证券时报网讯，12月19日，恒生指数收盘跌0.56%，恒生科技指数跌0.66%。 腾讯概念股走强，微盟集团大涨近36%，腾讯控股涨超2%。 消息面上，据微盟相关负责人介绍，作为腾讯重要的生态合作伙伴之一，微盟小程序正率先接入微信小 店，支持商家参与微信电商生态。 校对：祝甜婷 ...

WEIMOB INC. 微盟集團* (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Stock Code 股份代號 : 2013 Interim Report 中期報告 2024 * For identification purpose only 僅供識別 目錄 2 公司資料 4 財務摘要 5 主席報告 10 管理層討論及分析 24 其他資料 36 中期簡明綜合全面虧損表 38 中期簡明綜合財務狀況表 40 中期簡明綜合權益變動表 42 中期簡明綜合現金流量表 44 中期簡明財務資料附註 99 釋義 公司資料 | --- | --- | |----------------------------------------------------------|------------------------------------------| | | | | 董事 | 法律顧問 | | 執行董事 | 香港與美國法律： | | 孫濤勇先生 （主席） | 高偉紳律師行 | | 方桐舒先生 | 香港 | | 游鳳 ...

商贸零售/互联网电商 公 司 研 究 微盟集团（02013.HK） 2024 年 08 月 23 日 SaaS 业务调整及广告平台返点规则影响增长承压 ——港股公司信息更新报告 投资评级：增持（维持） | --- | --- | |--------------------------|--------------------------| | 吴柳燕（分析师） | 荀月（联系人） | | wuliuyan@kysec.cn | xunyue@kysec.cn | | 证书编号：S0790521110001 | 证书编号：S0790122100036 | SaaS 业务主动收缩中小商家部分，广告返点规则变化致增长承压 短期 SaaS 受需求疲软影响承压，公司主动收缩中小客户及亏损业务，广告业务 毛收入持续增长，但受平台返点规则变化导致返点差下滑，我们下调公司 2024-2026 年收入预测至 18.1/21.1/23.9 亿元（前值：25.1/29.5/33.9 亿元），对应 同比增速-18.9%/17.1%/13.0%，下调调整后净利润预测至-0.5/1.3/3.0 亿元（前值： 0.5/2.0/3.6 亿元 ...

Summary of the Conference Call Company and Industry - The conference call pertains to WeChat Group's mid-year corporate announcement for 2024 [1] Core Points and Arguments - The call is structured to allow investors to listen to the management's presentation, followed by a Q&A session [1] - The meeting is conducted in Mandarin with simultaneous translation available in English [1] - Participants can access the presentation slides on the online platform [1] Other Important Content - The call emphasizes the importance of investor engagement and transparency in corporate communications [1] - The company has made the decision to switch to a listen-only mode for the call, indicating a structured approach to information dissemination [1]

Weimob (02013) H1 2024 Earnings Call August 21, 2024 08:00 AM ET Speaker0 Good evening, ladies and gentlemen. Welcome to the Weimar Inc. Twenty twenty four Interim Results Conference. A copy of the interim results announcement can be found on the company's website. All of the lines have been placed on listen only mode. However, the floor will be opened for questions after today's presentation. This call will be conducted in Mandarin, and English simultaneous interpretation will be provided. Participants may ...

Revenue and Profit Performance - Total revenue for the first half of 2024 was RMB 867.4 million, a decrease of 28.3% year-over-year[2] - Gross profit decreased by 29.4% to RMB 575.9 million in the first half of 2024[2] - Adjusted EBITDA loss narrowed by 19.8% to RMB 52.8 million in the first half of 2024[2] - Adjusted net loss significantly narrowed by 81.4% to RMB 46.4 million in the first half of 2024[2] - Subscription solutions revenue decreased by 31.0% to RMB 487 million, with the number of paying merchants dropping by 31.3% to 68,725[4] - Revenue from merchant solutions decreased by 24.5% to RMB 381 million, with gross margin improving from 69.4% to 74.5%[5] - Subscription solutions revenue was RMB 487 million, a year-on-year decrease of 31.0%, with a gross profit of RMB 292 million and a gross margin of 60.1%[7] - Merchant solutions revenue was approximately RMB 381 million, a year-on-year decrease of 24.5%, with a gross profit of RMB 284 million and a gross margin increase from 69.4% to 74.5%[8] - Total revenue decreased by 28.3% from RMB 1,209.6 million in H1 2023 to RMB 867.4 million in H1 2024, primarily due to declines in subscription and merchant solutions revenue[16] - Subscription solutions revenue dropped by 31.0% from RMB 705.4 million in H1 2023 to RMB 486.8 million in H1 2024, driven by business restructuring and focus on core offerings[18] - Merchant solutions revenue declined by 24.5% from RMB 504.2 million in H1 2023 to RMB 380.6 million in H1 2024, mainly due to reduced rebates from advertising platforms and downsizing of TSO and credit tech services[20] - Overall gross profit decreased by 29.4% from RMB 816.3 million in the first half of 2023 to RMB 575.9 million in the first half of 2024, with gross margin dropping from 67.5% to 66.4%[25] - Merchant solutions gross margin increased from 69.4% in the first half of 2023 to 74.5% in the first half of 2024, driven by a higher proportion of high-margin precision marketing net rebate revenue[26] - The company recorded a net loss of RMB 569.8 million in the first half of 2024, compared to a net loss of RMB 469.6 million in the same period of 2023[36] - Adjusted EBITDA for the first half of 2024 was RMB -52.8 million, with an adjusted EBITDA margin of -6.1%[38] - The company's gross margin for subscription solutions was 60.3%, while for merchant solutions, it was 74.5% in the first half of 2024[38] - The net loss attributable to equity holders of the company was RMB 550.8 million in the first half of 2024, with a net margin of -63.5%[38] - The company's operating loss for the first half of 2024 was RMB 287.3 million, with an operating loss margin of -33.1%[38] - Revenue for the six months ended June 30, 2024, was RMB 867,434 thousand, a decrease from RMB 1,209,570 thousand in the same period last year, with a gross profit of RMB 575,905 thousand[49] - Operating loss for the period was RMB 287,323 thousand, compared to an operating loss of RMB 385,297 thousand in the same period last year[49] - The company reported a net loss of RMB 569,842 thousand for the six months ended June 30, 2024, compared to a net loss of RMB 469,631 thousand in the same period last year[49] - Total comprehensive loss for the period was RMB 570.54 million, compared to RMB 471.07 million in the same period last year[50] - The company's equity holders' share of the total comprehensive loss was RMB 551.48 million, while non-controlling interests accounted for RMB 19.06 million[50] - Basic and diluted loss per share were both RMB 0.19, compared to RMB 0.17 in the previous year[50] - Total revenue for the period was RMB 2,241,046 thousand, with a net loss of RMB 469,631 thousand[54] - Net loss for the six months ended June 30, 2024, was RMB 569,842,000, with net cash inflow from operating activities of RMB 29,498,000[59] - Total revenue for the six months ended June 30, 2024, was RMB 867,434,000, compared to RMB 1,209,570,000 for the same period in 2023[64] - Subscription solutions revenue for the six months ended June 30, 2024, was RMB 486,779,000, while merchant solutions revenue was RMB 380,655,000[64] - The company's net loss attributable to equity holders for the six months ended June 30, 2024, was RMB 550.784 million, compared to RMB 452.235 million in the same period in 2023[79] - The company's basic loss per share for the six months ended June 30, 2024, was RMB 0.19, compared to RMB 0.17 in the same period in 2023[79] Subscription Solutions Performance - Subscription solutions revenue decreased by 31.0% to RMB 487 million, with the number of paying merchants dropping by 31.3% to 68,725[4] - Smart retail revenue accounted for 62.4% of subscription solutions revenue, with a slight decline of 2.6% to RMB 304 million[4] - Subscription solutions revenue was RMB 487 million, a year-on-year decrease of 31.0%, with a gross profit of RMB 292 million and a gross margin of 60.1%[7] - The number of paying merchants for subscription solutions was 68,725, with an average revenue per user of RMB 7,083[7] - Weimob Retail revenue was RMB 304 million, accounting for 62.4% of subscription solutions revenue, with 8,011 merchants, including 1,307 brand merchants[7] - Subscription solutions revenue dropped by 31.0% from RMB 705.4 million in H1 2023 to RMB 486.8 million in H1 2024, driven by business restructuring and focus on core offerings[18] - Number of paying merchants for subscription solutions decreased from 100,092 in H1 2023 to 68,725 in H1 2024, with a churn rate improvement from 12.9% to 9.2%[13] - Average revenue per user (ARPU) for subscription solutions remained stable at RMB 7,083 in H1 2024 compared to RMB 7,047 in H1 2023[13] - Subscription solutions sales cost decreased by 18.7% from RMB 239.0 million in the first half of 2023 to RMB 194.4 million in the first half of 2024, driven by reductions in intangible asset amortization, employee costs, and broadband and hardware costs[23] - Subscription solutions revenue for the six months ended June 30, 2024, was RMB 486,779,000, while merchant solutions revenue was RMB 380,655,000[64] Merchant Solutions Performance - Revenue from merchant solutions decreased by 24.5% to RMB 381 million, with gross margin improving from 69.4% to 74.5%[5] - Merchant solutions revenue was approximately RMB 381 million, a year-on-year decrease of 24.5%, with a gross profit of RMB 284 million and a gross margin increase from 69.4% to 74.5%[8] - Merchant solutions revenue declined by 24.5% from RMB 504.2 million in H1 2023 to RMB 380.6 million in H1 2024, mainly due to reduced rebates from advertising platforms and downsizing of TSO and credit tech services[20] - Merchant solutions gross margin increased from 69.4% in the first half of 2023 to 74.5% in the first half of 2024, driven by a higher proportion of high-margin precision marketing net rebate revenue[26] - Merchant solutions sales cost decreased by 37.1% from RMB 154.3 million in the first half of 2023 to RMB 97.1 million in the first half of 2024, mainly due to reduced advertising traffic costs and contract service costs[24] - Merchant solutions revenue for the six months ended June 30, 2024, was RMB 380,655,000[64] Advertising and Marketing Performance - Gross income from merchant advertising solutions increased by 19.4% to RMB 8.342 billion in the first half of 2024[5] - The gross advertising revenue facilitated by Weimob Marketing for merchants was approximately RMB 8.342 billion, a year-on-year increase of 19.4%[8] - Gross income from merchant solutions increased by 19.4% from RMB 6,987.8 million in H1 2023 to RMB 8,341.8 million in H1 2024, attributed to higher average spending per advertiser[19] - Weimob Marketing's annual consumption in the Kuaishou sector increased by 78% year-on-year, and in the Xiaohongshu ecosystem, annual consumption for brands in apparel, beauty, and FMCG industries increased by 152% year-on-year[9] - Promotion and advertising expenses for the six months ended June 30, 2024, were RMB 127,653,000, significantly lower than RMB 348,290,000 in the same period in 2023[65] - The company's prepayments, deposits, and other assets increased to RMB 2.475 billion as of June 30, 2024, from RMB 1.911 billion as of December 31, 2023, mainly due to an increase in prepayments for advertising traffic purchases and other receivables from advertisers[81] - Trade and other payables increased to RMB 1,960,683 thousand as of June 30, 2024, from RMB 1,437,705 thousand as of December 31, 2023, with a notable increase in advertising-related payables from RMB 577,617 thousand to RMB 861,185 thousand[85] Financial Position and Capital Structure - The company repurchased all of its 2021 convertible bonds, totaling USD 300 million, improving its capital structure[3] - Cash and bank deposits balance stood at RMB 1.772 billion as of June 30, 2024[3] - The company's cash and bank balances as of June 30, 2024, totaled RMB 1,771.7 million, including restricted cash of RMB 518.3 million[40][41] - Net debt increased to RMB 947,855 thousand as of June 30, 2024, up from RMB 668,255 thousand in the same period last year, with a net debt-to-equity ratio rising to 37.8% from 21.8%[42] - Total bank borrowings amounted to approximately RMB 1,805.6 million as of June 30, 2024, with short-term and long-term borrowings detailed across various banks and interest rates ranging from 2.70% to 5.20%[43] - Capital expenditures for the period totaled RMB 100.6 million, with RMB 45.2 million allocated to fixed assets and RMB 55.4 million to intangible assets, down from RMB 186.7 million in the same period last year[45] - The company pledged land use rights and property, plant, and equipment with a net book value of RMB 318,200,000 and RMB 268,625,000 as collateral for long-term borrowings of RMB 110,600,000[46] - The company's total assets included RMB 1,213.7 million in cash and cash equivalents and RMB 18.7 million in bank wealth management products as of June 30, 2024[41] - Total assets decreased to RMB 7.47 billion as of June 30, 2024, from RMB 7.87 billion at the end of 2023[51] - Non-current assets totaled RMB 2.99 billion, a slight decrease from RMB 3.04 billion at the end of 2023[51] - Current assets amounted to RMB 4.49 billion, down from RMB 4.83 billion at the end of 2023[51] - Total liabilities decreased to RMB 4.96 billion from RMB 5.07 billion at the end of 2023[52] - Non-current liabilities decreased significantly to RMB 357.70 million from RMB 641.37 million at the end of 2023[52] - Current liabilities increased to RMB 4.60 billion from RMB 4.42 billion at the end of 2023[52] - The company's equity holders' share of the total equity decreased to RMB 2.51 billion from RMB 2.80 billion at the end of 2023[53] - The company's cash and cash equivalents, restricted cash pledged for bank loans, and bank wealth management products totaled RMB 1,750,695,000 as of June 30, 2024[59] - The company completed a share placement in April 2024, raising approximately HKD 313.0 million, with a net proceeds of HKD 308.0 million, primarily aimed at improving financial conditions and funding long-term business expansion[86] - As of June 30, 2024, the company had utilized USD 202.0 million out of the USD 293.6 million raised from the 2021 convertible bonds, with USD 55.2 million allocated to enhancing R&D capabilities and USD 58.8 million for potential strategic investments and acquisitions[87][88] - The 2023 share placement raised HKD 1,568.7 million, with HKD 1,411.8 million utilized by June 30, 2024, including HKD 313.7 million for upgrading the marketing system and HKD 470.6 million for supplementing working capital[89][90] - The 2024 share placement proceeds of HKD 308.0 million were fully utilized for refinancing existing debt by June 30, 2024[91] - The company repurchased $195.82 million of the 2021 convertible bonds at a price of $1,030.40 per $1,000 principal amount in April 2024[96] - The company redeemed $5.39 million of the 2021 convertible bonds at a price of $206,075.50 per $200,000 principal amount in June 2024[96] - All 2021 convertible bonds were canceled by June 30, 2024, and no outstanding 2021 convertible bonds remained[96] - The company applied for the delisting of the 2021 convertible bonds, effective after the close of business on June 21, 2024[96] - The company did not purchase, sell, or redeem any listed securities (including treasury shares) during the six months ended June 30, 2024, except as disclosed[96] Operational Costs and Expenses - Total sales cost decreased by 25.9% from RMB 393.3 million in the first half of 2023 to RMB 291.5 million in the first half of 2024, primarily due to reductions in employee costs, intangible asset amortization, and operational service costs[21] - Subscription solutions sales cost decreased by 18.7% from RMB 239.0 million in the first half of 2023 to RMB 194.4 million in the first half of 2024, driven by reductions in intangible asset amortization, employee costs, and broadband and hardware costs[23] - Merchant solutions sales cost decreased by 37.1% from RMB 154.3 million in the first half of 2023 to RMB 97.1 million in the first half of 2024, mainly due to reduced advertising traffic costs and contract service costs[24] - Sales and distribution expenses decreased by 33.0% from RMB 844.1 million in the first half of 2023 to RMB 565.3 million in the first half of 2024, primarily due to reductions in contract acquisition costs, employee costs, and marketing expenses[27] - General and administrative expenses decreased by 24.5% from RMB 380.0 million in the first half of 2023 to RMB 287.0 million in the first half of 2024, mainly due to reductions in R&D and administrative personnel costs[28] - R&D expenses decreased by 26.8% from RMB 319.2 million in the first half of 2023 to RMB 233.8 million in the first half of 2024, largely due to organizational optimization reducing employee headcount[29] - Employee benefits expenses for the six months ended June 30, 2024, were RMB 631,371,000, a decrease from RMB 767,549,000 in the same period in 2023[65] - Promotion and advertising expenses for the six months ended June 30, 2024, were RMB 127,653,000, significantly lower than RMB 348,290,000 in the same period in 2023[65] - Development costs payments amounted to RMB 55,406 thousand, reflecting ongoing investment in new technologies and products[55] Financial Costs and Income - Financial costs increased from RMB 80.0 million in the first half of 2023 to RMB 213.0 million in the first half of 2024, primarily due to amortization cost adjustments from early redemption of convertible bonds[34] - Financial income decreased from RMB 20.9 million in the first half of 2023 to RMB 8.1 million in the first half of 2024, primarily due to reduced bank deposit interest income[35] - The fair value change loss of convertible bonds amounted to RMB 54.5 million in the first half of 2024[36] - Income tax expenses decreased to RMB 22.7 million in the first half of 2024 due to reduced taxable income from Chinese subsidiaries[36] - The company's financial costs for the six months ended June 30, 2024, increased to RMB 212.986 million from RMB 79.971 million in the same period in 2023, primarily due

Investment Rating - The report assigns an "Accumulate" rating for Weimob Group (02013.HK) for the first time [1]. Core Insights - Weimob is a leading retail e-commerce SaaS provider and a key service provider for Tencent's advertising, benefiting from structural growth in its advertising business and a strong demand for smart retail solutions [3][5]. - The company is expected to achieve revenue growth from 2.51 billion HKD in 2024 to 3.39 billion HKD in 2026, with corresponding year-on-year growth rates of 12.8%, 17.2%, and 15.0% respectively [3][6]. - Adjusted net profit is projected to turn positive in 2024, reaching 0.5 million HKD, and further increasing to 3.6 million HKD by 2026, with significant growth rates of 302% and 81% in 2025 and 2026 respectively [3][6]. Summary by Sections Company Overview - Weimob Group is recognized as a leading provider of retail and e-commerce SaaS solutions, leveraging its strong ties with Tencent to enhance its service offerings [11][17]. - The company reported a revenue of 2.23 billion HKD in 2023, marking a year-on-year increase of 21.1%, while its adjusted net loss narrowed by 73.4% [11][12]. Industry Analysis - The domestic enterprise SaaS market is experiencing a slowdown due to macroeconomic pressures, with growth rates dropping below 10% for the first time in 2022 [20]. - The retail SaaS market remains expansive, with significant growth potential driven by the increasing demand for smart retail solutions [29]. Competitive Advantages - Weimob's competitive edge lies in its diverse SaaS product matrix, which enhances customer retention and operational efficiency through integrated solutions [31][32]. - The company has established a robust sales and channel strategy, enabling it to capture significant market share and drive growth through a "flywheel effect" [35]. Future Outlook - The subscription solution's average revenue per user (ARPU) is expected to grow steadily, supported by a strategic focus on large clients [36][37]. - The advertising business is anticipated to benefit from the recovery in consumer demand and the growth of Tencent's video platform, providing additional revenue streams [36][37].

Investment Rating - The report maintains a "Buy" rating for Weimob Group [2][4]. Core Views - Weimob Group's revenue for 2023 was approximately 2.23 billion, representing a year-on-year growth of 21%. The company continues to narrow its losses, with a net loss of 400 million, significantly reduced from 1.4 billion in 2022 [1][2]. - The company is expected to achieve breakeven in 2024, driven by revenue growth in SaaS and advertising businesses, alongside cost reductions from previous personnel optimizations [2][3]. - The report projects revenue growth for Weimob Group from 2.49 billion in 2024 to 3.09 billion in 2026, with corresponding net profit estimates of 57 million, 380 million, and 598 million for the years 2024, 2025, and 2026 respectively [2][3][11]. Summary by Sections Financial Performance - In 2023, Weimob's revenue was 2.23 billion, with a gross margin of 66.6%, an increase of 7.3 percentage points year-on-year. The subscription solutions segment generated 1.35 billion, while merchant solutions brought in 880 million, with growth rates of 4.5% and 60.5% respectively [1][3]. - The adjusted net profit for 2023 was -400 million, a significant improvement from -1.4 billion in 2022. The report anticipates a continued improvement in profitability, with adjusted net profits projected to turn positive in 2024 [2][3][11]. Business Segments - Subscription Solutions: The number of paid merchants decreased to 96,339, with an average revenue per user (ARPU) of 14,007, an 8% increase year-on-year. The smart retail segment grew by 19.5% to 613 million, contributing to 45.5% of the subscription solutions revenue [1][2]. - Merchant Solutions: The precision marketing revenue reached 14.5 billion, a robust growth of 44.5%, driven by strong advertising demand and significant growth in video account advertising [1][2]. Future Outlook - The report forecasts that Weimob's revenue will continue to grow, with expectations of 2.49 billion in 2024, 2.79 billion in 2025, and 3.09 billion in 2026, reflecting year-on-year growth rates of 12%, 12%, and 11% respectively [2][3][11]. - The company is positioned to benefit from the commercialization of WeChat video accounts, with expectations of doubling revenue from this segment to 5 billion in the current year [2][3].

智通财经APP讯，微盟集团(02013)发布公告，有关建议购回于2026年到期的3亿美元零息有担保可转 债，于本公告日期，公司已透过交易经办人收到合资格债券持有人向公司出售本金总额约为1.8283亿美 元的余下可换股债券的承诺。未招标购回余下未偿还现有可换股债券约为1839万美元。公司可继续不时 于公开市场或以其他方式根据现有可换股债券的条款及条件购买余下可换股债券。 于2024年4月18日，公司拟配售2.77亿股新股份，相当于公司经配售扩大后的已发行股本约9.0%。每股 股份配售价1.13港元。配售所得款项总额将约为3.13亿港元。配售所得款项净额将约为3.08亿港元。公 司拟将其收取的所得款项净额用于现有债务的再融资。 ...

智通财经APP讯，微盟集团(02013)发布公告，内容有关发行、部分购回及注销由Weimob Investment Limited(发行人)(公司一间全资附属公司)发行的公司无条件及不可撤回地担保于2026年到期的3亿美元零 息有担保可转债(ISIN: XS2324754980)(现有可转债)。尚未赎回的现有可转债的本金总额为2.01亿美元 (剩余可转债)的相关事宜。 于2024年4月18日，发行人及公司订立有关发行人及公司建议购回剩余可转债(购回事项)的交易经办人 协议，发行人及公司已委聘Merrill Lynch (Asia Pacific) Limited作为交易经办人，以(其中包括)协助发行 人及公司收集愿意向发行人及公司出售彼等部分或全部剩余可转债的剩余可转债持有人的意向表示。 购回事项将不会于美国境内进行或向美国或向位于美国或居于美国的人士，或向代表位于美国或居于美 国的剩余可转债的实益拥有人行事的人士或以位于美国或居于美国的任何人士的名义或为彼等的利益行 事的人士提呈发售。 ...