As the AI industry transitions from 2025 into 2026, it is undergoing a profound transformation. Technological evolution is no longer confined to proof-of-concept stages but is accelerating toward commercial implementation. AI applications are becoming increasingly vertical, in-depth, and specialized, penetrating from general scenarios into the intricate details of manufacturing. The role of AI is also evolving from a passively responsive "tool" into an "intelligent agent" capable of autonomous planning and execution, gradually advancing toward a new phase of multi-system collaboration. The AI sector remains highly active, with continued focus from capital markets. However, the investment logic has subtly shifted—from thematic speculation to value investing, with investor attention turning toward companies that have pioneered viable business models and are demonstrating increasingly clear paths to commercial monetization.

Against this backdrop, the 2025 annual report delivered by AINNOVATION (02121) stands as a prime example of successful commercialization of technological strength. As a technology company focused on "AI + manufacturing," after strategic refocusing and business optimization in 2024, the company returned to a high-growth trajectory in 2025. Performance metrics showed comprehensive improvement, with significant enhancements in operational quality. Simultaneously, the "One Model, One Platform, Two Wings" strategy began to yield results, with AI business entering a phase of scaled implementation. More notably, alongside the overall strengthening of its core business, the company recently launched the AInnoGC Industrial Ontology Agent Platform, described as the "enterprise-grade lobster" for manufacturing, opening up even broader growth prospects.

The annual report season places financial performance under intense market scrutiny. In 2025, AINNOVATION delivered a high-quality growth report, with several key financial metrics reaching historical highs. During the reporting period, the company achieved revenue of RMB 1.513 billion, a year-on-year increase of 23.8%. Revenue from the "AI + Manufacturing" business rose to 80.9%, becoming the core engine driving performance growth. Profitability metrics were equally impressive, with gross profit increasing by 25.1% to RMB 529 million. The gross margin improved for the sixth consecutive year, reaching a healthy 35.0%. Adjusted net loss narrowed significantly to RMB 66 million, a reduction of 44% compared to the previous year. This marked improvement in profitability reflects the rapid enhancement of the company's self-sustaining capability.

A stable and highly loyal customer base provides solid support for future revenue growth. In 2025, the total number of customers increased to 633, up 21.5% year-on-year. Revenue from premium customers accounted for a high 72.8%, and the monetary-based repurchase rate reached 50.9%, fully demonstrating strong customer recognition of the company's technological strength and solutions. Financially, the company maintains ample cash reserves, providing strategic flexibility. As of the end of the reporting period, cash and cash equivalents stood at approximately RMB 831 million, with overall financial metrics at their strongest levels in the company's history.

Behind the rapid revenue growth is the deployment of multiple AI solutions in real-world manufacturing scenarios, further evidencing the company's technological implementation and commercialization capabilities. Systems such as intelligent molten iron transport, integrated iron-steel interface management, smart manufacturing execution systems, and intelligent inspection systems have all entered large-scale application phases. To date, AINNOVATION holds a leading position in its niche segments. According to IDC data, the company ranks first in market share for industrial large model applications in China, while also holding the third position in both the Chinese computer vision market and the machine learning platform market. In 2025, the company successfully entered the Fortune China Tech 50 list, further elevating its industry status and brand influence.

The growth foundation of AINNOVATION stems from the steadfast advancement of its "One Model, One Platform, Two Wings" strategy. This strategy uses the AInnoGC industrial large model as its base, with AI agents as the engine, driving the dual advancement of industrial robotics and industrial software applications. In the AI + industrial software domain, the company has developed enterprise-grade agent platforms with robust ontology capabilities, such as the AgentBuilder workflow agent platform and the DeepAgent deep reasoning agent platform. Addressing industry challenges where general AI struggles to understand industrial semantics and vast underlying data fails to translate into effective decisions, the company innovatively introduced an "ontology management module" into its agent platforms. This module acts like a "translator," deconstructing industrial knowledge systems to convert complex underlying data—from equipment, processes, production, and supply chains—into business language understandable by machines, successfully bridging the gap between industry knowledge and AI technology.

Leveraging this technological foundation, AINNOVATION has deeply embedded agents into its full suite of manufacturing production management software centered on MOM (Manufacturing Operations Management), successfully applying them to digital and intelligent upgrades in key areas such as energy management, equipment management, warehouse management, and production task management. Particularly in the challenging field of industrial design, the company partnered with Bentley, a global leader in engineering infrastructure software, to launch iPID, the industry's first agent-driven generative AI industrial design product. This product enables reverse modeling of industrial design drawings, showcasing strong technical prowess.

In the AI + industrial robotics field, AINNOVATION is focused on creating a highly adaptable, multi-scenario industrial embodied intelligence robotics platform. Its core product, ChatRobot, achieved comprehensive technological breakthroughs in 2025 across three modules: control systems, intelligent systems, and data systems. In high-risk operation scenarios, the company deployed an intelligent unhooking robot for dumpers in the mining industry, enabling unmanned operations and enhancing safety. In low-altitude inspection scenarios, it deployed drone inspection systems for steel enterprises, building low-altitude intelligent perception networks. In the core areas of industrial quality inspection and production line assembly, the company has deepened the integration of multimodal large models with hardware equipment, establishing a high-end, scenario-specific integrated software-hardware inspection equipment system that successfully addresses long-standing issues like rigid traditional inspection processes and accuracy bottlenecks.

If the "One Model, One Platform, Two Wings" strategy is AINNOVATION's solid foundation, then the launch of the AInnoGC Industrial Ontology Agent Platform represents a forward-looking strategic move. In 2026, general-purpose agents like OpenClaw ("Lobster") have garnered widespread attention, becoming a new trend in AI. Unlike traditional AI positioned as "reactive tools," these agents can act as "autonomous assistants," directly taking over operating systems and software to automatically complete tasks from planning to execution. However, when AI applications attempt to move from consumer internet into the heart of industry, numerous technical shortcomings become apparent. In manufacturing scenarios, large models commonly face issues like "AI hallucinations," "black-box" reasoning, outdated knowledge, and difficulty understanding complex industrial constraints. These shortcomings, akin to a "failure to adapt," often limit AI technology to perceptual levels, preventing its transformation into real productivity.

Precisely identifying these pain points, AINNOVATION recently launched the industry's first full-stack ontology agent platform for manufacturing—the AInnoGC Industrial Ontology Agent Platform. Unlike OpenClaw, which prioritizes flexibility and convenience in personal scenarios, this platform focuses on precision, controllability, and high reliability in enterprise settings, building a complete technological闭环 from computing power and data to ontology and applications. Technically, the platform innovatively adopts a collaborative "Ontology + Agent" approach. In manufacturing scenarios, the "ontology" acts as a "digital brain," responsible for interconnecting various entity data and parsing business relationships and operational rules. The "agent" serves as the "executive arm" following the brain's commands, performing autonomous decision-making, process orchestration, and system execution.

By visually constructing entity architectures for equipment, processes, materials, etc., AInnoGC can translate industry experience into machine-readable rules, turning industrial knowledge into reusable assets. It dynamically maps physical states to real-time digital twins, synchronizing large models with the physical world. It transforms elements like equipment, materials, processes, and personnel and their interrelationships into computer-parsable relational networks, enabling intelligent data reasoning and decision optimization. When facing complex cross-system tasks, the platform performs logical deduction and causal tracing based on the ontology knowledge base, ensuring every step of reasoning is traceable, truly "thinking like an engineer."

Furthermore, when deeply integrated with manufacturing, AInnoGC can be lightly and rapidly integrated with existing industrial software like MES, EAM, EMS, and even underlying industrial control systems, effectively leveraging existing fragmented data. It supports multi-agent collaboration for efficient execution of complex cross-scenario tasks. Compared to traditional AI solutions, the AInnoGC platform holds core advantages in five areas: Determinism (accuracy over 95%, significantly reducing AI hallucinations), Real-time capability (connects to live data, supports on-site immediate decision-making), Evolvability (globally configurable knowledge, modifications apply site-wide), Low barrier to entry (enables quick, low-threshold development of custom agents), and Security (explainable and auditable reasoning processes).

The launch of the AInnoGC Industrial Ontology Agent Platform marks a significant shift for industrial AI from "perceptual intelligence" toward "cognitive intelligence + action intelligence." Its ability to directly engage core production scenarios suggests that, upon achieving scaled implementation, it could rapidly contribute to AINNOVATION's performance growth.

In conclusion, supportive policies for manufacturing digital transformation, coupled with strong market demand lagging behind implementation, create a vast blue ocean for companies like AINNOVATION that possess deep vertical expertise and industry accumulation. The annual report shows a significant narrowing of adjusted net losses, exceeding market expectations. Strengthening customer loyalty and accelerating commercial deployment point toward sustainable, healthy growth. The introduction of the AInnoGC platform further raises the company's growth potential. Overall, AINNOVATION demonstrates enhanced short-term earnings certainty and clear long-term growth prospects. As industrial agents move from concept to large-scale adoption, the company is well-positioned to maintain its leadership in the wave of manufacturing intelligent transformation, thanks to its forward-looking strategy and deep industry roots.