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]

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%。 ...