国盛证券研报指出，易点天下2025Q1-Q3实现归母净利润2.04亿元，同比增长4.41%；Q3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，实现归母净利润8972.01万元，同比增 长16.95%。程序化广告平台高增长，Agentic AI营销智能体生态加速成型。AgenticAI营销智能体生态加 速成型，预发布AIDrive2.0数智营销解决方案。公司应用Sora2、GPT-5等前沿多模态大模型， AIDrive2.0数智营销解决方案架构下，AdsGo.ai、SEOPage.ai、CyberGrow、Sectionly.ai等AI产品矩阵加 速落地，公司以AIAgent将服务头部客户的核心能力产品化，将自身业务版图向广阔中长尾市场加速渗 透。公司积极拓展新业态客户，媒体资源多维度扩充，AgenticAI营销智能体生态加速成型，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。 ...

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]

证券研究报告 易点天下 (301171 CH) Q3 毛利率承压，中期仍看好出海前景 | 公司发布三季报：25 年前三季度实现总营业收入 27.17 亿元（yoy+54.94%）； | | --- | | 归母净利润2.04亿元（yoy+4.41%）；扣非后净利润1.12亿元（yoy-39.16%）； | | Q3 单季度实现营收 9.80 亿元（yoy+46.8%），归母净利润 0.60 亿元 | | 亿元。剔除信用减值 （yoy-4.80%，qoq-31.42%），扣非后归母净利-0.04 | | 和投资收益变动影响后，25 年前三季度同口径内生利润增速约为 0.3%。 | | Q3 利润下降主因当季毛利率下滑，短期有所承压；但我们中长期仍看好公 | | 司营销出海发展前景，中长尾程序化广告投放目前处于积累期，维持"买入" | | 评级。 | Q3 毛利率明显下滑，费用率维持稳定 25 年前三季度公司毛利率 16.05%，同减 5.42pct，其中 Q3 毛利率 13.06%， 同降 8.99pct，环降 6.53pct。毛利率下滑，一方面因大客户媒体业务毛利率 承压（低毛利率的大客户投放占比增大）；同时 ...

前三季度，易点天下研发费用同比显著增长64.52%，达到1.09亿元，已超去年全年水平。 据悉，易点天下自GPT-3时代起便前瞻性布局AI应用，今年9月，易点天下发布全新一代数智营销解决 方案AI Drive 2.0，搭配AdsGo.ai、CyberGrow、SEOPage.ai、Sectionly.ai等一系列AI产品矩阵，逐步构 建"以增长为目标的AI智能体生态系统"。未来，公司将以持续的技术投入驱动AI应用释放商业价值，为 出海中国品牌提供更加普惠、高效且覆盖全球的增长解决方案。 10月27日，易点天下(301171.SZ)发布2025年三季报，2025第三季度营业收入9.80亿元，同比增长 46.80%，剔除汇兑损益与股份支付利润总额1.06亿元，同比增长25.31%，剔除汇兑损益与股份支付的归 母净利润8972.01万元，同比增长16.95%。1-9月实现营业收入27.17亿元，同比增长54.94%，剔除汇兑损 益与股份支付利润总额2.95亿元，同比增长43.37%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a significant revenue increase of 59.95% year-on-year, achieving revenue of 1.737 billion yuan in the first half of 2025, with a net profit attributable to shareholders of 144 million yuan, reflecting an 8.81% increase [2][5] - In Q2 2025, the company generated revenue of 808 million yuan, a year-on-year growth of 33.52%, and a net profit of 88 million yuan, up 7.06% [2][5] - The launch of the AdsGo.ai system, a global multi-channel fully managed AI advertising platform, aims to create a complete marketing automation loop, enhancing efficiency and effectiveness for advertisers [2][11] Summary by Sections Financial Performance - The company's revenue from e-commerce clients surged by 102.22% year-on-year, contributing to the overall revenue growth [11] - The gross profit margin improved due to a higher proportion of high-margin programmatic advertising, with Q2 2025 gross margin rising to 19.59%, an increase of 2.26 percentage points year-on-year [11] Product Development - The AdsGo.ai system reportedly enhances advertising effectiveness by five times, increases creative material testing efficiency by ten times, and reduces marketing labor costs by 65% [11] - Compared to intermediate optimizers, AdsGo.ai reduces the cost per conversion by 26% and increases click-through rates by 47% [11] Profit Forecast - The company is expected to achieve net profits of 284 million yuan and 382 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 55.53 and 41.26 [11]

Core Insights - Company reported a significant revenue growth of 59.95% year-on-year for H1 2025, driven primarily by performance advertising, which saw a 60.2% increase [1][2] - The company has enhanced its programmatic advertising capabilities, achieving a sevenfold increase in inference efficiency and reducing task execution time by over 30% [1][5] - The launch of the fully automated AI advertising system, AdsGo.ai, aims to democratize marketing capabilities for startups and growth-stage companies [1][6] Revenue Performance - For H1 2025, the company generated revenue of 1.737 billion yuan, with a net profit attributable to shareholders of 144 million yuan, reflecting an 8.81% increase year-on-year [2] - Q2 2025 revenue reached 808 million yuan, marking a 33.52% year-on-year increase, the highest for the same quarter since 2022 [3][4] - E-commerce advertising revenue doubled year-on-year in H1 2025, reaching 544 million yuan, driven by the expansion of e-commerce clients in non-US regions [3] Profitability Analysis - The overall profitability aligns with expectations, with a slight recovery in gross margin in Q2 2025, which increased by 2.3 percentage points year-on-year [4] - The decline in non-GAAP net profit is attributed to increased personnel costs and share-based payment expenses [4] - The company has established a deep partnership with Applovin, becoming its first e-commerce primary agent in Greater China, leveraging data and algorithms for enhanced marketing [4] Future Outlook - The company anticipates continued high growth in programmatic advertising, supported by algorithm upgrades and strategic partnerships [5] - Revenue projections for 2025-2027 are estimated at 3.737 billion, 4.809 billion, and 5.737 billion yuan, with year-on-year growth rates of 46.74%, 28.68%, and 19.31% respectively [6]

Core Viewpoint - 易点天下's performance in the first half of 2025 shows significant growth driven by market expansion and technological iteration, particularly in the e-commerce sector, which has seen over 100% year-on-year growth [2][3]. Financial Performance - The company achieved operating revenue of 1.737 billion yuan, a year-on-year increase of 59.95% [2]. - Net profit attributable to shareholders was 144 million yuan, up 8.81% year-on-year [2]. - Adjusted net profit, excluding exchange gains and losses, was 162 million yuan, reflecting a 15.46% increase [2]. Market Expansion - 易点天下 has actively seized global opportunities, particularly in the e-commerce sector, supporting major clients like Alibaba and SHEIN to penetrate emerging markets [3]. - The e-commerce segment and other application-related businesses experienced year-on-year growth rates of 102.22% and 45.60%, respectively [3]. Technological Advancements - The company has made significant progress in its programmatic advertising platform, zMaticoo, which now has over 10,000 partnered apps and an 85% coverage rate in the Asia-Pacific region [4]. - A new round of programmatic advertising technology upgrades is underway, focusing on deep neural networks and Transformer models to enhance system stability and developer monetization efficiency [5]. AI Integration - 易点天下 is leveraging AI technologies to create a comprehensive marketing ecosystem, with a focus on generative AI since the GPT-3 era [5]. - The company has developed AI-driven marketing solutions, including AI Drive 2.0 and AdsGo.ai, to enhance its service capabilities [5]. R&D Investment - In the first half of the year, the company's R&D investment reached 60.4535 million yuan, a year-on-year increase of 26.23% [6]. - The ongoing investment in AI capabilities is expected to drive future growth as Chinese companies expand internationally [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 Insights - The company, 易点天下, has demonstrated significant growth in its business model, leveraging AI technology to build a long-term competitive advantage, as evidenced by its 2025 semi-annual report showing a 59.95% year-on-year increase in revenue to 1.737 billion yuan and an 8.81% increase in net profit to 144 million yuan [1] Group 1: Financial Performance - In the first half of 2025, 易点天下 achieved a revenue of 1.737 billion yuan, marking a year-on-year growth of 59.95% [1] - The net profit attributable to shareholders reached 144 million yuan, reflecting an 8.81% increase year-on-year [1] - The adjusted net profit, excluding foreign exchange losses and share-based payments, was 162 million yuan, up 15.46% year-on-year [1] Group 2: Technological Advancements - The company invested 60.45 million yuan in R&D, a 26.23% increase compared to the previous year, indicating a strong commitment to technological development [1] - The zMaticoo platform has become a leading programmatic advertising platform in the Asia-Pacific region, with an app coverage rate of 85% and daily ad requests reaching 170 billion [2] - The company has established strategic partnerships with industry leaders like Alibaba and Huawei to enhance its programmatic advertising technology and digital marketing applications [3] Group 3: AI and Marketing Ecosystem - 易点天下 is building an Agentic AI marketing ecosystem, transitioning from model-centered to task-centered and goal-centered applications of AI in marketing [4] - The AI Drive 2.0 smart marketing solution integrates multiple AI agents to automate marketing workflows, significantly improving efficiency and effectiveness for startups and growth-oriented companies [5][6] - During internal testing, the AdsGo.ai platform helped startups achieve a fivefold increase in advertising effectiveness and a 65% reduction in marketing labor costs [6]

Core Insights - The company reported strong financial performance for the first half of 2025, with revenue reaching 1.737 billion yuan, a year-on-year increase of 59.95%, and a net profit attributable to shareholders of 144 million yuan, up 8.81% [1] - Growth was driven by market expansion and technological advancements, particularly in the e-commerce sector, which saw over 100% growth [1][2] - The company is focusing on enhancing its overseas service capabilities and creating standardized industry solutions to improve customer lifetime value and retention [2][3] Financial Performance - Revenue for the first half of 2025 was 1.737 billion yuan, a 59.95% increase year-on-year [1] - Net profit attributable to shareholders was 144 million yuan, reflecting an 8.81% increase, while the adjusted net profit was 162 million yuan, up 15.46% [1] Market Opportunities - 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 a compound annual growth rate of 11.10% [2] - The company is capitalizing on opportunities for Chinese enterprises to expand overseas, particularly in e-commerce and high-growth sectors like AI applications and short dramas [2] Strategic Partnerships - The company has established strategic partnerships with leading firms such as AppLovin and Snapchat, enhancing its digital marketing and AI application capabilities [3] - Collaborations with major industry players like Huawei and Alibaba are aimed at providing comprehensive overseas solutions for Chinese businesses [3] Technological Advancements - The company is advancing its programmatic advertising platform, zMaticoo, which has achieved significant market penetration with over 10,000 partnered apps and an 85% coverage rate in the Asia-Pacific region [3] - The company is implementing new advertising prediction algorithms based on deep neural networks and transformer models to enhance system stability and ad personalization [4] AI Integration - The company is focused on building an "Agentic AI" marketing ecosystem, leveraging generative AI technologies to enhance marketing capabilities [5][6] - The AI Drive 2.0 solution aims to automate marketing processes and improve efficiency through a multi-agent system [7][8] Customer Engagement - The company has significantly improved brand perception for clients like Jietu Automobile, achieving a 41% increase in brand favorability [2] - The AdsGo.ai platform is designed to assist startups and growing businesses in automating their marketing workflows, enabling them to scale effectively [8]