Company Summary - The company, MaiFus (02556), reported a 45% year-on-year growth in AI SaaS revenue for Q3 2025, with gross revenue from precision marketing services increasing by approximately 37%, exceeding market expectations and continuing the robust growth trend from the first half of the year [1] - MaiFus has strengthened its AI Agent product matrix by launching two new products, the international version of CDP/MA and AgentData, and upgrading the "Video Marketing Expert Nora," enhancing its capabilities in cross-border marketing and data-driven decision-making [1] - The new products aim to leverage AI Agent technology to streamline the entire process from customer insights to marketing execution, promoting the large-scale implementation of AI-native SaaS in enterprises [1] - The company is deepening the integration of AI technology in international operations and marketing scenarios, expanding localized delivery capabilities across multiple regions to enhance growth resilience for enterprises in the "AI + Going Global" process [1] - By strengthening the overseas omnichannel reach and collaborating deeply with the AI-Agentforce intelligent platform, the company is building a global marketing closed loop of "data insights - precise reach - effect optimization," addressing common pain points faced by cross-border enterprises such as channel fragmentation and insufficient data insights [1] Industry Summary - According to Minsheng Securities, the Hong Kong stock market's earnings season is expected to drive a continuous recovery in the valuation of the technology sector, with a focus on AI ecosystem companies that possess capabilities in computing power, models, and application scenarios [2] - Dongwu Securities noted that the Hong Kong stock market may maintain volatility in the short term, but the long-term allocation value is becoming more prominent; with upcoming policy expectations and overseas technology earnings as catalysts, the technology sector in Hong Kong is likely to regain upward momentum [2]

Core Insights - The company reported a 45% increase in AI+SaaS business revenue for Q3 2025 compared to the same period in 2024 [1] - The gross revenue from precision marketing services saw a 37% increase compared to Q3 2024 [1] Group 1: Product Development - The company has strengthened its AI product matrix by launching two new products: "International Version AI+CDP MA" and "AgentData" [1] - An upgraded version of "Video Marketing Expert Nora" has been released to enhance capabilities in cross-border marketing and data-driven decision-making [1] Group 2: Technological Advancements - The company is enhancing its AI-Agentforce platform 2.0 by improving data governance and collaboration capabilities, thereby increasing the platform's application value [1] - Significant investments are being made in training large models in the Tforce marketing domain to improve the professional dialogue generation capabilities of various AI agents [1] Group 3: Market Impact - The advancements in AI technology are aimed at providing businesses with more efficient data-driven decision-making and automated execution in global operations [1]

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。 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） 公告 2025年第三季度最新業務情況； 有關董事的資料 1 本公告所載資料僅基於本公司對本集團現時可得信息的初步評估作出，此等資料 未經本公司核數師審核或審閱，本公告內的資料亦可能會修改或調整。股東及潛 在投資者於買賣本公司證券時務請審慎行事。 有關董事的資料 茲提述本公司日期為2025年9月8日之公告（「該公告」），內容有關（其中包括）委任 董事。除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 本公司謹宣布，本公司薪酬委員會及董事會經考慮趙國帥先生的資歷及經驗、彼 於本公司之職責及責任、本公司之財務狀況及現行市場水平，特此確定趙國帥先 生作為執行董事、聯席董事長及全球執行總裁的薪酬為每年5,000,000港 ...

Group 1 - SaaS concept stocks are showing strength, with companies like 汇量科技 (01860) up 6.77%, 迈富时 (02556) up 4.30%, 金蝶国际 (00268) up 1.47%, and 中国软件国际 (00354) up 1.22% [1] - The State Council issued a policy aimed at promoting the large-scale commercialization of new technologies such as AI, emphasizing the construction of various integrated scenarios to enhance resource allocation and application [1][2] - The policy outlines a pathway for technological breakthroughs, scenario validation, industrial application, and system upgrades, indicating significant progress in AI and other new technologies in China [1][2] Group 2 - AI Agents are emerging as a new trend in the application industry, with Gartner predicting that by 2028, at least 15% of daily work decisions will be autonomously completed by agentic AI [2] - Recent innovations in AI Agent technology include Anthropic's new code execution model, which enhances the efficiency of AI Agents in utilizing external tools and data services [2] - 金蝶 announced the upgrade of "金蝶云" to "金蝶AI," introducing a new AI product "小K" that integrates nearly 20 AI Agents across various fields such as marketing, supply chain, human resources, finance, and ESG [2]

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]

Core Viewpoint - AI application concept stocks are experiencing significant activity in the market, with notable price increases for several companies [1] Group 1: Stock Performance - Fenbi (02469.HK) increased by 7.14%, reaching HKD 3 [1] - Meitu (01357.HK) rose by 5.57%, trading at HKD 9.1 [1] - Huya Technology (01860.HK) saw a 5.04% gain, priced at HKD 18.74 [1] - Maifushi (02556.HK) climbed by 4.92%, with a share price of HKD 45.64 [1] - Yuedu Group (00772.HK) experienced a 3.59% increase, now at HKD 43.28 [1]

Group 1 - AI application concept stocks showed significant activity, with notable gains in companies such as Fenbi (02469) up 7.14% to 3 HKD, Meitu (01357) up 5.57% to 9.1 HKD, and Huilyang Technology (01860) up 5.04% to 18.74 HKD [1] - The US stock market saw a surge in AI application stocks last Friday, with Twilio and Reddit both rising over 19% and 7% respectively after their earnings reports [1] - The upcoming earnings season for US AI application companies is highlighted, with Palantir, Shopify, and Applovin set to release their latest results on November 4, 5, and 6 respectively [1] Group 2 - The 14th Five-Year Plan emphasizes the need to seize the high ground in AI industry applications, which is expected to promote collaborative development within the AI industry chain [2] - Recent updates from major players like OpenAI, Xai, and Google on large model capabilities indicate ongoing innovation in the industry, benefiting the deployment of AI applications [2] - Domestic companies are anticipated to leverage their product and engineering capabilities, as well as their speed of innovation and iteration, to seize investment opportunities in AI applications abroad [2]

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]