Hong Hao joins Bairong Intelligent (06608): "Translator" of the capital market value of enterprise agents.

On June 30, BR Intelligence (06608) announced the official appointment of Mr. Hong Hao, a top domestic macro strategy expert and managing partner and chief investment officer of Lianhua Asset Management, as a non-executive director of the company. With his extensive market experience, Hong Hao will support the company in the field of capital market value management and help optimize the company's capital market value delivery system. The valuation of AI companies has always been a challenge in the capital markets. When the tech industry looks at AI companies, they focus on model parameters, implementation scenarios, and customer cases, thinking everything is golden; when the investment industry looks at AI companies, they focus on business models, cash flow, and valuation multiples, always feeling confused. There is always a gap between industry trends and market perceptions. Whoever can shorten this gap will be able to command a premium in valuation. There is always a gap between a good business and a good stock - a gap that requires a good "translation." BR Intelligence needs Hong Hao, as a top player in the enterprise Agent track, to help the market better understand the company's business model. There is a natural gap between industrial value and capital market value: if the market does not understand the business model and does not believe in the company's growth logic, it will not assign a reasonable valuation multiple. This gap is especially deep in the AI track. AI is a complex industry with high technological complexity and diverse business models. Some companies focus on large basic models and burn money like water; some focus on AI hardware and make profits from capital expenditures, but with strong cyclicality; some focus on AI applications with various business models. It is difficult for ordinary investors to discern the essential differences between these companies. Therefore, the market often uses a vague "AI concept" to price all related companies - they rise together in a good market and fall together in a bad market. This way of pricing, which treats all companies equally, is a harm to companies with true industrial capabilities and clear business models. Why hasn't the market understood BR Intelligence's business model yet? BR Intelligence does not focus on large models or AI hardware. Instead, it focuses on the landing of enterprise-level AI Agents - using the Results Cloud platform to mass-produce "silicon-based employees" who can perform tasks and help companies solve specific business problems. The key term for this model is "Results as a Service (RaaS)." BR Intelligence truly helps customers create value through its pay-for-results business model, by allowing the Agents - silicon-based employees, to create value for enterprises. Chinese commercial society is very real; C-end users do not like to be serviced by AI because they do not feel respected, but B-end institutions urgently need AI to increase revenue and profit. Therefore, a good AI product must be user-centric to meet the needs of both C-end and B-end customers and create value. BR Intelligence's silicon-based employees have been doing just that. However, this business model is not easy for the capital market to understand. It does not have the clear monthly recurring revenue (MRR) disclosures of traditional SaaS companies, nor does it have the high-profile funding news of large model companies. The market needs someone to translate the business logic of "Results as a Service" into a valuation story - the more customers use and rely on the service, the higher the renewal rate, the more stable and predictable the income. This is essentially a valuation logic for platform companies, but the market currently understands it within the framework of traditional SaaS. There is a clear cognitive gap here. Cognitive gaps represent opportunity. With his nearly 30 years of global macro research experience, spanning Morgan Stanley, Citigroup, CICC, BOCOM INTL, and transitioning from a top seller to a buyer in 2022 to take charge of a hedge fund, Mr. Hong Hao's unique perspective of having been both a referee and a player in the financial markets is extremely rare in the A-shares and Hong Kong stock markets. Hong Hao's role in BR Intelligence: Firstly, he can help the market re-examine the pricing bias in the AI application layer. The current market has a structural problem in valuing AI - upstream computing power is favored, while downstream applications are undervalued. The market assigns high valuation multiples to companies like NVIDIA and TSMC but is generally cautious with AI application layer companies. Behind this pricing bias is the lack of consensus on "how much real value AI can create." It is believed that Hong Hao's joining can help the market re-examine this issue. Secondly, he can help the company navigate the cyclical rhythms of the capital market. Hong Hao recently predicted that the next three months are crucial for observing the bursting and collapse of the technology bubble, and the global technology semiconductor sector will face a major adjustment. These judgments have direct guidance significance for BR Intelligence's capital market strategy, and with a top macro strategy expert's perspective, the precision is completely different. Lastly, he can help the company optimize the capital market value transmission system, making the market more accurately understand BR Intelligence's strategic value and growth logic. This is not just an empty "brand endorsement," but a tangible ability enhancement. In traditional valuation frameworks, the market typically uses the price-to-sales ratio (PS) to value AI application companies. But does this method apply to all AI companies? BR Intelligence's RaaS model means that its revenue quality is fundamentally different from traditional software companies. Traditional software companies' revenue comes from licenses; whether customers use them or not, or whether they are effective does not affect the company. BR Intelligence's revenue comes from the real results created by customers using AI - if there is no effect, customers will not renew. What does this mean? It means that its revenue quality is higher, customer stickiness is stronger, and with the accumulation of customer data and model iterations, the moat will only deepen, and the continuous thickening of EPS will push the PE-band upward. The market has not fully priced in the valuation premium of this business model yet. After the AI wave settles, companies with true business models, cash flow, and customer value will be re-evaluated. BR Intelligence may be one of those companies that will be re-evaluated after the settling of the storm. Hong Hao understands both global macro cycles and capital market pricing logic, which is not common in the current AI race. When an AI company has both solid technological grounding and top market understanding to express the market's capital market value, this "industry + capital" double-drive naturally attracts the attention of more investors. The signal released by this appointment is very clear - the company is not only focused on industrial implementation but also adjusting the narrative in the capital markets. In a market with ice-cold sentiment, someone can tell you that the power of cycles will eventually show; in the noise of the AI bubble, someone can remind you that "parabolic rises inevitably lead to parabolic falls." This ability is precious in the AI race.