LINKLOGIS-W (09959) delivered an exceptionally compelling set of results for the first half of 2026. The financial report reveals revenue and gains of RMB 579 million, a 55% year-on-year increase, while net profit attributable to shareholders reached RMB 24 million, a substantial 106% improvement from the loss recorded in the same period last year, successfully turning the tide to profitability. The company's cash and cash equivalents, time deposits, and restricted cash totaled RMB 4.5 billion at the end of the period, underscoring its continued financial stability. When a fintech firm simultaneously delivers exceptional outcomes across growth, profitability, and cash flow, the market must reconsider not just its metrics, but also its fundamental value proposition.

The robust revenue expansion is fueled by the deep execution of the "AI + Industrial Finance" strategy. During the reporting period, the company completed a strategic overhaul, transitioning from a product-driven approach to an "AI foundation plus scenario-based delivery" model, with proprietary AI applications rapidly integrating throughout the supply chain finance spectrum. The core Industrial Finance Technology Solutions segment generated revenue of RMB 495 million, up 51% year-on-year, corresponding to a supply chain transaction volume of RMB 181.2 billion, maintaining its dominant industry position. Leveraging its proprietary technology base, the company upgraded from traditional product delivery to AI-driven value delivery, with the flagship FengLian AI Agent accelerating commercial adoption. Customer numbers surged 62% from the end of 2025 to 68, with 37 live application scenarios. These intelligent process enhancements are delivering cost savings and efficiency gains for government and financial clients, while unlocking deeper value from existing customer relationships.

Simultaneously, LINKLOGIS-W's international expansion is rapidly emerging as a key "second growth curve." The global business brand Unloq, a core pillar of this strategy, generated revenue of RMB 33 million in the first half, up 25% year-on-year with an impressive gross margin of 92%. The operational footprint has extended to 37 countries and regions, servicing over 2,000 global enterprises across four key sectors: B2B goods trade, cross-border e-commerce, online travel, and cross-border logistics. In August 2026, Unloq executed its first trade finance transaction settled with a Hong Kong dollar stablecoin, marking a novel application of regulated stablecoins in cross-border commerce. Furthermore, Unloq has partnered with Ripple to participate in Singapore's MAS-led BLOOM project, accelerating the development of a global digital trade finance infrastructure. It's clear that Unloq is leveraging a dual engine of "technology plus compliance" to access a market far more expansive than domestic supply chain finance.

The Industry-Finance Treasury Solutions segment also displayed significant momentum, with revenue growing 146% year-on-year to RMB 52 million. This growth is largely attributable to synergies from the acquisition of Byte Technology in late 2025, which led to the joint launch of two key products: "ZhiYun Treasury" for banks and "Byte·QingYu" for growing enterprise groups. From the deep AI-driven restructuring of the core industrial finance business, to Unloq's strategic capture of the global trade finance opportunity, to the multiplier effects of acquisition synergies in treasury solutions, LINKLOGIS-W's growth blueprint consistently points to a fundamental logic: AI is not merely an enhancement but a core, value-defining force. As technology becomes deeply embedded in its monetization model, the trajectory of growth is fundamentally altered. With the increasing penetration of the FengLian AI Agent in various scenarios and the scalable replication of Unloq's overseas flagship projects, the compounding effects of this growth are only just beginning.

Another notable highlight is the marked improvement in profitability. The company recorded a net profit attributable to shareholders of RMB 24 million, a 106% improvement from the RMB 380 million loss in the prior year's first half. Adjusted profit was RMB 16 million, a 104% improvement from the RMB 367 million loss previously. This turnaround is not accidental but stems from two structural forces. First, AI-native technology has streamlined internal operations, upgrading efficiency across the entire chain. R&D expenses decreased 10.7% year-on-year, and the operating expense ratio dropped 26 percentage points, demonstrating the company's ability to invest in technology and expand its business while simultaneously achieving refined cost control and intelligent efficiency—moving away from a traditional, labor-intensive growth model toward a lean, high-efficiency operation. Second, the company proactively resolved historical risks during the period, effectively addressing legacy issues related to bridge supply chain assets. This resulted in a RMB 25 million impairment reversal, shedding past burdens and fundamentally cleansing the quality of its financial statements.

When AI simultaneously drives both revenue growth and cost reduction, and historical obstacles are removed, the improvement in profitability is not a fleeting event but the start of a structural shift. The foundation underpinning this performance is robust. In the first half of 2026, the company served 3,856 core enterprises and 468 financial institutions, covering over 450,000 SMEs within its supply chain network. Customer retention remains exceptionally high at 99%, forming a formidable moat for sustained growth. Furthermore, with RMB 4.5 billion in ample cash reserves and no significant debt repayment pressures, the company is well-positioned to fuel future AI technology iterations, expand FengLian AI Agent scenarios, deepen the penetration of its treasury solutions, and support Unloq's global expansion. With its operational model fully transformed and multiple growth trajectories advancing in tandem, management has expressed confidence in maintaining the group on a sustainable profitability track.

In conclusion, with the comprehensive realization of its AI strategy, deepening global expansion, and a fundamental reversal in its earnings structure, LINKLOGIS-W has clearly moved beyond its conceptual phase into a tangible cycle of operational delivery. As technological dividends, operational efficiency, and financial health resonate in harmony, the value reassessment of LINKLOGIS-W is not merely a future prospect but an ongoing reality—a powerful opening statement for long-term value creation.