可落地，有实效：明略科技(2718.HK)如何将AI变成“可信生产力”

Core Insights - Minglue Technology's unique approach focuses on transforming AI from a technical demonstration into a reliable productivity tool for enterprises, emphasizing vertical scenarios over general large models and measurable business value [1][2][10] Group 1: Company Overview - Minglue Technology was listed on the Hong Kong Stock Exchange in November 2025, experiencing a 106% surge on its first day, reflecting a market valuation exceeding HKD 20 billion [1] - The company has a deep integration of Peking University’s technical foundation and Tencent’s product thinking, which allows it to understand what enterprises truly need from AI [1][3] Group 2: Market Position and Competition - According to Frost & Sullivan, Minglue Technology has become the largest data intelligence application software provider in China by total revenue in 2023, yet holds only a 3.8% market share, indicating a highly fragmented and competitive market [3] - The company’s self-developed GUI intelligent model, Mano, ranks first in professional models and second overall in the OS-World E2E rankings, showcasing its technical capabilities [3] Group 3: Data Accumulation and Value Proposition - Minglue has built a significant data asset over the years, starting from its inception in 2006, with capabilities to handle up to a billion advertising requests daily [4][5] - The company serves over 2,000 enterprises, including 135 Fortune Global 500 companies, which contributes to its high-quality industry data accumulation [5] Group 4: AI Implementation Challenges - A survey by Accenture indicates that 52% of Chinese executives find it challenging to scale AI applications across their organizations, highlighting the difficulty of moving from proof of concept (POC) to widespread implementation [6] - Minglue’s comprehensive approach covers both marketing and operational intelligence, providing end-to-end solutions that facilitate quick realization of business value [6][7] Group 5: Trustworthy Productivity Standards - Minglue defines "trustworthy productivity" through three dimensions: technical reliability, business usability, and measurable value, ensuring that AI systems are stable, accurate, and integrated into enterprise workflows [8] - The company has achieved adjusted operating profits of CNY 26.88 million in the first half of 2025, marking a significant transition from investment to commercial returns in the AI sector [8] Group 6: Strategic Insights - The story of Minglue Technology emphasizes the importance of aligning technology with business needs, showcasing that deep technical expertise combined with product-oriented thinking is essential for success [10] - The accumulation of industry-specific data is crucial in the AI era, as it creates a competitive barrier that cannot be easily replicated [10] - The focus of enterprise AI should be on solving real problems rather than merely showcasing advanced technology, which is a core principle of Minglue’s approach [10]