Recently, ZERO2IPO (stock code: 01945) released a positive profit alert for the first half of its fiscal year 2026. The company expects revenue for the period to be between RMB 0.74 billion and RMB 0.98 billion, representing a year-on-year increase of 21.86% to 32.63%. Net profit is projected to be between RMB 0.13 billion and RMB 0.18 billion, marking a significant turnaround from a net loss in the prior corresponding period.
The company attributed this growth primarily to an increase in revenue from its core business operations and higher returns from its investment projects. Historically, ZERO2IPO has seen its business settlements and revenue recognition concentrated in the second half of the year, with the first half often showing weaker performance. Since 2022, the company has recorded losses in the first half but has typically returned to profitability in the second half as revenue is released. For instance, in fiscal year 2025, second-half revenue grew by 47% compared to the first half, resulting in a profit of RMB 0.86 billion, compared to a loss of RMB 0.15 billion in the first half. The first half of fiscal year 2026 marks a turning point, with both revenue growth and a substantial swing to profitability.
Key Drivers of the Profit Surge
Based on the company's disclosures and its business operations, the sharp increase in profitability for ZERO2IPO can be attributed to three main factors. First, there has been an increase in order volume across its four main business segments, leading to higher recognized revenue. The company operates as a comprehensive service platform for the equity investment industry, providing data, marketing, investment banking and securities, and training services to participants. These four segments are synergistic. Among them, the investment banking and securities service has been the standout performer. With a strategic focus on AI and active expansion, this segment saw its revenue surge by 298% in fiscal year 2025, increasing its contribution to total revenue to 44%. In the first half of 2026, 154 Chinese companies completed domestic or overseas IPOs, a 41.3% increase year-on-year. This vibrant IPO market has provided fertile ground for ZERO2IPO's investment banking business, which is expected to continue being a major contributor to revenue. Driven by this synergy, other segments, including marketing (through platforms like Investment World and the China Fund GP Conference), data services (via Zero2IPO Data), and training (through Shaqiu Investment Research Institute and Zero2IPO Investment Research Institute), have also seen their scales grow.
Second, the fair value of the company's investment projects has increased. ZERO2IPO's strategic investment business focuses on national strategic emerging fields such as artificial intelligence, life sciences, frontier technology, and future industries. These investments are recorded in the profit and loss statement at fair value. In fiscal year 2025, the company's investments in Beijing Zero2IPO Zhiyuan rose to RMB 0.29 billion, along with investments in listed companies (RMB 0.11 billion) and unlisted companies (RMB 6.5 million). The fair value gains from these investments amounted to RMB 0.43 billion for the year, a 330% increase year-on-year. It is expected that the fair value of investments in Zhiyuan, as well as secondary and unlisted market projects, will continue to rise in the first half of this year.
Third, artificial intelligence is reshaping the company's fundamentals and enhancing its profitability. ZERO2IPO is embracing the AI era by fully integrating AI across its four business segments. On one hand, AI is used to explore new growth paths and drive business expansion. On the other hand, AI enhances operational efficiency, reducing various cost levels, particularly sales expenses. For example, in fiscal year 2025, the company's sales expense ratio decreased by 3.68 percentage points.
Why the Ecosystem Advantage Matters
The core logic behind ZERO2IPO's growth is the creation of a comprehensive industrial service chain for the equity investment industry. Spanning from the project side to the capital side, it has built a massive "data resource library," establishing a formidable competitive moat within the resource ecosystem. Data services act as the "ballast" for ZERO2IPO's business, serving as a primary source of information for investment projects. Its vertical large-model application platform, CapAI, has enabled a fundamental shift from information retrieval to intelligent decision-making, providing clients with industry data access and decision support by integrating Zero2IPO Data, Zero2IPO Research, and Zero2IPO Consulting.
Marketing services act as a secondary channel for this information, with its core scarce resource being its investment community. Its platform, Investment World, boasts over 3.9 million users, building a high barrier to entry and deeply reaching government and corporate decision-makers as well as high-influence individuals. Data services and marketing services are highly interconnected. ZERO2IPO annually hosts an investment value selection event, primarily targeting early-stage, unlisted high-growth companies. Simultaneously, Investment World selects the Top 100 Investors annually, an event now in its eleventh consecutive year in 2026, attracting thousands of early-stage, VC, PE, and strategic investors. This forms a perfect data loop between the resource end and the investment end.
Furthermore, the company's training services further strengthen the connection between these two ends. Its Shaqiu Investment Research Institute has cultivated over 800 alumni, including entrepreneurs and investors, building a bridge for two-way empowerment between "innovation" and "investment." This high-net-worth alumni network is gradually becoming a core participant in the venture capital ecosystem. These front-end resources provide ZERO2IPO's investment banking and strategic investment businesses with vast data assets, with the rapid growth of the investment banking business serving as ample evidence. In strategic investments, the company has recently been actively deploying in frontier hard-tech sectors. For example, it participated in the D-round financing of SpinQ Technology, which raised RMB 1 billion, focusing on the quantum computing field, and the initial financing of Xinghe Fusion, which raised RMB 830 million, focusing on the nuclear fusion field. These high-quality, high-tech projects are scarce and highlight the advantages of the company's "ecosystem" layout.
Outlook and Future Growth Potential
Looking ahead, with the advantages of a full ecosystem and AI, the collaborative drive from multiple business segments is expected to sustain growth, presenting a golden window for right-side investment in ZERO2IPO. The 2026 Government Work Report and the "15th Five-Year Plan" outline have provided a historic top-level policy tone supporting the venture capital industry, which is a positive policy catalyst for the company's data and marketing services. The IPO market is also showing signs of prosperity, with a continuous increase in the number of listed companies on the A-share and Hong Kong stock markets. For example, in Hong Kong, Wind data shows that as of July 27, the market completed 100 initial public offerings, a 92.31% increase year-on-year. This active market not only broadens the exit paths for the company's venture capital projects but also allows it to benefit from the development dividends of a growing capital market.
Notably, the company has been actively buying back shares to boost market confidence. Since April 2026, the company has repurchased shares 65 times, totaling 4.8088 million shares, representing 1.63% of its total share capital. Over the past three years, the company's market value has steadily recovered, doubling from its low point. By adhering to a long-term development strategy, driven by an ecosystem moat, AI, and diversified businesses, ZERO2IPO is well-positioned to reshape its performance and valuation.