On August 20, LINKLOGIS-W (09959) released its 2026 interim results, demonstrating the tangible impact of its strategic shift toward an AI-native business model. During the first half of the year, the company reported revenue and gains of RMB 579 million, a substantial 55% increase year-over-year, driven by its firm commitment to the "AI plus industrial finance" strategy.

Net profit attributable to shareholders reached RMB 24 million, a remarkable 106% improvement compared to the same period last year, successfully reversing a previous loss into profitability. The company's technology solutions processed approximately RMB 186.7 billion in total supply chain transactions, up 22% year-over-year, serving 3,856 core enterprises and 468 financial institutions while covering over 450,000 SMEs across the supply chain ecosystem. Client retention remained robust at 99%, and the company sustained a healthy financial position with cash reserves of RMB 4.5 billion.

Where the transformation stands

During the reporting period, LINKLOGIS-W consistently advanced its AI-first strategy, restructuring its revenue architecture around AI-native technologies. Gross profit climbed 25% from RMB 210 million in the first half of 2025 to RMB 263 million in 2026, with the close correlation between gross profit growth and transaction volume expansion confirming that scale growth and core profitability are now moving in tandem. This alignment underscores the ongoing release of strategic dividends from the company's transition toward a high-quality, sustainable business framework.

The company has redefined its technology solutions architecture, moving from a product-driven approach to an "AI foundation plus scenario delivery" model. By systematically embedding AI across the entire industrial finance value chain, LINKLOGIS-W introduced a new suite of industrial finance technology solutions designed to deliver quantifiable business outcomes for clients, shifting growth drivers from scale-based expansion to technology-enabled advancement.

The new solutions operate under two billing models: financing-outcome-based and capability-unit-based. Under the financing-outcome model, the company charges technology service fees based on the financing amounts clients secure through its solutions, covering supply chain bills, domestic letters of credit, non-recourse financing, electronic creditor certificates, and asset securitization across multiple industrial finance scenarios. This model offers predictable and scalable revenue that moves in positive alignment with client business growth, with the company maintaining industry-leading market share for six consecutive years. In the first half, transaction volume under this model reached RMB 181.2 billion, up 22% year-over-year, while the AI-driven high-value product mix accelerated its penetration, lifting revenue and gains by 51% to RMB 495 million.

Under the capability-unit model, the company packages core AI capabilities, including intelligent marketing, intelligent review, and intelligent registration, into standardized, independently callable capability units branded as "SKILL." The flagship product, the FengLian AI Agent, serves as a combined output of these capability units and continues to deepen market penetration. The number of client engagements grew 62% from 42 at the end of 2025 to 68 by mid-2026, with deployment scenarios expanding to 37, achieving full commercialization across six core dimensions: intelligent marketing, intelligent review, intelligent risk control, intelligent operations, intelligent matchmaking, and intelligent collaboration.

At a commercial bank's centralized operations platform, the FengLian AI Agent, leveraging intelligent review and intelligent operations capability units, assisted in decision-making and reshaped business processes, driving a 20% increase in platform transaction volume while reducing average processing time per transaction by 60%. At a major central state-owned enterprise's finance company, intelligent risk control and intelligent review capability units enabled fully automated online risk identification and compliance review, improving business processing efficiency by 75% and cutting operational costs by 90%.

Deep integration with Baite Technology builds full-stack treasury capabilities

The industrial finance treasury solution represents LINKLOGIS-W's comprehensive customization capability under its AI strategy, offering deeply tailored industrial finance platform construction and treasury management services for enterprise groups and financial institutions. In 2025, the company completed the strategic acquisition and deep integration of Baite Technology, merging its strengths in corporate fund management, financial-grade system development, and complex project delivery with LINKLOGIS-W's industrial finance ecosystem and vertical AI agent advantages. This integration accelerates the development of a full-stack "smart industrial finance treasury" product matrix, extending industrial finance services from financing and payment into daily corporate operations and fund management scenarios.

In the first half, the collaboration moved beyond organizational integration into joint product innovation, with the official launch of two core products: "ZhiYun Treasury Cloud" for banking institutions and "Baite Qingyu" for growing enterprise groups. The industrial finance treasury solution generated revenue of RMB 52 million, up 146% year-over-year, marking the formation of a tiered product system covering large enterprise groups, financial institutions, growth-stage companies, and globally operating enterprises.

Unloq advances global footprint with SC+ building a new digital trade finance ecosystem

As LINKLOGIS-W's "second growth curve" for globalization, Unloq generated revenue and gains of RMB 33 million in the first half, up 25% year-over-year, with an impressive 92% gross margin reflecting high earnings quality and sustainable growth potential. Unloq continued to expand its global presence, using its Singapore headquarters as a central hub to extend strategic corridors across Greater China, South Asia, Southeast Asia, Europe, and the Americas, with operations now spanning 37 countries and regions and serving over 2,000 global enterprises.

The company leverages its industrial finance ecosystem by integrating more than 3,000 domestic core enterprise clients with Unloq's overseas localization capabilities and multi-currency funding channels, establishing a closed-loop service covering client insight discovery, local solution delivery, and cross-border funding support. With a focus on new energy and high-end manufacturing going global, LINKLOGIS-W has secured partnerships with leading clients in solar, energy storage, new energy vehicles, and smart home appliances, providing comprehensive digital trade finance services for cross-border trade and overseas local markets.

The SC+ platform, developed by Unloq, aims to build a next-generation, trust-driven digital infrastructure for global trade finance. In the first half, SC+ made significant progress in ecosystem development and scenario implementation. Unloq became one of the first scenario partners for Anchorpoint's compliant stablecoin in trade finance applications, successfully executing Hong Kong's first trade finance transaction settled with Anchorpoint's HKDAP on August 13, 2026. This milestone validated the SC+ platform's technical feasibility and business value in real trade scenarios, laying the groundwork for scaled adoption. Additionally, the company partnered with Ripple to participate in the BLOOM project led by the Monetary Authority of Singapore, advancing collaboration in cross-border trade finance, smart contract functions, programmable settlement, and digital financial infrastructure. A Web 3.0 supply chain finance platform project with an ultra-large central state-owned enterprise has also achieved phased completion, with subsequent collaboration plans progressing steadily toward deeper integration of smart contracts, AI, and trade finance.

Technology for good as AI digital colleagues permeate operations

In the first half of 2026, LINKLOGIS-W remained committed to technology-driven development, embedding ESG principles into its sustainable finance and inclusive finance practices. On the sustainable finance front, the company systematically enhanced its green asset identification and carbon footprint tracking capabilities through its AI-native technology architecture, directing financial resources toward sustainable development areas. Sustainable supply chain transaction volume exceeded RMB 37.1 billion, up 26% year-over-year.

In inclusive finance, the company deepened its SME service scenarios, using digital technology to lower financing barriers and costs. Over 450,000 SMEs have now accessed efficient, convenient, low-cost digital inclusive financial services, with average financing costs through the "XunYiChain" platform at just 2.51%.

ESG recognition continued to rise, with Wind ESG rating upgrading from A to AA, placing the company in the top 6% of its industry, while Huazheng ESG maintained an A rating. The company also received multiple honors including the "ESG Sustainable Development Excellence Enterprise Award" from Gelonghui, the "2026 China's Best AI-Driven Supply Chain Finance Platform" award, inclusion of its AI intelligent review case in the "China Supply Chain Finance Yearbook (2025)," and a spot on the "2026 AI SaaS TOP50" list.

The company has systematically embedded its proprietary AI applications across business and functional chains, driving organizational and operational intelligence transformation. The FengLian AI Agent has expanded from front-end business scenarios to mid- and back-office management, functioning as a "digital colleague" for every employee and serving as the organization's intelligent operations foundation. With stable headcount, AI-driven process automation and intelligent decision-making enabled a 55% year-over-year increase in revenue and gains while significantly improving operational efficiency.

In research and development, the company deployed AI coding tools to restructure development workflows, with 90% of new code generated by AI in the first half, compressing project launch timelines from days to hours. This drove an 11% year-over-year reduction in R&D expenses and a 16-percentage-point decrease in the R&D expense ratio. In sales, AI empowered market expansion through intelligent lead mining and assisted marketing tools, optimizing client profiling and solution matching while continuously lowering customer acquisition costs. In management functions, automated processing now covers over 50% of routine administrative workflows, substantially freeing up functional staff capacity.

Song Qun, founder, chairman, and CEO of LINKLOGIS-W, commented: "AI is fundamentally reshaping the underlying paradigms of global industrial finance and cross-border trade, becoming the core variable defining the industry's new landscape. Standing at this inflection point, LINKLOGIS-W, as an industry leader and pioneer, will continue to advance its dual-driver strategy of 'AI plus industrial finance' and 'global digital financial infrastructure.' With AI-native technology as the core engine, we will deepen our domestic industrial ecosystem network, accelerate the expansion of our global cross-border digital trade services, and maintain our leadership position in the next wave of industrial transformation. Having achieved profitability during the period, we are confident in keeping overall operations on a sustainable profit track, delivering solid results to reward shareholder trust, exceptional service to repay client support, and win-win collaboration with partners to create long-term sustainable value together."