HAND(SZ:300170) Jing Ji Guan Cha Wang·2026-02-12 10:34Group 1: Core Viewpoint - Company HanDe Information (300170) has submitted a prospectus to the Hong Kong Stock Exchange, accelerating its H-share listing plan, which may enhance its global layout capabilities through an "A+H" dual capital platform [1] Group 2: Business Progress - The company has established AI collaborations with leading firms such as ByteDance, DeepSeek, Manus, Baidu, and Huawei, focusing on computing power sharing, joint R&D, and revenue-sharing models, expected to contribute AI-related revenue by 2026 [2] - As a core partner in Huawei's MetaERP implementation, the company's Xinchuang business is projected to generate revenue of 1.6 billion yuan by 2026 [2] Group 3: Financial Status - For the first nine months of 2025, the company reported revenue of 2.439 billion yuan, a year-on-year increase of 3.67%, and a net profit attributable to shareholders of 145 million yuan, up 6.96% [3] - As of June 30, 2025, trade receivables reached 1.505 billion yuan, with a significant portion of receivables over three years old, indicating potential recovery risks [3] - The accounts receivable turnover days increased from 145 days in 2024 to 167 days in the first half of 2025, reflecting a decline in collection efficiency [3] Group 4: Business Status - The company has set up subsidiaries in nine countries, with Southeast Asia's order volume increasing by 120% year-on-year in 2025, and overseas revenue expected to reach 1.3 billion yuan in 2026, a year-on-year growth of 116.7% [4] - Through self-developed AI tools, traditional digital services are projected to generate revenue of 1.84 billion yuan in 2026, a year-on-year increase of 3.4%, providing cash flow support for high-growth businesses [4] Group 5: Stock Performance - Since the beginning of 2026, the stock price has risen by 33.67%, but it has recently declined by 17.49% over the past 20 days, with high trading activity, including a net purchase of 482 million yuan on January 12, 2026 [5]