In a period when enterprise software valuations are being repriced by the rise of agentic AI, Deepexi Technology Co., Ltd. (1384.HK) has emerged as a counterexample: a pure-play enterprise AI platform delivering both technology leadership and bottom-line profitability. The company's first interim results following its public listing reveal a 115% year-over-year surge in revenue for the first half of 2026, powered by a 209% leap in core AI revenue and a decisive turnaround to quarterly GAAP profitability in the second quarter of 2026. This performance has earned the company "Buy" and "Overweight" ratings from multiple brokerages within its first year of listing.
For the first half of 2026, Deepexi generated RMB 284.0 million in total revenue, a 115.0% year-over-year increase. Its AI business contributed RMB 226.0 million, a 209.2% year-over-year surge, bringing AI revenue to 79.6% of total corporate turnover. First-half gross profit reached RMB 160.0 million, up 120.5% year-over-year, with gross profit margin expanding to 56.5%. Notably, during the second quarter of 2026, Deepexi posted a standalone quarterly net profit of approximately RMB 30.1 million, officially crossing the breakeven threshold—a rare milestone in Hong Kong's AI sector.
The company's revenue composition underscores its vertical reach: industrial manufacturing accounted for more than 50% of total revenue, while retail and consumer goods contributed 30%, alongside expanding footholds in healthcare and smart transportation. In manufacturing, for example, equipment troubleshooting and predictive maintenance involve dense engineering schematics, real-time IoT sensor telemetry, and extensive historical maintenance logs—all of which Deepexi translates into structured logic that AI models can readily interpret. This deep vertical expertise and proprietary data accumulation create a formidable competitive barrier that general-purpose AI vendors cannot easily match.
In the first quarter of 2026, market observers dubbed the "SaaSpocalypse"—a tectonic shift that erased approximately $2 trillion in market capitalization from B2B software equities, driven by fears that agentic AI would cannibalize the traditional per-seat licensing model. The iShares Expanded Tech-Software ETF (IGV) plunged nearly 21% year-to-date, and enterprise software multiples (EV/Sales) cratered from a 5.6x average at the end of 2025 to 4.2x by mid-March. Investors have pivoted toward AI-native infrastructure, while penalizing traditional application-layer SaaS vendors reliant on human-centric interfaces. As a recent Windsor Drake analysis notes, "AI-native agentic platforms clear 14x to 22x revenue, with private rounds at 20x to 30x," while legacy standalone RPA trades at just 2.5x to 5x.
Deepexi sits squarely on the winning side of this divergence. Unlike traditional SaaS vendors whose revenues are tied to human seat counts, Deepexi's token-based, consumption-driven model aligns directly with the agentic AI future. The company's DeepWorks enterprise Agent platform does not sell per-seat licenses; it sells AI productivity, enabling enterprises to deploy autonomous agents that replace repetitive administrative work, not software seats. As the market shifts from "AI as a feature" to "AI as a replacement," Deepexi's business model is structurally insulated from the seat-compression forces that have punished legacy software vendors.
To ensure AI truly meets real-world enterprise demands, Deepexi's core competitive edge lies in its specialized "Data + AI" dual-engine architecture, anchored by the FastData enterprise data intelligence platform, the FastAGI agentic AI suite, and the Deepexi Enterprise Large Model Platform, supported by its proprietary Deepology ontology dataset containing over 2,000 vertical industry skills. The FastData platform—powered by the FastData Foil fusion engine—acts as an intelligent lakehouse that tokenizes structured, semi-structured, and complex unstructured enterprise data into standardized formats ready for large model training and inference. Building upon this, the FastAGI platform and DeepWorks Enterprise Agent Platform provide organizations with a flexible, modular AI operating system.
Featuring a pluggable architecture, the platform connects seamlessly to leading open-source foundation models such as DeepSeek and Zhipu AI, giving enterprise clients complete autonomy while eliminating vendor lock-in. Through native Model Context Protocol (MCP) frameworks and specialized agents, Deepexi embeds intelligence directly into core business operations. DeepWorks is fully integrated with mainstream workplace collaboration suites such as DingTalk, Feishu, and Tencent Meeting, allowing employees to summon AI copilots directly for automated weekly reporting, data synthesis, and cross-departmental coordination—effectively turning AI into an indispensable daily productivity tool.
In an enterprise AI market where 42% of organizations already have AI agents in production and 72% are deploying across production and pilots combined, Deepexi's proven, governed agentic workflows are no longer an experiment—they are core infrastructure.
On August 12, Deepexi announced a strategic alliance with Huawei Cloud to jointly launch enterprise data intelligence solutions. Huawei Cloud provides underlying Ascend AI computing clusters and distributed cloud infrastructure, while Deepexi brings its deep expertise in enterprise data governance, data tokenization, and vertical AI agent deployments. By integrating with Huawei's domestic Ascend compute clusters, Deepexi secures stable, long-term computing power and drives down token processing costs. This cost efficiency establishes ideal conditions for exploring usage-based, token-metered commercial billing models—precisely the kind of consumption-based pricing that aligns with the agentic AI future.
Reflecting strong capital market confidence, Deepexi announced on August 17 the successful placement of 14,286,000 new H-shares at HK$35.00 per share, raising net proceeds of approximately HK$488.0 million. The company's strategic shareholder structure includes prominent independent investors, including Hillhouse, 5Y Capital, and BAI, as well as industry-focused investors such as Shanghai AI. The newly raised funds are earmarked primarily for continuous R&D in next-generation enterprise agent systems and token productivity platforms—positioning the company to capture the $206.5 billion AI agent software market projected for 2026, which Gartner expects to grow to $376.3 billion in 2027.
