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Ingdan, Inc. (400.HK) Announces 2025 Interim Results
- Benefiting from the sustained growth in AI computing power demand, the demand for chips has grown significantly across related industries, driving the Group’s revenue up by approximately 54.5% year-on-year to RMB6,676.5 million.
- The Group recorded a gross profit of approximately RMB585.9 million, and a net profit of approximately RMB190.0 million. Profit attributable to equity shareholders of the Company was approximately RMB132.1 million, representing an increase of approximately 17.2% year-on-year.
- Through deep collaboration with Huawei, and leveraging the Ascend 910 chip, Ingdan launched the DeepSeek all-in-one workstation to address the core computing power needs of scientific researchers. Ingdan simultaneously maintained strategic focus on two-wheeler battery cloud services, promoting business diversification.
HONG KONG SAR – Media OutReach Newswire – 29 August 2025 – Ingdan, Inc. (“Ingdan, Inc.” or the “Company”, stock code: 400.HK; with its subsidiaries (the “Group”)) – an application solution platform based upon artificial intelligence (“AI”) chips, with its core businesses “Comtech” and “Ingdan” – announces its unaudited interim results for the six months ended June 30, 2025 (the “First Half of 2025” or the “Period”).
Financial Highlights for the First Half of 2025
During the Period, benefiting from continued strong demand for AI computing power and growing demand for chips from industries related to AI technology, the Group recorded revenue of approximately RMB6,676.5 million, representing an increase of approximately 54.5% as compared to approximately RMB4,321.4 million for the corresponding period in 2024. Gross profit was approximately RMB585.9 million, representing an increase of approximately 28.0% year-on-year, primarily due to the increase in revenue. Profit from operations was approximately RMB275.6 million, representing an increase of approximately 20.8% year-on-year. Profit attributable to equity shareholders of the Company was approximately RMB132.1 million, a year-on-year growth of 17.2%.
As of June 30, 2025, the Company’s cash and bank balances (including pledged deposits) totalled approximately RMB1,626.8 million; bank loans were RMB2,561.2 million; the inventory value was RMB4,877.3 million; the number of basic ordinary shares issued by the Group was 1,644,262,732, and the weighted average number of ordinary shares of diluted earnings per share was 1,544,335,000.
Business Review
During the Period, with deep insights into chip characteristics upstream and industry needs downstream, the Group developed mature application solutions for frontier sectors such as robotics, auto pilot, and the low-altitude economy, helping customers lower their technical barriers and accelerating product innovation. The Group created additional value from “chip selection” to “chip application”, providing “ready-to-use” core technology modules. The modules have significantly shortened customers’ R&D cycles, allowing them to focus on the differentiated innovation of their applications, and to capture early opportunities in the market. Meanwhile, the Group deeply integrated AI technology into its internal operations, achieving intelligent upgrades across our core business processes from marketing and customer acquisition, to supply chain management, which has so far effectively improved operational efficiency.
In terms of the business model, the Group has established a unique closed-loop business model and accomplished a strategic evolution from “chip selling” to “technology integration”. The Group provides customers with efficient supply chain services, in-depth technical solutions, and customized products.
The Group leverages its industry ecosystem to integrate transaction data from all resources, including chips, software, and professional services, empowering the entire value chain both upstream and downstream. Additionally, the Group is providing customized solutions to downstream clients, while providing market demand data to upstream chip suppliers, forming a highly efficient and unique closed-loop business model. This model effectively strengthens our customer loyalty and builds a solid competitive barrier, making it a core driver of the Group’s sustainable development.
Comtech: Advancing AI Computing Power Supply Chain, Comtech Drive Innovation and Operational Excellence
As a core supplier in the AI computing power supply chain, Comtech serves a broad spectrum of sectors, including computing centers, data centers, AI servers, AI switch networking products, optical modules and a wide range of AI applications. Comtech works closely with global leading chip manufacturers and has been an agent for the products of over 80 core chip companies, including Nvidia, Xilinx, Intel, AMD, ST, and other well-known international manufacturers, as well as numerous domestic chip makers.
With years of successful business operations, Comtech has accumulated extensive application technology experience and industrial resources, enabling it to provide chip application technology solutions and supply chain management services to tens of thousands of customers downstream of the innovation industry. At the same time, with the help of proprietary AI technology, LLMs, and professional knowledge bases, Comtech is providing intelligent and automated solutions in the areas of chip selection, hardware design, software development, and system integration. By utilizing AI technology and big data analysis, Comtech has achieved intelligent management of the supply chain, significantly enhanced operational efficiency while reduced costs. Additionally, Comtech holds a number of proprietary intellectual properties, giving it a competitive advantage in the fields of AI chip application and intelligent supply chain.
In addition, the Group has applied to the Shenzhen Bureau of the China Securities Regulatory Commission for pre-listing guidance regarding the proposed spin-off and proposed A-share listing of Comtech. The application has been accepted on the record. Upon completion of the Proposed Spin-off and Proposed A-share Listing, the Group will remain the ultimate controlling shareholder of Comtech, and its results will continue to be consolidated into the Group, being expected to generate long-term growth for the Group’s business.
Ingdan: Targeting the New Energy Industry, Ingdan Academy Empowers the Chip Industry with AI and Digital Solutions
Bolstered by supportive national policies, the scientific research sector has increasing need for domestic computing power. Ingdan has seized the opportunity, and expanded its presence by providing high-performance adaptable hardware and dedicated domestic solutions, along with comprehensive, lifecycle technical maintenance. Ingdan has also integrated “hardware + software + service” into a closed-loop, one-stop service that fully meets our customers’ needs. Meanwhile, through deep collaboration with Huawei and leveraging the Ascend 910 chip, Ingdan launched the DeepSeek all-in-one workstation to address the core computing power needs of scientific researchers. With the growth of Huawei’s Ascend ecosystem, Ingdan will increase its focus on scientific research customers to quickly capture market opportunities in the short term; then leverage this foundation to expand into the broader enterprise market mid-term; and finally, achieve sustainable business growth through deep integration into the industry chain via joint R&D long-term.
Ingdan also focuses on the new energy industry, dedicating efforts to developing the industry for two-wheeler battery replacement and re-utilization, as well as building a reliable asset management platform for traceable lithium battery life-cycle data. Ingdan provides customized solutions for two-wheeler battery replacement, power re-utilization, and energy storage. Ingdan has strategically focused on two-wheeler battery cloud services, aiming to capture the market trend of new energy smart battery clouds. This supports the Group in achieving sustainable profit growth and contributing to advancing product standardisation in China’s two-wheeler battery-swapping industry.
Based on the Group’s resources and technological strengths in the chip industry, Ingdan Academy provides technical services and talent training for the industry. Through technical training, Ingdan Academy assisted upstream AI chip manufacturers in promoting their products and technologies in the market, while growing AI technical talents to help downstream AI application companies to swiftly adopt the latest AI technologies and products, and enhance enterprises’ AI capabilities. Furthermore, Ingdan Academy provides enterprises with locally deployed AI LLM application solutions, and helps enterprises achieve multidisciplinary AI digital transformations. To date, Ingdan Academy has successfully trained over 8,000 chip application engineers. Through talent training and technical support, Ingdan Academy will support Shenzhen as it becomes a leading chip application industry hub in China and globally, making a greater contribution to the development of the national chip industry.
Future Prospects
Mr. Jeffrey Kang, CEO of Ingdan, Inc., said, “During the Period, we successfully completed our strategic upgrade from a chip trading platform to a technology integration platform, underpinned by robust performance. During this transition, we established an efficient ‘customer acquisition-engagement-conversion’ business closed-loop, enabling us to serve tens of thousands of innovative enterprises. Our core competitiveness has evolved beyond the confines of a single business, demonstrating the synergistic strengths of our entire system. Moving forward, we will continue to leverage ‘infrastructure + value-added services’ as our dual engines, transforming data resources into strategic assets. This will further solidify our competitive moat as we progressively become a leading technology service platform for global innovative enterprises, generating long-term and sustainable value for our shareholders.”
Caution Statement
The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of such information, or opinions presented or contained herein. The information contained in this document should be considered in the context of the circumstances prevailing at the time, is subject to change without notice and the Company makes no undertaking to update the information in this document to reflect any developments that occur after the date of the presentation. It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company, or its financial or trading position or prospects. Neither of the Company nor any of its affiliates, advisers or representatives accept any responsibility or have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
This document may contain statements that reflect the Company’s current intent, beliefs, and expectations about the future as of the respective dates indicated herein. These forward-looking statements do not guarantee future performance and are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from those described in these forward-looking statements. Neither the Company nor any of its affiliates, advisers or representatives has any obligation, nor do they undertake, to update these forward-looking statements for any events or developments including the occurrence of unanticipated events that occur subsequent to such dates.
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About Ingdan, Inc.
Ingdan, Inc. (stock code: 400.HK) is an innovative technology services platform conglomerate, connecting upstream chip technology with the needs of downstream innovation enterprises. Through proprietary artificial intelligence (AI) technology, large language models (“LLMs”), and specialized industry knowledge bases, the Group provides our customers with the cutting-edge of chip application technology solutions, and efficient supply chain management services. Headquartered in Shenzhen, with offices and branches across major cities in China, including Hong Kong, Shanghai, Beijing, Wuhan, Chengdu, Nanjing, Hangzhou, and Xi’an, as well as overseas branches in Singapore and Japan. The Group’s core businesses are Comtech (“Comtech”), a technology services platform for the chip industry, and Ingdan (“Ingdan”), a platform providing Artificial Intelligence of Things (AIoT) technology and services.
For further information, please refer to the Company’s website at www.ingdangroup.com
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CUHK’s Academic Excellence and Global Research Impact
CUHK’s academic rigour is further recognised in the 2026–27 Best Global Universities Rankings by U.S. News & World Report, where it ranks 28th globally and 5th in Asia, remaining Hong Kong’s top university for the fourth consecutive year. The University features 15 subjects in the global top 50, including five in the top 10, such as Education and Educational Research (#1), Gastroenterology and Hepatology (#2), Computer Science (#7), and Arts and Humanities and Artificial Intelligence (both ranked #9).
CUHK: Where Bold Ideas Become Impactful Research
CUHK provides an exceptional environment for impactful research, supported by approximately 300 research institutes and centres, alongside four state key laboratories approved by the Ministry of Science and Technology of China. Reflecting on the academic environment, Zhamilya Zhirenova, a PhD student in Biomedical Science from Kazakhstan, has deepened her expertise through her involvement with the Centre for Neuromusculoskeletal Restorative Medicine (CNRM), an InnoHK research centre CUHK established with Sweden’s Karolinska Institutet.
Unlike traditional research pathways, where students are often confined to a single university laboratory, Zhamilya gained extensive experience at Hong Kong Science Park, a dynamic setting that closely resembles industry. “It feels more like an industrial company,” she reflected, “and that experience has been invaluable.” For researchers with ambitions beyond academia, such early exposure to the pace and expectations of the biotech industry provides a distinct advantage.
Nurturing the Next Generation of Scientific Innovators
Many of CUHK’s scholars are globally renowned experts who have made significant breakthroughs in their respective fields. These experts provide valuable mentorship, cultivating an intellectually stimulating environment for innovative research.
At the Centre for Novostics, an InnoHK research centre dedicated to advancing molecular diagnostics, Yasine Malki, a Chemical Pathology PhD student from Hong Kong, highlighted mentorship as a defining aspect of his experience at CUHK. Benefiting from the mentorship of Professor Dennis Lo, CUHK’s Vice-Chancellor and President, and a pioneer in molecular diagnostics, Yasine collaborates with specialists in molecular technologies, bioinformatics, and clinician-scientists, exemplifying CUHK’s dynamic, multidisciplinary approach to medical science.
Through the latest global rankings, CUHK continues to demonstrate the impact of its research and scholarship. The University offers robust financial support to attract top-tier global talent, such as the Hong Kong PhD Fellowship Scheme (HKPFS) for the 2027–28 intake, which provides over HK$1.81 million (approximately US$232,420) in funding. Applications open on 1 September 2026.
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About CUHK
Founded in 1963, The Chinese University of Hong Kong (CUHK) is a leading comprehensive research university with a global reputation and world-leading rankings. Located in the heart of Asia, CUHK has a vision and a mission to combine tradition with modernity, and to bring together China and the West. The University has eight faculties: Arts, Business Administration, Education, Engineering, Law, Medicine, Science, and Social Science. Together with the Graduate School, the University offers over 300 undergraduate and postgraduate programmes. All faculties are actively engaged in research in a wide range of disciplines, with an array of research institutes and research centres specialising in interdisciplinary research of the highest quality.
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HKDL’s Immersive Interactive Experiences Win Guests’ Hearts Lucky Nugget Spin at Grizzly Gulch Surpasses 30,000 Participations
Immersive experiences fuel collectible merchandise craze and extend magical memories
HONG KONG SAR – Media OutReach Newswire – 11 July 2026 – In tune with the growing popularity of experiential travel and guests’ desire for participation and immersive experiences throughout their journeys, Hong Kong Disneyland Resort (HKDL) has been integrating retail with storytelling at the park through an endless flow of innovative interactive experiences and distinctive merchandise offerings. Emotional connections with guests are strengthened as merchandise is transformed into meaningful souvenirs interwoven with their Disney memories.
Launched in April this year at Grizzly Gulch, the Chip ‘n’ Dale Lucky Nugget Spin has recorded more than 30,000 participations as of the end of June, becoming one of the park’s most popular activities. Combining storytelling, live interactions, and surprises, the experience has been warmly received by guests and has further enhanced the atmosphere throughout the land.
David Koo, director of merchandise at Hong Kong Disneyland Resort, shared: ‘Today’s guests are looking for more than products; they want keepsakes that capture the stories and memories of their visit. Through interactive experiences, we hope to make merchandise a natural extension of the Disney park journey. Whether it is a plush toy, a pin or an accessory, the true value lies not only in the item itself, but in the magical moments and personal memories it represents.’
David Koo, director of merchandise at Hong Kong Disneyland Resort, is pictured in the center
This story- and interaction-driven strategy has been incorporated into various guest experiences across the resort. For example, in an engaging experience at the Popcorn Pop-Up Shop on Main Street, U.S.A., guests can reach into a giant popcorn bucket-themed installation to catch a “popcorn” and reveal the hidden Pixar pals plushie together with Disney cast members on the spot. Meanwhile, the Snow White Grotto, located beside the Castle of Magical Dreams, has introduced a new “Lock of Dreams” experience, offering guests a sense of ceremony and a souvenir to cherish.
Disney’s Classic Pin Trading Tradition Extends the Magic Beyond the Visit
Disney’s iconic Pin Trading tradition has long been an important part of how guests explore the park and connect with others. Reopened in June, Main Street Collectibles now features dedicated pin display areas designed to celebrate and elevate this beloved tradition. Guests can discover unexpected treasures while searching for favorite designs as they trade pins with Disney cast members and fellow collectors. More than just an addition to a collection, each pin carries unique memories and extends the guest journey.
More Than 3.5 Million 20th Anniversary Merchandise Items Snapped up
New Pixar and Marvel Experiences on the Way
Merchandise sales grew continuously during Hong Kong Disneyland’s 20th anniversary celebrations, which attracted a large number of local, mainland, and international visitors and concluded with fanfare in June. Since late June last year, the resort has sold more than 3.5 million 20th Anniversary-themed merchandise. Among them, about 600,000 units of the SouvenEARS collection have been snapped up. Meanwhile, the blind-box series inspired by attractions and themed lands achieved sales of more than 500,000 units during fiscal year 2025, demonstrating the continued popularity of merchandise with strong storytelling elements and collectible appeal.
Looking ahead, HKDL will continue to enrich the guest experience across the resort. New Pixar-themed and Marvel-themed experiences will be introduced, further expanding both entertainment and retail offerings. Through ongoing innovation, HKDL remains committed to meeting guests’ demand for more immersive experiences, enhancing its appeal to local, mainland, and international visitors, and strengthening its position as a leading travel destination in the region.
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The HR Asia Awards are among Asia’s most prestigious annual human resources awards, recognizing organizations that demonstrate excellence in workplace culture and sustainable people development. Winners are evaluated using the TEAM (Total Engagement Assessment Model), which measures employee engagement, organizational trust, and workplace experience, drawing on benchmarking data from more than 2.5 million employees across 20,000 organizations throughout the region.
According to the independent assessment conducted for the HR Asia Awards 2026, Green SM significantly outperformed market benchmarks in the “Best Companies to Work for in Asia” category, achieving outstanding scores across several key dimensions, including technology enablement in the workplace (4.8/5), workplace sustainability (4.71/5), and diversity, equity, and inclusion (4.72/5).
A defining element of Green SM’s workplace culture is its unwavering commitment to the principle that “Every Voice Counts.” This commitment is embedded through comprehensive employee engagement initiatives, including regular internal surveys, 360-degree performance evaluations, and multiple feedback channels that transform employee insights into tangible improvements in policies, workplace practices, and operational excellence.
At Green SM, talent development is viewed not merely as an HR function but as a strategic driver of service excellence. The Company continues to invest comprehensively in recruitment, professional training, operational standardization, workplace culture, and structured career development pathways for its Green Drivers. In parallel, Green SM delivers continuous capability-building programs for managers and employees, combining practical learning with digital learning platforms to strengthen leadership and management capabilities and organizational agility in an evolving business environment.
Alongside its investment in people, Green SM has been progressively building a unified organizational culture across its international markets. Rooted in values established in Vietnam while embracing the diversity of local cultures and communities, the Company fosters an environment that encourages collaboration, continuous learning, and empowerment. This enables teams across different countries to uphold consistent service standards while remaining responsive to the unique needs of local customers and communities.
Green SM also received the Technology Empowerment Awards in recognition of its continued digital transformation in human resource management. Through the digitalization of HR processes, the development of competency frameworks, the expansion of digital learning ecosystems, and the integration of data-driven people management, the Company has streamlined repetitive administrative tasks, enhanced decision-making efficiency, and enabled employees to devote greater focus to innovation, customer experience, and superior service delivery.
Mr. Nguyen Quoc Tuan, Global Chief Executive Officer of Green SM, said: “Our people have always been the cornerstone of Green SM’s sustainable growth. We believe that when individuals are empowered by technology and united by shared values, our teams across every market can deliver exceptional experiences for our customers. These two awards affirm the direction we have taken and further strengthen our commitment to building a truly multinational organization with its roots in Vietnam.”
In 2026, Green SM aims to expand its global workforce and partner network to approximately 400,000 people worldwide. As the Company continues to accelerate its international expansion, it will further invest in talent development and technology-driven people management to build a highly capable global workforce, maintain consistent service excellence across markets, and advance its vision of becoming the world’s leading green mobility platform.
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