Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue due to business restructuring, with H1 2025 revenue at 25.37 billion yuan, down 34.69% year-on-year, and net profit at 2.22 billion yuan, down 43.98% year-on-year [6] - The company is focusing on integrating new distribution and retail capabilities, achieving strong growth in its retail business, with over 80% year-on-year growth in overall sales and over 100% growth in instant retail business [6] - The company is optimizing resource allocation and enhancing asset management capabilities, resulting in improved cash flow and a significant reduction in prepaid accounts and inventory [6] - The overseas market, particularly in Hong Kong, Macau, and Southeast Asia, is showing new growth potential, with overseas sales revenue increasing by 29.96% year-on-year [6] - The company is making strides in AI and industrial investment, establishing partnerships to enhance its capabilities in smart terminals and AI [6] - The company is adjusting its profit forecasts for 2025-2027, with net profit estimates revised to 6.62 billion yuan, 7.78 billion yuan, and 9.11 billion yuan respectively, maintaining a PE ratio of 23, 20, and 17 for the same years [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 69.96 billion yuan, with a year-on-year growth rate of 6.3% [5] - The net profit for 2025 is projected to be 6.62 billion yuan, reflecting a year-on-year increase of 13.9% [5] - The company’s gross margin is expected to be 3.9% in 2025, with a return on equity (ROE) of 10% [5]

Core Points - Beijing Zhiyuan Interconnect Software Co., Ltd. has officially launched the "Collaborative AI Ecosystem" in partnership with leading industry players, marking a strategic upgrade from a collaborative software service provider to a collaborative AI service provider [1] - The "Collaborative AI Ecosystem" is a key support for Zhiyuan Interconnect's strategy to become a collaborative operation AI enterprise, integrating various AI capabilities from partners to create a robust foundation for intelligent operations across industries [1] - The new era of intelligent operations will be driven by "AI in All," with Zhiyuan Interconnect building a new ecosystem of AI-COP collaborative operation services based on its CoMi system [1] Summary by Categories Strategic Upgrade - Zhiyuan Interconnect has transitioned from a collaborative software service provider to a collaborative AI service provider, collaborating with major industry partners [1] Collaborative AI Ecosystem - The "Collaborative AI Ecosystem" integrates AI collaborative computing power from Huawei Cloud, intelligent decision-making from Fourth Paradigm, end-to-end solutions from Zhuoshijia Technology, and other capabilities to support various industries [1] Intelligent Operations - The company aims to establish a new ecosystem of AI-COP collaborative operation services, emphasizing the importance of AI in all aspects of business operations [1]

Core Insights - The article emphasizes the shift in digital marketing towards a "data-driven" era, where the competition in information flow advertising has transitioned from resource acquisition to deep engagement in data application and refined operations [1][3][9] Industry Challenges - The report highlights that the cost of traffic is rising, making efficiency paramount for advertisers [3] - User decision paths are increasingly fragmented, necessitating cross-platform collaboration [3][4] - Rapid changes in policies and algorithms require dynamic operational capabilities to survive [3][4] New Capabilities for Agencies - Agencies must establish a closed loop of "data collection-analysis-application" to enhance operational efficiency and client value [3] - Key capabilities include: - Integration of all data to eliminate traffic silos [3] - AI-driven creativity to overcome homogenization issues [3] - Smart delivery engines to reduce costs and increase efficiency [3] - Long-term private domain operations to maximize user value [3] Data Insights - The CPM (cost per thousand impressions) for WeChat Moments has increased by 18% year-on-year, while the cost per lead on Douyin has surpassed 200 yuan [4] - Over 70% of user decision paths cross more than three platforms, indicating the need for comprehensive data integration [4] - Frequent platform rule changes render traditional experiences ineffective, necessitating real-time monitoring and adaptation [4] Smart Tools and Strategies - Cross-platform data integration is essential to reconstruct user behavior paths and achieve precise targeting [4] - Multi-Touch Attribution (MTA) models can quantify contributions from various platforms, optimizing budget allocation [4] - AI tools can generate creative content with a 60% increase in originality and an 85% approval rate for compliance [4] - Dynamic Creative Optimization (DCO) can enhance click-through rates by 20%-35% through real-time adjustments [4] Future Trends - The article predicts a widespread adoption of AI and automated delivery systems, potentially replacing 80% of manual operations [7] - The integration of virtual and real marketing scenarios, such as metaverse advertising and AR interactions, is expected to enhance user engagement [8] - Cross-border multi-platform collaboration will support global brand strategies [9] Competitive Advantages - Agencies that focus on data integration, AI support, and industry-specific expertise will be better positioned to achieve sustainable growth [9] - The article outlines various operational models, including full-service management and low-barrier entrepreneurship, to cater to different market needs [7][9]

Core Insights - The self-media industry has fully entered the era of intelligent operations by 2025, with data showing that top creators manage an average of 7.3 platform accounts, and over 82% of quality creators utilize matrix operation strategies [1] Group 1: Xiaohongshu Specialized Operation Solutions - It is recommended to use operational tools with intelligent tagging systems tailored to Xiaohongshu's algorithm, which can automatically identify keywords in content and generate recommended tags that comply with platform traffic rules [3] - A beauty blogger experienced a 217% increase in natural traffic and a rise in viral content rate from 12% to 39% after using intelligent tagging tools [3] Group 2: Cross-Platform Content Synchronization Core Technology - Creators are advised to use tools that support automatic synchronization across more than 10 platforms, as manual uploads are time-consuming and can dilute account authority [4] - These systems can intelligently adapt to format requirements of different platforms, such as adjusting video ratios and monitoring performance data in real-time [4] Group 3: Matrix Account Management Advanced Techniques - Mature creator teams typically adopt a "1+N" account matrix model, where one main account is paired with multiple niche accounts [5] - An educational institution managed 21 accounts using matrix tools, achieving a total follower count increase from 0 to 3.8 million within six months [5] Group 4: Data-Driven Viral Content Production System - The production of viral content has formed a complete data loop, including trend monitoring, AI-generated topics, intelligent editing, multi-platform distribution, and real-time data feedback [6] - Notably, analyzing data correlations across platforms, such as the relationship between Douyin's completion rate and Xiaohongshu's collection rate, can lead to targeted content optimization [6] Group 5: New Pathways for Private Traffic Accumulation - As the cost of acquiring public traffic continues to rise, creators are encouraged to use short link tools to direct followers from various platforms to private domains [7] - Data shows that content embedded with personalized short links has a conversion rate 4.6 times higher than standard QR codes, with a mother and baby blogger accumulating 28,000 precise users in three months and achieving a private repurchase rate 12 times that of public traffic [7] - In this rapidly evolving content ecosystem, creators need to build a complete operational chain that includes intelligent creation, precise distribution, data review, and private traffic accumulation [7]