11月26日，工信部、国家发改委等六部门联合印发《关于增强消费品供需适配性进一步促进消费的实施 方案》，明确以消费升级引领产业升级，构建"用户需求—智能设计—柔性生产"全链条数字化体系。恰 逢政策东风下，AI零售解决方案领军企业多点数智(02586)宣布已于11月24日、26日先后斥资289.95万港 元、141.62万港元，累计回购59万股股份，向市场传递对自身价值与行业前景的坚定信心。 据多点数智11月19日发布的公告显示，公司董事会已获股东授权回购不超过总股本10%的股份，回购资 金全部来自自有资金，不涉及上市募集资金。财务数据显示，截至2025年10月31日，公司现金及现金等 价物结余达人民币9.27亿元，经营性现金流持续向好，为股份回购提供了坚实的财务支撑。董事会表 示，当前公司市值已低于内在价值，此次回购旨在有效维护公司价值及全体股东权益，彰显对长期发展 的信心。 招商证券研报指出，当前中国及亚洲零售行业数字化率仍相对较低，商家对精益化运营的需求正逐步提 升。多点数智作为中国市占率第一的零售云及数字化解决方案提供商，依托物美、胖东来等优质客户资 源，在巩固本地市场的同时加速海外布局，并深度挖掘AI ...

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 ...