Hygon Information Posts H1 2026 Revenue of 9.099 Billion Yuan, Up 66.52% YoY
Nashnova编辑部
Hygon Information (海光信息) posted H1 revenue of RMB 9.099 billion, up 66.52% year-on-year, approaching the RMB 10 billion mark — but operating cash flow flipped to negative RMB 428 million, exposing the cost of rapid expansion.
Nearly 70% revenue growth — how much actually reached the bottom line?
H1 revenue hit RMB 9.099 billion, up 66.52% YoY; net profit attributable to shareholders reached RMB 1.798 billion, up 49.69%.
This means → revenue grew nearly 17 percentage points faster than profit. The company is still trading margin for scale.
Non-recurring items stripped out, adjusted net profit was RMB 1.631 billion, up 49.67%. In plain terms = there is no one-off windfall inflating the numbers — the growth quality is solid.
How much went into R&D — is it paying off?
R&D spending was 29.15% of revenue, down from 31.31% in the year-ago period.
This means → the ratio fell, but absolute spending rose in step with revenue. Hygon is not cutting R&D; revenue is simply growing faster.
This reflects a sustained commitment to foundational chip technology. Nearly one-third of revenue funneled into R&D ranks among the highest in China's A-share tech sector.
Why did cash flow suddenly turn negative?
Operating cash flow swung to negative RMB 428 million, versus a positive RMB 2.177 billion a year earlier.
In plain terms = the company booked profits on paper, but cash is locked up in inventory buildup and receivables — it has not yet converted to real money in the bank.
This means → whether receivables come in and inventory ships on schedule in H2 will be the key test of this growth cycle's real cash quality.
Who holds Hygon — has the "national team" entered?
Top shareholder Dawning Information (曙光信息) holds 27.96%; Chengdu Industrial Investment at 7.21% plus the Chengdu Hi-Tech bloc at roughly 9.79% lock in significant local state-capital backing.
China Reform Holdings' investment arm entered the top ten with a 0.65% stake. This means → state-backed "national team" capital has explicitly positioned itself in China's domestic compute-chip sector.
Huaxia SSE STAR 50 ETF holds 0.64%, with passive index money tracking alongside — confirming Hygon's status as a heavyweight constituent of the STAR Market.
Content is for reference only, not financial advice.