GTHT Securities released a research report forecasting that MANYCORE TECH (00068) will achieve operating revenues of RMB 946 million, RMB 1.109 billion, and RMB 1.313 billion for the years 2026, 2027, and 2028, representing year-on-year growth of 15.3%, 17.3%, and 18.4%, respectively. Net profit attributable to shareholders is projected to be RMB 104 million, RMB 188 million, and RMB 306 million for the same periods, with growth rates of 124.3%, 80.4%, and 62.8%. Earnings per share (EPS) are estimated at RMB 0.06, RMB 0.11, and RMB 0.18. The firm applied a 40x price-to-sales (P/S) multiple for 2026, deriving a fair market value of HK$42.978 billion and a target price of HK$24.90. This marks the initiation of coverage with an "Add" rating. The key points from GTHT Securities' report are as follows:
As China's largest spatial design software provider, the company reported revenues of RMB 664 million, RMB 755 million, and RMB 820 million for 2023-2025, with net losses attributable to shareholders of -RMB 646 million, -RMB 513 million, and -RMB 428 million. Gross margins improved to 76.8%, 80.9%, and 82.2% over the same period. According to its 2025 annual report, revenue primarily stems from software subscription fees for products like Kujiale, Coohom, and SpatialVerse. Enterprise clients contribute over 84% of this revenue, with average revenue per user (ARPU) steadily rising to RMB 14,000. The company employs a product-led growth (PLG) strategy, where product usage itself is the key driver for customer acquisition, conversion, expansion, and retention. In 2025, average monthly active users reached approximately 2.5 million. Among newly acquired enterprise clients, about 45.4% had previously used the company's free or individual product versions before transitioning to enterprise subscriptions.
The company has built a proprietary GPU cluster to establish a technological barrier. It provides spatial design software and services applicable to both physical spaces—such as residential, office, retail, and commercial projects—and virtual environments for embodied AI training and e-commerce product displays. Its software leverages a dedicated GPU cluster comprising over 10,000 high-performance processors to process large datasets rapidly. In 2025, this cluster handled an average of 120,000 computing tasks daily. According to Frost & Sullivan, the average processing time for a typical 2K image is just 1.2 seconds, significantly faster than the industry average of over two seconds.
The company is evolving from a spatial 3D software provider into a spatial intelligence infrastructure platform. It currently possesses over 500 million 3D spatial scenes and more than 440 million 3D models. Leveraging this massive spatial data repository, the company has trained a series of MANYCORE spatial models to enhance the functional experience across its product suite. This has enabled MANYCORE TECH to establish a "spatial intelligence flywheel" consisting of spatial editing tools, spatial data, and spatial large language models. Its service scope has expanded from human users to machines, with business coverage extending across industries including intelligent robotics, e-commerce, extended reality (XR), entertainment, and chain retail.
Risk factors include weaker-than-expected customer demand, slower-than-anticipated AI development, and intensified market competition.
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