在AI驱动业务发展层面，值得买不仅基于AI技术完成了对核心产品"什么值得买"的战略级迭代升级，而 且正在通过与众多大模型平台、Agent产品、智能终端、开发者平台共建AI生态，积极抢占"AI应用"这 一消费决策新入口。 本报讯 （记者桂小笋）8月25日晚间，北京值得买科技股份有限公司（以下简称"值得买"）正式发布 2025年半年度报告。报告期内，公司实现营业收入58198.14万元，实现归属于上市公司股东的净利润为 1269.26万元，同比增长65.75%。 在大力投入资源探索"AI+消费"新场景、新模式、新产品的同时，值得买还在快速提升公司业务和管理 环节的智能化水平，全面普及AI在各个岗位的应用，从而在提质、增效的同时实现降本。 未来，值得买将继续按照"聚焦AI"和"全面提效"两大年度战略指导方针，在"推进AI技术与业务深度融 合"和"研发创新型AI产品"，以及"全面提升内部管理和运营效率"等多个维度持续发力，进一步强化、 重塑各项重点业务的市场竞争力，努力实现AI驱动的高质量增长。 除了推出新版"什么值得买"和AI购物管家"张大妈"这两款面向C端用户的AI产品，与外部多领域合作伙 伴共建AI生态，则有望 ...

Core Viewpoint - The AICon Global Artificial Intelligence Development and Application Conference highlighted the advancements in AI applications and the importance of high-quality data in enhancing consumer decision-making processes [1][3][4]. Group 1: Event Overview - The AICon conference took place in Shenzhen on August 22-23, focusing on AI and large model technologies, attracting senior engineers, product managers, and data analysts from various industries [1][3]. - Worthbuy Technology's CTO, Wang Yunfeng, participated in the event, sharing insights on the company's AI practices and engaging in discussions about key application scenarios and the future of AI ecosystems [1][3]. Group 2: Company Strategy and AI Development - Worthbuy Technology has initiated a comprehensive exploration of AI since 2023 and is set to implement a full AI strategy in 2024, introducing an AI product matrix consisting of "1 large model, 2 databases, 3 engines, and 4 application types" [3]. - The company aims to upgrade and reshape its business and commercial ecosystem through AI, focusing on transforming cutting-edge AI technologies into practical productivity [3][4]. Group 3: Data Quality and Consumer Decision-Making - Wang Yunfeng emphasized that AI applications are becoming new entry points for consumer decision-making, enhancing efficiency and precision, but face challenges due to the need for high-quality data [4]. - Worthbuy Technology has accumulated a vast amount of high-quality consumer data over its ten years in the field, which is crucial for accurately understanding consumer needs and supporting personalized decision-making [4]. Group 4: MCP Server and Ecosystem Development - In May, Worthbuy Technology launched the "Haina" MCP Server, a standardized consumer data service platform that integrates the company's core advantages in consumer content [5]. - The MCP Server has shown significant growth, with an output of 13 million in July, a 67% increase month-over-month, and has partnered with over 30 new collaborators [5]. - The platform has been integrated into various external platforms, including Alibaba Cloud, Tencent, and Huawei Cloud, to provide broader AI applications with consumer information services [5].

Core Viewpoint - The company reported a significant increase in net profit and revenue for the first half of 2025, indicating strong operational performance and effective cost management strategies [1][2][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 4.911 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 143 million yuan, up 79% [1]. - For Q2 2025, revenue was 2.508 billion yuan, reflecting an 8% year-on-year growth, with a net profit of 112 million yuan, an increase of 65% [1]. - The company's gross margin decreased by 2 percentage points to 27.68% in H1 2025, primarily due to changes in product mix [2]. Group 2: Cost Management - The sales expense ratio decreased by 2 percentage points to 18.43% in H1 2025, while the management expense ratio fell by 0.4 percentage points to 4.54%, indicating improved cost efficiency [2]. - The net profit margin increased by 1 percentage point to 2.90% in H1 2025, demonstrating significant improvement in profitability [2]. Group 3: Market Expansion and Digitalization - The company is expanding its store layout in lower-tier markets, adding 49 new stores in H1 2025, with over 200 stores in operation, under construction, or planned [3]. - Revenue from maternal and infant products reached 4.327 billion yuan in H1 2025, a 9% increase, driven by rapid expansion in lower-tier markets [3]. - The company has over 67 million users on its app as of the end of H1 2025, focusing on enhancing customer acquisition through digital channels [3]. Group 4: Future Outlook - The company is expected to see significant growth in performance in the second half of 2025, driven by the expansion of its franchise business and the consolidation of Silk Domain Industrial [4]. - Earnings per share (EPS) are projected to be 0.29 yuan, 0.40 yuan, and 0.56 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 44, 33, and 23 times [4].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has significantly optimized its profits and is expanding across multiple business formats [4] - In H1 2025, the company reported revenue of 4.911 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 143 million yuan, up 79% [4] - The company is focusing on enhancing its efficiency and optimizing its net profit margin [5] - The company is expanding its store layout in lower-tier markets, which is gradually releasing scale effects [6] - The company is accelerating its digital transformation and promoting AI-driven operations [7] - The company is expected to achieve substantial growth in performance in the second half of the year due to the expansion of its franchise business [9] Summary by Sections Financial Performance - In H1 2025, the company's gross margin decreased by 2 percentage points to 27.68%, while the net profit margin increased by 1 percentage point to 2.90% [5] - The company added 49 new stores in H1 2025, with over 200 stores in operation, under construction, or planned [6] - The revenue from maternal and infant products reached 4.327 billion yuan in H1 2025, a 9% increase [6] Digital Transformation - As of the end of H1 2025, the company's app had over 67 million users, indicating a strong digital presence [7] - The company launched its first Ultra store in Shanghai, integrating various innovative elements [7] Earnings Forecast - The company is projected to have EPS of 0.29, 0.40, and 0.56 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 44, 33, and 23 times [9] - The main revenue is expected to grow significantly, with a forecasted revenue of 11.542 billion yuan in 2025, representing a growth rate of 23.6% [11]

Core Insights - The investment logic in the AI sector is shifting from "model-driven" to "application-driven," focusing on the deep integration of AI with specific industries to create commercial value [2][3] - There is a growing emphasis on "AI for Science," which presents broader opportunities compared to single-industry applications, as it can significantly enhance research efficiency across various sectors [2][5] Investment Trends - Investment is increasingly directed towards vertical applications of AI, particularly in industrial settings and smart hardware integration [2][3] - The valuation logic for projects is evolving, with a greater focus on product service viability and commercial implementation rather than solely on team capabilities [2][3] - The concentration of investment is becoming more pronounced, with capital flowing towards state-owned enterprises and leading institutions due to challenges in IPO exits and market fundraising [2][3] Future Opportunities - The potential for new unicorns is high in the "AI + Data" segment, where combining advanced AI technologies with industry data could lead to companies with valuations exceeding billions [5] - The "AI for Science" paradigm is expected to disrupt various trillion-dollar markets, including pharmaceuticals, materials, energy, chemicals, and semiconductors, indicating a transformative impact on research and development [5] - Industries that exhibit strong demand for cost reduction and efficiency improvements, along with favorable policy support and adaptable technology, are likely to produce significant market players [5]

Group 1 - The central government emphasizes boosting consumption and breaking the "involution" to promote domestic circulation and achieve economic goals for the year [1] - The focus on domestic demand policies is highlighted as a stable direction to counter external uncertainties, with significant results from consumption-boosting policies in the first half of the year [1] - The expansion of government subsidies for home appliances from 8 categories to 12, including 3C products, indicates a potential for further subsidy expansion in the second half of the year [1] Group 2 - The estimated consumption subsidies of 138 billion for "trade-in" programs are expected to increase retail sales growth by 1.3 percentage points in the second half of the year [1] - The overall retail sales growth is projected to moderate from 5% in the first half to 4.3% in the second half, with an annual growth rate of 4.6% [1] - Investment opportunities in the consumer sector for 2025 include domestic brands and high-growth emotional consumption sectors, as well as the burgeoning silver economy and AI+ consumption [2]

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The report highlights the significant impact of the WAIC exhibition on AI and consumer opportunities, particularly in the tourism and education sectors [2][4] - The construction of the Yajiang Hydropower Station is expected to significantly boost tourism in Tibet, benefiting leading companies in the region [3][25] - The Hainan Free Trade Port is set to officially start operations on December 18, 2025, which will enhance the user base for duty-free shopping and improve performance in the sector [3][15][17] Summary by Sections 1. Duty-Free and Scenic Areas - The Yajiang Hydropower Station is expected to increase tourist traffic in Tibet, particularly in the Linzhi and Ali regions, which host several national scenic spots [3][22][25] - The Hainan Free Trade Port's upcoming closure will allow visa-free entry for citizens from 85 countries, significantly increasing the user base for duty-free shopping [15][17] 2. Medical Aesthetics - The medical aesthetics industry is experiencing a recovery, with a focus on refined operations and market share optimization among leading institutions [26] - New product releases from upstream manufacturers are anticipated to enhance market dynamics, with companies like JINBO and Sihuan Pharmaceutical being highlighted for their innovative offerings [26][29] 3. Beauty and Personal Care - The beauty and personal care sector is undergoing a transformation due to the "traffic tax" policy, which is expected to increase market concentration among leading brands [37][39] - The demand for mosquito repellent products is rising due to the spread of the Chikungunya virus, benefiting companies like Runben [38][39] 4. Trendy Toys - Recent policies focusing on consumer stimulation and industry regulation are expected to support the performance of compliant leading companies in the trendy toy sector [40] 5. Education - The report emphasizes the progress in AI+Education, with several companies launching AI education products that are expected to see significant revenue growth [4][50] - Notable companies in this space include DouShen Education and ShengTong Education, which are introducing innovative AI-driven educational platforms [44][50]

Investment Rating - Investment rating is maintained as "Recommended" [2] Core Viewpoints - The implementation of the "Childcare Subsidy System" is expected to alleviate family burdens and stimulate birth rates, with a subsidy of 3600 yuan per year for eligible families with children under three years old, totaling 10800 yuan for three years [3][5] - The subsidy is tax-exempt and will not be counted as income for social assistance evaluations, with local governments expected to develop specific implementation plans by late August 2025 [5][6] - The effectiveness of the subsidy may vary by region and living costs, and local governments may introduce differentiated subsidy policies based on their financial capabilities [5][6] - The report emphasizes the need for comprehensive policies covering maternity leave, childcare, education, and housing to enhance birth willingness alongside financial incentives [6] Summary by Sections Childcare Subsidy System - The subsidy is set at 3600 yuan per year for each child under three, effective from January 1, 2025, with a total potential subsidy of 10800 yuan for eligible children [5] - The program aims to create a supportive environment for families and is part of a broader strategy to enhance birth rates [5][6] Investment Opportunities - The report suggests focusing on investment opportunities in the maternal and infant product chain and dairy sectors, driven by the new childcare policies [6] - Companies like "Kids King," "Yili," "New Dairy," and "Miaokelando" are highlighted for their potential growth due to the expected increase in demand from the subsidy [6][8]

Group 1 - Worth Buying Technology Group has signed a strategic cooperation agreement with SenseTime to promote the application of AI technology in the consumer sector and innovate consumption scenarios [1] - The collaboration aims to develop an AI shopping assistant named "Zhang Dama," leveraging SenseTime's cloud application capabilities and Worth Buying's high-quality consumer data [1][2] - The partnership will focus on enhancing consumer decision-making efficiency and experience through deep integration of AI with consumption scenarios, including digital marketing and AI office tools [1][2] Group 2 - Worth Buying Technology has prioritized AIGC as a key strategy in 2023 and plans to release a comprehensive AI strategy in 2024, featuring a product matrix consisting of "1 large model, 2 databases, 3 engines, and 4 application types" [2] - The AI shopping assistant "Zhang Dama" will utilize a new generation reasoning engine to combine intent analysis with task execution for streamlined shopping management [2] - The strategic partnership is seen as a deep integration of technology and scenarios, aiming to build a more open, efficient, and sustainable "AI + consumption" ecosystem [2]

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC 2025) is being held in Shanghai from July 26 to 28, where Worthbuy Technology and SenseTime have signed a strategic partnership to promote "AI + consumption" innovation [1][3]. Group 1: Strategic Partnership - Worthbuy Technology and SenseTime will collaborate to create an AI shopping assistant named "Zhang Dama," leveraging SenseTime's cloud application capabilities and Worthbuy's high-quality consumer data [3]. - The partnership aims to enhance consumer decision-making efficiency and experience by exploring deep connections between AI and consumption scenarios [3][4]. Group 2: AI Product Matrix - In 2023, Worthbuy Technology has prioritized AIGC as a key strategy, with plans to release a comprehensive AI strategy in 2024, which includes a product matrix consisting of "1 large model, 2 databases, 3 engines, and 4 application types" [3]. - The company is focusing on AIUC engine capabilities to understand online consumer content, effectively curating and summarizing real consumer experiences for decision support [3]. Group 3: Future Developments - The AI shopping assistant "Zhang Dama" will utilize a new generation of reasoning engines to combine intent analysis and task execution for one-stop shopping management [4]. - The partnership is expected to lead to deeper understanding, stronger execution, and higher security in the shopping process, with an iOS version of "Zhang Dama" set to launch soon [4].