中国SaaS的价值修正期，还要多久？

Core Insights - The only way for Chinese SaaS companies to break through is to shift from a "TO VC" model to a "TO Customer" focus, emphasizing value delivery, recognition, and customer success [1][14] Industry Overview - In 2025, the Chinese SaaS industry is experiencing a dual narrative, with one side focused on "AI+SaaS" and globalization, while the other side sees companies prioritizing mergers and profits [2] - Over 80% of SaaS companies have undergone significant personnel optimization in recent years, indicating a shift in the industry landscape [2] Historical Context - The "burning money for growth" model, prevalent since around 2015, has led to a "TO VC" approach where companies focused solely on acquiring new customers [3][4] - This model has resulted in detrimental practices such as price slashing and neglecting customer success metrics, leading to a lack of trust in the market [5][7] Market Correction - The capital market downturn from 2020 to 2024 has forced a reevaluation of business models, with many companies facing layoffs and some disappearing entirely [7][8] - A core message from this correction is that business models not centered on customer success and healthy profits are ultimately unsustainable [8] New Business Models - Companies are beginning to adopt a new framework focusing on product, ecosystem, and profit, moving away from the traditional "burning money" approach [9] - Examples include Weimob achieving its first profit post-IPO and SalesEase forming a strategic partnership with Tencent to enhance product quality and ecosystem collaboration [10][11] Challenges and Opportunities - Despite the push towards AI and globalization, many Chinese SaaS companies are hindered by the legacy of long-term losses, which affects their ability to invest in new technologies [12][14] - The industry must undergo an internal revolution to eliminate low-price competition and establish a healthy supply-demand chain based on value [12][14] Future Outlook - The Chinese SaaS industry has the potential to leverage strong foundational technologies and global infrastructure to empower companies that are on a path to sustainable development [14] - There is an expectation for a revitalized Chinese SaaS industry by 2025, with more companies like Weimob, SalesEase, and FanRuan exploring new paths [15]