2025中报透视｜微盟核心净利翻倍，迈入可持续盈利新阶段

Core Insights - Weimob Group (2013.HK) reported a revenue of 775 million yuan for the first half of 2025, reflecting a year-on-year increase of 7.8% after adjusting for the impact of reduced rebate rates for merchant solutions in the first half of 2024 [1] - The company achieved a significant breakthrough in profitability, with adjusted EBITDA reaching 72 million yuan, a substantial improvement of 140.7%, marking its first profit since 2022 [1] - The integration of AI technology and optimization of business structure have driven Weimob into a new phase of sustainable profitability [1] Revenue and Business Structure - Weimob's revenue from subscription solutions was 438 million yuan, with the smart retail segment contributing 65.2% of this revenue [2] - The number of merchants reached 7,323, including 1,227 brand merchants, with an average order revenue of 179,000 yuan per user [2] - Revenue from merchant solutions was 338 million yuan, adjusted to show a growth of 45.3%, with a gross margin of 91.3% due to the recovery of advertising rebates and optimization of customer structure [2] Cost Control and Efficiency - The company achieved a 33.7% reduction in sales costs year-on-year, with sales and distribution expenses decreasing by 31.1% to 389 million yuan [4] - R&D expenses were 136 million yuan, focusing resources on AI technology, leading to improved R&D efficiency [4] AI Technology and Ecosystem Collaboration - Weimob positioned AI technology as a core strategy, with AI-related revenue reaching 34 million yuan, significantly contributing to the recovery of subscription solution revenue [5] - The AI product matrix includes WAI SaaS, WAI Pro, and WIME, with a notable increase in active merchant numbers and usage of AI tools [5] - Collaboration with Tencent has deepened, with the integrated solution "Weimob × WeChat Mini Program" penetrating 15% of existing accounts, resulting in significant growth in monthly orders and membership numbers [6] Local and International Business Expansion - Weimob upgraded its local business based on smart retail solutions, capturing opportunities in instant retail and launching solutions for the pet industry [7] - The international business segment has shown strong performance, with Weimob's one-stop e-commerce solution Markivo becoming a service provider for Shopify and expanding into Southeast Asia and the Middle East [7] Strategic Directions - Weimob outlined five strategic directions, including advancing AI Agent technology, deepening integration within the WeChat ecosystem, expanding multi-channel layouts, enhancing local life market solutions, and further penetrating mature overseas markets [8]