HK Stock Market Move | ILUVATAR COREX (09903) rose nearly 10% in the afternoon, with revenue from the Zhi Kai series skyrocketing sixfold in the first half of the year, becoming the main growth engine.

ILUVATAR COREX (09903) rose nearly 10% in the afternoon. As of the time of writing, it was up 8.09%, priced at HKD 398.0, with a turnover of HKD 582 million. In terms of news, ILUVATAR COREX's interim results showed that due to an explosive demand for cloud AI inference computing power, the Zhi Kai series achieved breakthrough growth, with revenue reaching approximately 654 million yuan in the first half of the year, a staggering year-on-year increase of 651.8%; gross profit was approximately 233 million yuan, with a gross margin of 35.6%, becoming the core drive behind ILUVATAR COREX's revenue growth. The Tian Hai series, positioned for high-end training scenarios, also maintained a steady growth rate, with revenue of approximately 262 million yuan in the first half of the year, a year-on-year increase of 38%. Shenwan Hongyuan Group released a research report stating that the company has developed three product lines: Tian Hai, Zhi Kai, and Tong Yang based on the GPGPU architecture, covering AI training and inference + edge scenarios, focusing on TCO and the adaptability of computing efficiency to business scenarios, which provides a competitive advantage. Therefore, it maintains its profit forecast, expecting the net profit attributable to the parent company to reach 1.03 billion, 1.696 billion, and 3.264 billion yuan in 2026-2028. The rating is maintained at "Buy."