Core Viewpoint - The company, Innovate Intelligence (2121.HK), reported a strong performance in the first half of 2025, with revenue of 699 million RMB, a year-on-year increase of 22.3%, and an adjusted net loss of 6.68 million RMB, significantly narrowing by 82.1% compared to the previous year. This performance reflects the company's strategic shift from traditional AI solutions to an AI 2.0 industrial intelligence technology system, demonstrating significant progress in "reconstructing growth engines" [1][2]. Strategic Upgrade - The growth recovery of Innovate Intelligence is attributed to a proactive adjustment in business strategy, moving from customized AI solutions to a new technology strategy centered around "one model, one body, two wings." This includes the AInnoGC industrial large model as the foundation, AI agents as the engine, and industrial robots and software as the application wings [2]. - The strategic upgrade signifies a transition from being a provider of traditional AI solutions to an AI 2.0 era industrial intelligence solution provider, optimizing the business model and expanding market space while establishing a higher competitive moat [2]. Systemic Empowerment - Historically, industrial AI solutions were custom-developed for specific problems, making rapid replication difficult. In the AI 2.0 era, large models integrate and analyze data across the entire production chain, addressing systemic issues. Innovate Intelligence has developed AI1.0 MMOC and AI2.0 AInnoGC technology platforms, successfully overcoming this bottleneck and accelerating commercialization [3]. - For instance, in quality inspection, the company has integrated multi-modal large models with visual small models, expanding applications from single inspections to comprehensive intelligent analysis across the entire process [3]. Industrial Robotics and Software - Innovate Intelligence has successfully entered the industrial logistics sector with the intelligent unhooking robot for dump trucks, marking a significant milestone in industrial robotics. The deepening strategic collaboration with KUKA, a leading industrial robot manufacturer, is expected to enhance the commercialization of products in this field [4]. - The company has launched innovative industrial software, including ChatCAD, AMES, AEAM, and AEMS, to effectively monitor, analyze, and trace key indicators in production processes, thereby enhancing the intelligent management capabilities of industrial clients [4]. Ecosystem Collaboration - The collaborative ecosystem model expands Innovate Intelligence's technological boundaries and market space, providing a solid foundation for building an AI-centric industrial ecosystem. By integrating resources across the industry chain, the company can offer more comprehensive and integrated intelligent manufacturing solutions, creating greater commercial value [5]. - In the first half of 2025, the company established strategic partnerships in various fields, including industrial software with Bentley, embodied intelligence with KUKA, and AI agent applications with Alibaba DingTalk and Henry Jia, shifting focus from single-point technological breakthroughs to building an open and collaborative industrial ecosystem [4][5]. Performance Overview - In the first half of 2025, Innovate Intelligence achieved a revenue of 699 million RMB, a year-on-year increase of 22.3%. The revenue from the "AI + manufacturing" business reached 556 million RMB, growing by 27%. The gross profit was 245 million RMB, with a gross margin of 35.0%, reflecting a year-on-year improvement of 1-2 percentage points. The adjusted net loss was 6.68 million RMB, a significant reduction of 82.1% [10].
增速与质量并举：创新奇智2025中期业绩背后的增长逻辑