本报告导读： AI 麦可渗透率延续提升，产品矩阵将进一步完善。1)H1 分板块： 中国制造网收入7.6 亿元/+17.1%占比83%，新一站保险0.49 亿元/-11.6%占比5.36%，AI 业务收入0.22 亿 元/+92.4%占比2.37%；2)截止H1 末中国制造网平台收费会员数28,699 位，同比增加2966 位；购买AI 麦 可的会员累计超13,000 位(不含试用体验包客户)，AI 麦可渗透率提升至45.3%；3)预计H2 在制造网平台 推出全新升级的Sourcing AI，以精准响应海外买家需求。 公司2025H1 归母净利增长26%，AI 麦可渗透率延续提升趋势，看好未来公司进一步强化中国制造网生 态体系建设、完善 AI产品矩阵。 投资要点： 维持增持。公司 2025H1实现营收 9.15亿元/+15.9%，归母净利 2.95亿元/+26.1%，扣非2.86 亿 元/+24.2%。维持预测2025-27 年EPS 为1.72/2.02/2.31 元，增速21/18/15%；参考可比公司估值，给予 2025年35 倍PE，上调目标价至60.2 元，维持增持。 2025H1 简述：1)Q1-2 ...

Summary of Focus Technology Conference Call Company Overview - Focus Technology's core revenue comes from China Manufacturing Network, contributing 82% of revenue in 2024 through membership and certification fees rather than transaction commissions [2][3] - Internet insurance (New One Station Insurance) accounts for 7% of revenue, with contributions from cross-border and AI businesses [2] - AI business revenue exceeded 20 million yuan in 2024, expected to reach over 60 million yuan in 2025, indicating rapid growth [2] Management and Shareholder Structure - Founder and Chairman, Mr. Shen, holds a 46% stake and emphasizes stock incentives [2][5] - A new stock incentive plan will grant 15.324 million shares in 2025 [2][5] - Management team possesses strong technical and international backgrounds, supporting company growth [5] Industry Dynamics - The cross-border B2B e-commerce industry is rapidly growing, with a scale growth rate of 21% from 2018 to 2022 [6] - China Manufacturing Network has over 20 million registered buyers across 27 industries, generating 1.356 billion yuan in revenue in 2023, an 8.78% year-on-year increase [2][6] - Industry concentration is expected to increase, with leading platforms gaining significant ecological advantages [6] Growth Potential - Future growth for China Manufacturing Network is driven by enhanced service capabilities, including increased membership and actual membership fee growth [7] - The compound annual growth rate (CAGR) for paid members from 2018 to 2024 is over 8%, indicating substantial customer growth potential [7] - The platform's comprehensive foreign trade services and rich buyer resources are significant advantages [7] Buyer Traffic Trends - Buyer traffic in Southeast Asia, the Middle East, and Latin America grew significantly, reaching 59%, 38%, and 33% respectively, while U.S. buyer traffic remains below 10% [8] - This traffic structure aligns with the global expansion strategy of Chinese enterprises, helping to mitigate U.S.-China trade risks [8] Service Offerings - China Manufacturing Network provides comprehensive cross-border e-commerce services, including cross-border payment and international logistics, supporting 14 currencies [4][9] - The platform's focus on manufacturing and industrial goods allows for a better understanding of foreign trade needs [11] Competitive Advantages - China Manufacturing Network's membership fee is lower than Alibaba's, with a gold member annual fee of 31,000 yuan compared to Alibaba's 45,800 yuan [11] - The platform's paid member count has a CAGR of 8.23% from 2018 to 2024, with individual member value increasing significantly [11] AI Integration - The AI Mac tool was launched in April 2023, enhancing customer engagement and generating revenue [12] - The tool offers various functionalities, including marketing and image processing, with flexible pricing options [13][14] - AI digital employees could significantly reduce labor costs in the foreign trade sector, with potential savings exceeding 20 billion yuan [15] Financial Projections - Profit growth forecasts for 2025 to 2027 are 23%, 16%, and 12%, with a three-year CAGR expected between 15% and 20% [16] - The projected profit for 2025 is over 500 million yuan, with a target price range of $49 to $59 per share, indicating a 10% to 20% upside from current prices [16] Impact of Tariff Changes - Tariff changes have a minimal impact on the company, as U.S. market traffic is below 10% [17] - The company benefits from strong ties with "Belt and Road" countries, providing additional customer growth opportunities despite tariff fluctuations [17]