| | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 5,000,000,000 | USD | 0.0001 | USD | 500,000 | | 增加 / 減少 (-) | 0 | | | USD | 0 | | 本月底結存 | 5,000,000,000 | USD | 0.0001 | USD | 500,000 | 本月底法定/註冊股本總額： USD 500,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 微盟集團 | | | | | | 呈交日期: | 2025年12月1日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯 ...

Core Insights - The private domain e-commerce industry is experiencing rapid growth due to the saturation of user growth and rising customer acquisition costs, necessitating refined and differentiated operational strategies to meet user demands and enhance brand competitiveness [1][2][12] Industry Overview - Development Background and Drivers - The number of online shopping users in China reached 970 million in 2024, with a penetration rate close to 90%, indicating limited natural growth potential. This shift has led the e-commerce industry to transition from acquiring new users to managing existing ones [2] - Private domain e-commerce, characterized by lower customer acquisition costs and a focus on long-term user value, aligns with the industry's current demand for lifecycle management and refined operations [2] Demand Side - User Needs - Users are increasingly prioritizing service quality and personalized experiences, with research showing that after basic needs like quality and price, advanced needs such as after-sales service and product variety are highly valued [4] - In private domain channels, users show a stronger inclination towards fulfillment efficiency, personalized needs, and after-sales experiences, validating the effectiveness of refined operational strategies [4] Supply Side - Brand Focus - In the era of stock competition, brands are increasingly focusing on digital and channel operational capabilities to enhance competitiveness through private domain layouts [6][7] - Brands can leverage private domain platforms' data and AI capabilities to improve their digital and user operational skills while reducing operational costs and expanding channels [7] Policy Environment - The government has introduced various policies to promote the healthy development of private domain e-commerce, encouraging participation from individuals and small businesses to stimulate new consumption and individual economic growth [9][10] Industry Characteristics - Stages - The private domain e-commerce industry has evolved through several stages, currently entering an AI-driven phase where digital capabilities and innovative models are key growth engines [12][13] Operational Model - Private domain e-commerce drives growth through a comprehensive refined operation model, focusing on user asset management, trust-building, and transaction path shortening to enhance user lifetime value and brand competitiveness [15] Market Space - The industry is projected to grow at a rate of 6.3% in 2024, reaching a scale of 2.3 trillion yuan, with expectations of surpassing 3 trillion yuan by 2025 due to consumption incentives and technological advancements [18][19] Participant Ecosystem - The private domain e-commerce ecosystem consists of brands, store owners, platforms, and consumers, with various player types contributing to a diverse operational landscape [21][24] Platform Insights - Player Types - Different player types, including comprehensive, vertical, and brand platforms, serve as core suppliers of goods and services, while tool players provide essential operational infrastructure [24] Platform Insights - Market Landscape - Leading platforms in the private domain e-commerce space have established core advantages through marketing innovation, user recognition, and supply chain capabilities [27] Consumer Insights - User Profile - The majority of private domain e-commerce users are women aged 24-39, with a high level of education and income, indicating a broad reach across various city tiers [41] Consumer Insights - Purchasing Behavior - Users primarily purchase daily consumables, with price discounts and personalized service experiences driving increased purchase frequency [43][44] Store Owner Insights - Profile - Female store owners, predominantly aged 31-40 and well-educated, are motivated by self-improvement and economic independence [51][56] Merchant Private Domain Layout - Nearly 90% of surveyed merchants have initiated private domain layouts, indicating positive early results in revenue contributions and operational efficiency [59]

Group 1 - The explosive growth of instant retail demands seamless integration of online stores, in-store pickup, and same-city delivery, with SaaS revenue-sharing services becoming key to addressing O2O business challenges [2] - In the first five months of 2025, China's online retail sales reached 6.04 trillion yuan, a year-on-year increase of 8.5%, driven by revenue-sharing services supporting complex transaction models [2] Group 2 - O2O revenue-sharing faces unique challenges, including fragmented channels, dynamic fulfillment, and diverse roles, with "three-in-one" (order, logistics, settlement) being a critical breakthrough [3] - The system used by Luckin Coffee requires simultaneous processing of product costs, delivery fees, and platform commissions, with potential fulfillment costs increasing by 8%-12% if not managed properly [3] - Xiaoguo Technology's O2O mall system supports real-time inventory synchronization, enabling Tongrentang to achieve 35% of its sales from O2O off-store sales [3] Group 3 - Private domain e-commerce revenue-sharing focuses on real-time incentives and flexible rules, with Xiaoguo Technology's virtual store model allowing zero-cost store openings and automatic profit distribution calculations [4] - Zhu Fei Workshop utilized this feature to achieve a 31% increase in distributors and a 28% rise in sales [4] - Integration of WeChat SCRM with revenue-sharing systems optimizes private domain conversion, with Xiaoguo Technology's design leading to over 300 new channels and a 39% increase in membership [4] Group 4 - Data-driven revenue-sharing decisions are enhanced by AIoT hardware, with Xiaoguo Technology's AI badge analyzing staff-customer interactions to optimize service commission ratios, resulting in a 90% increase in customer satisfaction [5] - The AI risk control module monitors abnormal transactions, triggering revenue-sharing suspension mechanisms to prevent financial losses [5] - In cross-border scenarios, AI supports multi-currency revenue-sharing, with the Creem platform's AI assistant facilitating automatic settlements across 80+ currencies and 100+ countries [5] Group 5 - Industry-specific solutions highlight significant differences in revenue-sharing needs across various sectors, requiring standardized foundations and customer-centric capabilities [7] - Rui Rong Tianxia's revenue-sharing cloud offers "batch revenue-sharing + automatic loss deduction" modules for fresh produce companies, while designing "price shielding" features for pharmaceutical retail to protect franchisee privacy [7] - Zhengda Group integrated AIoT store systems with electronic price tags and unified cash registers, achieving a 90% cost reduction and a 35% increase in customer retention [7] Group 6 - The essence of omnichannel integration is the collaboration of capital flow, information flow, and logistics, with SaaS revenue-sharing services transforming discrete transactions into structured fund allocation [8] - The rise of RaaS (Results as a Service) may evolve revenue-sharing systems into performance tools tied to business value [8]

Group 1 - The 12th China Brand Chain Development Conference was held in Shenzhen, focusing on "AI Insights and Brand Renewal," with over 500 companies participating to explore brand elevation paths in the AI era [1][5] - The conference featured the launch of the "China Brand Asset Price Index," which reflects the global market's valuation of Chinese brand assets based on the average price of brand information units across 32 representative industries [3][4] - The "China Consumer Brand Empowerment Plan" was officially launched, aiming to promote pilot work for new consumption formats, scenarios, and models, facilitating brands' comprehensive upgrade from domestic to international markets [3][4] Group 2 - The conference emphasized the importance of AI in reshaping business and marketing ecosystems, with experts discussing the need for brands to leverage AI for insights, demand prediction, and operational optimization [7] - Notable case studies of innovative consumption models were shared, highlighting unique brand philosophies and approaches, such as the emotional value of unique fragrance brands and innovative retail models by JD MALL [7] - A "First Release Economic Service Center" was established to create a complete service ecosystem, aiming to boost consumption and release new vitality in Shenzhen's market [4][8]

Core Insights - Worth Buying Technology held an AI progress sharing conference on November 26, showcasing its latest AI developments and the new "Haina" ACP (Agent Commercial Protocol) [1] - The company aims to enhance consumer service capabilities in the AI ecosystem and has partnered with Weimeng and Alipay to integrate AI payment capabilities [1][4] - The "Haina" platform focuses on creating a seamless transaction process in AI e-commerce, establishing a complete closed loop from capability supply to transaction matching [1][4] Group 1: AI Achievements - In November, the "Haina" MCP Server partner count exceeded 40, with an output volume surpassing 100 million [2] - The AI shopping assistant "Zhang Dama" saw an 8-fold increase in active users and a 24% increase in average retention rate [2] - The core product "What Worth Buying" experienced a 4-fold increase in AIGC reading time compared to the same period last year [2] Group 2: AIGC Integration - AIGC capabilities have evolved from simple content generation to decision empowerment, enhancing content production efficiency and user experience [3] Group 3: "Haina" ACP Development - The "Haina" ACP is designed as a foundational technology standard for "dialogue-based shopping," connecting AI capabilities with commercial value [4] - The collaboration with Weimeng and Alipay aims to create a collaborative transaction closed loop involving AI agents, users, merchants, and payment platforms [4][5] - The "Haina" ACP will first be implemented in the "Zhang Dama" app, facilitating a seamless process from dialogue to payment [5] Group 4: Future Strategy - Worth Buying Technology plans to continue its "comprehensive AI" strategy, exploring new AI+ consumption scenarios, models, and products [5] - The company aims to enhance the efficiency and quality of connections between supply and demand, contributing to a better consumer experience [5]

Core Insights - Worth Buying Technology's CTO Wang Yunfeng announced significant advancements in AI, including over 40 partners for the "Haina" MCP Server and an output volume exceeding 1 billion in November [1] - The AI shopping assistant "Zhang Dama" saw an 8-fold increase in active users and a 24% increase in average retention compared to the previous month [1] - The core product "What Worth Buying" experienced a 4-fold increase in AIGC reading time compared to the same period last year [1] Company Developments - In October, Worth Buying Technology formed a strategic partnership with Weimeng to integrate its consumer data service capabilities with Weimeng's SaaS commercial operating system, aiming to create an AI e-commerce transaction closed loop in China [1] - The company plans to further collaborate with Alipay to explore AI payment services, establishing a collaborative transaction closed loop involving AI agents, users, merchants, and payment platforms [1] Technology and Infrastructure - The ACP (Dialogue Commerce Protocol) is introduced as a foundational technology standard that connects AI capabilities with commercial value, expected to create new opportunities in the AI era [1] - The "Haina" ACP will first be implemented in the "Zhang Dama" App, facilitating a seamless process from dialogue to recommendation, ordering, and payment, thereby creating a verifiable sample of AI e-commerce [1]

Core Insights - The company is advancing its AI payment services in collaboration with Alipay, aiming to create a closed-loop transaction system involving AI agents, users, merchants, and payment platforms [1] Group 1: Strategic Collaborations - In October, the company established a strategic partnership with Weimob to integrate its consumer data service capabilities with Weimob's SaaS business operation system [1] - The collaboration aims to build an AI e-commerce transaction closed-loop in China [1]

在市场担忧AI大量投入能否高效带来业绩转化后，公募资金将目光投向业绩落地便利的AI营销赛道。 正在AI营销赛道加大投入的微盟集团，也结束了此前业绩不佳导致公募基金减持退出的现象，该股今年来的 AI营销业务加速扭亏，毛利率从44%升至75%，微盟集团在第三季度开始吸引不少基金经理关注，华安基金旗 下多只公募产品将微盟集团列入十大重仓股名单。 AI营销表现强劲，公募产品抓取丰厚收益 公募基金经理对AI营销赛道关注度的不断提高，既因AI赛道的布局逻辑发生重大变化，也因AI营销行业展现 的高弹性成长力。 券商中国记者注意到，南方基金、招商基金、广发基金挖掘的美图公司过去三年累计股价涨幅约8倍，其股价 的驱动力既得益于C端传统会员修图业务，也得益于新打造的AI营销业务。尤其在美图公司逐步模仿美股上市 公司奥多比，从服务C端向服务B端转变后，其打造AI营销SAAS已成为公司第二增长曲线，美图宜肤、美图云 修、美图设计室等企业级AI营销业务成为业绩新亮点，公司此前亦针对企业级市场业务收购相关公司，包括 以2.8亿元收购站酷设计网，AI营销赛道的需求增长，刺激该公司净利润连续多年猛增。 随着市场对AI投入产出比的关注度越来越 ...

Core Insights - The 2025 "Double Eleven" shopping festival has seen a decline in consumer enthusiasm, with a shift towards rational consumption as consumers are less impulsive about low-price promotions [1][3] - The growth drivers in the e-commerce sector have transitioned from mere traffic benefits to technology-driven innovations, with live-streaming e-commerce remaining a key factor in stimulating consumption [1][4] E-commerce Trends - The "Double Eleven" promotional period has been extended to over 30 days, with platforms simplifying their strategies to focus on genuine discounts [2] - JD.com reported significant sales growth across various categories, with daily necessities seeing a year-on-year growth rate of 36% and apparel categories growing by 30% [2] - Douyin's total transaction volume during the "Double Eleven" period increased by 42% year-on-year, with short video channels experiencing a remarkable growth of 355% [2] Consumer Behavior - Consumers are increasingly adopting a "need-based purchasing" approach, moving away from bulk buying for discounts [3] - The core factors contributing to the decline in enthusiasm include the rise of rational consumption and the simplification of annual best prices and direct discounts [3] Live-streaming E-commerce - Live-streaming e-commerce has proven to be a major driver of sales during the "Double Eleven" event, with platforms like JD.com and Douyin seeing substantial growth in this area [4] - JD.com reported a 150% year-on-year increase in order volume from live-streaming sessions, with user viewing time tripling [4] - Douyin's live-streaming sales saw a doubling in revenue for 67,000 brands, with over 100,000 merchants achieving similar results [4] AI Integration - The integration of AI technologies is becoming a cornerstone of e-commerce development, enhancing operational efficiency and consumer engagement [6] - During the "Double Eleven" period, over 300,000 merchants utilized JD.com's AI tools, leading to significant improvements in logistics and sales performance [6] - Third-party SaaS providers like Weimeng have also reported a surge in the use of AI tools, indicating a growing reliance on technology in retail operations [7] Consumer Experience with AI - More than half of consumers experienced AI-driven search functionalities during the "Double Eleven" event, with over 70% expressing satisfaction with these features [7] - The increasing satisfaction with AI capabilities is expected to drive deeper integration of AI technologies across the e-commerce landscape, enhancing user experience and competitive advantage [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 WEIMOB INC. Weimob Inc.（「本公司」）之董事會（「董事會」）謹此宣佈，本公司之香港主要營業 地點已更改為香港銅鑼灣勿地臣街1號時代廣場二座31樓，自2025年11月14日起 生效。 更改法律程序文件代理人 董事會宣佈，Sparrow Charles Harry先生（「Sparrow先生」）已不再擔任根據香港 法例第622章公司條例第16部項下的代表本公司於香港接收法律程序文件及通知 的授權代表（「法律程序文件代理人」），自2025年11月14日起生效。董事會已決議 委任本公司聯席公司秘書伍秀薇女士為法律程序文件代理人以取代Sparrow先生， 自2025年11月14日起生效。 承董事會命 Weimob Inc. 董事會主席兼首席執行官 孫濤勇 中國，上海 2025年11月14日 微盟集團 * （於開曼群島註冊成立之有限公司） （股份代號：2013） 更改香港主要營業地點 及 更改法律 ...