Recently, as leading tech companies integrate system-level AI assistants deeply into mobile operating systems, an industry transformation centered around the restructuring of the AI smartphone ecosystem's value chain and profit redistribution has quietly begun. Marked by ByteDance's "Doubao" gaining system-level access in Nubia devices, the market is reassessing the value chain and distribution dynamics of the AI smartphone ecosystem. This trend not only signals the evolution of next-generation human-machine interaction but also marks a critical turning point for AI assistants transitioning from technical demonstrations to large-scale commercial deployment.

In this process, WANKA ONLINE (01762) has emerged as a rare platform company with system-level entry capabilities, thanks to its deep partnerships with major smartphone manufacturers, dominant position in the Quick App ecosystem, and increasingly clear commercialization path for AI Agents. It is now regarded as the "first AI Agent stock."

**Ecosystem Positioning: A Cross-Device, Full-System AI Assistant Hub** WANKA ONLINE plays a pivotal infrastructure role in the AI assistant ecosystem, with its core value lying in the deep integration of terminal manufacturer resources and standardized service interfaces. The company has established an exclusive partnership network covering six major smartphone brands—Huawei, Honor, Xiaomi, OPPO, vivo, and Apple—making it one of the few full-channel service providers supporting iOS, Android, and HarmonyOS simultaneously. In the first half of 2025, its overseas revenue surged 439% YoY, reaching over 2 billion smart device users globally, demonstrating strong ecosystem penetration and cross-border expansion capabilities.

The company’s competitive edge stems from its leadership in the Quick App ecosystem. As the technical standard-setter and ecosystem operator for China’s Quick App Alliance, WANKA ONLINE has built a system-level lightweight application framework. As AI smartphones evolve toward natural language interaction, Quick Apps—with their no-installation, low-latency, and high-security features—have become the ideal technical carrier for AI Agents to access services. This strategic positioning allows WANKA ONLINE to control standardized service interfaces and distribution channels, creating an ecosystem-level technological moat.

In August 2025, WANKA ONLINE partnered with Alibaba Cloud to advance global AI assistant ecosystem development, forming a three-layer collaborative framework: 1. **Computing & Data Layer**: Leveraging Alibaba Cloud’s powerful computing resources, the duo built AI infrastructure supporting trillions of daily feature trainings, reducing commercial model iteration cycles from months to weeks and significantly enhancing marketing assistants’ speed and precision. 2. **Algorithm & Insights Layer**: By combining Alibaba Cloud’s "Tongyi Qianwen" large model with WANKA ONLINE’s decade-long massive ad placement data and high-precision user profiles, they developed a closed-loop marketing decision system covering macro trends, micro-audience targeting, smart content generation, and dynamic budget allocation. 3. **Ecosystem & Commercial Layer**: As the core operator and commercial interface, WANKA ONLINE connects smartphone OS traffic entry points with vertical service providers, efficiently scaling AI capabilities into measurable, iterative business value.

This collaboration marks WANKA ONLINE’s strategic upgrade from a "channel service provider" to an "intelligent ecosystem operator," forming a dual-driven model where cloud providers supply AI capabilities and ecosystem operators deliver commercialization networks.

**Business Model Evolution: From Traffic Distribution to Service Operations** Amid smartphone makers’ struggles with thin hardware margins and underperforming internet service monetization, WANKA ONLINE is carving a high-value growth path by building an AI Agent-centric service ecosystem: 1. **Restructuring the Service Value Chain**: The new AI Agent model bypasses third-party apps, enabling direct service calls (e.g., ride-hailing, food delivery) with a streamlined "smartphone maker-Agent platform-service provider" chain. If the platform takes a 20% commission, smartphone makers could claim a significant share (e.g., 50%), unlocking trillion-dollar high-frequency service markets like local lifestyle and travel. 2. **Commercialization Pilot Programs**: The company is co-developing scenarios like "one-command ride-hailing" and "one-command dining" with top smartphone brands to validate natural language interaction’s technical feasibility and user experience. 3. **Standardization & Ecosystem Barriers**: WANKA ONLINE is leading industry-wide interface standardization via its smartphone alliance and Quick App ecosystem, positioning itself as the "smart service operator" of the AI smartphone era.

This evolution signifies not only diversified revenue streams but also a strategic shift from an "ad service provider" to an "intelligent ecosystem infrastructure provider," with significant growth elasticity and valuation re-rating potential.

**Valuation Reassessment: Drawing Parallels to AppLovin** Like AppLovin’s AI-driven transformation (2022–2025), WANKA ONLINE is at a pivotal value-reassessment juncture. Its unique three-layer network—connecting terminal manufacturers, AI capabilities, and commercial services—offers stronger predictability and control. As one of the few pure-play AI Agent ecosystem operators in Hong Kong’s market, it commands scarcity-driven premium valuation.

- **Short-term (2025–2026)**: AI marketing assistants will boost ad ROI and margins, while HarmonyOS expansion and overseas growth underpin earnings. Current valuations lag growth potential. - **Mid-term (2026–2027)**: As AI smartphone penetration rises (forecast: 520M global shipments by 2027), Quick App-based AI Agent services will explode, driving commission-based revenue as a second growth pillar. - **Long-term (post-2027)**: The company could evolve into an "AI assistant service distribution platform," replicating its ecosystem model across IoT devices (smart glasses, car cockpits, smart homes).

Notably, H1 2025 R&D spending grew 25.8% YoY, reflecting sustained AI investment, while adjusted net profit reached RMB 51.8 million with healthy cash flow. Institutional ownership is rising, signaling long-term confidence.

With no comparable pure-play AI Agent stocks in A-shares and few in Hong Kong, WANKA ONLINE’s valuation logic may shift from traditional ad agency (PE-based) to high-growth SaaS platform (PS-based), unlocking substantial re-rating potential.

**Conclusion** In AI-driven transformations, infrastructure builders often possess enduring moats. WANKA ONLINE’s decade-long ecosystem development has positioned it as an "ecosystem operator" bridging terminal makers, AI, and commercial services. Its irreplaceable node status, mature standards, and clear monetization path make it a prime beneficiary of AI’s scaling phase. Currently undervalued relative to its industry role, the company is on a clear trajectory from "hidden champion" to "ecosystem pillar."