Investment Rating - The report indicates a positive investment outlook for Focus Technology, with a projected revenue growth of 15.06% for 2025, marking the first double-digit growth in four years [2][18]. Core Insights - Focus Technology is positioned as a significant player in China's B2B e-commerce sector, having established its core platform, Made-in-China.com, in 1998, three years before Alibaba [6]. - The company has diversified its offerings over the years, introducing various products and services, including AI-driven solutions to enhance operational efficiency for foreign trade enterprises [7][19]. - The B2B segment remains the primary revenue driver, contributing over 80% of total revenue, with a notable 18.99% year-on-year growth in the first half of 2026 [11]. Revenue and Profitability - For 2025, total revenue is expected to reach 19.20 billion, with a net profit of 5.04 billion, reflecting a year-on-year increase of 11.73% [2]. - The overall gross margin is approximately 80%, indicating strong profitability, with net profit growth projected at 24.10% when excluding stock incentive expenses [19]. Membership Growth - As of the end of 2025, the number of paid members for Made-in-China.com is expected to reach 29,793, an increase of 8.7% year-on-year [15]. - The introduction of AI services has contributed to membership growth, with 18,494 members having purchased the AI service [15][19]. AI Integration - The launch of AI-driven services, such as AI Mai Ke and Sourcing AI 1.0, has been pivotal in enhancing user engagement and operational efficiency, thereby driving revenue growth [10][8]. - AI services have shown a remarkable growth rate of 92.40% year-on-year, highlighting the increasing reliance on technology in the B2B sector [12].

Core Viewpoint - The company, Focus Technology (002315.SZ), is expected to achieve a total revenue of 1.92 billion in 2025, representing a year-on-year growth of 15.06%, marking the first double-digit growth in four years [4][15]. Revenue and Profitability - The projected net profit attributable to shareholders for 2025 is 504 million, with a year-on-year increase of 11.73% [4]. - The company's profitability is notable, generating 500 million net profit from less than 2 billion in revenue, indicating strong profit margins [6]. Business Evolution - Focus Technology, established in 1996, has evolved alongside China's B2B e-commerce landscape, transitioning from information display to comprehensive service and intelligent solutions [7]. - The core platform, Made-in-China.com, launched in 1998, has been pivotal in providing foreign trade information services [7]. AI Integration - The introduction of AI-driven services, such as AI Mai Ke, has significantly enhanced operational efficiency for sellers, contributing to the company's revenue growth [9][16]. - In the first half of 2026, B2B revenue reached 829 million, a year-on-year increase of 18.99%, with over 80% of total revenue coming from this segment [9]. Membership Growth - As of the end of 2025, the number of paid members for Made-in-China.com is projected to reach 29,793, an increase of 2,378 members or 8.7% year-on-year [12]. - The company has seen a compound annual growth rate of approximately 6.3% in membership from 2020 to 2025 [13]. Revenue Breakdown - The revenue from the B2B segment was 829 million, accounting for 90.59% of total revenue, while the insurance segment saw a decline of 11.61% [10]. - The AI business revenue grew by 92.40% year-on-year, indicating strong demand for AI services [10]. Financial Health - The company maintains a healthy balance sheet with minimal interest-bearing debt, reflecting strong financial stability [18].