Over 100 domestic and foreign organizations attended the conference! Guangdong-Gangwan Intelligent Computing (01396) 2026 Interim Results Conference: AI main business launched on a large scale, and the “Super Token Factory” path is clear

Zhitong Finance App learned that on the morning of August 31, 2026, Guangdong Gangwan Intelligent Computing Technology Co., Ltd. (01396) held the 2026 interim results conference. Luo Jieping, chairman of the board of directors and executive director of the company, Huang Zhichen, chief financial officer, and Liang Lina, secretary of the board of directors, attended. The entire network has reached more than 100 institutions and investors, and the number of views has exceeded 65,000. The conference fully communicated the interim results and future strategies. Among the participating institutions were banking institutions such as China Construction Bank, Huaxia Bank, Ping An Bank, and Bank of Beijing, leading brokerage research institutes such as Cathay Pacific Junan, Huatai Securities, Haitong Securities, and Tianfeng Securities, as well as financial institutions such as Penghua Fund, Xinhua Assets, Harmonious Health, and Huaneng Guicheng Trust, as well as industry representatives such as Lenovo, Ruijie Network, Xinhua 3, and Zhongke Shuguang.

Three structural transformations: from a “computing power warehouse” to a “token factory”

At the results meeting, when the management reviewed the questionnaire for the first half of the year, more emphasis was placed on using data to confirm the large-scale implementation results of the main AI computing power business. Operating revenue was 2.56 billion yuan (RMB, same below), up about 1020.9% year on year; net profit was 281 million yuan, five times the net profit for the full year of 2025. The real signal behind the numbers is that the company is already a pure AI computing power company, and its AI business contributes 93.1% of revenue. Management summed up this qualitative change in one sentence: “This is not a low-base effect, but a large-scale implementation.”

The profit logic is just as clear. All profits for the first half of the year came from pure operating profit, excluding any one-time income. Management bluntly stated that the company “has gone from proving that it can make money to the stage of proving that it can make money on a large scale and sustainably.” Behind this is the strong driving force of high-value-added business. The gross margin of AI computing power technology services reached 35.5%, driving the overall gross margin to 22.9%.

The balance and liability structure also points to stability. The company has received more than 50 billion yuan in credit from financial institutions. The weighted average cost of additional financing in the first half of the year was only 3.5%, a sharp drop from the same period last year; strategic investors such as CMB International, Futian Capital, and Boyue Fund have successively invested more than 1 billion yuan. Management said that the increase in the scale of credit grants occurred at the same time as the decline in financing costs, indicating that financial institutions are using real money to price the company's asset quality and cash flow.

Orders are another main line of this press conference. The company's on-hand orders increased from 15 billion yuan at the end of 2025 to over 37 billion yuan at the end of August, an increase of 22 billion yuan in eight months, and the growth rate is still accelerating. Of these, more than 95% are long-term contracts, locking in revenue for the next 3 to 5 years, and more than 95% of new orders during the year include customer advance payment terms. Management stressed that the company adheres to the hard principle of “when signed, it must be delivered”, and its delivery capacity covers the complete chain of procurement, networking, reconfiguration, scheduling, and tuning, so customers prefer to choose an integrated delivery plan.

Anchoring the ten-year boom: closed loop from production to trade, from domestic to global

Facing the future, the company proposed three clear main lines to outline the growth path of the “Token Factory”. Management said that 2026 is regarded by the industry as the first year of AI agents. The computing power required for a single agent can reach 20 to 100 times that of traditional question-and-answer reasoning, and inference demand will be released exponentially; the compound growth rate of China's intelligent computing power from 2023 to 2028 is expected to exceed 46%, and the industry's prosperity is expected to last more than ten years. In this context, the company is relying on the self-developed “quantum power” computing power cloud platform to build a heterogeneous computing power system across regions, chips, and clouds to promote the upgrading of the business model from “billing by card” to “billing by token” and from “computing power supply” to “model as a service (MaaS)”.

Build a “super token factory”. With the official implementation of the “Encourage Exploration of Word Element Trading” policy on July 28, the company signed the “Guangdong-Hong Kong Bay Word Element Base” project with the Hohhot Municipal Government on August 22. It is expected to invest more than 10 billion yuan, plan a network card cluster and computation collaboration demonstration industrial park, and settle in the “East Digital and Western Computing” western core node and Ringer. Relying on the local green electricity usage rate of over 85% and natural cooling sources with an average annual average of about 7℃, the two major continuous costs of electricity and heat dissipation will be reduced to a low level in the industry. At the same time, Tienton Data, a subsidiary of the company, has become one of the first cooperative operators of the Guangdong Token Trading and Service Center, and has initially established a full chain layout of “North Production, South Trading”.

Global development. Deeply involved in the Bay Area and with a global layout, the three major token factory projects in Inner Mongolia and Ringer, Shenzhen Yantian, and Hong Kong's Hetao Cooperation Zone are progressing simultaneously; overseas computing power nodes have already been launched in Southeast Asia and new site planning. In the future, they will use Hong Kong's “super contacts” to accelerate “overseas computing power” and build a global computing power pool in Southeast Asia and Northeast Asia.

Incubate investments accurately. Relying on the platform's real computing power consumption data to gain insight into customer growth, the company has incubated the one-stop AI comic production platform “Smart Weave” to restructure the entire production process with AI, increase efficiency by more than 50%, reduce costs by about 30%, and continue to replicate the “computing power backfeed application, application drives computing power” on more high-value racetracks such as AI biopharmaceuticals, autonomous driving, and physical intelligence.

At the capital level, the company has completed preliminary actions such as inclusion in the MSCI China Small Cap Index, name change, and Hang Seng industry classification adjustments. It is expected to be included in the Hong Kong Stock Connect in the first quarter of 2027. Management anticipates that after implementation, the Southbound Trillion Dollar Fund will reprice the company's computing power assets, and the market will gradually examine the company's value using the logic of a full-stack AI computing power infrastructure service provider. Regarding full-year results, the company stated that it is “very confident that it will maintain relatively rapid growth”. The exact figures are subject to the official announcement.

epilogue

Turning computing power into revenue, revenue into profit, and profit into orders — this performance conference showed the market how an asset-heavy computing power business can become a positive flywheel with continuous value addition. From being deeply involved in data centers for 12 years, to the first-mover advantage of pioneering computing power operations, to complete service capabilities covering head and waist customers, Guangdong-Hong Kong Bay Intelligent Computing already has a “early, big, complete, stable, and multiple” differentiated moat. As the industry's prosperity has been widely favored for more than ten years, the company is steadily moving towards the goal of “Asia's leading third-party independent computing power service provider” with abundant orders, a steady balance sheet, and a clear strategic path.