Central New Energy (01735) is at a pivotal juncture where its growth narrative is undergoing a fundamental transformation. According to the company's interim results for fiscal year 2026 released this evening, the group recorded revenue of approximately HK$6.33 billion in the first half, a year-on-year increase of 56.3%, while gross profit stood at around HK$130 million, up 50.0% year-on-year.
Beyond the growth in core financial metrics, the more notable aspect of this earnings report lies in the structural evolution of its revenue composition. During the period, revenue from the AI computing business, the company's second growth curve, surged to HK$1.047 billion, with its revenue contribution approaching 20%. This signals a shift in the company's growth engine from being primarily driven by photovoltaic manufacturing to a composite growth model combining "new energy, AI, and computing power."
It is understood that during the first half, driven by Chairman Yu Zhuyun's "new energy + AI + computing power" strategy, Central New Energy (01735) accelerated its implementation of the "strengthening the upstream chain, filling the midstream gaps, extending the downstream chain, and elevating value across the chain" framework. By integrating the full value chain from green power generation to computing empowerment, the company has elevated itself into a "leader in clean and smart energy" with comprehensive capabilities in AI-driven energy infrastructure construction and top-level strategic planning.
In our view, Central New Energy's (01735) strategic leap is no accident. From an industry perspective, "computing-electricity synergy" has emerged as a critical pathway for cultivating new quality productive forces and solidifying the foundation of the digital economy. The explosive growth in AI computing demand has created unprecedented energy requirements. Nvidia founder Jensen Huang once compared the AI industry to a "five-layer cake," with energy at the very bottom, followed by chips, infrastructure, models, and applications. He argued that without electricity, there would be no data centers, and therefore no so-called "AI factories."
This is precisely the underlying logic of Central New Energy's (01735) strategic positioning: anchoring itself at the energy layer, the base of the "five-layer cake," and leveraging its clean electricity foundation built on photovoltaic manufacturing and energy storage, while extending upward into the infrastructure layer through AI data centers and computing hubs. This approach establishes an irreplaceable competitive advantage within the AI industry chain.
Following this logic, Central New Energy (01735) is further extending its strategic reach from the energy and infrastructure layers into the application layer, with plans to establish AI Token factories and pursue dual-track development across both AI hardware and software. Notably, at the SNEC 2026 exhibition held in June, the company officially unveiled its "Huanxi-AIDC" AI data center-specific photovoltaic module, targeting the energy pain points of the intelligent computing era and supporting the efficient operation of the computing-electricity synergy system.
Simultaneously, leveraging its own clean electricity and energy storage infrastructure, Central New Energy (01735) is proactively planning the construction of AI computing centers, aiming to provide stable, low-carbon power assurance for energy-intensive computing infrastructure. Chairman Yu Zhuyun has further proposed a "photovoltaic new energy + AI" mega-base concept, planning to build green hubs integrating solar power, energy storage, and intelligent computing, creating a virtuous cycle where "green electricity powers computing, and computing supports green electricity."
From photovoltaic manufacturing to energy storage deployment, from AI computing centers to space-based solar power, Central New Energy (01735) is along the path of "strengthening the upstream chain, filling midstream gaps, extending downstream, and elevating value" to forge irreplaceable competitive advantages across key segments of the AI value chain. As the company advances on both fronts in AI hardware and software, the full-chain value from green power generation to Token output is poised to accelerate its realization. Consequently, the investment value of Central New Energy (01735) is likely to undergo a systematic revaluation as its strategic transformation deepens.
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