We do not turn a story into performance
Current ARR is $0 and external paid orders are 0. Every forward-looking number on this site is an assumption, not a commitment. This page exists so due diligence gets faster, not to convince you.
Industry figures and our own model are kept separate
The industry number answers "how big is the pool". The bottom-up model answers "how much can we actually collect". They are never mixed.
¥21.2B enterprise agent market (2025)
China Academy of ICT (CAICT). Gartner projects 33% of enterprise software will embed agents by 2028. These are third-party figures, not our data and not our share.
TAM ¥255M · SAM ¥12.7M · Y3 SOM ¥1.27M
120,000 serviceable teams × ¥2,123 annualised ARPU; 5% winnable share; 10% of SAM by year three. Every input is adjustable on the Chinese site.
¥3,020 gross profit, 76% margin — not 99%
| Item | Value | Basis |
|---|---|---|
| Price per seat | ¥3,980 | Team edition, one-time buyout |
| Delivery effort | 0.5 person-day | init, configuration, documentation Q&A |
| Support, year one | 0.3 person-day | Group support and doc answers |
| Internal day rate | ¥1,200 | Assumption used for margin math |
| Gross profit, year one | ¥3,020 | Price minus delivery and support |
Four checkpoints, each with evidence attached
NOWSelf-hosted edition is shippable
v1.0 packaging: init, clean, de-coupling, docs, licence gate.
Y1100 paying teams ≈ ¥1.2M ARR (assumption)
Requires an annualised ARPU near ¥12k — buyout alone does not get there.
Y2Vertical agents ship, 500 teams ≈ ¥10M ARR (assumption)
Funding, investment and intel agents as separately subscribable products.
Eleven items, conditions published
Three categories are never shared: customer identities, keys and credentials, employee personal data.
Full list, versions and redaction rules live on the Chinese data-room page: warbook.mengstone.com/investors/dataroom/