Shanghai Able Digital Science&Tech (2687) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 19.1% YoY to RMB327.942m; gross profit increased 28.0% to RMB165.363m, while net loss widened 17.6% to RMB116.414m.

• Orders on hand reached RMB505.4m, up 34.7%; 1,266 customers were served, including 33 lighthouse customers, and high-value customers contributed 33.3% of revenue versus 29.0%.

Financial highlights

• Operating loss widened to RMB140.542m from RMB126.656m; basic and diluted loss per share was RMB1.75 versus RMB1.65.

• Cost of sales rose 11.2% to RMB162.6m and distribution and selling expenses rose 19.9% to RMB137.9m; G&A fell 29.4% to RMB28.6m, primarily due to lower one-time listing fees.

• Net cash used in operating activities increased to RMB364.2m from RMB258.0m; cash and cash equivalents were RMB247.3m at 30 June 2026 versus RMB407.8m at FY2025 year-end.

Outlook and guidance

• H2 receivable collections are expected to support cash inflows and ease working-capital pressure; project delivery and acceptance, with associated revenue recognition, are seasonally weighted to H2.

• Plans include sustained AI investment and R&D, expanded computing capacity and multimodal infrastructure, and continued development of Polymas, data platforms, physical AI simulations and multi-agent products.

• Priorities include expanding university and high-value customer coverage, cross-selling knowledge graphs, agents and virtual laboratories, deepening cloud-provider partnerships and pursuing overseas deployments.