MARKETINGFORCE (02556) saw its shares rise more than 6% again. At the time of writing, the stock was up 6.67%, trading at HK$43.2, with a turnover of HK$552 million.

The company recently announced that in the first quarter of this year, its AI application business revenue increased by approximately 110.5% year-on-year. Gross income from precision marketing services grew by about 0.9% compared to the same period last year.

During the quarter, the company launched the AI-native operating system GenAIOS, the AI-Agentforce intelligent middleware platform 3.0, and the KnowForce AI knowledge platform. These releases further enhanced the product depth of its "full-scene AI employee matrix" and AI-native application platform. Concurrently, the company is steadily advancing its transition from a traditional subscription model to a diversified model based on pay-for-performance and usage-based billing. Products like GEO and EVA have taken the lead in implementing a hybrid charging method combining "consumption + effect."

From a performance perspective, MARKETINGFORCE's scenario Token logic has begun to deliver results. In terms of competitive moat, the company possesses at least two layers of advantages that jointly support the barriers for its scenario Token capability. The first layer is data and models. The company has served over 210,000 enterprise clients, covering 721 sub-sectors. The second layer is commercialization efficiency. In 2025, the number of MARKETINGFORCE's Key Account (KA) clients reached 1,609, a year-on-year increase of 105.5%, while the Average Contract Value (ACV) for KA clients rose by 60.6%. These high-value clients are not only a source of revenue but also the optimal proving ground for the demand for scenario Tokens.