Minglue Technology (02718) has undergone a qualitative change in its revenue structure, indicating a shift in growth momentum. The integrated intelligent services have increased more than sixfold, and the potential of the second growth curve has been realized.

At a critical juncture where AI accelerates from technological breakthroughs to industrial applications, the phased achievements of Minglue Technology (02718) in its strategic transformation have been fully showcased in the companys recently disclosed mid-year results for 2026. The mid-year report reveals that in the first half of the year, Minglue Technologys revenue from its intelligentization service business surged by 605.7% year-on-year to 171 million yuan, significantly increasing its revenue share to 22.5%. This development has effectively "taken the baton" to become a new growth engine, significantly contributing to a 18% year-on-year increase in the companys overall revenue, which reached 760 million yuan. The structural transformation in revenue is just one aspect of Minglue Technology's ongoing transition from data intelligence to intelligentization services. Standing at this moment, the core proposition of AI Agents is not merely to expand model parameters or build a single super-intelligent agent, but rather to enable different agents to work collaboratively within the same network. Naturally, this shift in the logic of industry development is also giving rise to new business opportunities. Based on this forward-looking assessment, Minglue Technology has open-sourced the worlds first trustworthy Agent collaboration network, Octo, which can be deployed privately, marking a key step in its product layout in the field of Agentic AI. For Minglue Technology, which has established a complete closed-loop covering perception, reasoning, execution, and collaboration, GMTEight believes it may have already secured a "ticket" to the AI era, indicating that the visibility of the companys future growth will likely become increasingly high. The transformation of growth momentum behind the structural changes in revenue During the transitional phase from traditional data intelligence to Agentic AI strategy, Minglue Technology's multiple business lines have still achieved considerable performance growth. Unsurprisingly, the highly anticipated intelligentization services became the main driver of revenue growth for Minglue Technology in the first half of the year. Revenue from intelligentization services reached 171 million yuan, with deepened layouts and high-quality implementations across multiple fields. Through the collaboration of AI agents, Minglue Technology has assisted enterprises in connecting complex work processes with fragmented platforms and application tools, achieving cost reduction and efficiency enhancement. During the reporting period, the share of new customers in this segment reached 68%, with the client base continuously expanding at a rapid pace. To elaborate, the deep application of AI has enabled previously fragmented content production, influencer marketing, and AI content ecosystems to form interlinked growth curves under the same set of data assets, workflows, and delivery methodologies. For clients, the changes brought by Minglue Technology go far beyond just improving efficiency; they also signify an evolution in marketing service provision: content has shifted from manual customization to industrialized production, where what used to take weeks to create a marketing short video can now produce dozens of compliant final videos in just one day on an automated production line; influencer collaborations have transitioned from one-off sales to platform-based resource allocation, with data showing a 90% repurchase rate among influencer marketing clients and average order value increasing by 2-3 times year-on-year; AI-native content has progressed from concept validation to the first batch of paid implementations, with the companys AI production solution securing its first paying clients in the first half of the year. The foundational aspects also showcase notable structural highlights; despite a cautious overall marketing expenditure by enterprises amid a gradual recovery in domestic demand, Minglue Technology's marketing intelligence services still achieved counter-cyclical growth, with revenue up 4.2% year-on-year to 344 million yuan. At the same time, the scale of operational intelligence services continued to expand, with Minglue Technologys smart store operation systems covering over 75,000 offline stores by the end of the reporting period. As AI commercialization advances into a new stage of scale development, Minglue Technologys profitability has also seen encouraging changes. Data shows that during this period, the company's net loss narrowed to 64.227 million yuan, a significant improvement compared to a loss of 204 million yuan in the same period last year. Notably, this was achieved against a backdrop of a 52.3% year-on-year increase in R&D spending to 229 million yuan. The synergy of software and hardware strengthens the second growth curve Currently, as more and more agents enter workflows, the lack of a unified collaboration mechanism can result in each agent operating and remembering independently, unable to share context or transfer tasks, causing the marginal returns on enterprise AI investments to diminish as deployment scales up. Positioned as creating an "internet between agents," Octo effectively breaks through this bottleneck. Unlike the path relying on a single large model, Octo integrates enterprise knowledge, business data, and industry experience through a multi-agent network while retaining human decision-making authority at key points, achieving task breakdown and collaborative orchestration, thereby forming the collaborative capability aimed at complex scenarios. As of now, the company operates over 5,100 agents internally, supporting the continuous iteration and scalable expansion of this model. Another layer of strategic value for Octo lies in its open-source nature based on the Apache License 2.0, supporting private deployment, and can be seen as Minglue Technology's continuous practice in the fields of Private AI and Trustworthy AI. Through its open-source architecture, private deployment, and clear data ownership design, Octo ensures that data sovereignty, knowledge sovereignty, and collaboration sovereignty truly return to users and organizations. Since its open-source release, Octo has accumulated over 4,380 stars on GitHub, confirming the market demand for open collaborative networks. It is worth mentioning that in May, Minglue Technology also launched Octic, an AI-native hardware product for meeting scenarios that can seamlessly connect to Octo, marking the company's initial construction of a synergistic product system combining software and hardware. While technological innovation drives endogenous growth, Minglue Technology is also opening broader growth space through capital operations. At the end of July, the company acquired 19.07% of the shares of the publicly-listed company Pansoft, deeply integrating its AI capabilities with the latter's industry accumulation, achieving mutual empowerment, and penetrating into large enterprises' core ERP and wider business system flows, further broadening the landing space of intelligent agents in enterprise intelligent transformation. Minglue Technology also plans to promote the transformation of Pansofts FDE model. Whether this will lead to a "Chinese version of Palantir" targeting central and state-owned enterprises in the future remains to be seen. In this era of rapid development in AI technology, Minglue Technology continues to reshape its growth logic based on its foresight regarding industrial evolution and excellent execution capabilities. In my view, the structural changes presented in Minglue Technology's latest financial report are merely a prelude to this transformation. Looking ahead, as the software and hardware collaborative system gradually improves and more new scenarios are tested, Minglue Technology's second growth curve will accelerate in formation, unleashing increasingly significant growth potential.