【微盟集团（2013.HK）】积极推动与抖音合作，有望提振广告毛收入&业绩——更新点评（付天姿/杨朋沛）

Core Viewpoint - Weimob Group has announced a business collaboration with Douyin Group's digital marketing service platform, becoming a comprehensive advertising agency for Douyin's services and obtaining the Juyuan Qinchuan service provider license [4][5]. Group 1: Collaboration with Douyin - Weimob will provide integrated solutions for brand merchants across multiple platforms under Douyin Group, including Toutiao, Douyin, Xigua Video, and others, aiming for long-term stable growth in marketing revenue and profits [5]. - In 2021, Douyin accounted for approximately 3 billion yuan in Weimob's advertising revenue, and the company expects significant growth in merchant solution revenue from this partnership in 2026 [5]. Group 2: Company Fundamentals Outlook - For 2025, Weimob's advertising gross revenue is projected to be around 17 billion yuan, slightly down year-on-year due to the company's strategy of eliminating low-quality clients and optimizing its client structure [6]. - The company anticipates that advertising gross revenue could exceed 20 billion yuan in 2026, driven by improvements in Tencent channels and the new Douyin channel [6]. - The net rebate rate has improved from 2.1% in the same period last year to 3.85% in the first half of 2025, indicating potential for further increases in rebate margins [6]. Group 3: SaaS Business Development - Weimob's SaaS business shows signs of stabilization, with expectations for positive growth in 2026, driven by AI-related product revenues and expansion into local lifestyle sectors [6]. - The company has integrated its mini-programs with Douyin and Meituan, enhancing its coupon distribution system and connecting with platforms like Xiaohongshu and Alipay [6]. Group 4: Investment and AI Focus - Weimob has secured a $200 million investment from Infini Capital, which will be used to enhance AI integration in SaaS, expand media channels, and promote overseas business development [8].