GD-HKGBA HLDGS (01396) has released its full-year results for the period ending December 31, 2025. The group reported revenue of 1.003 billion yuan. Profit attributable to shareholders was 73.049 million yuan, representing a turnaround from a loss to a profit compared to the previous year. Basic earnings per share were 8.4 fen.

In October 2025, the group successfully completed the full acquisition of Shenzhen Tiandun Data Technology Co., Ltd. ("Tiandun Data"), a leading domestic provider of computing power technology services. This acquisition marks the group's official transition from a "traditional industrial-city developer and operator" to an "AI computing infrastructure operator."

Benefiting from the successful implementation of its offshore US dollar bond restructuring and the optimization of its asset-liability structure, the group has started with a lighter load. It has now elevated AI computing power technology services to its absolute core for leading high-quality development.

As of now, the group has delivered and operates a dense FP16 computing power scale exceeding 42,000 PFLOPS, firmly placing it in the industry's first tier. Concurrently, the group holds computing power orders totaling over 15 billion yuan. Its leading brand and strong reputation in the industry are continuously generating a steady stream of rapidly growing new orders. This ample order reserve provides a solid guarantee for cash flow stability over the next 3 to 5 years and further highlights the market's high recognition of its leading position.

Additionally, the group holds over 100 patents and software copyrights combined and has been included in Shenzhen's computing power voucher service provider list, which is expected to directly drive further growth in AI computing power orders.

Facing the industry trend evolving towards "AI data factories," as a leading enterprise in the Hong Kong-listed AI computing service sector, the group has established a comprehensive, integrated service ecosystem. This "four-in-one" industrial chain service loop encompasses: multi-source heterogeneous computing full-stack technical services, the "Quantum Pai" computing cloud service and development platform, AI vertical application incubation, and full-lifecycle services for domestic and overseas AI Data Centers (AIDC).

In terms of its foundational infrastructure, the group possesses capabilities and practical experience in assembling 10,000-card-level clusters. Its data center designs are already compatible with next-generation cutting-edge computing architectures that anticipate higher thermal design power and greater interconnect bandwidth.

At the platform empowerment level, its self-developed "Quantum Pai" computing power scheduling platform enables pooled management of heterogeneous computing resources across different regions and chip types, breaking down "resource silos" and significantly lowering the barrier to entry for deploying large models.

In the application ecosystem domain, the group is incubating "AI + vertical fields," empowering high-growth scenarios such as AIGC, biopharmaceuticals, and autonomous driving, thereby creating a closed loop of "computing power + algorithms + applications."

Regarding global expansion, the group has constructed and operates several benchmark AIDC digital-intelligent base facilities through an "EPC + O&M" model, adhering to low PUE green standards, and is steadily implementing its overseas strategy.

Its "one-stop, full-stack" technical advantages and business layout have formed a unique competitive edge. This positions the group with the capability to strategically ascend towards higher-profit, higher-valuation segments within the AI industry hierarchy, making it a scarce investment opportunity against the backdrop of the AI development wave and national policies promoting "computing-power-electricity coordination."