# Focus Tech 'AI Michael' & Yiwu Chinagoods Filings Audit: Why 18,494 Chinese Factories Paid ¥90.8M ($13M) Cash for 3 AM Export Agents

- **Case ID**: BID-024 (焦点科技 AI 麦可 × 义乌 Chinagoods AI)
- **Category**: Listed-Company Filings · 18,494 Chinese Factories Pay $13M+ Cash for AI Export Agents
- **Published**: 2026-11-07
- **Author**: Jimmy (https://www.jimmydecodes.com/en/about/)
- **Canonical URL**: https://www.jimmydecodes.com/en/cases/focus-ai-michael/

## The Short Answer (Verdict)

> [Verified] Audited A-share filings prove that traditional manufacturers pay handsomely when AI directly captures cross-border orders (Note: operational business teardown only; not stock advice). (1) Focus Technology (`002315.SZ`, `Made-in-China.com`) 2025 Annual Report: cumulative paying factory members for 'AI Michael' (excluding trials) jumped from ~4,000 (2023) to 9,000+ (2024) and **18,494 in 2025** (**62.08% penetration** of all 29,793 paying platform suppliers), generating **¥90.83M (~$12.9M USD) in 2025 cash receipts (+88.49% YoY)** and **¥53.11M in GAAP recognized AI revenue (+116.94% YoY)** at a 79.3% corporate gross margin. (2) Yiwu China Commodities City (`600415.SH`): its Chinagoods Big Data subsidiary delivered **¥165M operating net profit on ¥341M revenue (48.39% net margin, +102.05% YoY)** in 2024 and **¥155M net profit on ¥257M revenue (60.31% net margin, +109.69% YoY)** in H1 2025 across **34,000+ physical merchants**. Replicate this as a Private-Domain Multilingual RFQ & FOB Quotation Studio for manufacturers.

Forget unverified WeChat revenue screenshots. We opened the audited Shenzhen and Shanghai Stock Exchange filings of two listed B2B trade giants: Focus Technology (002315.SZ) grew its 'AI Michael' export assistant to 18,494 paying factories (62.1% penetration) and ¥90.83M (~$13M) in 2025 cash receipts (+88.5% YoY), while Yiwu Chinagoods' Big Data subsidiary posted a 48.4%–60.3% net profit margin across 34,000+ wholesale merchants.

## Key Numbers (Evidence-Graded)

| Metric | Figure | Evidence Level | Source & Basis |
| --- | --- | --- | --- |
| AI Michael Paying Factories | 18,494 paying factory members (62.08% of 29,793 platform members) | Verified | Focus Technology (002315.SZ) Audited 2025 Annual Report (excl. trials) |
| 2025 AI Cash Receipts | ¥90.83M (~$12.9M USD) cash collected in 2025 (+88.49% YoY) | Verified | Up from >¥45.0M (exact implied base ¥48.19M) in 2024 Annual Report |
| GAAP Recognized AI Revenue | ¥53.11M in 2025 (+116.94% YoY) | ¥24.48M in 2024 (+287.20%) | Verified | Annual fees collected upfront into Contract Liabilities & amortized monthly |
| Pricing & Corporate Margin | ¥1,280/mo Standard (~$1,400/yr) | ¥1,980/mo Pro | 79.3% Gross Margin | Verified | Made-in-China.com official pricing & 2025 Annual Report |
| Yiwu Big Data Net Margin | 2024 Net Profit ¥165M (48.4% margin) | H1 2025 ¥155M (60.3% margin) | Verified | Yiwu CCC (600415.SH) Audited 2024 Annual & 2025 Semi-Annual Reports |
| Yiwu Merchant Adoption | Trade Services Rev ¥1.528B (+106.83%) | 34,000+ booths | 1B+ AI calls | Verified | Yiwu CCC Audited 2025 Annual Report |

## Debunking the 'Manufacturers Won't Pay for Software' Myth: 18,494 Factories & ¥90.83M in Audited Cash

Conventional wisdom says traditional hardware factories hate paying for software. To test that hypothesis with hard evidence, we bypassed social-media screenshots and examined the audited Shenzhen Stock Exchange filings of **Focus Technology (`002315.SZ`)**, operator of the B2B export marketplace `Made-in-China.com` (Note: we analyze business models only, never stocks).

Launched in May 2023 at ¥1,280/month (~$1,400–$1,700/year on annual contracts; Pro tier ¥1,980/month), Focus Technology's export assistant **'AI Michael' (`AI 麦可`)** expanded its cumulative paying factory base (excluding trial packs) from ~4,000 at year-end 2023 to **9,000+ at year-end 2024** and **18,494 paying factories at year-end 2025** — representing **62.08%** of the platform's 29,793 active paying supplier members!

Even more impressive is the cash ledger: AI Michael generated over ¥45.0M in cash receipts in 2024 (with GAAP recognized AI revenue up `+287.20%` to ¥24.48M), and in 2025 cash receipts surged **+88.49% YoY to ¥90.83M (~$12.9M USD)** while GAAP recognized AI revenue jumped **+116.94% to ¥53.11M**! Why is cash collection 1.71x higher than GAAP revenue? Because factories pay the full annual subscription upfront into Contract Liabilities.

## Exhibit B — Yiwu Chinagoods AI (600415.SH): 60.3% Net Margins Turning Booth Owners into 36-Language Exporters

Now open the Shanghai Stock Exchange filings of **Yiwu China Commodities City (`600415.SH`)**, operator of the world's largest physical wholesale market. Its digital subsidiary (**Yiwu China Commodities City Big Data Co., Ltd.**, which runs `Chinagoods` and the 'Xiaoshang AI' suite) posted **¥341M in revenue and ¥165M in operating net profit (+102.05% YoY — a 48.39% net margin)** in 2024.

In the first half of 2025 alone, that same subsidiary generated **¥257M in revenue and ¥155M in net profit (+109.69% YoY — a 60.31% net margin!)**, while full-year 2025 Trade Services revenue doubled (`+106.83%`) to **¥1.528B** across **34,000+ physical wholesale merchants** and over 1 billion AI calls.

Why are factory and wholesale owners adopting these tools en masse? Because emerging-market buyers in the Middle East, Latin America, and Eastern Europe send inquiries in Arabic, Spanish, Portuguese, and Russian at 3:00 AM China time. A $1,400/year AI agent that responds in 3 minutes in fluent Spanish or Arabic costs less than two months of a junior human rep's wages — and captures container orders before competitors wake up.

## The B2B Operator Playbook: Private-Domain Multilingual RFQ & Spec-Sheet Quotation Studio

Marketplace tools like AI Michael only work inside `Made-in-China.com`. Yet manufacturers receive half their highest-margin inquiries off-platform — via **private WhatsApp Business, trade-show business cards, and website RFQ forms** — where quotes require looking up complex internal Excel/PDF MOQ price breaks and CBM shipping tables.

Using our 7-column zero-code workbench (Tally/WhatsApp intake + Google Sheets SKU/MOQ price-break lookup + Claude Sonnet 4.5 bilingual 3-tier quotation drafter + mandatory human manager price-lock switch), you can deploy a Private-Domain AI Export Quotation Desk for manufacturers and wholesalers at **$2,200 setup + $390/month** with an API compute cost of just **$0.022 per inquiry** (>90% gross margin).

## Three questions to ask about businesses like this

1. Why did Focus Technology's 'AI Michael' collect ¥90.83M (~$12.9M) in 2025 cash while reporting ¥53.11M in GAAP AI revenue? — Because the 18,494 paying export factories pay annual subscriptions upfront in cash (booked as Contract Liabilities and amortized over 12 months).
2. What specific pain point drove 62.08% of Made-in-China.com's paying suppliers and 34,000+ Yiwu merchants to adopt AI? — Overcoming the 3:00 AM timezone lag and the non-English language barrier (Arabic, Spanish, Russian, Portuguese) when responding to international B2B RFQs.
3. Where is the untapped opportunity for solo operators alongside these public giants? — Building private-domain RFQ & MOQ quotation workbenches connected to a factory's internal SKU price book, WhatsApp Business, and independent website.

## FAQ

### Q: How do we prevent an AI agent from quoting a below-cost FOB price or wrong Incoterm (like DDP instead of FOB)?
A: Never let an AI send a binding price quote autonomously! In our 7-column workbench, Col E automatically audits every number against the factory's Col B MOQ floor-price table, and the quote is held until the human export manager reviews the parallel English/Chinese copy on their phone and flips Col F to `✅ Price Verified - Send Quote`.

### Q: How much does the LLM compute cost for a factory handling 300 international RFQs a month?
A: At ~$0.022 per multilingual inquiry (translation + SKU lookup + 3-tier quote table + floor-price audit on Claude Sonnet 4.5), 300 RFQs/month cost just ~$6.60 in total API fees.

### Q: Does this teardown constitute investment advice on 002315.SZ or 600415.SH?
A: No. Per our strict methodology, when we examine listed companies we analyze only their commercial product unit economics and customer adoption from public exchange filings — never stock prices or buy/sell recommendations.

## Sources

1. Focus Technology (002315.SZ) Audited 2024 & 2025 Annual Reports (18,494 cumulative paying AI Michael members, ¥90.83M 2025 cash receipts [+88.49% YoY], ¥53.11M GAAP AI revenue [+116.94% YoY], 29,793 paying platform members): Shenzhen Stock Exchange / CNINFO: http://www.cninfo.com.cn/
2. Made-in-China.com 'AI Michael' official product & pricing page (Standard ¥1,280/mo, Pro ¥1,980/mo): made-in-china.com: https://www.made-in-china.com/
3. Yiwu China Commodities City (600415.SH) Audited 2024 Annual, 2025 Semi-Annual & 2025 Annual Reports (Big Data subsidiary ¥165M 2024 net profit [+102.05%], ¥155M H1 2025 net profit [+109.69%], 34,000+ physical merchants using AI): Shanghai Stock Exchange / CNINFO: https://www.chinagoods.com/

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*Citation note: When citing figures from this teardown, please credit "Jimmy Decodes (https://www.jimmydecodes.com/en/cases/focus-ai-michael/)" and include the stated evidence label (Verified / Self-reported / Third-party / Our estimate).*