Despite intense market focus on AI-related sectors, Zhuhai Huajin Capital Co.,Ltd. (000532.SZ) has seen its share price decline significantly this year, contrasting sharply with the sector's overall enthusiasm. In late May, a group of securities firms including Northeast Securities and Guotai Haitong conducted a special research tour, concentrating on two key areas: the application of capacitors in AI servers and the company's equity investment strategy. However, this high level of institutional attention has not translated into positive stock performance, with the company's valuation under considerable pressure and its financial results showing clear strain. According to statistics, as of June 12, the company's share price has fallen by 28.3% year-to-date. For the first quarter of 2026, the company reported revenue of 116 million yuan, a year-on-year increase of 3.68%, but suffered a net loss attributable to shareholders of 5.3899 million yuan, a sharp decline of 114.58%, highlighting a pattern of revenue growth without corresponding profit growth.
A company representative stated that overall operations are normal, attributing the first-quarter loss and profit decline primarily to the impact of its holding in Ubtech Robotics Corp Ltd shares. These shares are measured at fair value, and a drop to a periodic low by the end of the quarter negatively affected the company's performance for that period. Regarding the share price decline, the representative noted that secondary market prices are influenced by the overall market environment, and the company does not comment on them. The representative clarified that the company's Huaguan Capacitor division currently has no products applied in AI servers, a point the company has publicly stated multiple times, and it will not deliberately chase the AI market trend. Furthermore, the company's participation in IPO investment projects is not expected to have a significant impact on its performance in the short term.
AI Emerges as Central Research Focus
Public information shows that Zhuhai Huajin Capital's main businesses encompass investment and management, electronic component manufacturing, water purification, and technology park operations. Annual report data for 2025 indicates the company achieved annual revenue of 495 million yuan and a net profit attributable to shareholders of 163 million yuan, representing year-on-year growth of 1.82% and 4.41% respectively, indicating generally stable operations. In terms of revenue structure, electronic component sales, investment and management, and sewage treatment are the three core businesses, accounting for 40.82%, 37.30%, and 16.61% of total revenue respectively, demonstrating a balanced and solid business layout.
During the institutional research tour in late May, AI-related business became the primary focus of inquiries. Huaguan Capacitor, as the company's core physical business segment, has maintained steady growth in recent years, continuously advancing capacity expansion and equipment upgrades. Its products cover consumer electronics, new energy, automotive electronics, and other fields, primarily focusing on liquid capacitors with solid and hybrid capacitors as supplements, steadily extending into high-end product areas. The company has been increasing its resource support for this business annually.
Addressing inquiries about Huaguan Capacitor's cooperation with major AI clients and progress in high-end product development, a company representative noted that mainstream domestic capacitor companies are actively exploring the AI sector, but there remains a technological gap in the industry's overall implementation. AI high-end capacitor business is also a key direction for Huaguan Capacitor's future product upgrades. Among these, snap-in capacitors involve complex processes and longer production cycles, currently representing a small portion of overall capacity. The company is gradually increasing investment in snap-in capacitor equipment and market expansion based on market demand.
As the AI sector's market performance continues to rise, investors have frequently inquired on the Shenzhen Stock Exchange's interactive platform about the company's supercapacitor and AI server capacitor businesses. In response, the company stated clearly that its existing products do not currently involve supercapacitor business. The company consistently adheres to a development strategy centered on equity investment business, supported by physical industries, and supplemented by industrial innovation platform services. The industrial sector performance is stable; in 2025, Huaguan Capacitor achieved revenue of 202 million yuan, a year-on-year increase of 36.15%, and a net profit of 20.6866 million yuan, a significant year-on-year increase of 52.28%.
Furthermore, regarding the market-discussed concept of chip investment, the company clarified that neither it nor its controlling subsidiaries have directly invested in Chip Stream (Zhuhai) Technology Co., Ltd.; only a fund managed by a subsidiary participated in the investment. This is not expected to have a significant impact on the company's overall profitability at this stage.
First Quarter Sees Shift from Profit to Loss
According to statistics, as of June 12, Zhuhai Huajin Capital's share price has fallen by 28.3% year-to-date, with the hot AI theme failing to boost its individual stock performance. In the view of professionals, weak fundamentals are the core reason for the continued pressure on the stock price. The first quarter of 2026 presented a typical scenario of "revenue growth without profit growth." The period's operating revenue was 116 million yuan, a slight year-on-year increase of 3.68%, indicating stability on the revenue side, but profits plummeted significantly. The net loss attributable to shareholders was 5.3899 million yuan, a year-on-year decline of 114.58%, marking a formal shift from profit to loss compared to the same period last year.
The first-quarter report disclosed that the significant decline in net profit was mainly due to a year-on-year decrease in overall fair value change gains from held financial assets. A company representative confirmed that overall operations are normal, and the first-quarter loss was not due to issues in main business operations but was primarily caused by fair value fluctuations of its holding in Ubtech Robotics Corp Ltd shares. This asset is measured at fair value, and its price hitting a periodic low at the end of the quarter directly dragged down the company's performance for that period. Statistics show that Ubtech's share price fell 32.4% in the first quarter; as of June 12, it was down 17.1% year-to-date. Since the second quarter, its share price has recovered, rising over 22%.
Regarding investor concerns about second-quarter performance recovery, an investor asked on the interactive platform if Ubtech's significant share price rebound in the second quarter would no longer drag down the company's performance. Zhuhai Huajin Capital replied that it strictly follows Accounting Standards for Business Enterprises in accounting for its Ubtech shareholding. The fair value changes will be determined based on objective factors such as secondary market share prices and correspondingly recorded in the company's profit or loss. Regarding its specific impact on the company's half-year performance, investors are advised to pay attention to the upcoming half-year report.
A non-bank financial industry analyst stated that Zhuhai Huajin Capital's short-term performance fluctuations mainly stem from periodic investment return volatility. As several of its invested companies successively enter IPO exit realization cycles, the company has ample room for subsequent investment return release, which is expected to restore full-year performance flexibility. The analyst further noted that the company's industrial and environmental protection businesses provide a stable revenue base, but profit growth core relies on the investment segment. In 2025, investment income was released with project exits, becoming an important support for profits. Traditional main business growth is moderate, and performance increments heavily depend on equity investment appreciation and project exits. This is also the core reason the market closely monitors the company's IPO reserve pipeline and tracks listing realization progress.
Investment Strategy Centers on New Quality Productive Forces
It can be seen that during the late May institutional research, key questions focused on the company's equity investment management scale, LP composition, co-investment ratio, fund duration, and frontier sector layout. A company representative responded that its subsidiaries, Huaying Investment and Huajin Lingchuang, both hold private equity investment fund manager licenses. The funds' main LPs are government guidance funds, state-owned assets from various provinces and cities, and financial institutions. The company primarily participates in fund contributions as a GP. Currently, income from equity investment and management business mainly comes from fund management fees. The standard duration for the company's funds is 7 years, which can be appropriately extended according to partnership agreements, subject to the terms of each fund agreement.
The company's investment layout focuses on the direction of new quality productive forces, primarily covering pan-semiconductors, intelligent manufacturing, new energy, and healthcare. It also invests in key sectors supported by national plans such as AI artificial intelligence, embodied intelligence, and controllable nuclear fusion, prioritizing high-quality projects with policy support and IPO potential. It is reported that the company has participated in investments in several high-quality pre-IPO enterprises, including Ensoul Electronic Technology and Zeling Biopharmaceuticals. A company representative stated that the funds managed by the company hold several pre-IPO enterprises. Returns mainly come from management fees and carried interest after project exits, and such returns cannot be predicted in advance. Simultaneously, the company's participation in IPO investment projects is not expected to have a significant impact on its performance in the short term.
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