另一方面，公司持续回购动作彰显发展信心。自2025年12月3日起，多点数智已连续25日实施回购，累计回购1313.07万股，回购金额达9139.43万港元。综合 来看，AI战略升级的明确布局、港股AI板块的东风加持，叠加公司密集回购的信心传递，多重利好共振推动股价持续走强。 消息面上，多重利好为股价提供支撑。一方面，受智谱、MINIMAX上市带动，同花顺港股人工智能板块当日大涨4.17%，多点数智作为以AI驱动的零售数 智化服务商，近日明确了"All in AI"的核心方向，发布了数智零售操作系统Dmall OS 3.X，该系统融合胖东来、步步高、比优特等头部企业经验，包含十大 AI应用，助力零售企业加速迈进AI时代。 多点数智联合创始人兼总裁张峰近期表示，"过去十年，我们从数字化探索者成长为行业共建者，致力于让AI技术变得实用、易用，真正降低使用门槛，让 更多企业，无论规模大小，都能享受到AI带来的便捷。" 1月12日，多点数智（HK.2586）股价表现强势，盘中大涨近17%，报收8.89港元/股，对应市值83.34亿港元。据悉，该股自2025年12月初开启连续上涨行 情，区间最大涨幅超40%。 ...

Group 1 - The core viewpoint of the news is that the Chinese government is promoting consumption upgrades to drive industrial upgrades, which aligns with the strategic direction of the company, Multi-Point Intelligence [1] - Multi-Point Intelligence has recently repurchased a total of 590,000 shares, investing approximately HKD 431.57 million, signaling confidence in its value and industry prospects [1] - The company has received authorization from shareholders to repurchase up to 10% of its total shares, with funding sourced entirely from its own capital [1] Group 2 - Multi-Point Intelligence is a key player in retail digital transformation, leveraging AI as a core driver to innovate and optimize its product matrix [2] - The company has established partnerships with 438 leading retail clients both domestically and internationally by the first half of 2025, enhancing its market influence [2] - The recent government policy aligns with the company's strengths in supply chain management and integrated online-offline operations, creating a favorable environment for its digital transformation services [2] Group 3 - According to a report from招商证券, the digitalization rate in the retail industry in China and Asia is relatively low, indicating a growing demand for lean operations [3] - Multi-Point Intelligence, as the leading provider of retail cloud and digital solutions in China, is well-positioned to capitalize on the significant growth potential in the market [3] - The company is rated as "overweight" due to its strong customer base and ongoing expansion into overseas markets [3]

Core Viewpoint - The company has successfully transformed its retail system services for clients like Pang Donglai, integrating AI applications into operational processes, thereby becoming a key player benefiting from the digital upgrade in the retail industry. The increase in related transaction limits and share buyback reflects the ongoing success of its transformation efforts. Expected net profits for 2025-2027 are projected at 154 million, 304 million, and 464 million yuan, representing year-on-year growth of 107.03%, 96.93%, and 52.65% respectively, with corresponding PE ratios of 44, 23, and 15, maintaining a "buy" rating [1][2]. Event Summary - The company announced a revision to the annual upper limit of related transactions with Wumart, increasing it by 5% for 2025 and 25% for 2026. The company also approved a share buyback of up to 10% of its total shares, with the buyback period extending until the annual shareholders' meeting in 2026 [1]. - In 2024, the related transaction amount with Wumart was 1.034 billion yuan, with 1.079 billion yuan recorded from January to October 2025 (a 13% year-on-year increase for the first nine months). The planned increase in the annual limit indicates the effectiveness of the company's transformation services [1]. Performance Review - The first Wumart AI upgraded store in Beijing saw a 70% year-on-year increase in transaction volume in October 2025. Other Wumart and Metro stores are also actively undergoing transformation, suggesting that the increase in related transaction limits will lead to gradually visible service revenue [1]. - The company had 927 million yuan in cash as of October 2025 and plans to use its own funds for the share buyback, which may be used for cancellation, sale, or transfer [2]. - The company has become the largest provider of retail digital solutions in China after ten years of development, integrating Pang Donglai's transformation concepts with AI technology [2]. Financial Projections - The updated revenue projections for 2025-2027 are 2.167 billion, 2.570 billion, and 3.006 billion yuan, with year-on-year growth rates of 16.55%, 18.60%, and 16.97%. Net profits are expected to be 154 million, 304 million, and 464 million yuan, with corresponding PE ratios of 44, 23, and 15, maintaining a "buy" rating [2].

Core Viewpoint - The company reported a revenue of 1.078 billion yuan for the first half of 2025, reflecting a year-on-year growth of 14.8%, although the growth rate has slowed compared to 2024 [1][2] Revenue Performance - AI retail solutions generated revenue of 490 million yuan, up 16.2% year-on-year, while AI retail value-added services brought in 590 million yuan, increasing by 15.0% year-on-year [1] - The revenue growth rate for AI value-added services significantly decreased due to a drop in labor outsourcing income and costs, but the gross margin improved to 13.7% from 9.0% in the previous year [1][2] Profitability - The company achieved a net profit of 62.174 million yuan, marking a turnaround from losses, with adjusted profit from continuing operations at 77.012 million yuan, a 152.5% increase year-on-year [2] - The net profit margin improved due to a reduction in R&D and administrative expense ratios, with R&D expense ratio at 17.6%, down 4.1 percentage points, and administrative expense ratio at 12.9%, down 1.3 percentage points [2] Strategic Initiatives - The company is expanding domestic and international collaborations, partnering with notable clients like Pang Donglai and Shanghai Sugar and Wine Group, which is expected to enhance operational efficiency and customer acquisition [2] - The implementation of AI productivity tools has led to significant cost reductions and efficiency improvements, contributing to the company's profitability [2] Future Outlook - The company maintains revenue forecasts of 2.17 billion yuan, 2.54 billion yuan, and 2.96 billion yuan for 2025-2027, respectively, while net profit forecasts have been adjusted upwards to 130 million yuan, 280 million yuan, and 420 million yuan for the same period [3] - The current price-to-sales ratios are projected at 4.4x, 3.7x, and 3.2x for 2025-2027, with a "buy" rating maintained [3]

中国最大的零售数字化解决方案服务商。 本文为IPO早知道原创 作者｜Stone Jin 多点正式成为一家公众公司后，品牌知名度和信任度将显著提升，这意味着我们 将拥有更多的机遇，同时也会迎来更多挑战。 我们要更加公开透明，要以更高的标准去服务合作伙伴，对于我们而言，就要站在更高的维度去思考 并攻坚克难。 微信公众号｜ipozaozhidao 据IPO早知道消息，Dmall Inc.（多点数智有限公司，以下简称"多点"）于2024年12月6日正式 以"2586"为股票代码在港交所主板挂牌上市。 截至11:00，多点报于每股17.7港元，市值约157亿港元。 成立于2015年的多点主要为本地零售业的零售商提供零售数字化解决方案，业务覆盖中国大陆、香 港特别行政区、柬埔寨、新加坡、马来西亚、澳门特别行政 区、印尼、菲律宾及汶莱等国家或地 区。 2021年至2023年、以及今年上半年，多点已分别为236名、436名、533名以及444名客户提供服 务。 根据弗若斯特沙利文的资料， 按2 023 年收入计算 ， 多点 是中国最大的零售数字化解决方案服务 商，市场份额为6.5% ；同时也是 亚洲第三大零售数字化解决方案服 ...