Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 70.24 per share based on a 7.0x PS valuation for 2025 [4]. Core Viewpoints - The company is positioned as a leading player in the marketing and sales SaaS sector in China, with a diverse product matrix and strong growth potential driven by AI technology and market dynamics [2][3][4]. - The company has demonstrated a robust revenue growth trajectory, with a projected CAGR of 31.1% from 2020 to 2024, and an expected revenue of HKD 23.66 billion in 2025 [4][62]. - The company’s AI+SaaS product offerings are expected to enhance customer payment willingness and drive revenue growth, supported by a growing number of large clients and an expanding sales team [9][40][41]. Summary by Sections Investment Logic - The diversification of traffic sources is leading to a trend towards holistic marketing, increasing the demand for marketing and sales tools. The rationalization of investment in the SaaS sector is clearing out smaller players, providing more space for leading domestic firms [2]. - The company has served over 200,000 enterprises and achieved a revenue of HKD 840 million in 2024, with a market share of approximately 2.4%, making it the industry leader [2][22]. Business Model and AI Strategy - The company’s product matrix and business model closely resemble that of HubSpot, which has achieved significant revenue growth in the U.S. market. The company aims to replicate this success in China [3][50]. - The company has launched several AI-driven products, including the Tforce marketing model and the AI-Agentforce platform, which are expected to enhance its service offerings and market competitiveness [9][35]. Financial Projections and Valuation - Revenue projections for 2025, 2026, and 2027 are HKD 23.66 billion, HKD 30.22 billion, and HKD 37.08 billion, respectively, with year-on-year growth rates of 51.78%, 27.75%, and 22.71% [4][76]. - The adjusted net profit is expected to turn positive in 2024, with projections of HKD 0.70 billion, HKD 1.12 billion, and HKD 2.24 billion for the following years [4][70]. Product and Marketing Dimensions - The company’s AI+SaaS product matrix is continuously expanding, with 311 functional modules by the end of 2024, significantly enhancing customer engagement and revenue per client [9][33]. - The company is actively expanding its client base, particularly among government and large state-owned enterprises, which is expected to contribute significantly to revenue growth [9][40]. Competitive Landscape - The marketing and sales SaaS market in China remains fragmented, but the report anticipates a consolidation towards leading players as competition intensifies [2][23]. - The company is well-positioned to capture a larger market share due to its comprehensive product offerings and strong financial backing for R&D [2][26].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is expected to experience significant revenue growth driven by its AI Agent initiatives, with projected revenues of 2.335 billion, 2.962 billion, and 3.684 billion CNY for 2025, 2026, and 2027 respectively [4]. - The company is positioned as a leading player in the marketing and sales SaaS sector, with a strong growth trajectory and a competitive edge in the market [5][6]. Summary by Sections 1. Company Overview - The company, established in 2009, is a global leader in marketing and sales SaaS platforms, having launched key products like T Cloud and Zhenke, serving over 200,000 enterprises across various industries [5][17]. 2. Market Potential - The marketing and sales SaaS market in China is projected to grow from 206 billion CNY in 2022 to 745 billion CNY by 2027, with a compound annual growth rate (CAGR) of 29.3% [6][50]. - The company holds a market share of 2.6% in the marketing and sales SaaS sector, making it the largest provider in this space [55][56]. 3. AI Integration - The company is embracing AI Agent technology, which is expected to revolutionize the SaaS industry by shifting value assessment from software usage to business outcomes [7][70]. - AI Agent is anticipated to enhance the company's service offerings, with the market for AI Agents projected to reach 3.3 trillion CNY by 2028 [77][82]. 4. Financial Projections - Revenue is expected to grow significantly, with a forecasted increase from 1.232 billion CNY in 2023 to 2.334 billion CNY in 2025, reflecting a year-over-year growth of 49.8% [9]. - The company is projected to achieve profitability by 2026, with net profits expected to reach 147.9 million CNY [9]. 5. Competitive Advantages - The company benefits from a stable ownership structure and an experienced management team, which is crucial for navigating the competitive landscape [41][45]. - The T Cloud and Zhenke products are designed to enhance marketing efficiency and sales process management, respectively, catering to both SMB and KA markets [58][62].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is expected to experience significant revenue growth driven by its AI Agent initiatives, with projected revenues of 2.335 billion, 2.962 billion, and 3.684 billion CNY for 2025, 2026, and 2027 respectively [4]. - The company is recognized as a global leader in marketing and sales SaaS platforms, maintaining rapid growth and a strong market position [5][17]. - The marketing and sales SaaS market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 29.3% from 2022 to 2027, indicating a substantial opportunity for the company [6][50]. Summary by Sections 1. Company Overview - The company, founded in 2009, has launched key SaaS products including T Cloud for SMB clients and Zhenke for KA clients, serving over 200,000 enterprises across various industries [5][17]. - The company has a stable shareholding structure and an experienced management team, with the founders holding approximately 45.63% of the shares [41][42]. 2. Market Potential - The marketing and sales SaaS market in China is currently underpenetrated, with a projected market size increase from 206 billion CNY in 2022 to 745 billion CNY by 2027 [6][50]. - The company is the largest provider of marketing and sales SaaS solutions in China, with a market share of 2.6% in 2022 [55][56]. 3. AI Agent Integration - The company is embracing AI Agent technology, which is expected to revolutionize the SaaS industry by shifting value assessment from software usage to business outcomes [7][70]. - The AI Agent market in China is anticipated to reach 3.3 trillion CNY by 2028, highlighting the transformative potential of AI in marketing and sales [74][82]. 4. Financial Projections - The company's revenue is projected to grow from 1.232 billion CNY in 2023 to 2.334 billion CNY in 2025, with a year-over-year growth rate of 49.8% [9]. - The net profit is expected to improve from a loss of 0.33 billion CNY in 2025 to a profit of 3.21 billion CNY by 2027 [4][9].

智通财经APP获悉，2025年4月25日，迈富时(02556)正式发布2024年度报告。2024全年，公司实现营业 收入15.6亿元，同比增长26.5%，全年经调整净利润达7921万元，成功实现扭亏为盈，同比增长 385.6%；全年经营性现金流净流入约1.4亿元，实现由负转正，同比增长213.6%。 浙商证券、方正证券、盈立证券等机构也在本月发布了关于迈富时公司的跟踪报告及业绩点评。 其中，方正证券表示，基于公司AI战略快速落地及行业高速增长，预计公司2025年收入持续高增，增 速有望超50%。浙商证券则指出，公司未来有望受益于AI Agent结合营销及销售SaaS产品以及智能体一 体机产品商业化而实现快速成长。 据了解，该公司自2010年起就投身AI研究，具备深厚的AI基因。历经16年的产品打磨与技术沉淀，已 将AI技术深度融入至SaaS服务全链路。也正是受益于AI的高度渗透，公司迅速实现多业务板块协同增 长。2024年全年，公司服务的客户总量增长至2.7万家左右，其中，中小企业订阅收入留存率高达 88%，大型企业客户的订阅收入留存率已连续三年超过100%，客户粘性稳步提升。 近日，麦高证券首次覆盖迈富时并 ...

Financial Performance - In 2024, the company achieved total revenue of RMB 1.558 billion, representing a year-on-year growth of 26.5%[11] - AI+SaaS business revenue reached RMB 840 million, with a year-on-year increase of 19.9% and a gross margin of 86.3%[11] - The adjusted net profit for the year was RMB 79.2 million, marking a significant turnaround from previous losses[11] - The company reported operating cash inflow of RMB 138.1 million, indicating a positive cash flow for the year[11] - The total assets increased to RMB 3.053 billion, while total liabilities decreased to RMB 2.395 billion, resulting in a net asset value of RMB 658.1 million[8] - The company’s precision marketing business generated RMB 720 million in revenue, reflecting a year-on-year growth of 35.2%[11] - Recurring revenue in AI+SaaS business amounted to RMB 780 million, accounting for 92.2% of total AI+SaaS revenue, ensuring strong future growth[19] - Gross profit rose by 16.9% from RMB 706.2 million in 2023 to RMB 825.8 million in 2024, while gross margin slightly decreased from 57.3% to 53.0%[41] - AI+SaaS business gross profit increased from RMB 616.2 million in 2023 to RMB 726.5 million in 2024, with a gross margin decline from 87.7% to 86.3%[43] - Precision marketing services gross profit grew from RMB 90.0 million in 2023 to RMB 99.3 million in 2024, with a gross margin decrease from 17.0% to 14.0%[44] Business Strategy and Development - The company plans to focus on developing the AI-Agentforce intelligent platform and enhancing commercialization efficiency in marketing and sales sectors[13] - The company aims to expand its product ecosystem through external acquisitions and establish localized service systems in economically developed regions[13] - The company is positioned to lead industry transformation and contribute to the digital transformation of global enterprises[13] - The company aims to expand its global presence and develop localized products to serve overseas markets[25] - The company plans to complete at least two strategic investments or acquisitions by 2025 to enhance its global digital transformation solutions[23] - The company aims to become the best partner for global digitalization and intelligence, focusing on competitive products and services to continuously create value for customers[98][99] Customer Engagement and Retention - Subscription customer retention rate has improved for three consecutive half-years, indicating strong customer value and loyalty[16] - Subscription revenue retention rate for key accounts (KA) exceeded 100% for three consecutive years, demonstrating sustainable growth potential[19] - The average monthly revenue per user increased by 12.1% to RMB 3,848[16] - The average monthly revenue per user in AI+SaaS business rose to RMB 3,848, a 12.1% increase from RMB 3,432 in 2023[30] - Total users in AI+SaaS business increased to 26,606, up 4.4% from 25,495 in 2023[30] Governance and Management - Zhao Xulong serves as the Chairman, Executive Director, and CEO of the company[89] - The company has appointed several independent non-executive directors to enhance governance and oversight[83][84][86] - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence for effective independent judgment[108] - The board is responsible for guiding and supervising the company's affairs, ensuring effective internal controls and risk management systems are in place[113] - The company has established a risk management and internal control system that is effective and sufficient, covering financial, operational, and compliance aspects[157] Corporate Social Responsibility - The company emphasized its commitment to environmental protection and resource conservation, adhering to relevant environmental laws and regulations in China[190] - The company has not identified any environmental violations during the reporting period, reflecting its commitment to compliance[190] Shareholder Engagement - The company has established multiple communication channels to engage with shareholders effectively, including annual general meetings and various investor relations platforms[169] - The company encourages shareholder participation in meetings and allows for proxy voting if shareholders cannot attend[173] - The board of directors has reviewed the implementation and effectiveness of the shareholder communication policy, confirming its successful execution[169] Future Investments and Financial Planning - The company completed a placement of 1,000,000 new shares in December 2024, raising approximately HKD 110.0 million, with a net amount of about HKD 109.5 million after expenses[194] - Approximately 40% of the net proceeds from the 2025 placement, amounting to HKD 480.72 million, will be allocated to the development and commercialization of AI applications[197] - The company plans to invest about 20% of the net proceeds, or HKD 240.36 million, in mergers and acquisitions targeting companies with strong digital transformation needs in specific industries[197] - The company aims to use around 10% of the net proceeds, approximately HKD 120.18 million, for global expansion, including recruiting senior staff and establishing promotional activities[197] - About 30% of the net proceeds, or HKD 360.54 million, will be allocated to supplementing working capital and general corporate purposes[197]

Company and Industry Summary Company Overview - The company specializes in providing SaaS solutions for both small and medium enterprises (SMEs) and large enterprises, focusing on online marketing and customer relationship management (CRM) [1][6][10]. Key Points and Arguments Product and Revenue Insights - The company has developed 240 standardized modules since its establishment in 2009, achieving a gross margin of 88.3% in the first half of 2024 [1]. - The average contract price for SMEs in the first half of 2024 is approximately 30,000 RMB, with a potential market size of around 100 billion RMB, given that there are about 5 million SMEs in China with online payment behaviors [2][6]. - For large enterprises, the average contract price is around 700,000 RMB, with a focus on sectors such as finance, healthcare, and manufacturing [6][10]. Customer Segmentation - The revenue from SMEs accounts for 60% of the total SaaS income, while large clients contribute 40% [1][6]. - The company targets B2B clients, providing tools for online marketing and customer data management [4][7]. Competitive Landscape - The company positions itself against U.S. competitors like Salesforce and HubSpot, emphasizing its comprehensive product offerings that integrate marketing and sales functionalities [10][12]. - The company claims to be the only provider of a full-chain, all-scenario marketing tool for B2B enterprises in China, although there are competitors focusing on specific modules [5][10]. AI and Technology Integration - The company is investing heavily in AI, particularly in developing AI Agents that enhance marketing and sales processes, with expected revenue generation of around 100 million RMB from AI Agents in 2024 [16][26]. - AI products are designed to automate marketing content generation and improve customer targeting, with a focus on reducing operational costs for clients [20][24]. Market Trends and Future Outlook - The company anticipates significant growth in customer numbers and market penetration in both SME and large enterprise segments in 2025 [27]. - There is a strong emphasis on expanding channel partnerships to enhance market education and reach in various provinces and cities [6][28]. Financial Performance - The company reported a total revenue of 6.3 billion RMB in 2023, with a significant portion derived from advertising on platforms like ByteDance [15]. - The company aims to maintain a subscription revenue model, targeting over 50% of revenue from subscription fees for large clients [10][26]. Challenges and Considerations - The company faces challenges in customer acquisition, particularly in convincing traditional industries to adopt CRM solutions over conventional methods like Excel [11][12]. - There is a need for continuous product innovation and adaptation to meet the evolving demands of the market, especially in the AI domain [21][24]. Additional Important Content - The company is exploring potential mergers and acquisitions to enhance its product line and customer offerings, particularly in AI and product development [14][29]. - The management emphasizes strict internal controls and operational efficiency as key factors in maintaining competitive advantage in the market [23]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic positioning, product offerings, market dynamics, and future growth prospects.

Investment Rating - The report assigns a "STRONG BUY" rating to the company with a target price of HKD101.0 [1][4]. Core Insights - The company demonstrated strong FY24 results with a revenue increase of 26.5% YoY and a significant turnaround in adjusted net profit, which rose by 385.6% YoY, driven by growth in AI and SaaS solutions [2][4]. - The AI+SaaS business is expected to maintain robust growth, with projected revenue growth of 49.8% YoY, supported by a high revenue retention rate of 96% across enterprise customers [2][3]. - The company is positioned as a leader in the underpenetrated Chinese SaaS market, where SaaS/PaaS penetration is only 34.3%, compared to 80% in the U.S., indicating substantial growth potential [3][5]. Summary by Sections Financial Performance - FY24 revenue reached RMB1,559 million, exceeding previous forecasts, with adjusted net profit of RMB79.2 million, significantly higher than the estimated RMB42.5 million [4][5]. - The AI+SaaS revenue was RMB842.2 million, reflecting a 19.9% YoY increase, while precision marketing revenue grew to RMB716.4 million, up 35.2% YoY [2][6]. Business Outlook - The AI-Agentforce platform is expected to enhance the company's capabilities in data processing and lifecycle management, with a focus on government sector relationships and international expansion [2][3]. - The precision marketing segment is anticipated to benefit from rising customer acquisition costs, driving demand for AI-powered solutions [2][3]. Valuation and Forecast - The target price was revised down to HKD101.0 from HKD157.7, reflecting a 12x FY25E price-to-sales multiple due to macro uncertainties [3][4]. - Revenue forecasts for FY25E have been raised to RMB2,243 million, with expected growth rates of 43.89% YoY for total revenue and 49.75% YoY for AI-SaaS revenue [6][9].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,558,586, representing a 26.5% increase from RMB 1,232,120 in 2023[5] - Gross profit for the same period was RMB 825,793, up 16.9% from RMB 706,182 in the previous year[5] - The net loss attributable to the company's owners for the year was RMB (876,670), a significant increase of 417.3% compared to RMB (169,478) in 2023[5] - Adjusted net profit for the year was RMB 79,212, a turnaround from a loss of RMB (27,736) in 2023, reflecting a 385.6% improvement[5] - The company reported a basic and diluted loss per share of RMB (4.13), compared to RMB (1.01) in 2023[6] - The pre-tax loss for the company was RMB 876,670,000, compared to a loss of RMB 169,423,000 in 2023, indicating a substantial increase in losses[32] - Net loss increased significantly from RMB 169.5 million in 2023 to RMB 876.7 million in 2024[87] Revenue Segments - The AI+SaaS business segment generated revenue of RMB 842,161 thousand in 2024, up 19.9% from RMB 702,378 thousand in 2023[21] - The precision marketing services segment saw revenue increase to RMB 716,425 thousand in 2024, a significant rise of 35.3% from RMB 529,742 thousand in 2023[21] - AI+SaaS business revenue was RMB 840 million, growing 19.9% year-on-year, with a gross margin of 86.3%[54] - Precision marketing service revenue amounted to RMB 720 million, reflecting a 35.2% year-on-year growth[58] Expenses and Costs - Research and development expenses increased to RMB (245,449) from RMB (210,037), indicating a focus on innovation[6] - The service costs for the AI+SaaS segment were RMB 115,666 thousand in 2024, compared to RMB 86,223 thousand in 2023, indicating increased investment in service delivery[20] - The service costs for the precision marketing services segment increased to RMB 617,127 thousand in 2024 from RMB 439,715 thousand in 2023, reflecting higher operational expenses[20] - Administrative expenses increased by 29.9% from RMB 203.9 million in 2023 to RMB 264.8 million in 2024, primarily due to new share incentives and IPO-related costs[79] - Financing costs rose to RMB 39,302,000 from RMB 35,239,000, reflecting an increase of 5.9%[33] Assets and Liabilities - Total current assets rose to RMB 2,911,303, compared to RMB 2,072,498 in 2023, showing improved liquidity[8] - Current liabilities decreased to RMB 2,278,120 from RMB 3,104,245, enhancing the company's financial position[8] - The company's total equity improved to RMB 658,094 from a negative equity of RMB (960,695) in the previous year, indicating a recovery in financial health[9] - Trade payables totaled RMB 75.094 million in 2024, up from RMB 50.950 million in 2023[53] Market and Business Strategy - The company primarily engages in AI+SaaS business, providing cloud marketing and sales services, intelligent talent management services, and precision marketing solutions in China[10] - The company has plans for market expansion and new product development, particularly in the AI and SaaS sectors[10] - The company aims to enhance its marketing solutions through technological advancements and strategic partnerships[10] - The company is committed to maintaining a strong presence in the Chinese market while exploring opportunities for mergers and acquisitions to bolster its service offerings[10] Investments and Future Plans - The company plans to enhance its AI-Agentforce platform and expand into global markets as part of its 2025 strategy[56] - The company plans to complete at least two strategic investments or acquisitions by 2025 to enhance its ecosystem and service offerings[64] - The company aims to use around 10% (HKD 120.18 million) of the net proceeds for global expansion, including recruiting senior staff for overseas markets[113] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules since its listing date on May 16, 2024[107] - The board believes that the dual role of the Chairman and CEO held by Mr. Zhao does not affect the balance of power within the board[108] - The company has confirmed compliance with the standard code for securities trading by directors since the listing date[109] Employee and Operational Metrics - As of December 31, 2024, the company had current assets of RMB 975.3 million, including cash and cash equivalents[91] - As of December 31, 2024, the company has 1,563 full-time employees, primarily located in Shanghai, China[106] Shareholder Information - The annual general meeting of the company is scheduled for May 19, 2025[122] - Share transfer registration will be suspended from May 14, 2025, to May 19, 2025, to determine the eligibility of shareholders to attend the annual general meeting[123]

Company and Industry Summary Company Overview - The company is a leading provider of marketing and sales SaaS solutions in China, with a focus on two main segments: SaaS business and precision marketing business [2][3]. Key Financial Metrics - The company's SaaS business achieved a gross margin of 88.3% in the first half of 2024 [2][3]. - Revenue from small and medium-sized enterprises (SMEs) accounts for 60% of total revenue, with an average customer price of 30,000 yuan. Large enterprises contribute 40% of revenue, with an average customer price of 700,000 yuan [2][3]. Business Strategy - The company plans to significantly expand its channel partnerships in 2025, shifting from a primarily direct sales model (currently 12% of revenue) to a more balanced approach similar to SR Company, aiming for a 50-50 split between direct and channel sales [2][6]. - The company is focusing on enhancing customer retention and increasing the value of existing customers rather than acquiring new leads due to rising costs in lead generation [2][7]. Product Development - The company has launched AI agent products, including customized solutions priced between 500,000 to 3 million yuan, and plans to release standardized products by June 30, 2025, with a sales target of 50 million yuan for both categories [4][12]. - The AI research and development team consists of about 20-30 members, with plans for expansion to meet increasing project demands [4][29]. Market Position and Competition - The company is the only dedicated CM (Customer Management) provider in China, differentiating itself from ERP vendors that offer limited CM functionalities [2][9]. - The domestic CRM market is experiencing increasing penetration as companies focus more on managing existing customer relationships rather than acquiring new ones [2][7]. International Expansion - The company is benchmarking against HubSpot in the U.S. and aims to increase its customer base through direct sales and strengthened channel partnerships, currently serving around 200,000 customers with over 20,000 paying users expected in the first half of 2024 [2][8]. AI Integration - AI technology is being integrated into marketing solutions, with a focus on generating marketing content and refining customer segmentation [11][16]. - The company anticipates that AI-related functionalities will generate approximately 100 million yuan in revenue in 2025, contributing to overall performance growth [4][25]. Future Outlook - The company is optimistic about maintaining or exceeding growth rates from 2024, despite a challenging macroeconomic environment in the latter half of 2024 [30]. - The company plans to increase personnel across various departments, including R&D, sales, and customer success, to support its growth strategy [37]. Additional Insights - The company is addressing the high pricing of AI modules by emphasizing the cost savings from reduced labor and consulting fees, with plans to lower prices for standardized products to cater to SMEs [22][25]. - The company’s subscription revenue model is primarily based on standardized products for SMEs, while large clients also utilize some customized services [36]. This summary encapsulates the key points from the conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Company and Industry Summary Company Overview - The company, established in 2009, has developed 240 standardized modules by 2015 and achieved a gross margin of 88.3% in the first half of 2024, indicating a strong position in the industry [3][4] - The company operates in the SaaS sector, targeting both small and medium enterprises (SMEs) and large enterprises, with a dual growth strategy [3][4] Industry Insights - The marketing landscape is evolving towards more precise targeting, with a strong trend towards enhancing various aspects of marketing strategies [2] - The company focuses on sectors such as consumer goods, automotive, finance, healthcare, and manufacturing, indicating a diversified industry approach [4][8] Key Points - The SaaS revenue from SMEs typically accounts for about 60% of total revenue, with average customer spending around 30,000 yuan [3][4] - The company utilizes a prepayment model for its products, with pricing ranging from 19,800 to 12,800 yuan based on module quantity [4] - The marketing content generation tool allows clients to produce a significant volume of marketing materials, enhancing lead generation for B2B clients [5][6] - The company is leveraging AI technology to improve customer management and operational efficiency, particularly through its AI Agent product line [9][11] Financial Performance - The company reported a renewal rate exceeding 100% for its large clients in the first half of 2024, indicating strong customer retention [27] - The company’s revenue from precision marketing was 5.3 billion yuan in 2023, with 3.4 billion yuan in the first half of 2024 [28] Market Trends - The shift towards a focus on existing customer management (CIM) is noted, as companies increasingly recognize the value of managing existing customer relationships rather than solely acquiring new ones [18][19] - The competitive landscape in the CIM sector is described as fragmented, with many companies still relying on basic tools like Excel for customer management [14][19] Strategic Initiatives - The company aims to double its overseas revenue in 2024, focusing on helping domestic companies expand internationally and developing its own localized products [16] - The company is also investing in AI-related personnel to enhance its product offerings and improve operational efficiency [31][33] Challenges and Opportunities - The company faces competition from larger ERP vendors entering the CIM space but believes its specialized focus on marketing and sales gives it a competitive edge [13] - There is a significant opportunity in the domestic market, as many companies have yet to adopt CIM systems, indicating potential for growth as businesses modernize their operations [14][19] Conclusion - The company is well-positioned in the SaaS market with a strong focus on AI-driven solutions and customer management, while also exploring international expansion and addressing the evolving needs of its clients in a competitive landscape [9][16][19]