微盟集团（02013）：经调利润回正，AI贡献提速

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the coming months [4][6]. Core Insights - The company has achieved its first positive adjusted profit since 2021, with total revenue reaching 1.592 billion yuan in 2025, a year-on-year increase of 18.9%. The adjusted net profit was 42 million yuan, marking a significant improvement [1]. - The company's strategic focus on AI is showing results, with AI-related revenue expected to accelerate in 2026. The introduction of various AI products has contributed to this growth [3][4]. - The company is optimizing its SaaS offerings, particularly in retail, which has led to improved operational efficiency and customer quality, despite a short-term decline in the number of paying users [2]. Financial Performance Summary - In 2025, the company reported total revenue of 1.592 billion yuan, with a gross profit of 1.195 billion yuan and a gross margin of 75.1% [1]. - The adjusted net profit for 2025 was 42 million yuan, a notable recovery from previous losses, while the net profit attributable to shareholders was a loss of 221 million yuan, significantly narrowed compared to prior periods [1][5]. - The company expects to achieve revenues of 1.763 billion yuan in 2026, with a projected net profit of 5 million yuan, indicating a continued recovery trajectory [5][10]. AI Strategy and Product Development - The company has launched several AI products, including WAI and WIME, which have seen significant user engagement and growth in GMV [3]. - The AI-related revenue reached 116 million yuan in 2025, with a substantial quarter-on-quarter growth of 137.5% in the second half of 2025 [3]. - The company is also exploring new business units and partnerships in the AI sector, indicating a robust commitment to expanding its AI capabilities [3]. Market Position and Future Outlook - The company is expected to see revenue growth of 17.63 billion yuan in 2026, with a corresponding price-to-sales ratio of 3.55 [4]. - The report anticipates a continued increase in profitability, with net profit projections of 67 million yuan in 2027 and 138 million yuan in 2028, reflecting a strong recovery and growth potential [4][5].