在相似的出击目标之中，在这场热闹的"群架"背后，究竟是怎样的决定性因素，可以让企业级AI Agent玩 家真正与竞争对手拉开身位？ 01 " 瓴羊既是阿里触达并服务企业的「最后一公里」，也是企业感受 与验证 AI Agent 价值的「第一站」。 " 作者丨 周蕾 编辑丨 包永刚 2025年，AI Agent之战打得如火如荼。聚焦到企业级AI Agent赛道，战况步入规模化竞争的"深水区"， 局面堪称是"组队抱团打群架"：参与玩家多数为大厂出身，自有其生态、流量或数据场景优势，叠加蓬勃 发展的AI全栈能力。 年初至今，阿里瓴羊的企业级Agent、字节跳动的HiAgent 2.0、百度智能云千帆AgentBuilder和腾讯混 元多Agent框架相继登场亮相，目标毫无意外地一致——先向客服、营销、数据分析、企业内部服务、运 营、法务等高频场景出击。 从Palantir身上， 看到企业级AI Agent的"标准答案" 过去一周，AI概念股迎来普涨。阿里集团CEO吴泳铭在云栖大会上表示，公司正在积极推进三年3800亿 元的AI基础设施建设计划，并将持续追加更大投入。这一消息刺激阿里股价盘中涨幅一度超过9%，市值 增长 ...

Core Viewpoint - Minglue Technology has submitted a new application for listing on the Hong Kong Stock Exchange, aiming to issue up to 8,301,800 shares, with the backing of major investors like Tencent and Kuaishou [1][3][11] Company Overview - Established in 2006, Minglue Technology has nearly 20 years of experience in the digital marketing sector and has served 135 Fortune Global 500 clients [4][6] - The company is recognized as China's largest data intelligence application software supplier based on 2023 revenue [3][6] Business Performance - From 2021 to 2023, the Chinese data intelligence application software market grew at a CAGR of 20.4%, with Minglue's revenue expanding to 1.462 billion yuan in 2023, marking a growth of 15.2% [6][7] - Despite the growth, the company faces challenges with declining revenues in its marketing intelligence segment, which fell from 750 million yuan in 2023 to 730 million yuan in 2024 [8][9] Technology and Innovation - Minglue holds 2,177 patents and has received over 450 domestic and international awards, focusing on multi-modal data intelligence, enterprise knowledge graphs, and data privacy technologies [5][6] - The company has launched AI-driven products like AdEff, which utilizes its proprietary multi-modal large language model to optimize advertising effectiveness [12] Market Position and Challenges - The company has experienced a significant valuation drop from over $30 billion in 2020 to approximately $15 billion in early 2024, reflecting pressures from market competition and changing customer demands [11] - The operational efficiency of its industry AI solutions remains low, with revenue contribution consistently below 10% and negative gross margins [9][10] Investment Appeal - Minglue's strong investor backing, including major players in the AI sector, enhances its attractiveness in the market, despite current operational challenges [11][13] - The anticipated growth of the AI Agent market, projected to reach $50.31 billion by 2030, presents potential opportunities for Minglue to capitalize on [11]

Core Insights - The company reported a revenue of 7.865 billion yuan for the first half of 2025, representing a year-on-year growth of 12% [1] - Gross profit reached 1.033 billion yuan, with an 8% increase compared to the previous year [1] - Net profit attributable to shareholders was 15.21 million yuan, showing a significant year-on-year growth of 41% [1] Business Performance - New contracts doubled, with a new signed order amount of 9.476 billion yuan, reflecting a 98% year-on-year increase [1] - The total amount of signed but unfulfilled contracts reached 10.441 billion yuan, up 27% year-on-year, indicating a solid foundation for long-term and stable growth [1] Technological Advancements - The company successfully implemented a full-stack data intelligence solution for smart supply chain scenarios, achieving deep penetration of "AI for Process" [1] - The company developed supply chain algorithms tailored to different industry characteristics and created the "KingKoo Smart Chain" logistics model to address issues with general large models [1] - The AI agent suite for operations, decision-making, and customer interactions has been successfully deployed and has shown positive results [1] Industry Expansion - The company is expanding its hotel data intelligence solutions, having deepened strategic cooperation with Wanda Hotels and Yunji Technology [2] - The company signed digital service projects for over 300 stores in high-end chain hotels, reinforcing its leading position in the chain hotel industry [2] - The company is actively promoting overseas business development, leveraging successful domestic experiences [2] Technical Infrastructure - The company is building a technical barrier with its "Yanyun Infinity" industry-level general data intelligence engine, focusing on core value scenarios [2] - The engine integrates industry operational experience to efficiently construct and deploy vertical intelligent applications, forming a closed-loop of technical capabilities from "Data for AI" to "AI for Process" [2] Future Outlook - The company’s core technologies have successfully landed in various segments, driving stable growth across its business [3] - The rapid growth of new contracts lays a long-term foundation for future revenue and profit increases [3] - The company forecasts revenues of 18.4 billion yuan, 20.7 billion yuan, and 22.7 billion yuan for 2025-2027, with net profits of 231 million yuan, 442 million yuan, and 511 million yuan respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company has experienced a doubling in new contract signings, with a new order amount of 9.476 billion yuan, representing a year-on-year growth of 98%. The total signed but unfulfilled contracts amount to 10.441 billion yuan, a 27% increase year-on-year, establishing a solid foundation for long-term and stable business growth [2]. - The company has successfully implemented a full-stack data intelligence solution in the smart supply chain scenario, achieving deep penetration of "AI for Process". This includes the development of supply chain algorithms tailored to different industry characteristics and the deployment of AI agents for operations, decision-making, and customer interactions [2][3]. - The company is expanding its hotel data intelligence solutions, having signed strategic cooperation agreements with major hotel chains and successfully digitizing services for over 300 high-end hotel locations [2]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 18.277 billion yuan, with a projected revenue of 16.657 billion yuan for 2024, followed by an expected increase to 18.376 billion yuan in 2025, 20.681 billion yuan in 2026, and 22.664 billion yuan in 2027 [1]. - The net profit attributable to the parent company is projected to turn positive in 2025, with estimates of 231 million yuan, 442 million yuan, and 511 million yuan for 2025, 2026, and 2027 respectively, following a loss of 1.834 billion yuan in 2023 [1][3]. - The report forecasts an EPS of 0.14 yuan in 2025, increasing to 0.31 yuan by 2027, with a P/E ratio expected to improve from -2.9 in 2023 to 10.6 in 2027 [1][3].

Group 1 - Mininglamp Technology is planning to issue up to 8.3018 million shares for overseas listing on the Hong Kong Stock Exchange [3][4] - The company has submitted its prospectus to the Hong Kong Stock Exchange twice, with CICC serving as the exclusive sponsor [4] - As of December 31, 2024, Mininglamp Technology has provided services to 135 Fortune Global 500 companies across various industries, making it the largest data intelligence application software provider in China by total revenue in 2023 [4] Group 2 - Mininglamp Technology is headquartered in Ziyang, Sichuan, and focuses on data intelligence products and solutions, including marketing and operational intelligence [4] - The company aims to transform enterprise marketing and operational strategies through large models, industry-specific knowledge, and multimodal data [4]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Mininglamp Technology's overseas issuance and listing, allowing the company to issue up to 8,301,800 ordinary shares for listing on the Hong Kong Stock Exchange [1] - Mininglamp Technology is a leading data intelligence application software company in China, providing data intelligence products and solutions that cover both online and offline scenarios [3] - The company focuses on transforming enterprise marketing and operational strategies through the use of large models, industry-specific knowledge, and multimodal data [3] Group 2 - As of December 31, 2024, the company holds 2,177 patents and has 926 patent applications, showcasing its strong intellectual property portfolio [3] - The company has received over 450 domestic and international awards, indicating its recognition and credibility in the industry [3] - Specifically, the company possesses 1,167 invention patents in areas such as data intelligence, enterprise knowledge graphs, and data privacy [3]

Group 1 - The company plans to reappoint Dahua Accounting Firm as the auditor for the 2025 financial report and internal control audit, pending approval from the upcoming shareholders' meeting [3][12][13] - Dahua Accounting Firm has a strong track record, with 150 partners and 887 registered accountants, and has audited 112 listed companies in 2024 [4][5] - The audit fee for 2025 is set at 1.55 million RMB, which is consistent with the previous year's fees [12] Group 2 - The company is changing its fundraising project from "AIOT Industry Application Solution Cloud Platform" to "Industry Data Intelligent Application Service Platform Upgrade," reducing the total investment from 381.79 million RMB to 160.74 million RMB, a decrease of 57.90% [17][20][25] - The project aims to adapt to the latest data intelligence technology trends and expand its focus from IoT applications to more advantageous industries such as fast-moving consumer goods, telecommunications, and healthcare [21][22] - The project completion date has been extended from December 2025 to December 2026 to accommodate the expanded scope and development needs [24][25] Group 3 - As of June 30, 2025, the company has invested 194.94 million RMB in fundraising projects, with a remaining balance of 421.48 million RMB [45][48] - The company has established special accounts for fundraising management and has complied with relevant regulations to ensure proper use of funds [46][55] - The company has not engaged in any illegal use of funds or changes in the purpose of fundraising [55]

Core Viewpoint - The company has reached a historic profitability turning point earlier than expected, driven by its AI business, which has significantly contributed to revenue growth and profit improvement in the first half of the year [1] Financial Performance - In the first half of 2025, the company achieved a revenue of 348 million yuan, representing a year-on-year growth of 23.5%, and recorded a net profit of 3.6 million yuan, marking a turnaround from losses [1] - The gross profit margin increased by 7.4 percentage points year-on-year to 46.6% in the first half of 2025 [4] - The company's AI business has generated a commercial return of 60.86 million yuan, accounting for 17.5% of total revenue since the strategic transformation began approximately 8 months ago [2] AI Business Development - The AI business is transitioning from being an auxiliary tool to becoming a foundational productivity platform within enterprises [1] - The "Jin Dun" intelligent management agent has been the primary revenue contributor to the AI business, with plans to expand into large enterprises, SMEs, and financial institutions through various AI-driven applications [2] - The company plans to continue expanding its intelligent agent matrix and building a "data intelligence community" with strategic clients [2] Strategic Focus - The company has divided its operations into core and AI business segments, reducing low-margin digital marketing operations to enhance profitability [4] - The management emphasizes that the future strategy will focus on "DI-driven" and "internationalization" as dual strategic pillars [4] - The company aims to enhance its global tax compliance infrastructure, particularly targeting cross-border e-commerce and Chinese enterprises going abroad [5][6]

Core Viewpoint - The company has reached a historic profitability turning point earlier than expected, driven by its AI business, which has significantly contributed to revenue growth and profit improvement in the first half of the year [1][5]. Financial Performance - In the first half of 2025, the company achieved a revenue of 348 million RMB, representing a year-on-year growth of 23.5%, and recorded a net profit of 3.6 million RMB, marking a turnaround from losses [5]. - The AI business has generated a commercial return of 60.86 million RMB, accounting for 17.5% of total revenue since the strategic transformation began approximately 8 months ago [5][10]. - The gross margin for the first half of 2025 increased by 7.4 percentage points to 46.6% due to strategic adjustments in the AI sector and refined internal operations [10]. AI Business Development - The AI business is transitioning from being an auxiliary tool to becoming a foundational productivity platform within enterprises [5]. - The "Jin Dun" transaction management AI has been the primary revenue contributor, while other AI entities like "Rui Jie" and "Wen Shu" are expected to penetrate major corporate, small and medium enterprises, and financial institutions [5][8]. - The company plans to expand its AI capabilities and integrate domestic computing power to optimize large models, fostering an AI ecosystem with industry partners [8]. Strategic Focus - The company is focusing on three main themes for transformation: AI, globalization, and profitability [9]. - R&D spending has decreased by 33.5% overall, but investment in AI has increased to 12.6 million RMB, representing 18.4% of total R&D expenditure, with expectations for this to exceed 20% for the year [9]. - The company aims to enhance its global tax compliance infrastructure, particularly targeting cross-border e-commerce and Chinese enterprises going abroad, with a focus on Southeast Asia and the Middle East [11].

Core Insights - Baiwang Co., Ltd. achieved profitability in the first half of 2025, marking the effectiveness and sustainability of its business model after just one year of listing [1] - The company's revenue reached 347.6 million yuan, a year-on-year increase of 23.5%, while gross profit surged by 46.8% to 162 million yuan, resulting in a gross margin of 46.6% [1] - Net profit turned from a loss of 445.8 million yuan in the same period last year to a profit of 3.6 million yuan, with adjusted net profit at 4.6 million yuan [1] AI Business Growth - Baiwang's AI business generated over 60 million yuan in revenue, accounting for 17.5% of total revenue, becoming a new growth driver [2] - The Jinshun Intelligent Agent focuses on transaction compliance and invoice automation, particularly excelling in the "Belt and Road" market [2] - The Ruijie Intelligent Agent serves banks and internet financial institutions, enhancing inclusive finance and risk control [2] - The Wenshu Intelligent Agent integrates internal and external data to support strategic planning and industry insights for enterprises [2] Core Business Performance - The company's traditional business segments showed stable growth, with cloud-based tax digital solutions generating 111.2 million yuan, up 16.3%, and local deployment solutions increasing by 93.1% to 81.7 million yuan [4] - Data-driven analysis services saw a decline in revenue to 92.4 million yuan due to strategic contraction of low-margin businesses [4] - Core business still accounted for 82.1% of total revenue, providing stable cash flow for AI strategy expansion [5] Operational Efficiency and R&D Focus - Overall expenses decreased by 16.2% from 415.3 million yuan to 347.9 million yuan [6] - R&D investment in Data+AI reached 12.6 million yuan, representing 18.4% of total R&D expenditure, improving software development efficiency by approximately 12% [6] Strategic Collaborations and Global Expansion - Baiwang is accelerating the deployment of intelligent agents in vertical industries, including partnerships in international shipping and consumer goods [8][9] - The company is actively participating in national public data resource platform construction and expanding its global compliance product system to cover over 100 countries [9] Future Outlook - Analysts view Baiwang's half-year report as a validation of its "AI+DI" strategy, with rapid AI business growth and improved profitability [10] - The company aims to leverage "AI-driven + internationalization" as dual engines for growth, expanding its intelligent agent matrix and capturing data market opportunities [10]