Agentic AI Market Moves Towards Large-Scale Implementation; Brokerages Bullish on Long-Term Development Potential of Mininglamp Technology's (2718.HK) Agentic Services

Recently, the 2026 White Paper on China's Enterprise-Grade AI Agent Industry released by the Data Center Committee of the China Communications Industry Association showed that the scale of China's enterprise-grade AI agent market reached RMB 21.2 billion in 2025, is expected to reach RMB 44.9 billion in 2026 (doubling year-on-year), and is poised to break through RMB 332 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 107% from 2024 to 2029.

SDIC Securities International pointed out that China's enterprise-grade AI Agent market is transitioning from proof-of-concept to large-scale implementation, with active agents expected to reach 5 million in 2026. CSC Financial stated that the continuous iteration of domestic models, such as GLM-5.2 and Kimi K2.7, is driving domestic models to shift from general Q&A toward developer tools and enterprise-grade workflows. GF Securities believes that the core driver of the current AI industrial chain comes from the enhancement of models' Agentic Coding capabilities, with programming tools leaping from auto-complete assistance to autonomous collaboration.

Goldman Sachs estimates that by 2030, global token consumption could be 24 times the 2026 level, with enterprise agents representing an even larger increment that could drive a 55-fold growth in token demand by 2040. Token consumption has become a critical indicator for measuring a company's intelligence level and commercial value.

Leveraging its self-developed edge-side models Mano, Cito, and Mano-P, alongside the Cider inference framework, Mininglamp Technology fully supports its strategic positioning in Agentic AI. Its new Agentic Services business generated over RMB 100 million in revenue during its inaugural year in 2025. Billed under an outcome-based delivery model of "token cost plus management fee," its four major application scenarios—performance advertising, brand advertising, content e-commerce, and micro-drama production—are already operating at scale.

Mininglamp Technology's differentiated value lies in its ability to achieve accuracy that surpasses general-purpose models in vertical scenarios through the collaboration of multiple specialized small models. The company has also become the only AI enterprise in the Hong Kong stock market to concurrently possess a four-tier capability spanning edge-side models, inference engines, Agent collaboration platforms, and hardware entry points. The synergistic workflow between its roughly 1,400 internal employees and over 2,900 Agents has successfully completed full-chain verification prior to commercial deployment.

Looking at the institutional ratings of Mininglamp Technology, a total of two investment banks have issued "Outperform" ratings within the past 90 days. TF Securities initiated coverage on June 5 with a "Buy" rating and a target price of HK$291, forecasting its operating revenues to reach RMB 1.919 billion, RMB 2.653 billion, and RMB 3.481 billion for 2026, 2027, and 2028, respectively. Meanwhile, CICC maintained its "Outperform" rating with a target price of HK$293, expressing optimism regarding the long-term development potential of Agentic Services.

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