Revenue and net profit soared - why did Guangdong-Hong Kong Bay Intelligence (01396) become the “Chinese version of Nebius+ CoreWeave”

As stock prices advanced by leaps and bounds in August, Nebius and CoreWeave — two overseas computing power leasing giants — confirmed to Global Capital with their bursting second-quarter reports: AI computing power is not a story; it's cash flow being cashed out on a large scale.

The annualized value (ACV) of Nebius's new contracts soared to $20 million to $25 million, and about 70% of new contracts included customer advance payments, which could cover 50% to 60% of capital expenses, while CoreWeave's backlog of orders reached US$104 billion.

When global capital is frantically revalued as the “North American rent calculation model,” a highly competitive name in the Hong Kong stock market should not be overlooked — Guangdong-Hong Kong Bay Intelligence (01396). However, the 2026 interim report that the company just handed over is just an answer questionnaire that can be measured using the Nebius+CoreWeave scale.

10-fold increase in revenue in 2026

In the first half of 2026, Guangdong-Hong Kong Bay Intelligent Computing achieved revenue of about RMB 2.56 billion, a surge of 1020.9% over the same period last year, and achieved a leapfrog increase of more than ten times. Among them, the AI business contributed about 2.38 billion yuan in revenue, accounting for 93.1% of total revenue.

The core profit data is also impressive: 2026H1 net profit is about 280 million yuan, all of which are pure operating profits, 5 times the net profit for the full year of 2025 (56.067 million yuan); of these, the core AI computing power technology service revenue is about 1.52 billion yuan, and the gross margin is as high as 35.5%.

Put this gross margin in the global coordinate system: Nebius 2026Q2 adjusted EBITDA margin increased to 41%, and CoreWeave adjusted EBITDA margin reached 59%. Guangdong-Hong Kong Bay has calculated the 35.5% gross profit margin of the AI computing power business, which has significantly surpassed the profit level of 15% to 20% of traditional IDC cabinet leasing, and is moving towards the Neocloud (new cloud) unit economic zone. This is the fundamental reason why the market is willing to give it a “computing power platform premium” rather than an “infrastructure discount.”

If revenue and profit are in the “present moment,” then on-hand orders are “a cash flow map for the next 3-5 years.” As of the results announcement date, the total amount of AI computing power orders currently being processed by Guangdong-Hong Kong Bay Intelligent Computing exceeded 37 billion yuan, of which the amount of completed billing orders exceeded 20 billion yuan.

What is more noteworthy is the structural quality: from the beginning of 2026 to the announcement date, more than 22 billion yuan of new intended orders were added, and more than 95% included customer advance payment terms; customers covered telecom operators, major internet companies, hardware technology companies, big model companies, AIGC, autonomous driving and leading vertical users in various industries, and there were more than 200 enterprise-level customers.

This order structure is highly similar to the “pre-order, capacity follow-up” growth paradigm that Nebius/CoreWeave is interpreting — customers are willing to use advance payments to lock in scarce computing power, which not only verifies supply shortages, but also significantly improves the operating cash flow of service providers, reduces pressure on capital expenses, and reduces dependence on interest-bearing liabilities.

Guangdong-Hong Kong Bay Intelligent Computing's computing power delivery capacity also ranked first: as of the announcement date, the FP16 dense AI computing power scale that had been delivered and operated exceeded 50,000 PFLOPS, the number of high-power cabinets exceeded 10,000, and the cabinet availability rate remained above 95% for a long time. Judging from the transition speed of “42,000 P (end of 2025) to 50,000 P (2026 interim report)”, the company's “signing-delivery-billing” flywheel is spinning at an accelerated pace.

More than 1 billion state-owned shares have been invested, and the Hong Kong Stock Connect is getting closer

However, heavy asset expansion is a double-edged sword. In the first half of 2026, the company purchased AI computing power infrastructure equipment and expanded production capacity, adding interest-bearing liabilities.

As of June 30, the total loans of banks and other financial institutions were about 5.20 billion yuan, an increase of 1.97 billion yuan from 3.23 billion yuan at the end of 2025; the balance ratio increased from 68.5% to 73.4%.

But there are two details that make this leverage less worrisome:

First, financing costs did not rise but fell. The weighted average interest rate for new loans in 2026 was only 3.5%, and the minimum loan interest rate was 1.9%, compared to 5.45% for the same period in 2025. This is due to the cumulative strategic investment of more than 1 billion yuan in state-owned assets such as CMB International, Futian Capital, and Boyue Fund, and the motivation for total credit grants from financial institutions to exceed 40 billion yuan;

Second, the advance payment model hedges external financing dependency. 95% of long-term contracts include customer advance payments, which is completely consistent with Nebius' logic that “advance payments cover 50% to 60% of capital expenses” — in the supply shortage cycle, customers use real money to “advance capital” for service providers.

Third, at present, the company has received more than 40 billion yuan in credit, cash reserves of 1.06 billion yuan, and abundant cash flow.

The real observation point is: Can 37 billion orders be converted into billing and cash flow at the pace in the next 12-18 months? How will depreciation erode profit margins after financial leasing equipment is recorded on a large scale for a 62-month lease period? This is the “deliverability” that Guangdong-Hong Kong Bay Intelligent Computing must continuously prove to the market.

The path to liquidity revaluation is equally clear.

In February 2026, the company was officially included in the MSCI China Small Cap Index; it was then officially transferred to the Internet service and infrastructure sector by Hang Seng Index (formerly “real estate developer”). The current market value of HK$17.4 billion has significantly surpassed the Hong Kong Stock Connect entry threshold of about HK$10.3 billion for small-cap stocks. The market is expected to be officially included in the Hong Kong Stock Connect during the semi-annual adjustment in March 2027.

This means that the cumulative net inflow of southbound capital of over HK$5 trillion will open up a direct allocation channel for it. When “trillions of southbound capital are priced for computing power” meets “the target market value of HK$17.4 billion,” the flexible space is self-evident.

From a “computing power warehouse” to a “token gigafactory”

What really distinguishes Guangdong-Hong Kong Bay Intelligent Computing from ordinary computing power lessors is the forward-looking nature of its strategic card position.

The company clearly proposed the triple layout of moving from a “computing power warehouse” to a “token factory”:

On the production side, in August 2026, the Hohhot Municipal Government signed a contract with the Hohhot Municipal Government to establish a core node for “East Digital and Western Computing” in the west, with an investment of over 10 billion yuan. Relying on the local green electricity usage rate of over 85% and an average annual natural cooling source of 7℃, the two major sustainable costs of electricity and heat dissipation were brought to a low level in the industry;

On the trading side, its Tiantun Data Group has become one of the first cooperating operators of the “Guangdong Token Trading and Service Center”, releasing key aspects of circulation rules such as card slot access, matching, measurement, settlement, and compliance;

On the platform side, the self-developed “quantum power” computing power scheduling platform enables heterogeneous computing power scheduling across regions, chips, and cloud environments. It has served more than 3,000 operator-as-a-service (OPC) and individual customers, promoting the upgrading of the business model from “per-card billing” to “per-token billing” and from “computing power supply” to “model-as-a-service (MaaS)”. Combined with the incubation of the “Smart Weave” AI comic production platform (efficiency increased by 50% and cost reduced by 30%), the company's “computing power feeds back application, application drives computing power” two-wheel flywheel has begun to spin.

Back to investors' core concerns — is Guangdong-Hong Kong Bay Intelligent Computing worth putting in optional stocks?

Three buying observations have surfaced: the Hong Kong Stock Main Board is extremely scarce; the company took the lead in completing the “infrastructure → intelligent calculation” attribute switch, MSCI+ Hang Seng IT industry dual certification; 2026H1 revenue transition tenfold, net profit of 280 million, AI business accounting for 93.1%, gross profit margin 35.5%. Financial data has passed the Nebius/CoreWeave “order-delivery-profit” paradigm; MSCI was included first, and the Hong Kong Stock Exchange expected to form a clear valuation catalyst in March 2027.

epilogue

Nebius/CoreWeave's sharp rise on August 12 is essentially global capital's collective confirmation of the “AI computing power is an asset” pricing rule — long-term price-locked contract reserves determine revenue certainty, power capacity and GPU cluster size determine asset barriers, and order conversion speed determines the growth engine.

The 2026 interim report of Guangdong-Hong Kong Bay Intelligent Computing is the first complete questionnaire handed over by companies in the Bay Area under this global pricing coordinate system: 2.56 billion in revenue, 280 million net profit, 37 billion orders, 50,000 P computing power, 35.5% gross margin — every figure is announcing to the market. It is not a concept stock, but a computing power asset that is being realized.

When overseas peers are frantically chased by capital in US stocks, Guangdong-Hong Kong Bay intelligently calculates a market value of HK$17.4 billion, more like an “option” whose liquidity is temporarily underestimated. The opening of Hong Kong Stock Connect in 2027 is probably the starting point for exercising this option. For investors, instead of taking over at a high level of A-share computing power, it is better to spend a little more time studying Hong Kong stocks, a new species of underestimated Bay Area computing power — it may be one of the core targets of the next round of southbound capital revaluation.