Groupcore Technology's adjusted net profit surged 211% in the first half of the year, with revenue from new AI applications increasing by 177% year-on-year | Financial Report Insights

Groupcore Technology's first interim results since its listing send a clear signal: revenue growth remains moderate, but profitability and AI business are improving rapidly.

On August 27, Qunhe Technology released its 2026 interim results. In the first half of the year, the company achieved revenue of RMB 405 million, a year-on-year increase of 1.5%; adjusted net profit was RMB 55.42 million, a year-on-year increase of 210.9%, approaching the level of the entire previous year. Calculated according to International Financial Reporting Standards (IFRS), the company's net loss for the same period was RMB 146 million, but this was a significant reduction of 35.5% compared to the same period last year.

Beyond improved profitability, new AI applications are becoming a new growth driver. In the first half of the year, the company's revenue from new AI applications and products increased by 177% year-on-year to RMB 31 million; orders for the AI intelligent design platform exceeded RMB 20 million. The AI video creation platform LuxReal, launched in May, experienced particularly rapid growth, with both monthly registered users and revenue showing significant month-on-month increases.

Huang Xiaohuang, co-founder and chairman of the company, said: "Spatial intelligence is a key piece of the AGI puzzle and a bridge for AI to move from the digital world to the physical world. Over the past three years, Qunhe Technology has been developing from the application layer of spatial intelligence to the underlying technology infrastructure. In the future, the company will continue to increase its investment in the research and development of world models, expand the application boundaries, and become the 'water seller' of infrastructure in the era of spatial intelligence."

Adjusted net profit increased significantly, and operating quality continued to improve.

In terms of profit performance, the most eye-catching indicator in this interim report is not revenue, but adjusted net profit.

In the first half of the year, the company's adjusted net profit reached 55.42 million yuan, a year-on-year increase of 210.9%; the operating loss was 82.14 million yuan. Under IFRS, the company's net loss was 146 million yuan, narrowing by 35.5% compared to 226 million yuan in the same period last year.

It is important to note that the IFRS loss includes a significant amount of non-cash factors. With the company's completion of its Hong Kong listing in April, all existing convertible redeemable preferred shares have been converted into ordinary shares, and the profit drag previously caused by changes in the book value of related liabilities will also disappear.

After excluding non-recurring items such as listing expenses and share-based payments, the company's profitability at the operational level has improved significantly.

New AI applications become a new engine for growth.

Compared to the fact that revenue from traditional businesses has remained roughly flat, AI business is showing a faster growth rate.

In the first half of the year, the company's revenue from new AI applications and products reached 31 million yuan, a year-on-year increase of 177%. The order amount for the AI intelligent design platform exceeded 20 million yuan, and the number of monthly active users increased by 50% compared with December last year.

LuxReal's growth is even more remarkable. Since its launch in May of this year, the platform has seen a month-on-month increase of over 270% in registered users and over 470% in revenue.

This signifies that GroupCore Technology is expanding from traditional spatial design software into an AI-driven spatial intelligence platform. Whether its AI products can continue to translate user growth into substantial revenue will be a key indicator for the company in the coming quarters.

Subscription revenue accounts for over 97%, with major clients remaining the core customer base.

Groupcore Technology remains a highly subscription-based SaaS company.

In the first half of the year, the company's subscription revenue was 393 million yuan, accounting for 97.1% of total revenue, a year-on-year increase of 0.8%. Among them, subscription revenue from enterprise customers was 330 million yuan, and subscription revenue from individual customers was 63.25 million yuan.

Although the revenue from professional services is relatively small, it is growing faster, mainly from SpatialVerse synthetic data business, which increased from RMB 9.136 million in the same period last year to RMB 11.81 million, a year-on-year increase of 29.3%, indicating that the company is exploring the commercialization of spatial data in the field of AI training.

As of the end of June, the company had 48,617 corporate clients and 434,086 individual clients. Among them, 411 were major clients with annual revenue exceeding RMB 200,000, accounting for 46% of total revenue. The net revenue retention rate of major clients reached 101.8%, and the overall client retention rate reached 99.0%, indicating strong customer loyalty among top clients.

However, the company's overall net revenue retention rate dropped from 100.3% in the same period last year to 94.4%, and the net revenue retention rate of corporate customers also dropped from 101.6% to 96.4%, which means that the growth rate of consumption by existing customers has slowed down.

Gross profit margin rises to 83%, demonstrating the advantage of computing power efficiency.

Despite limited revenue growth, the company's gross profit margin increased from 82.1% to 83.0%, with gross profit reaching 336 million yuan.

Operating costs decreased from RMB 71.46 million to RMB 69.02 million, mainly due to lower server costs and reduced implementation and delivery personnel costs. The gross profit margin for subscription services increased from 82.8% to 83.8%, while the gross profit margin for professional services increased from 50.6% to 55.1%.

The company's early investment in GPU infrastructure is beginning to show its advantages. In the first half of the year, the GPU cluster processed an average of approximately 12.9 million computing tasks per day. With the optimization of software and hardware, the efficiency of computing resource utilization has been further improved, which helps to reduce computing costs during the expansion of AI business.

From Space Intelligence Applications to World Models

Clustercore Technology is building a full-stack spatial intelligence system encompassing computing power, models, and applications.

Currently, the company has achieved L1 space reconstruction and is advancing towards L2 space understanding and L3 space generation, while accelerating its evolution towards L4 space action. Recently, the company released its independently developed 3D generative model Lux3D and launched internal testing of its world model product, adopting a 3D explicit approach.

At the application level, products such as the Aholo Space Intelligence Platform, Aholo Viewer, and LuxReal have been launched successively. The average daily token consumption in July was approximately 2.4 billion, and the developer ecosystem has begun to take shape at an early stage.

R&D investment continues to strengthen technological barriers. In the first half of the year, the company had 8 academic papers selected for top conferences such as ECCV, CVPR, and SIGGRAPH. R&D personnel account for approximately 42% of the total number of employees, and the company has accumulated 259 patents.

For Clustercore Technology, the key focus for the next phase will be how to further translate its technological investments in spatial intelligence and world modeling into commercial revenue . Management anticipates that the second half of the year will focus on upgrading from "static space generation" to "interactive space generation" and accelerating the commercialization of products such as LuxReal and the AI-powered intelligent design platform.

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