Hangzhou Arcvideo Technology has released its 1H26 results:revenue came in at RMB136mn(+2.53%YoY),attributable net profit was-RMB32mn(vs-RMB6mn ayear ago,with loss widening 421%YoY),and recurring net profit was-RMB40mn(vs-RMB13mn ayear ago,with loss widening 208%YoY).In 2Q26,revenue was RMB54mn(-36.14%YoY),and attributable net profit was-RMB17mn(vs RMB6mn ayear ago).The YoY revenue decline in 2Q26 was mainly due to slower procurement by downstream customers in the traditional business,while the wider loss in 1H26 was driven by increased investment in new businesses.We believe the company's intelligent cockpit and embodied robotics businesses are accelerating commercial deployment.Maintain BUY.

Intelligent cockpit and embodied robotics drove growth
In 1H26,revenue reached RMB136mn(+2.53%YoY),supported by two emerging businesses:intelligent cockpit and embodied intelligent robotics.Revenue from media&culture/industrial&satellite/automotive intelligent cockpit was RMB87.95/7.86/27.18mn(-9.72/-18.64/+18.83%YoY).The new embodied intelligent robotics business contributed RMB10.03mn in revenue.The company has integrated its proprietary BlackEye multimodal spatial foundation model,ultra-low-latency encoding and transmission,and video super-compression technologies to build an intelligent video product portfolio spanning live streaming,content production,industrial and satellite,automotive cockpit,and embodied intelligence.We are positive on the steady recovery in revenue.

Profit under pressure,on investment in new businesses
In 1H26,attributable net profit was-RMB32mn(loss widening 421%YoY),and recurring net profit was-RMB40mn(loss widening 208%YoY).The wider loss was due to higher expense ratios from increased investment in new businesses.Gross margin was 42.07%,down 0.14pp YoY,broadly stable.The embodied intelligent robotics business posted agross margin of 74.81%.The selling/admin/R&D expense ratios were 19.18/15.44/38.85%,up 7.08/2.44/6.94pp YoY,driven mainly by higher spending on new businesses.We attribute the profit pressure to aphase of stepped-up strategic investment and remain positive on long-term profitability improvement.

New robotics business achieved commercial deployment
The embodied intelligent robotics business generated revenue of RMB10.03mn in 1H26 with agross margin of 74.81%.Leveraging its extensive expertise in remote teleoperation,the company holds strong technological advantages in core metrics such as ultra-low latency and transmission under weak network conditions.It has established stable partnerships with multiple robot OEMs,with agrowing customer base and expanding order volume.In 1H26,the company accelerated product iteration in its robotics business,forming athree-layer product system spanning hardware,platform,and intelligence,which could build adata flywheel moat based on real-world operational data.We believe the company's embodied intelligent robotics business,underpinned by ultra-low-latency teleoperation technology and amultimodal foundation model,is well positioned to unlock substantial revenue growth.









Earnings forecasts and valuation
We lower our 2026/2027/2028 attributable net profit forecasts to RMB-7mn/+23mn/+56mn(-247.39%/-45.75%/-38.84%vs prior forecasts),with EPS of RMB-0.06/+0.20/+0.51.The downward revision mainly reflects expense ratio pressure from increased investment in new businesses.Referencing the average valuation of comparable companies at 8.7x 2026E PS(Wind),and given the company's accelerating technological advantages and business progress in embodied intelligence scenarios,we assign an 11x 2026E PS,for our target price of RMB37.96(previous:RMB52.09,based on 14x 2026E PS).Maintain BUY.

Risks:slower commercialization of R&D achievements than we expect,and slower expansion into business scenarios than we expect.

　　当虹科技发布半年报，26H1实现营收1.36亿元（yoy+2.53%），归母净利-0.32亿元（去年同期为-0.06亿元，亏损同比扩大421%），扣非净利-0.40亿元（去年同期为-0.13亿元，亏损同比扩大208%）。其中26Q2实现营收0.54亿元（yoy-36.14%），归母净利-0.17亿元（去年同期0.06亿元，同比由盈转亏）。公司二季度营收同比下滑主要由于传统业务的下游客户采购节奏较缓，上半年利润亏损扩大主要受新业务投入增加影响。我们认为，公司智能座舱、具身机器人等业务正加速商业化落地，维持“买入”评级。
　　26H1营收平稳增长，智能座舱及具身机器人贡献核心增长
　　26H1公司营收1.36亿元（yoy+2.53%），营收稳增主要受智能座舱、具身智能机器人等两大新兴业务拉动。26H1公司传媒文化、工业与卫星、车载智能座舱业务分别实现营收8795、786、2718万元，分别同比-9.72%、-18.64%、+18.83%，新增的具身智能机器人业务实现营收1003万元。公司深度整合自研BlackEye多模态空间大模型、超低延时编码传输及视频超级压缩等前沿技术，已构建涵盖视频直播、内容生产、工业与卫星、车载座舱、具身智能等方向的智能视频产品体系，看好公司营收稳步修复。
　　26H1利润承压，主要受新业务投入扩大影响
　　26H1公司归母净利-0.32亿元（亏损同比扩大421%），扣非净利-0.40亿元（亏损同比扩大208%），利润亏损扩大主要由于新业务投入扩大导致公司费用率承压。26H1公司综合毛利率为42.07%，同比-0.14pct，公司整体毛利率维持稳定，其中具身智能机器人业务毛利率高达74.81%。26H1销售/管理/研发费用率分别为19.18%、15.44%、38.85%，分别同比+7.08、+2.44、+6.94pct，费用率增长显著主要受新业务相关投入加大影响。我们认为，公司利润承压源于阶段性战略投入扩大，看好公司长期盈利水平改善。
　　机器人新业务实现商业化落地，超低延时技术领先
　　公司具身智能机器人业务实现商业化突破，26H1实现营收1,002.53万元，毛利率为74.81%。公司凭借远程遥操作技术的深厚积累，在超低延时、弱网环境传输等核心指标上具备较强技术优势，已与多家机器人本体厂商建立稳定合作，客户矩阵不断丰富、订单规模持续扩大。26H1公司加速机器人业务产品迭代，形成"硬件层—平台层—智能层"三层产品体系，有望形成基于真实场景运营数据的数据飞轮壁垒。我们认为，凭借超低延时遥操技术与多模态大模型底座，公司具身智能机器人新业务有望全面打开成长空间。
　　盈利预测与估值
　　我们下调公司26-28年归母净利润至-0.07/0.23/0.56亿元（较前值分别调整-247.39%/-45.75%/-38.84%），对应EPS为-0.06/0.20/0.51元。下调盈利预测主要考虑新业务投入扩大造成费用率压力。参考可比公司平均估值（Wind）26E8.7xPS，看好公司在具身智能场景的技术优势与业务进展持续提速，给予公司26E11xPS，对应目标价37.96元（前值52.09元，对应26E14xPS），维持“买入”评级。
　　风险提示：研发成果商业化不及预期，业务场景拓展不及预期。

Arcvideo Technology has reported 2025 revenue of RMB322mn(+4.96%YoY),with attributable net profit at RMB-91.31mn(+10.65%YoY)and recurring net profit at RMB-106mn(+1.47%YoY).Revenue came in below our prior forecast of RMB398mn due to slower-than-we-expected recovery in media&cultural businesses.Attributable net profit also missed our RMB23mn estimate after coming under pressure from gross margin compression from rising raw material costs.For 4Q25,revenue was RMB112mn(-18.47%YoY,+46.06%QoQ)and attributable net profit reached RMB-69.67mn(-112.77%YoY,-349.73%QoQ).We still like the company’s strong multimodal AI technology reserves and think its media&culture,industrial&satellite applications,and smart cockpits offer additional recovery potential.Maintain BUY.
GPM under pressure in 2025,to recover in 2026
For 2025,gross margin stood at 36.94%(-4.06pp YoY),affected by rising raw material costs and increased upfront investments in new outdoor LED advertising screens,which pressured margins in both media&culture(28.44%,-5.45pp YoY)and industrial&satellite segments(27.11%,-12.99pp YoY).The sales expense ratio rose 1.70pp YoY to 16.05%due to sales team expansion for new business initiatives.The administrative and R&D expense ratios were 12.89%(-2.19ppYoY)and 29.09%(-10.51pp YoY),respectively,as the company optimized the way it allocated resources.We expect the company’s gross margin to normalize driven by improvements to the business mix.Meanwhile,AI-driven operating efficiencies should optimize expense ratios,supporting aprofitability recovery in 2026.
Earnings forecasts and valuation
Given sustained near-term pressure on the incipient demand recovery in the media&culture segment,we cut our 2026/2027 revenue forecast by 24.95/29.34%,bringing it to RMB412/542mn,and add 2028 revenue of RMB721mn(with a32.29% 3-year CAGR).We estimate attributable net profit at RMB5/42/92mn for 2026/2027/2028,corresponding to EPS of RMB0.04/0.38/0.83.We are still positive on the company’s technological edge and progress in embodied intelligence applications.Based on peer average valuation(Wind)at 11.1x 2026E PS,we assign 14x 2026E PS,deriving our target price of RMB52.09(previous:RMB69.55,also at 14x 2026E PS).Maintain BUY.
Risks:Commercialization of R&D achievements falling short of our expectations,and slower expansion in business scenarios than we expect.

　　当虹科技25年实现营收3.22亿元（yoy+4.96%），归母净利-9131.17万元（yoy+10.65%），扣非净利-1.06亿元（yoy+1.47%）。其中Q4实现营收1.12亿元（yoy-18.47%，qoq+46.06%），归母净利-6966.83万元（yoy-112.77%，qoq-349.73%）。公司25年营收增长低于我们此前预期（预测值为3.98亿元），主要由于传媒文化业务修复节奏低于我们预期。公司25年归母净利低于我们此前预期（预测值为0.23亿元），主要由于原材料价格上涨导致毛利率承压。我们认为，公司多模态AI技术储备深厚，26年传媒与文化、工业与卫星、智能座舱均有望修复，维持“买入”。
　　25年毛利率短期承压，26年盈利有望修复
　　公司25年毛利率为36.94%，同比-4.06pct，主要原材料价格上涨及新建户外LED广告大屏前期投入增加，导致传媒文化、工业与卫星业务的毛利率承压，25年传媒文化、工业与卫星业务毛利率分别为28.44%、27.11%，同比-5.45、-12.99pct。25年公司销售/管理/研发费率分别为16.05%、12.89%、29.09%，同比+1.70、-2.19、-10.51pct，销售费率增长主要由于公司拓展新业务销售团队，管理、研发费率收窄得益于公司内部资源配置持续优化。我们认为，业务结构优化下公司毛利率有望回归正常水平，同时AI内部提效有望带动公司费用率优化，看好26年公司盈利能力提升。
　　AI大模型赋能业务增长，25年智能网联汽车业务快速放量
　　25年公司传媒文化、工业与卫星、智能网联汽车三大业务收入分别为1.75、0.70、0.70亿元，分别同比-5.67%、+0.59%、+52.29%。智能网联汽车业务快速放量，主要得益于公司智能座舱产品加速迭代以及行业需求快速放量。1）产品端：公司在智能座舱领域，深度嵌入自研BlackEye车端大模型及车载垂类大模型“洞天”，推动座舱从“功能化”向“智能化、情感化、沉浸式”升级，25年逐步实现规模化落地；2）行业端：根据公司年报，25年国内车载智能座舱市场规模突破600亿元，预计26年达到800亿元（年增速超30%），其中视音频娱乐、智驾安全相关产品需求增速超70%。我们认为，行业需求加速放量有望带动公司智能网联汽车业务维持快速增长。
　　多模态AI加速迭代，看好具身智能等新业务提速
　　公司以自研BlackEye多模态大模型为核心底座，完成从单模态视听到多模态空间智能的战略升级，构建“模型+算力+数据+端侧+行业”的完整AI生态。围绕具身智能领域，公司以BlackEye多模态大模型为核心，深度打通大模型与机器人本体、多传感器、运动控制模块的全链路融合；同时基于BlackEye2.0大模型，公司推出面向本体厂商与行业客户的BlackEyeVision产品，将多模态理解与生成能力深度植入机器人核心作业流程。我们认为，依托过去的技术积淀，公司有望加速实现多模态空间大模型的新业务拓展。
　　盈利预测与估值
　　我们下调公司26-27年营业收入至4.12、5.42亿元（较前值分别调整-24.95%/-29.34%），预计28年营业收入为7.21亿元（三年复合增长率为32.29%）。预计26-28年归母净利润为0.05/0.42/0.92亿元，对应EPS为0.04/0.38/0.83元。下调盈利预测，主要考虑到公司传媒文化业务需求修复节奏短期仍承压。参考可比公司平均估值（Wind）26E11.1xPS，看好公司在具身智能场景的技术优势与业务进展持续提速，给予公司26E14xPS，对应目标价52.09元（前值69.55元，对应26E14xPS），维持“买入”。
　　风险提示：研发成果商业化不及预期，业务场景拓展不及预期。