Transwarp Technology (Shanghai) (688031) investor relations material

Executive summary

• H1 2026 revenue was RMB 17,359.74万元, up 13.83% YoY; net loss narrowed to RMB 11,283.71万元 from RMB 14,294.51万元.

• Continued investment in AI and big-data infrastructure, product commercialization and market expansion supported growth, while revenue scale remained insufficient to cover operating costs and expenses.

• Strategic focus broadened from digital infrastructure to AI infrastructure, integrating data platforms, GPU-native databases, model operations and enterprise AI agents.

Financial highlights

• Revenue: RMB 17,359.74万元, up 13.83% YoY; operating costs rose 10.83% to RMB 9,180.90万元.

• Net loss attributable to shareholders: RMB 11,283.71万元; excluding non-recurring items, net loss was RMB 14,338.66万元, narrowing 8.23% YoY.

• Selling, administrative and R&D expenses fell 9.89%, 14.98% and 2.55% YoY, respectively; financial expense rose 131.16%, mainly from FX losses at overseas subsidiaries.

• Operating cash flow was negative RMB 15,585.53万元 versus negative RMB 13,277.67万元; lower customer collections and slower government subsidy and VAT refund receipts weighed on inflows.

• Total assets were RMB 103,767.17万元, down 11.92% from year-end; attributable net assets were RMB 74,967.48万元, down 13.08%.

Outlook and guidance

• Continued R&D innovation, product commercialization and market-share expansion remain priorities; management cited rising demand for AI underlying data as a growth driver.

• Cost controls, process refinement and resource-efficiency improvements are intended to reduce operating pressure, while sustained R&D and sales investment remains part of the growth strategy.

• No quantified financial guidance was stated; future growth and the timing of profitability remain exposed to market demand, competition and execution.