机构：国泰海通证券 研究员：杨林/魏宗/朱瑶 本报告导读： 多点数智是零售数智化行业领导者，核心业务操作系统与AIoT 双轮驱动，在全球零售数智化升级浪潮 中，AI应用及国际化业务进一步打开市场空间。 投资要点： 首次覆盖，给 予"增持"评级。我们预计公司 2025-2027 年营收分别为22.37/26.35/30.25 亿元，同比增长 20.3%/17.8%/14.8%；归母净利润分别为1.01/1.99/3.14 亿元，同比增长104.6%/96.4%/58.0%；EPS分别为 0.11/0.22/0.35 元。采用PS 和PE 估值方法，谨慎取低，给予公司目标价13.51 元，首次覆盖，给予"增 持"评级。 零售数字化SaaS 领导者，操作系统与AIoT 业务双轮驱动。多点数智成立于2015 年，是中国最大的零售 数字化解决方案服务商，多点覆盖了广泛的运营模块，触达了行业内多样化的客户群，从而获得深入的 零售专业知识，满足零售商所有关键运营环节的需求。公司聚焦于零售操作系统和AIoT 两大核心板 块，2024 年推出的DmallSolution 3.0 系统进一步深化赋能零售商户的数字化转型。 零售数 ...

转自：新智元 编辑：Aeneas 结果，才短短6个月，公司立刻就以8000万美元的价格出售了，卖给了一家上市SaaS公司Wix。 甚至，这笔交易还是以现金支付的。 这个爽文般的故事，给AI催生个人独角兽公司的神话，又添了一笔。 而消息一出，立刻在氛围编程社区掀起热议——在这个时代，成功仿佛真的太容易了。 【导读】 服完兵役的31岁程序员Shlomo，一边旅行一边搞了个副业，结果搞出的初创公司居然 被收购了，直接原地套现8000万美元，还是现金支付！在Vibe Coding时代，这种爽文般的故事 越来越多了。 Vibe Coding实火！刚刚，又有一个程序员原地暴富了。 这位名叫Shlomo的小哥，是一位31岁的程序员。 在结束去年10月开始的一段长期预备兵役后，他在旅行途中搞了个副业，白手起家弄出一个氛围编 程初创公司Base 44。 登月实验：让每个人无需编码就能写软件 作为一家独立公司，Base44创造了不少数字上的奇迹：仅成立6个月，用户数量就增长至25万，而 且成立三周后就达到了1万。 根据Shlomo自己在LinkedIn上透露的细节，即使付出了高昂的LLM token成本，公司依然实现了盈 利。仅 ...

01 本周上市企业： 调味品龙头海天味业正式登陆港交所主板 完成"A+H"股上市 北京时间6月19日，来自广东佛山的调味品企业——海天味业，正式在港交所主板挂牌上市。该公司致力于向用户提供品质、美味、健康的消费体验，服 务全球用户厨房及餐桌的调味需求。此次IPO，海天味业共发行2.79亿股股份，总募集资金约101.29亿港元。截至定稿，该公司市值为2123亿港元。中金 公司、高盛、摩根士丹利为其联席保荐人。 02 本周递表企业： 香港手游开发商黑瞳科技赴美IPO 拟纳斯达克挂牌上市 美国东部时间6月13日，来自香港的手游开发商——黑瞳科技递表美国证券交易委员会（SEC），拟纳斯达克挂牌上市。该公司成立于2018年，通过各种 第三方数字商店开发、发行和运营移动数字游戏。其业务范围涵盖游戏设计、编程和图形制作，以及在各种平台上发行和运营移动游戏。此次IPO，黑瞳 科技计划发行150万股股份，拟募集资金约600万美元。 尼龙制品制造商佳美新材递表SEC 拟纳斯达克挂牌上市 美国东部时间6月17日，来自福建福州的尼龙制品制造商——佳美新材，向美国证券交易委员会（SEC）递交IPO招股书，拟纳斯达克挂牌上市。该公司通 ...

弘则科技-关注 SaaS 自下而上的机会 (25Q2)20250618 摘要 SaaS 行业在 2025 年主要表现为宏观扰动带来的估值波动，而非实质 性收入增长。尽管 AI 驱动曾带来短暂上涨，但多数软件公司收入层面未 见显著加速，需关注公司层面的独立逻辑和变化。 AI 技术在解决用户复杂任务方面存在局限性，思维链能力不足，仍需依 赖传统自动化方式。生成式 AI 主要用于理解用户需求，具体任务执行依 赖 RPA 等传统方式，单点增强应用场景有一定帮助。 互联网和软件公司利用 AI 增强用户或商业生态循环，而非直接通过单一 AI 产品满足所有需求。Google 和 Meta 通过增强自身生态系统实现目 标，AI 作为辅助工具提升现有业务模式和服务质量。 企业 IT 支出趋于谨慎，下游客户开始整合资源，SaaS、数据基础设施 及网络安全领域呈现平台化趋势，大公司抢夺市场份额逻辑显著，与云 计算时代共同受益不同。 数据打通导致软件公司业务边界模糊，未来更多公司将从边界模糊化中 获益，强者恒强。具有成熟用户生态或管理体系输出能力的公司更具优 势，如多邻国、Roblox、ServiceNow 和 SAP。 今年（20 ...

Core Insights - The core update of "Qiancheng AI Super Store Manager" by Huitongda Network includes the launch of 9 Agent assistants, enhancing various operational scenarios from product procurement to community promotion and conversion [1][4] Group 1: AI Assistant Features - The newly launched 9 Agent assistants facilitate tasks such as intelligent product recommendations, promotional activity creation, and multimedia content generation through voice commands [4][5] - The "AI Designer" allows store owners to create promotional posters with a single command, streamlining marketing efforts [2][4] Group 2: Strategic Implementation - Huitongda's "AI + SaaS" strategy is being effectively implemented, with a focus on optimizing services and product functionalities for member stores [1][5] - The upcoming "Analysis Agents" aim to leverage data insights to guide store owners in operational strategies and promotional activities, enhancing customer conversion and retention [5] Group 3: Data Utilization - The integration of self-developed industry models with mainstream models like Alibaba Tongyi and DeepSeek allows for personalized and precise responses from the Agent assistants, improving their effectiveness over time [5]

Core Insights - The article emphasizes the rise of influencer marketing SaaS as a necessary tool for brands to expand globally, addressing pain points such as fragmented data and low fulfillment rates in overseas influencer management [1][2]. Market Environment - Influencer marketing is becoming an efficient customer acquisition solution due to macroeconomic pressures and declining ROI from traditional advertising [1]. - The emergence of influencer marketing SaaS aims to upgrade fragmented processes into systematic operations, essential for brand globalization [1]. Market Size - The influencer marketing SaaS market in China is expected to grow at a compound annual growth rate (CAGR) of 15% over the next three years, driven by the explosion of the TikTok e-commerce ecosystem and the maturation of global influencer commercialization [2][25]. Competitive Landscape - Influencer marketing SaaS providers can be categorized into three types: MCN background firms, data analysis firms, and e-commerce platform-derived tools. WotoHub, under the brand WoTu, holds the largest market share in cross-border e-commerce influencer marketing SaaS in China [3][34]. Development Trends - AI will enhance influencer marketing SaaS functionalities across three dimensions: operational management, content generation, and decision support [4][37]. - The economic value of influencers is shifting towards long-tail nano-influencers, with SaaS providers enabling brands and influencers through lightweight tools to address pricing and delivery challenges [4][40]. Marketing Demand Background - Brands are facing marketing budget cuts due to macroeconomic pressures and are seeking more effective marketing channels. Influencer marketing is highlighted as a cost-effective method to enhance overseas brand recognition [5][9]. Influencer Marketing Dynamics - The rise of social media and online consumption has propelled influencer marketing, which offers precise targeting and authentic engagement, making it a crucial component of overseas B2C marketing [9][12]. Regional Differences - North America has a mature influencer marketing SaaS market, while Southeast Asia and Central-Western Europe are experiencing rapid penetration. Each region has distinct preferences and operational focuses [22]. SaaS Value Proposition - Influencer marketing SaaS provides a comprehensive digital platform for brands, facilitating standardized management and effective data asset accumulation, thus enhancing marketing efficiency and reducing trial-and-error costs [20][28]. Industry Chain and Process - The influencer marketing collaboration process involves six key steps, supported by SaaS platforms that provide extensive influencer data and facilitate the entire workflow from discovery to payment [28]. Vendor Types and Competitive Factors - The three types of SaaS vendors leverage industry understanding, data advantages, and platform resources to coexist and compete in the market [31][34].

Company Overview - Banzai International, Inc. is a leading marketing technology company that provides essential marketing and sales solutions, focusing on AI-enabled video engagement, production, and webinar solutions [1][5] - The company aims to help businesses of all sizes target, engage, and measure both new and existing customers more effectively [5] Leadership Appointment - Michael Kurtzman has been appointed as Chief Revenue Officer, effective June 16, 2025, to lead operations and customer-facing functions [1][4] - Kurtzman brings over 20 years of global experience in driving growth across startups, growth-stage ventures, and Fortune 50 companies, with a proven track record of expanding revenue from $10 million to over $100 million [2][3] Strategic Goals - The primary objective of Kurtzman's role is to increase revenue in the Video business unit to $50 million over the next three years [4] - Responsibilities include accelerating self-service subscriber growth, enterprise and mid-market expansion, and customer retention, while ensuring continuous evolution of product offerings [4] Product and Market Focus - Banzai's product suite includes Demio, CreateStudio, and OpenReel, which are designed to drive engagement, retention, and revenue [5] - The company serves a diverse range of customers, including notable names like Autodesk, Dell Technologies, and New York Life [5]

Group 1 - Freshworks Inc. (NASDAQ: FRSH) is identified as a potential value buy, possibly fitting into a Growth at a Reasonable Price (GARP) strategy [1] - There are questions regarding the company's growth levels and operating margins, indicating a need for deeper analysis despite no immediate red flags [1] - The analysis is conducted by a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing a focus on equity valuation and market trends [1] Group 2 - The analyst has a background as a former Vice President at Barclays, leading teams in model validation and stress testing, which contributes to a deep expertise in both fundamental and technical analysis [1] - The research is co-authored with a partner, combining complementary strengths to deliver high-quality, data-driven insights, with a focus on macroeconomic trends and corporate earnings [1]

中国跨境电商SaaS市场 丨行业报告 核心摘要： 新兴市场在电商用户增量与交易活跃度提升方面将继续承担全球电商增长的主要驱动 力 2020至2024年间，全球电商市场总体保持扩张趋势，年均复合增长率达9.8%，但不同地区呈现出 截然不同的增长动能。北美电商市场在高消费能力、高电商渗透率、线上零售基础设施和生态完善 的支持下，电商用户人均消费额持续上升，电商市场规模继续保持强劲增长。东南亚在社交电商与 移动互联网驱动下，成为全球电商增速最快的区域之一。其用户基数庞大、渗透率快速攀升，增长 潜力巨大。欧洲市场虽保持稳定扩张，但由于市场结构性分散，电商渗透有进入瓶颈的态势，且地 缘政治风险、通胀预期使得消费者趋于理性，电商市场规模增速显著放缓。整体来看，2020-2024 年全球电商增长重心由传统发达市场向新兴区域加速转移，新兴市场在电商用户增量与交易活跃度 提升方面将继续承担全球电商增长的主要驱动力。 2020至2024年间，全球经济逐步修复，呈现出名义GDP持续增长、商品出口贸易总额阶段性震荡后 趋稳的格局。2023年起全球商品出口贸易增速放缓、全球商品出口总额占GDP的比重不再显著上 升，反映出在制造成本上升 ...

Core Insights - Nuvini Group Limited is experiencing growth through strategic acquisitions and operational improvements, highlighted by the acquisition of Munddi, which enhances its B2B SaaS ecosystem in Latin America [1][2] - The company is focused on increasing operational efficiency and revenue growth through disciplined cost management and the implementation of AI initiatives [3][4] Acquisition Strategy - The acquisition of Munddi is part of a broader strategy involving four planned acquisitions this year, aimed at creating synergies and cross-selling opportunities within Nuvini's portfolio [2] - Nuvini has a strong M&A pipeline and anticipates further accretive acquisitions in the near future [2] Operational Performance - Nuvini reports continued strength in recurring revenues and disciplined cost management, with AI initiatives already reducing overhead by 8% [3] - The company expects further margin enhancement as its AI and shared services platforms scale [3] AI Initiatives - Nuvini is advancing its AI initiatives through the NuviniAI challenge, which has identified ten high-potential projects, with three expected to launch by the end of the year [4] - The implementation of AI-first products is planned for the third quarter, enhancing the company's service offerings [4] Leadership and Management - Gustavo Usero has been appointed as the new Group Operating Director, bringing experience in value creation and integration strategies to enhance operational excellence [5] - The focus of the new leadership includes strengthening budgeting discipline, expanding EBITDA margins, and implementing performance management frameworks [5] Company Overview - Nuvini is a leading acquirer of B2B SaaS companies in Latin America, focusing on profitable, high-growth businesses with strong recurring revenue [7] - The company's long-term vision is to create value through strategic partnerships and operational expertise [7]