Yunzhisheng H1 results: agent business earns 478M yuan, token revenue jumps 500% in Q2

Yunzhisheng, described in Chinese tech media as the first AGI-focused company listed in Hong Kong, published its 2026 interim results on August 28. First-half revenue reached 562 million yuan, up 38.7% year over year, roughly double the growth rate of a year earlier. Its agent business generated 478 million yuan, up 35.7%, accounting for 85.1% of total revenue.

The company restructured its reporting into three segments: enterprise intelligence services, which bundle agent applications, an agent platform and integrated solutions; a newly added token business that charges per-token for public-cloud API access to its model family; and on-device AI covering voice chips, modules and automotive solutions, which is seeking new growth overseas and through embodied intelligence.

Agents are the core of the business. Yunzhisheng says its agent applications now operate in more than ten industries including healthcare, insurance, transportation and high-end manufacturing, serving over 470 medical institutions, more than 80% of them tertiary hospitals. Its regional platform has profiled 524,400 Xiamen enterprises, and the company says it helped a new-energy vehicle maker lift orders by 10%.

Token revenue is the emerging second curve: nearly 30 million yuan in the first half, up about 760% year over year, with Q2 alone exceeding 25 million yuan, up more than 500% quarter over quarter, at a gross margin above 60%. Yunzhisheng attributes the acceleration to its U2-led model family reaching production-grade performance just as more enterprises accept pay-per-token pricing.

Revenue quality is improving too: recurring revenue accounts for over 60% of sales, 2026 contract value is up 65% year over year, and orders on hand exceed 1.5 billion yuan. Gross profit rose 42% to 186 million yuan, the loss attributable to owners narrowed 20.2% to 237 million yuan, and the net loss rate improved by more than 31 percentage points, though the company is still not profitable.

The business model follows a Palantir-like playbook built on its strong-foundation-model-plus-deep-applications strategy. Its flagship U2 is a native agent model with 260 billion total parameters that activates only about 10 billion per inference, placing it in the global first tier of agent benchmarks. The UniAgentOS platform has accumulated 1,773 instantiated agents, with the most reused module deployed 119 times, and implementation cost as a share of projects fell from 21% to 17%.

The contrast with consumer agents such as OpenClaw is striking: while those products face questions about cost, stability and real value, Yunzhisheng has placed agents inside core healthcare, insurance and public-service workflows and is collecting real revenue. Losses narrowing while revenue accelerates suggests monetization is finally absorbing the earlier R&D investment.

The open questions are whether token revenue can keep climbing steeply from its current base, whether overseas markets and embodied intelligence can revive the on-device business, and whether a company of fewer than 500 employees can push its loss curve toward breakeven while sustaining R&D spending.