多点数智 20260125 摘要 多点 Dmall 提供 AI 零售解决方案和 AI 增值服务，前者为 SaaS 软件模 块，覆盖供应链、门店经营和会员管理，毛利率超 70%，占收入 50%；后者为软硬件加人工交付模式，应用于防损、自助收银等场景， 毛利率约 14%，占比 50%。 公司客户主要为国内外头部零售集团，包括物美、中百、胖东来、 711、罗森等，以及香港 DSI 集团、菲律宾 SM 集团、新加坡 Cold Storage 集团等，客户年均销售额在 5 亿元以上，拥有较多分店。 公司净收入留存率连续多年保持在 100%以上，2025 年上半年为 107%，表明客户认可度高，持续续费和增购。2025 年上半年关联方收 入占比 73%，其中 SaaS 业务关联方占比降至 50%，AI 增值服务关联 方占比较高但呈下降趋势。 与胖东来的合作是公司重要标杆案例，多点为其提供线上商品、会员模 块及核心业务系统 OOS，并计划上线交通运输管理系统，每年贡献数百 万订阅收入，吸引其他企业效仿。 Q&A 公司基本情况及发展历程如何？ 亚洲零售 SaaS 市场增长空间巨大，2024-2029 年预计增长接近 30%， ...

Summary of Multi-Point Intelligence Conference Call Company Overview - Multi-Point Intelligence focuses on AI retail core solutions and AI value-added services, with the former being a SaaS system covering the entire retail chain and the latter including smart loss prevention, cash register, and remote monitoring services. Since 2022, these two business segments have contributed equally to revenue [2][3][4]. Financial Performance - In the first half of 2025, the company reported revenue of 1.08 billion RMB, a year-on-year increase of 15%, with a net profit of 62 million RMB. After excluding employee costs, the net profit was 77 million RMB [2][4]. - The revenue from Wumart and other related parties accounted for 73% of the company's income in the first half of 2025 [3][11]. Competitive Advantages - Multi-Point Intelligence's core competitive advantage lies in its focus on the retail industry, providing comprehensive solutions that break down data silos and achieve data integration, outperforming large foreign systems like SAP and Oracle, as well as regional domestic suppliers [2][5]. Future Growth Projections - The company anticipates a revenue growth rate of 15% to 20% over the next two to three years. It has signed a contract with Singapore's POST OFFICE, expected to generate annual revenue in the tens of millions RMB range. Ongoing negotiations with key domestic clients are also in progress [2][6]. Virtual Asset Trading Initiatives - Multi-Point Intelligence is actively expanding into virtual asset trading, applying for a stablecoin issuance license to better serve overseas clients like Dell and Samsung, enhancing payment convenience [7][8]. - Plans include acquiring a Hong Kong company with brokerage and asset management licenses, and collaborating with Circle to test the Arc public chain, which is faster and more secure than Ethereum. This will allow for more transactions using USDC [8][9]. AI Technology Applications - AI technology is applied in various areas to enhance retail service effectiveness, including rapid scanning and extraction of product information, precise marketing based on consumer behavior analysis, and improved logistics efficiency through transportation management systems [10]. - The company has launched an independent AI module, the remote monitoring system, which has been implemented in over 500 convenience stores, generating revenue through a 6% commission on nighttime sales [10]. Business Model Sustainability - The recent increase in the cooperation agreement limit with Wumart is due to the ability to charge for new retail services, ensuring the sustainability of the business model. The company plans to charge third parties for these services in the future [11].