Core Insights - Epoint's Q3 2025 revenue reached 980 million yuan, marking a year-on-year increase of 46.80% and a 25.31% growth compared to the previous quarter [1] - The company reported a total revenue of 2.717 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 54.94% [1] - Epoint is focusing on an "AI-driven service + product" model to enhance core customer service capabilities while expanding into mid- and long-tail markets [1] Financial Performance - Q3 2025 revenue: 980 million yuan, up 46.80% year-on-year [1] - Revenue for January to September 2025: 2.717 billion yuan, up 54.94% year-on-year [1] - R&D investment for the first three quarters of 2025 reached 109 million yuan, a 64.52% increase year-on-year [6] Market Trends - The "going global" strategy is becoming a significant growth path for Chinese enterprises, driven by structural trends in the market [2] - Epoint's market share in the e-commerce sector is expanding, with increased trust from major clients like Alibaba, SHEIN, and Temu [3] - The global programmatic advertising market is projected to reach $2.753 trillion by 2030, growing at a compound annual growth rate (CAGR) of 22.8% from 2024 to 2030 [5] Technological Advancements - Epoint is leveraging AI technology to enhance its service capabilities and product offerings, including the AI Drive 2.0 marketing solution and various AI tools [5][6] - The zMaticoo platform has over 12,000 partnered apps, covering more than 2 billion devices and 1.33 billion unique users, with daily ad requests reaching 220 billion [7] - The company is building a unique algorithmic moat through its extensive marketing data assets and continuous AI technology iterations [7]

成为AppLovin 电商一级代理商，与Snapchat 在DTC 品牌营销领域深度融合。2025 年1 月，公司旗下商 业智能化数字营销平台Cyberklick 正式成为全球最大的独立移动广告平台之一——AppLovin 的大中华 区首家电商一级代理商，标志着公司在电商广告领域布局进一步深化。通过与AppLovin 的合作，公司 借助其技术平台，在用户行为分析、广告素材优化及投放效果监测等方面实现跨越式提升。2025 年7 月，Cyberklick 获Snapchat 官方认证，成为其官方广告服务商，合作标志着Cyberklick 与Snapchat 在 DTC 品牌营销领域的深度融合，将共同助力更多DTC 品牌在全球范围内实现高效增长。 盈利预测：公司积极拓展新业态客户，媒体资源多维度扩充， Agentic AI 营销智能体生态加速成型，我 们预计公司2025-2027 年分别实现归母净利润2.53/2.93/3.21 亿元，对应PE54.4/46.9/42.9x，维持"买入"评 级。 风险提示：政策监管风险；行业竞争加剧风险；汇率风险。 业绩概览：公司发布2025 年三季报。2025Q1-Q3，公司实现 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 28 年 月 日 易点天下（301171.SZ） 程序化广告平台高增长，Agentic AI 营销智能体生态加速成型 业绩概览：公司发布 2025 年三季报。2025Q1-Q3，公司实现营业收入 27.17 亿元，同比增长 54.94%；实现归母净利润 2.04 亿元，同比增长 4.41%；剔 除汇兑损益和股份支付后，实现归母净利润 2.52 亿元，同比增长 15.98%。 2025Q3，公司实现营业收入 9.80 亿元，同比增长 46.80%；实现归母净利润 6006.19 万元，同比下滑 4.80%；剔除汇兑损益和股份支付后，公司实现归母 净利润 8972.01 万元，同比增长 16.95%。 跨境电商领域市占率稳步提升， zMaticoo 程序化广告平台保持高速增长。 2025Q1-Q3，公司"服务+产品"双轮驱动战略成效显著，跨境电商领域市占 率稳步提升同时，持续深耕智能家居、新消费、短剧、AI 产品等高潜力赛道， 头部客户的 LTV 及合作粘性显著提升；zMaticoo 程序化广告平台保持高速增 长，其 SDK 与 DSP2.0 ...

Core Viewpoint - The article highlights the innovative products showcased at the 2025 Service Trade Fair, emphasizing the advancements in technology and the potential for international collaboration in the service trade sector [1][2][3]. Group 1: Company Innovations - Guoshu Technology (Beijing) Co., Ltd. introduced the "Ethnic Costume AI Dressing" product, utilizing "OBVerse Holographic Cabin + Digital Human Replication" technology, showcasing a blend of cultural heritage and modern technology [1][2]. - Yuantong Technology, a marketing technology company, launched the AI Drive 2.0 smart marketing solution, which aims to automate the marketing process from insights to data attribution, enhancing efficiency for overseas enterprises [2][3]. - Tianjin Beiyun Technology Co., Ltd. presented the "Yunfang Intelligent Solution" for traditional Chinese medicine, integrating large language models with traditional knowledge to address long-standing challenges in the industry [2][3]. Group 2: Industry Trends - The Service Trade Fair serves as a platform for global innovation, allowing companies to showcase cutting-edge technologies and products, thereby enhancing their market presence and fostering international partnerships [2][3]. - The emergence of these new products reflects the vitality of China's service trade sector, indicating a shift towards high-quality and high-value services, which is essential for the development of an open world economy [3].

Performance Overview - In H1 2025, the company achieved operating revenue of 1.737 billion, a year-on-year increase of 59.95% [1] - The net profit attributable to shareholders was 144 million, up 8.81% year-on-year [1] - The non-deducted net profit attributable to shareholders was 116 million, a decline of 7.47% year-on-year [1] - The adjusted net profit, excluding exchange losses and share-based payments, was 162 million, an increase of 15.46% year-on-year [1] - The company’s overseas revenue reached 1.435 billion, growing 54.72% year-on-year, accounting for 82.64% of total revenue [1] - Domestic revenue was 301 million, up 90.59% year-on-year, contributing 17.36% to total revenue [1] - Performance in advertising revenue showed significant growth, with effect advertising revenue reaching 1.678 billion, a 60.20% increase year-on-year, making up 96.62% of total revenue [1] - E-commerce client revenue surged by 102.22% to 544 million, representing 31.34% of total revenue [1] AI and Technology Advancements - The company significantly improved advertising creative generation efficiency and reduced inference costs through the private deployment of the DeepSeek-R1 model [2] - AI-driven programmatic advertising prediction algorithms saw a sevenfold increase in inference efficiency, with total task execution time reduced by over 30% and computing resource costs lowered by approximately 25% [2] - The company established a comprehensive big data platform for tracking advertising performance, which includes features for data mining, analysis, and real-time ROI monitoring [2] Strategic Partnerships and Solutions - The company became the first-level e-commerce agent for AppLovin in Greater China, enhancing capabilities in user behavior analysis and advertising optimization [3] - The AI Drive 2.0 smart marketing solution was launched, focusing on creating an automated marketing AI ecosystem that integrates creative generation, intelligent management, and product insight analysis [3] Profit Forecast - The company is actively expanding new client segments and media resources, leading to a downward adjustment in profit forecasts [4] - Expected net profits for 2025, 2026, and 2027 are projected at 253 million, 293 million, and 321 million respectively, with corresponding PE ratios of 59.8, 51.5, and 47.1 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported significant revenue growth driven by its performance in effect advertising, with a 59.95% year-on-year increase in revenue for the first half of 2025, reaching 1.737 billion yuan [1]. - The company's AI-driven programmatic advertising has improved reasoning efficiency by seven times, reducing task execution time by over 30% and cutting computational resource costs by approximately 25% [3]. - The company has expanded its client base, particularly in the e-commerce sector, where revenue from e-commerce clients grew by 102.22% year-on-year, accounting for 31.34% of total revenue [2]. Financial Overview - For the first half of 2025, the company achieved a net profit attributable to shareholders of 144 million yuan, reflecting an 8.81% increase year-on-year [1]. - The company's overseas revenue reached 1.435 billion yuan, a 54.72% increase, making up 82.64% of total revenue, while domestic revenue grew by 90.59% to 301 million yuan [2]. - The company expects net profits of 253 million yuan, 293 million yuan, and 321 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 59.8, 51.5, and 47.1 [5][6]. Business Developments - The company became the first-level agent for AppLovin in the Greater China region, enhancing its capabilities in user behavior analysis and advertising material optimization [4]. - The launch of the AI Drive 2.0 smart marketing solution aims to create a comprehensive marketing automation loop, integrating creative material generation, intelligent ad management, and product insight analysis [4]. Revenue Breakdown - In the first half of 2025, effect advertising revenue reached 1.678 billion yuan, a 60.20% increase, constituting 96.62% of total revenue [2]. - Advertising agency revenue grew by 43.93% to 50 million yuan, representing 2.89% of total revenue [2]. Future Projections - The company is projected to achieve a revenue of 3.413 billion yuan in 2025, with a year-on-year growth rate of 34% [6]. - The expected earnings per share (EPS) for 2025 is 0.54 yuan, with a projected net profit margin of 7.4% [6].

Core Insights - The company, 易点天下, reported a significant revenue increase of 59.95% year-on-year, reaching 1.737 billion yuan in the first half of 2025, driven by a surge in e-commerce client revenue which grew by 102.22% [1][2] - The company's net profit attributable to shareholders rose by 8.81% to 144 million yuan, with a basic earnings per share of 0.3 yuan [1] - The company is undergoing a deep transformation driven by AIGC technology, enhancing advertising material testing efficiency by 10 times and reducing labor costs by 65% [1][3] Performance Analysis - Internet marketing remains the primary revenue driver, contributing 99.51% of total revenue, with a year-on-year growth of 59.68% [2] - E-commerce business alone contributed 544 million yuan, doubling compared to the previous year [2] - The number of direct clients increased by 24%, from 580 to 721, indicating strong market recognition and demand [2] AI Revolution - The company has implemented multiple AI innovations, achieving a generational upgrade in overseas service capabilities [3] - The AdsGo.ai system allows for global ad placement in just 5 minutes, with a 5-fold increase in advertising strategy diversity and a 65% reduction in labor costs [3] - The AI technology has significantly improved efficiency, with a 7-fold increase in reasoning efficiency and a 30% reduction in task time [3] Industry Positioning - The company is strategically positioned in a rapidly growing market, focusing on the overseas expansion of Chinese enterprises [4] - The global mobile internet advertising market is projected to grow from approximately 503.88 billion yuan in 2024 to 852.81 billion yuan by 2029, with an annual growth rate of 11.10% [4] - The company has increased its R&D investment by 26.23% to 57.22 million yuan, collaborating with major tech partners to accelerate AI capabilities [4] Transformation Journey - The company is transitioning from an advertising service provider to an AI marketing infrastructure provider [5] - The newly announced AI Drive 2.0 solution aims to create a closed-loop marketing process through intelligent insights, creative generation, automated placement, and data attribution [5] - This shift signifies a move from manual optimization to AI management in advertising, fundamentally restructuring global marketing rules [5]

Core Viewpoint - The launch of AdsGo.ai by 易点天下 aims to revolutionize digital marketing for startups and growth-stage companies through an automated AI advertising system that simplifies complex marketing tasks into a user-friendly service [1][2][6]. Group 1: Product Overview - AdsGo.ai is designed as a fully automated AI advertising system specifically for global startups and growth-stage companies, transforming complex digital marketing into a "one-click start, long-term operation" service [1][2]. - The system utilizes advanced AI Agents technology to create a 24/7 operational AI marketing ecosystem, addressing the challenges faced by small and medium-sized enterprises (SMEs) in the global market [2][6]. - Users can achieve advertising goals within five minutes without any technical background, as the system automatically generates marketing strategies and optimizes ad performance [3][6]. Group 2: Market Context - There are over 120,000 cross-border e-commerce companies in China, with 90% being SMEs that struggle with high marketing talent costs, limited budgets, and high turnover rates [2]. - The global Agentic AI market is projected to grow from $13.81 billion in 2025 to $140.8 billion by 2032, with a compound annual growth rate of 39.3% [8]. Group 3: Performance Metrics - During the internal testing phase, AdsGo.ai demonstrated a fivefold increase in advertising strategy diversity and effectiveness, a tenfold improvement in creative material testing efficiency, and a 65% reduction in marketing labor costs [6]. - Compared to mid-level optimization specialists, AdsGo.ai reduced the cost per conversion by 26%, increased link click-through rates by 47%, and improved volume efficiency by 132% [6]. Group 4: Strategic Vision - The company aims to break down barriers in overseas marketing for underrepresented players by providing solutions that enhance marketing equity through AI technology [7]. - AdsGo.ai represents a culmination of the company's long-term investment in AI, integrating various AI tools and models to create a comprehensive marketing ecosystem [8][9]. - The platform is designed to democratize access to professional marketing capabilities, enabling more startups and growth-stage companies to confidently expand in the AI era [9].