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]

智通财经APP讯，迈富时(02556)发布公告，2025年第三季度，集团的AI+SaaS业务收入相较于2024年同 期的增幅约为45%;精准营销服务毛收入相较于2024年同期的增幅约为37%。 集团持续强化AI智能体产品矩阵，正式发布"国际版AI+CDP MA"与"AgentData"两款新产品，并升级推 出"视频营销专家Nora"，进一步拓展了在跨境营销与数据智能决策领域的能力。在AI-Agentforce 中台 2.0基础上，集团进一步打造数据治理与智能体协作能力，增强中台的应用价值，拓宽智能体应用场景; 同时持续加大Tforce 营销领域大模型的训练投入，提升各垂类AI智能体的专业话术生成能力，进一步优 化客户使用体验与营销效果。这些产品通过AI智能体技术提升了AIAgentforce中台2.0支持多场景、多模 态的平台能力，助力企业在全球化运营中实现更高效的数据驱动决策和自动化执行。 ...

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 ...

证 券 研 究 报 告 计算机行业深度研究报告 推荐（维持） 海外 AI 应用：从大模型到各领域落地 行业研究 计算机 2025 年 11 月 18 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：杨玖祎 邮箱：yangjiuyi@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 60,550.68 | 4.98 | | 流通市值(亿元) | 54,914.11 | 5.60 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -5.9% | 27.2% | 31.4% | | 相对表现 | -7.4% | 5.8% | 15.4% | -10% 7% 23% 39% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11-14 计算机 沪深300 相关研究报告 《计算机 ...

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]

对于当下仍在牌桌上的中国SaaS企业而言，唯一的突围方式是完成从"TO VC"到"TO Customer"的彻底转变。即只有真正聚焦于价值交付、价值认定、客 户成功，才能在这场全球性的产业变革中，找到属于自己的位置，实现企业层面的可持续突围。 2025年，中国SaaS行业，正上演着一出双面的舞台剧。 这个"融资换增长"的路径，在C端消费互联网战场上曾屡试不爽。然而，当它被复制到决策链条长、服务周期重、客户需求复杂的TO B领域时，便迅速异 化为一场特殊的"TO VC"模式。为了给投资人一个持续向上的增长曲线，不少SaaS厂商们陷入了疯狂的内卷： 价格屠杀： 为了抢单，不惜 " 零元进场 " 、 " 亏本做项目 " ，将软件这一具备极强"知识属性的"商品，定价为白菜价。 规模幻觉： 销售的唯一 KPI 就是签下新客户，至于客户是否适用、能否成功上线、未来能否续费等客户成功指标，通通被抛诸脑后。 舞台一侧，是"AI+SaaS"和"全球化"的聚光灯，概念喧嚣，声浪震天；舞台的另一侧，是不少企业"并购"、"利润至上"的造血路。从业者们一边被AI FOMO（错失恐惧症）裹挟着前进，一边又在社交媒体上围观"项目烂尾"、" ...

盘兴数智的IPO是一个很好的样本，让我们可以借此探讨中国AI+SaaS行业的发展阶段和未来走向。 一、 从盘兴数智看中国SaaS的"第二增长曲线" 中国的SaaS行业经历了早期的模仿和工具化阶段后，普遍遇到了增长瓶颈。同质化竞争严重，客户付费意愿低。破局的关键，就在于找到"第二增长曲 线"——即通过AI为SaaS注入灵魂，从"管理工具"变为"价值创造工具"。 盘兴数智的招股书（虽未详阅，但根据其业务描述）显示出它正试图走这条路。它不满足于仅提供流程管理软件，而是希望通过AI数据分析能力，帮助客 户直接提升营销转化率、优化供应链成本等。这意味着它的价值主张从"帮你省钱"部分转向了"帮你赚钱"，这无疑是更高级的商业模式，也是资本市场更愿 意给予高估值的逻辑。 二、 AI+SaaS的全球趋势与本土化实践 全球范围内，AI正在重塑SaaS的生态。 1. 从"通用"到"垂直"：早期的成功SaaS多是通用型（如CRM、HRM），但现在最大的机会在垂直行业（如医疗SaaS、建筑SaaS）。盘兴数智似乎也聚焦于 特定领域，这是正确的方向。 2. 从"人机交互"到"机机交互"：未来的SaaS，更多的交互将发生在系统与系统之间， ...

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]

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 Viewpoint - The company reported a revenue decline in the first half of 2025 due to strategic adjustments aimed at optimizing inefficient businesses, while net profit showed a positive growth trend [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 24.34 billion, a year-on-year decrease of 25.9%, while the net profit attributable to shareholders was 140 million, reflecting a year-on-year increase of 10.8% [1]. - The overall gross margin for the first half of 2025 was 4.6%, an increase of 1.1 percentage points year-on-year, primarily due to the company's decision to abandon low-efficiency businesses and enhance collaboration with leading brands [2]. Group 2: Business Segments - The trading business segment generated a revenue of 23.96 billion, down 26.0% year-on-year, with declines in consumer electronics and agricultural production materials, while home appliances remained stable due to government subsidies [1]. - The service business segment reported a revenue of 310 million, showing a slight year-on-year decline, but there was significant growth in store SaaS and subscription services compared to the second half of 2024 [1]. Group 3: Strategic Initiatives - The company entered into a comprehensive partnership with Alibaba Cloud in August 2025, focusing on AI and SaaS business growth, which is expected to enhance its platform value through the integration of AI capabilities with industry data [2]. - The development of proprietary AI models, such as the Qiancheng Cloud AI, aims to penetrate various business scenarios, enhancing sales predictions and customer service capabilities [2]. Group 4: Investment Outlook - The company is expected to see net profits of 346 million, 438 million, and 533 million for the years 2025 to 2027, reflecting year-on-year growth rates of 28.3%, 26.6%, and 21.6% respectively [3]. - A target price of 21.36 HKD is set for 2026, based on a 25X PE valuation, maintaining a "recommended" rating for the company [3].