查看完整报告 迈富时凭借全链路产品矩阵与高客户粘性占据市场优势，AI Ag e n t商业化落地有望打开第二增长 极，智能体一体机精准切入政务场景，考虑到公司专注于AI Ag e n t战略，智能一体机提供可观收入 增量。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 市场观点纷繁芜杂，光大研究荟萃本周重点报告，涵盖总量、行业、公司研究，为您筛选有价值的 声音。 每周六早8点，"研选"助您快速厘清投资"点线面"！ 公司研究 AI Agent重构营销SaaS范式，迈富时如何突破50%营收增长边界？——迈富时（2556.HK）首次覆盖报告 摘 自 ： AI Ag e n t 重 构 营 销 Sa aS 范 式 ， 迈 富 时 如 何 突 破 5 0% 营 收 增 长 边 界 ？ —— 迈 富 时 （ ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 点击注册小程序 查看完整报告 特别申明： 行业分析： 国内SaaS市场规模快速增长，营销SaaS TAM和渗透率有望持续提升。国内CRM行业主要驱动因素包括：1） B2B市场成为新增长极；2）中小企业渗透空间广阔；3）AI技术创新与生态融合；4）数字化政策支持。 国内CRM市场竞争格局分散，迈富时凭借AI Agent战略有望巩固竞争优势。迈富时在国内的主要竞争对手包括 销售易、金蝶管易云、纷享销客、神州云动等，针对不同客户群体和覆盖行业进行差异化竞争，迈富时业务场 景较全面。 海外CRM市场较成熟，迈富时业务模式对标Salesforce和Hubspot，并针对国内市场特点进行优化。Salesforce推 出Agentforce定制化智能体融入工作流，帮助企业降本增效； ...

Core Viewpoint - Lianhua Holdings expects significant growth in net profit for the first half of 2025, driven by increased product sales and operational efficiency [1][2] Financial Performance - The company anticipates a net profit attributable to shareholders of between 160 million to 170 million yuan, representing a year-on-year increase of 58.67% to 68.59% [1] - The expected net profit after deducting non-recurring items is projected to be between 162 million to 172 million yuan, with a growth of 59.13% to 68.95% year-on-year [1] Business Strategy - Lianhua Holdings has implemented a "brand revival strategy" focusing on core business development and innovation in new products, models, and channels [1] - The company has successfully launched new health-oriented seasoning products, with significant sales growth in new retail business [2] Product Development - The company emphasizes a "green, natural, and low" product development philosophy, introducing products like Lianhua Matsutake Fresh and Lianhua Soy Sauce, with some new products seeing revenue growth exceeding 100% year-on-year [2] - New beverage products, including Lianhua 1983 Red Bean and Job's Tears Water, have gained popularity and maintained high sales growth rates [2] Technological Innovation - Lianhua Holdings has launched the Lianhua Zixing Intelligent All-in-One Machine, integrating DeepSeek-R1 model to create comprehensive domestic solutions for various sectors [2] - The company is expanding its revenue channels through the development of large model training and promotion services, targeting light asset operation markets [2] Market Positioning - Industry analysts note that Lianhua Holdings is adapting to market competition through self-reform and continuous innovation, which supports its performance growth [2]

Group 1 - The core viewpoint of the news is that Rongsheng Fund has conducted research on Lianhua Holdings, focusing on its product development and market expansion strategies in the health beverage sector [1] - Lianhua Holdings has launched new products such as natural mineral water and red date longan goji water, adhering to the "green, natural, and low" product development philosophy [1] - The sales of Lianhua's new products, including red bean coix seed water and red date longan goji water, have shown good growth since their launch in April 2025, with plans to introduce electrolyte drinks and 100% fruit and vegetable juice in the second half of the year [1] Group 2 - Lianhua's Zixing Intelligent Body Integrated Machine and platform project have been successfully included in the Zhejiang Province long-term national debt project library, promoting brand building and business ecosystem [1] - The company is enhancing its platform construction and expanding its customer resources in finance, healthcare, and education sectors through the launch of the Zixing Ke PP [1] Group 3 - Shandong Rongsheng Private Fund Management Co., Ltd. was established in 2013 and became the first securities-type sunshine private fund company in Weihai region in 2015 [2] - The company has a professional and standardized investment research, risk control, trading, and operation team, with a mature investment philosophy covering stocks, bonds, commodities, and financial derivatives [2] - Since its establishment, Rongsheng Fund has achieved good returns on its self-managed funds, with multiple fund products issued that have outperformed the market index [2]

Core Viewpoint - The company, MaiFus Group, is set to unlock restricted shares on May 15, with key executives voluntarily extending the lock-up period by one year, reflecting their confidence in the company's long-term development [1] Group 1: Company Performance - MaiFus achieved a revenue of 1.56 billion yuan in the previous year, marking a year-on-year growth of 26.5% [1] - The adjusted net profit for the year reached 79.21 million yuan, successfully turning a profit, with a net cash inflow from operating activities of 140 million yuan [1] - The company serves 27,000 clients in 2024, with AI+SaaS service revenue reaching 840 million yuan, a year-on-year increase of 19.9% [2] Group 2: Product and Market Strategy - The company has developed a full-stack service capability, including the Tforce marketing model and various AI products, enhancing its competitive edge in the AI+SaaS marketing sector [1] - MaiFus is focusing on global expansion by supporting Chinese enterprises in overseas markets and plans to establish local products and agent channels in developed markets [2] - The company emphasizes a long-term development philosophy, aiming to continuously leverage technological strength to expand application scenarios and promote the commercial implementation of AI agents [2]

全球首家端侧部署该大模型的AI PC品牌。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，联想集团（HKSE：992）（ADR：LNVGY）于2月20日公布了截至2024年12 月31日的2024/25财年第三财季业绩。 财报显示， 联想集团 第三财季 营收1351亿 元（ 人民币 ，下同） ，同比增长20%，三大主营业 务均实现双位数增长。利润增长幅度扩大，按照香港财务报告准则下的净利润同比增长106%至 49.8亿 源 。多元化增长引擎持续加速，PC以外业务在集团总营收占比超过46% 。 随着人工智能及相关应用在全球进一步普及，PC作为生产力工具的重要性愈发突显。叠加Windows 11系统升级等利好因素，全球PC产业正迎来一轮全新超级换机周期。本财季联想集团个人电脑业务 全球市场份额达24.3%，领先第二名近5个百分点，龙头优势持续扩大。行业领先的盈利能力也得以 稳固：IDG智能设备业务集团运营利润率达7.3%。AI PC作为一个全新的智能设备品类，正加速超 预期兑现，具有五个特征的AI PC在中国市场笔记本销量占比达15%。 而集团手机业务 ...