Losses were reduced, bid was won, and AI went hand in hand, and Aoya Co., Ltd. (300949.SZ) broke out of the “value repair” positive curve

At the turn of summer and autumn 2026, Aoya Co., Ltd. (300949.SZ) is using a set of “anti-common sense” data to rewrite market perceptions: slight decline in revenue, narrow losses; slimming down traditional projects, urban renewal, and intelligent spatial expansion.

After the disclosure of the August 27 interim report, the company's stock price fluctuated upward from around 20.58 yuan at the end of July, hitting 25.50 yuan on September 8, with a maximum rebound of about 24%; although it fell back to 22.52 yuan on September 11, it has maintained positive earnings since the end of July, becoming one of the few stocks that have not turned red well, and the financing balance has been continuously recovered since the end of August, indicating that the capital's attention to its transformation logic has clearly heated up.

What drives changes in expectations is, first and foremost, financial “gold content.”

In the first half of the year, the company's revenue was 189 million yuan, down 3.82% year on year; net profit loss to mother was 12.6422 million yuan, a year-on-year decrease of 43.39%, after deducting 36.22%. The loss reduction was not due to non-recurring profit and loss — the medium-term non-recurring profit and loss was about 4.45 million yuan, which was basically the same as the previous year, and almost all of the improvements came from the main business.

What is more critical is the structure: high-margin landscape design revenue of 103 million yuan, up 22.5% year on year, accounting for 54.45%; comprehensive cultural tourism revenue of 73.227 million yuan, accounting for 38.72%; total operating costs decreased by 18.32%, and overall gross margin rose to 43%.

The company changed gears and upgraded, withdrew from the inefficient business of “large scale, low gross profit, and long payback”, and pushed resources onto a high value-added circuit. Essentially, it was an active shift of gears “exchanging revenue for quality”.

The second pillar is the continuous fulfillment of urban renewal orders.

The State Council's “Fifteenth Five-Year Plan for Urban Renewal” clarifies a large number of tasks such as old neighborhoods, dilapidated houses, underground pipelines, etc., and the competition shifts from “drawing up drawings” to “reading the context, calculating assets, and doing operations.”

Aoya uses the “mentality, technique, and algorithm” methodology: mentality defines cultural direction, approach aesthetics and engineering, and algorithms rely on Ultron Engine to improve efficiency. In 2026, it won successive bids for the Lingnan Binjiang District of Centennial East Street in Shaoguan, the revitalization of the Shenyang 2004 Industrial Heritage Site, Guangzhou Machinery and Textile Factory Hotel upgrade, and landed on benchmarks such as Suzhou Dayangshan Botanical Garden Greenhouse, Foshan Beijiao Sports Children's Park, and Tianjin Jinyi Park; the Shenzhen Children's Park Consortium won the bid, using “integrated investment, design, procurement, installation and operation+own IP” as a national model.

The full coverage of historic districts, industrial plants, child-friendly, and waterfront businesses proves that the company is not only a space designer, but also a general manager of existing assets.

The third is the technological reevaluation brought about by the Ultron engine.

As a vertical spatial agent that took three years of research and development for urban renewal and cultural, commercial and tourism, Ultron has already passed modules such as “Smart Strategy, Inspiration, and Smart Fortune”; in 2026, it successively released the “China Urban Women-Friendly Space Index” and “National Child-Friendly City Index (CFCI-CN,2026)”. The latter is based on 67 million POIs and covers 93 pilot cities, transforming spatial evaluation from empirical judgment to data model.

Further catalyzing is that the Ultron engine has been connected to GPT-6. Ultron connected it with its own project library, spatial density algorithm, and female/child-friendly index system to form a hybrid architecture of “GPT-6 for general reasoning and cross-tool scheduling, and Ultron for spatial expertise in a closed loop”. For urban renewal projects, this means that early verification is faster, plan selection is broader, cost and specification checks are more advanced, and bid response efficiency is expected to be further improved.

For investors, this means that project planning can be quantified and replicated, labor costs and solution cycles are declining, and AI is changing from a “cost center” to a “gross profit center.”

Parent-child cultural tourism also provides operating cash samples. Quzhou Nankongluo Jia Sen Park opened in 210 days, with a cumulative total of more than 150,000 visitors, and the GMV of the summer hotel broke 20 million yuan in 8 days; Xiamen Island saw 43 times on CCTV since opening; Shanghai Senlan China Merchants Garden City “Senguang Man Alley” was lightly updated with about 4,100 square meters and landed in 90 days, transforming the passageway into an external layout and market center to verify that the existing commercial “small investment, strong passenger flow, and operable”. These projects push Aoya from “delivering space” to “sharing operating benefits”, forming a double wheel with urban renewal.

According to the Zhitong Finance App, the company's reported operating cash flow is still negative, the size of accounts receivable is not low, and repayment and financial management risks need to be continuously tracked. However, the current pricing of the market is not a short-term profit or loss, but a new anchor for “stock asset value-added service provider+parent-child cultural tourism brand service provider+spatial intelligence technology company”: policies give scenarios, win bids for orders, Ultron give efficiency, and IP for repurchase.

If the three things continue to be realized, Aoya is expected to gradually obtain a revaluation premium from technology-based city operations from cyclical design stocks.