11.3%，主要受广告平台返点比例于2024 年下半年下调导致同比基数抬升影响；若还原返点政策调整因 素，经调整后收入实际同比增长45.3%，体现核心广告投放服务保持强劲增长动力。伴随着未来居民消 费意愿升级和企业运营常规化，广告业务将逐步回暖，我们预计公司有望在2026 年迎来业务回暖。 继续强调长期逻辑不变，维持目标价至3.02 港元，维持买入评级： 综合分析，公司的业绩符合我们的预期，且集团战略聚焦和拥抱AI，为未来表现提供了充分基础。因 此，我们调整SaaS 估值中枢回归至8 倍PS，并采用2025 年的预测盈利，维持目标价至3.02 港元，较上 一收盘价有57%的上涨空间，维持买入评级。 机构：第一上海 研究员：李京霖 2025H1 营收策略性调整： 2025 年上半年公司实现营业收入7.75 亿元人民币，同比下降10.6%，主要系 公司主动推进降本增效，战略性缩减低毛利、低质量的中小业务规模，导致相关递延收入减少所致。 同期实现经调整净利润0.17 亿元，较2024 年同期经调整净亏损1.87 亿元显著改善，为2021 年以来首次 实现半年度扭亏为盈，主要得益于公司有效的降本增效措施。公司持续聚焦 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.02, representing a potential upside of 57% from the current price of HKD 1.92 [6][7]. Core Insights - The company is strategically embracing AI, which is expected to stabilize and improve its business performance. The focus is on high-quality business development and optimizing revenue sources, leading to a significant improvement in gross margin [7]. - The company reported a revenue of RMB 775 million in the first half of 2025, a decrease of 10.6% year-on-year, primarily due to a strategic reduction in low-margin businesses. However, it achieved an adjusted net profit of RMB 17 million, marking a significant turnaround from a loss of RMB 187 million in the same period of 2024 [7]. - The advertising business is under pressure due to policy adjustments and environmental factors, but there is an expectation for gradual recovery in 2026 as consumer spending improves [7]. Financial Summary - Total revenue for the fiscal year ending December 31, 2023, was RMB 2,227,684 thousand, with a projected decline to RMB 1,339,255 thousand in 2024, followed by a recovery to RMB 1,612,762 thousand in 2025 [4][9]. - The adjusted net profit is expected to improve from a loss of RMB 767,674 thousand in 2023 to a loss of RMB 521,922 thousand in 2025, indicating a trend towards profitability [4][9]. - The gross margin is projected to increase from 67% in 2023 to 71% in 2025, reflecting improved operational efficiency [9][10].

这已经是孙涛勇年内第二次增持。今年8月份，孙涛勇以每股平均价约2.44港元购入合共 近年来，微盟集团推出了WAISaaS、WAIPro、WIME等AI产品矩阵，帮助商家实现从店铺搭建、运营管 理到营销投放的全流程智能化。在今年的中报中，微盟集团还首次公布了AI相关收入，达约3400万 元，占订阅解决方案收入近8%。 本报讯 （记者金婉霞）12月4日，微盟集团发布公告，该公司董事会主席兼首席执行官孙涛勇以每股平 均价约1.90港元购入共计153.4万股微盟集团股份，占该公司已发行股份总数的约0.04%。此次增持后， 孙涛勇被视为持有2.46亿股，占微盟集团已发行股份总数的6.22%。 400万股微盟集团股份。孙涛勇表示，进行增持是因为对微盟集团整体发展前景和增长潜力充满信心。 随着微盟集团经调整净利润扭亏为盈、毛利率改善以及AI相关收入成为新的增长点，微盟集团的基本 面已发生积极变化。在遵守适用法律及监管规定的前提下，若未来出现合适时机，他会考虑进一步增持 微盟集团的股份。 ...

Core Insights - The Weimob Day 2025 summit in Guangzhou focused on "omnichannel operations" and "AI empowerment," aiming to guide retail enterprises in their digital transformation towards high-quality development [1][2]. Industry Trends - The Chinese retail industry is undergoing a significant transformation, shifting from a focus on traffic and channel growth to an emphasis on ecological benefits and omnichannel survival [2][3]. - Retail competition has evolved from product and channel comparisons to a contest of AI innovation, omnichannel capabilities, and multi-ecosystem operations [2][3]. Consumer Behavior - Consumers are increasingly diversifying their shopping behaviors, moving from single-channel purchases to integrated online and offline experiences, which raises the service capabilities and scenario coverage expectations for brands [3][7]. - The demand for seamless integration between online and offline shopping experiences has become mainstream, as indicated by a 9.6% year-on-year increase in online retail sales [7]. Operational Strategies - The summit highlighted practical strategies for retail enterprises, with a focus on membership operations as a core component of omnichannel management [8]. - Brands are encouraged to shift from a "transaction-oriented" mindset to a "relationship-oriented" approach in membership operations to enhance customer loyalty and brand affiliation [8][10]. Technological Empowerment - AI technology is deeply integrated into the retail value chain, serving as a key tool for cost reduction and efficiency enhancement [9][12]. - Weimob has developed a comprehensive AI application system to meet various enterprise needs, covering e-commerce, retail, and private domain operations [9][12]. Weimob's Solutions - Weimob launched a "Smart Store" solution aimed at addressing operational challenges in offline retail and unlocking growth potential [14][16]. - The Smart Store solution promotes integrated online and offline operations, enhancing efficiency and precision through seamless collaboration between hardware and software [16]. Marketing Innovations - The retail advertising landscape is undergoing significant changes, with a dual focus on performance-driven and data-driven marketing strategies [18][19]. - Weimob aims to assist retail enterprises in overcoming growth challenges through a multi-faceted approach that includes competitive collaboration and precise marketing attribution [19]. Conclusion - The summit established a comprehensive knowledge framework for retail enterprises, covering industry trends, practical solutions, and innovative practices, guiding them towards smarter and more efficient operations [20].

Core Viewpoint - The article emphasizes that the integration of Agent technology into SaaS systems is not just an option but a necessity for survival in the evolving tech landscape, particularly as AI becomes a fundamental requirement for customer acquisition [4][5][6]. Group 1: Challenges of Integrating Agent into SaaS - Integrating Agent technology into existing SaaS systems presents significant technical challenges, including the rapid iteration of Agent architectures and the need for substantial modifications to mature SaaS systems [6][7][21]. - The integration process is likened to a race between the rapid evolution of Agent technology and the necessary upgrades to SaaS systems, requiring a dual-team approach to manage both existing frameworks and explore new technologies [7][26]. Group 2: The Role of Agent in SaaS - Agents are seen as suitable for SaaS systems due to their ability to handle tasks related to business processes and professional expertise, aligning well with the functional nature of many SaaS applications [12][14]. - The relationship between SaaS and Agent is expected to evolve, potentially leading to a scenario where traditional SaaS models become less visible, with Agents taking a more prominent role [8][13]. Group 3: Business Model Transformation - The traditional subscription-based business model of SaaS is anticipated to change as Agent technology becomes more integrated, with potential new billing methods based on performance metrics such as interaction counts and content generation [8][18][17]. - The focus will shift from the tools used to achieve results to the outcomes themselves, reflecting a broader trend in how SaaS companies may charge for their services in the future [18][17]. Group 4: Market Dynamics and Competition - The introduction of Agent technology is expected to create differentiation opportunities in the highly competitive SaaS market, which has been characterized by significant homogeneity [30][31]. - Companies that can effectively leverage AI and Agent technology will likely gain a competitive edge, particularly those with established customer bases and industry influence [32]. Group 5: Future Outlook - The article suggests that as the integration of Agent technology matures, it may redefine the roles of SaaS providers, with a potential shift towards becoming specialized experts in their respective fields rather than just platform providers [33][34]. - The ongoing development of Agent capabilities will be crucial for SaaS companies to maintain relevance and meet evolving customer needs in a rapidly changing technological landscape [22][20].

Core Viewpoint - Weimob Group has successfully reached a subscription agreement with Wujing Capital to issue 688 million new shares at HKD 2.26 per share, raising approximately HKD 15.55 billion, with Wujing Capital becoming the largest single shareholder holding 16% of the company [1][7]. Group 1: Transaction Structure - The share placement is priced at HKD 2.26, representing an 8.87% discount compared to the closing price of HKD 2.48 prior to the announcement, but only a 5.8% discount compared to the average closing price over the previous five trading days [2]. - The placement accounts for approximately 19.04% of the existing issued share capital and 16% of the expanded share capital post-placement, indicating a strategic low-discount financing approach that has been positively received by the market [2]. Group 2: Fund Utilization - The raised funds will be allocated to four key areas: - AI technology integration (30%): Upgrading technical infrastructure to enhance computing power and storage capacity for more complex AI operations [3]. - Media channel expansion (30%): Increasing influence on platforms like Douyin and Xiaohongshu, recruiting professional teams, and acquiring high-quality user data [4]. - Overseas business development (10%): Investing in companies with complementary products and AI models, hiring international talent, and leasing office space [5]. - Working capital supplementation (30%): Supporting daily operations and general corporate purposes [6]. Group 3: Shareholder Changes - The share placement significantly alters Weimob's shareholder structure, with Wujing Capital becoming the largest single shareholder at 16%, while the main shareholder group's stake will decrease from 8.08% to 6.79% [7][8]. Group 4: Strategic Transformation - The share placement occurs during a critical period of performance turnaround for Weimob, which reported its first positive adjusted net profit since 2021, amounting to 16.9 million [9]. - The company also disclosed AI-related revenue of approximately 34 million, accounting for nearly 8% of subscription solution revenue, indicating initial success of its AI strategy [10]. Group 5: Industry Background - The fundraising reflects challenges faced by the broader SaaS industry in China, including low customer retention rates and profitability issues [11]. - Weimob's revenue declined by 10.6% year-on-year to 775 million, with subscription solution business churn increasing from 9.2% to 13.6% [12]. Group 6: Historical Comparison - Weimob's shareholder structure has undergone significant changes, notably with Tencent's substantial reduction of its stake from 8.39% to 2.94% in January 2025, resulting in a cash-out of approximately HKD 630 million [13]. - In contrast to Tencent's sell-off, Wujing Capital's investment has led to a positive market reaction, with the stock price rising significantly [13]. Group 7: Future Outlook - Wujing Capital's investment opens new possibilities for Weimob, optimizing its shareholder structure and accelerating its strategic goals of "customer-centric, ecosystem-oriented, and internationalization" [14]. - The collaboration with Alibaba's ecosystem is also strengthening, with Weimob being one of the first to receive "Alipay Advertising Elite Partner Certification" [14]. - With international capital support and ongoing AI advancements, Weimob is positioned to drive a new wave of AI-driven business transformation in the SaaS sector [14].

Core Viewpoint - Weimob's H1 2025 financial report shows a decline in revenue but improvements in profitability metrics, indicating a strategic shift towards high-potential areas and AI product commercialization [1][2][3] Financial Performance - Weimob recorded revenue of 780 million yuan in H1 2025, a year-on-year decrease of 10.6% [1] - Subscription solutions revenue was 440 million yuan, down 10.0%, with a gross profit of 270 million yuan and a gross margin of 62.6%, up 2.5 percentage points [1] - Merchant solutions revenue was 340 million yuan, down 11.3%, with a gross profit of 310 million yuan and a gross margin of 91.3%, up 16.8 percentage points [1] - The company achieved operating profit and non-GAAP net profit of 270,000 yuan and 23.8 million yuan respectively, with significant year-on-year increases in operating profit margin and non-GAAP net profit margin [1] Business Strategy - Weimob focuses on smart retail and large customer collaborations, with smart retail revenue accounting for 65.2% of subscription solutions [2] - The number of merchants reached 7,323, and the GMV for smart retail grew by 13.4%, with significant increases in million-level and billion-level GMV [2] - The company is optimizing its customer structure by eliminating low-margin clients, leading to improved gross margins [2] AI Product Development - Weimob launched a matrix of AI products, generating 34 million yuan in revenue from AI-related products in H1 2025 [3] - WAISaaS saw a 57% increase in average monthly active merchants, while WIME registered 116,000 users with a 172% revenue increase [3] - WAI Pro offers customized AI solutions, enhancing the company's service offerings [3] Future Outlook - Revenue forecasts for 2025-2027 have been adjusted to 1.6 billion, 1.7 billion, and 1.9 billion yuan respectively, with non-GAAP net profits projected at 40 million, 120 million, and 160 million yuan [3] - The target price for Weimob is set at 3 HKD, maintaining a "buy" rating based on the company's strategic adjustments and market potential [3]

Investment Rating - The report maintains a "Buy" rating for Weimob Group (02013.HK) with a target price of HKD 3 [4][7]. Core Views - Weimob Group is approaching a profitability inflection point, with AI commercialization beginning to take shape. The company reported a revenue of RMB 780 million for H1 2025, a year-on-year decline of 10.6%. However, it achieved a turnaround in operating profit and non-GAAP net profit, recording RMB 270,000 and RMB 23.8 million respectively, with significant improvements in profit margins [1][4]. Summary by Sections Financial Performance - For H1 2025, Weimob's subscription solutions revenue was RMB 440 million, down 10.0% year-on-year, while gross profit was RMB 270 million, with a gross margin of 62.6%, up 2.5 percentage points. Merchant solutions revenue was RMB 340 million, down 11.3%, but gross profit increased by 8.7% to RMB 310 million, with a gross margin of 91.3%, up 16.8 percentage points [1]. - The company adjusted its revenue forecasts for 2025-2027 to RMB 1.6 billion, RMB 1.7 billion, and RMB 1.9 billion respectively, with non-GAAP net profits projected at RMB 40 million, RMB 120 million, and RMB 160 million [4][6]. Business Strategy - Weimob continues to focus on smart retail and has seen its smart retail revenue account for 65.2% of subscription solutions, with the number of merchants reaching 7,323. The integrated solutions "Retail + Enterprise WeChat" and "Retail + Enterprise WeChat + Membership" have gained wide recognition, driving a 13.4% increase in GMV [2]. - The company is optimizing its customer structure by eliminating low-margin clients, which has led to a 3.4% increase in gross income from targeted advertising [3]. AI Commercialization - Weimob has launched a suite of AI products, including WAI SaaS, WAI Pro, and WIME, generating RMB 34 million in revenue from AI-related products in H1 2025. The average monthly active merchants using WAI SaaS increased by 57%, and WIME's registered users reached 116,000, with revenue up 172% [3].

Core Viewpoint - The company reported a revenue of 775 million RMB for 1H25, a year-on-year decrease of 10.6%, primarily due to cost-cutting measures and a reduction in low-margin businesses, leading to a decrease in deferred revenue [1] Group 1: Financial Performance - The company achieved a gross profit of 582 million RMB in 1H25, reflecting a year-on-year increase of 1.1%, with a gross margin of 75.1%, up by 8.7 percentage points [1] - Adjusted net profit for 1H25 was 17 million RMB, marking the first profit since 2021, attributed to cost reduction and efficiency improvements [1] Group 2: Subscription Revenue and Market Focus - Subscription solutions revenue for 1H25 was 438 million RMB, down 10.1% year-on-year, mainly due to the reduction of low-quality subscription businesses, resulting in a decrease of approximately 30 million RMB in deferred subscription revenue [2] - The number of paying merchants reached 59,100, a year-on-year decrease of 13.9%, with an average revenue per user (ARPU) of 7,402 RMB, up 4.5% year-on-year [2] - The smart retail business generated 286 million RMB in revenue, accounting for 65.2% of subscription solutions revenue, with a year-on-year decline of 6.1% [2] Group 3: Advertising and Merchant Solutions - Merchant solutions revenue for 1H25 was 338 million RMB, down 11.3% year-on-year; however, after adjusting for a reduction in the rebate ratio, the revenue growth was 45.3% [3] - The gross advertising revenue for merchants was approximately 8.623 billion RMB, reflecting a year-on-year growth of 3.4% [3] - The gross margin for this business segment reached 91.3%, compared to 74.5% in 24H1, due to the reduction of low-margin businesses [3] Group 4: AI Integration and Product Development - AI product revenue for 1H25 was approximately 34 million RMB, with the development of three major products: WAI SaaS, WAI Pro, and WIME, covering various application scenarios [4] - The usage rate of the WAI SaaS for store operations increased by 4.5 times, indicating strong adoption among merchants [4] - The number of registered users for WIME reached 110,000, with revenue growth of 172% quarter-on-quarter [4]

Core Viewpoint - Weimob Group's AI-related revenue for the first half of 2025 was only 34 million yuan, accounting for a mere 4.4% of total revenue of 775.5 million yuan, highlighting the failure of its "AI-driven" strategy [2][4][5] Financial Performance Summary - Total revenue for the first half of 2025 was approximately 775.5 million yuan, a decrease of 10.6% compared to 867.4 million yuan in 2024 [4] - Adjusted revenue increased by 7.8% year-on-year, from 719.1 million yuan to 775.5 million yuan [4] - Adjusted net profit was 16.9 million yuan, marking the first profit since 2021 [4][5] - AI-related revenue was only 34 million yuan, significantly underperforming against the company's strategic claims [2][4] AI Business Performance - The AI business has shown a concerning decline in both revenue and R&D investment, indicating serious issues [3][6] - Despite launching several AI products, the actual revenue contribution from these products remains minimal, with a significant gap between user engagement and revenue generation [5][6] - The AI revenue growth of 172% for the WIME tool is misleading due to its small base, failing to impact overall AI revenue meaningfully [5] R&D Investment - R&D expenditure dropped from 234 million yuan in 2024 to 136 million yuan in 2025, a decline of 41.8% [6][7] - The company claims to have shifted R&D resources towards AI, but the absolute reduction in investment raises concerns about the viability of its AI strategy [6][7] - The decline in R&D investment reflects broader strategic instability within the company, impacting its ability to innovate and develop AI solutions effectively [6][8] Strategic Challenges - The company's reliance on Tencent's ecosystem has diminished, as Tencent enhances its own e-commerce tools, reducing Weimob's competitive edge [8][9] - Competitors like Youzan are gaining market share through differentiated product strategies, further complicating Weimob's market position [9] - The AI business, intended to be a growth engine, has not performed as expected, leading to uncertainty in future profitability [9]