21,655 | 22,247 | | Of which, KA Customers | 814 | 595 | | Average Monthly Revenue Per User (RMB) | 4,512 | 3,621 | | **Precise Marketing Services** | | | | Number of Advertising Clients | 541 | 704 | | Average Revenue Per Advertising Client (RMB Thousand

Group 1: Core Insights - The Hong Kong government emphasizes the strategic importance of artificial intelligence (AI) in the 2025 Policy Address, proposing the establishment of the "AI Efficiency Enhancement Group" and planning to set up the "Hong Kong AI Research Institute" [1] - The establishment of the China AI Industry Development Alliance (AIIA) Software Intelligence Committee indicates a collaborative effort to advance AI technology and applications [1] - The Hong Kong stock market saw a significant rise in AI concept stocks, with notable performances from key players like Baidu, Mifus, and SenseTime, reflecting heightened market sentiment towards AI investments [1][2][3] Group 2: Company-Specific Developments - Baidu Group (09888.HK) experienced a strong surge, rising nearly 19%, driven by market expectations of its leadership in AI and favorable policy support [1] - Mifus (02556.HK) saw a robust rebound in its stock price, attributed to its capabilities in enterprise-level AI SaaS and its potential role in enhancing government and enterprise services through AI applications [2] - SenseTime (00020.HK) recorded a rise of over 15%, with market optimism surrounding its technological advantages in computer vision and its ability to capitalize on policy initiatives aimed at expanding AI applications [3] Group 3: Market Outlook - The core AI concept stocks, including Baidu, Mifus, and SenseTime, are well-positioned to benefit from government policies and have unique advantages in their respective fields [3] - The AI industry is in a rapid evolution phase, and while these companies show promise, market volatility may increase, necessitating careful investment considerations [3]

Core Viewpoint - The Chinese AI agent industry has established a "SaaS-MaaS-RaaS" tripartite business model, driven by technology, policy, and ecosystem factors, accelerating the commercialization of a trillion-level market through regional differentiated competition [1]. Business Model Summary - The AI agent industry in China can be categorized into three main models based on service form, deployment method, and application scenario: - **SaaS Model**: Dominates the market with a 30% share, driven by the demand for standardized intelligent tools. It operates on a subscription basis, focusing on efficiency improvement through basic subscription fees and value-added services [3][12]. - **MaaS Model**: Fastest growth at 15%, reflecting the acceleration of model-as-a-service commercialization. It relies on computational power and model innovation for customer acquisition, with significant cost advantages, such as SenseTime's model inference cost being 60% lower than the industry average [3][8]. - **RaaS Model**: Accounts for 12% of the market, focusing on human-machine collaborative automation in sectors like manufacturing and finance, with notable improvements in operational efficiency [3][8]. Market Dynamics - The AI agent industry is experiencing a competitive race among innovation parks, with Shanghai's Xuhui District housing over 1,000 companies and offering substantial computational subsidies. SenseTime's generative AI revenue reached 2.4 billion yuan in 2024, constituting 63.7% of its total revenue [4]. - The industry is supported by policy initiatives, such as the Ministry of Industry and Information Technology promoting "AI + manufacturing" actions and various cities providing computational vouchers and project subsidies to foster ecosystem development [7][8]. Financial Metrics - **SaaS Model**: Average gross margin of 60%-80%, customer retention rate of 75%-90%, and annual customer spending between 50,000 to 500,000 yuan [11][12]. - **MaaS Model**: Average gross margin of 40%-60%, customer retention rate of 60%-75%, and annual customer spending between 100,000 to 2 million yuan [11][12]. - **RaaS Model**: Average gross margin of 30%-50%, customer retention rate of 50%-65%, and annual customer spending between 200,000 to 1 million yuan [11][12].

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 ...