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].

Group 1: Liquidity and Performance of Software ETF - The software ETF has a turnover rate of 3.34% during trading, with a transaction volume of 179 million yuan [2] - As of August 6, the software ETF's average daily trading volume over the past week is 395 million yuan, ranking first among comparable funds [2] - The latest scale of the software ETF reached 5.32 billion yuan, marking a new high since its inception and ranking first among comparable funds [2] - The software ETF saw a significant increase in shares, with a growth of 14.8 million shares over the past week, also ranking first among comparable funds [2] - The latest net inflow of funds into the software ETF is 127 million yuan, with a total of 254 million yuan net inflow over the last 10 trading days, occurring on 6 out of those days [2] - Over the past three years, the net value of the software ETF has increased by 5.68% [2] - The highest monthly return since inception for the software ETF is 39.35%, with the longest consecutive monthly increase being 3 months and the longest increase percentage being 69.40%, averaging a monthly return of 9.75% [2] Group 2: AI Industry Insights - The computer industry is experiencing a turning point with AI applications, particularly with AI Agents leading a new wave in software [3] - AI Agents address the limitations of generative AI models, driving the practical and intelligent development of AI technology [3] - Overseas AI applications are consistently exceeding expectations, while domestic internet giants are entering into intense competition for AI Agent super entry points, subtly reshaping various aspects of work and life [3] - As of July 31, 2025, the top ten weighted stocks in the CSI Software Service Index include companies like iFLYTEK, Kingsoft Office, and Tonghuashun, collectively accounting for 61.39% of the index [3] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [3]

4 月 28 日 20:00，白鲸开源 CEO 郭炜 · Kong 中国区总裁戴冠兰 · GMI Cloud 中国 VP 蒋剑彪，三位专家深度剖析出海实战要点， 戳下方直播预约按钮观看直播。 直播介绍 直播时间 4 月 28 日 20:00-21:30 破局与增长，中国技术出海实战指南 嘉宾 主持人： 郭炜 白鲸开源 CEO 嘉宾： 戴冠兰 Kong Inc / 中国区总裁 蒋剑彪 GMI Cloud China VP 直播亮点 三大大咖同台：白鲸开源 CEO 郭炜、Kong 中国区总裁戴冠兰、GMI Cloud 中国 VP 蒋剑彪一同分享，一线干货零距离。 合规与安全破局：深度剖析数据跨境、合规门槛，教你用技术壁垒化为增长杠杆。 直播主题 本地化与差异化策略：先本土后海外 vs. 直接全球化，两种打法如何取舍？技术指标与 PMF 验证全流程揭秘。AI 时代前瞻：大模型来袭，基础设 施软件出海的新机会在哪里？未来三年技术趋势大揭秘。 如何看直播？ 扫描下图海报 【二维码】 ，或戳直播预约按钮，预约 InfoQ 视频号直播。 全球人工智能开发与应用大会 1 2025 年 4 月 28 日 20:00-21:30 ...