CSC Financial Covers Mininglamp Technology (2718.HK) for the First Time; Company's Agentic Services Business Expected to Achieve Rapid Growth in the Future

Since last year, Mininglamp Technology has completed a systematic transformation from a traditional data intelligence enterprise into an Agentic AI service provider.

Wu Minghui, founder of Mininglamp Technology, stated in the 2025 annual report, "In 2025, the company completed a critical transition—from helping clients 'understand data' to helping clients 'achieve results.' In 2026, our core task is to push our validated Agentic Services delivery capabilities to a larger scale."

Transformation Shows Initial Success as Self-Developed Models Accelerate Positioning in the Agentic AI Track

In 2025, Mininglamp Technology officially added the Agentic Services business segment alongside its original Data Intelligence business segment.

Under the new business segment, Mininglamp Technology reconstructed its technical infrastructure and established the DeepMiner + self-developed model system. In October last year, its Mano model ranked second on the overall OSWorld leaderboard and first on the Mind2Web leaderboard; Cito ranked first in the BFCL small-size model category. DeepMiner has been upgraded to version V2, with 100% of employees connected to the platform, enabling them to independently create and deploy dedicated business Agents.

In 2025, Mininglamp Technology's Agentic Services business segment adopted a performance-based billing model, where clients pay for quantifiable business outcomes, such as the improvement of marketing ROI and the multiplication of content production efficiency.

In marketing scenarios, Mininglamp Technology bridged the entire link from insight planning and multimodal content production to delivery execution, helping clients achieve an average 20% increase in marketing effectiveness with nearly three times the operational efficiency. More than 30% of newly added key accounts came from this business segment, with a key account renewal rate of 96%. In its very first year in 2025, the Agentic Services business segment contributed over RMB 100 million in revenue.

Entering 2026, Mininglamp Technology's transformation has accelerated its implementation.

In May, Mininglamp Technology open-sourced the on-device GUI-VLA model Mano-P (ranking first globally on the OSWorld dedicated model leaderboard) and the inference acceleration framework Cider; it also released its first AI Native hardware, Octic, completing the software-hardware integrated closed loop of "perception-processing-collaboration."

In June, Mininglamp Technology released Mano-CUA-2.0, tailor-made for AI PCs, and launched the Thinking mode, which increased the success rate by 9% in 100 real-device task tests. It signed a strategic cooperation agreement with PATEO Connect+ to extend Agentic AI into the intelligent connected vehicle track; it was invited to attend the inaugural Beijing-Birmingham Technology Week to accelerate its global layout; it officially open-sourced and released Octo—the world's first open-source and trusted Agent collaboration network, positioning itself for the underlying protocol of the "Internet of Agents."

CSC Financial Grants the Company a "Buy" Rating for the First Time

In July 2026, CSC Financial covered Mininglamp Technology for the first time and granted it a "Buy" rating. The firm believes that the company is at a critical period of strategic transformation from traditional data intelligence to Agentic AI, and that its new business, Agentic Services, delivered high growth immediately upon its launch in the second half of last year.

CSC Financial summarized the future growth drivers of Mininglamp Technology's Agentic Services in its research report:

I. Strong Beta: Robust demand for AI, a trillion-RMB market for the corporate AI Agent track, and ample long-term growth space.

II. Scenario Expansion: Agentic Services is currently mainly implemented in marketing scenarios, with potential to expand into scenarios such as e-commerce operations management and content generation like micro-dramas in the future.

III. Launch of New Platforms and Commercial Models: The human-Agent collaboration platform Octo has been launched, which is expected to charge based on token invocations in the future.

IV. Relying on equity and business cooperation with Tencent, deep cooperation in the AI application field is expected to unlock growth space. The firm is optimistic about the company's strategic transformation. Its core advantage in positioning for Agentic AI stems from 20 years of deep industry cultivation that accumulated online and offline multimodal commercial data (Miaozhen Marketing System), coupled with a full set of model technology systems such as the self-developed DeepMiner agent platform.

In addition, CSC Financial pointed out in the research report that Mininglamp Technology's marketing intelligence covers scenarios such as advertising monitoring, social media operations, and private domain traffic management, while its operational intelligence mainly provides digital storefront operation solutions. In 2025, the combined revenue of these two major businesses reached RMB 1.247 billion, accounting for 88% of the total revenue, with a key account retention rate of 85%-93%, covering 135 Fortune Global 500 companies, representing a solid revenue foundation.

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