The current market phase presents an optimal entry point for investors focusing on AI application companies. As the performance gap between leading large language models narrows significantly, the competition in enterprise-level AI has shifted from model parameters to real-world deployment.
This transition was clearly demonstrated at the 2026 WAIC, where nearly half of the ten selected "crown jewels" were agent-related products. This industry trend is now a global certainty, with Gartner predicting that by the end of 2026, 40% of enterprise applications will embed task-specific AI agents, a sharp increase from under 5% in 2025. CCID Consulting forecasts that 2026 will be the pilot explosion phase for the agent industry, with 2027 entering expansion and consolidation, and 2028 reaching mature penetration with over 70% adoption. The AI industry has undoubtedly reached the critical threshold for large-scale agent deployment.
At this pivotal moment, Weimob Inc (HKEX: 02013) has demonstrated a clear path to AI-driven value growth through its high-quality 2026 interim financial report. On August 18, Weimob released its H1 2026 results, showing total revenue of RMB 869 million, a 12.1% year-on-year increase, and gross profit of RMB 612 million, up 5.1%. The adjusted net profit reached RMB 5 million, maintaining positive results for the third consecutive half-year period, indicating continuously improving financial fundamentals.
Notably, the AI business achieved breakthrough progress during the reporting period, with AI application revenue surging 89.2% year-on-year to RMB 133 million, already exceeding the full-year 2025 level and accounting for over 15% of total revenue. This marks the successful deployment of the "Star Series" AI-native product matrix, accelerating Weimob's AI commercialization. The steady improvement in financial fundamentals and the rapid acceleration of AI commercialization provide direct validation of Weimob's substantive transformation from a "SaaS service provider" to an "AI-native commercial service provider," positioning the company for a potential market revaluation.
AI First Strategy Fully Deployed, AI Application Revenue Expected to Maintain High Growth
When Weimob declared "All in AI" in October 2024, it represented the company's initial response to the Agentic AI wave. By April 2026, when AI annual revenue first exceeded RMB 100 million, Weimob systematically presented its "AI First" strategic framework for the first time, representing a strategic upgrade following the systematic implementation of its AI strategy. The evolution between these two strategic slogans, spanning approximately 21 months, reflects not just Weimob's repositioning of AI from a "cost-reduction tool" to a "growth engine that reconstructs business logic," but also marks a key milestone in establishing a complete AI closed loop from technology infrastructure to commercial scenarios.
At the technology infrastructure level, Weimob has adopted a model routing architecture that integrates major global large language models. Based on the diverse needs of merchant business scenarios, the system dynamically balances model capabilities against costs, automatically matching and invoking the most cost-effective underlying models. Above the model routing layer sits the AI capability layer, a unified technology platform and middleware layer that merges Weimob's retail expertise with underlying models to create reusable, schedulable standardized assets, essentially providing engineering-grade packaging for AI application development. The Skill engine and Agent management/multi-agent collaboration (MCP management) form the two core components: the former decomposes Weimob's practical e-commerce and retail experience into standardized skill modules, while the latter ensures orderly multi-agent collaboration. Together, they enable Agents to dynamically invoke Skills according to merchant intent.
In March 2026, Weimob completed a critical technology upgrade, evolving its Agent architecture from Workflow-based fixed processes to Skill-scheduling-based Agent 2.0, providing the underlying foundation for engineering packaging. This also means Weimob now possesses the technology foundation for "one reconstruction, two-layer monetization" — the same Agent+Skill architecture can both rewrite existing SaaS businesses and incubate new AI-native products. This serves as the technological cornerstone for Weimob's transition from "selling SaaS tools" to "selling AI business outcomes," and represents a key competitive barrier built through industry expertise at the AI capability layer.
Above the AI capability layer, Weimob's business layout reconstructed by AI encompasses AI-native applications, AI+SaaS, AI+marketing, and AI+global expansion, forming a complete technology closed loop from underlying models to top-level commercial scenarios. The AI-native applications include four new "Star Series" members launched in H1 2026: "Weimob Xingshu," the industry's first cross-platform AI e-commerce intelligent engine; "Weimob Xingchuang WIMO," an all-scenario AI creative engine; "Weimob Xingqi GEO," a GEO intelligent marketing engine; and "Weimob Xintuo," a B2B sales digital employee. Notably, Xingchuang is an enterprise-grade AIGC engine embedded with retail expertise, capable of producing brand materials in batch with compliance, meeting the low-error-tolerance requirements of enterprise clients. Within the "Star Series," Xingqi, Xingshu, and Xintuo serve as front-end scenario entry points, while Xingchuang functions as the underlying content supply platform. When these Agents receive merchant instructions, they directly invoke Xingchuang to generate required images, text, and video materials, enabling the "Star Series" to achieve end-to-end delivery from "understanding needs" to "delivering content." Clients no longer need to execute tasks themselves but instead receive a fully automated business outcome spanning strategy, content, and execution. This drives AI's evolution from "point solutions" to "business agents," significantly enhancing the market competitiveness of the "Star Series" products.
The "Star Series" AI-native product matrix, as a core pillar of Weimob's "AI First" strategy, undertakes innovative exploration in incremental markets, strategically complementing mature SaaS products and marketing businesses through a "stable existing business, breakthrough incremental markets" approach. In H1 2026, Weimob's AI application revenue increased 89.2% to RMB 133 million, driven purely by incremental contributions from the "Star Series." Weimob stated that in H2 2026, it will continue incubating new AI-native products including Xinglian (AI+customer service), Xinghui (AI+knowledge base), Xingchi (AI+digital employee), and ChatBI (AI+data), leveraging the Xingcheng privatization solution to deeply cover core enterprise business scenarios. As the AI-native product matrix continues to expand and these products naturally adapt to token-based, task-based, and outcome-based billing models, the commercialization ceiling is expected to significantly broaden, providing high certainty for continued rapid growth in Weimob's AI application revenue.
Xingyuan Upgraded to Intelligent Operating System, Marketing Business Shows Double-Digit Growth Resilience
While the AI application revenue driven by the AI-native product matrix offers unlimited growth potential, the AI-reconstructed SaaS and marketing businesses are already demonstrating renewed vitality. In the AI+SaaS sector, Weimob deeply integrated AI into business scenarios during the reporting period, seamlessly embedding Skill-based AI Agent capabilities across its entire SaaS product line, upgrading SaaS from "tool functionality" to "agent collaboration." Weimob upgraded WAI, its e-commerce and retail-focused offering, into the AI-native "Weimob Xingyuan." WAI, as Weimob's earliest AI entry point and the foundation of the entire strategy, has been rooted in WeChat private domain for nearly a decade, accumulating the richest e-commerce retail operational scenario data and models in China, providing deep industry expertise soil for AI nativization. Building on this foundation, Weimob WAI completed its technical infrastructure reconstruction in June 2026, evolving from Workflow-based "process-driven" to "Agent+Skill intelligent-driven," and officially upgraded WAI to the AI-native product "Weimob Xingyuan" in August, rewriting the entire business logic around an AI-native architecture.
The AI-native reconstruction of "Weimob Xingyuan" not only transformed interaction methods and scheduling models but also achieved thorough innovation in capability scope and channel coverage. At the interaction and scheduling level, merchants simply engage in dialogue, and the system automatically decomposes tasks, invokes skills, and executes operations. "Weimob Xingyuan" has evolved from "providing suggestions" to "executing actions," positioning the product as merchants' "intelligent operating system." In terms of capability scope, "Weimob Xingyuan" decomposes industry experience accumulated from serving thousands of retail brands into standardized, independently callable, and freely combinable Skill modules covering the full spectrum of e-commerce operations. Regarding channels, Xingyuan's native architecture connects WeChat, WeCom, Feishu, and DingTalk. As one of the first internal testing teams, Weimob has jointly developed and tested integration with WeChat's AI ecosystem with the WeChat team, meaning its Skill asset library will become a critical operational capability natively callable by AI within the WeChat ecosystem.
Following this comprehensive AI reconstruction, merchants' usage depth of Xingyuan has significantly increased. During H1 2026, user invocation frequency of multiple AI functions in core operating scenarios continued to climb, with activity showing notable positive growth: the number of merchants using managed task functions in June was 6.8 times that of May, merchants using data query/business analysis scenarios grew 102.7% quarter-on-quarter, and merchants using customer operations/CRM scenarios increased 53.7% quarter-on-quarter. During the 618 shopping festival, Weimob Xingyuan had already integrated into merchants' core promotion workflows, with June question volume tripling from May. Weimob's retail business remains the core foundation of its SaaS and AI operations, generating H1 revenue of RMB 275 million, accounting for 59.5% of total. Brand merchants demonstrate strong stickiness with low churn rates, maintaining a stable foundation. Building on this axis, Weimob has constructed a multi-industry integrated solution system covering e-commerce, local retail, and local services, extending into the local lifestyle sector with "Smart Services" and "Smart Living" solutions. The stability of retail and deepening multi-industry penetration lay the groundwork for extending the industry Skill library × general Agent framework across multiple sectors, serving as a solid foundation for future AI+SaaS business growth.
In the AI+marketing sector, Weimob leverages AI large models and generative technologies to empower advertising placement, content creativity, and strategy optimization, providing merchants with full-funnel intelligent marketing solutions from traffic to conversion. The reporting period saw significant breakthroughs in both omni-channel marketing and full-chain efficiency. In omni-channel marketing, Weimob continued to expand and grow across Tencent, Xiaohongshu, Douyin, Kuaishou, and Alipay platforms. During the reporting period, Weimob won the 2026 Tencent Marketing "Risk Control Star" award. In the Douyin ecosystem, Weimob became an authorized comprehensive agent for Juliang Local Push and a Juliang Xingtu agent in June, combined with its previous Juliang Qianchuan service provider license, marking Weimob's upgrade from platform traffic participant to core service provider in Douyin's local lifestyle ecosystem. During the reporting period, Weimob's consumption on the Juliang platform grew 48% year-on-year, while consumption on Xiaohongshu, Kuaishou, and Alipay platforms increased 84%, 24%, and 31% respectively, demonstrating significant omni-channel marketing achievements.
In full-chain efficiency, Weimob constructed a complete AI intelligent marketing tool chain through its "Sky Series" products, including Tianshu (AI intelligent strategy), Tianji (AI intelligent materials), Tiangong (AI intelligent operations), Tianquan (AI intelligent risk control), Tianqi (AI intelligent placement), and Tianxuan (AI influencer selection), achieving substantial improvements in marketing efficiency across the entire chain. Following Weimob's sustained efforts in both channels and efficiency, the company's marketing business saw paid merchants increase to approximately 40,900 during the reporting period, with average revenue per user rising from RMB 8,595 to RMB 9,988, a 16.21% increase. This drove marketing business revenue growth of 20.9% to RMB 408 million, with gross margin jumping nearly 3 percentage points to 94%.
In the AI+global expansion sector, Weimob has established a differentiated advantage through "AI + agents," marking a shift in its international strategy from "simple traffic agency" to "AI-native globalization." By leveraging Agent capabilities in content generation, SEO optimization, and other areas to minimize localization costs, Weimob has built an intelligent foundation for its overseas business. The company stated that its existing overseas operations are growing steadily through operational efficiency optimization. Its subsidiary Haiding signed multiple clients in H1 and has fully consolidated its customized adaptation experience from serving brands into standardized, reusable, locally adaptable product capability modules, significantly reducing customization development costs and shortening client entry cycles into new markets by over 60%, enabling "out-of-the-box" global business deployment and rapid replication. Additionally, the overseas version of Weimob Xingqi GEO has entered internal testing, extending GEO capabilities to overseas AI search and recommendation scenarios, further strengthening the company's internationalization capabilities.
Valuation Model Shifts to Segmented Pricing, True Value Poised for Reassessment
A detailed review of Weimob's H1 2026 business layout reveals that with the full deployment of its "AI First" strategy and the completion of its technology closed loop from underlying models to top-level commercial scenarios, Weimob has accelerated its transformation from "SaaS service provider" to "AI-native commercial service provider." This identity shift is not superficial but validated across both business and financial dimensions. At the business level, Weimob has not only developed an AI-native product matrix with billing models naturally suited to token-based, task-based, and outcome-based pricing but has also reconstructed its SaaS through AI, layering AI value-added services on top of subscription models and progressively transitioning to hybrid billing. Together, these elements form Weimob's strategic blueprint for "selling outcomes rather than SaaS tools," with a pricing model fundamentally different from traditional SaaS products. Using the same engineering-packaged technology foundation, Weimob has both rewritten the billing model for its existing business and opened up imagination for incremental markets: AI-native products serve as pioneers exploring innovation and increment, while AI+SaaS represents the transformation of its core business — the former moves fast, the latter moves steadily, but both converge on the same destination: building an AI operating system.
From a financial performance perspective, Weimob's AI-related revenue reached RMB 116 million in 2025, accounting for approximately 13% of subscription revenue, with H2 AI revenue of RMB 82 million representing a 137.5% quarter-on-quarter surge. Entering 2026, this explosive trend continued: H1 AI revenue reached RMB 133 million, up 89.2% year-on-year, with AI's share of total revenue rising to 15%. The high certainty of continued strong AI revenue growth indicates that Weimob's AI-native strategy has indeed entered its harvest phase. As Weimob's identity positioning shifts, its true value is poised for systematic reassessment. This is not only because "AI-native commercial service provider" differs significantly from traditional SaaS companies in pricing models and value share within the industry chain, but more critically, at this pivotal moment when the global AI industry has reached the threshold for large-scale agent deployment and the era of AI applications is about to flourish, the capital market urgently needs a valuation framework to differentiate between traditional SaaS companies and those successfully transitioning to "AI-native commercial service providers."
Traditional SaaS valuation anchors on "subscription revenue × price-to-sales ratio," relying on predictable revenue, high gross margins, and linear growth logic based on per-seat billing. The capital market typically prices such assets at 3-6 times PS. However, in 2026, the capital market no longer applies a single valuation model to SaaS companies undergoing accelerated transformation. As leading companies' AI revenue explodes and AI capability gaps widen, the market has begun "separate valuation" for traditional SaaS versus AI-driven companies: traditional SaaS maintains 3-6 times PS, while AI-native companies' valuation multiples have surged to 25-30 times revenue. This unprecedented valuation gap signals that "AI content" has become the core variable determining SaaS company valuations. Under such a valuation framework, Weimob's current value is clearly significantly undervalued. Given the growth trajectory of Weimob's AI business, AI revenue exceeding RMB 250 million in 2026 is highly probable. Even applying a conservative 20 times PS to this business alone (below the 25-30 times center of AI-native companies), the corresponding valuation exceeds RMB 5 billion, already higher than Weimob's current market capitalization — and this excludes the value of its two core businesses: SaaS and precision marketing.
Guoyuan International explicitly stated in its August research report that Weimob has successfully transformed from a traditional SaaS tool provider into an "AI-native operating system," and this transformation will drive a reconstruction of the company's valuation logic, maintaining a "Buy" rating. The institution believes the market has not yet fully recognized Weimob's AI business progress and its reshaping impact on the company's fundamentals — in other words, the market has not yet established a clear understanding of Weimob's AI-native transformation and the growth potential of its comprehensive business reconstruction. However, this expectation gap where "fundamental improvement leads market recognition" precisely presents a golden window for long-term investors. As the inflection point for large-scale agent deployment arrives, the AI application boom gradually reflects in the capital market, and Weimob's AI revenue continues to validate strongly in coming quarters, its value is poised for rapid reassessment, potentially delivering significant excess returns for forward-looking investors.