Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 70.24 per share based on a 7.0x PS valuation for 2025 [4]. Core Viewpoints - The company is positioned as a leading player in the marketing and sales SaaS sector in China, with a diverse product matrix and strong growth potential driven by AI technology and market dynamics [2][3][4]. - The company has demonstrated a robust revenue growth trajectory, with a projected CAGR of 31.1% from 2020 to 2024, and an expected revenue of HKD 23.66 billion in 2025 [4][62]. - The company’s AI+SaaS product offerings are expected to enhance customer payment willingness and drive revenue growth, supported by a growing number of large clients and an expanding sales team [9][40][41]. Summary by Sections Investment Logic - The diversification of traffic sources is leading to a trend towards holistic marketing, increasing the demand for marketing and sales tools. The rationalization of investment in the SaaS sector is clearing out smaller players, providing more space for leading domestic firms [2]. - The company has served over 200,000 enterprises and achieved a revenue of HKD 840 million in 2024, with a market share of approximately 2.4%, making it the industry leader [2][22]. Business Model and AI Strategy - The company’s product matrix and business model closely resemble that of HubSpot, which has achieved significant revenue growth in the U.S. market. The company aims to replicate this success in China [3][50]. - The company has launched several AI-driven products, including the Tforce marketing model and the AI-Agentforce platform, which are expected to enhance its service offerings and market competitiveness [9][35]. Financial Projections and Valuation - Revenue projections for 2025, 2026, and 2027 are HKD 23.66 billion, HKD 30.22 billion, and HKD 37.08 billion, respectively, with year-on-year growth rates of 51.78%, 27.75%, and 22.71% [4][76]. - The adjusted net profit is expected to turn positive in 2024, with projections of HKD 0.70 billion, HKD 1.12 billion, and HKD 2.24 billion for the following years [4][70]. Product and Marketing Dimensions - The company’s AI+SaaS product matrix is continuously expanding, with 311 functional modules by the end of 2024, significantly enhancing customer engagement and revenue per client [9][33]. - The company is actively expanding its client base, particularly among government and large state-owned enterprises, which is expected to contribute significantly to revenue growth [9][40]. Competitive Landscape - The marketing and sales SaaS market in China remains fragmented, but the report anticipates a consolidation towards leading players as competition intensifies [2][23]. - The company is well-positioned to capture a larger market share due to its comprehensive product offerings and strong financial backing for R&D [2][26].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is expected to experience significant revenue growth driven by its AI Agent initiatives, with projected revenues of 2.335 billion, 2.962 billion, and 3.684 billion CNY for 2025, 2026, and 2027 respectively [4]. - The company is positioned as a leading player in the marketing and sales SaaS sector, with a strong growth trajectory and a competitive edge in the market [5][6]. Summary by Sections 1. Company Overview - The company, established in 2009, is a global leader in marketing and sales SaaS platforms, having launched key products like T Cloud and Zhenke, serving over 200,000 enterprises across various industries [5][17]. 2. Market Potential - The marketing and sales SaaS market in China is projected to grow from 206 billion CNY in 2022 to 745 billion CNY by 2027, with a compound annual growth rate (CAGR) of 29.3% [6][50]. - The company holds a market share of 2.6% in the marketing and sales SaaS sector, making it the largest provider in this space [55][56]. 3. AI Integration - The company is embracing AI Agent technology, which is expected to revolutionize the SaaS industry by shifting value assessment from software usage to business outcomes [7][70]. - AI Agent is anticipated to enhance the company's service offerings, with the market for AI Agents projected to reach 3.3 trillion CNY by 2028 [77][82]. 4. Financial Projections - Revenue is expected to grow significantly, with a forecasted increase from 1.232 billion CNY in 2023 to 2.334 billion CNY in 2025, reflecting a year-over-year growth of 49.8% [9]. - The company is projected to achieve profitability by 2026, with net profits expected to reach 147.9 million CNY [9]. 5. Competitive Advantages - The company benefits from a stable ownership structure and an experienced management team, which is crucial for navigating the competitive landscape [41][45]. - The T Cloud and Zhenke products are designed to enhance marketing efficiency and sales process management, respectively, catering to both SMB and KA markets [58][62].

计算机/软件开发 迈富时（02556.HK） 2025 年 04 月 28 日 ——港股公司首次覆盖报告 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(港元) | 39.700 | | 一年最高最低(港元) | 144.00/32.400 | | 总市值(亿港元) | 101.74 | | 流通市值(亿港元) | 101.74 | | 总股本(亿股) | 2.56 | | 流通港股(亿股) | 2.56 | | 近 3 个月换手率(%) | 110.28 | 陈宝健（分析师） 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 AI Agent 驱动公司迈入新阶段，首次覆盖给予"买入"评级 我们预计公司 2025-2027 年营业收入为 23.35、29.62、36.84 亿元，归母净利润为 -0.33、1.48、3.21 亿元，当前股价对应 PS 分别 4.0、3.2、2.5 倍。公司估值低于 同行可比公司平均估值水平，考虑公司在营销和销售 SaaS 领域领先地位，AI Agent 驱动公司迈入新阶段，首次覆盖给予"买入"评级。 ...

2024 年報 Marketingforce Management Ltd 邁富時管理有限公司 目錄 1 邁富時管理有限公司 年 報 2024 ANNUAL REPORT 2 公司資料 4 五年業績摘要 5 主席報告 11 管理層討論與分析 18 董事及高級管理層履歷詳情 24 企業管治報告 43 董事會報告 70 環境、社會及管治報告 128 獨立核數師報告 134 綜合損益表 135 綜合全面收益表 136 綜合財務狀況表 138 綜合權益變動表 139 綜合現金流量表 141 綜合財務報表附註 216 釋義 公司資料 董事會 執行董事 趙緒龍先生 （董事長兼首席執行官） 許健康先生 （高級副總裁） 非執行董事 趙芳琪女士 黃少東先生 （ 已辭任，自2025年2月16日起生效） 獨立非執行董事 楊濤先生 秦慈先生 陳晨先生 聯席公司秘書 劉歡先生 李健威先生 審核委員會 陳晨先生 （主席） 秦慈先生 楊濤先生 薪酬委員會 秦慈先生 （主席） 趙緒龍先生 楊濤先生 提名委員會 趙緒龍先生 （主席） 秦慈先生 楊濤先生 授權代表 趙緒龍先生 李健威先生 核數師 安永會計師事務所 （執業會計師及 註冊公眾利益實 ...

Company and Industry Summary Company Overview - The company specializes in providing SaaS solutions for both small and medium enterprises (SMEs) and large enterprises, focusing on online marketing and customer relationship management (CRM) [1][6][10]. Key Points and Arguments Product and Revenue Insights - The company has developed 240 standardized modules since its establishment in 2009, achieving a gross margin of 88.3% in the first half of 2024 [1]. - The average contract price for SMEs in the first half of 2024 is approximately 30,000 RMB, with a potential market size of around 100 billion RMB, given that there are about 5 million SMEs in China with online payment behaviors [2][6]. - For large enterprises, the average contract price is around 700,000 RMB, with a focus on sectors such as finance, healthcare, and manufacturing [6][10]. Customer Segmentation - The revenue from SMEs accounts for 60% of the total SaaS income, while large clients contribute 40% [1][6]. - The company targets B2B clients, providing tools for online marketing and customer data management [4][7]. Competitive Landscape - The company positions itself against U.S. competitors like Salesforce and HubSpot, emphasizing its comprehensive product offerings that integrate marketing and sales functionalities [10][12]. - The company claims to be the only provider of a full-chain, all-scenario marketing tool for B2B enterprises in China, although there are competitors focusing on specific modules [5][10]. AI and Technology Integration - The company is investing heavily in AI, particularly in developing AI Agents that enhance marketing and sales processes, with expected revenue generation of around 100 million RMB from AI Agents in 2024 [16][26]. - AI products are designed to automate marketing content generation and improve customer targeting, with a focus on reducing operational costs for clients [20][24]. Market Trends and Future Outlook - The company anticipates significant growth in customer numbers and market penetration in both SME and large enterprise segments in 2025 [27]. - There is a strong emphasis on expanding channel partnerships to enhance market education and reach in various provinces and cities [6][28]. Financial Performance - The company reported a total revenue of 6.3 billion RMB in 2023, with a significant portion derived from advertising on platforms like ByteDance [15]. - The company aims to maintain a subscription revenue model, targeting over 50% of revenue from subscription fees for large clients [10][26]. Challenges and Considerations - The company faces challenges in customer acquisition, particularly in convincing traditional industries to adopt CRM solutions over conventional methods like Excel [11][12]. - There is a need for continuous product innovation and adaptation to meet the evolving demands of the market, especially in the AI domain [21][24]. Additional Important Content - The company is exploring potential mergers and acquisitions to enhance its product line and customer offerings, particularly in AI and product development [14][29]. - The management emphasizes strict internal controls and operational efficiency as key factors in maintaining competitive advantage in the market [23]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic positioning, product offerings, market dynamics, and future growth prospects.

Equity Research Report | Company Research Report TMT | AI Infra/SaaS STRONG BUY (REIT) | HKD101.0 PT 15 April 2025 | HSI | 21,417.4 | | --- | --- | | HSTECH | 5,015.12 | | Key Data | | | Closing price (HKD) | 41.75 | | 52-week High/Low (HKD) | 144/32.4 | | Market Cap (HK$bn) | 107.12 | | Avg 3m Daily Volume | 4,478,140 | Analyst Head of TMT Research Chan Kwok Keung SFC No：BUL892 winson.chan@usmarthk.com Marketingforce (2556.HK) - FY24 Results Review ❑ Revenue +26.5% YoY. Gross Profit +16.9% YoY. Adj. Net Pr ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Marketingforce Management Ltd 邁 富 時 管 理 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2556） 截至2024年12月31日止年度的 全年業績公告 邁富時管理有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司、 其附屬公司及其綜合聯屬實體（統稱「本集團」）截至2024年12月31日止年度（「報 告期間」）之經審核綜合業績，連同截至2023年12月31日止年度之比較數字。 於本公告內，「我們」及「我們的」均指本公司，而如文義另有所指，則指本集團。 1 3 綜合財務狀況表 | | | 2024年 | 2023年 | | --- | --- | --- | --- | | | | 12月31日 | 12月31日 | | | 附註 | 人民幣千元 | 人民幣千元 | | 非流動資產 | | | | | 物業、廠 ...

迈富时 20250311 摘要 • 公司 SaaS 业务毛利率高达 88.3%，主要服务中小企业（占比 60%收入， 客单价约 3 万元）和大型企业（占比 40%收入，客单价约 70 万元），产 品覆盖多个行业，通过标准化模块和定制化服务满足不同客户需求。 • 公司计划 2025 年大力拓展渠道合作伙伴，改变目前直销为主的模式（渠 道收入占比仅 12%），目标是像 SR 公司一样实现直销与渠道收入五五开， 以加速进入更多内地市场，推动中小客户增长。 • 公司认为国内 CRM 市场渗透率不断提升，企业愈发重视存量客户运营， 而非高成本获取新线索。公司通过行业切入，沉淀可复用模块，提供差异 化服务，以应对市场需求。 • 公司对标 HubSpot，积极布局海外市场，通过扩大直销团队和加强渠道合 作，提升客户数量，目前已服务约 20 万客户，2024 年上半年付费用户超 2 万。 • 公司是国内唯一一家专门做 CM 的公司，与其他提供分享教课、ERP 厂商 的 CM 功能形成差异化竞争。公司与 ERP 系统打通经验丰富，能满足客户 因业务增长带来的 CM 需求升级。 Q&A 请介绍一下贵公司近期的经营情况以及在 AI ...

Company and Industry Summary Company Overview - The company, established in 2009, has developed 240 standardized modules by 2015 and achieved a gross margin of 88.3% in the first half of 2024, indicating a strong position in the industry [3][4] - The company operates in the SaaS sector, targeting both small and medium enterprises (SMEs) and large enterprises, with a dual growth strategy [3][4] Industry Insights - The marketing landscape is evolving towards more precise targeting, with a strong trend towards enhancing various aspects of marketing strategies [2] - The company focuses on sectors such as consumer goods, automotive, finance, healthcare, and manufacturing, indicating a diversified industry approach [4][8] Key Points - The SaaS revenue from SMEs typically accounts for about 60% of total revenue, with average customer spending around 30,000 yuan [3][4] - The company utilizes a prepayment model for its products, with pricing ranging from 19,800 to 12,800 yuan based on module quantity [4] - The marketing content generation tool allows clients to produce a significant volume of marketing materials, enhancing lead generation for B2B clients [5][6] - The company is leveraging AI technology to improve customer management and operational efficiency, particularly through its AI Agent product line [9][11] Financial Performance - The company reported a renewal rate exceeding 100% for its large clients in the first half of 2024, indicating strong customer retention [27] - The company’s revenue from precision marketing was 5.3 billion yuan in 2023, with 3.4 billion yuan in the first half of 2024 [28] Market Trends - The shift towards a focus on existing customer management (CIM) is noted, as companies increasingly recognize the value of managing existing customer relationships rather than solely acquiring new ones [18][19] - The competitive landscape in the CIM sector is described as fragmented, with many companies still relying on basic tools like Excel for customer management [14][19] Strategic Initiatives - The company aims to double its overseas revenue in 2024, focusing on helping domestic companies expand internationally and developing its own localized products [16] - The company is also investing in AI-related personnel to enhance its product offerings and improve operational efficiency [31][33] Challenges and Opportunities - The company faces competition from larger ERP vendors entering the CIM space but believes its specialized focus on marketing and sales gives it a competitive edge [13] - There is a significant opportunity in the domestic market, as many companies have yet to adopt CIM systems, indicating potential for growth as businesses modernize their operations [14][19] Conclusion - The company is well-positioned in the SaaS market with a strong focus on AI-driven solutions and customer management, while also exploring international expansion and addressing the evolving needs of its clients in a competitive landscape [9][16][19]

Summary of the Conference Call for MaiFushi Company Overview - MaiFushi is the largest marketing and sales SaaS solution provider in China, established in 2009, with 15 years of data accumulation and 240 standardized modules [4][5] - The company achieved a gross margin of 88.3% in the first half of 2024, attributed to its self-developed four-tier marketing model and AI agent platform [2][4] Business Segments - The company operates in two main segments: SaaS business and precision marketing business [4] - Customer segmentation includes: - Small and Medium Enterprises (SMEs): 60% of SaaS revenue, average transaction value around 30,000 yuan, comparable to HubSpot [2][5] - Large Enterprises: 40% of SaaS revenue, average transaction value reached 700,000 yuan in the first half of 2024, comparable to Salesforce [2][7] Services Offered - For SMEs, MaiFushi provides: - TFE marketing model to generate marketing content and intelligent sales lead management tools to enhance online order conversion rates [2][6] - For large enterprises, services include: - Customized CRM solutions, data integration, unified customer profiles, automated marketing plans, and intelligent algorithm recommendations, particularly in sectors like consumer goods, automotive finance, and healthcare [2][7] AI Technology Application - AI technology is crucial in the CRM field, with a trend towards concentration among leading companies due to the importance of data accumulation [2][10] - MaiFushi is developing AI agents to meet the customized needs of large clients, aiming to reduce costs and improve efficiency by replacing manual customer service roles [8][9] Market Dynamics - The CRM industry in China is relatively fragmented, with many companies yet to adopt any CRM systems, presenting significant market opportunities [12][15] - The shift from an incremental to a retention-focused market is driving the adoption of CRM systems as companies seek to enhance customer value and repeat purchases [16] International Expansion - MaiFushi's international business consists of assisting domestic companies in going global and its own overseas expansion, with a target to double revenue by 2025 and launch localized SaaS products in the Middle East [14] Financial Insights - The company’s IPO shareholders were unlocked on February 16, 2025, leading to a share placement to support projects, with 40% of funds allocated to AI agent development and 30% for acquisitions [3][23] - The expected revenue from the AI agent project in 2025 is approximately 100 million yuan [24] Operational Data - The renewal rate for large clients exceeded 100% in the first half of 2024, indicating growth in existing customer spending [20] - The company plans to adjust its sales structure, with some sales roles being replaced by AI, while expanding its focus on key accounts [25] Marketing and Advertising Model - MaiFushi's precision marketing business operates similarly to advertising companies, generating revenue through media platform rebates based on advertising spend [22] Future Outlook - The company anticipates a better economic environment in 2025, which is expected to positively impact marketing and IT budgets, indicating resilience in its sector [19]