明略科技-W(02718)午后涨超13%，截至发稿，涨12.36%，报258.2港元，成交额4574.52万港元。 国信证券发布研报称，据明略科技数据，国内已有超80%的用户通过AI获取消费信息，近35%消费者每 日高频互动，消费者向AI咨询消费类问题已经成为日益主流的行为。随着生成式AI推动传统搜索方式 变革，当前GEO市场快速增长，据明略科技数据，2026年全球GEO市场规模将达240亿美元，预计到 2030年全球GEO市场规模有望达到1000亿美元。 消息面上，近日，明略科技旗下全球化AI创意测试产品AdEff(AdEff.com)，正式宣布进入印度尼西亚市 场，开始为印尼本地品牌广告主和创意代理机构提供AI驱动的创意测试及筛选服务。该产品基于明略 科技自主研发的超图多模态大语言模型（HMLLM）开发，采用大模型及混合专家模型协同架构，可快 速、准确预测消费者对广告的主观反应和广告效果，并给出优化建议。 ...

Core Viewpoint - Minglue Technology-W (02718) has seen a significant stock increase of over 13%, currently trading at 258.2 HKD, driven by the launch of its AI-driven creative testing product AdEff in the Indonesian market [1] Company Developments - Minglue Technology's AdEff product will provide AI-driven creative testing and screening services to local brand advertisers and creative agencies in Indonesia [1] - The product is developed based on Minglue Technology's proprietary Hypergraph Multimodal Large Language Model (HMLLM), utilizing a collaborative architecture of large models and mixed expert models to predict consumer responses to advertisements accurately and provide optimization suggestions [1] Industry Insights - According to Guosen Securities, over 80% of users in China are obtaining consumer information through AI, with nearly 35% of consumers interacting with AI on a daily basis, indicating a shift towards AI as a mainstream tool for consumer inquiries [1] - The global GEO market is experiencing rapid growth, with projections estimating it will reach 24 billion USD by 2026 and potentially 100 billion USD by 2030 [1]

Core Viewpoint - Minglue Technology has submitted a new application for listing on the Hong Kong Stock Exchange, aiming to issue up to 8,301,800 shares, with the backing of major investors like Tencent and Kuaishou [1][3][11] Company Overview - Established in 2006, Minglue Technology has nearly 20 years of experience in the digital marketing sector and has served 135 Fortune Global 500 clients [4][6] - The company is recognized as China's largest data intelligence application software supplier based on 2023 revenue [3][6] Business Performance - From 2021 to 2023, the Chinese data intelligence application software market grew at a CAGR of 20.4%, with Minglue's revenue expanding to 1.462 billion yuan in 2023, marking a growth of 15.2% [6][7] - Despite the growth, the company faces challenges with declining revenues in its marketing intelligence segment, which fell from 750 million yuan in 2023 to 730 million yuan in 2024 [8][9] Technology and Innovation - Minglue holds 2,177 patents and has received over 450 domestic and international awards, focusing on multi-modal data intelligence, enterprise knowledge graphs, and data privacy technologies [5][6] - The company has launched AI-driven products like AdEff, which utilizes its proprietary multi-modal large language model to optimize advertising effectiveness [12] Market Position and Challenges - The company has experienced a significant valuation drop from over $30 billion in 2020 to approximately $15 billion in early 2024, reflecting pressures from market competition and changing customer demands [11] - The operational efficiency of its industry AI solutions remains low, with revenue contribution consistently below 10% and negative gross margins [9][10] Investment Appeal - Minglue's strong investor backing, including major players in the AI sector, enhances its attractiveness in the market, despite current operational challenges [11][13] - The anticipated growth of the AI Agent market, projected to reach $50.31 billion by 2030, presents potential opportunities for Minglue to capitalize on [11]

Core Insights - Minglue Technology officially launched AdEff, an AI-driven global advertising testing and optimization product, on June 19 [1] - AdEff is developed based on Minglue's proprietary Hypergraph Multimodal Large Language Model (HMLLM) and employs a collaborative architecture of large models and mixed expert models [1] - The product aims to address long-standing challenges in advertising testing and optimization regarding time and cost, providing a new efficiency tool for the creative industry [1] Group 1 - AdEff can simulate consumer feedback on advertising creativity in just a few minutes and provide targeted optimization suggestions [1] - The product enables marketing and creative professionals to make more agile and informed decisions based on data, enhancing the success rate of advertising campaigns [1] - AdEff significantly reduces the cost of advertising testing, allowing companies to test every advertisement and find a balance between "creative sensibility" and "commercial rationality" [1] Group 2 - AdEff represents the latest application of generative AI technology and intelligent agents in the marketing services sector, indicating the future direction of marketing tool development [2] - The company plans to continue enhancing AdEff in areas such as brand content measurement types, technical optimization, personalized adaptation, and global ecosystem expansion [2]