Hard Egg Innovation (00400)'s revenue in the first three quarters exceeded 20 billion yuan, up about 130.1% year-on-year in Q3, and the AI cloud platform accelerated the implementation of the second curve

The Zhitong Finance App learned that on November 2, Hard Egg Innovation (00400.HK) announced an unaudited operating summary for the three and nine months ending September 30, 2026. According to the announcement, the Group's revenue for the first three quarters was about 20.916 billion yuan, up 109.0% year on year, and operating profit was about 816 million yuan, up 102.3% year on year. Looking at a single quarter, revenue for the third quarter was 7.667 billion yuan, up 130.1% year on year, and operating profit was about 300 million yuan, up 133.7% year on year. The growth was mainly driven by the continuous release of demand for chips in the field of artificial intelligence data centers, storage and robotics, and the collaboration between technical solutions and distribution business. At the same time, the new Token factory business of the Hard Egg AI cloud platform is accelerating from strategic layout to implementation, and self-developed products are also gradually contributing to the increase.

Behind the high increase in performance is the continuous release of full-stack ecosystem service capabilities based on AI chips. Hard Egg Innovation focuses on linking upstream AI chip technology with the needs of downstream innovators, and has deep cooperation with global high-end chip manufacturers such as NVIDIA (NVIDIA), Intel (Intel), AMD (Chaowei Semiconductor), and Sandisk (Sandisk) to build a full-stack product matrix covering GPU, CPU, FPGA, ASIC, memory chips and software ecosystems, and empower high-value industries such as “AI infrastructure+AI smart terminals” downstream to open up a full-process ecological service link from chip supply to terminal implementation. Since 2026, global AI data center construction has accelerated, and demand for large-scale model training and inference has driven the expansion of demand for memory chips. Humanoid robots have entered the mass production stage. With full-stack chip service capabilities, the Group has deeply participated in scenarios such as cloud intelligent computing centers, edge AI, robots and enterprise-level computing power services, driving the continuous improvement of the basic AI hardware market.

It is worth noting that the Token factory business, which is based on its hard-egg AI cloud platform, is accelerating to become the Group's second growth curve. In July 2026, the Group announced a strategic upgrade, completed the transformation from an AI hardware distributor to a token computing power operator, and laid out a vertical AI token factory, using a dual-track deployment of “own computing power clusters+third-party computing power centers at home and abroad” to provide integrated services such as computing power scheduling, cluster operation and maintenance, and token computing power output through a computing power scheduling platform (Ingdan.ai). Customers cover the world's first-tier cloud service providers (CSP), physical intelligence companies, and AI big model companies. The business converts traditional one-time hardware revenue into continuous service revenue tied to computing power usage and service delivery. In August 2026, the official service contract for the AI Token factory was implemented. The total contract value (TCV) exceeded 1 billion US dollars. The relevant service fees were confirmed in installments according to the delivery schedule, marking that the Token factory moved from the intended order to the implementation and fulfillment stage. The Group has a stock of customers that has been deeply involved in the chip industry for 30 years, and is highly similar to the target customer base of the Token factory, providing a natural customer base for the second growth curve.

In the field of physical intelligence and robotics, its Ketong Technology continues the technical idea of “big brain collaboration”. In September 2026, Ketong Technology and Intel jointly released the FoxJack X1 intelligent development kit. The kit was independently developed based on the Intel® Panther Lake platform. A single SoC combines CPU, GPU, and NPU to target robot perception, decision-making, and real-time control scenarios, and supports “big and small brain” collaboration. The kit is scheduled to begin pre-sale in November. It is expected to contribute to self-development business growth in the fourth quarter and complement the Token Factory's “hardware entrance+computing power service”.

According to the announcement, the current customer demand for Hard Egg Innovation continues to be strong, has plenty of orders on hand, covers a variety of application scenarios, and has good business visibility. In particular, the AI Token factory mentioned above has an official contract with a TCV of more than 1 billion US dollars, and it is expected that the size of the relevant contract will further advance towards the goal of doubling by the end of 2026. The Group expects to continue to grow rapidly for the rest of 2026, and the Token factory business of the Hard Egg AI cloud platform will become the second growth curve.