The Zhitong Finance App learned that in 2026, when the focus of the global digital economy is fully skewed towards intelligent computing power and large-scale model applications penetrate into enterprise-level deep-water zones, the capital market's valuation logic for technology companies is undergoing a profound reshaping from “scale expansion” to “high-quality profits and core technical barriers.” As a leading smart CRM and cloud communication service provider in China, Xuanwu Cloud (02392) recently released a performance report for the first half of 2026. The analysis shows that with the complete renewal of the company's shareholder structure, board of directors and management, its drastic strategic restructuring has unleashed significant operating efficiency in just half a year. On the basis of the strong turning of losses into profits in its main business, the company is moving forward steadily by relying on a five-year strategic plan and entering the “AI Computing Power Engine Scheduling and Distribution Platform” in a very forward-looking manner, successfully outlining a second growth curve with explosive potential.

Top-level governance has been completely renewed to reshape the fundamentals of corporate strategy

The structural transformation of an enterprise often stems from a breakdown in top-level design. From the second half of 2025 to the beginning of 2026, Xuanwuyun carried out a series of profound shareholding and governance structure adjustments. In February 2026, Han Tang Mingyuan Investment Co., Ltd. officially completed the transaction through an equity acquisition and became the single largest shareholder of Xuan Wuyun. Mr. Lian Jian, who has deep experience in industry and capital markets, became the chairman of the company's board of directors, and the co-founder, Mr. Li Hairong, became the CEO. Under the new governance structure, Xuanwu Cloud resolutely implemented a “bone scraping treatment” style of business slimming, and officially completed the divestiture and restructuring of some loss-making businesses in January 2026. This move not only enabled the company to successfully shed the burden of historical losses, mitigated the negative impact on the Group's overall financial performance, but also enabled valuable R&D and operating resources to be fully skewed towards the “AI+ Cloud Communications” core business with high gross profit and high added value.

Along with the optimization of the organizational structure, the company's development strategy was clearly redefined as “focusing on core business, fully embracing AI, and increasing the international layout”. This asset-light, intelligent, and globalized strategic adjustment has built a solid anti-risk moat for Xuan Wuyun in the context of macroeconomic fluctuations and stricter industry compliance, and has also sent a strong signal to the capital market that management is focusing on endogenous growth and long-term value creation.

The half-year operation performance was outstanding, and the five-year strategy drove high-quality endogenous growth

The results of the strategic transformation were most directly confirmed in financial data for the first half of 2026. The latest financial report shows that after half a year of refined operation, Xuanwuyun has achieved a qualitative leap in profitability and management resilience. The data shows that after divesting inefficient assets, Xuanwu Cloud's continuing operations (covering smart cloud communication and smart voice) not only achieved steady revenue growth of about 10%, but also fought a beautiful turnaround on the profit side. During the reporting period, the company recorded a profit of 3.07 million yuan from continuing operations, completely reversing a loss of 16.67 million yuan in the same period last year. Among them, revenue from the high-value-added intelligent voice business (covering cloud contact centers, AI voice robots, voice AI agents, etc.) surged 36.6% year over year, and the gross margin of this sector jumped to a high level of 41.3%, driving the company's overall profit structure to continue to be optimized.

Behind this impressive achievement is the firm's firm implementation of the “five-year strategic plan.” Guided by the general direction of the national “15th Five-Year Plan”, Xuanwuyun no longer blindly pursues short-term book revenue scale, but instead shifts the assessment dimension to the overall improvement of customer quality, core technical barriers, and operational efficiency. By actually integrating AI technology into the business scenarios of customers in vertical industries such as finance, government enterprises, and TMT, the retention rate and per capita contribution value (ARPU) of the company's core customers have steadily increased. At the same time, relying on a self-developed AI full-chain delivery platform, the company has made a leap from the traditional manual model to a new human-robot collaborative delivery model of “AI assisted execution and personnel review and control”, greatly improving the efficiency of the implementation process and effectively reducing overall operating costs.

Looking forward to the future, Xuanwuyun will continue to strictly abide by capital discipline, continue to improve internal management in accordance with the established five-year strategy, ensure continuous, stable, and high-quality growth in the revenue and profit of the main business, be a friend of time, and wait for the compound return of internal value to be released.

Seize the blue ocean with 100 billion computing power and forward-looking layout of an “AI computing power engine scheduling and distribution platform”

While consolidating the basic market of the main business, Xuanwu Cloud has keenly captured the dividends of the intergenerational infrastructure transition in the AI era and officially launched the second most imaginable growth curve — an AI computing power engine scheduling and distribution platform.

Current industry research and market analysis have revealed a core trend: the computing power bottleneck of enterprises has moved from simply “whether they have a GPU” to “whether they can operate heterogeneous computing power and model services efficiently, stably, and measurably.” With the explosion of agents (agents), inference workloads are shifting to high-frequency, concurrent task flows, and the pricing logic of the market is also fundamentally shifting from traditional “cards/hour” to “token production capacity.” In this context, the national computing power supply and demand shows an asymmetric collaborative pattern. The ability to transform complex underlying heterogeneous computing power into a scheduling platform for simple AI services is becoming the most valuable voice core in the industrial chain.

Xuanwu Cloud is a powerful seer of this historic opportunity. Relying on the impressive computing power base established earlier with the Huawei Shengteng series of chips and the deep technology accumulated over the years on distributed microservice architectures, the company is working with leading cloud vendors and distributed computing power suppliers to build a cloud communication agent gateway (AI Agent Gateway) that supports high concurrency, secure and trusted calls. The gateway can deeply solve engineering security problems such as multi-channel load balancing and sensitive data leakage prevention (DLP) when calling external communication APIs, cross-system interaction, and sensitive data leakage prevention (DLP) for autonomous AI agents. Based on this platform, Xuanwu Cloud will explore a new business model of “channel resources+scenario-based AI effect service fees” to provide customers with tailor-made computing power planning and hosting and scheduling services for financial, government and enterprise customers.

What is even more remarkable is that Xuanwu Cloud deeply resonated with the country's “overseas computing power” and “digital processing” policies. In 2026, regions such as the Hainan Free Trade Port are vigorously promoting international data processing and offshore computing power scheduling, relying on the advantages of the “first-tier liberalization and second-line control” system. Xuanwu Cloud closely follows this cutting-edge direction of digital trade, and is actively exploring and developing new forms of cross-border offshore computing power services in conjunction with its direct connection network of more than 100 local operators already established in Southeast Asia (Indonesia, Thailand, the Philippines, etc.), Latin America, and the Middle East. This cooperative ecosystem of “AI content creation+cross-border computing power” not only effectively resolves the homogenized internal volume of the domestic computing power market, but also provides a compliant and low-latency cross-border AI value collaboration channel for overseas Chinese companies.

Taken together, the reshaping of the core management has injected the genes of rationality and efficiency into Xuanwuyun, and the strong reversal of the main business has verified the absolute correctness of the company's strategic adjustments. Meanwhile, the steady advancement of AI computing power engine scheduling and distribution platforms has opened up a wider space for long-term growth on this basis. In this era where computing power and models are reshaping thousands of industries, Hong Kong stock computing power targets are undergoing profound valuation reshaping. Xuanwu Cloud, which has solid fundamentals and a clear strategic path, is entering a period of valuation transformation and rapid development with its irreplaceable platform-based scheduling and inclusive service capabilities.