此次开源意味着硬件厂商、手机厂商和开发者均可基于AutoGLM，在自己的设备或系统中复现一个 能"看懂"屏幕、并模拟真人进行点击、输入、滑动的AI助手。目前，AutoGLM已支持微信、淘宝、抖 音、美团等超过50个高频中文应用的核心场景。 AutoGLM的开源将大幅降低AI手机的技术门槛，推动AI手机生态从封闭走向开放共创。同时，项目支 持本地与云端部署，确保数据与隐私控制权始终掌握在使用者手中。 本报讯 （记者梁傲男）12月9日，北京智谱华章科技股份有限公司（以下简称"智谱"）宣布，开源其核 心AIAgent模型AutoGLM。该模型被业界视为全球首个具备"PhoneUse"（手机操作）能力的AIAgent， 能稳定完成外卖点单、机票预订等长达数十步的复杂操作流程。 ...

Core Insights - The integration of system-level AI agents into mobile operating systems by leading tech companies marks the beginning of a transformative industry change in the AI mobile ecosystem value chain and profit redistribution [1] - WanKaw YiLian (01762) has emerged as a unique platform company with system-level entry capabilities, becoming known as the "first stock of AI agents" due to its deep ties with major smartphone manufacturers and a clear commercialization path for AI agents [1] Ecosystem Positioning - WanKaw YiLian plays a crucial role as an infrastructure provider in the AI agent ecosystem, integrating resources from terminal manufacturers and standardized service interfaces [2] - The company has established exclusive partnerships with major smartphone manufacturers, supporting iOS, Android, and HarmonyOS, and has seen a 439% year-on-year growth in overseas market revenue in the first half of 2025 [2] - The core competitiveness of the company lies in its leadership in the fast application ecosystem, having established a lightweight application framework that serves as an ideal technical carrier for AI agent services [2][3] Business Model Evolution - WanKaw YiLian is creating a high-value growth path for the mobile industry by constructing a new service ecosystem centered around AI agents, addressing the structural challenges faced by mainstream smartphone manufacturers [4] - The new model allows users to access services directly through system-level AI agents, potentially enabling smartphone manufacturers to capture a significant share of the service market [5] - The company is actively validating the technical feasibility and user experience of natural language interactions with third-party services, laying the groundwork for large-scale commercialization [5] Value Reassessment - WanKaw YiLian is at a critical juncture for value reconstruction, similar to AppLovin's strategic transformation, with a unique three-layer network structure connecting terminal manufacturers, AI capabilities, and commercial services [7] - The company is expected to benefit from the deployment of AI marketing agents, which will enhance advertising return on investment and improve profit margins [8] - The company’s R&D expenses increased by 25.8% year-on-year in the first half of 2025, indicating a strong commitment to AI and ecosystem capabilities while maintaining healthy cash flow [8] Long-term Outlook - The rapid increase in AI mobile penetration is projected to lead to explosive growth in service commission revenue, contributing to the company's second growth curve [8] - WanKaw YiLian aims to evolve into a "smart agent service distribution and operation platform" for the AI mobile era, with plans to replicate its ecosystem model across various IoT devices [8] - The company is positioned as a rare platform company in the Hong Kong stock market, with a complete AI agent ecosystem operation capability, which could lead to a significant revaluation of its stock as market recognition grows [9][10]

Investment Rating - The report indicates a positive outlook for the company, highlighting a significant revenue and profit growth driven by the "AI + overseas expansion" strategy [4][12]. Core Insights - The company achieved a total revenue of 1.713 billion RMB in the first half of 2025, representing a year-on-year growth of 39.0%, significantly accelerating from 17.7% in the same period last year [2][7]. - The overseas revenue growth reached an impressive 439%, marking it as the core engine driving the company's overall performance [2][9]. - The company aims for revenue targets of over 4 billion RMB in 2025, over 6 billion in 2026, and over 10 billion by 2028, with a current dynamic P/E ratio of approximately 23 times and a PS ratio of about 0.4 times [4][12]. Financial Performance Summary - Sales revenue for FY2023 was 2,098.2 million RMB, with a year-on-year decline of 8.8%, but projected to rebound to 2,627.3 million RMB in FY2024, reflecting a growth of 25.2% [1]. - The adjusted net profit for the first half of 2025 was approximately 51.8 million RMB, showing a year-on-year increase of 10.3% [2][7]. - The gross profit margin for the first half of 2025 was 10.32%, with a gross profit of 177 million RMB, up 29.2% year-on-year [2][7]. Strategic Initiatives - The "AI + overseas expansion" dual-driven strategy has shown significant effectiveness, with 60% of the funds raised from the new share placement allocated for developing AI applications in overseas markets [3][8]. - The company is integrating AI technology into its core products, enhancing advertising precision and efficiency, and establishing a competitive edge in the market [3][10]. - The collaboration with major smartphone manufacturers has created a robust ecosystem, covering over 90% of smartphone users, which supports the company's strategic initiatives [10][11].