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　　迈富时（02556）盘中涨超7%，截至发稿，股价上涨5.16%，现报36.30港元，成交额1.17亿港元。

　　迈富时近期发布的2025年业绩显示，公司全年实现总收入28.2亿元，同比增长80.8%。这一增长主要由AI应用业务的快速渗透驱动，收入14.9亿元，同比增长76.5%。经调整后净利润录得1.5亿元，同比增长91.3%。截至2025年末，公司KA客户数量达1609家，同比增长105.5%，KA客户ACV（客户平均合同价值）提升60.6%；SMB客户数量达2.7万家，同比增长3.0%，ACV提升33.1%。

　　国投证券指出，根据公司年报披露，公司围绕AI原生应用持续推进营销场景落地，推动业务由传统SaaS服务向AI原生应用平台跨越。随着客户需求由“辅助决策”向“直接回答业务问题”转变，公司基于“场景+数据+平台+模型”能力，逐步实现对业务问题的直接响应，推动客户从采购软件工具向采购解决方案转变，收费模式从订阅拓展至效果与用量计费，实现按token消费的商业模式，与客户利益深度绑定。

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