值得买科技AI研究员张立飞介绍，ACP是"对话即购物"的底层技术标准，也是连接AI能力与商业价值的 关键基础设施，并将在AI时代创造无限新机遇。 新浪科技讯 11月26日晚间消息，值得买科技11月AI进展分享会上，值得买科技CTO王云峰介绍，"海 纳"MCP Server合作伙伴数量破40家，11月对外输出量破1亿，在具体场景中还助力荣耀YOYO实现定向 优惠券发放、自动领券及全网比价功能。AI购物管家"张大妈"不仅实现了活跃用户环比增长8倍、平均 次留环比增长24%，还通过A2A协议入驻华为小艺智能体中心。此外，核心产品"什么值得买"11月 AIGC阅读时长占比相比去年同期提升4倍。 今年10月，值得买科技与微盟达成战略合作，将自身消费数据服务能力与微盟SaaS商业操作系统深度融 合，率先在国内建设AI电商交易闭环。在11月的分享会上，王云峰也透露，在与微盟合作基础上，将 进一步与支付宝合作探索AI支付服务，构建起"AI智能体、用户、商家与支付平台"协作交易闭环。 据悉，"海纳"ACP将率先在"张大妈"App中实现场景落地，实现用户从"对话-推荐-下单-支付"的全流程 无缝衔接，并形成AI电商的可验证样本。 ...

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]

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]