Sealand: PHANCY (06682)2026Q1 revenue continues to grow significantly, and the Token volume increase opens up new growth opportunities.

Sealand released a research report stating that PHANCY (06682) announced its business performance for the first quarter of 2026 on May 22, achieving revenue of 1.458 billion yuan, with a year-on-year increase of 35.4% and a gross profit margin of 35.1%. Against the background of increasing demand for tokens and pressure on computing power supply, the company is able to maintain a relatively stable delivery efficiency. The company is strengthening its integrated capabilities in "domestic computing power adaptation + model optimization + token efficiency improvement," which helps enhance customer stickiness and platform barriers. Key points from Sealand are as follows: Revenue in Q1 2026 continues to grow rapidly, with a rapid increase in token usage (1) Financial performance: The company's revenue continued to grow rapidly in Q1 2026, with a sequential increase in gross profit margin. The company achieved operating revenue of approximately 14.58 billion yuan in Q1 2026, an increase of 35.4% year-on-year; with a gross profit margin of 35.1%, driven by the increasing demand for platform-type business due to the requirements for exclusive AI deployment, security and data protection, the gross profit margin increased by 2 percentage points sequentially, indicating that the company can still maintain a relatively stable delivery efficiency in the current background of increasing token demand and pressure on computing power supply. (2) API business: Token usage has rapidly increased, and the commercial demand for API is accelerating. The API token usage in Q1 2026 has approached 6 times that of the first quarter of 2025 and has exceeded nearly 40% of the total usage in 2025. At the same time, the company's disposable computing resources have increased by over 200%, helping to alleviate the supply pressure brought by the rapid growth in token demand. AgenticAI business: Nearly doubling the number of orders in hand, the business is entering an accelerated implementation stage By Q1 2026, the number of orders in hand for the company's AgenticAI business has increased by 99% compared to the end of 2025. The company believes that the core change in the AgenticAI business is the rapid accumulation of orders, and the focus is on the delivery rhythm of orders, revenue recognition rhythm, and the ability to replicate in key industry scenarios. Xinchuang Module: The number of domestically adapted chip models exceeds expectations, strengthening the company's integrated "computing power-model" capabilities As of May 22, Xinchuang Module has launched more than 70,000 AI models adapted and optimized for the domestic chip environment, far exceeding the company's previous expectations. The product achieves batch adaptation of domestic chips and models through the EngineX engine, combined with HAMivGPU's support for unified management of multiple chips and fine-grained computing power scheduling. The company is strengthening its integrated capabilities in "domestic computing power adaptation + model optimization + token efficiency improvement," which helps enhance customer stickiness and platform barriers. PhanthyMovie: The company enters the professional AI video generation platform, opening up incremental token usage in cultural and creative scenarios In May 2026, the company launched the professional AI video generation platform PhanthyMovie, focusing on enhancing the professionalism, controllability, and stability of video creation. Shortly after the product launch, it signed a long-term cooperation agreement with HUANXI MEDIA Group involving token usage totaling about 200 million US dollars. The two parties will also jointly develop a new AI film and television content production platform, indicating that the company's token commercialization model is expanding from enterprise AI platforms and API calls to AI cultural and creative application scenarios. Risk Warning: Risks of macroeconomic and policy changes; risks of domestic substitution progress falling short of expectations; risks of concentration of large customers; risks of accounts receivable recovery; risks of sustainability of revenue growth; risks of loss of core technical talent; risks of intensified market competition; risks of overseas business expansion falling short of expectations; risks of exchange rate fluctuations.