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BAIGE DIGITAL (02672) jumped more than 29% in morning trading, reaching a high of HK$99.40, a new listing high. Since September 10, the stock has accumulated gains of 200%. As of press time, the share price is up 29.24%, now quoted at HK$99, with a turnover of HK$84.8307 million.
BAIGE DIGITAL recently disclosed that in the first three quarters of this year, the company's MaaS service revenue was approximately RMB 62.1 million, representing a year-on-year increase of about 730.4%; third-quarter MaaS service revenue was approximately RMB 25.6 million, up about 29.33% quarter-on-quarter, further validating the commercial viability of the company's AI risk control decision-making large model technology output strategy. This growth was driven by customers' continued reuse of the company's MaaS services and its promotion and use within their internal sub-organizations.
Kaipan Securities research report pointed out that the base business provides support, digitalization is scaling up, and MaaS determines valuation elasticity. The company's transaction services contribute stable cash flow and data assets; digital solutions are advancing along the path of "project accumulation—standardization—modeling"; MaaS is billed by call volume, with marginal costs approaching zero, and revenue has compounding characteristics. It is expected that the MaaS revenue share will rise from 6.1% in 2026E to 39.4% in 2028E, driving simultaneous upgrading of the revenue structure and profit structure.
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