文 | 谢强byron Manus被Meta闪电收购，几乎是在2025年底结束以前创造了这个行业最大的新闻。 很多业内的老炮儿今天都出来感叹两句，有祝贺的，也有酸的，还有咒骂的，我都看到了。 作为AI和SaaS行业的观察者，我从我的角度，再解读四个点。 第一，Manus被收购，算是新一代中国软件和SaaS、AI创业者们路径选择的样本。 如果只把Manus看成一家被并购的AI应用公司，那几乎什么都学不到；但如果把它放在2025年这个时间 点，与DeepSeek、与巨头的算力战争、与中国SaaS的整体困境放在一起看，它其实给了中国创业者一 个非常清晰、也非常残酷的答案：这一轮，决定生死的已经不是算法能力，而是产品被看见、被理解、 被使用的能力。 过去两年，中国创业圈被一个叙事强行统一了——算力、模型、算法、Infra。巨头下场、国家队入场、 资本集中火力，所有人都默认：只要不是搞基础模型的，就不算站在牌桌上。但Manus恰恰是反着来 的。它并没有在算法维度上和任何巨头硬碰硬，却在产品包装、叙事构建、营销传播上，精准地击中了 市场注意力。 如果说2025年春节期间DeepSeek的爆火是工程与产品力的胜利，那么Ma ...

Core Insights - The company reported a revenue of approximately 1.456 billion HKD for H1 2025, representing a year-on-year growth of 23.4% driven by synergies in North America and China, as well as efficiency improvements from AI technology [1] - Gross profit reached 643 million HKD, up 27.5% year-on-year, with a gross margin increase of 1.4 percentage points to 44.1% [1] - Adjusted net profit was 121 million HKD, reflecting an 88.1% year-on-year increase, primarily due to improved gross margins and the release of scale effects [1] Revenue Breakdown - Subscription services generated 610 million HKD in revenue for H1 2025, a year-on-year increase of 11.8%, accounting for approximately 41.9% of total revenue [1] - Monthly Recurring Revenue (MRR) from subscription services reached 108 million HKD, with a customer retention rate maintained at over 99% [1] - Value-added services achieved revenue of 846 million HKD, growing 33.3% year-on-year, making up about 58.1% of total revenue [1] Market Performance - The number of content clients increased from 241 at the end of 2024 to 249 in H1 2025, with two new platform clients added [1] - Revenue from North America and other regions reached 730 million HKD, up 26.7% year-on-year, driven by increased income from social media platforms like YouTube and Facebook [1] - Revenue from China was also 730 million HKD, reflecting a year-on-year growth of 20.1%, with rapid monetization of content overseas [1] Strategic Developments - The company is making progress with its DreamMaker and Vobile Max platforms, which are expected to impact future revenue and profits [2] - DreamMaker is a multi-modal integrated audio and video creation platform based on NVIDIA's Media ecosystem, featuring an automatic rights confirmation mechanism [2] - Vobile Max is in a limited open state, aimed at creators with substantial content quality, focusing on data capture and revenue aggregation [2] Financial Forecasts - The company maintains a revenue forecast of 2.99 billion HKD for 2025, with a slight upward revision for 2026 to 3.66 billion HKD, reflecting a 7% increase from previous estimates [2] - Net profit forecasts for 2025 and 2026 have been raised to 240 million HKD and 360 million HKD respectively, representing increases of 112% and 133% from prior predictions [2] - A new net profit forecast of 490 million HKD for 2027 has also been introduced [2]