AI Agent first stock: WANKA ONLINE (01762) takes the lead in commercializing system-level intelligent body positioning.

Recently, with the integration of system-level AI intelligent bodies into mobile operating systems by top technology companies, an industrial revolution focusing on the reconstruction of the AI mobile ecosystem value chain and the redistribution of benefits has quietly begun. The acquisition of system-level permissions by Nubia's "Bean" under ByteDance is a significant milestone, and the market is reexamining the value chain and distribution pattern of the AI mobile ecosystem. This trend not only heralds the evolution of the next generation of human-machine interaction methods but also signifies a crucial turning point for AI intelligent bodies to transition from technological demonstrations to commercial implementation on a large scale. In this process, WANKA ONLINE (01762) has become a scarce platform company with system-level access capabilities in this race track, thanks to its deep integration with mainstream mobile phone manufacturers, dominant position in the fast application ecosystem operation, and increasingly clear commercialization path for AI Agents. It can be called the "first stock of AI Agents". Ecological positioning: a cross-terminal, full-system hub for intelligent body services WANKA ONLINE plays a crucial role in the AI intelligent body ecosystem as a foundational infrastructure, with its core value lying in the deep integration of terminal manufacturer resources and standardized service interfaces. The company has built an exclusive cooperation network covering six major mainstream mobile phone manufacturers - Huawei, Honor, Xiaomi, OPPO, Vivo, and Apple, making it one of the few all-channel service providers supporting iOS, Android, and HarmonyOS, the three major operating systems. In the first half of 2025, its overseas market revenue increased by 439% year-on-year, with business covering over 2 billion smart terminal users worldwide, demonstrating strong ecological penetration capabilities and cross-border expansion strength. It is believed that the company's core competitiveness comes from its dominance in the fast application ecosystem. As the technical standard developer and ecosystem operator of the Chinese Fast Application Alliance, WANKA ONLINE has established a lightweight application framework based on the system level. As AI phones evolve towards natural language interaction, fast applications, with their characteristics of no installation, low latency, and high security, have become the ideal technical carrier for AI Agent service calls. This layout essentially gives WANKA ONLINE control over standardized service call interfaces and distribution channels, forming an ecological-level technological barrier. In August 2025, WANKA ONLINE entered into a strategic partnership with Alibaba Cloud to jointly promote the global intelligent body ecosystem, forming a three-layer collaborative architecture of technology capabilities and commercial implementation: Firstly, the computing power and data layer: relying on the powerful computing power of Alibaba Cloud's Lingjun Intelligence Cluster, the two parties have built AI basic infrastructure supporting feature training of trillions of features daily, compressing the iteration cycle of commercial models from the industry's typical months-long to weeks, greatly enhancing the response speed and accuracy of marketing intelligent bodies. Secondly, the algorithm and insight layer: through deep integration of Alibaba Cloud's advanced capabilities of the "Thousand Questions of Tongyi" large model and WANKA ONLINE's unique decade-spanning massive ad placement data and high-precision user portrait, they have jointly created a full-chain closed-loop marketing decision system, from macro-industry trend insights, micro-user group selection, intelligent creative content generation, to budget automation dynamic allocation. Thirdly, the ecosystem and business layer: WANKA ONLINE, as the core operator of the ecosystem and business interface, plays a key role in connecting the traffic entry of mobile operating system platforms with various vertical industry service providers. This hub position enables it to efficiently and on a large scale convert underlying AI technical capabilities into measurable and iterative commercial value, marking a critical leap from technical potential to market efficiency. In summary, this cooperation signifies WANKA ONLINE's strategic upgrade from a "channel service provider" to an "intelligent ecosystem operator", forming a dual-drive pattern of "cloud providers offering AI capabilities base and ecosystem operators providing commercial networks". Business model evolution: Value upgrading from traffic distribution to service operation Faced with structural challenges such as thin hardware profits and lower-than-expected monetization efficiency of internet services commonly experienced by mainstream mobile phone manufacturers, WANKA ONLINE is opening up a path to high value-added growth for the entire mobile industry by building a new service ecosystem centered around AI Agents. Firstly, the restructuring of the service value chain to enter the high-potential commission market. Under the current service call model, users typically complete transactions through third-party applications by jumping from the mobile operating system, with platforms like Meituan usually extracting a high percentage of commissions (around 25%), while mobile phone manufacturers find it challenging to participate in value distribution. The new model based on AI Agents will reshape this chain: users directly call services through the system-level intelligent body, forming an efficient path of "mobile phone manufacturer-Agent platform-service provider". In this model, if the platform's overall commission is around 20%, mobile phone manufacturers may receive a considerable proportion (e.g., 50%), enabling substantial entry into local life, travel, tourism, and other high-frequency service markets worth trillions, achieving a role transition from "traffic channel" to "ecosystem operator". Secondly, advancing the commercialization implementation path. It is understood that the company has conducted technical research and pilot verification with several leading mobile phone manufacturers on typical scenarios such as "call a car in one sentence" and "order food in one sentence". The initiative aims to verify the complete technical feasibility and user experience loop of calling third-party services through natural language interactions in a system-level operating system environment, laying the foundation for commercial use on a large scale. Lastly, constructing dual barriers of standards and ecosystem. AI Agent calling vertical field services depends on open and unified interface standards. Leveraging its leadership in the mobile phone manufacturer alliance and fast application ecosystem, WANKA ONLINE, together with mainstream manufacturers like Huawei, Xiaomi, OPPO, and Vivo, is promoting the standardization process of interfaces. When the industry establishes a unified technical standard and commercial agreement, service providers will gradually integrate into the ecosystem based on economies of scale and access efficiency. As a core player in standard setting and ecosystem operation, WANKA ONLINE not only holds technological discourse power but also occupies a key hub position in service distribution and revenue distribution. Its role can be likened to that of an "intelligent service operator" in the AI phone era. Ultimately, this business model evolution not only signifies diversification of revenue structure but also represents the company's strategic upgrade from an "advertising service provider" to an "intelligent ecosystem infrastructure provider", possessing significant growth elasticity and potential for valuation restructuring. Value reassessment: Benchmarking against AppLovin, WANKA ONLINE's growth path has clear scarcity premium Drawing lessons from AppLovin's development trajectory, its significant market value leap from 2022 to 2025 was primarily driven by a strategic transformation from a traditional advertising distribution platform to an intelligent marketing engine empowered by AI. This process not only reshaped its business growth curve but also prompted a systemic restructuring of its valuation methods by capital markets. WANKA ONLINE is at a similar significant value restructuring point, but its uniqueness lies in the company's forward-looking ecological layout, establishing a tri-layer network system connecting terminal manufacturers, AI capabilities, and commercial services. This structural advantage makes its growth path more predictable and controllable. As one of the rare platform companies with complete AI Agent ecosystem operational capabilities in the current Hong Kong stock market, WANKA ONLINE already possesses a significant scarcity premium basis in terms of valuation, and its value realization is expected to gradually emerge with the deepening of the commercialization process of AI smartphones. In the short term (2025-2026), the deployment of AI marketing intelligent bodies will directly enhance the return on investment of advertising placements, driving core marketing business profitability improvement. Additionally, the accelerated expansion of the HarmonyOS ecosystem and the high growth momentum of overseas business will provide definitive support for performance. Given the company's current valuation level relative to its growth potential and business structure transformation, there is obvious room for recovery. In the medium term (2026-2027), with the rapid increase in AI phone penetration rate (industry estimates global shipments will reach 520 million units in 2027), the volume of AI Agent service calls based on fast applications will experience explosive growth. Associated service commission sharing businesses will begin to contribute substantial revenue, becoming the company's second growth curve, driving revenue structure optimization and profit increase. In the long term (post-2027): The company is expected to evolve into a "distribution and operation platform for intelligent body services in the AI phone era" and replicate its mature ecosystem model to next-generation IoT devices such as AI glasses, smart car cabins, and smart homes, establishing a cross-scenario "WANKA Intelligent Ecosystem" and opening up broader long-term space. It is worth noting that in the first half of 2025, the company's research and development expenses increased by 25.8% year-on-year, demonstrating its continued commitment to investing in AI and ecological capabilities. While strengthening strategic investments, the company still achieved an adjusted net profit of 51.8 million yuan and maintained healthy cash flow, reflecting good cost control and operational resilience. It is important to note that although the company's stock price is currently at a cyclical low, institutional investors' ownership percentage has shown a steady upward trend, indicating professional money's early positioning for its long-term value. Even rarer is the absence of a pure AI Agent-listed company in the A-share market among capital market targets. In the Hong Kong stock market, WANKA ONLINE is an extremely rare ecosystem platform company with three-fold attributes of deep alliance with terminal manufacturers, technical support from cloud strategic partners, and complete commercialization loop. Once its positioning as the "core operator of the AI Agent ecosystem" gains broad market recognition, its valuation logic is expected to shift from traditional advertising agency model (usually based on PE ratio valuation) to a more growth-oriented platform-type SaaS company (typically based on PS ratio valuation), harboring immense potential for value reassessment. In conclusion, in the industry transformation driven by AI, infrastructure builders often possess a more enduring moat of value. Through a decade of ecological layout, WANKA ONLINE has established a three-layer collaborative network connecting terminal manufacturers, AI capabilities, and commercial services, with its role evolving from a mobile marketing service provider to an "ecosystem operator" in the AI intelligent body era. The company, with its irreplaceable ecological node position, mature technical standard system, and clear commercialization path, has emerged as one of the most certain beneficiaries in the process of AI intelligent bodies transitioning from technology to commercial deployment. In the current window of disparity between market perception and actual industry value, WANKA ONLINE is demonstrating a clear trajectory of transition from a "hidden champion" to an "ecosystem pillar".