Haiqing Zhiyuan (01392) went public with an amazing “debut”: revenue surged 84.5%, and the big model business soared 382.5%

The Zhitong Finance App learned that on August 28, the “first physical AI stock” Haiqing Zhiyuan (01392) published its first semi-annual report after listing. Under the steady expansion of the big model service business, the company's revenue increased dramatically, achieving revenue of RMB 411 million, a year-on-year increase of 84.5%. Management pointed out that it will continue to focus on the three core evolutionary dimensions of terminal hardware optimization, cloud collaboration acceleration, and technology center iteration to build strong technical barriers. Furthermore, the pace of “entry” of the company is accelerating, and incremental capital is expected to catalyze a revaluation of the company's value and open up upward space.

High performance and rapid progress, big model service became the main engine

Financial reports show that for the six months ended June 30, 2026, Haiqing Zhiyuan achieved revenue of RMB 410 million, a sharp increase of 84.5% over the previous year. The core driving force behind the blowout in revenue comes from the explosive growth of the multispectral AI large model service business. This revenue soared 382.5% year over year to 320 million yuan, accounting for 78% of total revenue. Excluding the impact of one-time expenses related to listing fees and share-based payment expenses, the company's adjusted net profit for the first half of the year was RMB 27.6 million, achieving a positive increase of 21.9% over the previous year, and the profit level of the main business maintained a good growth trend.

Management: Focus on R&D, expand ecology, and consolidate industry barriers

Management unleashed clear strategic signals in interpreting performance. The company continues to cultivate high-value scenarios such as IDC data centers, power systems, and energy facilities. In the first half of the year, it successfully obtained large-scale model deployment orders from Shanghai state-owned enterprises and Shenzhen listed companies, further strengthening its in-depth service capabilities in the IDC field.

On the R&D side, R&D investment in the first half of the year reached 35.1 million yuan, an increase of 125.3% over the previous year, and the R&D team accounted for 43.1%. At the same time, Haiqing Zhiyuan has released major technical catalysts: it has completed the migration of large models to the NVIDIA Jetson end-side platform, getting rid of dependency on high-performance servers, drastically reducing customer deployment costs, and opening up market space for standardized products for small and medium-sized customers.

Incorporated into the Hang Seng Composite Index, the “entry” expectation opens up valuation space

It is worth the market's close attention. Hang Seng Index previously announced that Haiqing Zhiyuan has been included in the Hang Seng Composite Index, and the relevant changes will officially take effect on September 7. Since the company has met a series of criteria such as market value and liquidity, it is expected that it will be transferred to the scope of the Hong Kong Stock Exchange Standard in the future. Inclusion in the Hong Kong Stock Connect is expected to significantly broaden the company's investor base and introduce southbound incremental capital, which is expected to catalyze a revaluation of the company's value.