AI computing power accounts for nearly 20% of revenue, and Zhonghuan New Energy's (01735) growth logic ushered in a qualitative change

Zhonghuan New Energy (01735) is in a critical window of logical qualitative transformation of growth.

According to the 2026 interim results disclosed by the company tonight, Zhonghuan New Energy (01735) achieved revenue of about HK$6.33 billion in the first half of the year, an increase of 56.3% over the previous year; gross profit of about $130 million, an increase of 50.0% over the previous year. In addition to the increase in core financial data, Zhitong Finance believes that what is more noteworthy in this financial report is actually a qualitative change in the revenue structure. During the period, revenue from the AI computing power business in the second growth curve of Zhonghuan New Energy (01735) soared to 1,047 billion yuan, accounting for nearly 20% of revenue. This indicates that the company's growth logic is evolving from PV manufacturing as the core driver to a “new energy+AI+computing power” compound growth model.

According to information, in the first half of the year, Zhonghuan New Energy (01735), driven by the “new energy+AI+ computing power” strategy proposed by Chairman Yu Zhuyun, stepped up the layout logic of “strong source chain, mid-end chain extension, and value upgrade chain” to open up a complete chain from green power production to computing power empowerment. The company has upgraded to become a “clean smart energy leader” with comprehensive capabilities in AI lower-level energy infrastructure construction and upper level strategic planning.

In the author's opinion, Zhonghuan Renewable Energy (01735)'s strategic transition is no accident. From an industrial perspective, “computing and telecommunication collaboration” has become a key track for cultivating new quality productivity and consolidating the foundation of the digital economy. The explosive growth of AI computing power is bringing unprecedented energy demand. Nvidia founder Huang Renxun once compared the AI industry to a “five-layer cake”: the bottom layer is energy, followed by chips, infrastructure, models, and applications. He believes that without electricity, there is no data center, and there is no so-called “AI factory.” This is the underlying logic of the strategic layout of Zhonghuan New Energy (01735). It is rooted in the energy layer at the bottom of the “five-layer cake”. Relying on the clean power base of photovoltaic manufacturing and energy storage, it continues to extend upward to AI data centers and computing power centers in the infrastructure layer, building an irreplaceable competitive advantage in the AI industry chain. Following this logic, Zhonghuan New Energy (01735) is further extending its strategic reach from the energy layer and infrastructure layer to the application layer, laying out AI token factories, and making two-way efforts in the field of AI software and hardware.

It is worth noting that at the SNEC 2026 exhibition held in June, Zhonghuan New Energy (01735) officially unveiled special photovoltaic modules for the Central China “Huanxi-AIDC” AI data center, targeting energy pain points in the intelligent computing era and helping the efficient operation of computational and telecommunication collaborative systems. At the same time, relying on its own clean electricity and energy storage infrastructure, Zhonghuan New Energy (01735) is forwardly planning the construction of an AI computing power center with the aim of providing stable, low-carbon power guarantees for high-energy computing power infrastructure. Chairman Yu Zhuyun also proposed the “New Photovoltaic+AI” base concept, and plans to build a green base integrating photovoltaics, energy storage, and intelligent computing power to achieve a virtuous cycle of “green power supply power and computing power to help green electricity”.

From photovoltaic manufacturing to energy storage layout, from AI computing power centers to space photovoltaics, Zhonghuan New Energy (01735) is following the path of “strong source chain, mid-end chain repair, end chain extension, and value upgrade chain” to build an irreplaceable competitive advantage in key areas of the AI industry chain. As the company works in both directions in the field of AI software and hardware, the value of the entire chain from green power production to token output is about to be realized at an accelerated pace. Presumably, the investment value of Zhonghuan New Energy (01735) is also expected to be systematically re-evaluated along with the continuous deepening of strategic transformation.