Core Viewpoint - The company reported a revenue of 775 million RMB for 1H25, a year-on-year decrease of 10.6%, primarily due to cost-cutting measures and a reduction in low-margin businesses, leading to a decrease in deferred revenue [1] Group 1: Financial Performance - The company achieved a gross profit of 582 million RMB in 1H25, reflecting a year-on-year increase of 1.1%, with a gross margin of 75.1%, up by 8.7 percentage points [1] - Adjusted net profit for 1H25 was 17 million RMB, marking the first profit since 2021, attributed to cost reduction and efficiency improvements [1] Group 2: Subscription Revenue and Market Focus - Subscription solutions revenue for 1H25 was 438 million RMB, down 10.1% year-on-year, mainly due to the reduction of low-quality subscription businesses, resulting in a decrease of approximately 30 million RMB in deferred subscription revenue [2] - The number of paying merchants reached 59,100, a year-on-year decrease of 13.9%, with an average revenue per user (ARPU) of 7,402 RMB, up 4.5% year-on-year [2] - The smart retail business generated 286 million RMB in revenue, accounting for 65.2% of subscription solutions revenue, with a year-on-year decline of 6.1% [2] Group 3: Advertising and Merchant Solutions - Merchant solutions revenue for 1H25 was 338 million RMB, down 11.3% year-on-year; however, after adjusting for a reduction in the rebate ratio, the revenue growth was 45.3% [3] - The gross advertising revenue for merchants was approximately 8.623 billion RMB, reflecting a year-on-year growth of 3.4% [3] - The gross margin for this business segment reached 91.3%, compared to 74.5% in 24H1, due to the reduction of low-margin businesses [3] Group 4: AI Integration and Product Development - AI product revenue for 1H25 was approximately 34 million RMB, with the development of three major products: WAI SaaS, WAI Pro, and WIME, covering various application scenarios [4] - The usage rate of the WAI SaaS for store operations increased by 4.5 times, indicating strong adoption among merchants [4] - The number of registered users for WIME reached 110,000, with revenue growth of 172% quarter-on-quarter [4]
微盟集团(2013.HK)：SAAS业务逐步企稳 广告客户结构持续优化