Shares of BAIGE DIGITAL (02672) surged over 200% in 31 trading days to a record high, with MaaS becoming key to its valuation upgrade.

Data shows that as of October 26, a total of 120 companies had listed on the Hong Kong stock market during the year, with 10 recording cumulative gains of over 100%, accounting for 8.33%; 5 recorded cumulative gains of over 300%, accounting for 4.17%. BAIGE DIGITAL (02672), known as the "first stock in scenario-based insurance AI," is one of those 5 companies with gains exceeding 300%. On October 24, BAIGE DIGITAL surged on heavy volume, reaching an intraday high of HK$101.10 per share, a gain of nearly 32%. Although the gain narrowed to 27.81% at the close, the closing price of HK$97.9 per share represented an increase of over 527.56% from the IPO price of HK$15.60. Prior to that, on October 21, BAIGE DIGITAL had just released an announcement on the progress of its MaaS business. Data shows that in the first three quarters of 2026, BAIGE DIGITAL's MaaS service revenue was RMB62.1 million, a year-on-year increase of approximately 730.4%; third-quarter MaaS revenue was approximately RMB25.6 million, a quarter-on-quarter increase of approximately 29.33%. The continued rapid growth of MaaS revenue further validates the commercial viability of the company's strategy of exporting its AI risk-control decision-making large-model technology, which may also be the core reason behind BAIGE DIGITAL's impressive share price performance since listing. But the question investors care about is: after the current share price has risen more than 5x from the IPO price, what exactly is BAIGE DIGITAL's future investment value? Share Price Volatility Highlights Intrinsic Resilience, Single-Day Surge of Nearly 30% Sets Record High Although BAIGE DIGITAL's share price gain of over 5x can be described as standing head and shoulders above the 120 recently listed stocks that have come to market in 2026, judging from the share price movements, this achievement was not easy to attain. The "twists and turns" along the way were alarming, but they also reflect the intrinsic resilience of the company's share price. Looking back at BAIGE DIGITAL's share price performance in the four months since its IPO, it can be clearly divided into four distinct phases. The first was the "sensational debut" on its first trading day. On June 29, BAIGE DIGITAL officially listed on the Hong Kong stock market, closing at HK$73 per share, a gain of 367.95%, ranking second on the first-day gain list among the 120 recently listed stocks. Behind the first-day surge were mainly two reasons. The first was the attractive AI narrative. As the market share leader among third-party scenario-based internet insurance intermediaries, BAIGE DIGITAL carried the title of "first stock in scenario-based insurance AI" at the time of its IPO. With the AI application narrative running hot, this scarce label of AI + scenario-based insurance naturally attracted market attention. Second, the thin float characteristic was conducive to share price gains. BAIGE DIGITAL issued a total of 33,344,400 H shares in its IPO, accounting for approximately 10.40% of the company's total share capital after listing. Of these, 3,334,600 shares were offered publicly, accounting for approximately 10%, and 30,009,800 shares were placed internationally, accounting for approximately 90%. In the international placing, BAIGE DIGITAL introduced 2 cornerstone investors who subscribed for 1,282,000 H shares, leaving 32,062,400 shares actually tradable after listing. At the IPO price of HK$15.60, the market value of these shares was only HK$500 million. With the combination of an attractive AI narrative and a HK$500 million thin float, only a small amount of capital was needed to drive a significant share price gain. Moreover, after the 367.95% surge on the first trading day, BAIGE DIGITAL's actual tradable market value in the market was only approximately HK$2.341 billion. After the first-day frenzy, BAIGE DIGITAL's share price entered the second phase: wide-range sideways consolidation at high levels. After a 26.67% plunge on the third trading day after listing, the share price began to fluctuate upward, reaching a high of HK$79, before fluctuating downward again. This violent pattern of "sharp droprebounddecline again" exhibited typical high-level box-range characteristics. Interpreted in market terms, this was precisely a process of washing out floating chips and consolidating holdings. Since its official inclusion in the Stock Connect on September 7, BAIGE DIGITAL's share price immediately entered the third phase, lasting three days: the "good news realization period." Early profit-taking chips concentrated their exit through the key time window of Stock Connect inclusion, with the stock plunging 34.97% on heavy volume on September 7, with turnover exceeding HK$200 million; the following two trading days saw inertial declines of 8.43% and 5.96% respectively, bringing the three-day cumulative plunge to 45.77%. Interestingly, on the third trading day of the third phase (September 9), the share price decline had noticeably narrowed to 5.96%, yet turnover surged from HK$71.46 million the previous trading day to HK$162 million. This divergent pattern of "heavy volume with narrowing decline" clearly signaled bottom-fishingas panic selling neared its end, funds were already aggressively accumulating at low levels, further increasing chip concentration. And this three-day crash and washout actually laid the groundwork for the subsequent rally. From September 10, when the stock stabilized with a positive close, the share price entered the fourth phase: the main upward wave after the crash. Over the following 31 trading days, BAIGE DIGITAL first climbed steadily along the 5-day moving average, then advanced with volatility, and on October 24 surged on heavy volume to HK$101.10 per share, setting a new all-time high with an intraday single-day gain of 31.98%. Although it pulled back in late trading, it closed at HK$97.9 per share, still up over 527.56% from the IPO price. The light-loaded advance after the chip washout was precisely the intrinsic support for this phase's sharp rally. Revenue Continues High-Speed Growth, MaaS Business Becomes Key to Valuation Upgrade When BAIGE DIGITAL set a new all-time high with a strong single-day surge of nearly 30%, it meant the company's share price had chosen to accelerate toward a breakout at the previous high. But whether it can continue to rise is a question shareholders must now think deeply about. And the company's fundamentals are the most critical factor worth analyzing. As a leading domestic provider of scenario-based insurance technology infrastructure services and a leader among third-party scenario-based internet insurance intermediaries, BAIGE DIGITAL designs and provides precise, customized, fragmented, and short-term scenario-based insurance products based on potential risks in specific use scenarios, activities, and specific environments. Relying on its self-developed MaaS (Model as a Service) technology system, AI risk-control engine, and insurance industry Mixture of Experts (MoE) model, the company has built a business layout covering nine major ecosystems including mobility, health, and public services, forming end-to-end service capabilities from scenario insight and risk modeling to product customization and precise distribution. With these end-to-end service capabilities, BAIGE DIGITAL has formed three business lines: insurance transaction services, precision marketing and digital solutions, and TPA service fees (service fees paid by insurance companies to third-party administrators). The first two are BAIGE DIGITAL's core businesses, accounting for 58% and 41.8% of revenue respectively in the first half of 2026. In terms of performance, BAIGE DIGITAL has demonstrated sustained growth momentum in recent years. Data shows that from 2023 to 2025, BAIGE DIGITAL's revenue was approximately RMB660 million, RMB914 million, and RMB1.227 billion, respectively, with a compound annual growth rate of 36.35%. Adjusted net profit during the period was RMB-13.46 million, RMB-7 million, and RMB-9.32 million, respectively, showing an overall trend of narrowing fluctuations. It is worth noting that the logic driving BAIGE DIGITAL's sustained revenue growth from 2023 to 2025 was not a linear continuation but rather a completed "growth relay." Revenue growth in 2024 mainly relied on volume expansion of the base business. Accelerated expansion of the scenario network and the dual explosion of high-frequency fragmented API policies drove insurance transaction service revenue from RMB536 million to RMB825 million, a year-on-year surge of 53.9%, making it the main engine of overall revenue growth. But in 2025, the second growth curve took over. Affected by contracting traffic in core mobility scenarios and diversification of partner suppliers, insurance transaction service revenue dipped slightly to RMB821 million, with growth temporarily pausing. However, the precision marketing and digital solutions business exploded as service scope expanded to non-insurance enterprises and both customers and projects expanded simultaneously. Revenue during the period surged 362.4% year-on-year to RMB398 million, with its share of total revenue jumping from 9.4% to 32.5%, becoming the new growth pole and driving overall revenue to continue growing rapidly. Entering the first half of 2026, the core driver of BAIGE DIGITAL's continued revenue growth evolved from single-engine base business expansion to "dual-engine drive." Total revenue during the period reached RMB789 million, up 39.2% year-on-year, of which insurance transaction service revenue grew 8.8% year-on-year to approximately RMB458 million, stabilizing the base business; precision marketing and digital solutions revenue reached RMB329 million, up 130.4% year-on-year, contributing over 80% of the incremental growth and serving as the absolute main force driving overall growth. But the growth logic of these two business lines differs. The insurance transaction side did not rely on policy volume expansion but achieved steady growth through scenario structure switching. Among these, inclusive finance ecosystem revenue surged 44.5% year-on-year and public service ecosystem grew 33.8%, effectively offsetting the impact of declines in engineering-related scenarios, with high-value-added scenarios replacing low-quality traffic. The precision marketing side benefited from rapid project expansion and new project launches, combined with improvements in consumer profiling capabilities and cross-marketing networks, significantly enhancing marketing conversion efficiency. Meanwhile, insurance companies' increased budget allocation toward digital empowerment and the iteration of Baige e-Bao 3.0 on payment channels and product APIs further accelerated the efficiency of launching scenario-based insurance, jointly driving this business to become the core growth pole. The underlying variable running through both business lines is the accelerated productization of MaaS technology. In the first three quarters of 2026, MaaS business generated revenue of approximately RMB62.1 million, surging 730.4% year-on-year, with quarterly revenue rising from RMB19.8 million in the second quarter to RMB25.6 million in the third quarter, a quarter-on-quarter increase of 29.3%. More critically, MaaS does not exist in isolation. It is both the technological foundation enabling the insurance transaction side's "high-frequency fragmented policies" to process 100,000 orders per second and the source of efficiency for the precision marketing side's "consumer profiling + cross-marketing." When MaaS begins to be exported as an independent product line and charged by API call volume, its business logic shifts from "cost center" to "profit center"which is the core reason the market is willing to give BAIGE DIGITAL a valuation far higher than traditional insurance intermediaries. Based on the trend of continued expansion in the scenario-based insurance market, it is highly probable that BAIGE DIGITAL will achieve steady growth in its insurance transaction base business, and accelerated penetration of precision marketing services among existing customer groups is expected to contribute the main performance incrementboth are key supports for BAIGE DIGITAL's continued revenue growth in the future. However, as BAIGE DIGITAL's share price strongly sets a new all-time high, the company's market value has exceeded HK$31 billion, and the market's valuation expectations for it are no longer limited to steady growth of traditional businesses. To support this scale, the MaaS business must demonstrate stronger growth momentum, further transforming AI from an "attractive narrative" into effective numbers on the financial statements, rapidly increasing the proportion of MaaS business, and thereby proving to the market that this is a high-gross-margin, reusable business with independent monetization capability. Only then can BAIGE DIGITAL, which still has thin-float characteristics, move more steadily after setting a new all-time highand the market is watching closely.