CMB International released a research report stating that it maintained the Shangtang-W “buy” rating and raised the company's total revenue forecast for 2026 to 2028 by up to 7% to reflect the strong performance of the generative AI business. The company's revenue for the first half of the year increased 23% year over year to RMB 2.91 billion, which is generally in line with market expectations. According to CMB International, Shangtang-W first disclosed that recurring revenue for the first half of the year reached 1.14 billion yuan, an increase of 124% over the previous year, accounting for 39% of total revenue, an increase of 22% compared to the same period last year, reflecting the successful transformation of the business model from one-time project delivery to a continuous revenue model. During the period, the company's generative AI revenue increased 28% year over year to 2.33 billion yuan, accounting for 80% of total revenue, mainly driven by strong demand for Token Factory and smart application services; visual AI revenue increased 14% year over year to 497 million yuan, and the growth rate accelerated again from 3% last year.

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