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]

Core Insights - Beijing Zhi De Mai Technology Co., Ltd. (referred to as "Zhi De Mai") reported a revenue of 582 million yuan and a net profit attributable to shareholders of 12.69 million yuan for the first half of 2025, marking a year-on-year increase of 65.75% [1] - The overall gross margin improved by 2.23 percentage points to 49.20% compared to the same period in 2024, with sales and management expenses decreasing by 19.46% and 17.03% respectively, indicating ongoing optimization of business structure and operational efficiency [1] - Zhi De Mai is leveraging AI technology to upgrade its core product "What is Worth Buying" and is actively building an AI ecosystem through collaborations with various large model platforms and intelligent terminal developers [1] Business Performance - The content output of "What is Worth Buying" reached 21.88 million articles in the first half of 2025, a year-on-year increase of 30.98%, with an average monthly active user count of 38.27 million, up 1.26% [2] - The confirmed GMV for "What is Worth Buying" was 8.784 billion yuan, with a total order volume of approximately 88.72 million orders [2] - In June 2025, the average monthly consumption of tokens for third-party large model API calls was 73.634 billion, representing an 84.10% increase compared to December 2024 [2] AI Strategy and Infrastructure - Zhi De Mai upgraded its "AI Division" to "AI Application Research Institute" to enhance its AI strategy, focusing on a product matrix consisting of one group of large models, two databases, three engines, and four application types [2] - The "Hai Na" MCP Server, a standardized consumption data service platform, was launched to provide enhanced capabilities for various applications within the AI ecosystem [2][3] - By June 2025, the "Hai Na" MCP Server had output over 8.22 million times, with a month-on-month growth of 81.73%, and further increased to 13 million outputs in July, adding over 30 new partners [3] Future Outlook - Zhi De Mai plans to continue focusing on "AI" and "comprehensive efficiency improvement" as its annual strategic guidelines, aiming to deepen the integration of AI technology with business operations and enhance market competitiveness [3]

Group 1 - The core viewpoint of the article highlights that ZhiDeMai Technology has been recognized for its commitment to ESG principles, winning the "Innovation Pioneer Award" for integrating AI technology into its ESG practices [1][3] - The second edition of the "ESG Model Enterprise Selection" initiated by Observer Network aims to explore a path of ESG practice with Chinese characteristics, emphasizing high-quality development [3] - ZhiDeMai Technology's 2024 Sustainable Development Report outlines its goal to build a harmonious ecosystem with various stakeholders, leveraging AI as a key driver of its sustainable development strategy [3][4] Group 2 - ZhiDeMai Technology is rapidly integrating AI technology across various business scenarios, creating a comprehensive AI product matrix that enhances its core product "What is Worth Buying" [4] - The company is developing an AI-driven consumer ecosystem that supports its social responsibility initiatives and promotes green consumption and living [4] - The widespread application of AI tools in management operations has significantly improved operational efficiency and governance within the company [4] Group 3 - Looking ahead, ZhiDeMai Technology plans to further embed ESG principles into its strategic planning and operations, utilizing AI technology to support sustainable economic, social, and environmental development [5]

Group 1 - The company reported a revenue of 581.98 million yuan and a net profit attributable to shareholders of 12.69 million yuan, representing a year-on-year growth of 65.75% [2] - The company has completed a strategic upgrade of its core product "What Worth Buying" based on AI technology and is actively building an AI ecosystem through collaborations with various large model platforms, Agent products, and smart terminals [2] - The launch of new AI products aimed at end-users, such as the upgraded "What Worth Buying" and the AI shopping assistant "Zhang Dama," is expected to help the company establish a new traffic system for the AI era [2] Group 2 - The company plans to continue focusing on "AI" and "comprehensive efficiency improvement" as its annual strategic guidelines, aiming to deepen the integration of AI technology with its business and enhance internal management and operational efficiency [3] - The company is committed to exploring new scenarios, models, and products in the "AI + consumption" space while rapidly improving the intelligence level of its business and management processes [2][3] - The goal is to strengthen and reshape the market competitiveness of key businesses, striving for high-quality growth driven by AI [3]

Core Insights - The company reported a revenue of 580 million yuan for the first half of 2025, representing a year-on-year decline of 18.7% [1] - The net profit attributable to shareholders increased to 12.69 million yuan, showing a significant growth of 65.75% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.0658 billion yuan, which is a decrease of 11.06% compared to the previous year [1] Business Performance - The core business "What Worth Buying" had an average monthly active user count of 38.2682 million, reflecting a year-on-year growth of 1.26% [1] - The content published during the reporting period reached 20.2188 million articles, marking a year-on-year increase of 30.98% [1] Revenue Breakdown - Revenue from e-commerce clients and brand clients faced pressure, decreasing by 8.97% and 24.88% respectively [1] - Total revenue from internet marketing declined by 18.7% year-on-year [1] Cost Management - The company significantly reduced sales, management, and financial expenses, with a year-on-year decrease exceeding 10% [1]

Core Insights - The company achieved a revenue of 581.98 million yuan and a net profit of 12.69 million yuan for the first half of 2025, marking a year-on-year profit growth of 65.75% [1] - The overall gross margin improved by 2.23 percentage points to 49.20% compared to the same period in 2024, while sales and management expenses decreased by 19.46% and 17.03% respectively [1] - The core product "What Worth Buying" showed robust performance with a content release volume of 21.88 million articles, a year-on-year increase of 30.98%, and an average monthly active user count of 38.27 million, up 1.26% [1] AI Strategy and Development - The company has upgraded its "AI Division" to "AI Application Research Institute" to enhance its comprehensive AI strategy, focusing on a product matrix consisting of "1 large model, 2 databases, 3 engines, and 4 application types" [2] - The monthly average consumption of tokens for third-party large model APIs reached 73.63 billion in June 2025, representing an 84.10% increase compared to December 2024 [2] - The integration of AI applications in personal, enterprise, and industrial levels is expected to create new opportunities in the consumer sector, with the company focusing on the deep integration of AI technology across its three main business areas: consumer content, smart marketing, and consumer data [2]

Core Insights - The company achieved a revenue of 582 million yuan and a net profit of 12.69 million yuan in the first half of 2025, marking a year-on-year growth of 65.75% [1] - The overall gross margin improved by 2.23 percentage points to 49.20% compared to the same period in 2024, with sales and management expenses decreasing by 19.46% and 17.03% respectively [1] - The company is focusing on the integration of AI technology into its business model, particularly in the areas of consumer content, smart marketing, and consumer data [1] Financial Performance - Revenue for the first half of 2025 was 582 million yuan, with a net profit of 12.69 million yuan, reflecting a 65.75% increase year-on-year [1] - The gross margin for the period was 49.20%, up from the previous year, indicating improved operational efficiency [1] - Sales and management expenses were reduced by 19.46% and 17.03% respectively, contributing to the overall profitability [1] AI Strategy and Development - The company upgraded its "AI Division" to "AI Application Research Institute" to enhance its AI strategy, focusing on a product matrix consisting of one large model, two databases, three engines, and four application types [2] - The monthly usage of third-party large model APIs increased by 84.10% to 73.634 billion tokens in June 2025 compared to December 2024 [2] - AIGC content accounted for 52.51% of the total content published, with a year-on-year increase of 73.63% [2] Content and User Engagement - The platform "What Worth Buying" published 20.2188 million pieces of content in the first half of 2025, a 30.98% increase year-on-year [1][2] - The average monthly active user count reached 38.2682 million, showing a 1.26% growth compared to the previous year [1] - The confirmed GMV for the platform was 8.784 billion yuan, with a total order volume of 88.7202 million orders [1] New Initiatives - The company launched the "Haina" MCP Server, a standardized consumer data service capability platform, which saw content output exceed 8.22 million times in June 2025, a growth of 81.73% [2] - In July, the output further increased to 13 million, and over 30 new partners were added [2]

Core Insights - The consumption platform "What Worth Buying" has reported a significant increase in consumer decision-making efficiency driven by AI, leading to growth in consumption during the "618" shopping festival [2] - The company launched multiple AI products, including the AI engine "Fire Eye" AIUC engine, user-facing AI products "What Worth Buying" GEN2, shopping agent "Zhang Dama," and the foundational AI infrastructure product "Haina" MCP Server [2] - The AIUC engine has enhanced product selling points, risk warnings, and purchase suggestions, with a 15-fold increase in AIUC label recognition and a reduction in content review time to one-eighth of last year's duration [2] Company Developments - The "Haina" MCP Server has gained industry attention for its integration of data and content advantages in the consumer sector, offering unique value in richness, real-time capabilities, and neutrality [3] - The "Haina" MCP Server has been made available to various partners, including large models and intelligent terminal applications, facilitating extensive adaptation for AI applications [3] - In June, the overall content and product output from the "Haina" MCP Server exceeded 8 million, marking a nearly 80% increase compared to May [3]

Core Insights - The core business of the company, "What Worth Buying," has facilitated 42 brands to achieve over 10 million GMV (Gross Merchandise Volume) during the 618 shopping festival, with content publication volume increasing by 17.28% year-on-year [1] - The 618 shopping festival this year, which started on May 13, is the longest in history, focusing on long-term operations and easing shopping pressure, reflecting a shift towards quality and interest-driven consumption [1][2] Group 1: Sales Performance - The top five GMV categories on the "What Worth Buying" platform during the 618 period were mobile communication, home appliances, computer systems, household electrical appliances, and computer accessories [1] - The fastest-growing categories in terms of GMV year-on-year were gaming hardware (180.18%), dining and food (91.37%), office equipment (35.04%), electronic education (33.11%), and smart devices (24.60%) [1] Group 2: Consumer Trends - Consumers are increasingly opting for "upgrading" products with better features and specifications, driven by government subsidies and promotional events [2] - The "old for new" program has significantly boosted sales in categories like computers, home appliances, and home decor, with a year-on-year GMV increase of 12.82% [2] Group 3: Brand Engagement - The LABUBU brand saw a GMV increase of 53.60% on the "What Worth Buying" platform during the 618 period, with a notable spike of 231.91% in interest following a viral auction event [3] - The 618 shopping festival serves as a critical platform for brands and platforms to deepen user connections and test their comprehensive capabilities [3][4] Group 4: Market Outlook - The 618 festival is viewed as a key indicator of consumer resilience and innovation in China, with the explosive growth of interest-driven consumption highlighting the ongoing demand for new business models [4]

Core Viewpoint - The company is implementing a "comprehensive AI" strategy in 2024 to enhance business efficiency and reshape its commercial ecosystem through AI technology applications in various business areas, including consumer content, smart marketing, and consumer data [1][3]. Group 1: AI Strategy and Product Matrix - The company has developed an AI product matrix consisting of "1 large model, 2 databases, 3 engines, and 4 types of applications" to support its AI strategy [2]. - The "large model" is the "Zhidingmai Consumption Model," trained on 300G of consumer data and completed through 1.2 billion iterations, providing intelligence for AI products and applications [2]. - The "databases" include a "product database" with 1 billion product entries and a "content database," which also offers data services to third-party model companies [2]. Group 2: Cost Reduction and Efficiency Improvement - The company is leveraging AI technology to enhance efficiency and reduce costs across various business and management processes, with a focus on AIGC as a key strategic project since 2023 [3]. - In 2024, the content publishing volume on the "Zhidingmai" platform reached 34.0419 million, a year-on-year increase of 19.31%, while reducing the cost per content piece [3]. Group 3: Content Review and User Satisfaction - The company has restructured the content review process on the "Zhidingmai" platform using the AIUC engine, reducing human involvement and standard deviation in reviews [4]. - In 2024, the time for reviewing original content was shortened by 75%, and the volume of content requiring human review decreased by 57%, leading to improved user satisfaction [4]. Group 4: Ecosystem Collaboration - The company is actively participating in the co-construction of third-party AI ecosystems, aiming to optimize consumer decision-making experiences as information acquisition methods evolve [4]. - Collaborations have been established with various general model companies and smart terminal products to provide consumer content information and accelerate AI technology development [5].