China Post Securities has released a research report forecasting that DC HOLDINGS (00861) will achieve revenues of 22.923 billion yuan, 25.330 billion yuan, and 28.377 billion yuan for the years 2026 to 2028, representing year-on-year growth rates of 9.08%, 10.50%, and 12.03%, respectively. Net profit attributable to shareholders is projected to be 100 million yuan, 176 million yuan, and 303 million yuan for the same periods, with corresponding year-on-year increases of 217.91%, 76.43%, and 71.83%. Basic earnings per share are estimated at 0.06 yuan, 0.11 yuan, and 0.18 yuan. Based on the closing price of 2.45 Hong Kong dollars on May 6, 2026, the price-to-earnings ratios would be 35.71, 20.24, and 11.78. The firm has initiated coverage with a "Buy" rating.
The company released its 2025 annual report, showing full-year revenue of 21.015 billion yuan, a 26.16% increase year-on-year. Net profit attributable to shareholders was 31.42 million yuan, marking a return to profitability. By business segment, Data Intelligence Services generated revenue of 5.588 billion yuan, up 19.76% year-on-year. Integrated Supply Chain Services reported revenue of 1.932 billion yuan, an increase of 10.74%. Fintech Services and Other segments achieved revenue of 13.495 billion yuan, rising 31.70%.
DC HOLDINGS is advancing its "Data x AI" strategic upgrade, with the AI-First FDE model opening a new chapter in commercialization. The company is deepening its full-stack AI service capabilities centered on computing power, data, algorithms, and applications, accelerating the transformation of cutting-edge technologies into high-value commercial scenarios. Through the agile validation and deep co-creation business model of "Yanyun AI-First FDE," it is rapidly penetrating various industries. The Data Intelligence Services segment recorded a profit of 34 million yuan, surging 197% year-on-year.
In computing power, the company continues to explore the intelligent computing market, providing end-to-end services from board-level to chip-level for several leading domestic internet clients involved in computing center infrastructure construction in Ulanqab. In data, leveraging Yanyun Infinity, it has built a robust data platform, utilizing Yanyun AI-First FDE to pre-establish industry insights and quickly accumulate data assets and industry knowledge bases in other supply chain areas. In algorithms and applications, it deeply integrates large models with knowledge tools, fully adapts to the Agentic AI technology architecture, and uses MCP and A2A protocols to break down data silos between departments.
Adhering to its "Client + Ecosystem" strategy, DC HOLDINGS focuses on key industries. Through the "Baby Plan" for deepening existing client relationships and the "Star Picking Plan" for acquiring new clients, the company achieved dual growth in volume and revenue for its domestic supply chain business. In 2025, shipment orders surpassed 100 million, increasing approximately 40% year-on-year. The number of net retained clients rose to 508, with a net dollar retention rate of 100%, an 8-percentage-point improvement.
In the consumer electronics sector, it provides localized storage and rapid dispatch services for a leading client. In the smart communications industry, it continues to win bids for a national logistics centralized service procurement project for a domestic operator. In the fast-moving consumer goods and cosmetics sector, it offers an integrated omni-channel supply chain solution combining B2B and B2C for an emerging domestic brand. Empowered by the "Xiaojin" supply chain intelligence agent, it successfully ensured highly resilient operations during major promotional events like Singles' Day.
Business structure optimization has led to comprehensive improvements in operational quality. The Fintech Services business continues to drive the precise implementation and innovative breakthroughs of AI solutions, achieving high-quality development that balances scale and quality. The segment's profit grew to 135 million yuan in 2025. Centered on the "Qiankun" enterprise-level digital intelligence base, the company is deepening "AI + Finance" application scenarios, continuously improving modeling process platforms, financial large models, and AI toolchains to assist financial institutions in their digital and intelligent transformation.
Risks include intensified market competition, slower-than-expected commercialization of AI, macroeconomic fluctuations, and margin pressures.