全球贸易摩擦加剧、关税壁垒持续叠加的当下，北京外贸企业正以"创新"为核心破局密钥，主动拥抱贸 易新赛道——通过重构全球供应链、探索多元跨境融合模式，加速从"代工贴牌"的传统路径向"自主研 发+全球品牌"的高质量发展转型，在复杂变局中稳稳抢占发展先机。 "十五五"规划建议明确指引，"推动贸易创新发展，加快建设贸易强国"是这一时期的核心任务。这一部 署倒逼外贸发展必须跳出传统框架，向以"高科技赋能、高效能运转、高质量供给"为特征的新质态跃 迁，而北京作为全国科技创新中心与数字经济标杆城市，自然成为这场转型浪潮的核心策源地与实践高 地。 与此同时，内外贸一体化布局已成为北京外贸企业抵御市场风险、拓展增长空间的"稳定器"与"新引 擎"。新京报贝壳财经记者日前走访调研京东、值得买科技、抖音等本土数字经济龙头企业，以及北京 数字经济企业出海创新服务基地（下称出海基地），见证各方正充分激活北京在数字技术、内容生态、 供应链整合等领域的独特优势，通过技术赋能、生态搭建、资源对接等多元举措，为外贸企业转型铺路 搭桥、纾困解难，持续为北京内外贸高质量发展注入强劲且持久的新质动能。 值得买科技的探索体现了北京数字经济企业在跨境电商 ...

2025年，国家持续深化提振消费专项行动，通过《提振消费专项行动方案》释放政策红利。方案明确安 排3000亿元超长期特别国债支持消费品以旧换新，将补贴范围扩展至手机、平板等数码产品。国家统计 局数据显示，1-11月社会消费品零售总额同比增长4%至456067亿元；全国网上零售额144582亿元，同 比增长9.1%。其中，实物商品网上零售额118193亿元，增长5.7%，占社会消费品零售总额的比重为 25.9%。政策特别提出促进"人工智能+消费"融合，推动自动驾驶、智能穿戴等新技术应用，为消费市 场注入科技动能。 值得买紧抓政策机遇，其"全面AI战略"与国家政策导向深度契合。公司自主研发的"值得买消费大模 型"基于130亿参数基座与300G消费领域语料训练，通过"AIUC引擎"实现内容精准理解、"AIGC引擎"完 成高质量内容生成、"AGENT引擎"进行任务调度，构建起"1个大模型+2个数据库+3个引擎+4类应用"的 AI产品矩阵，实现从内容理解到决策辅助的全链路智能化。 可以肯定地说，依托十余年积累的10亿+商品数据与120亿+消费内容库，值得买构建起了AI技术落地的 坚实数据底座；与此同时，内部管理上，AI ...

Core Insights - Worth Buying Technology held an AI progress sharing conference on November 26, showcasing its latest AI developments and the new "Haina" ACP (Agent Commercial Protocol) [1] - The company aims to enhance consumer service capabilities in the AI ecosystem and has partnered with Weimeng and Alipay to integrate AI payment capabilities [1][4] - The "Haina" platform focuses on creating a seamless transaction process in AI e-commerce, establishing a complete closed loop from capability supply to transaction matching [1][4] Group 1: AI Achievements - In November, the "Haina" MCP Server partner count exceeded 40, with an output volume surpassing 100 million [2] - The AI shopping assistant "Zhang Dama" saw an 8-fold increase in active users and a 24% increase in average retention rate [2] - The core product "What Worth Buying" experienced a 4-fold increase in AIGC reading time compared to the same period last year [2] Group 2: AIGC Integration - AIGC capabilities have evolved from simple content generation to decision empowerment, enhancing content production efficiency and user experience [3] Group 3: "Haina" ACP Development - The "Haina" ACP is designed as a foundational technology standard for "dialogue-based shopping," connecting AI capabilities with commercial value [4] - The collaboration with Weimeng and Alipay aims to create a collaborative transaction closed loop involving AI agents, users, merchants, and payment platforms [4][5] - The "Haina" ACP will first be implemented in the "Zhang Dama" app, facilitating a seamless process from dialogue to payment [5] Group 4: Future Strategy - Worth Buying Technology plans to continue its "comprehensive AI" strategy, exploring new AI+ consumption scenarios, models, and products [5] - The company aims to enhance the efficiency and quality of connections between supply and demand, contributing to a better consumer experience [5]

Core Insights - Worth Buying Technology's CTO Wang Yunfeng announced significant advancements in AI, including over 40 partners for the "Haina" MCP Server and an output volume exceeding 1 billion in November [1] - The AI shopping assistant "Zhang Dama" saw an 8-fold increase in active users and a 24% increase in average retention compared to the previous month [1] - The core product "What Worth Buying" experienced a 4-fold increase in AIGC reading time compared to the same period last year [1] Company Developments - In October, Worth Buying Technology formed a strategic partnership with Weimeng to integrate its consumer data service capabilities with Weimeng's SaaS commercial operating system, aiming to create an AI e-commerce transaction closed loop in China [1] - The company plans to further collaborate with Alipay to explore AI payment services, establishing a collaborative transaction closed loop involving AI agents, users, merchants, and payment platforms [1] Technology and Infrastructure - The ACP (Dialogue Commerce Protocol) is introduced as a foundational technology standard that connects AI capabilities with commercial value, expected to create new opportunities in the AI era [1] - The "Haina" ACP will first be implemented in the "Zhang Dama" App, facilitating a seamless process from dialogue to recommendation, ordering, and payment, thereby creating a verifiable sample of AI e-commerce [1]

Core Viewpoint - The company "值得买科技" is undergoing a significant transformation towards AI-driven digital consumption services, leading to a revaluation of its market value, as evidenced by a strong stock performance on November 13, with a closing price of 40.44 yuan and a 20% increase in share price [3][15]. Company Overview - Founded in 2011, "值得买科技" has evolved from a personal blog into a leading digital consumption service group in China, aiming to enhance the connection efficiency between B-end (e-commerce platforms/brands) and C-end (consumers) [4][6]. Business Segments - The company has established three core business segments: 1. **Consumer Content**: Centered around the community "什么值得买," which shares high-quality products and services through various media formats [5]. 2. **Intelligent Marketing**: Provides full-link services and operational support for e-commerce platforms and brands through subsidiaries [5]. 3. **Consumer Data**: Develops a multi-dimensional data system from its business operations, offering data products and services [5]. Strategic Development Phases - **2010-2015**: The company began with the first shopping sharing article in 2010 and officially established in 2011 [6]. - **2016-2019**: Completed a shareholding reform and went public on the Shenzhen Stock Exchange in July 2019, becoming the first listed company in the consumer content community [7][8]. - **2020-Present**: Focused on strategic upgrades, emphasizing AI and digital transformation, with a commitment to AIGC as a key strategic project [9][10]. Financial Performance - In 2022, the company reported revenue of 1.228 billion yuan and a net profit of 84.89 million yuan. By 2023, revenue increased to 1.452 billion yuan, a growth of 18.17%, while net profit decreased to 74.78 million yuan, a decline of 11.92% [13]. - Projected revenue for 2024 is 1.518 billion yuan, with a slight increase in net profit to 75.24 million yuan [14]. - In the first half of 2025, revenue was 580 million yuan, a decline of 18.7%, but net profit increased by 65.7% to 12.69 million yuan, indicating improved operational quality [15]. Market Dynamics - The rise in AI-related interest, particularly driven by Alibaba's initiatives, has significantly influenced the company's market performance. The partnership with Alibaba enhances its promotional capabilities [17]. - The company reported AI-related revenue of 132 million yuan in the first three quarters of 2025, indicating a successful integration of AI into its business model [17]. - The performance during the Double 11 shopping festival showed strong growth in key product categories, with significant year-on-year increases [17]. AI Transformation - The "海纳"MCP Server has become a foundational infrastructure for consumption decision-making in the AI ecosystem, with content output exceeding 8.22 million times by June 2025, reflecting an 81.73% increase [18][19]. - The company is positioned to lead in the new generation of consumer decision-making channels as AI applications become more prevalent, leveraging its extensive database and AI technology [19].

Core Insights - The "Double 11" shopping festival has shown significant results for Zhidingmai Technology's "comprehensive AI" strategy, with notable improvements in AIGC content production and marketing services [1][2] Group 1: AIGC Content Production - The AIGC content release volume for the consumer-facing product "What is Worth Buying" increased by 99.69% compared to the previous period [1] - The time for original content review was reduced by 96.03% [1] - The platform's AIGC content release volume nearly doubled during the promotional period, indicating a leap in content production efficiency [1] Group 2: Consumer Intelligence Product "Zhang Dama" - The new generation consumer intelligence product "Zhang Dama" achieved a 35.5% increase in daily active users (DAU) compared to the previous period [2] - The product features upgrades such as "one-click price protection," "automatic logistics tracking," and voice command operations for wish lists, simplifying user interactions [2] - The optimization of system performance and homepage redesign improved the product's ability to parse complex semantics and match user profiles [2] Group 3: Financial Performance and Future Outlook - In the third quarter financial report, Zhidingmai Technology disclosed AI-related revenue for the first time, amounting to 32.29 million yuan for the first three quarters of 2025 [2] - The CTO emphasized the deepening exploration of "AI + consumption" under the "comprehensive AI" strategy, noting the progress made in AI technology and its integration into consumer scenarios [2] - The company aims to continuously expand new scenarios, create new products, and innovate new services in line with AI development trends [2]

Core Insights - The company has made significant investments in AI, which have positively impacted its financial performance, with a gross margin of 49.52% in the first three quarters of the year, an increase of 3.36 percentage points compared to the same period in 2024 [1] - AI-related business generated revenue of 32.29 million yuan, while sales and management expenses decreased by 20.08% and 14.50% year-on-year, indicating AI's effectiveness in improving quality and controlling costs [1] Group 1 - The company is committed to a "comprehensive AI" strategy, aiming to explore new scenarios, models, and products in the "AI + consumption" space, and to deeply integrate AI technology with business scenarios [1] - The core product, "What Worth Buying," has undergone an AI technology upgrade under the "comprehensive AI" strategy, transforming into an "AI-driven all-network interest consumption guide" [1] - The platform utilizes AI to achieve precise matching of online content and user interests, providing neutral and efficient support for consumer decision-making, thereby enhancing decision quality and experience efficiency [1] Group 2 - Specific product enhancements include homepage upgrades and the "Interest Square" feature, which further explore the combination of user interests and AI value [2] - The homepage now intelligently matches content and price information based on user interests, optimizing browsing logic and interaction experience [2] - Despite challenges such as data bias and trust issues in AI-generated content, the company is focused on overcoming these problems and continuously upgrading its AI capabilities to enhance the interest content ecosystem [2]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 805.99 million yuan and net profit of 13.44 million yuan, marking a year-on-year growth of 253.49% [1] - For the first time, the company disclosed its "AI-related revenue," which amounted to 32.29 million yuan, generated from AI products and services [1] Group 1 - The company has successfully transformed its core product "What Worth Buying" into its second generation, enhancing the efficiency of its smart marketing business [2] - The launch of new AI-native products and services, including the "Zhang Dama" app and the "Haina" MCP Server, has created a complete AI e-commerce experience for users [2] - The rapid growth of AI-related business is evidenced by a 47.19% increase in the number of tokens consumed from third-party large model APIs, reaching 10.83 billion in September 2025 [2] Group 2 - The company achieved a reduction in sales and management expenses by 20.08% and 14.50% respectively, while its overall gross margin improved by 3.36 percentage points to 49.52% [3] - The company plans to continue its "comprehensive AI" strategy, increasing investment in AI technology and product development to expand its "AI + consumption" ecosystem [3] - The focus will be on accelerating the application of AI in retail and brand sectors, exploring new forms of consumer applications driven by AI [3]

Core Insights - The company "Zhidingmai" focuses on natural growth through word-of-mouth for its products like "What Worth Buying" and "Zhang Dama" while also utilizing targeted advertising to enhance brand influence and user coverage [1] Group 1: Company Overview - "Zhidingmai" was established in November 2011 in Beijing and has 43 subsidiaries as of June 2025 [1] - The company is a digital consumer service group driven by AI and content, advancing its business through a "comprehensive AI" strategy that integrates consumer content, smart marketing, and consumer data [1] Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 582 million yuan, a year-on-year decrease of 18.70%, while the net profit attributable to shareholders was 13 million yuan, an increase of 65.75% year-on-year [1] Group 3: Product Development - The "Zhang Dama" app, launched in September 2025, is positioned as an AI shopping assistant, focusing on enhancing product functionality and user experience [1] - The new version of "What Worth Buying," launched in May 2025, fully integrates AI technology to reshape the content production, review, and distribution processes, aiming for user growth and community engagement [2] Group 4: User Engagement and Performance Metrics - The AI shopping assistant "Zhang Dama" was tested as an independent app, featuring smart shopping guidance, price comparison, and fulfillment assurance, facilitating seamless consumer experiences [2] - During the 2025 618 shopping festival, the order conversion rate through the AI shopping assistant increased by 162.6% year-on-year [2]

Core Insights - The official version of the AI shopping assistant "Zhang Dama" developed by Beijing Zhi De Mai Technology Co., Ltd. has been launched, following the beta version released in May and a complete upgrade in September [1] - "Zhang Dama" aims to integrate AI technology with consumer content, exploring new business scenarios including local life services while consolidating its core business "What Worth Buying" [1][2] Product Features - Compared to "What Worth Buying," "Zhang Dama" transitions from "assisted decision-making" to "autonomous execution," featuring enhanced perception, reasoning, and execution capabilities [2] - The app can perform tasks across various consumption scenarios, including price protection, logistics tracking, low-price monitoring, and flight booking [2] Strategic Positioning - The company plans to maintain the original style of "What Worth Buying" while "Zhang Dama" will focus on execution functions, providing a complete service loop from decision-making to fulfillment [2] - The primary application scenarios for "Zhang Dama" will be direct e-commerce shopping, local life services, and smart travel, with partnerships already established with third-party travel platforms [2] Commercialization Strategy - Currently, "Zhang Dama" aims to enhance user experience and expand application scenarios, with a long-term goal of establishing a membership subscription model for sustainable profitability [3] - The company has ruled out commercial paths that involve algorithmic interference in user decision-making or hard marketing content to maintain the product's integrity [3]