A：In the first half of the year, MSCI achieved high-quality growth, with total revenue reaching 930 million RMB, a year-on-year increase of 25.5%. Among them, AI SaaS business revenue was 500 million RMB, a year-on-year increase of 26%. The Group's net profit attributable to the parent company turned positive, with adjusted net profit significantly reaching 84.721 million RMB, a year-on-year increase of 77.7%, and it has already exceeded the level of last year's full year in just the first half of this year. This impressive report card reflects the resilience and steady growth trend of our business model, as well as the internally generated blood model based on high proportion of recurring revenue, strong product support, and high gross profit margin.

A：Dear shareholders, investors, and securities fund friends, good morning. Welcome to the Mid-Year Performance Release Conference of Maifushi 2025. On behalf of the board of directors and management, I would like to thank you all for your long-term trust and support for Maibushi. 2025 is a key node for the deepening of AI agent technology and the deep penetration of the industry. In the face of industry changes, we adhere to technological innovation as the core and achieved a triple breakthrough in technology innovation, product landing, and market expansion in the first half of the year. Specifically, in terms of core technology, our self-developed AI agent boss intelligent proactive platform completed the 2.0 enterprise version upgrade, expanded business scenarios horizontally, and improved interaction efficiency. The AI product system has accelerated its landing, core industry adaptability has continued to strengthen, international layout has made new breakthroughs, cross-language and cross-region service capabilities have improved, and we have gained iconic customers in key industries and overseas markets. These achievements have made our industry position in the field of AI and SaaS more solid, and the certainty of performance growth has significantly increased.

A：In terms of commercializing AI, we are at the forefront of the industry in the AAA policy field and maintain steady growth, with AI and related revenue reaching 110 million RMB, verifying that the intelligent body center can achieve delivery, operation, scale replication, and commercial sustainability. Growth, and widely recognized by customers. In addition, with the continuous investment in AI products, customer structure optimization, in the first half of the year, the number of K customers reached 814, with increased revenue contribution and customer unit price. In key industries, several representative brand customers such as L'Oreal, Pepsi, and Renaissance Tourism have been added. These series of data prove that in the AI era, embracing digital transformation is the key to new growth.

A：The globalization layout shows bright spots, with the revenue of the marketing cloud foreign trade version increasing by 89% year-on-year in the first half of the year. Relying on an intelligent marketing system that covers 95% of languages in regions, our AI capability not only adapts to the local market, but also has obvious advantages in cross-language and cross-regional localization and adaptability. In the future, we will focus on the deep integration of AI agents with industry scenarios, strengthen the intelligence of AI applications in complex business scenarios, accelerate internationalization, and bring high cost-effective and sustainable AI software to the international market, empowering more global customers.

A：Our core strengths in the first half of the year mainly include four aspects: firstly, we have vast market space and leading position, being the largest SaaS company in the marketing and sales field in China, with characteristics of large market space, rapid penetration rate improvement, and market share concentration towards top players; secondly, we seized the opportunity of commercialization of AI agents, especially in the current economic environment, marketing and sales are the AI must-have fields for enterprises to prioritize investment; thirdly, we adhere to a stable SaaS compound interest business model, with recurring revenue reaching a high level of 84.5% in the first half of this year, and low customization, high gross profit, and a large customer base providing a solid financial foundation for us to continue investing in AI innovation; finally, we have extreme operational efficiency, laying a strong organizational foundation for high-quality growth through a flat management structure, iron army culture, and AI agent efficiency tools.

A：In the first half of the year, the company's overall revenue reached 930 million RMB, a year-on-year increase of 26%. What is worth noting is that the net profit attributable to the parent company has turned completely positive, exceeding 37 million; adjusted net profit exceeded 84 million, a significant increase of 78% year-on-year. Among them, the remaining performance obligations (RPO) and annual recurring revenue (AR) in AI reached 100 million and 190 million respectively, while the AI agent achieved 54 million and 86 million, showing the explosive growth of AI revenue.

A：Direct sales revenue was 440 million RMB, an increase of 25.2% year-on-year. Currently, the direct sales team size is approximately 760 people. Under the empowerment of AI intelligence, both the efficiency of direct sales personnel and the average customer transaction value have significantly increased. Channel business revenue in the first half of the year exceeded 64 million, with a growth rate of 32%, accounting for 12.9% of the total. There are a total of 232 agents nationwide, continuously expanding with the support of the listed company's brand and market demand, especially in the context of the China-US trade friction, where T Cloud Foreign Trade Edition's growth rate reached 89%.

A：Currently covering six major vertical industries, the number of KA customers has grown rapidly in the first half of the year, surpassing 800, and horizontally expanding into the cultural tourism industry. At the same time, through cooperation with strategic partners such as Tencent and Huawei, we provide customers with products that closely match their pain points and fast implementation of AI intelligent capabilities, realizing customer resource and basic support capabilities.

A：In the first half of the year, overall gross profit achieved a 15% growth rate, with both revenue and gross profit of the AI SaaS and precision marketing sectors achieving double-digit high-speed growth. The total amount of three expenses and their proportion of revenue have continued to be optimized, with sales expenses, research and development expenses, and management expenses all decreasing, reflecting extreme operational efficiency and strict cost control. The significant cost reduction and efficiency improvement effects brought by the widely used internal AI agent efficiency tool are evident.

A：The rapid growth in the second half of the year is mainly due to three factors: the release of existing orders; the optimization of personnel structure adjustments. As the company adopts a steady growth strategy following a deeper understanding of the economic environment after the epidemic, administrative expenses, sales expenses, and research and development expenses have been effectively controlled and have decreased; continuous upgrading of AI products, such as enterprise-level intelligent-body AI agent force, have accumulated a rich reserve through collaborative efforts with more industries and customers and are expected to become the nation's leading provider of strong support for enterprise applications.

A：Based on the current acceleration of orders and new product launches, especially the rapid growth of the intelligent body platform since the second quarter, it is expected that the performance in the second half of the year will continue to remain strong. The rapid growth of contracts in the intelligent body business, and a 30% increase in average order value excluding intelligent body, gives us confidence in achieving the full-year performance guidance.

A：As frontline practitioners deeply involved in the field of enterprise services, we believe that the short-term application value of new technologies is often overestimated, while their long-term impact is underestimated. Enterprise applications should focus on certainty and controllability. AI large models may not completely replace existing software in the short term, but rather complement existing software in multiple scenarios.

A：In practical application in enterprises, AI needs to be integrated with the existing software systems of the enterprise and customized according to the organizational structure and business needs of different enterprises. For example, in the insurance industry, intelligent sales systems need to be adjusted according to the company's sales strategy (guided or aggressive sales), and good data governance and knowledge base development are crucial for the successful application of AI in the enterprise.

A：At the current stage, the essence of AI intelligent agents is essentially software engineering. It does not replace human operation, but rather replaces a large number of simple repetitive tasks in the software usage process through intelligent agents, thereby improving efficiency, encouraging customers to use existing software more, and increasing the penetration rate of traditional SaaS software.

A：In the fiercely competitive AI race, the company adheres to a long-term strategy, relying on a deep understanding of customer needs, continuous product innovation, and accurate grasp of industry trends, with confidence to stand out among many players and become a leader in the field.

A：When selecting team members, we pay great attention to their personal values ​​and whether they are willing to commit long-term. For example, for a recent interview with a talent in the AI field, we not only looked at his technical background and professional abilities, but also focused on whether he has a forward-looking vision and can focus on the future development of technology and products for deep usage scenarios with us. In addition, we emphasize the long-term nature of equity design, with a genuine equity distribution only occurring every two years, which requires employees to be able to cooperate steadily for at least two years.

A：Our company is one of the early adopters of AI and AIAD technology, and we have a certain leading advantage among many players. We chose to invest in the marketing and sales fields because this industry has the highest match with AI technology in the current economic environment, allowing for a certain degree of tolerance. At the same time, we are also focusing on more accurate industry demands to provide value to customers through AI technology. In addition, in addition to our existing scenario applications, we are also developing more in-depth scenario product designs to maintain future competitive advantages.

A：In the future, we will apply AI large model intelligent agents deeply and integrate industry data and internal data into integrated maps and other resources. At the same time, we are actively expanding our team, recruiting industry experts to join us because successful applications in every industry require a deep professional foundation. Every link such as technology, product, sales, and service needs to be strong and maintain competitiveness continuously. We need to consider the construction of business models from a long-term perspective, strive to be the best in the industry, and have the ability to endure market cycles.

A：Our team gene is down-to-earth, preferring to do TOB business. We believe that the TOB market is like a long snowy slope, requiring hard work and effort to enhance scalability and competitiveness, with organizational ability being the most core element. When selecting personnel, we value whether team members have a spirit of hard work, whether they can adapt to our racing genes and culture, and being able to achieve scalability is an important competitive advantage.

A：We applied LP AI technology early on and, with the arrival of the intelligent era, continued to deepen our understanding and application of AI. For example, our self-media platform 2.0 went online. Through large-scale product layout and intelligent entity reform, we achieved cost advantages and product iterations that are highly favored by customers. When different departments within the enterprise use the same intelligent entity product, they are able to adapt to various versions, models, and data permission requirements, reflecting our competitive advantage.

A：Currently, the direct sales team (SMB) has about 700 people, while the channel sales team has around 70 people. By the end of the year, both of these numbers are expected to significantly increase, especially the channel sales team which may double in size, and the direct sales team will also see double-digit growth. These increases will lay the foundation for our sustained high-speed growth in the coming year and beyond.

A：Currently, our AI code generation capability is continuously improving, and we are constantly optimizing for basic job positions such as development and testing. At the same time, we will increase our investment in algorithm and product development, especially in specific industries. We will utilize general middleware capabilities and bottom-layer capabilities in the marketing field to quickly seize the market and establish barriers. In addition, we also need product managers with vertical industry experience to join us to promote the formation of vertical integrated products and capability matrix. Therefore, there will be a significant increase in research and development expenses and personnel investment in the second half of the year.

A：There is indeed a certain degree of overlap between precision marketing business and AI plus SaaS business, and many of our customers in recent years are in this overlap. Currently, we mainly serve top industries such as e-commerce, emerging private-label e-commerce, WeChat-based e-commerce, finance, education, as well as games and short films. From the perspective of willingness to pay, with the changes in industry trends and market environment, the willingness to pay varies among different industries, but overall, it continues to steadily increase. For example, the education industry has shown strong willingness to pay after experiencing the "double reduction" policy, while the tool and internet service industry may experience a slight decrease.

A：Overseas investment flow business, known as overseas financial marketing, has a history of 15 years. We have cooperated with partners such as Google, EN dex, and Meta. Currently, the overseas business is relatively steadily growing, more focused on business combined with cross-border e-commerce and e-commerce scenarios. With the advancement of time and business layout, the overall growth trend is relatively steady upward, but not overly aggressive.

A：In the first half of the year, we made some achievements in terms of revenue at AIA, strengthened the upgrade of the enterprise-level AI agent intelligent core platform, and explored the application of intelligent agents in eight industry verticals. For example, we created the Eva intelligent agent for overseas expansion and a sales coaching system. In the second half of the year, we see more opportunities in AI applications, as many companies have a strong demand for the use of AI and digital tools to drive growth, with a rich order backlog. With the widespread application of AI agents in enterprise operations, it is expected that the growth of AAT in the second half of the year will be much higher than in the first half, as employees using AI tools will greatly increase work efficiency.