该机构指出，公司SaaS业务已呈现企稳迹象，该机构预计26年恢复正增长。收入增长主要来自： 25H1AI相关产品带来的收入为3400万元，后续有望继续带来增量；公司还将拓展本地生活行业，如宠 物行业以及到家到店场景，推出更多行业解决方案，进一步增加智慧零售相关收入；微盟小程序与抖 音、美团也实现打通，连通了发券体系，同时还对接了小红书和支付宝，后续公司也将进一步深化每个 生态体系。 该机构表示，微盟集团SaaS业务经历调整已逐步呈现企稳态势；商家解决方案业务方面，公司削减代运 营TSO、金融等低毛利业务，主动调整广告业务客户结构。考虑和抖音的合作增量，维持25年收入预 测，小幅上修26-27年收入预测至17.9/20.0亿元（较上次预测+3%/+6%），维持"增持"评级。 金吾财讯 | 光大证券研报指出，10月20日，微盟集团(02013)发布公告，宣布与抖音集团旗下综合的数字 化营销服务平台巨量引擎开展业务合作，成为巨量引擎的广告业务综合代理商，并取得巨量千川服务商 牌照。 该机构预计25年公司广告毛收入约170亿元，同比略下降，主要系公司主动淘汰低质量客户，优化客户 结构，26年腾讯渠道毛收入具备进一步提 ...

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Core Viewpoint - The report from Everbright Securities indicates that Weimob Group's (02013) SaaS business is stabilizing after adjustments, with a focus on enhancing its merchant solutions and optimizing its advertising client structure. The collaboration with Douyin is expected to drive revenue growth, leading to slight upward revisions in revenue forecasts for 2026 and 2027 to 1.79 billion and 2.00 billion yuan respectively, reflecting increases of 3% and 6% from previous estimates [1] Group 1: Merchant Solutions - The collaboration with Douyin will allow Weimob to provide integrated solutions for brand merchants across multiple platforms, which is expected to drive long-term revenue and profit growth in marketing services. In 2021, advertising revenue from Douyin reached approximately 3 billion yuan, and the company anticipates significant growth in merchant solutions revenue from this partnership in 2026 [1] - The company is actively eliminating low-quality clients to optimize its customer structure, leading to a projected slight decline in advertising gross revenue to about 17 billion yuan in 2025. However, with the addition of Douyin's channel, the gross revenue is expected to exceed 20 billion yuan in 2026 [2] - The net rebate rate has improved from 2.1% in the same period last year to 3.85% in the first half of 2025, indicating a potential for stable growth in rebate margins, with merchant solutions revenue and profit expected to grow faster than gross revenue [2] Group 2: SaaS Business - The SaaS business is showing signs of stabilization, with expectations for a return to positive growth in 2026. Revenue growth will be driven by AI-related products, which generated 34 million yuan in the first half of 2025, and further expansion into local life industries [2] - Weimob has integrated its mini-programs with platforms like Douyin and Meituan, enhancing its coupon distribution system and connecting with Xiaohongshu and Alipay, which will further deepen its ecosystem [2] Group 3: Investment and AI Development - Weimob has secured a $200 million investment from Infini Capital, which will be allocated to three main areas: integrating AI into SaaS, expanding media channels and precision marketing services, and advancing overseas business development with a focus on AI innovation [3]