迈富时(02556) - 2025 - 中期财报

Company Information 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 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] Legal Advisors and Auditor 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] - Compliance Advisor: Tung Yan Finance Limited[7] - Auditor: Ernst & Young[6] Registered and Business Locations 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] - 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] - Principal Place of Business in Hong Kong: Room 1918, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong[9] Share Information The company's stock code is 2556, with a Hong Kong share registrar and a principal share registrar - Stock Code: 2556[9] - Hong Kong Share Registrar: Hong Kong Central Share Registrar Limited[9] Financial Highlights 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 This section outlines the company's business performance and strategic direction, highlighting key achievements and future outlook Business Review and Outlook 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] - 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] - 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] - 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] Review of Core Achievements in H1 2025 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] - AI and AI Agent revenue reached RMB 110 million, serving 5,518 enterprises[15] - KA client revenue share increased to 50.3%, with new iconic enterprise clients including Walmart, L'Oréal, and Pepsi[15] - 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] - 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] - Recurring revenue from AI+SaaS business maintained a high proportion of 84.5%, continuously strengthening customer stickiness[21] - 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] - 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] Outlook for H2 and Full Year 2025 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][22] - 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][23] - Build an AI product ecosystem through technological innovation, investment, and M&A, optimize the product matrix, and accelerate the integration of vertical solutions[17][24] - Optimize cost and expense structures and improve net profit margin through extreme operational efficiency, a flat management structure, and refined control mechanisms[17][25] Management Discussion and Analysis This section provides a detailed analysis of the company's financial performance, business segment results, costs, operating expenses, and financial position Financial Review 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