--- title: "Baiwang's data intelligence strategy drives first-time profitability, AI commercialization achieves initial success" type: "Topics" locale: "zh-HK" url: "https://longbridge.com/zh-HK/topics/32565783.md" description: "On August 4, Baiwang Co., Ltd. (6657.HK) released its 2025 first-half earnings forecast, achieving profitability for the first time. This Hong Kong-listed company, once labeled as "loss-making," has completed a critical leap from the "strategic investment phase" to the "value realization phase" under the dual-drive strategy of AI and data intelligence. The underlying logic of the earnings "reversal": the tipping point of data monetization has arrived. "Data cannot be bought, but data can create purchasing power"—this statement by Baiwang CEO Fu Yingbo has now found the strongest validation in Baiwang's earnings forecast..." datetime: "2025-08-04T06:14:25.000Z" locales: - [en](https://longbridge.com/en/topics/32565783.md) - [zh-CN](https://longbridge.com/zh-CN/topics/32565783.md) - [zh-HK](https://longbridge.com/zh-HK/topics/32565783.md) author: "[慧悦财经](https://longbridge.com/zh-HK/profiles/8865994.md)" --- > 支持的語言: [English](https://longbridge.com/en/topics/32565783.md) | [简体中文](https://longbridge.com/zh-CN/topics/32565783.md) # Baiwang's data intelligence strategy drives first-time profitability, AI commercialization achieves initial success On August 4, Baiwang Co., Ltd. (6657.HK) released its 2025 first-half earnings forecast, achieving profitability for the first time. This Hong Kong-listed company, once labeled as "loss-making," has completed a critical transition from the "strategic investment phase" to the "value realization phase" under the dual drivers of AI and data intelligence strategies. **The underlying logic of the "reversal" in performance: The tipping point for data monetization has arrived** "Data cannot be bought, but data can create purchasing power"—this statement by Baiwang Co., Ltd. CEO Fu Yingbo has now found its strongest validation in the company's earnings forecast. The announcement shows that Baiwang Co., Ltd. is expected to achieve revenue of 330 to 380 million yuan in the first half of 2025, a year-on-year increase of 17%-35%. Among this, the AI business contributed 58 to 63 million yuan in revenue, achieving a breakthrough from zero to tens of millions. More noteworthy is the qualitative change in Baiwang Co., Ltd.'s profitability, with net profit expected to reach 3 to 5 million yuan, completing an epic reversal compared to the net loss of 446 million yuan in the same period last year. The gross margin jumped to 45%-50%, an increase of 5.8-10.8 percentage points year-on-year. This leap is by no means accidental but the inevitable result of strategic transformation. Since 2024, Baiwang Co., Ltd. has transformed from a traditional SaaS financial and tax service provider into an AI data intelligence company, successfully turning a decade's worth of transaction data into productivity. On the cost side, the company achieved refined management through "three arrows shot simultaneously": refined operations to expand gross margins, improve operational efficiency, and save operating expenses. These measures resulted in an adjusted net profit (non-IFRS) of 4 to 6 million yuan, an improvement of over 85 million yuan compared to the adjusted net loss of 81.2 million yuan in the same period last year. **The "gold mine" effect of nearly 1,000 trillion yuan in transaction data: From compliance tools to performance growth engines** Baiwang Co., Ltd.'s moat lies in two staggering "digital business cards": first, the volume of invoice processing reached 20.68 billion, a year-on-year increase of 45%, equivalent to 1 out of every 3 invoices in China being issued through the Baiwang Cloud platform; second, the cumulative transaction amount processed was 953.5 trillion yuan, equivalent to 7 times China's GDP in 2024. Baiwang Co., Ltd. CEO Fu Yingbo stated bluntly: "Talent can be bought, computing power can be bought, but data cannot be bought—core data is always held by the companies themselves." This data is not simply piled up. Behind each invoice lies a digital mirror of Chinese corporate economic activity and the commercial code for Baiwang Co., Ltd.'s transformation from a financial and tax service provider to a leader in AI data intelligence. Through technologies like knowledge graphs, these high-granularity transaction data can reconstruct core business information such as corporate supply chain relationships, providing support for financial risk control and industrial decision-making. When 953.5 trillion yuan in transaction data becomes "high-grade fuel" for AI agents, and when the business trajectories behind each invoice are transformed into decision-making bases for financial risk control, Baiwang Co., Ltd.'s decade-long accumulation of data assets has finally reached a moment of value reassessment. **Commercialization of AI agents: Vertical scenarios become the key to breaking the "last mile"** While general large model companies are still struggling in the quagmire of losses, Baiwang has chosen a differentiated path: avoiding the competition in general models and focusing on vertical scenarios such as finance, taxation, and supply chains, deeply integrating the general capabilities of open-source models with industry data. Notably, the launch of Baiwang Co., Ltd.'s AI agent product matrix has accelerated the monetization of its data value. It is reported that Baiwang Co., Ltd. recently launched a heavyweight AI agent matrix on its official website, including the "Golden Shield Transaction Management Agent," "Ask Data Business Decision Agent," and "Wisdom Realm Financial Business Agent." The Golden Shield Transaction Management Agent can automate invoice processing and intelligently monitor financial and tax risks, improving processing efficiency by 90%. The Wisdom Realm Financial Business Agent has empowered over 140 bank customers, building end-to-end risk control and early warning capabilities. The Ask Data Business Decision Agent optimizes corporate supply chains and market decisions by mining multi-dimensional data through the EOP platform. The launch of this AI agent matrix also validates the commercial potential of Baiwang Co., Ltd.'s vertical scenario agents. **Policy tailwinds and capital resonance: Opening up market value imagination** Baiwang Co., Ltd.'s rise coincides with the eve of China's financial and tax digitalization boom. Frost & Sullivan data shows that the financial and tax digitalization market size will grow from 5.1 billion yuan in 2019 to 34.3 billion yuan in 2028, with a compound annual growth rate of 36.5% from 2023 to 2028, a leap from the 9.2% growth rate in the previous five years. Policy has become the core driver. The implementation of the Golden Tax Project Phase IV will drive about 300,000 large and medium-sized enterprises to connect to the tax bureau's direct system, placing higher demands on service providers' one-stop service capabilities and professional barriers. Baiwang Co., Ltd.'s forward-looking layout is evident here: covering over 28 million corporate users (including 2,664 large groups), with taxpayer identification numbers reaching 85.7 million, accounting for more than half of the total registered enterprises with the State Administration for Industry and Commerce. The capital market has already caught this trend. Guotai Haitong Securities predicts that the company's revenue will reach 852 million, 1.015 billion, and 1.184 billion yuan in 2025-2027, with net profit turning positive at 51.9 million yuan in 2026 and doubling to 107 million yuan in 2027. CMB International analysis believes that Baiwang, with the inherently structured characteristics of financial and tax data, has a first-mover advantage in scenarios such as supply chain risk control and corporate compliance. Baiwang's data scarcity and scenario integration form differentiated barriers, and its invoice data features strong authenticity, real-time performance, and structured characteristics, providing "high-grade fuel" for AI training. More critical capital actions are underway. It is reported that Baiwang Co., Ltd.'s H-share "full circulation" application is progressing smoothly, with plans to convert 135 million domestic shares into H-shares for circulation. Upon completion, this is expected to attract more international capital, injecting new momentum into the data intelligence strategy. With H-share full circulation approaching, this pioneer holding the "digital mirror" of Chinese corporate economic activity is breaking through the ceiling of the capital market's perception. The current profit forecast is not only a turning point in financial data but also the birth of the first scalable profitable business model in China's data intelligence marketization process. $BAIWANG CO(06657.HK) ### 相關股票 - [BAIWANG CO (06657.HK)](https://longbridge.com/zh-HK/quote/06657.HK.md)