TRANSWARP (06727) First Financial Report Since Listing: Revenue Growth Accelerates, New Products Launched, Global Footprint Steadily Expands

In September 2026, TRANSWARP (06727) listed on the Hong Kong stock market, formally establishing an "A+H" dual capital platform. Recently, the company disclosed its Q3 2026 report, delivering its first earnings scorecard since the Hong Kong listing and releasing multiple positive signals: revenue for the first three quarters grew 19.57% year on year, Q3 single-quarter revenue growth accelerated to 31.62% year on year; single-quarter gross margin rose to 64.71%, and net loss attributable to shareholders for the first three quarters narrowed 27.33% year on year. Beyond continued improvement in operating fundamentals, the company's flagship new product, the GPU-native cognitive database, has successively landed benchmark projects across multiple industries and has appeared at international database academic conferences and Southeast Asian industry summits; on the overseas business front, leveraging local qualifications and certifications, industrial partner collaboration and in-depth industry exchanges, its global footprint has continued to broaden. For a company that has long devoted itself to underlying foundational software and adhered to high R&D investment, accelerating revenue and narrowing losses are direct evidence of improved operating efficiency in the current period; while commercialization of new products and breakthroughs in overseas markets are the core clues for assessing its long-term commercialization potential. Revenue growth accelerates, gross margin recovery and lean management drive loss reduction In the first three quarters of 2026, TRANSWARP achieved operating revenue of RMB269 million (unit: RMB, same below), up 19.57% year on year; Q3 single-quarter revenue was RMB96 million, up 31.62% year on year, significantly higher than the overall growth rate for the first three quarters. Alongside the upward revenue curve, gross margin recovery is another highlight of this earnings report. Based on the company's main business caliber, gross margin for the first three quarters was 53.33%, and Q3 single-quarter gross margin climbed to 64.71%, with both metrics improving from the year-earlier period. For companies in the foundational software sector, simultaneous expansion of revenue scale and improvement in gross margin means that while the business grows in size, its profit-generating capability is also strengthening, laying a solid foundation for covering high R&D and operating expenses and continuously optimizing operating fundamentals. The expense side shows a trend of lean control: selling expenses for the first three quarters were RMB105 million, down 6.48% year on year; administrative expenses were RMB73 million, down 13.39% year on year. With revenue maintaining positive growth, these two core expenses were reduced, demonstrating the company's continuous refinement of operating efficiency. At the same time, the company has consistently maintained high-intensity R&D investment. R&D investment for the first three quarters was RMB171 million, accounting for 63.73% of revenue. This caliber includes both expensed and capitalized R&D expenditures, continuously feeding back into underlying architecture iteration, product matrix upgrades and exploration of new business lines. Under the resonance of three factorsrevenue growth, gross margin recovery and expense optimizationnet loss attributable to shareholders for the first three quarters narrowed to RMB155 million, a 27.33% year-on-year reduction in loss. The company is still in a growth-stage loss cycle, but the combination of "high R&D investment in parallel with continuously narrowing losses" confirms its phased achievements in balancing technological innovation and operational quality improvement. GPU-native cognitive database lands benchmark projects, commercialization path becomes clearer If gross margin improvement reflects the restoration of current operating quality, then the progress of the GPU-native cognitive database relates to the company's second growth curve for the AI Agent era. Traditional databases mainly serve manual queries and business systems, but as AI Agents gradually enter enterprise production processes, intelligent agents need to continuously call data, retrieve knowledge, use tools, and rely on complete business context and long-term memory. The role of the database therefore shifts from a "data storage and query tool" to "cognitive infrastructure that supports Agents in understanding business, continuously analyzing and executing tasks." TRANSWARP's GPU-native cognitive database is designed precisely for this change. It reconstructs the database architecture with GPU at its core, integrating high-performance data processing, knowledge recall and long-term memory. Addressing the bottlenecks faced by CPU databases in AI inference scenariossuch as insufficient parallel computing capability, low data processing efficiency and high data transfer latency between CPU and GPUthe GPU-native cognitive database incorporates capabilities including data analysis, knowledge retrieval and multimodal processing into a unified GPU acceleration system, connecting the data processing and model inference links. (TRANSWARP GPU-native cognitive database architecture diagram; source: TRANSWARP official WeChat account) More critically, this product has already begun moving from technical validation to scenario deployment. Currently, the product is being successively deployed in projects of multiple industry-leading customers and is expected in the future to be mainly applied in low-latency, high-concurrency, large-data-volume scenarios such as financial risk control, quantitative investment research, intelligent financial analysis and enterprise knowledge Q&A. It demonstrates highly broad enabling value and flexible scenario adaptability, providing a strong new engine for the company's future large-scale ramp-up and high-quality growth. Globalization layout accelerates: academic presence, ecosystem rooting and partner collaboration advance on multiple fronts For enterprise AI going overseas, two questions ultimately must be answered: whether the technology can adapt to the business needs of different markets, and whether the product can rely on local resources to achieve continuous delivery. Around these two key links, TRANSWARP is gradually improving its overseas business layout through international professional exchanges, local ecosystem building and regional partner cooperation. The company has maintained a presence at venues including the top international database conference VLDB 2026 and the financial exhibition area of the 23rd China-ASEAN Expo, showcasing database architecture and practical exploration for data-AI convergence scenarios, enabling professionals in the international database field to understand its product capabilities more intuitively, while also exchanging with global technology and industry participants on data processing needs in the AI Agent era, providing reference for subsequent product iteration and market expansion. In Southeast Asia, TRANSWARP uses Malaysia as an important fulcrum and continues to strengthen exchanges with local institutions and industry partners. During the inaugural WAIC CONNECT Malaysia 2026, the company presented its technical approach of integrating SQL analysis, data processing and AI inference on the same foundation, and exchanged with Malaysia's Ministry of Higher Education, digital economy authorities and industry figures, visiting institutions such as MRANTI, MIMOS and AI Malaysia Berhad to further understand local AI development and application needs. (TRANSWARP exchanges with Malaysian institutions and industry figures to understand real local AI needs. Source: official WeChat account) The company was awarded Malaysia Digital Status (MD Status) recognition by the Malaysian digital economy agency, creating favorable conditions for integrating into the local digital economy ecosystem and expanding business cooperation. Currently, TRANSWARP has established branches in Singapore, Canada and Malaysia, and its overseas service network is gradually improving. For customers in banking, telecommunications, education and the public sector, moving enterprise AI from technical validation to daily operations also requires balancing data security, system integration and continuous service. TRANSWARP's cooperation with Worldmatics in the Middle East market is precisely centered on this need. The two parties signed a strategic cooperation agreement in Istanbul, intending to combine TRANSWARP's data and AI platform capabilities with Worldmatics' local integration, implementation and delivery experience to jointly advance enterprise AI applications. According to company disclosure, this "platform + local delivery" cooperation model has already achieved results in the Middle East education industry, providing a practical basis for understanding regional customer needs and accumulating localized delivery experience. Long-term moat strengthened: product and customer accumulation underpins sustained commercialization breakthroughs Behind new product deployment and overseas expansion is TRANSWARP's product stack and high-value customer base accumulated over many years. As an AI infrastructure software vendor, the company's product matrix covers big data and cloud foundation platforms, distributed databases, data development and governance tools, large model and machine learning operations platforms, GPU-native cognitive databases, and enterprise AI agents, connecting the end-to-end full process from data to knowledge and from models to applications. IDC data shows that the company has ranked first in market share among China's professional big data platform vendors for six consecutive years. During the reporting period, the company continued to be selected for multiple authoritative IDC research reports and rankings, covering frontier tracks such as AI, large model development platforms, Data Agent and financial generative AI, while also deeply participating in the formulation of artificial intelligence industry standards, continuously consolidating its technical voice. From marginal improvement in financial fundamentals to continuous landing of benchmark projects and then to proven overseas cooperation models, TRANSWARP's first scorecard after its Hong Kong listing presents, across multiple dimensions, positive progress in operational quality improvement and technology commercialization. Looking ahead, with the continued expansion of GPU-native cognitive database scenarios and the deepening of overseas regional cooperation, whether the company can translate its long-term technological accumulation into standardized, replicable delivery capabilities and stable cash flow will be the core yardstick by which the capital market examines the quality of its long-term growth.