国盛证券此前发布研报称，AI浪潮下，算力需求及配套软件服务需求不断提升，公司掌握稀缺算力资 源渠道，打造芯-端-云产业链闭环布局，AI需求旺盛，公司Jetson等系列产品线逐步放量，预计2025- 2027年公司实现营收133.6/200.3/270.8亿元，实现归母净利润2.5/3.8/5.0亿元，看好公司后续数据资源、 算力芯片资源转化及自研产品放量，且具备估值优势，维持"买入"评级。 消息面上，硬蛋创新此前发布公告，2025年第三季度，集团继续受惠于AI算力的庞大需求，期内收益 约人民币33.321亿元，同比增加约22.1%；经营溢利约为人民币1.279亿元，同比增长约34.7%。2025年 前三个月，集团收益约人民币100.086亿元，同比增加约42.0%；经营溢利约为人民币4.035亿元，同比 增长约24.8%。 智通财经APP获悉，硬蛋创新(00400)早盘涨超7%，截至发稿，涨7.2%，报2.83港元，成交额1893.06万 港元。 ...

Core Insights - The company reported a strong performance in Q3 2025, with total revenue exceeding 10 billion yuan, representing a year-on-year growth of 42% [1] - Operating profit reached approximately 400 million yuan, indicating a significant enhancement in profitability [1] - The growth is primarily driven by robust demand in the AI computing supply chain business and accelerated commercialization of self-developed products, particularly the System on Module (SOM) [1] Business Performance - The company is a key supplier in the AI computing supply chain, collaborating deeply with renowned chip manufacturers such as NVIDIA, Xilinx, Intel, AMD, Sandisk, and Microsoft [1] - It has achieved notable results in two core business areas: "AI infrastructure" and "AI intelligent terminals," providing high-performance GPU cluster solutions to leading internet companies like Meituan and participating in national computing infrastructure projects [1] - The company is also expanding into high-growth sectors such as humanoid robots and autonomous driving, offering customized AI solutions at the edge [1] Self-Developed Products - The self-developed SOM products have been successfully implemented in high-standard scenarios such as customs and banks, achieving mass delivery [2] - This success reflects the company's technical integration capabilities and an upgrade in its business model [2] - The company plans to continue iterating and upgrading its SOM product matrix around the next generation of AI core chips, positioning it as a core pillar for future growth [2]

Core Viewpoint - The company continues to benefit from the strong demand for AI computing power, reporting significant revenue and profit growth in the third quarter of 2025 compared to the same period in 2024 [1] Financial Performance - For the three months ending September 30, 2025, the company's revenue reached approximately RMB 3.332 billion, an increase of about 22.1% from RMB 2.729 billion in the same period of 2024 [1] - Operating profit for the same period was approximately RMB 128 million, reflecting a year-on-year growth of about 34.7% [1] - For the nine months ending September 30, 2025, revenue was approximately RMB 10.009 billion, up about 42.0% from RMB 7.05 billion in 2024 [1] - Operating profit for the nine-month period was approximately RMB 403.5 million, representing a year-on-year increase of about 24.8% [1] Business Development Highlights - The company provided advanced solutions for Meituan to build a high-performance GPU cluster, utilizing Leaf-Spine architecture and InfiniBand technology to ensure high bandwidth, low latency, and scalability [2] - The cloud AI infrastructure integrates advanced CPU, GPU, and 100G-400G network cards, supporting over 8,000 GPU nodes, 640 switches, and 30,000 optical modules [2] - Other notable projects include developing FPGA-accelerated low-latency computing systems for local AI applications, creating humanoid robot control platforms, and providing automotive-grade AI computing solutions for self-driving cars [2] Future Outlook - The company plans to deepen its core capabilities in AI chip applications and self-developed AI products [3] - Long-term strategies include entering fields such as intellectual property (IP) development, AI computing services, strategic investments, training and certification programs, marketing services, and international operations [3] - The company aims to optimize its revenue structure and leverage national support policies to seize new business opportunities, laying a solid foundation for continued growth in the coming year [3]

硬蛋创新(00400)发布公告，于2025年第三季度，本集团继续受惠于AI算力的庞大需求。截2025年9月30 三个月期间收益约达人民币33.32亿元，较2024年同期的人民币27.29亿元增加约22.1%;经营溢利约为人 民币1.28亿元，按年增长约34.7%。截至2025年9月30日止九个月期间收益约人民币100.09亿元，较2024 年同期的人民币70.5亿元增加约42.0%;经营溢利约为人民币4.035亿元，按年增长约24.8%。 其他亮眼的案例包括开发为保障本地AI应安全的FPGA加速低延迟运算系统;构设人形机器人控制平台; 以及提供适用于自动驾驶汽车的车规级AI运算解决方案。这些前瞻项突显硬蛋的端到端专业知识，涵 盖系统架构到硬件、软件及增值服务的供应，推动AI效落地，并巩固其作为AI驱动企业服务先驱的地 位。 随着全球AI应用加速及算力需求的持续增长，硬蛋预期其AI业务将维持强劲的增长势头。凭藉其稳固 的芯片供应合作伙伴关系、庞大客户网络及累积的行业数据，硬蛋具备充分优势以捕捉下一波AI产业 化浪潮，从而带动收入增长、利润率提升及全球扩张。 展望未来，本集团将持续深化AI芯片应用及自主研发AI产 ...

格隆汇11月14日丨硬蛋创新(00400.HK)发布公告，2025年第三季度，集团继续受惠于AI算力的庞大需 求。截至2025年9月30日止三个月期间收益约人民币33.321亿元，较2024年同期增加约22.1%；经营溢利 约为人民币1.279亿元，按年增长约34.7%。截至2025年9月30日止九个月期间收益约人民币100.086亿 元，同比增加约42.0%；经营溢利约为人民币4.035亿元，按年增长约24.8%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 INGDAN, INC. 硬 蛋 創 新 （ 於開曼群島註冊成立的有限公司） （股份代號：400） 本集團於2025年第三季度 的未經審核營運概要 本公告載列硬蛋創新（「本公司」或「硬蛋」）及其附屬公司（「本集團」）截至2025年9月30日止 三個月期間的未經審核營運概要。 本公 告乃根 據香 港聯合 交易所 有限 公司證 券上市 規則（「 上市規 則」）第 13.09 (2) (a) 條及證 券 及期貨條例（ 香港法例第571章 ）第XIVA部項下的內幕消息條文（ 定義見上市規則 ）的規定而 作出。 本公司欣然報告，於2025年第三季度，本集團繼續受惠於AI算力的龐大需求。截⾄2025年 9⽉30⽇⽌三個⽉期間收益約達人民幣3,332.1百萬元，較2024年同期的人民幣2,728.7百萬元 增加約22.1%；經營溢利約為人民幣127.9百萬元，按年增長約34.7%。截至2025年9月30日 止 九 個 ...

Core Insights - The "Golden Bull Award" was presented to Hard Egg Innovation (00400.HK) for its outstanding leadership and high growth in the AI computing supply chain sector, reflecting strong market performance with a stock price increase of over 130% year-to-date as of November 7, 2025 [1][3] Company Performance - In the first half of 2025, Hard Egg Innovation reported revenues of 6.677 billion yuan, a year-on-year increase of 54.5%, and a net profit of 190 million yuan [4] - The company has successfully transitioned from a chip trading platform to a technology integration platform, indicating significant performance growth [4] Product Development - The company’s KPL Lab has developed self-researched SOM-level products based on core chips from NVIDIA and Xilinx, which are positioned to meet international standards in AI edge computing [4] - These high-margin self-researched products are being delivered in bulk to clients in customs and banking sectors, and are also being promoted in new fields such as robotics, medical devices, and autonomous driving [4] Strategic Direction - The CEO of Hard Egg Innovation emphasized that winning the "Golden Bull Award" is a recognition of the company's past achievements and market performance, providing new momentum for continued focus on the AI computing sector [4] - The company plans to strengthen collaborations with top global manufacturers and enhance its self-research capabilities through KPL Lab, aiming to provide high-value-added services to clients in emerging production sectors [4]

Core Insights - Hard Egg Innovation (00400.HK) has shown impressive stock performance, with a year-to-date increase of over 122% as of November 10, 2023 [1] Company Strategy - The Chairman and CEO, Kang Jingwei, emphasized the rapid development phase of the global AI industry and the company's commitment to strengthening partnerships with top global manufacturers [1] - Hard Egg Innovation plans to leverage its Kepler Research Institute to enhance its self-research capabilities and aims to provide high-value-added services to clients in cutting-edge production sectors [1]

Core Insights - The article discusses the emergence and growth of the Internet of Things (IoT) industry, highlighting its potential to transform various sectors and enhance connectivity [1] Group 1: Industry Overview - The IoT market is expected to experience significant growth, driven by advancements in technology and increasing demand for connected devices [1] - Key sectors benefiting from IoT include healthcare, manufacturing, and smart cities, which are leveraging IoT solutions to improve efficiency and data management [1] Group 2: Company Implications - Companies involved in IoT development are likely to see increased investment opportunities as businesses seek to integrate IoT solutions into their operations [1] - The competitive landscape is evolving, with both established tech firms and startups entering the IoT space, leading to innovation and diverse offerings [1]

Core Insights - The company is enhancing its layout across the entire industry chain of chips, endpoints, and cloud services, achieving significant growth in H1 2025 with a revenue of 6.676 billion yuan, a year-on-year increase of 54.5%, and a net profit of 132 million yuan, up 17.2% [1] - The demand for AI-driven chips is surging due to the exponential growth in computing power requirements, with global computing power expected to reach 14,130 EFlops by 2029, and the AI chip market projected to grow to $400 billion by 2027 [2] - The company is positioned to leverage the growing demand for physical AI and has developed self-research System on Module (SoM) products to tap into the edge AI market, which is expected to exceed $3.22 billion by 2025 [4] Group 1 - The company utilizes its self-developed AI large language model and industry knowledge base to provide cutting-edge chip application technology solutions and supply chain management services [1] - The company aims to transition from being an industry connector to a technology enabler, establishing a closed-loop industry chain in the AI era [1] - The company has a strong market presence in the AI chip distribution sector, which is crucial given the current reliance on imported AI chips in China [2] Group 2 - The company is focusing on vertical expansion in the supply chain and has developed self-research SoM products based on core chips like NVIDIA Jetson and Xilinx FPGA [4] - The company has already achieved bulk shipments of its self-research products to clients in various sectors, including customs and banking [4] - The company forecasts significant revenue growth from 2025 to 2027, with expected revenues of 13.36 billion yuan, 20.03 billion yuan, and 27.08 billion yuan, respectively [4]