Core Viewpoint - 微盟集团 has announced a partnership with Douyin's advertising platform, becoming a comprehensive advertising agent for 巨量引擎, which is expected to enhance its revenue streams in the coming years [1][2] Group 1: Advertising Revenue - The company is projected to have an advertising gross income of approximately 17 billion yuan in 2025, a slight decrease year-on-year due to the elimination of low-quality clients and optimization of client structure [1] - For 2026, the advertising gross income is expected to exceed 20 billion yuan, driven by improvements in Tencent channels and additional revenue from Douyin [1] - The net rebate rate improved from 2.1% in the same period last year to 3.85% in the first half of 2025, indicating a positive trend in rebate margins [1] Group 2: SaaS Business - The company's SaaS business is showing signs of stabilization, with expectations for a return to positive growth in 2026 [2] - Revenue growth in the SaaS segment is anticipated to be driven by AI-related products, which generated 34 million yuan in the first half of 2025, with further growth expected [2] - The company plans to expand into local lifestyle sectors, such as the pet industry, and enhance its smart retail solutions, which will contribute to revenue growth [2] Group 3: Business Adjustments - 微盟集团 has actively adjusted its business by reducing low-margin operations and optimizing its advertising client structure [2] - The partnership with Douyin is expected to provide incremental revenue, leading to slight upward revisions in revenue forecasts for 2026 and 2027 to 1.79 billion and 2 billion yuan, respectively [2] - The company maintains an "overweight" rating based on these adjustments and expected growth [2]