Ingdan Inc (400) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 98.4% YoY to RMB13,249.2m; net profit increased 96.3% to RMB373.0m and attributable profit rose 111.1% to RMB278.9m.

• Robust chip demand across AIDC, memory and robotics supported growth; gross margin contracted to 6.0% from 8.8% as large-customer sales carried lower margins.

• Strategy spans AI chip solutions and computing infrastructure, shifting from hardware distribution toward recurring Token Factory computing-power services; contracts target over US$1bn in five-year fees.

Financial highlights

• Revenue was RMB13,249.2m, up 98.4% YoY; gross profit reached RMB799.7m, up 36.5%, and operating profit was RMB517.2m, up 87.7%.

• Net profit was RMB373.0m, up 96.3%; attributable profit was RMB278.9m, up 111.1%; basic and diluted EPS were both RMB0.172.

• Revenue mix was technical solutions 43.1%, distribution 56.6% and proprietary products 0.3%; product and component sales contributed RMB13,231.0m, with RMB18.2m financing interest income.

• Cost of sales increased 104.4% to RMB12,449.4m; profit before tax was RMB461.9m versus RMB218.6m in H1 2025.

Outlook and guidance

• Token Factory contracts target aggregate service fees above US$1bn over five years, with delivery and services expected to begin in Q4 2026.

• Planned computing capacity exceeds 100 MW, using owned clusters and domestic and overseas third-party centers; expansion across multiple Asian countries is planned.

• Strategy targets a shift from AI hardware distribution to recurring computing-power services, with AI computing power, memory and embodied intelligence/robotics as growth engines.

• AI server and research-computing offerings will initially target universities, medical schools and research institutions, with broader enterprise expansion planned over time.