详细要点如下 1、增长看似提速，但更多只是汇率利好：增长端，核心业务--订阅性收入本季同比增长10.6%，较上季的8.3%有一定提速，小幅跑超市场预期1pct。 9月4日早美股盘后，SaaS龙头Salesforce公布2026财年2季度财报。当季业绩表现相对平稳（或者说平淡）。 增长并无明显提速迹象，但靠优秀控费仍挤出小超预期的利润。但不改变核心问题，且对下季度指引也不亮眼，整体观感还是偏弱。 背后一方面是核心订阅业务因汇率利好和规模效应的小幅提升，另外服务业务的毛亏损的从上季的异常高点回落常态也有贡献。 但主要是汇率转向顺风的利好，过去四个季度，恒定汇率下订阅收入的增速实际一直在9%左右，增速波动大部分只是因汇率的影响。（因不公布小数， 较小的差异会被抹去）。 因此，本季实际毛利润额近80亿，同比增长11.6%，较收入增速有所放大。 2、传统业务熟透，必须向AI寻增长：细分5大云各自的表现，本季受益于汇率利好，增速全部有1%~3%的环比走高。结构上，传统的IT支出--销售、客服 和营销三大板块增长依旧仅个位数，近乎熟透的传统业务难有多少亮点。 5、优秀控费继续挤利润：本季Salesforce全部经营费用支出 ...

从腾讯T4技术专家到创业屡屡受挫，再到抓住知识付费风口一跃成为行业头部——鲍春健带领小鹅通走过了 九年跌宕起伏的创业历程。如今，这家以"私域运营解决方案"为核心业务的SaaS平台，终于正式向资本市场 发起冲刺。 根据灼识咨询的研究，中国交互型私域运营解决方案市场预计将从2024年的52亿元增长至2029年的138亿 元，年复合增速达21.6%。如果渗透率充分释放，潜在市场规模甚至可达1813亿元。 高速成长背后的转型与突破 近几年，小鹅通业绩快速增长：2024年营收突破5亿元，经调整净利润达6600万元，关键客户超过1800家， 净收入留存率持续保持在115%以上。2025年上半年，公司营收同比增长26.4%，达到3.06亿元，显示出强劲 的增长动能。 然而，快速扩张的同时，平台也面临隐忧：市场竞争激烈、合规压力加大，对腾讯生态的依赖度过高等问题 逐渐浮现。如何在机遇与挑战中找到平衡，将成为小鹅通IPO成败的关键。 事实上，类似的故事在港股市场并不少见。例如一些科技、能源和化工企业在业务扩张中同样遭遇过政策与 市场双重考验。像未来世界控股（00572.hk）曾在多元化业务转型中探索出不同路径，中油燃气集团 （ ...

👀 Spending your Labor Day scrolling for a new gig?Messari’s hiring a Head of Marketing.We need someone who can:⚡ Drive B2B SaaS growth⚡ Make APIs irresistible to devs and enterprise buyers⚡ Bring serious demand-gen chops (and be crypto native, of course)If that sounds like you (or someone you know), apply here 👇 or DM @CortFreshhttps://t.co/zxSsg9YYAbCortney (@CortFresh):We’re looking for a Head of Marketing to lead our marketing strategy, expand our reach, and accelerate our growth. US-based, remote role. ...

前言 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ 一、AI Agent商业化浪潮已至，526亿美元赛道开启！海外已验证营收转化，机构点名这4类SaaS 厂商将成最大赢家； 二、白银+黄金双轮驱动兑现高增长，62.64%毛利率领跑行业，分析师白银龙头"隐形库存"价值重 估。 点击付费阅读，解锁市场最强音，把握投资机会！ ...

两次试飞失败后，星舰完成第十次试飞；京东美团进入"硬折扣"赛道。 电商成小红书一级入口 8月26日，小红书宣布大动作：电商成为一级入口，将"市集"放入小红书App主界面，同时面向商家发 布"百万免佣计划"。此前小红书首页没有直接进入电商交易的入口。小红书交易市场负责人来克提到， 在小红书购物的用户数正在快速上升，这个时间点，小红书希望用"市集"作为一级入口，在一个稳定、 中心化的购买场域，提升用户的购买心智。媒体交流会上公布的数据显示，小红书3.5亿的月活用户 中，50%是95后，也有50%是一二线城市的用户。其中，在小红书电商有购买行为的用户70%都是95 后。 点评："All in"电商两年多后，在外界看来，小红书对电商的投入程度在进一步提升。这两年小红书电 商风格逐渐清晰，随着生态逐渐搭建起来，平台的竞争也在越来越激烈，有商家提到更卷了，不再有免 费流量。不过，对小红书来说，"收成"也许更容易了。 两次试飞失败后，星舰完成第十次试飞 北京时间8月27日早间，星舰在得克萨斯州实施第十次试飞。在发射约一个小时之后，星舰的超重型助 推器在墨西哥湾完成溅落，SpaceX确认第十次试飞完成。而在此之前，星舰因为天 ...

Core Viewpoint - The company achieved its first quarterly U.S. GAAP profit in Q2 2025, marking a significant milestone in its profitability journey, supported by strong cash flow and robust growth in overseas business [1][4][17]. Financial Performance - Total revenue reached 89.9 million RMB, reflecting a significant year-on-year growth of 13% and positioning within the high range of previous performance guidance [2][8]. - Gross profit amounted to 59.6 million RMB, also showing a year-on-year increase of 13%, with a gross margin of 66.4%, indicating strong profitability [11][12]. - Operating cash flow net inflow was 7.94 million RMB, demonstrating high-quality earnings and financial stability [14]. Business Segments - Developer services generated 64.4 million RMB, accounting for 72% of total revenue, with subscription service revenue growing by 12% year-on-year [8][9]. - The financial risk control business saw a robust year-on-year growth of 27%, becoming a key driver for the industry application segment [3][9]. - Industry application revenue reached 25.5 million RMB, with a 10% year-on-year increase, supported by strong performance in the financial sector [9]. Key Products and Innovations - EngageLab achieved a 67% year-on-year revenue increase, with a customer base expansion of 210 new clients in Q2, totaling 1,058 clients [5][6]. - GPTBots.ai continued to gain market recognition, receiving four prestigious certifications and showcasing its innovations at major industry events [7][5]. Customer Retention and Growth Strategy - The developer subscription service revenue retention rate reached 99%, indicating effective customer relationship management and value extraction from existing clients [15][16]. - The company is focused on maintaining a lean operational cost structure, with total operating expenses at 60.8 million RMB, supporting sustained profitability [13].

同期，同样做SaaS的港股老大哥微盟，营收分别为18.39亿、22.28亿、13.39亿。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民警元 | 教益百分比 | 人民幣元 | 收益百分比 | 人民幣元 | 收益百分比 | 人民幣元 | 收益百分比 | 人民幣元 | 收益百分比 | | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | | | | (未經書夜) | | | | | 收益 | 298,999 | 100.0 | 415,106 | 100.0 | 520,808 | 100.0 | 241,934 | 100.0 | 305,597 | 100.0 | | 销售成本 | (136,751) | (45.7) | (115,052) | (27.7) | ...

Core Insights - The company has launched an enterprise-level intelligent agent matrix, indicating a strategic shift towards AI-driven solutions [1] - The CEO highlighted that the traditional SaaS business model faces challenges in China, but the intelligent agent represents a significant opportunity for industry transformation [1] Financial Performance - In the first half of 2025, the company achieved revenue of 347.6 million yuan, reflecting a year-on-year growth of 23.5% [1] - The gross margin improved to 46.6%, showcasing enhanced profitability [1] - AI-related business revenue surpassed 60.86 million yuan for the first time, accounting for 17.5% of total revenue, contributing to an overall profit of 3.6 million yuan [1]

Group 1 - The core viewpoint of the article highlights the successful commercialization of AI within Weimob's SaaS framework, marking a significant milestone in its business transformation [2][11][19] - Weimob reported AI-related revenue of approximately 34 million RMB in the first half of 2025, primarily from its AI tool matrix, indicating a successful application in e-commerce [2][11] - The company's subscription solution revenue increased by 1.38% to 438 million RMB, reflecting a stabilization and recovery phase [2][11] Group 2 - Weimob achieved a significant turnaround by reporting a net profit of 17 million RMB in the first half of 2025, a 109% year-on-year improvement, marking its first profit since 2021 [9][11] - The adjusted revenue rose by 7.8% year-on-year to 775 million RMB, demonstrating improved operational efficiency despite macroeconomic challenges [9][11] - The gross margin increased from 66.4% to 75.1%, a notable rise of nearly 9 percentage points, indicating enhanced profitability [9][11] Group 3 - Weimob's smart retail segment saw a 13.4% year-on-year growth in GMV, with significant increases in the number of high-value accounts [10][11] - The company has established a strong presence in major retail sectors, capturing 48% of the top fashion retail companies in China [10][11] - The integration of AI capabilities into core business areas has effectively increased customer engagement and created new revenue streams [11][19] Group 4 - Weimob is actively exploring growth opportunities within the WeChat ecosystem, having launched solutions that enhance the integration of WeChat mini-programs and stores [13][14] - The company has reported a 100% monthly growth rate in GMV for newly bound WeChat store merchants, indicating strong market traction [13][14] - Weimob's strategy includes diversifying its ecosystem partnerships beyond WeChat, with plans to integrate with platforms like Douyin [14][19] Group 5 - The SaaS industry is undergoing profound changes due to AI technology, with companies like Weimob evolving from traditional service providers to intelligent product companies [15][19] - The market sentiment towards Weimob's mid-2025 report is positive, with institutional investors showing confidence in its growth potential [17][19] - The successful transformation of Weimob serves as a valuable reference for domestic tech companies navigating the new economic cycle [19]

Core Viewpoint - The company, Weimob, has shown significant improvement in its fundamentals, achieving profitability for the first time since 2021, which has led to a revaluation of its stock price and positive market sentiment [1][15][16]. Financial Performance - Weimob reported a revenue of 775 million RMB for the first half of 2025, with an adjusted revenue increase of 7.8% year-on-year when accounting for changes in merchant solution rebate rates [1][12]. - The adjusted net profit reached 17 million RMB, marking a substantial improvement of 109% year-on-year, indicating a turnaround from losses [1][15]. - The gross profit margin improved significantly to 75.2%, up over 15 percentage points from the previous year, driven by a strategic adjustment in customer structure [12][13]. AI Commercialization - The company disclosed that AI commercialization revenue reached 34 million RMB, accounting for nearly 5% of total revenue, reflecting the initial success of its AI initiatives [2][5]. - Weimob has established four key directions for AI development, including AI+SaaS and AI+Marketing, and has launched several intelligent solutions to enhance operational efficiency for merchants [4][5]. Market Position and Strategy - Weimob has been proactive in adapting to new market trends, such as the launch of Tencent's "WeChat Store" and the rapid growth of cross-border e-commerce, positioning itself as a leading service provider in the retail SaaS industry [6][7]. - The company has successfully integrated its services across multiple platforms, enhancing its operational capabilities and customer engagement [8][10]. Customer Base and Growth - The average revenue per paid merchant for subscription solutions increased by 4.5% to 7,402 RMB, indicating a focus on high-value clients and improved operational efficiency [10][11]. - The number of paid merchants for merchant solutions grew by 1.5% to 39,281, with a strategic shift away from low-margin clients to enhance profitability [11][12]. Future Outlook - Analysts predict continued growth in Weimob's adjusted net profit, with estimates of 50 million RMB, 130 million RMB, and 240 million RMB for 2025 to 2027, respectively, suggesting a positive trajectory for the company's financial performance [16][17]. - The current market valuation of Weimob is at a historical low, with a price-to-sales ratio of approximately 4.8 times for 2025, indicating potential for valuation recovery [16][17].