Manycore Tech (68) investor relations material

Executive summary

• Revenue for the six months ended June 30, 2026, reached RMB405.0 million, up 1.5% year-over-year, with gross profit at RMB336.0 million and gross margin improving to 83.0%.

• Adjusted net profit (non-IFRS) surged 210.9% year-over-year to RMB55.4 million, while reported net loss narrowed to RMB145.8 million from RMB226.1 million.

• Growth was driven by improved cost control, operational efficiency, and expansion in both domestic and overseas markets.

• The company completed its Hong Kong listing in April 2026, converting all preferred shares to ordinary shares and raising RMB1.17 billion in net proceeds.

• Launched new AI products including Lux 3D, LuxReal, and Aholo, expanding spatial intelligence offerings.

Financial highlights

• Gross margin rose to 83.0% from 82.1% year-over-year, with gross profit at RMB336.0 million.

• Subscription revenue grew 0.8% to RMB393.2 million; professional services revenue rose 29.3% to RMB11.8 million.

• Overseas revenue increased 11% year-over-year to RMB36.9 million.

• Capital expenditures reached RMB27.6 million, up 124% year-over-year, reflecting investment in GPU infrastructure.

• Adjusted net profit (non-IFRS) was RMB55.4 million, up from RMB17.8 million year-over-year.

Outlook and guidance

• Strategic focus for H2 2026 includes advancing 3D reconstruction, iterating world models, and commercializing new AI applications.

• Plans to enrich 3D digital assets and expand adoption of spatial intelligence across industries such as design, media, agent training, and gaming.

• Continued investment in compute resources and top-tier engineering talent to support model training and inference.

• Expectation of recurring revenue growth as model-as-a-service (MaaS) offerings mature.

• Focus on achieving SOTA (state-of-the-art) model capabilities to secure long-term market position.