Zhidemai's 2025 revenue was RMB1,288mn (-15.15% YoY), attributable net profit (NP) was RMB86.52mn (+14.99% YoY), and recurring NP was RMB73.38mn (+2.17% YoY). For 1Q26, revenue was RMB272mn (+1.28% YoY), attributable NP was RMB3.58mn (+141.61% YoY), and recurring NP was RMB0.34mn (+103.30% YoY). In 2025, revenue came under pressure, mainly because the company downsized its low-margin inefficient businesses, while recurring NP growth was driven by GPM improvement and refined cost-efficiency measures. Despite an off-season in 1Q, the company turned profitable, demonstrating operating resilience. In the long run, we expect AI to continue consolidating the company's platform-based competitiveness. Maintain OVERWEIGHT.
Business mix optimization lifted GPM
The user base of "smzdm.com" remained solid throughout 2025. At end-2025, the number of registered users grew by 4.57% YoY to 31.74mn, mobile activations increased by 7.14% YoY to 83.12mn, and the share of ordering users on the mobile app rose by 0.9pp YoY to 14.97%, mainly because AI technology improved the accuracy of product matching and boosted payment conversion. The company continued to downsize low-margin businesses such as brand marketing to sharpen its focus on its main business of high-value consumer content, with an optimized revenue mix driving up GPM. For 2025/1Q26, GPM was 50.17/43.51% (+2.97/+3.19pp YoY).
Off-season expense savings improved profitability
For 2025, the combined sales, R&D, and administrative expense ratio rose by 1.54pp YoY to 41.87%, mainly due to further increased R&D investment in underlying AI technologies and product applications in 3Q25. For 1Q26, the combined sales, R&D, and administrative expense ratio was 41.69% (-3.30pp YoY), of which the sales expense ratio was 14.33% (-4.33pp YoY). Refined expense control delivered more visible results in an off-season, helping the company turn around YoY on a recurring NP basis.
Accelerated AI commercialization to support long-term growth
Zhidemai has been iterating its general AI platform to shape a full spectrum of solutions including AI Shopping Steward, Zhishu AI Insights, and Haina MCP Server. In 2025, the company accelerated AI application based on a hybrid model of private deployment and third-party model integration across its business lines. For 2025, AI-related revenue was RMB87.17mn. In 4Q25, the company consumed 1,173.64bn tokens by calling third-party model APIs (+734% vs 1Q25). For 1Q26, AI-related revenue was RMB24.36mn, the company consumed 512.64bn tokens by calling third-party model APIs (+264.35% YoY), and its Haina MCP Server delivered 1.07bn content outputs (+225.43% QoQ vs 4Q25). The number of model partners continued to expand. With AI empowering content production, consumer price comparison, and 2B data services, commercialization is accelerating, and the second growth driver is gradually taking shape.
Earnings forecasts and valuation
We lower our 2026/2027 attributable NP forecasts by 16/10% to RMB131/162mn and add our 2028 forecast of RMB223mn. Given the company's accelerated AI commercialization, we base our valuation on 2027E to price in its medium-/long-term growth potential. That said, as its AI-related revenue is still in a
ramp-up phase, we value the stock at 70x 2027E PE, implying a discount to its peers' average of 98.66x on Wind consensus. Our target price is RMB56.92 (previous: RMB42.46, based on 65x 2025E PE). Maintain OVERWEIGHT.
Risks: Slower GMV growth than we expect, weaker e-commerce consumption, and lower AI service conversion rate than we expect.

　　值得买发布2025年年报及2026年一季报：2025全年实现营收12.88亿元（yoy-15.15%）；归母净利8651.65万元（yoy+14.99%），扣非净利7338.48万元（yoy+2.17%）。26Q1实现营收2.72亿元（yoy+1.28%），归母净利357.61万元（yoy+141.61%），扣非净利33.85万元（yoy+103.30%）。25年营收承压主因战略收缩低毛利低效业务，扣非净利润提升源于毛利率优化与精细化降本增效，Q1淡季顺利扭亏彰显经营韧性，长期看好AI赋能平台壁垒持续强化，维持“增持”评级。
　　主站流量基本盘稳健，业务结构持续优化带动毛利率提升
　　全年“什么值得买”用户底盘稳固，年末注册用户3173.74万人（yoy+4.57%），移动端激活量8312.31万（yoy+7.14%），移动端下单用户渗透率达14.97%（yoy+0.9pct），主系AI技术提升商品匹配精准度，带动转化能力提升。公司持续收缩低毛利的品牌营销等业务，聚焦高价值消费内容主业，营收结构优化带动毛利率提升，2025全年公司毛利率50.17%，同比+2.97pct，26Q1毛利率43.51%，同比+3.19pct。
　　降本增效成效显著，淡季费用优化带动盈利上行
　　2025全年销售/研发/管理费用率合计41.87%，同比+1.54pct，主系Q3进一步加大了AI底层技术和产品应用的研发投入；26Q1销售/研发/管理费用率合计41.69%，同比大幅下降3.30pct，其中销售费用率14.33%，同比下降4.33pct，淡季费用精细化管控成效充分显现，带动26Q1扣非归母净利润同比扭亏。
　　AI商业化落地加速，打开长期成长空间
　　公司持续迭代通用AI能力平台，完善AI购物管家、值数AI洞察、海纳MCPServer全矩阵布局。2025年公司通过私有化部署和接入第三方大模型相结合的方式，在各项业务中推动AI化转型和应用，全年AI相关收入8716.60万元，25Q4公司调用第三方大模型API消耗的tokens数量达到了11,736.41亿，较一季度提升734%。26Q1公司实现AI相关收入2436.21万元，调用第三方大模型API消耗的tokens数量达到了5,126.35亿，同比增长264.35%，海纳MCPServer内容输出量10.7亿次，环比25Q4增长225.43%，合作大模型伙伴持续扩容。AI全面赋能内容生产、消费比价、B端数据服务，商业化落地持续加速，第二成长曲线逐步成型。
　　盈利预测与估值
　　我们预计公司26-28年归母净利润为1.31/1.62/2.23亿元（较前次-16%/-10%/-）。考虑到AI商业化加速，我们采用27年作为估值基准以反应公司中长期成长性。可比公司27年Wind一致预期PE均值为98.66x，考虑到公司AI收入尚处爬坡期，给予一定折价，按27年70xPE，得到目标价56.92元（前值：42.46元，对应25年65xPE），维持“增持”评级。
　　风险提示：GMV增长不及预期、电商消费景气下行、AI业务商业化转化低于预期。