Hello everyone. I'm Sun Taoyong from Weimob.

I would like to welcome all of you to join us for the annual result announcement. Joining me here today are also Mr.

You Chunfeng, the Executive Director and President, and Cao Yi, our CFO. We're going to walk you through the overall business first, and then our CFO will walk you through the financials.

I believe many of you have already read the overall statistics of our business in 2025. Overall speaking, the company's been pretty satisfied with the report we made in 2025.

Throughout 2025, the company has carried out a strategic transformation work on All in AI. In 2024, and we also launched the picture for high-quality growth strategy.

Now I see high-quality development and All in AI strategy all achieved some good results. Let's first take a look at the business results.

In 2024, some low-quality, low-margin, or profit-losing business being further narrowed. That's the reason in 2024 the revenue was going down.

In 2025, our revenue started to rebound. Our overall revenue grow by 80.9%, reaching 1.592 billion, which is extremely great in the existing market.

Another highlight is our GP margin. Our GP margin grow by 100% on YoY basis, which actually reaching 1.2 billion.

Our GP margin rate is also grow by 31%, reaching 75.1%. In other words, the company exercised great strategy for high-quality development.

Our revenue from the customer and customer base are all being optimized. We now all have contribution from the key account.

At the same time, even if we see a slight decrease on the subscription solution, the reason is because for SaaS revenue, it may have some deferral. In 2025, it's being deferred from 2024.

We can see in H2 of 2025, the overall subscription revenue started to see month-on-month improvement. The impact going to be further diminished in the near future.

More worth noticing is that our AI-related revenue reached 160 million, which is actually something that is quite gratifying to the whole company. We can also see month-on-month growth also be further doubled in H2 of this year.

At the same time, you can also see that our retail business also started to see significant month-on-month growth. For the Merchant Solution, the revenue grow by 65.1%.

In '24, due to the take rate's reduction, the revenue we made from the Merchant Solutions being heavily impacted. In 2025, after adjusting the strategy, the Merchant Solution revenue's been normalized.

We were being reaching a reasonable level for the platform revenue. At the same time, the GP margin for the Merchant Solution also reaching 90%.

Besides gross profit, let's take a look at the profit of the company as a whole. Our adjusted profit for the first time turnaround.

Even if you can see, overall speaking, there are some losses because the investment companies may have some impairment, but deducting those factors, the company's profit has been adjusted to 42 million RMB. Our cash flow's been also be more positive.

The adjusted net profit and the cash flow are all turning positive. All this data can help to demonstrate the solid scorecard we were being able to made right after the strategic transformation.

Coming next, let me just walk you through the subscription business one by one. I believe majority of the investors may keep an eye on our SaaS business, because I notice investors really would like to know whether artificial intelligence is going to challenge SaaS business or even revolutionize the SaaS business.

According to our financials, we don't think AI is impacting the SaaS business. AI is actually bringing some positive impact over the SaaS business.

I'm going to give you more elaborations later. I think the key impact on SaaS is still the macro environment.

The overall retail industry spending over software's been continue to go down starting from 2024. The impact's been lasted till the year of 2025.

The company made the strategic transformation. You can see our SaaS revenue contribution continue to go up.

It was accounted for 67%. Generally speaking, I think we do have less impact from the macro environment.

At the same time, our key account, especially the merchants, their GMV is growing significantly. They're just using our all-in-one solution.

All-in-one solution means the merchants who purchased multiple products from us. No matter the account number or the revenue are all improving for those multiple product clients with us.

The company also started to launch more solutions, especially for local life. For example, we do have the intelligent live and intelligent service.

We also move into different verticals like pets as well as the fitness industry. Starting from this year on, the company will continue to work for local life and the corresponding solutions in specific verticals.

The company also going to continue to build the multichannel ecological synergy. Starting from last year, we leverage the mini program from WeChat as a key channel.

We're now also working with Taobao, Shango, and we're also started to work with Meituan, the REDbook, Alipay, and Douyin with corresponding coupon coverage. We actually leverage multiple channels to cover different use case and the different formats of the business to help the companies to better reach their customer and business.

We also bring AI to retail industry. The AI intelligent shopping assistant can help the customer for some good opportunities.

For example, intelligent generations for recommendations and operational decisions and automatic decision-making to support the operational efficiency. In other words, some of the users, they only need to upload their personal portrait.

Within 5 seconds, it can actually have a rendering of whether the clothes being on the customer. We find out the refund rate's been further reduced after using AI feature for the clothing industry.

That was talking about the subscription revenue. Regarding the Weimob Marketing, in 2025, we're seeking for the high-quality growth.

Our gross revenue was not increasing significantly, and we actually shut down some of the low-margin or non-margin clients. The GP margin growth was not significant.

You can see the overall GP margin rate and the revenue from the Merchant Solution was growing significantly. This also serve as a proven step for our high-quality growth.

Besides the advertisement, we have the WeChat. At moment, we also have the advertisement for the video account, as well as the advertisement for Alipay and Little REDbook.

By the end of last year, we also got the license from Douyin. In other words, we got the license for region and also for the whole market coverage.

Starting from 2026, we're going to continue to increase the volume we do with omnichannel Merchant Solution. Besides of working on advertisement, and we're also going to bet on the future growth on the REDbook and the TikTok for our future growth.

We also be able to leverage AI to continue to reduce cost and improve efficiency for our marketing business. Our internal system and even the external AI adoption will help us to continue to reduce the marketing content generation by leveraging the AI.

That can also help to improve the overall profit margin. The third point I'm going to share with you is our All in AI strategy, which achieved remarkable results in AI commercialization.

You can see our AI-related business, the revenue was reaching 160 million. We don't have the comparable data from 2025.

You can see the H2 MoM growth was 137%. You can also see AI can help to further reduce the cost for marketing content.

That can help to further contribute to GP margin and net profit of the company as a whole. Let's talk about our All in AI business deployment.

We have a key product named WAI, that is W-A-I, we call it Weimob AI. WAI is actually using the AI features to support merchants to improve efficiency and reducing cost.

You can see that for WAI, because large language model adoption's been further improved, the growth of WAI is also growing very much. The shopping assistant can support our customers to identify the opportunities, automatically execute the movement to finish the conversion of the potential clients.

We also have the tool for intelligent management, providing the marketing pitch, helping customers to executing their marketing strategy. At the same time, you can see WAI, it can actually help to mobilize agent capacities into our SaaS to allow the merchants to access to those resources.

Merchants, they can actually purchase a value-added service for corresponding support. They can actually use the token to actually help to commercialize on the business.

We have another business named Waimi. Waimi means non-mini program merchants from WeChat can also use Waimi.

Waimi is actually providing support to the micro e-commerce merchants. We can help them to take care of the marketing content generation.

We can help to generate the product image, or even help to do the picture cutouts, the changing the background, one-click claims of the product posters, and even the one-click replacement of the pictures or even the digital avatar. Waimi is actually an independent product.

The existing registered user is already 510,000. The active user number is also improving.

Waimi can help merchants to faster generate marketing content. For merchants, they don't need to use the tech-savvy tools to make the marketing content available.

Besides WAI and Waimi, we also have WAI Pro. Some merchants, they're in need of the personalized support.

We provide AI consultation, system evaluation, and even the multi modalities of the large language model to provide a customized AI solution to merchants. That is why we have WAI Pro.

Starting from this year, we also have GEO. The GEO business is growing very fast now.

We just been launched from December of 2025, the GEO business was growing very fast. GEO can help different brands in improving their AI recommendation presence on AI engines.

In other words, the users would be able to search for the product and improve the presence on different platforms. Recently, because of the 315, the Consumer Rights Day, you may started to pay much attention to GEO.

There are some fraud products that are actually play over the technologies to be seen on the search engine. You can see that for Weimob clients, no matter from KYC or our product compliance, many of the brands are quite compliant.

Large number of our customer used to be the Weimob Marketing customer. They made some advertisement placement.

They really want to build more for AI initiative. Majority of our customer are the compliant customers.

They're not going to be the one that has been mentioned by the Consumer Rights Day campaign, kind of TV. Generally speaking, our consumers are quite positive on GEO.

We also have some two-consumer tools, for example, AI Work 365. We also have some intelligent hardware support.

That can help to build our AI product metrics. This is our introduction regarding All in AI business.

WOS is actually a heavy investment we made during the COVID-19, which can help to build our technical foundation to iterate the business. For Weimob, we do have many new product and new vertical solutions being built upon WOS.

Even you can see the very popular OpenClaw, it can also leverage the WOS interface to call for the AI agent in the upper layer. API interface could be packaged into skills.

Merchants, no matter they use the OpenClaw outside or the in-built AI, they will be able to call for those AI agent very easily. The merchants can enjoy a very easy access to the support.

Coming next, please allow me to walk you through our business outlook for 2026. For the company, we'll still work on two major strategies: fully embrace AI and go for international expansion.

That is what we see stepping up Weimob Overseas. Regarding AI, we have WAI, WAI Pro, Waimi, and GEO, and AI Work 365.

We have new product in the pipeline targeting the existing customers to provide more AI-related products. Probably many of you know OpenClaw has been quite popular.

Many people may doubt how OpenClaw may relate to existing software. I think actually OpenClaw made a positive impact over the vertical-specific SaaS solution.

The reason is because if you take a look at the market, the OpenClaw tools, this are still in need of many skills. For those skills, let me just give an example.

The so-called smart shopping assistant intelligence, it still need to heavily depends on the industrial know-how, the underlying layer API interface, as well as data interface and authorities. We can actually have a smart layer as operational and schedulings, even just like the L4 smart operation.

Still, the vertical-specific SaaS underlying infrastructure is a key. When AI is becoming more smarter, its use over the software going to be more automatic.

Less human intervention will be needed. In other words, underlying system and infrastructure or the platform need to allow AI to make every capacity a reality.

However, OpenClaw would be able to provide intelligent scheduling layer based upon the existing software or the interface data, industrial know-how, and even the memory could be well controlled by this intelligent scheduling layer. That's the reason I believe accelerated development of AI can really benefit the vertical-specific SaaS platform.

It's not going to replace the existing software as far as I know, because I have the computer science background. If you ask AI to do a standardized program, mini program, even a browser or coder, it's okay, because those are the so-called public competency.

However, if you ask AI to help you to write a shopping assistant agent, well, for shopping assistant, it need the industrial know-how. It's very hard for you to tell the know-how to AI.

At the same time, you still need to make sure the agents being connected to different systems. It's quite challenging.

AI is really good at producing a single and stand-alone tool. For example, if I have all the data ready, AI can help me to do an analytical framework.

If I'm going to ask AI to coordinate between different skills, understanding the context, it's not easy. I believe we do need a well-established platform to do intelligent scheduling that can only maximize the performance of AI agent.

Even the preference and decision-making of the merchants are within Weimob. We believe based upon our Weimob platform, the vertical-specific OpenClaw makes merchants easy access to the solution.

We will also be able to open up our competency leveraging the OpenClaw to allow the merchants to access to the service. We may have the open source OpenClaw.

After using our solution, the merchants can check for the data, their operational report, and making decisions based upon the data we provide to them. The underlying skills still going to have many MCP and APIs for intelligent scheduling.

I think for Weimob, what we're going to do is to leverage the existing AI capacity and making sure the software is getting more intelligent. Secondly, what we're going to do is to continue to embrace the e-commerce ecosystem and seizing new growth opportunities.

As you may know that Tencent is investing heavily on the e-commerce on WeChat, especially the mini shop. Making sure mini programs probably being connected with mini shops help to actually nurture the KOL providing corresponding service, helping brands for distribution, and even help some brands operating their business in mini shops.

All those are the business we are working on now. The third point is that expanding multichannel deployment to tap into the commercial potential of the local life.

We will continue to increase percentage of the key accounts merchants, and also would like to tap into the commercial potential of the local life, especially local service, like the leisure, healthcare, sports, pets, as well as the housekeeping maintenance. Our product will be worked with Meituan and REDbook, and continue to make sure the merchants can leverage the service we provide for a well connections with mini program.

Coming next, please allow me to walk you through the Weimob Overseas strategy. We have already set up a business unit of working on Weimob Overseas strategy.

Besides All in AI, Weimob international expansion would be our key. We really can support Chinese enterprises for global expansion.

What we do is the traffic through diversified media channels in international market, for example, like Google Ads, Meta, and TikTok, helping the Chinese companies to work on traffic in international social platform. For the e-commerce, we're also going to provide exclusive strategy partnership.

We are supporting the merchants of building their independent or DTC. Weimob is also Just AI's exclusive strategic partners.

All the Chinese brands, if are going to work for Just AI, and Weimob would be the bridge. We now have many brands that is using Just AI.

We provide the overall operations and the service. Besides working and providing traffic for Chinese brands for their international expansion, we're also going to provide integrated marketing and operation solution, for example, like KOL, as well as the traffic.

We provide a one-stop solution for the Chinese brands for their international expansion, including marketings, traffic, international strategy-makings, social operations, as well as international traffic placement. What we provide is indeed a one-stop solution and full-chain capabilities.

What I'd like to emphasize on for Weimob Overseas, our key strategy would be a raft model. We don't want to follow the traditional ways of working on traffic.

We really would like to leverage the strength of AI agent for that. For example, for social media content generation, for GEO and SEO content generation, we can leverage our AI agent to help the companies for execution.

Even international marketing strategy of the brand's partners can also leverage the OpenClaw to help to generate an executable plan to maximally reduce the cost for the enterprises. Also making sure their branding deliverables and execution would be fast in order to further reduce the cost.

Besides one-stop solution to the brands, and we also have our own brands, the Jinshang.AI to go for international expansion. We're supporting brands like MINISO for their global expansion, and we're also supporting brands like POP MART for their international expansion.

We also provided them the ERP service as a whole. Okay.

Just now, I walk you through our business highlights. Let me just do a brief summary.

I think in 2025, the company did a very good job for the business, especially for strategic transformation. While in 2026, we'll continue to embrace AI and work for our international overseas expansion.

Those going to be the new two engines for our future growth. Coming next, I'm going to ask Cao Yi to walk you through the financials, please.

Dear investors and analysts, good evening. My name is Cao Yi.

I am the CFO of Weimob. Coming next, please allow me to walk you through our 2025 financials with some highlights and the trends.

Overall speaking, as you can see, in 2025, the macro trends being further stabilized, but we also notice the retail consumption's being affected by deflation. The expenditure made by or budget made by the merchants is still quite tight.

AI is developing very fast. Large language models been well established.

As we're in face of the complicated market environment, the group continue to work for All in AI strategic transformation. On one side, we insist on the business transformation: reducing cost, improved efficiencies, and shut down the non-profitable businesses.

While at the same time, we're working on the AI adoptions for e-commerce and retail business to work on the new growth curve. Overall speaking, I think if we look back the full year of 2025, Weimob Group leverage our own concerted efforts to deliver a scorecard to the market that we believe satisfying.

The overall revenue of the company was 1.592 billion, grow by 90%. Subscription revenue was 900 million, a slight decrease.

The Merchant Solution revenue was 690 million, a grow by 65%. In 2025, for advertisement business, we further optimized the client structure, reducing the contribution from the non-profit-making customers.

The GP margin was 16.7 million YoY increase. The business quality's been further improved.

The take rate's been rebounded. In 2025, the merchant revenue contribute to 43.6% of the overall revenue.

While for subscription, as we continue to advance strategic transformation, we're exploring the AI technology and commercialization. In 2025, AI business bring the company 1.116 billion revenue, accounted for 30% of the overall revenue.

The cost initiative for the past few years made positive impact on our profit. The sales cost been decreased by 46.6%.

Sales expenses were 708 million, down by 23.3%. Administrative cost being reduced by 27.3%, reaching 450 million.

By the end of 2025, the team size was 3,507 people, stable. The salary expenditure's being further reduced by 80.6%.

By the end of 2025, the total assets of the entire group made 6.96 billion RMB. Cash and cash equivalents reached 2.1 billion.

In the year of 2025, through the external clients optimization and internal efficiency gain, our free cash flow's been positive. The company did a very good credit track record.

Our credit loans within the banks being normalized. Now you can see that our data structure's been further optimized.

Our liability rate's being further reduced to 64%. Let me just take you a look at the revenues and profit.

In 2025, for subscription and Merchant Solution, the revenue are all rebounding. For Subscription Solution revenue, it was down by 2.3% compared with 2024 due to two reasons.

The first reason, in the beginning of 2024, the company's been proactive adjusting the business. We actually withdrew from the low-margin, low-quality subscription business for third-party micro merchants, but the history order and still bring an actual showed revenue in the first and second half of 2024.

That's the reason the baseline's being elevated. The second reason is because from '23 to '24, due to economic depression and the consumption deflations, the weekend subscription business also result in a deferred reduction of the decrease in the deferred revenue.

Even if the subscription revenue was going down, but 2025 still present a few highlights. If we exclude the low-quality order in history for the subscription revenue, if we take a 6 months assessment, in 2025 in H1 and H2, we actually made a two half a year continued growth.

With the new orders being rebounded, the subscription revenue would be resumed quite good. AI-related revenue become a new growth engine.

In 2025, it bring us a revenue of 160 million, becoming a new growth curve in the near future. For merchant-related revenue, it was growing by 65%, which is pretty good.

For Merchant Solution revenue growth, besides the significant growth from the revenue itself, one thing I'd like to mention is that the revenue growth is not coming from the expanded GP margin. It was coming from the ever-increasing quality of the clients and GP margin.

As Mr. Sun has already mentioned, we eliminated some low-margin and long payable period clients.

The gross revenue's been decreased by 1.32 billion on YoY basis. Starting from 2025, as we continue to reduce the take rates for the downstream channel, and actually our net rebate rate's been increased by 1.5% to 1.6%.

In 2024, in Merchant Solution revenue, it also include 80 million financial and income. In 2025, the Merchant revenue improvement are all coming from the customer quality and efficiency gains.

Let's also take a look at the GP margin. In 2025, the GP margin's been normalized.

In '24, due to the impairment provisions as well as the take rates reduction, the GP margin was unhealthy in 2024. In 2025, you see Subscription GP margin rebounded to 63%, Merchants GP margin rebounded to 91%.

Why the GP margin of the subscriptions being rebounded? The reason is because in 2024, the provisions for the impairment of the capitalized corresponding R&D expenditures being down in 2024.

Starting from 2025, all R&D expenses would be deemed as general administrative expenses, not cost. At the same time, the subscription revenue was growing up.

It's been stabilized. For Merchants GP margin, in 2025, we don't have the low-margin TSOs and financial revenue.

All clients are for the high-margin and high-quality ones. If you take a look at the advertising and the GP margin, starting from 2025, when the customer base being further optimized, we have already changed our traditional gross revenue.

In '25, even the gross revenue was declining, but still the net revenue was going up. As the revenue and gross margins being stabilized and rebounded, the cost also be further optimized.

In 2025, our adjusted net profit become a positive. If we break into different business, and you can see for the past few years, leveraging the efficiency gains and the cost initiative, we will be able to continue to improve and reduce the financial losses.

In cost, we don't have the R&D cost and the capitalization, which can actually help to reduce the financial loss. The advertisement profit's been jumped from 50 million to 300 million because the rebates been further improved, which can also help to show our clients optimization initiative can really help to work.

Also the take rates from the downstream advertiser is also working positive. The adjusted net profit is also become a positive.

In 2025, our free cash flow's been positive, which has been 300 million optimized compared with last year. You can see for the full year, the free cash flow's been positive.

In the 2024 full year, you may already noticed the group experienced many special impact, for example, the unexpected take rates down in the advertising platforms, SaaS business structure optimization, and the impairment provisions. In 2024, our financial loss was pretty significant, but in 2025, we developed our business, finding the new growth engine, reducing the cost, and improving the efficiency that can help us to further reduce the financial loss.

There are a few event of reducing the financial loss. For advertisement, we optimized client structure and also reducing the take rates for the downstream, improving the rebates rate.

We also have the efficiency gains and cost initiative to help to reduce 104 million financial loss. At the same time, R&D expenses been deemed as the administrative expenditure rather than the cost, which can help to further reduce 187 million in 2025.

The credit loss impairment provisions being also reduced by 55 million compared with 2024. That's the reason we will be able to turn a positive trend now.

As we're in face of the ever-changing industry and the technological advancement, we're still working very hard to achieve the business transformation and sustainable growth. The management team is very confident over our business and hope in 2026, we're going to have a more significant growth.

That's a brief introduction about the 2025 financials. Now let's leave some time for investors and analysts to raise your question, please.

Hello. Mr.

Sun, Mr. Cao, Mr.

You, my name is Liao Yuan. I'm the analyst from CITIC Securities.

Thanks for taking my questions. Congratulate on the company of having a profitable business now, and I see your efficiency optimization also generate tangible result.

My question is regarding the AI business you have. We see in 2025, your AI-related revenue see an explosive growth, reaching 160 million RMB.

Is it possible for the management team to work us through what is your revenue, what's your business model, what is the source of the revenue, how you're going to foresee your future AI-related revenue? My second question, can the management team of talking about your product on AI agent and commercialization?

What's your plan in the near future? My second question, just now Mr.

Sun has already mentioned, no matter it's a secondary market or the overall capital market, people were all talking about how AI impact vertical-specific SaaS. What is the challenges and opportunities of the SaaS industry in China in face of AI?

Thank you.

Thank you. Thanks for both questions.

Let me help to answer both questions first. Regarding the first question, I think I have already touched upon that while I was talking about AI-related business.

For Weimob Group as a whole, we believe our WAI product would be the key. Many of the agent applications being embedded into SaaS.

We can provide value-added service or even customer purchase the credits to actually use our product. It's the payment, and it's also commercialization to us.

There are many details, for example, shopping assisted agent, smart operational agent, or even try-clothes agent. They are the agent feature that has been built into the workflow of our product.

We also have the text-to-image and the marketing content, including image and marketing words. Those are all the source of the revenue for AI business.

The second product is Waimi. Waimi is a product for the SME merchants.

It's actually a text-to-image marketing content generation. It can help merchants to generate the product image, profile of the product, or even one-click to change the clothes, and one-click to change the back stage.

In the past, many merchants, they have to spend a lot in shooting the marketing content. They need a model.

They need a backdrop to have the product presented. Now, as you have the digital humans, you can replace a backdrop and object in one picture by using AI.

It's actually a huge demand made by the merchants. We also have the GEO business.

You can see GEO is targeting the merchants. The merchants going to come to GEO separately, making sure the merchant's brands increasing its brand visibilities and presence in AI recommendation.

In other words, the brand, they're also going to follow the topic or the keywords. If they pay for the corresponding topic or keywords, we can then support the brand of distributing the content on different content platform.

We also have the monitoring tools to help to fine-tune the advertisement content of the brands. AI can help to notice the words and keywords related to brand to make the brand truly visible and present on internet.

This is actually what we see most. Delivery would still be the bottleneck.

I think our delivery capacity is ramping up now. You see the client's demand, especially we see the demand is quite, quite huge.

Many of the clients are still queue for the solution to be ready for them. We're going to continue to improve our concurrent capacity improvement, providing more support.

I do believe this business going to be a nice growth engine for our business. We also have WAI Pro.

We have some merchants who are in need of the customized AI solution. What we provide them is to leverage their internal business platform using their AI strategy, helping the clients to build AI within our internal system to improve their business flow with AI adoption.

Regarding the product development, I have to see AI technology is developing very fast. In 2025, we were still talking about multi-agent.

Now, it's already the time for us to talk about the skills-based AI development. OpenClaw impact the industry a lot.

Technical framework is going to be fundamentally shifted. In the past, when we provide use case solution, we were actually have multi-agent or workflow-based solution.

When clients face any problem, we can help to identify their intent, then providing corresponding workflow to ask the agent to provide a solution. The industry technology is changing.

We are upgrading our underlying technical framework. We call it Agent Framework 2.0.

It's actually a framework that can allow agent to do autonomous planning, and all the skills would be packaged into one. Besides the open-sourced skills from the third party, we also have some unique skills being given to merchants.

Merchants would be intelligently call and scheduling for those skills to well operate their stores. Let me just give you one example.

In the past, when we providing agent for shopping assistant, and we will be able to have a well-fit workflow for the merchants. Imagine if today the merchant came to me and said, can you help me to change my product descriptions in batches into something else?

For agent, it would be very hard to provide such a workflow because client's need going to be a long tire. It's going to be quite specific.

For the new Agent Framework 2.0, the AI large language model going to break down those task force and call for the skills. We may have a skill called goods, and it's going to call for all the goods skills based upon the user needs.

Those goods and skills going to help to change or modify the descriptions of the product based upon this new framework. It can be done very quickly.

For example, now if I'm going to ask the AI to send me a data sheet at 9:00 AM every day, we can also build this as a daily workflow based upon our existing AI agent framework. As long as you tell the AI what it's supposed to do, it's going to have the report on time every day.

It'll actually a good fit for well-established merchants to operate the e-commerce. For our future product operation, I believe besides the product matrix as well as the WAI Pro, besides our own product, we're also going to improve our technical framework to make sure it can well fit into the skills hub ecosystem represented by OpenClaw.

Because in the past, majority of the abilities been built by ourselves bit by bit. It's quite slow.

Now, as we have the open-sourced skills, those single skills could form into a well strategy. They could be seamlessly integrated into our system.

After the coding audit or safety verification, those skills would be a part of our product, making our product more intelligent. I believe in the near future, the third-party product or skills would be something supporting the merchants to well manage their stores for intelligent operation, for intelligent schedulings, or even for automatic task execution.

That is what we have for Waimi. Besides our own product pipelines, we're going to launch more AI-related product, including some product related to the intelligent hardware.

Those are all built upon our existing customer, supporting them to find more solutions for their product and needs. This is my response regarding your first question for AI product pipeline and future outlook.

How AI going to impact SaaS? Your second question.

I think AI still impact many SaaS, the general tools. Why should I say so?

In the past, you see SaaS, many of them are the general tools. It can help to take care of the ability deficiency.

For example, SaaS can help you to read PDF, analyze the content, and then to do a summary. Such competency would be an easy task made by AI.

AI can help to read the document, doing analytics. AI can also build you collaborative tools.

Even sometimes there are some of the scenario who are in need of the multi accounts. In the near future, companies may don't need so many employees and multiple accounts.

Companies can call for API and rather than in need of huge number of the accounts. For Weimob in China, we are not operating a multi accounts system.

What we do is still a annual subscription plus value-added service model. Number of the accounts won't impact our business that much.

At the same time, you should also notice in the underlying infrastructure, the industrial know-how or vertical solution is very important, which can be hardly generated by AI. For example, product orders, promotional events, those very specific things with industrial know-how is hard to be replaced by AI.

More importantly, we now have the product like OpenClaw, which is actually provide a single point capacities in resolving problems. If you need multiple skills, including skills collaboration, take care of the context, then it's not easy.

For many of the merchants, their preference, their decision-making, their history record, all the data authorities are all within our platform. I believe the Weimob OpenClaw may understand the merchants better.

In the near future, if merchants, they don't want to use Weimob OpenClaw, if they want to use their own OpenClaw, we also have the skills being placed into a open-sourced community, allow the merchants to use it. It's part of the capacities.

We won't be able to embed all of our capacities into the open-sourced system. Those capacity are just to help to check the orders, products, or data.

If merchants really want to have a comprehensive and contextual solution with good memories, that OpenClaw need within our own platform. Only in that way, the underlying capacities would be well scheduled and called.

I surely believe artificial intelligence, when we are reaching certain industry-specific solution, and we believe AI going to be a catalyst for our future business growth. For Chinese merchants, when they are using AI, when they are doing business, when they open stores, they need operational expert, designers, analytics.

In the near future, our intelligent scheduling layer, if the AI is powerful enough, if we have multiple skills within that layer, the merchants, they don't need so many people in their team, just 1 to 2 people is enough to use the data to operate the business. Fundamentally, in the underlying layer, we still need multiple APIs.

Those APIs being packaged into MCP or the script. They're going to be the ability.

The skills are not being realized by code. It's still going to call for the API service from the underlying infrastructure.

If people are using AI more, then I think a typical use case is smart operations of the store in the upper layer and intelligent scheduling in the underlying layer. That can help the merchants to run the business right and good, because still need to depend on our platform.

I think for AI, it's going to have a positive impact for companies like us who do the e-commerce-specific solution in one vertical. Thank you.

Thank you. Thanks for Mr.

Sun, Mr. You, Mr.

Cao. My name's Xia Jun from Guosen Securities Overseas.

I have two questions. The first question is regarding your international business.

Mr. Sun has already mentioned about your strategic investment.

I'd like to know more about your overseas strategy. For example, regarding product, what are the product you are going to operate in overseas markets, who you are going to serve, and is there any key regions or market you go for?

For overseas business, whether it's going to be a catalyst for your 2026 business growth? This is my first question.

My second question is regarding the marketing business. Mr.

Sun, you mentioned about the multichannel operation working with Douyin for multiple licenses. Is it possible for me to ask you for your 2026 guide of the business, what would be the growth for different marketing channels, especially the profit and rebates?

Thank you.

Thank you. Thanks for both questions.

Regarding overseas strategy, I will help to answer that. For marketing, I will ask Mr.

You to give you the answer. Regarding overseas business, we're still going to serve the Chinese merchants go for international expansion.

The Chinese merchants, probably they are in the 3C industry, in digital industries, or even some electronics companies or solutions or merchants. What we hope to provide is one-stop solution.

We find out many of the customer, when they first go for international market, if they'd like to do the independent websites, they don't have a good tools to help to build their independent websites. Sometimes they also need to invest in traffic, for example, on Google Ads, Meta, or TikTok.

Some of them may also need the KOLs and especially the influencers to help them to do the marketings in international market. I believe this really in need of the industrial know-how and resource.

For example, if we're going to seek for the influencers, international influencer is different from what we have in China. How the brand's access to those influencers, how they're going to talk to the influencers effectively, language would be a barrier.

At the same time, when brand are working with international influencers, if they're operating in multiple market, multiple currency, and multiple language, they have to be adaptive to the market. They need some localized support and professional tools to be truly localized.

Brands are also in need of the professional service provider for traffic replacement. We provide one-stop solution to merchants, even providing a all-in-one integrated marketing to help the brands to kick off their global expansion as quickly as possible.

There are also some companies who actually are in need of the ERP in offline channel, identified international distributors to work with. For Weimob, we will be able to provide them the ERP solution that can really tap into the local market.

For example, we're now supporting POP MART and MINISO of expanding their business in Southeast Asia and in Middle East countries. Regarding the performance and the revenue target of overseas initiative, let me see.

Starting from the end of 2025, we built the Weimob Overseas business unit. In the past, what just serving the clients who go for international expansion, we provide corresponding service.

By then, our solution is nonsystematic. After having Weimob Overseas business unit, now we have an independent team to serve the international business.

We may have some overlapping between the Chinese customer and customer for international expansion. Some of the clients, they are actually a global clients from day one.

We're just helping them for international expansion. In other words, we have independent sales and operational team for overseas market.

We are also going to continue to have all the license from TikTok being ready. We are now also working with many influencers worldwide to help the brand to access to the influencer service and resources.

In 2026, I think our overseas business revenue will continue to grow. Till now, we're still in the early stage for overseas business.

We do hope, as we continue to grow the overseas business, hope in the near future, it could be, at least on the market, could be around the 20% to 30% of the overall marketing. For this year, we hope actually we will be able to make 150 million or close to 1 billion RMB for the advertisement placement business.

Mr. You might be the right one to answer your second question.

Please.

Dear investors and analysts, good evening. My name is You Chunfeng.

Regarding how the marketing is going to be, especially for the multichannel development and AI supportive marketing, and we have already made the business plan. In 2025, we made good progress for multichannel strategy.

In October, we started to restart our cooperation with Douyin. In 2025, for our international and domestic, full-channel service are available on Douyin.

In domestic China, we're working with Douyin, and even for Douyin, we're actually working with GEO and also the local life. We got all the license from Douyin.

REDbook would also be a platform with very nice volume growth. You can see for the REDbook, we also be able to get the KFS as well as the regional developments.

Within the region, we will be able to get the Shanghai, Jiangsu, Zhejiang, and Chongqing operational license. Our business going to do the three tops.

Continue to improve the penetration ratio regarding customer budget. We also would like to penetrate into more verticals and cover more regions.

Because our expertise on Tencent advertisement, our sales expense being further reduced, and our service cost's been significantly reduced. Secondly, regarding AI, we are improving the efficiency.

In the past, you can see AIGC was developing very fast. No matter for short videos or pictures or the copyright content, the service efficiency's been further improved.

We are leveraging the multichannel and AI, the two strategies, to continue to accelerate the business. For 2026, according to our conservative idea, the overall revenue growth would be around 15% to 20%.

Because we now have the multichannel strategy, the overall sales cost are not increasing that much. Our operational cost is also declining.

For 2026, we're still very confident over our overall profit. I think compared with 2025, overall profit are going to grow steadily in 2026.

That's my response to the multichannel marketing strategy. Thank you.