For the first time, Galaxy Securities gave Shangtang Technology (00020) room to “increase” the target price of HK$3.18 by 47%

The Zhitong Finance App learned that on January 6, the stock price of Shangtang Technology (00020) experienced a strong rise, hitting an intraday high of HK$2.40, an increase of 7.14%. As of the midday closing session, the market was reported at HK$2.40, with a turnover of HK$1,662 million and a trading volume of 705 million shares.

This sharp rise in stock prices is no accident. It has not only benefited from short-term “robotics and AI” concept sector catalysis, but has also relied on Shangtang Technology's long-term fundamental improvements and resonance with industry logic, superimposed financial and emotional support from institutional ratings endorsements and increased trading volume, making it the focus of the AI sector of Hong Kong stocks.

Earlier, Galaxy Securities released its first research report covering Shangtang Technology. The report stated that the target price of HK$3.18 was given, with room for a 47% increase compared to the closing price of HK$2.16 on December 10, 2025.

At the same time, multiple benefits have further boosted the strengthening of stock prices. Recently, Shangtang launched the “Product Launch Week”, which successively launched a variety of new products and applications based on its new Japanese multi-modal model. This includes Seko 2.0, the industry's first multi-series generation smart device that can simultaneously complete creation and orchestration. On the day the product was released, the domestic AI chip Cambrian had completed the Day0 adaptation to the Japan-Nissin Seko series model developed by Shangtang Self-Research. Also unveiled at the same time were Little Raccoon 3.0, an AI assistant for office scenarios, Ruying Marketing Intelligence built specifically for e-commerce operations, and a series of AI products such as the Daxiao robot and the Kapi family, further enriching its application ecosystem.

Galaxy Securities predicts that the compound growth rate of Shangtang will reach 30% in the future and is expected to be profitable in 2027

As one of the top three LLM application markets in China, Shangtang has built a full-stack service system covering AI infrastructure, multi-modal models, and industry-customized applications. Generative AI business revenue share soared to 77% of the Group in the first half of 2025, becoming the core growth engine.

The research report predicts that in the 2024-2027 fiscal year, the compound annual growth rate of Shangtang's revenue will reach 30%, from 3.8 billion yuan to 8.3 billion yuan, and is expected to achieve profit in 2027. Behind this judgment is the positive value of the “1+X” strategy — through independent market-based operation of innovative businesses such as autonomous driving, physical intelligence, home robotics, and smart medical care, Shangtang not only concentrates resources to attack the core business of generative AI, but also nurtures a second growth curve through independent financing, and continues to optimize operational efficiency and financial structure. According to Sullivan's “2025 H1 China Full-Stack AI Cloud Service Market Report”, Shangtang's full-stack AI cloud service has steadily ranked first among native AI cloud vendors. Together, these hard powers form the core logic that organizations are optimistic about.

Double breakthrough in new product matrix+technology collaboration to consolidate the foundation for growth

Galaxy Securities's positive expectations were quickly confirmed. During the 2025 product launch week, Shangtang launched a variety of pioneering and practical AI products one after another, making simultaneous efforts in product innovation and technology collaboration.

At the product level, Shangtang focused on releasing a variety of new products to accurately solve the “high energy consumption and difficult to implement” pain points in the industry: the new Seko 2.0 achieves three major functional upgrades, the UI is fully upgraded to create an immersive creative experience, supports the continuous creation of multiple series within 100 episodes, and uses an intelligent agent scheduling system to achieve flexible relationships between characters, scenes, and props; the AI office intelligence Little Raccoon 3.0 completed three major transitions in delivery, understanding, and workflow, from generating “drafts” to delivering “results”, from responding to “instructions” to “understanding tasks”, from “single tool” To integration” “Workflow”, 95% + accuracy adapts to enterprise-level scenarios; for example, the film marketing intelligence covers the entire e-commerce chain operation, achieving remarkable results such as improving the efficiency of store operations by 20 times and speeding up live streaming operations by 6 times.

Furthermore, as the industry's first native multi-modal architecture, the open source multi-modal NEO architecture requires only 390 million training data of 1/10 of similar models to level the top performance; the application-layer Sekotalk technology has enabled the creation of hundreds of thousands of content titles with an industry-leading performance with a generation speed of 25 fps and a 3.5-second first frame delay, which has enabled hundreds of thousands of content creations, and has been played more than 20 million times, fully demonstrating the technical hard power and commercial implementation capabilities.

The release of Shangtang Technology's new products was an important impetus for valuation restoration, and Galaxy Securities gave HK$3.18 47% room to increase

This technological collaboration breakthrough and concentrated launch of new products is not only a demonstration of Shangtang's technological achievements, but also a key point for it to fulfill market expectations, providing short-term catalysts for the 47% increase space given by the Galaxy Securities Research Report. Galaxy Securities pointed out that at present, Shangtang Technology's corporate value/sales valuation for the 2026 fiscal year is 13 times, close to the 3-year average. It does not fully reflect GenAI's growth potential, and the launch of new products will be an important driving force for valuation restoration.

Continued breakthroughs in technological innovation, a clear path of strategic focus, and positive ratings at the capital level have a resonance effect. In the AI industry's transformation from “parameter competition” to “value creation,” Shangtang's full-stack layout, pragmatic product logic, and efficient strategy execution are expected to continue to fulfill its growth potential.