出品 | 虎嗅科技组 作者 | 丸都山 编辑 | 苗正卿 头图 | 虎嗅拍摄 在各大厂商纷纷卷入AI眼镜赛道的当下，vivo决定搞点不一样的。 8月21日下午，vivo正式发布旗下首款MR（混合显示）头显设备"vivo Vision探索版"，一款完全对标苹果Vivsion Pro的产品。 在发布会的前一天，虎嗅受邀参加了vivo vision的产品体验活动，在半个小时的时间里，这款产品给笔者留下了极为深刻的印象。 先说结论：如果今天Vision Pro销量遇冷的核心原因是"佩戴体验不佳"，那么vivo的这款产品对比前者能做到360度无死角吊打。 但很可惜问题不在这。 真正让Vision Pro受挫的是"内容极度匮乏"，这一点苹果无能为力，vivo更是解决不了。 当然，在这个问题上vivo也没打算硬着头皮把南墙撞破。按照vivo执行副总裁胡柏山的描述，"MR头显设备， 短期满足沉浸感需求，长期则要成为家 庭机器人的'眼睛'"。 需要补充一点，在今年3月，vivo成立了机器人实验室，并宣布聚焦消费级市场。从这个角度来看，今天发布的vivo Vision更像是一款为未来机器人业 务板块铺路的作品。 首先，相比于苹果 ...

Core Insights - Weimob Group reported a revenue of approximately RMB 775.5 million for the first half of 2025, marking a year-on-year growth of 7.8% and achieving its first profit since 2021 with an adjusted net profit of RMB 16.9 million [1] - The company’s gross profit reached RMB 582 million, with a gross margin increase from 66.4% to 75.1%, reflecting an 8.7 percentage point year-on-year improvement [1] Revenue Breakdown - The revenue composition of Weimob Group is primarily from subscription solutions (56.44%) and merchant solutions (43.56%) [2] - The subscription solutions revenue saw a slight recovery to RMB 438 million, driven by the introduction of AI-related revenue of approximately RMB 34 million, despite a 13.9% year-on-year decline in the number of paying merchants [3][4] Merchant Solutions Performance - Merchant solutions revenue decreased by 11.3% to RMB 338 million, attributed to a reduction in rebate rates from advertising platforms, although it showed a 45.3% growth after adjusting for the rebate impact [5] - The number of paying merchants in the merchant solutions segment increased by 1.5% to 39,281, with an average spending per paying merchant rising by 1.9% to RMB 219,500 [6] AI Integration and Cost Management - Weimob has been enhancing its AI products, leading to a 57% quarter-on-quarter increase in average monthly active merchants using its WAI SaaS [4] - The company implemented cost-saving measures through AI and marketing strategies, resulting in a cost reduction of RMB 40 million [6] ESG and Sustainability Initiatives - Weimob improved its MSCI ESG rating from BBB to A, reflecting its commitment to sustainability and low-carbon initiatives [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [8]. Core Insights - The company is positioned as a local marketing SaaS expert with a strong execution capability, focusing on AI-driven marketing solutions. It has a dual-track strategy targeting both SMBs and key accounts, which is expected to drive significant revenue growth in the coming years [2][7][8]. Financial Data and Profit Forecast - The company is projected to achieve revenues of 2,308.7 million RMB in 2025, with a growth rate of 48.1%. By 2027, revenues are expected to reach 3,816.4 million RMB, maintaining a growth rate of 28.6% [6][8]. - The net profit attributable to ordinary shareholders is forecasted to turn positive in 2025, reaching 91.7 million RMB, with subsequent growth rates of 162.3% in 2026 and 32.9% in 2027 [6][8]. - The average price-to-sales (P/S) ratio for comparable companies is estimated at 8.1x for 2025, leading to a target market capitalization of 186.5 billion RMB, indicating a potential upside of 50% from the current valuation [8]. Business Model and Market Position - The company operates in the marketing SaaS sector, focusing on three main areas: marketing and sales SaaS, precision marketing, and the newly introduced Agent all-in-one machine business. This diversified approach is expected to enhance its market competitiveness [30][32]. - The company has a strong focus on mid to large enterprises, which enhances its survival rate and bargaining power. Its product offerings cover the entire marketing and management spectrum, integrating front-end marketing with back-end management [13][30]. Growth Drivers - The introduction of AI-driven products, particularly the Al-AgentForce2.0, is anticipated to catalyze growth by increasing the number of key account clients and order sizes. The rapid commercialization of AI solutions is seen as a significant growth driver [7][11][52]. - The company’s dual-track strategy, targeting both SMBs and key accounts, is expected to yield a robust customer base and high average revenue per user (ARPU) [7][8]. Market Dynamics - The marketing software market is perceived as fragmented and competitive; however, the company differentiates itself through precise customer targeting, a comprehensive marketing ecosystem, and a strong execution capability [10][12][30]. - The overall marketing and sales SaaS market in China is projected to grow significantly, with the company holding a market share of 2.4%, positioning it as a leading player in the sector [53][54].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][8]. Core Insights - The company is positioned as a local marketing SaaS expert with a strong execution capability, focusing on AI-driven marketing solutions. It has a dual-track strategy targeting both SMBs and key accounts, which is expected to drive significant revenue growth [2][7][8]. Financial Data and Profit Forecast - Revenue is projected to grow from 12.32 billion RMB in 2024 to 38.2 billion RMB by 2027, with year-on-year growth rates of 48%, 29%, and 29% respectively. The net profit attributable to ordinary shareholders is expected to turn positive in 2025, reaching 0.92 billion RMB, and further increasing to 3.20 billion RMB by 2027 [6][8][22]. Business Model and Market Position - The company operates in three main segments: marketing and sales SaaS, precision marketing, and the newly introduced Agent all-in-one machine business. The SaaS business has shown robust growth, with a projected revenue of 8.4 billion RMB in 2024, surpassing precision marketing revenue [20][33][36]. AI Integration and Product Differentiation - The launch of AI-AgentForce2.0 is expected to enhance product capabilities significantly, allowing for improved customer interaction, content generation, and data analysis. This positions the company favorably against competitors in the marketing software space [7][44][63]. Market Dynamics and Competitive Landscape - The marketing SaaS market in China is projected to grow significantly, with the company holding a market share of 2.4%. The competitive landscape is characterized by a fragmented market, but the company’s focus on AI integration and a comprehensive service offering is expected to provide a competitive edge [58][59]. Revenue Growth Drivers - Key growth drivers include the increasing adoption of AI in marketing, a growing customer base in both SMB and key account segments, and the expansion of the Agent all-in-one machine business, which is expected to generate additional revenue starting in 2025 [9][11][36].

Core Insights - The core focus of the news is on the advancements made by ZhiDeMai Technology in AI, particularly the performance and expansion of its "Haina" MCP Server, which has seen significant growth and new partnerships in July 2023 [1][2]. Group 1: MCP Server Performance - The "Haina" MCP Server achieved an output of 13 million units in July, representing a 67% month-over-month increase, and added over 30 new partners [1]. - The server has expanded its presence to multiple external platforms, including Tencent Developer Platform, Xiaoyi Intelligent Platform, Huawei Cloud Maas Platform, and Zhipu AI Open Platform, enhancing its service offerings for AI applications [1]. Group 2: Interface and Search Capabilities - A new interface, the Product Search Pro interface, was launched, which has improved search accuracy from 88% to 94.5%, with a peak accuracy of 97.2% for regular product searches [1]. - The upgrades to the search capabilities are based on enhancements in three key areas: key information extraction, semantic relevance filtering, and dynamic query parsing, leading to a systematic reconstruction of product search [1]. Group 3: Product and Business Practices - The product "ZhiShu" AI Universal Content Insight Platform was highlighted, which aims to explore "AI + Marketing" by evaluating content quality, detecting user needs, and predicting matching effectiveness [2]. - The AIUC product has established collaborations with several leading clients and top universities for specialized AI application projects [2].

Core Insights - The 21st China Advertising Forum focuses on "AI driving a new stage in advertising and high-quality brand development" [1] - The forum highlights the integration of "advertising + branding + cultural tourism" to showcase the vitality of the advertising industry in the era of technological innovation [1] Group 1: AI in Marketing - AI is transforming marketing from vague guessing to precise forecasting, enabling real-time optimization and two-way adaptation [3][4] - The shift to an AI-driven era emphasizes the importance of human creativity and empathy, suggesting that individuals should enhance their "AI literacy" to become "super individuals" [3][4] - The application of AI in marketing should prioritize human needs and development, ensuring that technological advancements serve to enhance human understanding and connection [4] Group 2: Opportunities and Challenges - The transition to the AI era requires significant technological breakthroughs, moving from static analysis to dynamic perception in data insights [4] - AI's role in advertising is seen as a paradigm shift, with a focus on automating marketing processes and driving data-driven predictions [4] - The importance of human-machine collaboration is emphasized, as human oversight is crucial for maintaining content quality and relevance across different industries [5] Group 3: Industry-Specific Applications - In education, AI can facilitate personalized assessments and targeted interventions, exemplified by the "MaiSi AI" product [6] - The healthcare sector benefits from AI in image recognition and diagnostic assistance, particularly in resource-scarce areas [6] - The manufacturing industry, despite high digitalization, shows low AI application rates, indicating a need for collaboration between industry and technology experts [6] - Retail and service sectors have successfully implemented AI for personalized marketing and process automation, highlighting the importance of identifying "golden scenarios" for AI application [6]

Core Insights - The article highlights the transformative impact of AI on content creation and marketing, emphasizing the shift from AI as a mere tool to a core driver of marketing innovation [1][3][5] Group 1: AI in Marketing - AI has become an essential engine in the wave of content marketing innovation, as demonstrated by the collaboration between Geely and Zcool to create an AI marketing laboratory [2][3] - The AI-generated visuals for Geely's new product have successfully captured consumer attention on social media, showcasing the powerful appeal of AI in visual expression [2][3] - Meitu's WHEE AI design tool has engaged a large number of designers, resulting in over 3000 AIGC works, enhancing designers' understanding and application of AI tools [2][3] Group 2: AIEO Strategy - Haiying Cloud Holdings promotes the "AIEO" (AI-Enhanced Optimization) strategy, aiming to provide systematic empowerment for enterprises through AI technology [3][4] - The company has a core team with over 17 years of experience in AI technology development, focusing on consumer behavior, market dynamics, and brand ecosystems [3][4] - Haiying Cloud's AI solutions cover the entire value chain, from market trend prediction to content generation and optimization, helping brands navigate the data landscape [3][4] Group 3: Comprehensive Marketing Ecosystem - The AIEO strategy encompasses a full-service ecosystem that includes customized AI solutions, enterprise training, and comprehensive technical development services [4] - The integrated marketing engine offers services across various domains, including market research, brand strategy, public relations, and new media marketing [4] - Haiying Cloud has successfully served clients across diverse sectors, including government, internet, fast-moving consumer goods, automotive, finance, entertainment, and healthcare, demonstrating its cross-industry empowerment capabilities [4] Group 4: Future Outlook - Haiying Cloud aims to continue exploring innovative applications of AI in marketing, helping brands harness the potential of intelligent marketing in a competitive landscape [5] - The company positions itself as a leader in the creative transformation driven by AI, fostering deeper connections between brands and consumers [5]

Core Insights - Liou Co., Ltd. has launched the first MCP (Model Context Protocol) service in the advertising industry, marking a significant step in the integration of AI and marketing [2] - The MCP service has demonstrated practical value and amplification effects of AI across the entire advertising marketing chain [2] Group 1: AI-Driven Marketing Efficiency - Since the launch of the MCP service, Liou Digital has accelerated system transformation around core products like "AI Creative Factory" and "AI Ad Trader," enabling comprehensive penetration of AI in advertising creativity, placement, and optimization [3] - During the recent "6·18" shopping festival, the combination of MCP service and AI Agent increased daily creative output from an average of 150 sets to over 20,000 sets, with 98% passing media review on the first attempt, significantly enhancing conversion efficiency [3] - The AI Ad Trader improved programmatic trading execution from hourly to second-level, performing over 1,200 operations per second, with peak daily human-machine collaboration operations exceeding 2 million [3] Group 2: Supportive Core Systems - The rapid implementation of the MCP service is supported by three core modules: identity authentication and security system, programmatic advertising intelligence hub, and enterprise system integration engine [4] - The MCP employs OAuth standard protocol and TLS encryption for multi-dimensional identity verification, detailed permission management, and operational auditing, ensuring trustworthy data interaction between enterprises and AI [4] - The programmatic advertising intelligence hub covers the entire process from placement management to data analysis, allowing real-time monitoring and automatic optimization of advertising strategies by AI Agents [4] Group 3: Standardization and Ecosystem Development - As the MCP service enters the operational phase, Liou Co., Ltd. is also advancing standardization and ecosystem development [5] - The company is collaborating with the China Advertising Association and the China Business Advertising Association to promote industry standards based on the MCP protocol, facilitating the normalization and scaling of AI applications in advertising [5] - Liou Digital has opened an "Intelligent Agent Plaza" to over 1,500 internal employees, fostering a mechanism for mutual growth between AI and human capabilities, and building a talent pool with practical AI skills [5] Group 4: Industry Transformation - The CEO of Liou Co., Ltd. stated that AI technology is profoundly changing the advertising industry, and the company aims to provide smarter, more efficient, and more open digital marketing solutions through continuous technological innovation and ecosystem development [6] - Industry experts believe that the large model and AI Agent technology's accelerated implementation, along with the MCP service's scalable application and standardization exploration, may provide replicable and promotable models for the industry, aiding more enterprises in embracing AI-driven transformation [6]

Core Viewpoint - BlueFocus is planning to issue H-shares and list on the Hong Kong Stock Exchange, aiming to raise approximately $500 million to support its business development and strategic transformation in the AI marketing sector [2][6]. Financial Performance - In 2024, BlueFocus achieved a revenue of 60.797 billion yuan, a year-on-year increase of 15.55%, becoming the first marketing company in China to surpass 60 billion yuan in revenue [3]. - Despite revenue growth, BlueFocus reported a net loss of 291 million yuan, a decline of 349.32% year-on-year, primarily due to increased investments in emerging businesses and rising bad debt losses from customer credit risks [3][4]. - In Q1 2025, the company reported a revenue of 14.258 billion yuan, a decrease of 9.66%, but a net profit of 96 million yuan, an increase of 16.01% year-on-year [5]. Business Strategy - BlueFocus is focusing on international expansion and AI transformation as its two core strategies, with overseas business revenue reaching 48.333 billion yuan in 2024, a growth of 29.36% [7]. - The "All in AI" strategy aims to transform BlueFocus into a true AI marketing technology company, with AI covering over 95% of its operational scenarios, improving efficiency by 60% to 1000% [8][10]. AI Integration - In 2024, AI-driven revenue reached 1.2 billion yuan, growing over tenfold, with expectations to reach 3 to 5 billion yuan in 2025 [8]. - BlueFocus has developed its own AI platform, BlueAI, which has been integrated into over half of its cases, and has incubated around 100 intelligent agents [8][9]. Market Challenges - The AI marketing market in China is projected to reach 133.49 billion yuan in 2024, growing by 74.7%, with increasing competition from traditional marketing firms and tech giants [10]. - BlueFocus aims to reconstruct its business model and organizational structure through AI to gain a competitive edge in the rapidly evolving market [11][12].

Group 1: Global Marketing Trends - The post-pandemic era has led to a new normal in the economy and population, prompting marketing to enter a dual-phase of "incremental customer acquisition" and "existing customer engagement" [10][11] - The internet's new normal has distinct requirements for marketing technology support in both B2C and B2B sectors, emphasizing the need for a comprehensive technological foundation [11] - Social media has become a key marketing channel, with the rise of e-commerce live streaming and short videos, while influencer marketing is evolving into a new phase [17][22] Group 2: AI and Marketing Trends - AI technology has undergone multiple waves of development, with significant improvements in large model capabilities and cost reductions, making 2025 a potential year for explosive application growth [2] - Brands view AI as a business opportunity but are also concerned about competitive risks, while channel providers leverage AI to build intelligent ecosystems [2] Group 3: Challenges in Overseas Marketing - The trend of going global presents new growth opportunities for companies, characterized by an increase in brand numbers and industry diversity, but Chinese brands face significant challenges [2] - Major obstacles include trade barriers, low brand recognition, and difficulties in channel construction when "going out," as well as cultural gaps and fierce local competition during the "going in" phase [2] Group 4: Case Studies in Overseas Marketing - Qiaqia has enhanced its brand influence through product localization, precise influencer matching, and creative content production [2] - Moutai has successfully shaped a positive brand image by promoting Chinese traditional culture and innovative cultural extensions [2] Group 5: Changes and Constants in the AI Era - While technology, marketing methods, and practitioners are evolving in the AI era, the essence of technology and the human-centric core of marketing remain unchanged [2] - Companies need to embrace and master AI technology to adapt to the new era of development [2]