Core Insights - The company reported a revenue of 775 million RMB in the first half of 2025, a year-on-year decrease of 10.6%, primarily due to strategic cost reduction and a focus on high-quality business, leading to a reduction in deferred income [1] - Adjusted net profit reached 17 million RMB, a significant improvement from a net loss of 187 million RMB in the same period of 2024, marking the first half-year profit since 2021 [1] - The gross margin improved by 8.7 percentage points to 75.1%, reflecting the company's focus on high-quality business development and revenue optimization [1] Revenue Breakdown - Subscription solutions generated 438 million RMB, down 10.1% year-on-year, while smart retail business revenue was 286 million RMB, down 6.1%, with smart retail accounting for 65.2% of subscription revenue [1] - The number of paying merchants decreased by 13.9% to 59,100, but the average revenue per user (ARPU) increased by 4.5% to 7,402 RMB, indicating an ongoing optimization of the customer structure [1] Advertising Business Performance - Merchant solutions revenue was 338 million RMB, down 11.3% year-on-year, mainly due to adjustments in advertising platform rebate ratios [1] - When adjusting for the rebate policy changes, the actual revenue showed a year-on-year growth of 45.3%, indicating strong growth potential in core advertising services [1] - The advertising business is expected to gradually recover as consumer spending improves and business operations normalize, with a potential business rebound anticipated in 2026 [1] Strategic Outlook - The company maintains a target price of 3.02 HKD, reflecting a 57% upside from the last closing price, and continues to emphasize long-term growth logic and AI integration as foundational for future performance [1]
微盟集团(2013.HK)：全面拥抱AI 业务有望企稳回升