The large model, which saw a surge of 380%, became a “hardware broker”. The myth of “Physical AI” created by Haiqing Intelligence was shattered.
In the first half of 2026, Haiqing Zhiyuan’s revenue reached 410 million yuan, a year-on-year increase of 84.5%. Among this, the core business income from “multispectral AI large model services” amounted to 320 million yuan, a sharp rise of 382.5% year-on-year. However, the company’s sales costs increased to 327 million yuan, a rise of 102.7%, resulting in a significant drop in the gross profit margin from 27.5% to 20.3%. The financial report showed that “raw materials and consumables” accounted for 94.4% of sales costs, and management acknowledged that high proportions of hardware in large orders reduced gross profit. Operating profit plummeted by 81.5% year-on-year, with a net loss of 1.174 million yuan before income tax was deducted. The positive net profit during the period mainly came from “income tax credits” of 8.824 million yuan. In terms of customer structure, “Customer A” contributed 188 million yuan in revenue, accounting for 45.8%. The net cash flow from operating activities was a net outflow of 34.19 million yuan, and the portion of accounts receivable with a maturity of 2 to 3 years increased nearly 39 times within half a year. As of the end of the period, the company’s average comprehensive cost per employee was approximately 10.92…