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 and personalized experiences, with a significant emphasis on after-sales service, product variety, and personalized fulfillment, which aligns with the refined operational strategies of private domain e-commerce [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] Policy Environment - The government has introduced various policies to promote the healthy development of the private domain e-commerce sector, encouraging participation from individuals and small businesses to stimulate new consumption and individual economic growth [9][10] Industry Characteristics - Stages of Development - 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 that enhances user lifecycle value, from multi-channel customer acquisition to user asset management and trust-building through personalized content [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 the necessary operational infrastructure [24] Market Landscape - Survival Player Advantages - Leading platforms in the private domain e-commerce space focus on marketing innovation, user recognition, and supply chain capabilities to establish core competitive advantages [27] User Insights - User Demographics - 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] User Behavior - Purchasing Patterns - Users primarily purchase daily consumables, with price discounts, product variety, and personalized service experiences driving increased purchase frequency [43][44] User Experience Feedback - User satisfaction is high, with over 80% expressing satisfaction with their shopping experiences, indicating potential for further enhancement through refined operations [48] Store Owner Insights - Profile - Female store owners, primarily aged 31-40 and well-educated, are motivated by self-improvement and economic independence through private domain e-commerce [51][54] 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] Future Trends - Operational Refinement - The shift from traffic-oriented to user-centric operations is essential for sustainable growth, emphasizing long-term relationships with users [68] Future Trends - Technology Integration - The application of AI technology across various operational aspects is expected to enhance efficiency and optimize industry development [71] Future Trends - Model Export - Leading players are exploring overseas markets by leveraging successful domestic models, indicating a trend towards international expansion [73]

Investment Rating - The report maintains a positive investment rating for leading internet companies with stable performance and strong AI positioning, such as Tencent Holdings, Kuaishou, Bilibili, Meitu, and Yuedu Group [1]. Core Insights - The report emphasizes the upcoming third-quarter earnings reports for Hong Kong-listed internet companies and continues to recommend companies that are performing well and are leaders in the AI sector [1]. Summary by Sections Important Announcements - Weimeng Group reported an increase of 172 million shares issued as of October 31, 2025, with a subscription price of HKD 2.26 per share [2]. - Fubo Group's third-quarter revenue grew approximately 27% year-on-year, with mainland China business revenue increasing about 22% [3]. Market Performance Review - The overall market performance from November 3 to November 9 shows the Shanghai Composite Index rising by 1.08%, while the Hang Seng Internet Technology Index fell by 2.21% [15]. - Tencent Holdings saw a slight increase of 0.79%, while Bilibili-W and Kuaishou-W experienced declines of 6.71% and 5.67%, respectively [20]. Core Recommendations and Rationale - Tencent Holdings is highlighted for its strong performance in gaming, social networking, and marketing services, with significant revenue growth in various segments [24]. - Kuaishou is noted for its user engagement improvements and revenue growth in advertising and e-commerce, with a focus on technological innovation [25]. - Bilibili is recognized for maintaining strong performance in advertising and gaming, with a focus on releasing commercial value [26].

Core Viewpoint - Weimob Group (02013) has completed the first batch of subscription matters under the subscription agreement, with all conditions precedent met or waived, and the public shareholding will remain above 25% after the completion of the subscription [1] Group 1 - The first batch of subscription matters was completed on November 6, 2025, according to the terms of the subscription agreement [1] - A total of 172 million subscription shares were subscribed at a price of HKD 2.26 per share [1] - Following the completion of the first batch of subscription matters, the company's public shareholding will not be less than 25% of the total issued shares after the expansion [1]

Group 1 - The company, Weimob Group, has completed the first batch of subscription matters as per the revised subscription agreement, with all conditions met or waived [1] - A total of 172 million subscription shares were subscribed at a price of HKD 2.26 per share [1] - Following the completion of the first batch of subscription matters, the company's public float will be no less than 25% of the total issued shares after the subscription [1]

Core Points - Weimob Group (02013.HK) announced the completion of the first batch of subscription matters under the subscription agreement, with all conditions precedent either met or waived as of November 6, 2025 [1] - A total of 172 million subscription shares were subscribed at a price of HKD 2.26 per share, following the completion of the first batch of subscription matters [1] - Following the completion of the first batch of subscription matters, the company's public float will be no less than 25% of the total issued shares after the expansion [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 微盟集團 呈交日期： 2025年11月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02013 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 ...

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。 本公告或其任何副本均不得在美國或任何其他發佈或分派本公告可能屬違法的司法管轄區內直 接或間接發佈或分派。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 本公告並不構成在美國購買或認購任何證券之要約或招攬，亦不構成其一部分。本公告所述證 券並無且將不會根據美國證券法或美國任何其他州證券法登記，亦不得在美國提呈發售或出 售，除非根據美國證券法作出登記或獲豁免登記或為毋須根據美國證券法作出登記之交易。本 公司無意根據美國證券法登記本公告內所述之任何證券，或在美國進行證券之公開發售。 WEIMOB INC. 微盟集團 * （於開曼群島註冊成立之有限公司） （股份代號：2013） （可轉債代號：5186） 完成根據一般授權發行第一B批認購股份 配售代理 國泰君安証券（香港）有限公司 中信里昂證券有限公司 財務顧問 光源資本（香港）金融有限公司 茲提述Weimob Inc.（「本公司」）日期為2025年 ...

Core Insights - Weimob has launched a smart store solution aimed at integrating key retail operations such as POS cash register, inventory management, multi-channel sales, and store management into a cohesive system, facilitating the transition from "store informatization" to "online and offline integrated operations" for retailers [1][2] Group 1: Solution Overview - The smart store solution is specifically designed for small and medium-sized enterprises (SMEs) that have engaged in multi-channel business but face limitations in digital technology capabilities and budget [1][2] - The solution emphasizes "lightweight, high adaptability, and low cost," providing an inclusive impetus for the retail digitalization process of SMEs [1][2] Group 2: Operational Efficiency - The solution connects various operational aspects, including inventory management, multi-channel sales, equipment collaboration, and store management, creating a complete operational ecosystem [2][3] - It supports full-process digital management in inventory, ensuring real-time transparency of stock data and addressing traditional pain points such as unclear inventory and inefficient supply chains [2][3] Group 3: Sales Channel Integration - The solution covers offline stores, online cloud stores, and major platforms like JD.com, Ele.me, Meituan, and Douyin, breaking down information silos and enabling simultaneous efforts across multiple channels [3] - It integrates hardware and software seamlessly, enhancing operational efficiency and accuracy at the store front [3] Group 4: Marketing and Customer Engagement - The solution focuses on immediate conversion and long-term repurchase empowerment through over 100 diverse promotional tools and a comprehensive membership system [4][5] - It includes various marketing tools such as flash sales, group buying, and content marketing to activate consumer potential and reduce customer acquisition costs [4][5] Group 5: Membership and Customer Lifecycle - The solution enables the establishment of a customer lifecycle management mechanism, helping stores convert casual customers into members and fostering long-term customer relationships [5][6] - This data-driven approach maximizes customer lifetime value while minimizing ineffective marketing costs, creating a virtuous cycle of "member retention - repurchase increase - long-term revenue growth" [6] Group 6: Strategic Value - Overall, the Weimob smart store solution serves as a digital infrastructure for retail businesses, enhancing operational efficiency, broadening profit channels, and solidifying development foundations [6] - It is positioned as a powerful engine for mid-tier retailers to achieve cost reduction, efficiency enhancement, and sustainable growth in the digital era [6]

Core Demand 1: Multi-Platform Adaptability - The ability to connect with multiple platforms like WeChat, Douyin, and Alipay is crucial for capturing traffic and maximizing sales potential [2] - Companies' multi-platform adaptability directly impacts their ability to handle traffic from various sources [2] Company Comparisons Youzan - Youzan's basic version only supports WeChat, requiring additional upgrades for Douyin and Alipay, leading to data synchronization issues [3] - The conversion rate for customers from Douyin dropped significantly due to incompatible promotions, with repeat purchase rates falling from 28% to 19% [3] - After 30 days, only 15% of orders were from multi-platform sources, indicating poor performance in capturing traffic [3] Weimob - Weimob supports multiple platforms but offers limited core functionalities, resulting in lower conversion rates [5] - Data synchronization delays caused customer dissatisfaction, leading to order cancellations due to price discrepancies [5] - After 30 days, multi-platform orders accounted for 22%, which is an improvement over Youzan but still below expectations [5] Kaidian Guanjia - Kaidian Guanjia provides native multi-platform support without additional upgrades, ensuring real-time data synchronization [6] - The platform allows for a higher number of product links during live streams, resulting in a 35% order rate from Douyin [6] - After 30 days, multi-platform orders made up 45% of total orders, demonstrating superior performance in capturing traffic [6] Core Demand 2: Customer Acquisition Effectiveness - The ultimate goal for merchants using mini-programs is to acquire customers and generate revenue [7] - Companies' customer acquisition functionalities vary significantly in complexity and effectiveness [7] Youzan - Youzan offers over 20 customer acquisition features, but the complexity leads to low efficiency, with only 28 successful group purchases in 30 days [8] - The average customer acquisition cost was 50% higher than expected due to complicated processes [8] Weimob - Weimob's customer acquisition rules are overly complicated, leading to low participation rates from existing customers [9] - After adjustments, the platform achieved 35 successful group purchases, but customer feedback indicated frustration with the complexity [9] Kaidian Guanjia - Kaidian Guanjia's customer acquisition features are designed for simplicity, allowing for quick setup and effective results [10] - The platform achieved 92 successful group purchases in 30 days, with a 60% lower customer acquisition cost compared to Youzan [10] Core Demand 3: Operational Difficulty - The ease of use of the mini-program directly affects its implementation by small and medium-sized businesses [11] - A practical test was conducted to measure the time taken to set up a basic store across three companies [11] Youzan - Youzan required 2.5 days to set up due to its complex module selection and redundant options, leading to operational errors [12] - The lengthy process resulted in delays and potential revenue loss due to mistakes in setup [12] Weimob - Weimob took 2 days to set up, but the complexity of its modules confused new users, requiring assistance from customer service [12] - The convoluted setup process hindered efficiency for new merchants [12] Kaidian Guanjia - Kaidian Guanjia's user-friendly design allowed for setup in just 1 day, significantly reducing the time spent on operational tasks [13] - The platform's straightforward process enabled merchants to focus on product development rather than technical issues [13] Conclusion - The choice of mini-program development company should be based on how well it meets specific merchant needs rather than its popularity [14] - Companies that effectively address multi-platform traffic, simplify customer acquisition, and ease operational difficulties are more likely to be chosen by small and medium-sized businesses [15]

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10月31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11月3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 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02013 | 說明 | | | | FF301 法定/註冊股份數目 面值 法定/註冊股本 第 1 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 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： US ...