查看完整报告 迈富时凭借全链路产品矩阵与高客户粘性占据市场优势，AI Ag e n t商业化落地有望打开第二增长 极，智能体一体机精准切入政务场景，考虑到公司专注于AI Ag e n t战略，智能一体机提供可观收入 增量。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 市场观点纷繁芜杂，光大研究荟萃本周重点报告，涵盖总量、行业、公司研究，为您筛选有价值的 声音。 每周六早8点，"研选"助您快速厘清投资"点线面"！ 公司研究 AI Agent重构营销SaaS范式，迈富时如何突破50%营收增长边界？——迈富时（2556.HK）首次覆盖报告 摘 自 ： AI Ag e n t 重 构 营 销 Sa aS 范 式 ， 迈 富 时 如 何 突 破 5 0% 营 收 增 长 边 界 ？ —— 迈 富 时 （ ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 点击注册小程序 查看完整报告 特别申明： 行业分析： 国内SaaS市场规模快速增长，营销SaaS TAM和渗透率有望持续提升。国内CRM行业主要驱动因素包括：1） B2B市场成为新增长极；2）中小企业渗透空间广阔；3）AI技术创新与生态融合；4）数字化政策支持。 国内CRM市场竞争格局分散，迈富时凭借AI Agent战略有望巩固竞争优势。迈富时在国内的主要竞争对手包括 销售易、金蝶管易云、纷享销客、神州云动等，针对不同客户群体和覆盖行业进行差异化竞争，迈富时业务场 景较全面。 海外CRM市场较成熟，迈富时业务模式对标Salesforce和Hubspot，并针对国内市场特点进行优化。Salesforce推 出Agentforce定制化智能体融入工作流，帮助企业降本增效； ...

Core Insights - The article emphasizes the rise of influencer marketing SaaS as a necessary tool for brands to expand globally, addressing pain points such as fragmented data and low fulfillment rates in overseas influencer management [1][2]. Market Environment - Influencer marketing is becoming an efficient customer acquisition solution due to macroeconomic pressures and declining ROI from traditional advertising [1]. - The emergence of influencer marketing SaaS aims to upgrade fragmented processes into systematic operations, essential for brand globalization [1]. Market Size - The influencer marketing SaaS market in China is expected to grow at a compound annual growth rate (CAGR) of 15% over the next three years, driven by the explosion of the TikTok e-commerce ecosystem and the maturation of global influencer commercialization [2][25]. Competitive Landscape - Influencer marketing SaaS providers can be categorized into three types: MCN background firms, data analysis firms, and e-commerce platform-derived tools. WotoHub, under the brand WoTu, holds the largest market share in cross-border e-commerce influencer marketing SaaS in China [3][34]. Development Trends - AI will enhance influencer marketing SaaS functionalities across three dimensions: operational management, content generation, and decision support [4][37]. - The economic value of influencers is shifting towards long-tail nano-influencers, with SaaS providers enabling brands and influencers through lightweight tools to address pricing and delivery challenges [4][40]. Marketing Demand Background - Brands are facing marketing budget cuts due to macroeconomic pressures and are seeking more effective marketing channels. Influencer marketing is highlighted as a cost-effective method to enhance overseas brand recognition [5][9]. Influencer Marketing Dynamics - The rise of social media and online consumption has propelled influencer marketing, which offers precise targeting and authentic engagement, making it a crucial component of overseas B2C marketing [9][12]. Regional Differences - North America has a mature influencer marketing SaaS market, while Southeast Asia and Central-Western Europe are experiencing rapid penetration. Each region has distinct preferences and operational focuses [22]. SaaS Value Proposition - Influencer marketing SaaS provides a comprehensive digital platform for brands, facilitating standardized management and effective data asset accumulation, thus enhancing marketing efficiency and reducing trial-and-error costs [20][28]. Industry Chain and Process - The influencer marketing collaboration process involves six key steps, supported by SaaS platforms that provide extensive influencer data and facilitate the entire workflow from discovery to payment [28]. Vendor Types and Competitive Factors - The three types of SaaS vendors leverage industry understanding, data advantages, and platform resources to coexist and compete in the market [31][34].