A：2025 was a year of significant breakthroughs in the transformation of McFTSE, with the company successfully transforming into a AI-native platform-based services company, shifting from providing supply in the past to providing AI productivity. This transformation has been verified through solid performance, especially in terms of human efficiency improvement, thanks to technological innovation and R & D investment.

A：Core achievements include running through the four-tier architecture of model plus data plus platform and scenario, digging deep into the industry knowledge map to enable AI to understand the industry, activating data assets and transforming them into core competencies, building a solid platform base to solve the problem of enterprise-level application compliance management, and optimizing model fusion to achieve multi-model non-sense switching. These links complement each other and build non-replicable barriers to competition.

A：Mai FTSE has made a breakthrough in Chinese companies going overseas, setting up a headquarters in Zhuhai and setting up subsidiaries in Hong Kong, the United States, Singapore and other places, opening a new stage of international business. Ecological cooperation has been significantly deepened, the number of partners has reached 295, and the ecological contribution has increased by 35% year-on-year, forming a good pattern of upstream and downstream symbiosis and win-win.

A：Total revenue in 2025 was 2.82 billion, up 80.8 percent year-on-year, and application revenue in AI was 1.49 billion, up 76.5 percent year-on-year, with simultaneous growth in profit and cash flow. Adjusted net profit reached 0.15 billion, with a year-on-year growth rate of 91.3, and the net operating cash flow inflow of the AI application business was 0.19 billion, verifying the hematopoietic capacity of the AI application business. At the same time, the company has officially renamed the original AI plus SaaS business to AI application business. The AI application business is a AI-native business that uses large models and platform tools to help enterprise-level customers build and manage intelligences to meet the needs of different industries and scenarios. The background of the transformation is to AI the changes in customer needs in the native era, from the purchase of functional tools to the business results of the purchase of AI. The company built a four-tier architecture of model plus data, platform and scenario, and successfully ran through the commercial flywheel, depositing a large number of reusable knowledge maps in the scenario layer, improving the speed of intelligent body online.

A：Based on the four-tier architecture, FTSE has built a complete AI product matrix, including the AI native operating system at the bottom layer, the key AI native platform at the middle layer (such as the 3.0 version of the intelligent body middle platform, the knowledge middle platform and the AI pass development platform), and the full scene AI employee proof at the top layer, providing various expert AI intelligent bodies including AI marketing, sales, customer service, etc, serving customers in both KA and SMB segments.

A：The company's internationalization strategy has entered the second stage, from following out to going out, expanding overseas high-margin markets. Foreign trade revenue is expected to reach about 76 million in 2025, up 134 percent year-on-year. We have set up teams in Hong Kong, the United States and Singapore, and have substantially carried out local business. In the future, we will continue to expand the markets in East Asia, Central Asia and Europe, do a good job in product adaptation and develop local channel partners.

A：In terms of ecological construction, the company has comprehensively deepened its cooperation with domestic and foreign head cloud manufacturers, responsible for the "last mile" of customer AI applications, collaborating with AI chip manufacturers and building overseas products, and exploring AI commercial landing with application ecological partners. In addition, the number of channel partners increased to 295, and channel revenue increased 35%.

A：The core competitiveness and barriers include: 1) market space and leading position. With the improvement of AI large-scale model capability, the AI application market will continue to explode, and the company is actively expanding overseas high-margin markets; 2) Commercial advantages, direct conversion of marketing, sales and value, meet the needs of enterprise-level customers to pay for the effect in the AI era, and diversified budget sources; 3) Diversified income models, from a single subscription fee to effect accounting billing, in line with the token economic trend and deep binding with customer interests; 4) the ultimate operational efficiency, AI technology dividends to empower organizational efficiency, internal extensive use of self-research to AI employees, to achieve high growth, sustained profitability and strong cash flow.

A：The future strategy mainly focuses on four aspects: 1) technology iteration, continuous upgrading of AI employees, AI native platforms and operating systems, optimization of multi-model integration scheduling capability, and deepening the accumulation of industry skill base and knowledge map; 2) Expand overseas markets, enter new markets such as Japan, South Korea, the Middle East and Europe, do a good job in localized product adaptation, and join hands with local service partners to promote landing; 3) Explore token economy, expand the charging mode by usage effect, respond to the token economic trend, and enter the calculation track at an appropriate time. 4) Maintain efficient operation, adhere to high-quality development, ensure high-speed revenue growth, positive operating cash flow and healthy profit growth, and promise to AI a compound growth rate of at least 70% in the next three years based on the results of strategic transformation and market opportunities.

A：AI, as the underlying driving technology, is deeply penetrating into life and work, bringing epic changes. Although the short-term market has high expectations for AI, its overall impact on the software industry is a long-term gradual evolution. At present, customer demand for AI varies according to understanding, enterprise size, industry profit margins and specific needs, but over time, AI applications will play an important role in various industry segments and will become the future development trend.

A：Yes, if the AAU market segment does not exist, then the concepts of computing power, GPU and related token economy and resource economy that we are currently hyping may lack authenticity. Because of its wide range of application scenarios and multi-industry characteristics, AAU plays a key role in different fields. Although it is not output with unified keywords, its importance to the actual needs of customers cannot be ignored.

A：In enterprise applications, the importance of AI is reflected in the collaboration between multiple AI agents through R & D agents, especially in the areas of coordination and bug fixing in software development. For example, an R & D agent we are developing has been tested in customer projects and is expected to become a heavyweight product when it comes to market in the future, solving the problem of enterprise-level AI landing applications.

A：AI a native organization means that the operating system of the enterprise will be dominated by AI, rather than relying on people. In the fund industry, for example, AI have moved from automated trading to AI trading, dynamically adjusting decisions based on real-time data. Future enterprises will be based on the AI native operating system, multi-intelligence collaborative office, based on dynamic data prediction and adjustment.

A：We have given a three-year compound growth rate of 70% for AI applications, which is expected to grow by 65% this year, 70% next year and 75% the following year. In the precision marketing sector, we pursue steady growth, not excessive growth, the goal is to maintain sustained high-speed profit growth, the expected 2026 profit guidance of about 0.25 billion. Growth is driven by continued iteration of products and technologies, expanding the product matrix, enhancing customer stickiness, increasing customer unit prices, and accelerating revenue growth by entering the performance appraisal phase and internationalization.

A：In the process of transformation, the first change of the company is to pay more attention to the use of AI in the internal structure and resource allocation, and strive to become a AI native organization. The founders asked themselves and their team members to put AI first, all in AI, and constantly use AI to transform existing systems and supplement digital shortcomings. At the same time, the company increased budget investment, upgraded the old information system to a AI-driven operating system, and adjusted the talent structure to cultivate future-oriented talents.

A：We cited two cases, one in the travel industry. A large cultural travel group improved service quality and reduced costs through AI customer service, while maintaining temperature contact with tourists through intelligent bodies, effectively increasing the sales conversion rate by 15% and the number of customers received by 30%. Another case is in the beauty cosmetics industry, through AI sales sparring to improve the efficiency of shopping guide training by 300, sales conversion rate increased by 25%.

A：The specific growth source split is further communicated by CF Majin. The AI application market is very large, the market size is at least 100 times or more than the GPU market. It is difficult to accurately count the market plate, but it is believed that each link is an order of magnitude change in the next link. For example, with the development of AIAPP application scenarios, there will be huge demand for brand promotion and customer conversion, and our sales performance among SMB customers also proves this. Maifuji is positioned as customer-centered, long-term and dual-engine driven. On the one hand, it strengthens the sales engine to meet the demand that emotional communication and decision support in the AI era cannot be replaced in the short term. On the other hand, it strengthens the construction of product matrix to help customers realize all-round AI transformation, build AI native operating system, and realize API docking with existing software and new AI manufacturers.

A：This year, the growth rate of K major customers is very fast. The growth rate of K as a whole has benefited from token economy, with the growth rate reaching more than 80%, mainly from the growth of KA customers. For SMB customers, due to limited payment capacity, the expected growth is relatively conservative and will be carried out according to the plan of about 20%. However, with the development of token economy and the sinking capacity, the growth space of SMB market may be pleasantly surprised in the future.

A：The positioning of precision marketing business mainly includes three aspects: first, the pursuit of profit maximization; second, the pursuit of synergy with software business, especially in AI applications, where about 20% to 25% of customer groups overlap; finally, through the expansion of overseas business, cooperation with international partners such as Google and yandex has been more than ten years, realizing the synergy effect of marketing and AI software.

A：The growth momentum mainly comes from three aspects: first, the close cooperation between the financial marketing business and the traffic platform and the media platform has driven our business growth with the growth of the revenue of each major platform; The second is to focus on the core chassis platform, such as Tencent's significant growth, thanks to the successful promotion of the transfer of Douyin customers to Tencent's business. The third is to obtain a new framework agency, it also focuses on the four major industries of short dramas, online games, finance and education, as well as long-term cooperation with major customers such as Ali, which ensure the stability of payment ability and willingness.

A：The media side has achieved significant growth on platforms such as byte beat and its sound. in the aspect of overseas business, the cooperation with google, yandex, meta and tiktok has developed steadily, and local service in overseas market has become a new growth point.

A：Through AI tools, the company has achieved significant efficiency gains in areas such as pre-production, operational and compliance, reducing its reliance on a large number of people, such as the video team, which has been streamlined from hundreds of people in the past to fully adopting AI tools. At the same time, the number of people in the precision marketing business is only growing at a single-digit rate, while revenue growth is more focused on human efficiency improvement and the application of AI tools.

A：In the long run, the software industry will undergo industrial restructuring, no longer need too many low-end programmers, enterprises need to renegotiate and cooperate with suppliers, and face cost reduction and profit margin challenges. Traditional software companies (especially those with large market capitalization) may be eliminated if they do not transform into AI native organizations. The future enterprise form will take the AI, especially the agent, as the core, the efficiency will be greatly improved, and many enterprises have begun to integrate AI into project approval and daily operation. AI-native organizations will become mainstream, leading non-AI-driven businesses in terms of efficiency and growth.