Hygon Information Technology Co. Ltd. A

As of August 19, 88 companies on the Shanghai Stock Exchange's STAR Market had disclosed their 2026 semi-annual reports, with combined operating revenue of 204.3 billion yuan and net profit of 18.9 billion yuan, up 32% and 154% year on year respectively. Among them, 71 companies were profitable, 51 posted profit growth, and 11 turned losses into gains. The 12 STAR 50 index constituents that have disclosed semi-annual reports recorded combined operating revenue of 117.4 billion yuan and net profit of 9.2 billion yuan, up 25% and 216% year on year, contributing nearly 60% of the board's disclosed revenue and nearly half of its net profit. The domestic computing power ecosystem was the clearest main theme in the first half. SMIC's second-quarter sales revenue reached 3.006 billion US dollars, a record quarterly high, while Hua Hong Semiconductor posted sales revenue of 717.5 million US dollars in the same period, also a record high. Design-side companies such as Cambricon and Hygon Information delivered substantial earnings growth. Innovative drugs and high-end equipment also stood out. BeiGene's first-half net profit attributable to the parent company rose 627.1% year on year, and it raised its full-year total revenue guidance to between 6.6 billion and 6.8 billion US dollars. AVIC UAS saw operating revenue rise 272.48% year on year. At the same time, interim dividends among STAR Market companies increased notably. Since the start of 2026, 86 new share buyback plans have been disclosed, with a combined maximum amount of 11.448 billion yuan, and 29 new shareholding increase plans have been disclosed, with a combined maximum amount of 1.005 billion yuan.

Hygon Information released its 2026 interim report, with net profit attributable to the parent company of 1.798 billion yuan, up 49.69% from the same period last year. Total operating revenue was 9.099 billion yuan, up 66.52% year-on-year, marking five consecutive years of growth. Net cash flow from operating activities was negative 428 million yuan, down 119.64% from the same period last year. The company's latest asset-liability ratio was 19.20%, gross margin was 55.21%, and diluted earnings per share was 0.78 yuan.

On the evening of August 13, multiple listed companies on the Shanghai and Shenzhen stock exchanges released important announcements. Unitree Technology's online investors abandoned subscription for 8,734 shares, which were fully underwritten by the sponsor. Honghe Technology terminated its investment in a project to produce 72 million meters of high-performance electronic-grade fiberglass cloth annually, while also disclosing that first-half net profit grew 334.32% year on year. Longcheer Technology plans to acquire 80% equity in Anruike for 1.12 billion yuan. Bohai Chemical plans to acquire 51% to 80% of shares in Gerui New Materials to enter the modified plastics sector. Joyson Electronics' controlling subsidiary plans to introduce a total capital increase of 1.5 billion yuan from Xingyin Investment and Zhongyou Investment. SMIC reported second-quarter sales revenue of 3 billion US dollars, up 20% quarter on quarter. Hygon Information Technology posted first-half net profit of 1.798 billion yuan, up 49.69% year on year. China Mobile reported first-half net profit of 78.934 billion yuan, down 6.3% year on year, and plans to distribute 25.1 yuan per 10 shares. G-bits Network Technology saw first-half net profit rise 69.31% year on year and plans to distribute 100 yuan per 10 shares. Xiechuang Data Technology's preliminary results showed first-half net profit of 1.863 billion yuan, up 331.11% year on year. Gao Neng Environment and its subsidiary jointly secured a 500 million yuan solid waste treatment project in Vietnam. Jifeng Auto Parts received a nomination for a passenger car seat assembly project, with an estimated total life-cycle value of 2.12 billion yuan.

On the evening of August 13, several A-share companies disclosed important announcements. G-bits reported first-half 2026 operating revenue of 3.727 billion yuan, up 48.01% year on year, with net profit attributable to shareholders of the listed company at 1.092 billion yuan, up 69.31% year on year. The company also plans to distribute a cash dividend of 100 yuan for every 10 shares to all shareholders, with total dividends expected to reach 718 million yuan. Ruixin Technology announced the termination of a major asset restructuring originally intended to acquire a 51% stake in Wuhu Deheng Automotive Equipment Co., Ltd., citing adverse changes in the target company's future profitability due to the market environment. Zhongji Innolight plans to acquire a 10.47% stake in Zhongshi Technology for 1.747 billion yuan, at a transaction price of 55.7 yuan per share. The company said Zhongshi Technology's high-performance thermal conductive materials and EMI shielding materials business will create synergies with its own high-end optical module business. In addition, Hygon Information's first-half net profit rose 49.69% year on year, Honghe Technology's net profit rose 334.32%, and Jianyuan Trust's net profit rose 2559.08%.

Tellhow Software, an associate of Tellhow Technology, recently signed a strategic cooperation agreement with Hygon Information. The two sides held in-depth discussions on topics such as the deployment of domestic computing power in the energy industry, technical cooperation, and ecosystem collaboration. They will fully explore innovative paths for the deep integration of domestic computing power and energy business, and jointly build autonomous, controllable, secure, and reliable digital energy solutions.

On the afternoon of July 24, A-share computing power chip concept stocks rebounded in volatile trading. Meishi Technology hit its daily limit up in a straight line, while PNC Process Systems and Tongfu Microelectronics also sealed their boards. ASR Microelectronics rose over 10%. In terms of news, during the 2026 World Artificial Intelligence Conference, the first domestic TPU thousand-card intelligent computing cluster in East China was officially inaugurated in Hangzhou. Jointly built by Hangzhou Telecom, ZTE, and Zhonghao Xinying, this cluster is the first large-scale domestic TPU cluster deployment project within the China Telecom system, marking the entry of domestic TPUs into the carrier-grade scale deployment stage. A research note from Guolian Minsheng Securities pointed out that the shipment share of domestic AI chips has exceeded 40%, with product matrices from manufacturers such as Huawei Ascend and Cambricon continuing to improve, while cloud vendors are simultaneously accelerating their self-developed ASIC layouts. A research report from China Merchants Securities showed that first-quarter 2026 revenues for Hygon Information Technology, Cambricon, Moore Threads, Muxi, and VeriSilicon grew by 68%, 160%, 155%, 75%, and 114% year-on-year, respectively. Moore Threads disclosed a major commercial contract worth 660 million yuan, and as of the end of April, VeriSilicon's new order scale reached 8.2 billion yuan. Sinolink Securities believes that industry fundamentals are sound, and in the third quarter, Nvidia Rubin, AMD MI450, and others will ship in large volumes, with leading companies in the global AI industry chain likely to continue exceeding performance expectations.

Qi-AnXin and Hygon Information have officially signed a strategic cooperation agreement, embarking on deep business collaboration across three major areas: computing resources, AI security cloud applications, and AI security integrated appliances. The two companies will leverage Hygon's DCU Deep Computing series of domestic computing power to fully empower the training and inference of Qi-AnXin's QAX-GPT security large model, and introduce a Security Token delivery paradigm to achieve high-level security protection and on-demand delivery of computing resources. In addition, the two sides will jointly develop multiple versions of AI security integrated appliances, using an integrated software-hardware and computing-network convergence model to build a self-controllable dual digital foundation of computing power and security for government, enterprise, Xinchuang, and critical information infrastructure clients.

Haiguang Information issued a performance forecast, expecting first-half 2026 revenue of 8.5 billion to 9.3 billion yuan, a year-on-year increase of 55.56% to 70.20%; net profit attributable to the parent of 1.7 billion to 1.83 billion yuan, a year-on-year increase of 41.50% to 52.32%; and net profit attributable to the parent after deducting non-recurring items of 1.51 billion to 1.7 billion yuan, a year-on-year increase of 38.53% to 55.96%. The company said that by continuously optimizing its CPU plus DCU business layout and maintaining high-intensity R&D investment, it has retained a leading domestic market position and driven rapid performance growth. The previously disclosed first-quarter report showed that the company achieved revenue of 4.034 billion yuan and net profit attributable to the parent of 687 million yuan in the first quarter of 2026.

Haiguang Information issued an earnings forecast, expecting net profit attributable to owners of the parent for the first half of 2026 to be between 1.7 billion and 1.83 billion yuan, a year-on-year increase of 41.50% to 52.32%. The company stated that driven by the accelerating iteration of large AI models, the large-scale deployment of AI agent applications, and the progress of domestic substitution moving toward commercial application, it continues to increase R&D investment and iteratively optimize product performance, promoting the expansion of its high-end processor product market footprint, achieving rapid revenue growth and sustained overall performance improvement. Among this, second-quarter net profit is expected to be between 1.013 billion and 1.143 billion yuan, a quarter-on-quarter increase of 47% to 66%.