On March 31, LEGEND HOLDING (03396.HK) released its 2025 annual results, reporting annual revenue of 6059.45 billion yuan, an 18% year-on-year increase, historically surpassing the 600 billion yuan mark. Net profit reached 9.799 billion yuan, rising 28% compared to the previous year. The double-digit growth in both revenue and profit not only reflects the steady improvement in LEGEND HOLDING’s industrial operations but also highlights its strategic focus on long-term technological transformation. The company’s chairman emphasized the importance of long-term vision and strategic patience in leveraging its unique multi-business advantages to vigorously promote the development of new productive forces.
Moving beyond financial metrics, LEGEND HOLDING’s strategic positioning in future-oriented industries has drawn significant attention. In the nuclear fusion sector, the company has made precise investments through its subsidiaries Junlian Capital and Legend Star. These investments cover enterprises such as Nova Fusion, Star Ring Energy, and Anton Fusion, spanning mainstream fusion technology pathways including field-reversed configuration, high-temperature superconducting tokamaks, and Z-pinch. This has resulted in a structured, multi-tiered investment matrix.
Nova Fusion focuses on the "field-reversed configuration + magnetic compression" approach, aiming to develop China’s first small modular nuclear fusion reactor to meet the power demands of high-energy-consumption scenarios such as AI data centers. In August 2025, Nova Fusion completed a 500 million yuan angel round of financing, with participation from the Zhongguancun Self-Innovation Special Fund managed by Junlian Capital, setting a new record for single-round funding among private fusion companies in China.
Star Ring Energy has pioneered a high-temperature superconducting spherical tokamak repetitive reconnection solution. Its core team consists of graduates from Tsinghua University’s Department of Engineering Physics, with over two decades of experience in controlled fusion research. In January 2026, the company completed a 1 billion yuan Series A financing round, again setting a domestic record for private fusion funding. Legend Star was an early investor. Star Ring Energy plans to complete engineering verification around 2028 and build a fusion demonstration reactor by approximately 2032.
Anton Fusion is China’s first Z-pinch fusion commercialization team, led by Peng Xianjue, a member of the Chinese Academy of Engineering and a nuclear energy expert. Its technology uses pulsed high current to generate magnetic fields, inducing plasma implosion to produce high-intensity X-ray radiation—often described as "artificial lightning." In October 2025, Anton Fusion secured nearly 100 million yuan in its first funding round, with Legend Star participating. The company aims to build a Z-pinch energy demonstration project by 2035 and achieve grid-connected power generation by 2040.
Globally, nuclear fusion is recognized as the ideal "ultimate energy source" due to its cleanliness and near-limitless supply. Many countries are accelerating breakthroughs in related technologies. In this decisive race for future energy, China has strategically elevated fusion energy as a core national priority. The 15th Five-Year Plan recommendations call for forward-looking deployment in future industries, including nuclear fusion, to spur new economic growth drivers. In this long-cycle, high-barrier frontier, LEGEND HOLDING continues to support its portfolio companies through long-term partnership and deep operational involvement, helping accelerate the commercialization of fusion technology.