引言：一场被AI催熟的行业洗牌 2025年，中国SaaS行业站在了历史性十字路口。 一边是资本退潮后对盈利模型的严苛审视，一边是生成式AI引爆的技术狂潮。当"AI+"成为所有厂商 PPT首页的标配，市场却已用脚投票：客户不再为"能聊天"的花哨功能买单，而是直指核心——"能省 多少钱？""能带来多少增量价值？" 据IDC最新数据，2025年中国企业级SaaS市场规模达1860亿元，同比增长22.3%，但增速较2024年的 29.7%明显放缓。更值得警惕的是，即便AI SaaS赛道被高调宣称"全面爆发"，其实际ARR（年度经常性 收入）占比仍不足整体市场的15%。大量所谓"AI功能"仍停留在演示Demo阶段，未能转化为真实业务 价值。 "2025年是SaaS行业的'AI压力测试年'。"红杉中国合伙人郑庆生在接受本报独家采访时直言，"很多公 司把AI当作遮羞布，掩盖产品同质化和增长乏力的核心问题。真正的赢家，是那些把AI深度嵌入业务 流、形成不可复制数据飞轮的企业。" 本文聚焦北森、用友、金蝶、泛微、致远等五家代表性上市公司（注："积水潭"并非SaaS企业，疑为误 指；结合上下文或意指医疗信息化企业如卫宁健康，但因 ...

汇通达"AI+SaaS"战略的四大价值支柱 在众多AI企业竞相布局大模型、自动驾驶、智能硬件等热门赛道的当下，汇通达选择了一条少有人走 但极具战略纵深的道路——将人工智能深度应用于中国广袤的下沉市场。与其他同业相比，汇通达的独 特性在于其是目前市场上唯一一家系统性地将AI能力嵌入城乡流通底层、并已实现规模化商业变现的 科技平台。这一差异化定位，不仅构筑了其难以复制的竞争壁垒，更使其成为AI普惠化落地的关键推 动者。 2025年12月，汇通达网络（09878）的AI战略布局接连获得业界认可——继入选亿邦动力年度"产业AI 30强"榜单后，又在"第十届智通财经上市公司颁奖盛典"上荣获"最具价值人工智能公司"奖项。与此同 时，公司副总裁孙超在2025江苏互联网大会中系统阐述了汇通达对下沉市场AI应用的战略思考与实践 路径，提出以"三个提升"和"一个平权"为核心的AI赋能框架，进一步揭示了公司以技术驱动城乡流通体 系升级的底层逻辑。这一系列动态表明，汇通达正以其独特的"AI+SaaS"模式，在产业智能化浪潮中建 立差异化优势，并持续获得资本市场与行业权威的关注与肯定。 基于当前的坚实基础，汇通达的"AI+"未来演进路 ...

Major Events - CICC (03908), Dongxing Securities (601198.SH), and Xinda Securities (601059.SH) plan to merge through absorption and share exchange [1] - Ruian Real Estate (00272) has reached a joint venture arrangement to develop a renewal project in Pudong New District, Shanghai [1] - Baijin Life Sciences (01466) subsidiary intends to invest in Youhuan Bio to create a leading global circRNA technology R&D platform [1] - Code-B (02487) has its new drug application for CU-40105 (self-developed topical finasteride spray) accepted by the National Medical Products Administration [1] - Pony.ai-W (02026) collaborates with SANY Heavy Truck and Dongfeng Liuzhou Motor to jointly develop a fourth-generation autonomous truck family [1] - Qiming Medical-B (02500) announces mid-term clinical results of its innovative transcatheter valve replacement system Cardiovalve from the TARGET study [1] - Wuling Motors (00305) establishes a subsidiary focused on low-speed intelligent driving systems and solutions [1] - Neusoft Ruixin Group (09616) signs a general contracting construction contract with Guangdong College, Chengdu College, and Dalian College [1] - Baiyunshan (00874) receives a drug registration certificate for An Gong Niu Huang Wan from the Vietnam Ministry of Health [1] - Dongfang Electric (01072) and Anhui Energy plan to jointly establish a joint venture to advance the 1 million kilowatt technological innovation experimental wind farm project [1] Operating Performance - Mifus (02556) reports a 45% year-on-year increase in AI+SaaS business revenue for the third quarter [2] - GDS Holdings (09698) reports third-quarter net revenue of 2.887 billion yuan, a year-on-year increase of 10.2% [2] - SF Holding (06936) reports total revenue of 26.454 billion yuan from express logistics, supply chain, and international business in October, a year-on-year increase of 9.79% [2] - Kingsoft Cloud (03896) achieves adjusted net profit of 28.7 million yuan for the first time in the third quarter [2] - Guofu Quantum (00290) issues a positive profit alert, expecting mid-term net profit attributable to shareholders to be approximately 200 to 210 million HKD, turning from loss to profit year-on-year [2] - Kingsoft Software (03888) reports third-quarter profit attributable to shareholders of approximately 213 million yuan, a year-on-year decrease of 48% [2] - Kuaishou-W (01024) reports operating profit of 5.299 billion yuan in the third quarter, a year-on-year increase of 69.9% [2]

Core Insights - The company reported a 45% increase in AI+SaaS business revenue for Q3 2025 compared to the same period in 2024 [1] - The gross revenue from precision marketing services saw a 37% increase compared to Q3 2024 [1] Group 1: Product Development - The company has strengthened its AI product matrix by launching two new products: "International Version AI+CDP MA" and "AgentData" [1] - An upgraded version of "Video Marketing Expert Nora" has been released to enhance capabilities in cross-border marketing and data-driven decision-making [1] Group 2: Technological Advancements - The company is enhancing its AI-Agentforce platform 2.0 by improving data governance and collaboration capabilities, thereby increasing the platform's application value [1] - Significant investments are being made in training large models in the Tforce marketing domain to improve the professional dialogue generation capabilities of various AI agents [1] Group 3: Market Impact - The advancements in AI technology are aimed at providing businesses with more efficient data-driven decision-making and automated execution in global operations [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Marketingforce Management Ltd 邁 富 時 管 理 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2556） 公告 2025年第三季度最新業務情況； 有關董事的資料 1 本公告所載資料僅基於本公司對本集團現時可得信息的初步評估作出，此等資料 未經本公司核數師審核或審閱，本公告內的資料亦可能會修改或調整。股東及潛 在投資者於買賣本公司證券時務請審慎行事。 有關董事的資料 茲提述本公司日期為2025年9月8日之公告（「該公告」），內容有關（其中包括）委任 董事。除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 本公司謹宣布，本公司薪酬委員會及董事會經考慮趙國帥先生的資歷及經驗、彼 於本公司之職責及責任、本公司之財務狀況及現行市場水平，特此確定趙國帥先 生作為執行董事、聯席董事長及全球執行總裁的薪酬為每年5,000,000港 ...

Investment Rating - The report maintains a "Buy" rating for the AI and SaaS integration trend in the computer industry [2]. Core Insights - The integration of AI and SaaS is an inevitable trend due to their technological complementarity, enhancing operational efficiency and user experience across various sectors [6][7]. - The global AI market is projected to reach $368.85 billion by 2025, with significant growth in AI-related investments expected in 2024 [12][17]. - The report emphasizes the importance of specific sectors such as advertising, programming, and education in the AI and SaaS integration landscape [6][7]. Summary by Sections 1. AI and SaaS Integration - AI and SaaS have complementary technologies, making their integration a necessity [10]. - The commercial viability of AI relies on specific application scenarios, which SaaS can provide [12]. - The cloud computing market in China is expected to exceed 2.1 trillion yuan by 2027, supporting AI applications in SaaS [17][20]. 2. Sector-Specific Applications - **AI + Advertising**: AI enhances advertising efficiency and effectiveness, with the AI marketing market projected to reach $35.54 billion by 2025 [28][30]. - **AI + Programming**: The global AI coding tools market is expected to reach $6.7 billion by 2024, with a CAGR of 25.2% [40]. - **AI + Education**: The AI education market is projected to grow from $2.46 billion in 2024 to $28.22 billion by 2032, with a CAGR of approximately 35.66% [54][56]. 3. Investment Recommendations - The report suggests focusing on specific companies within the AI + SaaS sectors: - For AI + Advertising: Google, Meta, APPlovin, Unity [64] - For AI + Programming: Gitlab [64] - For AI + Education: Duolingo [64]

Core Viewpoint - Multiple institutions, including Zheshang Securities, Western Securities, and Huachuang Securities, have issued research reports on Huitongda Network (9878.HK), all giving "recommend" or "buy" ratings, highlighting the company's ongoing business optimization and significant improvement in profitability indicators since the launch of its "quality enhancement and efficiency improvement" strategy in the second half of 2024 [1] Group 1 - Western Securities has given Huitongda a "buy" rating, noting that the company's business structure has improved and profitability indicators have significantly increased since the strategic transformation [1] - The company is enhancing its smart supply chain construction and expanding its own brand and new product categories to further improve profitability, supported by the deep integration of AI technology and favorable policies [1] - Huitongda has submitted an application for the full circulation of 350 million domestic shares, which is expected to significantly enhance its market attractiveness [1] Group 2 - Huachuang Securities emphasizes the strategic partnership between Huitongda and Alibaba Cloud, believing that the AI+SaaS business will help the company return to a rapid growth trajectory [1] - The comprehensive cooperation with Alibaba Cloud in AI will deepen collaboration in cloud computing, artificial intelligence, and digitalization in lower-tier markets [1] - Huitongda's self-developed Qiancheng Cloud AI will fully integrate with Alibaba Cloud's Tongyi Qianwen large model, enhancing the platform's value across multiple business scenarios [1] Group 3 - Zheshang Securities believes that full circulation will greatly enhance Huitongda's market capitalization and assist the company in re-entering the Hong Kong Stock Connect [1] - Following the submission of the full circulation application in June, the total number of H shares is expected to reach 530 million, significantly increasing the circulating market value [1] - Overall, multiple institutions anticipate that with the effectiveness of the strategic upgrade, the commercialization of AI-related businesses, and the advancement of full circulation, Huitongda Network is likely to continue releasing its profit potential and achieve high-quality growth, potentially re-entering the Hong Kong Stock Connect next year [1]

Core Insights - The only way for Chinese SaaS companies to break through is to shift from a "TO VC" model to a "TO Customer" focus, emphasizing value delivery, recognition, and customer success [1][14] Industry Overview - In 2025, the Chinese SaaS industry is experiencing a dual narrative, with one side focused on "AI+SaaS" and globalization, while the other side sees companies prioritizing mergers and profits [2] - Over 80% of SaaS companies have undergone significant personnel optimization in recent years, indicating a shift in the industry landscape [2] Historical Context - The "burning money for growth" model, prevalent since around 2015, has led to a "TO VC" approach where companies focused solely on acquiring new customers [3][4] - This model has resulted in detrimental practices such as price slashing and neglecting customer success metrics, leading to a lack of trust in the market [5][7] Market Correction - The capital market downturn from 2020 to 2024 has forced a reevaluation of business models, with many companies facing layoffs and some disappearing entirely [7][8] - A core message from this correction is that business models not centered on customer success and healthy profits are ultimately unsustainable [8] New Business Models - Companies are beginning to adopt a new framework focusing on product, ecosystem, and profit, moving away from the traditional "burning money" approach [9] - Examples include Weimob achieving its first profit post-IPO and SalesEase forming a strategic partnership with Tencent to enhance product quality and ecosystem collaboration [10][11] Challenges and Opportunities - Despite the push towards AI and globalization, many Chinese SaaS companies are hindered by the legacy of long-term losses, which affects their ability to invest in new technologies [12][14] - The industry must undergo an internal revolution to eliminate low-price competition and establish a healthy supply-demand chain based on value [12][14] Future Outlook - The Chinese SaaS industry has the potential to leverage strong foundational technologies and global infrastructure to empower companies that are on a path to sustainable development [14] - There is an expectation for a revitalized Chinese SaaS industry by 2025, with more companies like Weimob, SalesEase, and FanRuan exploring new paths [15]

Group 1 - The core viewpoint of the article emphasizes the need for the Chinese SaaS industry to find a "second growth curve" by integrating AI into their offerings, transforming from mere management tools to value-creating tools [2] - The IPO of Panxing Shuzhi is seen as a significant signal of maturity in the AI+SaaS sector in China, indicating that the market is willing to invest in technology-driven value propositions [3] - The article discusses the global trend of AI reshaping the SaaS ecosystem, highlighting the shift from general-purpose SaaS to vertical industry solutions, which Panxing Shuzhi appears to be pursuing [2][3] Group 2 - The article outlines key considerations for Panxing Shuzhi's IPO, including the depth of its AI technology, the quantifiable value delivered to customers, and its scalability across different industries [3] - It notes that the future of SaaS will involve more machine-to-machine interactions, requiring high integration capabilities and data intelligence [2] - The concept of Model as a Service (MaaS) is introduced as a new paradigm, where SaaS companies may develop industry-specific models based on foundational large models, creating new competitive barriers [3]

Core Viewpoint - The company, MaiFushi, is a leading integrated marketing and sales SaaS service provider in China, successfully transitioning to an AI-driven enterprise growth platform following its IPO on the Hong Kong Stock Exchange in 2024 [1] Group 1: AI + SaaS Business Model - MaiFushi's core revenue source is its AI + SaaS business, which is structured around three growth curves: Marketing Cloud, Sales Cloud, and Intelligent Agent Middle Platform, creating a digital operation loop covering customer "reach - conversion - retention" [1] - The company targets both SMB and KA customer segments, with a clear growth path under the trends of platformization and intelligence [1] Group 2: Marketing Cloud - The Marketing Cloud empowers small and medium-sized enterprises (SMBs), with significant structural expansion potential in the SMB market [2] - The marketing automation sector is a key direction in marketing technology, with the Chinese marketing automation market projected to grow from $394 million in 2024 to $952 million by 2030, representing a CAGR of 15.8% [2] - MaiFushi's T Cloud serves as the core for building a marketing automation platform, aiming to replicate the development path of overseas giant HubSpot [2] Group 3: Sales Cloud - The Sales Cloud supports the operational loop for large clients (KA), with the SFA SaaS market in China reaching $344 million in the first half of 2024, marking an 18.08% year-on-year growth [3] - The trend towards digitalization in sales processes has made SFA a core application scenario for CRM systems [3] - MaiFushi's sales cloud platform, centered around customer management, aims to create a 360° customer view by integrating data through CDP [3] Group 4: Intelligent Agent Middle Platform - The Intelligent Agent Middle Platform is expected to accelerate the commercialization of AI products, with the AI Agent market in marketing and sales reaching ¥442 billion in 2024 and projected to exceed ¥1.1 trillion by 2028 [4] - MaiFushi plans to launch Tforce marketing model in 2024 and Agentforce Intelligent Middle Platform in 2025, featuring rapid setup and low operational thresholds [4] - Recent product launches include AI intelligent recruitment, sales coaching, and foreign trade EVA, indicating a strong growth trajectory for AI products [4] Group 5: Investment Outlook - MaiFushi is positioned as a leading AI + SaaS marketing and sales enterprise in China, with expectations to strengthen its product capabilities and expand into overseas markets through an "internal + external" strategy [4] - Revenue projections for 2025, 2026, and 2027 are estimated at ¥2.369 billion, ¥2.934 billion, and ¥3.619 billion, respectively, with net profits of ¥110 million, ¥720 million, and ¥1.56 billion [4]