Hard Egg Innovation (00400) has officially landed a token order of over 1 billion US dollars! Five-year contracts lock in second growth curve

The Zhitong Finance App learned that on the evening of August 24, Hard Egg Innovation (00400) issued a voluntary business progress announcement announcing that the AI Token factory intended service order previously disclosed had officially signed a service contract. According to the agreement, the Group expects to receive a total of more than 1 billion US dollars in service fee revenue over the next five years, and delivery of related services will officially commence in the fourth quarter of 2026. This is a key milestone in the company's strategic upgrade from an AI chip hardware supplier to a vertical token factory operator. It marks the full transition of the second growth curve from strategic planning to implementation and implementation.

The implementation of this formal contract took just over a month until the intended order was disclosed in mid-July. The pace of progress far exceeded market expectations, fully confirming the commercial viability of the Token computing power operation model and the urgency of market demand. According to the announcement, Hard Egg Innovation is speeding up the construction of a global computing power network. It plans to expand the computing power center layout to many Asian countries in the near future, and the overall planned total computing power scale exceeds 100 megawatts. Through the Token computing power scheduling platform, the Group will provide customers with integrated services such as computing power scheduling, cluster operation and maintenance, and token computing power output. Customers cover the two core groups of first-tier Internet cloud service providers and the vertical robot market.

Looking at the business model, Hardegg Innovation's Token factory has embarked on a differentiated asset-light path. Unlike the traditional model of IDC companies building their own computer rooms, the company uses a dual-track deployment strategy of “own computing power clusters + third-party computing power centers at home and abroad”. Relying on its own deep accumulation of AI chip supply chain, software and hardware collaboration, and downstream customer resources, the company entered the computing power operation circuit in an asset-light manner. This model not only fully reuses the company's industrial chain capabilities for many years, but also avoids the financial pressure of asset-heavy expansion, and can quickly respond to the inference and computing power needs of different vertical scenarios.

This layout fits perfectly with the current core transformation direction of the AI industry. As the focus of the global AI industry shifts from the training side to the reasoning side, Token has evolved from a single technical indicator to a core carrier for computing power value measurement, cost accounting, and ecological collaboration. The measurable and divisible computing power operating model is becoming the new main line of industry growth. Hard Egg Innovation leverages the trifecta of upstream original factory resources, midstream technical service capabilities, and downstream customer ecology to transform traditional disposable hardware delivery capabilities into continuous computing power operation service capabilities, effectively opening up the ceiling for long-term growth.

Behind the accelerated breakthroughs in new businesses is the strong growth of the company's traditional basic market as solid support. In the first quarter of 2026, the company achieved revenue of about 6.034 billion yuan, a year-on-year increase of 125.6%; operating profit was about 208 million yuan, an increase of 51% over the previous year. The growth was mainly driven by the continuous release of demand for the three booming circuits of AI data centers, storage and robotics. The full-stack AI chip service capabilities and customer resources covering more than 100 industries are not only the core driving force for the company's current performance, but also the core motivation for the rapid expansion of the Token factory business and rapid customer acquisition.

From a market perspective, the value of the signing of this formal contract is far more than the 10 billion order itself, but also completed the commercial verification of the transformation model. The traditional chip distribution business is mainly based on one-time hardware delivery, and revenue flexibility and valuation ceilings are relatively limited; while the Token factory business is centered on continuous service revenue and computing power, it has stronger cash flow stability and higher business barriers. As subsequent computing power nodes are gradually implemented and service delivery continues to advance, the company's revenue structure will continue to be optimized, and the valuation system is expected to gradually switch from traditional distribution logic to technology operation service logic.

At the same time, the announcement indicated that actual revenue recognition will depend on the progress of implementation of the service agreement and actual business development. Overall, the official implementation of the $1 billion five-year order has injected strong certainty into the medium- to long-term growth of Hard Egg Innovation. In an industrial wave where demand for AI inference continues to explode, the company has both high basic market growth and high flexibility in new business, and its industrial value is expected to continue to be re-evaluated by the market.