多点数智(02586)发布公告，董事会已综合考量公司当前业务运营的稳定性、其财务盈利的可持续性、 其对未来发展前景的坚定信心以及公司的股票市场表现及估值。董事会认为，公司股份的当前市值已低 于其内在价值。为有效维护公司的价值及全体股东的权益，以及传递管理层对公司长期发展的信心，董 事会建议实施股份回购。 作为领先的AI零售解决方案提供商，公司的业务保持正向增长态势。在技术创新层面，公司始终以AI 为核心驱动力，聚焦零售全流程需求。其持续迭代优化产品矩阵，推出针对行业痛点的新AI功能模 组。公司以技术革新赋能零售数智化转型，其核心技术优势与产品竞争力长期领跑行业。在客户拓展层 面，公司同步推进国内及海外市场佈局。在国内，其深化与行业标桿客户的合作，积极开拓优质新伙 伴;在海外，公司的业务版图稳步扩张，成功与多家国际领先零售商建立深度合作。于2025年上半年， 公司已与合共438家国内外领先零售客户达成合作，客户网络的覆盖範围与品质同步提升。 依托先进AI技术及不断完善的产品矩阵，公司持续为零售客户赋能，在提升运营效率、扩大经营收入 等关键领域创造核心价值，获得广泛认可及信赖。于2025年上半年，净收入留存率达1 ...

演讲伊始，汤劲武先生便抛出一个核心观点：零售业的竞争范式已发生根本性转变。"过去粗放式的'增加人手与预算'难以为继，未来的胜负手在于谁能构 建起'数据→推理→闭环'的高效曲线。" 他指出，在零售与CPG领域，在架率、价签一致性、陈列执行这些看似传统的运营指标，正成为新的增长效率杠杆。而企业的核心竞争力将体现在两道护城 河上：一是数据的广度与新鲜度，二是将数据转化为可执行决策的推理能力。 为厘清行业演进路径，汤劲武先生系统性地阐述了零售AI的三次浪潮： 9月16日至18日，备受瞩目的2025 SPAR国际互联零售峰会与供应链峰会在北京隆重召开。作为全球零售界的年度盛事，本次峰会聚焦数字化时代下的零售 创新与供应链增效。朗镜科技（Trax中国）创始人兼CEO汤劲武（James Tang）受邀出席并发表主题演讲，以前沿的行业洞察与技术实践，为现场来宾勾勒 出一幅零售智能化的未来图景。 · 第一浪潮·数字化记录：将业务搬至线上，实现"有据可查"。 ▲朗镜科技 （Trax中国）CEO汤劲武在SPAR峰会发表演讲 ▲峰会现场嘉宾云集 · 第二浪潮·自动化识别：利用CV/OCR技术，解决"看见"的问题，实现"有图可看"。 ...

Core Viewpoint - The company reported a revenue of 1.078 billion yuan for the first half of 2025, reflecting a year-on-year growth of 14.8%, although the growth rate has slowed compared to 2024 [1][2] Revenue Performance - AI retail solutions generated revenue of 490 million yuan, up 16.2% year-on-year, while AI retail value-added services brought in 590 million yuan, increasing by 15.0% year-on-year [1] - The revenue growth rate for AI value-added services significantly decreased due to a drop in labor outsourcing income and costs, but the gross margin improved to 13.7% from 9.0% in the previous year [1][2] Profitability - The company achieved a net profit of 62.174 million yuan, marking a turnaround from losses, with adjusted profit from continuing operations at 77.012 million yuan, a 152.5% increase year-on-year [2] - The net profit margin improved due to a reduction in R&D and administrative expense ratios, with R&D expense ratio at 17.6%, down 4.1 percentage points, and administrative expense ratio at 12.9%, down 1.3 percentage points [2] Strategic Initiatives - The company is expanding domestic and international collaborations, partnering with notable clients like Pang Donglai and Shanghai Sugar and Wine Group, which is expected to enhance operational efficiency and customer acquisition [2] - The implementation of AI productivity tools has led to significant cost reductions and efficiency improvements, contributing to the company's profitability [2] Future Outlook - The company maintains revenue forecasts of 2.17 billion yuan, 2.54 billion yuan, and 2.96 billion yuan for 2025-2027, respectively, while net profit forecasts have been adjusted upwards to 130 million yuan, 280 million yuan, and 420 million yuan for the same period [3] - The current price-to-sales ratios are projected at 4.4x, 3.7x, and 3.2x for 2025-2027, with a "buy" rating maintained [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5][23]. Core Insights - The company achieved a revenue of 1.078 billion CNY in H1 2025, reflecting a year-on-year growth of 14.8%, although the growth rate has slowed compared to 2024 [1]. - The revenue from AI retail solutions reached 490 million CNY, growing by 16.2%, while AI retail value-added services generated 590 million CNY, with a growth of 15.0% [1]. - The company focuses on high-quality growth, with an emphasis on cost reduction and efficiency improvement through AI productivity tools, leading to a significant decrease in expense ratios and a return to profitability [2][3]. Revenue and Profitability - The company reported a net profit of 62.17 million CNY in H1 2025, marking a turnaround from previous losses, with an adjusted profit of 77.01 million CNY, up 152.5% year-on-year [3]. - The gross margin for AI value-added services improved to 13.7% from 9.0% in H1 2024, while the gross margin for core AI retail solutions decreased to 68.3% from 76.8% due to increased costs associated with project deliveries [2]. Future Projections - Revenue forecasts for 2025-2027 are set at 2.169 billion CNY, 2.542 billion CNY, and 2.960 billion CNY, respectively, with corresponding growth rates of 16.7%, 17.2%, and 16.4% [4]. - The net profit projections for the same period have been revised upwards to 130 million CNY, 280 million CNY, and 419 million CNY, reflecting increases of 6.5%, 3.5%, and 2.7% respectively [4]. Market Position and Strategy - The company is actively expanding its domestic and international partnerships, including collaborations with notable clients such as Shanghai Sugar and Wine Group and expanding its cooperation with retailers like Pinduoduo and Lawson [3]. - The focus on digital transformation in the retail sector is expected to drive accelerated customer order growth, particularly through the implementation of successful pilot programs [4].