Core Viewpoint - The company, MaiFushi, is a leading integrated marketing and sales SaaS service provider in China, successfully transitioning to an AI-driven enterprise growth platform following its IPO on the Hong Kong Stock Exchange in 2024 [1] Group 1: AI + SaaS Business Model - MaiFushi's core revenue source is its AI + SaaS business, which is structured around three growth curves: Marketing Cloud, Sales Cloud, and Intelligent Agent Middle Platform, creating a digital operation loop covering customer "reach - conversion - retention" [1] - The company targets both SMB and KA customer segments, with a clear growth path under the trends of platformization and intelligence [1] Group 2: Marketing Cloud - The Marketing Cloud empowers small and medium-sized enterprises (SMBs), with significant structural expansion potential in the SMB market [2] - The marketing automation sector is a key direction in marketing technology, with the Chinese marketing automation market projected to grow from $394 million in 2024 to $952 million by 2030, representing a CAGR of 15.8% [2] - MaiFushi's T Cloud serves as the core for building a marketing automation platform, aiming to replicate the development path of overseas giant HubSpot [2] Group 3: Sales Cloud - The Sales Cloud supports the operational loop for large clients (KA), with the SFA SaaS market in China reaching $344 million in the first half of 2024, marking an 18.08% year-on-year growth [3] - The trend towards digitalization in sales processes has made SFA a core application scenario for CRM systems [3] - MaiFushi's sales cloud platform, centered around customer management, aims to create a 360° customer view by integrating data through CDP [3] Group 4: Intelligent Agent Middle Platform - The Intelligent Agent Middle Platform is expected to accelerate the commercialization of AI products, with the AI Agent market in marketing and sales reaching ¥442 billion in 2024 and projected to exceed ¥1.1 trillion by 2028 [4] - MaiFushi plans to launch Tforce marketing model in 2024 and Agentforce Intelligent Middle Platform in 2025, featuring rapid setup and low operational thresholds [4] - Recent product launches include AI intelligent recruitment, sales coaching, and foreign trade EVA, indicating a strong growth trajectory for AI products [4] Group 5: Investment Outlook - MaiFushi is positioned as a leading AI + SaaS marketing and sales enterprise in China, with expectations to strengthen its product capabilities and expand into overseas markets through an "internal + external" strategy [4] - Revenue projections for 2025, 2026, and 2027 are estimated at ¥2.369 billion, ¥2.934 billion, and ¥3.619 billion, respectively, with net profits of ¥110 million, ¥720 million, and ¥1.56 billion [4]
迈富时(02556.HK)：三曲线共振 打造AI驱动的营销一体化平台