西部证券（002673）此前指出，创新奇智坚定聚焦"AI+制造"赛道，2024年来自制造业的业务营收占比 达到80%，累计服务的制造业企业数量超千家。该行认为，随着国家大力推动新质生产力和制造业数字 化转型，公司作为行业先行者，凭借深厚的行业Know-how和丰富的客户案例，将持续受益于工业智能 化升级的长期结构性需求。 创新奇智(02121)涨超7%，截至发稿，涨7.03%，报5.94港元，成交额692.58万港元。 消息面上，近期，以"AI下一个十年：场景驱动×新质引擎"为主题的2025人工智能+大会主论坛在北京 中关村国际创新中心举办。在成果发布环节，创新奇智AInnoGC工业大模型案例入选 "AI100 应用标 杆"榜单。值得一提的是，在"一模一体两翼"战略驱动下，创新奇智以AInnoGC工业大模型为技术底 座，以 AI 智能体为场景落地引擎，以工业软件与工业机器人为两大应用载体，推动大模型技术在钢铁 冶金、面板半导体、3C高科技、汽车装备、能源电力、工程建筑、食品饮料&新材料、智造实训等多个 领域应用落地。 ...

消息面上，近期，以"AI下一个十年：场景驱动×新质引擎"为主题的2025人工智能+大会主论坛在北京 中关村国际创新中心举办。在成果发布环节，创新奇智AInnoGC工业大模型案例入选 "AI100 应用标 杆"榜单。值得一提的是，在"一模一体两翼"战略驱动下，创新奇智以AInnoGC工业大模型为技术底 座，以 AI 智能体为场景落地引擎，以工业软件与工业机器人为两大应用载体，推动大模型技术在钢铁 冶金、面板半导体、3C高科技、汽车装备、能源电力、工程建筑、食品饮料&新材料、智造实训等多个 领域应用落地。 西部证券此前指出，创新奇智坚定聚焦"AI+制造"赛道，2024年来自制造业的业务营收占比达到80%， 累计服务的制造业企业数量超千家。该行认为，随着国家大力推动新质生产力和制造业数字化转型，公 司作为行业先行者，凭借深厚的行业Know-how和丰富的客户案例，将持续受益于工业智能化升级的长 期结构性需求。 智通财经APP获悉，创新奇智(02121)涨超7%，截至发稿，涨7.03%，报5.94港元，成交额692.58万港 元。 ...

Group 1 - The core viewpoint of the report is that the company, Innovate Intelligence (02121), is expected to see significant revenue growth from 2025 to 2027, with projected revenues of 1.501 billion, 1.855 billion, and 2.276 billion RMB respectively, leading to a target price increase of 159% to 14.48 HKD [1] - The company achieved a revenue of 699 million RMB in the first half of 2025, representing a year-on-year growth of 22.3%, indicating a return to a growth trajectory [1] - The gross profit for the first half of 2025 was 245 million RMB, with a year-on-year increase of 26.7%, and the gross margin improved by 1.2 percentage points to 35.0% [1] Group 2 - The company's "AI + Manufacturing" strategy has shown significant results, becoming the core engine of growth, with manufacturing business revenue reaching 556 million RMB in the first half of 2025, a year-on-year increase of 27.0% [1] - The share of manufacturing revenue in total revenue increased from 76.5% to 79.5%, highlighting its role as a key driver of growth [1] - The company has established competitive barriers through deep engagement in vertical industries such as steel metallurgy, automotive equipment, and 3C, successfully capturing the trend of intelligent transformation in manufacturing [1] Group 3 - The company has implemented a "one model, one body, two wings" strategy, utilizing the AInnoGC industrial model as a foundation and AI agents as the driving force for industrial robotics and software applications [2] - A new AI Agent development platform has been launched, allowing for the construction and deployment of intelligent solutions in a visual, low-code manner [2] - The ChatRobot technology stack has achieved capabilities for autonomous task planning, scheduling, and decision-making, forming the brain of industrial robotics [2]

Group 1 - The core viewpoint of the report is that the company, Innovation Works (02121), is expected to see significant revenue growth from 2025 to 2027, with projected revenues of 1.501 billion, 1.855 billion, and 2.276 billion RMB respectively, leading to an increase in target price by 159% to 14.48 HKD [1] - The company achieved a revenue of 699 million RMB in the first half of 2025, representing a year-on-year growth of 22.3%, indicating a return to a growth trajectory [1] - The gross profit for the same period was 245 million RMB, with a year-on-year increase of 26.7%, and the gross margin improved by 1.2 percentage points to 35.0% [1] Group 2 - The company's "AI + Manufacturing" strategy has shown significant results, becoming the core growth engine, with manufacturing business revenue reaching 556 million RMB in the first half of 2025, a year-on-year increase of 27.0% [1] - The proportion of manufacturing revenue in total income increased from 76.5% to 79.5%, highlighting its role as a key driver of growth [1] - The company has established competitive barriers through deep engagement in vertical industries such as steel metallurgy, automotive equipment, and 3C, successfully capturing the trend of intelligent transformation in manufacturing [1] Group 3 - The company has implemented a "one model, one body, two wings" strategy, utilizing the AInnoGC industrial model as a foundation and AI agents as the driving force for industrial robotics and software applications [2] - A new AI Agent development platform has been launched, allowing for the construction and deployment of intelligent solutions in a visual, low-code manner [2] - The ChatRobot technology stack has achieved capabilities in autonomous task planning, scheduling, and decision-making, forming the "brain" of industrial robots [2]

Core Viewpoint - Innovation Works (02121) has shown significant improvement in its financial performance, with a notable increase in revenue and a substantial reduction in net losses, indicating a positive shift in its core business profitability [1] Financial Performance - The company reported a revenue of 699 million RMB for the first half of the year, representing a year-on-year growth of 22.3% [1] - Gross profit amounted to 245 million RMB, with a year-on-year increase of 26.7% [1] - Gross margin improved by 1.2 percentage points to 35.0%, marking five consecutive reporting periods of margin enhancement since 2023 [1] - Net cash used in operating activities was 8.4 million RMB, showing a significant improvement of 67.6% year-on-year [1] - Adjusted net loss narrowed significantly to 6.68 million RMB, a reduction of 82.1% year-on-year, with the adjusted loss rate at 0.96% [1] - This is the first time the adjusted net loss has fallen to the million RMB level [1] Strategic Initiatives - The company is firmly executing its "AI + Manufacturing" strategy, with manufacturing business revenue projected to reach 556 million RMB in the first half of 2025, reflecting a year-on-year growth of 27.0% [1] - The proportion of manufacturing revenue in total income increased from 76.5% to 79.5%, highlighting it as the core driver of the company's growth [1] - The "One Model, One Body, Two Wings" strategy is accelerating implementation, utilizing the AInnoGC industrial model as a foundation and AI agents as engines to drive the development of industrial robots and industrial software applications [1]

Core Viewpoint - Innovation Works (02121) has shown significant improvement in its financial performance, with a notable increase in revenue and a substantial reduction in net losses, driven by its "AI + Manufacturing" strategy [1] Financial Performance - The company reported a revenue of 699 million RMB for the first half of the year, representing a year-on-year growth of 22.3% [1] - Gross profit amounted to 245 million RMB, with a year-on-year increase of 26.7% [1] - Gross margin improved by 1.2 percentage points to 35.0%, marking five consecutive reporting periods of margin enhancement since 2023 [1] - The net cash used in operating activities was 8.4 million RMB, showing a significant improvement of 67.6% year-on-year [1] - Adjusted net loss narrowed significantly to 6.68 million RMB, a year-on-year reduction of 82.1%, with the adjusted loss rate at 0.96% [1] Strategic Initiatives - The company is firmly executing its "AI + Manufacturing" strategy, with manufacturing business revenue projected to reach 556 million RMB in the first half of 2025, reflecting a year-on-year growth of 27.0% [1] - The proportion of manufacturing revenue in total income increased from 76.5% to 79.5%, highlighting it as a core driver of growth [1] - The "One Model, One Body, Two Wings" strategy is accelerating, utilizing the AInnoGC industrial model as a foundation and AI intelligence as the engine to drive the development of industrial robots and industrial software applications [1]

Core Viewpoint - The concept of "new quality productivity" is driving the development of the AI industry in China, shifting focus from technological breakthroughs to practical applications and industrial integration. The company, Innovate Intelligence (02121), is concentrating on the "AI + manufacturing" sector, achieving several successful commercial cases and building a differentiated competitive advantage [1][2]. Financial Performance - In the first half of the year, the company reported a revenue of 699 million RMB, representing a year-on-year growth of 22.3% [2] - The adjusted net loss narrowed to 6.68 million RMB, a significant reduction of 82.1% year-on-year, indicating the company is approaching breakeven [2] - The gross margin increased to 35.0%, up 1.2 percentage points year-on-year, reflecting improved product competitiveness and cost control [2] - The core business revenue from the "AI + manufacturing" strategy reached 556 million RMB, growing 27% year-on-year, outpacing overall revenue growth [2] Operational Efficiency - The company demonstrated effective cost control, with sales and management expenses decreasing by 7.2% and 6.5% year-on-year, respectively [2] - Research and development expenditure reached 165 million RMB, an increase of 11.2% year-on-year, indicating a commitment to innovation [2] - Operating cash flow improved significantly, with a net cash outflow of 8.4 million RMB, a 67.6% year-on-year improvement [3] Market Position and Strategy - Innovate Intelligence has established itself in the top tier of the AI industry, particularly in computer vision and machine learning platforms, as evidenced by its ranking in IDC's report on AI software market share [4] - The company is advancing its "one model, one body, two wings" strategy, focusing on the AInnoGC industrial model and AI agents to integrate AI technology into industrial applications [4] - The company has formed strategic partnerships, such as with KUKA Robotics, to enhance its technological capabilities and application in industrial robotics [4][5] Client Base and Growth Potential - In the first half of the year, the company added 337 new paying enterprise clients, with 83.4% from the manufacturing sector, bringing the total to 1,462 clients [6] - The continuous expansion of the client base supports the practicality and reliability of its solutions, providing a solid foundation for sustained business growth [6] - The company is well-positioned in the "AI + manufacturing" sector, with a leading market position and potential for further growth as industry demand increases [6]

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].

Core Viewpoint - Innovation Works (2121.HK) reported significant improvements in its financial performance for the first half of 2025, indicating a shift towards profitability and sustainable growth [1][5][6] Financial Performance - The company achieved total revenue of 699 million yuan, a year-on-year increase of 22.3% [1] - Gross profit reached 245 million yuan, reflecting a 26.7% year-on-year growth [1] - Adjusted net loss was 6.68 million yuan, a substantial reduction of 82.1% compared to the previous year, marking the first time the adjusted net loss fell to the million level [1] - Gross margin stood at 35%, with continuous improvement over five reporting periods since 2023 [1] - Cash used in operating activities improved significantly to 8.4 million yuan, a year-on-year increase of 68% [1] Business Strategy - The company has established a core strategy of "One Model, Two Wings" to drive the scale development of its "AI + Manufacturing" business, focusing on the AInnoGC industrial large model and AI agents [2] - Innovation Works ranks seventh in China's large model application market share, being the only company focused on the industrial sector [2] - The company is collaborating with leading firms like China Resources Digital Technology and Alibaba DingTalk to promote AI agent solutions [2] Product Development - Innovation Works launched several intelligent industrial software products, including ChatCAD, AMES, AEAM, and AEMS, aimed at enhancing real-time monitoring and decision-making in production processes [3] - ChatCAD is a notable innovation in industrial software, developed in partnership with Bentley, focusing on automated and intelligent design capabilities [3] Industry Trends - The industrial robotics sector is evolving from traditional execution tools to intelligent agents with autonomous perception and decision-making capabilities [4] - Innovation Works is developing the ChatRobot platform, which emphasizes multi-modal perception and cloud-edge collaborative control, ensuring compatibility with various robot manufacturers [4] Future Outlook - The CEO expressed confidence in the company's transition to a "turning point" phase, with significant improvements across various financial metrics [5] - The company is actively repurchasing shares, reflecting confidence in its business prospects and commitment to creating shareholder value [6]

Group 1 - The core viewpoint of the article highlights the positive market response to Innovent's share buyback announcement, with the stock price increasing by 5.37% to HKD 6.28 and a trading volume of HKD 11.817 million [1] - Innovent has repurchased a total of 1.488 million shares at a cost of HKD 8.9471 million as part of its share buyback authorization, which is set to last until the expiration of the buyback authorization [1] - The company has established a strategic layout termed "one model, one body, two wings," focusing on AI industrial models and AI agents to enhance the level of intelligence in manufacturing [1] Group 2 - According to a report from Guotai Junan Securities, the trend of intelligent industrialization in China is strong, and there is a robust demand from enterprises for AI technology to drive digital transformation, leading to an optimistic outlook for the company's performance in the new fiscal year [1]