Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a comprehensive AI strategy that will enhance its growth potential. The report highlights the ongoing optimization and upgrading of the business structure, which is anticipated to drive long-term growth [4][8] - The company's revenue for H1 2025 is projected at 5.8 billion yuan, reflecting a year-on-year decrease of 19%. However, the net profit attributable to the parent company is expected to increase by 66% year-on-year, primarily due to the recognition of deferred income tax credits [4][5] - The report revises the revenue forecasts for 2025-2027, predicting revenues of 13.7 billion yuan, 15.8 billion yuan, and 18.2 billion yuan respectively, down from previous estimates of 21.4 billion yuan and 24.7 billion yuan. The net profit forecasts are adjusted to 0.9 billion yuan, 1.1 billion yuan, and 1.3 billion yuan for the same period [4][5] Financial Summary - The company's total revenue for 2023 is reported at 1,452 million yuan, with a year-on-year growth of 18.2%. The revenue is expected to decline by 10.1% in 2025, followed by a recovery with growth rates of 15.5% and 15.2% in 2026 and 2027 respectively [7][9] - The gross profit margin for 2025 is projected to be 52.3%, an increase from 48.4% in 2023. The net profit margin is expected to rise from 5.2% in 2023 to 6.6% in 2025 [7][9] - The report indicates a significant increase in the company's monthly average usage of third-party large model APIs, which rose by 84% compared to December 2024, indicating a strong commitment to AI integration [6]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 582 million CNY, reflecting a decline due to strategic contraction of low-margin businesses and short-term impacts from business transformation [3] - Net profit attributable to shareholders reached 12.69 million CNY, a year-on-year increase of 65.75% [3] - Gross margin improved by 2.23 percentage points to 49.20% compared to the same period in 2024 [3] - Sales and management expenses decreased by 19.46% and 17.03% respectively, indicating effective cost control [3] - Net cash flow from operating activities improved significantly to 6.7 million CNY, compared to -48.44 million CNY in the previous year [3] AI Strategy and Development - The company invested 180 million CNY in R&D in 2024, accounting for 11.96% of operating revenue [4] - Significant upgrades were made to the "What Worth Buying" app, enhancing user decision-making through AI-driven features [4][6] - The AI shopping assistant was upgraded from "Xiao Zhi" to "Zhang Da Ma," focusing on user efficiency and personalized shopping experiences [12] - The monthly average consumption of tokens for third-party model APIs reached 73.634 billion in June 2025, an increase of 84.10% from December 2024 [5] - The "Hai Na" MCP Server recorded over 8 million calls in June 2025, with a month-on-month growth exceeding 80% [5] Market Trends and Future Outlook - The e-commerce sector exhibits seasonal characteristics, with the second half of the year typically showing stronger performance [5] - The company anticipates a narrowing of revenue decline in the second half, supported by the peak shopping season [8] - The introduction of national subsidy policies has positively impacted GMV, with a 13% year-on-year increase during the 618 shopping festival [9] - Emerging categories such as new energy vehicles and local services have shown significant growth, validating the company's product iteration strategy [10] User Engagement and Growth Strategies - The new app version has led to a 15% increase in average GMV per user and a 5% increase in content access duration [6] - The company plans to enhance user acquisition efforts in the second half, focusing on expanding new channels and improving user experience [8] - The transition to interest-based consumption has resulted in a nearly 20% increase in user engagement and a retention rate improvement of over 9 percentage points [7] International Expansion - The company has launched local versions of "What Worth Buying" in Thailand and Indonesia, with plans to expand to Vietnam, Malaysia, and Saudi Arabia [12] - The international strategy focuses on content and smart marketing, leveraging AI tools to assist Chinese brands in establishing recognition abroad [12] Conclusion and Future Vision - The CEO emphasized the importance of AI in driving future growth, with a commitment to increasing R&D investment related to AI [15] - The company aims to create unique AI-driven products that enhance consumer decision-making and improve overall user experience [16] - The long-term vision includes establishing a strong position in the AI-driven consumer content ecosystem, balancing both C-end and B-end applications [13]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 42.46 [6][11]. Core Insights - The company achieved a revenue of RMB 582 million in H1 2025, a year-over-year decrease of 18.70%, while net profit attributable to shareholders was RMB 12.69 million, an increase of 65.75% year-over-year [1]. - The decline in revenue is attributed to the strategic contraction of low-margin businesses and related business upgrades, while the increase in net profit is due to improved gross margins and cost reduction efforts [1]. - The "What Worth Buying" platform is expected to continue evolving and solidifying its competitive moat under the influence of AI, supported by long-term technological advantages [1]. User and Content Growth - The "What Worth Buying" app successfully completed an upgrade, enhancing user retention and activity through interest-based recommendations and AI services [2]. - In H1 2025, the platform saw a stable growth in users, with an average monthly active user count of 38.27 million, a year-over-year increase of 1.26% [2]. - The content published on the platform increased by 19.31% year-over-year to 34.04 million entries, with AIGC content rising by 73.63%, accounting for 52.51% of total content [2]. Commercialization and Product Development - The company launched the "Haina" MCP Server, a standardized consumer data service platform, which has already facilitated over 8.22 million content outputs by June 2025, reflecting a quarter-over-quarter growth of 81.73% [3]. - The platform's core interfaces allow partners to integrate functionalities into their own products, indicating a potential acceleration in commercialization [3]. Financial Performance and Projections - The gross margin for H1 2025 was 49.2%, an increase of 2.23 percentage points year-over-year, primarily due to the contraction of low-margin businesses [4]. - Research and development expenses decreased by 8.31% year-over-year to RMB 83 million, attributed to efficiency improvements through AI [4]. - The company forecasts net profits of RMB 131 million, RMB 157 million, and RMB 180 million for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 0.66, RMB 0.79, and RMB 0.91 [4][10].

主业稳健，AI 赋能+出海增量可期 ——值得买 24 年年报及 25 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 根据最新财报，我们预测公司 25-27 年归母净利润 1.3/1.5/1.8 亿元（原预测 25-26 年 归母净利润 1.4/1.7 亿元，根据最新财报下调收入预测和毛利率，AIGC 业务赋能下 调费用率），参考可比公司给予 25 年 60xPE（调整后均值），对应目标价 38.40 元/ 股，维持"买入"评级。 风险提示 行业竞争加剧，流量增长放缓，AIGC 进展不及预期对公司估值有所影响。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,452 | 1,518 | 1,704 | 1,925 | 2,322 | | 同比增长 (%) | 18.2% | 4.5% | 12.3% | 13.0% | 20.6% | | 营业利润(百万元) | 83 | 83 | 159 | 183 | 228 | | 同比增长 (%) | - ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.40 CNY per share, based on a 60x PE ratio for 2025 [2][4]. Core Insights - The company's main business remains stable, with potential growth driven by AI empowerment and overseas expansion. The financial performance shows a gradual recovery, with a focus on AIGC applications [1][7]. - The company achieved a revenue of 1.52 billion CNY in 2024, reflecting a year-on-year growth of 4.55%, and a net profit of 75 million CNY, up 0.62% year-on-year [7]. - The "What Worth Buying" app's monthly active users (MAU) reached 3967.8 million in 2024, a 1.0% increase year-on-year, with significant growth in AIGC content generation [7]. Financial Summary - Revenue projections for 2025-2027 are 1.704 billion CNY, 1.925 billion CNY, and 2.322 billion CNY, respectively, with year-on-year growth rates of 12.3%, 13.0%, and 20.6% [3][10]. - The company's net profit is forecasted to be 127 million CNY in 2025, 145 million CNY in 2026, and 181 million CNY in 2027, with growth rates of 68.4%, 14.7%, and 24.8% respectively [3][10]. - The gross margin is expected to be around 46.9% in 2025, with a net margin of 7.4% [3][10]. Business Development - The company is expanding its new business segments, with operational service revenue projected to reach 327 million CNY in 2024, a 17.29% increase year-on-year [7]. - The overseas revenue for 2024 is expected to be 4.807 million CNY, showing a year-on-year growth of 19.9% [7].