Summary of the Conference Call for Changjie Tong Company Overview - **Company**: Changjie Tong - **Industry**: SaaS (Software as a Service) and AI integration in financial and accounting services Key Points AI Integration and Product Development - Changjie Tong integrates AI technology into its products through two main lines: "ERP + AI" and "AI native accounting products" [2][4] - The efficiency of invoice processing has improved by 80%, and order creation efficiency has increased by over 70% [2][5] - The AI native accounting product "Yibaoshui" significantly enhances accounting efficiency, allowing customer managers to handle 1,500-2,000 accounts compared to traditional accountants managing 150 sets of accounts [2][5] Financial Performance - In 2025, Changjie Tong achieved significant milestones in AI applications, becoming the first profitable To B SaaS company in the Hong Kong stock market, with net profit exceeding 80 million RMB, doubling for two consecutive years [3] - The number of new paying users reached 186,000, a year-on-year increase of 30% [3] Market Strategy and User Engagement - The company plans to evolve from "ERP + AI" to "AI + ERP," optimizing intelligent agent functions and expanding the user base for Yibaoshui [2][7] - The pricing strategy for SaaS tools has increased, with annualized prices rising from 1,800 RMB to over 1,900 RMB for channel distribution, and from 1,100 RMB to 1,400 RMB for direct sales teams [4][21] Competitive Advantages - Changjie Tong's unique advantages include a fully automated accounting and tax reporting system and a highly integrated BaaS and SaaS service model [12] - The company has accumulated extensive data analysis experience, which helps in optimizing AI models to better understand ERP forms and business objects [12][14] Future Goals and Development Plans - The goal for 2026 is to further advance towards AI native ERP, establishing a knowledge graph to enable the AI model to understand ERP products and customer needs dynamically [11] - The company aims to enhance customer service quality through a smart agent operation and evaluation system, achieving over 90% accuracy in user query responses [19] Customer Experience and Sales Strategy - Changjie Tong employs various strategies to promote AI products, including customer experience activities tailored to industry and regional characteristics [18] - The company focuses on building customer habits with its products before implementing pricing strategies, emphasizing the importance of user engagement over immediate price increases [21] AI Model Utilization - The company utilizes different AI models based on specific scenarios, such as Deepseek and Tongyi Qianwen for accounting tasks, and collaborates with Baidu and Tencent for customer service and form recognition [16] Revenue Model and Market Penetration - The primary revenue source remains from SaaS, with BaaS services provided directly by AI [10] - By the end of 2025, over 100,000 enterprises were using more than 50 intelligent agents, with a notable agent processing over 3 million bank receipt recognitions in December [10] Additional Insights - The company is focused on addressing the needs of small and micro enterprises for efficient and automated financial services, indicating a strong market demand for such solutions [8][9] - Changjie Tong's approach to AI integration and product development positions it well for future growth and market leadership in the SaaS and AI sectors [12][15]

Core Viewpoint - Zhongmiao Holdings (01471) plans to acquire a financial digitalization company, Kexinrongxin Technology, for 165 million yuan, valuing the company at approximately 300 million yuan for a 55% stake, indicating a strategic move into the financial asset digitalization sector [1][3]. Group 1: Company Overview - Kexinrongxin Technology, previously listed on the New Third Board, is based in Beijing and specializes in financial asset digitalization, transforming traditional financial operations into digital management systems [2]. - The company primarily serves banks and non-bank financial institutions, offering solutions like a second-generation currency issuance logistics management system that automates and tracks currency distribution [2]. Group 2: Benefits of Acquisition - The acquisition will enrich Zhongmiao Holdings' product line by adding financial asset digitalization services to its core insurance agency offerings, enhancing its overall service portfolio [4]. - Kexinrongxin's technology can facilitate the digital upgrade of Zhongmiao's insurance services, improving processes such as insurance claims [6]. Group 3: Industry Trends - The financial asset digitalization sector is significantly influenced by AI, with a growing percentage of finance professionals recognizing the potential for AI applications in their field, increasing from 64.73% in 2024 to 69.03% in 2025 [8]. - Research indicates that AI models like GPT-4 excel in financial report analysis, potentially surpassing human analysts [10]. - There is a notable market opportunity for smaller financial institutions that are slower in digital transformation due to resource constraints, creating a demand for digitalization services [11]. Group 4: Application Cases - Jiangsu Bank has implemented an AI-driven "intelligent document assistant" to enhance efficiency in credit approval processes, achieving a 42% increase in efficiency and saving 15,000 hours of work annually [13]. - Hengsheng Electronics upgraded its non-performing asset management system using AI to streamline decision-making processes [14]. - The AI model "Hongxiaozhi" has significantly improved the efficiency of state-owned asset management, reducing the asset verification cycle from monthly to daily [15]. - Changjietong has introduced an AI solution for small and micro enterprises that automates tax-related tasks, drastically reducing the need for human resources [16].