与主要专注于提高后端运营效率的其他解决方案如人力资源管理及供应链管理相比，企业更愿意为营销 及销售SaaS解决方案付费，因为该解决方案可提高潜在客户获取并促进收入增长，效果显著可行。 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"提供工具"向"交付价值"转变，SAAS企业有望迎 来价值重估的机会。 智通财经APP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、 ...

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%。 我国IT支出规模仍存在较大上涨空间。SaaS作为企业数字化重要组成部分，正处于快速发展期，预期将 于2027年达到1556亿元，2022年至2027年的复合年增长率为28.6%。 与主要专注于提高后端运营 ...

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） 內幕消息 盈利預告 本公告乃由邁富時管理有限公司（「本公司」，連同其附屬公司及其綜合聯屬實 體，統稱「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及香港法例第571章證券及期貨條例第XIVA部內幕消息條文（定義見上 市規則）作出。 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 股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 邁富時管理有限公司 董事長兼首席執行官 趙緒龍 香港，2025年8月6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。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「 ...

Summary of the Conference Call for 麦富时 Company Overview - 麦富时 operates in the SaaS and precision marketing services industry, with a current market capitalization of 15.4 billion HKD [2][4] - The company’s revenue structure consists of approximately 54% from SaaS and 46% from precision marketing services [6][15] Key Points and Arguments Revenue Growth Expectations - 麦富时 anticipates over 50% revenue growth in 2025, reaching approximately 2.3 to 2.4 billion CNY, driven by the introduction of AI modules and the launch of smart integrated machines [3][4] - The smart integrated machines are expected to contribute an additional 250 to 300 million CNY in revenue [3] Valuation Metrics - The current PS (Price to Sales) ratio is approximately 4.4x for 2026, with a PSG (Price to Sales Growth) of 0.1x [4] - The SaaS business has a PS ratio of about 8x, indicating a better value proposition compared to peers [4][18] Business Model and Product Offerings - The SaaS segment includes "真客" for large clients and "T 云" for SMEs, covering over 200,000 enterprises [2][6] - Precision marketing services have a lower gross margin of around 10% and include online advertising solutions [6] Competitive Advantages in AI SaaS - 麦富时 has established three competitive barriers: technology, ecosystem, and service [7][8] - The t force marketing model is specifically trained for marketing scenarios, enhancing customer engagement and reducing costs [8][9] Financial Performance and Future Outlook - From 2021 to 2024, total revenue grew from 880 million CNY to 1.56 billion CNY, with a stable CAGR [15] - Despite a slight decline in 2023 due to macroeconomic headwinds, the company expects a recovery with a projected 26.5% growth for the year [15][16] Profitability and Margin Improvement - 麦富时 achieved profitability in 2024, with expectations for net margins to improve to 6-7% in the coming years [16] - The shift in focus towards AI and SaaS is expected to enhance overall gross margins as the contribution from lower-margin precision marketing decreases [16] Market Positioning and Comparison with Competitors - 麦富时's products are positioned against international giants like Salesforce and Hubspot, with a focus on local market needs [10] - The company plans to expand into emerging markets in Southeast Asia, the Middle East, and Latin America, leveraging its cost-effective solutions [10] Valuation Considerations - Different valuation methods are suggested for various business segments, with the AI SaaS part expected to grow over 45% and warrant a PS of around 10x [17] - The precision marketing and smart integrated machine segments are suggested to be valued at PE ratios of 20x and 25x, respectively [17] Future Development in AI - 麦富时 is expected to benefit from advancements in AI technology and market expansion, with a potential for significant growth as the industry matures [21][22] - The company is recommended for continuous monitoring due to its promising position in the AI application sector [22] Additional Important Insights - The introduction of AI products has led to a 54.6% increase in monthly revenue per SaaS user by 2024 [8] - The smart integrated machine is designed for government and enterprise markets, enhancing operational efficiency significantly [9]

Core Insights - The narrative around large models has shifted towards enterprise-level AI Agents, focusing on the integration of AI into business processes and the creation of replicable, operational intelligent platforms [1] - Companies that can deliver measurable ROI through AI integration will be seen as the ultimate players in the market [1] Company Summaries 1. MaiFus (02556.HK) AI-Agentforce - MaiFus has focused on the "last mile" of enterprise AI application, emphasizing the concept of "delivery equals operation" for its AI-Agentforce platform, which highlights deployability, operability, and sustainable optimization [2] - The AI-Agentforce 2.0 integrates workflow orchestration, RAG knowledge engine, and DevOps lifecycle management, enabling efficient development and deployment of high-value AI applications [2] - The platform allows frontline staff to quickly generate and manage agents using natural language, reducing deployment barriers and accelerating AI application penetration within organizations [2][3] 2. ByteDance HiAgent - HiAgent is a highly platformized intelligent agent platform that aims to create a standardized, scalable operating system for AI agents, facilitating large-scale deployment and cross-scenario replication [4] - It features a unified agent orchestration framework that integrates a three-stage execution chain, supporting natural language, flowcharts, and API task flow construction [4] - HiAgent has been widely applied internally at ByteDance for tasks such as content review and customer service automation, and is gradually being offered as a SaaS product to external enterprises [4] 3. Dify - Dify is an active open-source intelligent agent platform that has gained traction in the GitHub community since its launch in 2023, primarily serving small and medium enterprises and AI developers [5] - The platform supports private deployment and a plugin ecosystem, allowing developers to build adaptable intelligent systems at low costs [5] - Dify is focused on creating a standardized open-source community to accelerate deployment efficiency for enterprises [5][6] Market Insights - MaiFus has chosen a challenging yet correct path by focusing on scene understanding, process re-engineering, and business closure rather than competing on computing power or model parameters [3] - HiAgent's strengths lie in its platform standardization and component-based development, which enhance system stability and reduce marginal costs for large-scale deployment [4] - Dify's lightweight platform is well-suited for sectors requiring private deployment, such as healthcare and government, due to its ease of deployment and strong controllability [6] Conclusion - The AI Agent market is diversifying, with companies like MaiFus focusing on value realization, while others like Baidu and Huawei pursue deep industry integration [7] - The ability to integrate AI with business processes and deliver measurable commercial value will determine the winners in this competitive landscape [7]

Investment Rating - The report assigns a "Buy" rating for the company, MaiFushi (2556.HK), marking its first coverage [1]. Core Insights - The AI + SaaS strategy drives MaiFushi's platform and integrated development path, significantly enhancing its competitive advantage [3][4]. - The company is positioned as a leading marketing and sales SaaS provider in China, with a projected revenue of 842 million yuan from AI + SaaS business in 2024, accounting for 54% of total revenue [3][4]. - The marketing SaaS market in China is expected to grow from 35.6 billion yuan in 2024 to 74.5 billion yuan by 2027, with a CAGR of 29.3% from 2022 to 2027, indicating substantial growth potential [4][28]. Summary by Sections Company Overview - MaiFushi, established in 2009, is a leading AI + SaaS intelligent marketing and sales cloud platform provider in China, headquartered in Shanghai with over 20 branches globally [13][14]. - The company has developed a "Six Cloud System" encompassing various services, integrating advanced multimodal large model technology to support businesses in achieving efficient customer acquisition and marketing automation [13][14]. Business Performance - The company has shown consistent revenue growth from 2021 to 2024, with 2024 revenue reaching 1.559 billion yuan, a year-on-year increase of 26.5% [49]. - The SaaS business has been a major driver of overall performance improvement, with user numbers and average monthly revenue per user increasing significantly [50][54]. Financial Projections - The projected net profit for the company from 2025 to 2027 is 2.05 million yuan, 113.42 million yuan, and 325.35 million yuan, respectively, with corresponding EPS of 0.01 yuan, 0.44 yuan, and 1.27 yuan [6]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 7417.46, 133.76, and 46.63, respectively [6]. Market Dynamics - The marketing SaaS market is characterized by low penetration rates compared to the average for enterprise-level SaaS, indicating significant room for growth [28][29]. - The company has a strong customer base, with 80.9% of recurring revenue coming from large clients in 2024, showcasing its robust market presence [4][35]. Competitive Advantages - MaiFushi's integrated marketing services leverage high-quality media resources, strong advertising creativity, and data optimization capabilities, creating a comprehensive and intelligent marketing service system [5][37]. - The company differentiates itself from traditional advertising agencies through its data-driven technology barriers and strong customer retention [5][47].

Group 1: Market Performance - The Hong Kong stock market indices collectively rebounded, with the Hang Seng Index rising by 1.33%, the Hang Seng China Enterprises Index increasing by 1.51%, and the Hang Seng Tech Index gaining 1.65% [1] - The SaaS sector saw significant gains, with companies like Huilyang Technology rising by 15.56%, Yika by 10.11%, and Kingdee International by 7.27% [1] - The stablecoin concept also surged, highlighted by Yaocai Securities rising by 16.93% and Huajian Medical increasing by 20.41% following the U.S. House of Representatives passing a bill to establish a legal framework for stablecoins [1] Group 2: Sector Performance - Gold and non-ferrous metal stocks experienced a broad increase, with Lingbao Gold rising by 6.24% and China Molybdenum by 3.96% as spot gold prices rose above $3340 per ounce [2] - Major financial sectors, including Chinese brokerage and insurance stocks, also saw gains, with Xingsheng International up by 7.41% and China Life by 5.13% [2] Group 3: Automotive and Related Sectors - The automotive sector, including lithium battery and Tesla-related stocks, showed strong performance, with Tianqi Lithium rising by 5.82% and NIO increasing by 4.62% [3] - Other consumer sectors such as film, tobacco, and food stocks also performed well, with companies like Simoer International rising by 4.99% [3] Group 4: Declining Sectors - Sectors such as cosmetics, aviation, and luxury goods saw declines, with China Eastern Airlines dropping by 2.72% [3] - Notably, Chuangmeng Tiandi experienced a significant drop of 30.12%, despite expectations of turning a profit in the first half of the year [3]

Group 1 - AI applications are experiencing significant gains in the market, with companies like Kingsoft Cloud rising by 12.08% and Innovusion increasing by 11.2% [1] - The release of the K2 model by Kimi, which has over a trillion parameters, is generating excitement in the tech community due to its advanced capabilities in programming and reasoning [1] - Nvidia's CEO emphasizes the importance of the Chinese market, noting that it has cultivated 50% of the world's AI talent and highlighting the rapid development of AI models and applications in China [1] Group 2 - Tianfeng Securities expresses optimism about the AI industry and the AIDC supply chain, predicting that 2025 could be a pivotal year for AI infrastructure and application development in China [2] - CITIC Securities anticipates that the unlocking of H20 will boost capital expenditures among leading firms, creating multiple catalysts for investment opportunities in AI in the second half of the year [2]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The launch of AI-Agentforce 2.0 aims to assist enterprises in transitioning from "AI trial" to "AI industrialization" through a standardized toolchain, addressing long development cycles and high operational costs [1][10] - The platform has successfully been applied in various industries, including retail, automotive, fintech, and B2B manufacturing, indicating a strong market demand for AI agents [2] - The report highlights the significant commercial progress of similar products from Salesforce and HubSpot, suggesting a robust demand for marketing SaaS solutions [4] Financial Forecast and Valuation - Revenue projections for the company are estimated at 2.355 billion, 3.088 billion, and 3.848 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51.13%, 31.08%, and 24.62% [5][11] - The company is expected to achieve net profits of 56.11 million, 144.84 million, and 218.63 million yuan for the same years, indicating a turnaround from losses to profits [5][11] - Earnings per share (EPS) are projected to be 0.22, 0.57, and 0.85 yuan for 2025, 2026, and 2027 respectively [5][11]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Viewpoints - The company is positioned as a leading player in the domestic marketing and sales SaaS sector, leveraging AI to accelerate growth. The marketing and sales SaaS market in China is expected to grow significantly, with a projected CAGR of 28.6% from 2022 to 2027, reaching a market size of 745 billion yuan by 2027 [1][2]. - The company has developed a comprehensive product matrix, including its flagship products T Cloud and Zhenke, which cater to SMB and KA clients respectively. These products have been integrated with AI capabilities to enhance marketing and sales efficiency [2][3]. - The financial outlook is positive, with expected revenues of 23.58 billion yuan in 2025, 30.26 billion yuan in 2026, and 37.17 billion yuan in 2027, alongside a projected adjusted net profit of 1.02 billion yuan in 2025 [3][4]. Summary by Sections Company Overview - The company focuses on marketing and sales SaaS, with a strong emphasis on AI integration to drive growth. It has established a significant market presence, serving over 200,000 enterprises across various industries [2][11]. Market Potential - The digitalization level of Chinese enterprises is relatively low, indicating substantial growth potential for the marketing and sales SaaS market. The market is expected to grow from 206 billion yuan in 2022 to 745 billion yuan by 2027, with a CAGR of 29.3% [1][2]. Financial Analysis - The company has shown robust revenue growth, with a projected revenue of 15.59 billion yuan in 2024, reflecting a 27% year-on-year increase. The AI+SaaS business segment's revenue share has increased from 46% in 2022 to 54% in 2024 [21][28]. - The gross profit margin has been on an upward trend, with a gross margin of 52.98% in 2024, driven by the high-margin SaaS business [30][31]. - The company achieved an adjusted net profit of 0.79 billion yuan in 2024, marking a significant turnaround from previous losses [37][39]. AI Integration and Product Development - The company has launched AI-driven products, including the Tforce marketing model and AI-Agentforce platform, which are expected to enhance its service offerings and drive new growth avenues [2][3][28]. - The integration of AI capabilities into its SaaS products has created a competitive advantage, with over 90% of its offerings now including AI modules [2][28]. Future Outlook - The company plans to continue expanding its product ecosystem through strategic investments and acquisitions, aiming to solidify its position as a leader in the intelligent marketing ecosystem [46][47].