Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of HKD 65.79 over the next six months [6][9]. Core Insights - The company is positioned as a leading AI+SaaS integrated marketing and sales service provider in China, leveraging AI technology to enhance its core products and expand its market presence [5][16]. - The company has established three growth curves: Marketing Cloud for SMBs, Sales Cloud for key accounts (KA), and an AI platform that drives commercialization [4][16]. - The marketing automation market in China is expected to grow significantly, with a projected CAGR of 15.8% from USD 394 million in 2024 to USD 952 million by 2030, driven by the digital transformation of SMBs [2][44]. - The sales automation market is also expanding, with the SFA SaaS market in China reaching USD 344 million in the first half of 2024, reflecting an 18.08% year-on-year growth [3][42]. Summary by Sections 1. Company Overview - The company has evolved from a marketing automation focus to an AI-driven SaaS platform, successfully listing on the Hong Kong Stock Exchange in 2024 [16]. - It has a concentrated shareholding structure, ensuring strategic execution stability [21][27]. 2. First Growth Curve: Marketing Cloud for SMBs - The marketing automation sector is experiencing structural expansion, with SMBs driving industry growth [2][48]. - The company’s T Cloud product addresses the marketing needs of SMBs, providing a comprehensive automation platform [53]. 3. Second Growth Curve: Sales Cloud for KA - The sales cloud platform, centered around key accounts, is designed to enhance customer lifecycle management and data integration [3][42]. - The SFA SaaS market is witnessing a digital transformation, with significant growth potential for the company [3][42]. 4. Third Growth Curve: AI Platform - The AI Agent market is projected to reach CNY 4.42 trillion in 2024, with the company launching its Tforce marketing model and Agentforce AI platform to capitalize on this trend [4][55]. - The company aims to enhance its AI product offerings, which are expected to become a significant growth driver [4][55]. 5. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are CNY 2.37 billion, CNY 2.93 billion, and CNY 3.62 billion, respectively, with net profits expected to turn positive by 2025 [9][11]. - The company’s AI+SaaS business is projected to maintain a CAGR of 24% from 2021 to 2024, becoming a core pillar of its revenue [29][33].

Core Insights - The upcoming sales automation exhibitions in Japan in 2025 will serve as a significant platform for companies to showcase their products and technologies while facilitating rich networking opportunities among industry professionals [1][8]. Group 1: Exhibition Details - The first exhibition will take place from January 15 to 17, 2025, at the Osaka International Exhibition Center, featuring innovative companies and experts in the sales automation field [3]. - The second exhibition is scheduled for April 23 to 25, 2025, at the Tokyo Big Sight, focusing on the application of sales automation in digital transformation [3]. - The third exhibition will occur from May 28 to 30, 2025, at the Nagoya International Exhibition Center, emphasizing the optimization of internal processes through sales automation [4]. - The final exhibition will be held from October 22 to 24, 2025, at the Makuhari Messe in Chiba, summarizing the outcomes of previous exhibitions and discussing future trends and challenges in sales automation [4]. Group 2: Benefits of Participation - Participants will have access to various formats for information gathering, including booths, lectures, and forums, providing valuable insights into the latest sales techniques and management experiences [5]. - The successful hosting of these exhibitions is expected to further promote the adoption and application of sales automation technologies, helping companies stand out in a competitive landscape [5][8]. Group 3: Industry Impact - Sales automation is recognized as a rapidly evolving field that is attracting increasing attention from companies, with the exhibitions facilitating resource integration and overall industry advancement [4][8].

Core Insights - Clay, a sales automation startup, has completed a Series C funding round led by CapitalG, achieving a valuation of approximately $3 billion [2] - The company recently allowed employees to sell shares at a $1.5 billion valuation, facilitated by a secondary market transaction led by Sequoia Capital [2] - Clay's CEO, Kareem Amin, expressed intentions to conduct annual share buyback offers [3] Company Overview - Founded in 2017, Clay shifted its focus to leveraging AI for sales and marketing, which has accelerated its growth [3] - The platform assists users in discovering key data and automating go-to-market strategies, enabling sales personnel to find updated prospect lists and craft personalized outreach emails [3] - Clay's tools are utilized by thousands of companies, including major firms like OpenAI, HubSpot, and Canva, as well as over 100 small consulting agencies [3] Competitive Landscape - Clay primarily competes with sales tech platforms such as ZoomInfo, Lusha, and Apollo.io, while also facing challenges from emerging products like Unify and Common Room [3] - Existing investors in Clay include Meritech Capital, Boldstart Ventures, Maple VC, First Round Capital, and Box Group [3]

Core Insights - The speed of AI results accumulation will determine the upper limit of a company's value growth [1] - Clay, a leading AI sales company, has rapidly risen by helping businesses collect sales leads through data integration from over 100 data suppliers [2][10] - Clay's flexible "credit-based payment system" enhances companies' willingness to pay and accelerates business growth [3] Company Performance - Clay achieved a tenfold growth in 2023, followed by over sixfold growth in revenue in 2024 [4] - In January 2023, Clay completed a $40 million Series B funding round, reaching a valuation of $1.25 billion, which increased to $1.5 billion by May [5] Data Integration and AI Capabilities - Clay's strength lies in its powerful multi-source data integration capabilities, significantly improving customer response efficiency by 2-3 times [8][10] - The AI research agent "Claygent" allows users to create customized data sources and workflows, enhancing the search for potential customer information [10] - Claygent employs a "GPT-4 + binary search method" for efficient data retrieval, ensuring high accuracy and speed in information collection [14] Customer Engagement and Marketing Strategy - Clay's marketing strategy focuses on word-of-mouth promotion and content marketing, avoiding complex payment walls and allowing full product trials [18][19] - The company has built a feedback loop for content production, engaging over 11,000 community members and generating over 100 business cases based on Clay [18][20] - Clay's SEO strategy targets data-sensitive enterprises, optimizing for keywords related to AI, automation, and customer data [23] Pricing Model - Clay's credit-based pricing model allows customers to purchase credits based on their actual data usage, contrasting with traditional subscription models [24] - This flexible pricing approach adapts to the scale of enterprises, ensuring that customers only pay for what they use [24] Future Outlook - The AI sales sector is still in its early stages, with significant potential for growth due to the long sales workflows and measurable service outcomes [25] - AI sales solutions offer a cost advantage over human sales personnel, with substantial savings projected in operational costs [25]