ZHIDA TECH (02650) released its 2026 interim results on August 17, signaling a clear transition from the "investment phase" to the "realization phase" of its strategic transformation. During the period, overseas revenue surged 73.2% year-on-year, while charging pile shipments jumped 110.5%, with the revenue share climbing from 14.8% in the same period last year to 29.7%—approaching the 30% threshold. This structural leap marks globalization's shift from a mere "second growth curve" to a genuine "profit structure improvement engine."
Strategically, the company is leveraging its integrated "AI Energy + Robotics" scenario-based solutions as a spearhead, completing its repositioning as a smart energy and robotics services platform, with substantial support for a revaluation of its valuation anchor.
Overseas Growth Validates Transformation: Revenue Share Nears One-Third as "Quality Inflection Point" Strengthens
Overseas business stands as the most compelling value highlight in this interim report. In 2022, overseas revenue accounted for just 1.9% of total revenue; by the first half of 2026, this figure had soared to 29.7%, approaching one-third. From 1.9% to 29.7%, ZHIDA TECH completed its critical leap from a local manufacturer to a globally positioned company in just three and a half years. This data represents more than linear growth—it marks a true inflection point, as the "domestic foundation + overseas high growth" dual-engine model has evolved from strategic blueprint into robust operational reality.
The growth trajectory itself is compelling. Overseas charging pile shipments surged 110.5% year-on-year in the first half, underscoring the accelerating payoff from localized production capacity and channel expansion. In Thailand, charging pile sales grew 304.3%, with local installations reaching 19,480 units; the UAE market grew even faster, with sales up 357.2%; and Brazil achieved steady growth of 48.5%.
More notably, ZHIDA TECH's overseas expansion model is undergoing a systematic upgrade. The company has formed a joint venture with Chery Green Energy, leveraging Chery Automobile's mature global channel network to achieve seamless "vehicle-to-charger" integration. The company's global footprint now spans 28 countries and regions, with five overseas manufacturing centers forming an initial production network, continuously solidifying localized delivery capabilities.
The overseas business boom is no coincidence—it is the inevitable outcome of the company's deep strategic globalization push. Looking ahead, the positive transmission effect of overseas business growth on profit margins is already clearly visible. As the share of high-margin overseas revenue continues to rise, the company's overall earnings quality will benefit from this structural improvement. The interim data fully confirms that the overseas growth engine is not only operating efficiently but its momentum continues to climb—with the five overseas bases ramping up capacity and channel networks deepening, overseas revenue share is poised to leap from "nearly one-third" to even higher levels. At that point, the company's profit structure, cash flow quality, and valuation center will undergo systematic repricing, and a truly globally competitive smart energy technology company will be taking shape at an accelerating pace.
Strategic Elevation Anchored in "AI Energy + Robotics": Full-Chain Closure Forms as Valuation Anchor Shifts from Manufacturing to Scenario Services
Strategic elevation is the most noteworthy underlying variable behind this interim report. In July 2026, the company upgraded its positioning to an "AI-driven integrated scenario service provider for smart energy and robotics." This adjustment is not a fresh start but a natural extension of over a decade of technical accumulation—from home charging piles, ZHIDA TECH has extended its business boundaries from single charging equipment to a full-chain closed loop spanning energy production, storage, dispatch, and automated replenishment.
The core pillar of this strategic upgrade lies in the deep integration of AI energy and robotics capabilities. On the energy side, the company's self-developed EMS green digital energy system has integrated photovoltaic, storage, charging, and V2G technologies, covering full-chain services for residential PV, storage, and smart charging. On the robotics side, ZHIDA TECH launched China's first "blade-type" home automatic charging robot and unmanned public charging solutions in the first half, expanding its product matrix to include the "Lingshe," "Kaituozhe Robot," and "Lingxiang" product lines. The company has also built the world's first ten-thousand-unit dedicated production line for charging robots, becoming the first enterprise globally to achieve a full "R&D-manufacturing-operation" closed loop in charging robots.
The AI platform serves as the digital hub, connecting energy dispatch with robotic operations to form a systematic "energy management + automated replenishment" capability. This integrated capability has already translated into deliverable scenario-based solutions at the product level. The company's globally premiered "AI Energy + Robotics" integrated solutions for both home and public scenarios, via the AI platform, deeply couple PV, storage, charging robots, and EMS systems. This achieves full "generation-storage-use-charging" energy closed-loop managed services for home scenarios, while public scenarios see a reconstruction of the replenishment model through "system-active services" for high-frequency operational vehicles like Robotaxis.
Currently, the company is collaborating with multiple leading Robotaxi companies on unmanned charging station projects both domestically and internationally. A demonstration station in Saudi Arabia has already been deployed, while unmanned replenishment solutions for dedicated scenarios such as airports and ports are accelerating. In July, the company formed a joint venture with Tongji Technology to establish Tongchuang Zhiji, launching the "Zero-Carbon Smart Mobility" future city AI mobility and green energy ecosystem solution at Shanghai's Fuxing Island, with the "home + public" dual-scenario layout accelerating from planning to reality.
The deeper value lies in a fundamental shift of the valuation anchor. From hardware manufacturer to scenario solution service provider, ZHIDA TECH's business boundaries now extend to long-term operational services across "platform + system + ecosystem." When an enterprise simultaneously possesses ten-thousand-unit robotics production capacity, global channels covering 28 countries, access to nearly one million home users, and the industry influence to participate deeply in formulating multiple international, national, and industry standards, its competitive moat is far beyond what traditional charging pile companies can match. The deeper significance of this strategic elevation is to use AI energy and robotics as twin wings, opening a long-term growth channel for ZHIDA TECH's transition from "charging pile leader" to "integrated smart energy and robotics platform."
Clear Performance Realization Path: Multiple Drivers Suggest Accelerating Profit Elasticity
The performance realization path is the most forward-looking signal beyond the interim data itself. Comparing business plans with interim results, as the high-margin overseas revenue share jumped from 14.8% to 29.7%, the company's overall earnings quality will continue to benefit from this structural improvement—the first driver of profit elasticity is already in place. According to company management, installation deliveries in a single overseas market alone reached over ten thousand units in the first half, with the installation volume reflecting effective conversion of front-end sales and laying a solid foundation for ongoing services to overseas existing users.
Meanwhile, recurring revenue from platform-based operations will constitute a more critical underlying variable for profit elasticity. The company is transitioning from pure hardware sales to a diversified revenue mix of "hardware + systems + operational services." The existing entry point of nearly one million home charging users, combined with the continuous penetration of the AI energy management platform, is converting one-time equipment sales into ongoing energy management service revenue. Once this model achieves scale, the company's gross margin center and cash flow quality will see systematic improvement.
The realization pace of this logic may be closely correlated with overseas prepayment trends. "Overseas order prepayments → delivery revenue recognition → profit structure improvement" is a trackable chain. With the five overseas bases ramping up capacity and "AI Energy + Robotics" scenario solutions entering batch delivery, combined with the strategic choice to shrink low-margin businesses and focus on high-margin scenarios, the trend toward accelerated profit elasticity release is already clear. Under multiple drivers, the company's 2027 operating data is poised to enter an accelerated release cycle.
In summary, ZHIDA TECH is accelerating its transition toward an "AI-driven integrated scenario service provider for smart energy and robotics." Overseas growth lays the foundation for profit improvement, the robotics full-chain closed loop builds core barriers, and the platform ecosystem opens long-term growth space. Looking ahead, with three drivers resonating, the momentum for profit elasticity release is substantial—a globally competitive smart energy technology enterprise is poised for takeoff.