Huaye Securities has released a research report stating that GBA AI COMP (HKEX: 01396) successfully returned to profitability in FY2025 with a net profit attributable to shareholders of RMB 73.05 million. The revenue of its subsidiary Tiandun Data surged by 757.9% year-on-year to RMB 20.253 billion, with the computing power services segment achieving a gross margin of 39.6%. The group's inclusion in the MSCI China Small Cap Index comprehensively validates the commercial viability of its new business model. The key points from the report are as follows:

The Transformation Milestone

GBA AI COMP (formerly GBA Holdings) has completed its business transformation, evolving from a mainland infrastructure company into a Guangdong-Hong Kong-Macao Greater Bay Area AI computing power infrastructure provider. Following the full acquisition of Shenzhen Tiandun Data Technology in October 2025, and the successful restructuring of USD 439 million in senior notes completed in June 2025, the group has been fundamentally reshaped through a three-step strategy: debt reduction and deleveraging, building the computing power engine, and introducing state-owned capital.

Debt Reduction and Deleveraging

The interest-bearing debt ratio decreased from 45.3% in 2024 to 28.2% in 2025. Cash holdings increased from RMB 13.06 million to RMB 170.4 million. With a clear debt structure post-Mandatory Convertible Bond (MCB) exchange, there are no significant obstacles to the performance transmission in FY2026.

Building the Computing Power Engine

Tiandun Data, with its capability of "delivering 10,000-GPU clusters in 100 days with full-stack technical support," is positioned to benefit from the demand for computing power substitution amid GPU export controls. With over 42,000 PFLOPS of computing power deployed and a total order backlog exceeding RMB 15 billion, the company has clear earnings visibility for the next 3 to 5 years.

Introduction of State-Owned Capital

The strategic investment of RMB 800 million by the Futian District State-owned Assets Supervision and Administration Commission fundamentally shifts the group's valuation framework from that of an infrastructure business to a high-growth computing technology stock.

Key Risk Factors

The primary risks include geopolitical conflicts potentially fueling inflation and rising interest rates compressing valuation multiples. High customer concentration and geopolitical shocks could also impact contracts.