In the first half of the year, AI revenue increased by 89.2% to 133 million yuan, and the stock price of Weimob (02013), which is undergoing a valuation logic switch, may soon reverse.

At the current stage, we have entered the "strike period" for laying out AI application enterprises. With the clear narrowing of the generational gap in benchmark capabilities of leading large models, competition in enterprise-level AI has fully shifted from "spending parameters" to "real-world implementation." This shift was clearly confirmed during the 2026 WAICalmost half of the 10 "treasures" selected by the conference were related to intelligent agent products. From a global perspective, this industrial trend has become inevitable. Gartner predicts that by the end of 2026, 40% of enterprise applications will integrate task-oriented AI agents, a figure that was less than 5% in 2025. CCID CONSULTING believes that 2026 will be the pilot explosion period for the agent industry, followed by an expansion and consolidation period in 2027, and a mature penetration period in 2028, with the penetration rate of intelligent agent companies expected to exceed 70%. Clearly, the AI industry has reached a critical point for large-scale implementation of intelligent agents. At this crucial juncture, Weimob presents a high-quality mid-year 2026 financial report, clearly showcasing its pathway and vast potential for value growth driven by AI under the comprehensive implementation of its "AI First" strategy. On August 18, Weimob released the financial report for the first half of 2026. The data showed that during the reporting period, the company's revenue reached 869 million yuan, a year-on-year increase of 12.1%; gross profit was 612 million yuan, a year-on-year increase of 5.1%; adjusted net profit was 5 million yuan, marking positive growth for three consecutive half-year sessions, with financial fundamentals continuously improving. Notably, during the reporting period, breakthroughs were achieved in the AI business: AI application revenue surged 89.2% year-on-year to 133 million yuan, surpassing the total for all of 2025, and accounted for over 15% of total revenue for the period. This marks the concentrated implementation of the "Star Series" AI native product matrix, which is driving the continuous acceleration of Weimob's AI commercialization. The steady improvement of financial fundamentals and the continuous acceleration of AI commercialization directly validate Weimobs substantial progress in its transformation from a "SaaS service provider" to an "AI native business service provider." As this identity transition accelerates, Weimob's value is expected to face reevaluation in the market. With the comprehensive implementation of the AI First strategy, AI application revenue is likely to continue growing rapidly. If in October 2024, Weimob declared "All in AI" as more of a declarative stance in response to the wave of Agentic AI, then in April 2026, with AI annual revenue surpassing 100 million yuan for the first time, Weimob presented a systematic overview of the "AI First" strategic framework for the first time, embodying a strategic elevation post the systematic implementation of the AI strategy. The timeline for the two strategic slogans has seen a gap of about 21 months, and the changes reflect not just the upgrade of Weimob's AI positioning from a "cost-reduction and efficiency-enhancement tool" to a "growth engine reconstructing business logic," but more crucially, this also represents a milestone in Weimob's formal establishment of a complete AI closed loop from technological foundation to commercial scenario implementation. At the technological foundation level, Weimob utilizes a model routing architecture that extensively connects to mainstream large models globally. Depending on the differing needs of merchants across various business scenarios, the system dynamically weighs model capabilities against costs, automatically matching and invoking the most cost-effective underlying models to provide support. Above the model routing layer is the AI capability layer (a unified technology platform and middleware layer), which integrates Weimob's retail know-how with foundational large models to transform them into reusable, schedulable standardized assets, essentially engineering the encapsulation of AI application development. At the core of this are two key components: the Skill engine and the Agent management / multi-Agent collaboration (MCP management). The former disassembles Weimob's practical experience in e-commerce retail scenarios into standardized skill modules, while the latter ensures orderly collaboration among multiple intelligent agents. The combination of both enables agents to dynamically invoke skills according to merchant intent. In March 2026, Weimob completed a crucial technological upgradeits Agent architecture evolved from being Workflow-based (fixed processes) to Skill-scheduling-based Agent 2.0, thus providing underlying support for engineering encapsulation. This also signifies that Weimob has established a technical foundation for "one reconstruction, two layers of monetization"the same Agent + Skill architecture can be used to rewrite existing SaaS businesses and incubate entirely new AI native products. This foundational shift from "selling SaaS tools" to "selling AI business outcomes" is the cornerstone of Weimobs competitive barrier built upon industry know-how within the AI capability layer. At the top of the AI capability layer is Weimob's business layout post-AI reconstruction, covering AI native applications, AI + SaaS, AI + marketing, and AI + overseas expansion. Weimob has thus established a complete technological closed loop from foundational models to overarching commercial scenarios empowered by AI. Among these, AI native applications include all four new members of the "Star Series" introduced in the first half of 2026, namely the industry's first omni-platform AI e-commerce intelligence engine "Weimob Star Hub," the all-scenario AI smart creative engine "Weimob Star Creation WIMO," the GEO intelligent marketing engine "Weimob Star Launch GEO," and the B2B sales digital employee "Weimob Star Expansion." It is worth mentioning that Star Creation is a To B enterprise-level AIGC engine that comes with embedded retail know-how, capable of mass-producing compliant brand materials that meet the low tolerance requirements of enterprise clients. Among the "Star Series" products, Star Launch, Star Hub, and Star Expansion act as front-end scenario entry points, while Star Creation serves as their underlying content supply platform. When these agents receive instructions from merchants, they will directly call Star Creation to generate the required graphics, text, and video materials. Star Creation allows the "Star Series" to seamlessly connect "understanding requirements" to "delivering content," freeing customers from hands-on involvement, as they receive a complete business outcome automatically executed from strategy to content to execution. This drives the leap of AI from a "point tool" to a "business intelligence agent," significantly improving the market competitiveness of the "Star Series" products. The AI native product matrix of the "Star Series," as one of the core pivots of Weimob's "AI First" strategy, takes on the innovative exploration function for the incremental market, forming a strategic pairing with mature SaaS products and marketing businesses that stabilizes existing resources while breaking new ground for growth. The significant increase in Weimobs AI application revenue of 89.2% to 133 million yuan in the first half of 2026 is driven solely by growth from "Star Series" products. Weimob indicates that in the second half of 2026, it will continue to incubate new AI native products like Star Link (AI + customer service), Star Gathering (AI + knowledge base), Star Speed (AI + digital employees), and ChatBI (AI + data), relying on the privatization solution of Star Journey to deeply cover core business scenarios for enterprises. As the AI native product matrix continues to enrich, and the billing model for such products naturally adapts to billing per Token/task/result, the commercialization ceiling is expected to expand significantly, ensuring that Weimobs AI application revenue continues to experience high growth with a high degree of certainty. Star Yuan has been upgraded to an intelligent business operation system, with resilience in marketing growth. If the growth potential of AI application revenue driven by the AI native product matrix is limitless, then the SaaS and marketing businesses, deeply reconstructed by AI, have begun to regain vitality. In the AI + SaaS sector, during the reporting period, Weimob facilitated the deep integration of AI into business scenarios, seamlessly incorporating AI Agent capabilities based on Skill into all Weimob SaaS products, upgrading SaaS from "tool attributes" to "intelligent agent collaboration." During the reporting period, Weimob upgraded WAI, aimed at the e-commerce retail sector, to the AI native "Weimob Star Yuan." As the entry point for Weimob's earliest AI initiatives and the foundation for the entire strategy, WAI has accumulated nearly a decade of experience in the WeChat private domain, compiling the richest domestic data and models from e-commerce retail operational scenarios, providing a solid foundation of industry know-how for AI native transformation. Based on this profound accumulation, Weimob's WAI completed the reconstruction of its technological foundation from "workflow-driven" to "Agent + Skill intelligent driving" in June 2026, and officially upgraded WAI to the AI native product "Weimob Star Yuan" in August, rewriting the entire business logic around the AI native architecture. This AI native reconstruction of "Weimob Star Yuan" not only achieved a transformation in interaction methods and scheduling models but also realized a comprehensive overhaul in capability range and channel coverage. In terms of interaction and scheduling modes, merchants simply need to converse, and the system can automatically decompose tasks, invoke skills, and execute operations"Weimob Star Yuan" can evolve from "giving suggestions" to "able to execute," indicating that this product has evolved into a "smart business operation system" for merchants. In terms of capability range, "Weimob Star Yuan" decomposes the industry experience accumulated from serving thousands of retail brands into standardized, independently callable, and freely combinable Skill modules, covering all scenarios of e-commerce operations. In terms of channels, the native architecture of "Star Yuan" connects WeChat, WeChat Work, Feishu, and DingTalk; as one of the first internal testing teams, Weimob has jointly developed and tested access to the WeChat AI ecosystem with the WeChat team, meaning that the Skill asset library will become an important operational capability that AI natives can invoke within the WeChat ecosystem. After the thorough reconstruction by AI, the depth of merchant usage of Star Yuan has significantly increased. During the first half of 2026, the user invocation frequency of multiple AI functions in the core operational scenarios of "Weimob Star Yuan" continued to rise, showing significant positive growth in activity: the number of merchants using the managed task function in June was 6.8 times that of May, while the number of merchants using data querying/operational analysis scenarios saw a quarter-on-quarter increase of 102.7%, and those using customer operations/CRM scenarios grew by 53.7% quarter-on-quarter. During the 618 sales event, "Weimob Star Yuan" has integrated into the core workflow of merchants' promotional operations, with query numbers in June being three times that of May. It is noteworthy that Weimob Retail is the core fundamental of SaaS and AI business, generating an income of 275 million yuan in the first half of the year, accounting for 59.5% of total revenue, with high merchant brand loyalty and low churn rates, establishing a solid foundation. Based on this axis, Weimob has built an integrated solution system covering e-commerce, local retail, and local services, extending to the local living sector by launching "Smart Services" and "Smart Living" solutions. The stability of retail and the ongoing deepening of multi-industry penetration lay the foundation for the multi-industry extension of the Skill library generic Agent framework, forming a solid base for future growth in the AI + SaaS business. In the AI + marketing sector, Weimob leverages AI large models and generative technology to empower advertising delivery, content creation, and strategy optimization, providing merchants with a full-link intelligent marketing solution from traffic to conversion. There were significant breakthroughs in full-domain marketing and overall efficiency enhancement during the reporting period. In full-domain marketing, Weimob has continuously laid out and grown across multiple platforms including Tencent, Xiaohongshu, Douyin, Kuaishou, and Alipay. During the reporting period, Weimob successfully secured the title of "Risk Control Star" in the 2026 Tencent Marketing awards; in the Douyin ecosystem, Weimob officially became the integrated agent of Juyuan Local Push and Juyuan Star Map in June, cumulatively adding to its previous service provider licenses from Juyuan Qianchuan, marking Weimob's upgrade from platform traffic participant to core service provider of the Douyin local life ecosystem, with a year-on-year increase in consumption on the Juyuan platform by 48%; consumption on Xiaohongshu, Kuaishou, and Alipay platforms grew by 84%, 24%, and 31% respectively, demonstrating remarkable achievements in full-domain marketing. On the side of overall efficiency enhancement, Weimob built a complete set of AI intelligent marketing toolchains with its "Tian Series" products, including Tian Shu (AI Smart Strategy), Tian Ji (AI Smart Material), Tian Palace (AI Smart Operations), Tian Quan (AI Smart Risk Control), Tian Qi (AI Smart Delivery), and Tian Xuan (AI Influencer Selection), significantly increasing marketing efficiency across the full link. Following Weimob's continuous efforts in both channel and efficiency aspects, the number of paid merchants in its marketing business increased to approximately 40,900 during the reporting period, with average revenue per user rising from 8,595 yuan to 9,988 yuan, an increase of 16.21%, further driving a revenue growth of 20.9% to 408 million yuan in the marketing business report period, with gross profit margin soaring nearly 3 percentage points to 94%. In the AI + overseas expansion sector, Weimob clarified its aim to build differentiated advantages through "AI + intelligent agents," marking a transition in the company's overseas strategy from "simple traffic agency" to "AI native globalization"maximizing the reduction of localization costs in areas such as content generation and SEO optimization through Agent capabilities, laying a smart foundation for overseas business. Weimob stated that its existing overseas business is steadily growing through operational efficiency optimization, with its subsidiary Haiding signing contracts with multiple clients in the first half of the year; Haiding has transformed its previous experience in customized adaptation for brands into standardized, reusable, locally adapted product capability modules, which dramatically reduce customized development costs, shortening the cycle for clients to enter new markets by over 60%, thus achieving "plug-and-play" and rapid replication and expansion for global business. Additionally, the overseas version of Weimob Star Launch GEO has entered the internal testing phase, capable of extending GEO abilities to overseas AI search and recommendation scenarios, with the company's international capabilities expected to continue solidifying. The valuation model has switched to tiered pricing, and the actual value is expected to be re-evaluated. By detailing Weimob's business layout in the first half of 2026, it is evident that under the full implementation of the AI First strategy, Weimob has established a complete technological closed loop that empowers business from foundational models to top-level commercial scenarios, accelerating its transition from a "SaaS service provider" to an "AI native business service provider." This identity transition is validated from both business and performance dimensions. From a business perspective, Weimob not only has created an AI native product matrix with a billing model that adapts naturally to billing per Token/task/result but has also gradually shifted to blended pricing, adding AI value on a subscription basis. These two aspects together mark Weimob's strategic panorama transitioning from "selling SaaS tools to selling results," with a pricing model that is completely different from traditional SaaS products. With the same set of engineered encapsulation technology, Weimob has rewritten the billing model for existing businesses and opened up imaginative space for incremental markets; AI native products are the vanguard of exploratory innovation, while AI + SaaS serves as the fundamental ground for reconstruction. The former runs fast while the latter progresses steadily, but both are ultimately headed towards the same goal: establishing an AI business operation system. From a performance perspective, Weimob's AI-related revenue reached 116 million yuan in 2025, accounting for about 13% of subscription revenue; in the second half of the year, AI revenue accounted for 82 million yuan, with a quarter-on-quarter increase of 137.5%. Entering 2026, the explosive growth trend further continues: in the first half of 2026, Weimob's AI revenue reached 133 million yuan, a year-on-year increase of 89.2%, accounting for 15% of total revenue, and the continuous high growth of AI revenue has a high degree of certainty, indicating that Weimob's AI native layout has truly accelerated into a harvesting period. With the repositioning of Weimobs identity, its real value is expected to undergo systematic re-evaluation. This is not only because "AI native business service providers" have significantly different pricing models and value proportions within the industry chain compared to traditional SaaS companies, but more critically, as the global AI industry has reached the critical point for large-scale deployment of intelligent agents, a booming era of AI applications is about to begin. At this pivotal moment, the capital market urgently needs a set of valuation methods to differentiate between traditional SaaS companies and those successfully transitioning to "AI native business service providers." The valuation anchor for traditional SaaS is "subscription revenue price-to-sales ratio (PS)," relying on predictable income, high gross margins, and linear growth logic based on seating charges, with the capital market typically pricing these assets at 3-6 times PS. However, the capital market in 2026 no longer uses a single valuation model to price SaaS companies undergoing rapid transformation. With the explosive AI revenues from leading enterprises and the widening gap in AI capabilities among companies, the market has begun to "value traditional SaaS and AI-driven companies separately," maintaining traditional SaaS at 3-6 times PS while the valuation multiples for AI native companies surge to 25-30 times revenue. This unprecedented valuation gap marks "AI content" as the core variable determining the valuation of SaaS enterprises. Under this valuation framework, Weimob's current value is clearly significantly undervalued. From the growth rate of its AI business, Weimob's AI revenue is likely to exceed 250 million yuan in 2026. Even with a conservative valuation of this business at 20 times PS (lower than the 25-30 times for AI native companies), the corresponding valuation exceeds 5 billion yuan, surpassing Weimob's current market value, without accounting for the value from its SaaS and precision marketing fundamentals. Guoyuan International clearly pointed out in its August research report that Weimob has successfully transformed from a traditional SaaS tool provider into an "AI native operation system," and this transformation will drive the reconstruction of the company's valuation logic, maintaining a "buy" rating for Weimob. This institution believes that the market has yet to fully embrace Weimob's progress in implementing AI and its fundamental reshaping effects on the company in other words, the market has yet to establish a clear understanding of the growth potential of Weimob's AI native transformation and business reconstruction across the board. However, this expectation gap of "fundamental improvement outpacing market perception" is precisely the golden opportunity for long-term investors. As the turning point for the large-scale implementation of intelligent agents approaches, the trend of prosperity in AI applications will gradually manifest in the capital market, and as Weimob's AI revenue continues to validate strong growth over the coming quarters, its value is expected to undergo rapid re-evaluation, bringing significant excess returns to forward-looking investors.