AGI's first stock UNISOUND (09678): Revenue loop, is the most responsible value reshaping of AI companies

UNISOUND (09678) will release its 2025 performance on March 26th. The performance forecast for January has already been "sampled" in advance - with revenue from large model business increasing by over 10 times, nearly half of the total revenue. The upcoming official performance will be a true "stress test" for its business model. In the current AI race, there are many "concept stocks" related to large models, with stock prices fluctuating based on technical parameters. However, as the tide recedes, the market becomes more clear: if technological indicators are not converted into a commercial ecosystem, it remains just a "arms race" on PowerPoint. How to identify true "strengths"? The answer lies in three fundamental questions: Can the business model be successful? Can a business ecosystem be formed? Can a financial ecosystem be achieved? From "forecast" to "realization": The large model business becomes the "engine" According to the performance forecast, UNISOUND's revenue from large model related businesses in 2025 is expected to reach 600 million to 620 million, a year-on-year increase of 1057% to 1095%, and the proportion of total revenue is expected to increase to 48% to 53%. The large model is no longer just a "technological showcase", but truly supports almost half of the revenue. Key points of the performance: Focus on three "closed-loop" indicators If the forecast shows the "speed of growth", the official performance needs to focus on the "quality of growth". First, look at the "business ecosystem": from project delivery to productization. With the maturity of the "Shanhai" large model and the unified intelligent platform, has the company transitioned from "project delivery" to "product subscription and service output"? Is the customer retention rate and average revenue per user (ARPU) in vertical scenes such as smart healthcare and smart transportation continuously increasing? This is the core indicator to test whether the business ecosystem has truly formed. Second, look at the "financial ecosystem": from "single realization" to "three meals of lobster". True AI realization should not stop at one-time project revenue, but should maximize the value for the same customer like "three meals of lobster" - from model calling, scene subscription, to value-added services, releasing value at each level. During this performance meeting, investors need to closely monitor: whether operating cash flow has significantly improved? Has adjusted net loss narrowed significantly? This directly determines whether the company has sustainable "blood-making ability" and is the key evidence for the real implementation of financial ecosystem. Third, look at the "business model transition": from linear growth to exponential growth. UNISOUND's landing in serious scenes such as healthcare, medical insurance, and transportation is building an "exponential" growth engine. When AI becomes the infrastructure for hospital medical record quality control, medical insurance cost control, intelligent cabins, and other core business flows, the frequency of model calling and depth of scene penetration will replace the traditional accumulation of customers, becoming the "compound interest engine" for income growth. Conclusion: In the second half of AI, what matters is who can "survive longer". The capital market is no longer buying into "technological romanticism" indefinitely, but is increasingly focusing on the hard strengths of "landing for survival". UNISOUND's performance meeting on March 26th is essentially a comprehensive test of its own quality: has the technology truly been transformed into products? Are the products truly accepted in the market? Is the revenue truly bringing in cash flow?