Talkweb Information 2026 Interim Report: Profit supported by nearly 80 million in impairment reversals, when will the core business generate cash flow?

On August 9, Talkweb Information System Co., Ltd. (002261.SZ) disclosed its semi-annual report for the first half of 2026.

Revenue remained almost stagnant, while net profit declined by over 10% year-on-year, and non-GAAP net profit fell into a loss.

Under the halo of Huawei's ecosystem and the narrative of domestic substitution, this "below-expectation" semi-annual report from Talkweb, which has been deeply cultivating the digitalization field for thirty years, raises questions: Is it experiencing a strategic transition period, or does it mean that the imagination regarding orders, delivery, and payment collection in the domestic computing power industry chain is genuinely contracting?

Revenue Stalls, Profit Relies on "Reversals"

The financial report shows that Talkweb achieved operating revenue of 1.312 billion yuan in the first half of the year, a slight increase of only 0.39% year-on-year, almost coming to a standstill. Net profit attributable to shareholders was 69.222 million yuan, a year-on-year decline of 12.16%.

If one only looks at revenue and net profit, the company's basic foundation seems relatively stable.

However, looking at the non-GAAP figures reveals a different situation.

In the first half of the year, Talkweb's non-GAAP net profit was a loss of 14.3234 million yuan, with the magnitude of the loss widening year-on-year.

This means that the company's main business did not achieve true profitability in the first half of the year; book profits were mainly supported by non-recurring items.

Notably, total non-recurring gains and losses in the first half reached 83.5455 million yuan, among which the "reversal of impairment provisions for receivables subject to separate impairment testing" contributed 79.2806 million yuan.

In plain terms, this refers to collecting back funds previously written off as bad debts, thereby one-time boosting profits.

Additionally, fair value change gains contributed 7.64 million yuan, and government subsidies contributed 2.84 million yuan.

After stripping away these "one-off" items, the company's core business is actually operating at a loss.

Regarding cash flow, the net cash flow from operating activities dropped sharply from 293 million yuan in the same period last year to 75.22 million yuan in the first half of the year, a decrease of 74.37%. The company explained this as being "mainly due to increased expenditures for major project inventory preparation."

Cliff-like Decline in AI Computing Revenue

By product segment, Talkweb's business divisions show clear differentiation.

The software and services business generated revenue of 960 million yuan, a slight year-on-year increase of 1.11%, but the gross margin was only 9.32%, a significant year-on-year drop of 3.86 percentage points, indicating that the bargaining power of traditional software service businesses is weakening.

Of particular note is the intelligent computing sector, which experienced a "cliff-like" decline in the first half of the year.

In 2026, amidst booming investments in AI infrastructure, Talkweb's intelligent computing business is far from ideal.

Data shows that revenue from intelligent computing products plummeted from 284 million yuan in the same period last year to 190 million yuan, a decrease of 33.08%, while costs dropped even more sharply by 47.05%. The company attributed this to "slower acceptance rhythms for some projects."

It is worth noting that intelligent computing is the core hardware carrier of Talkweb's "AI x OpenHarmony" strategy, including the Zhaohan series AI servers and industry AI all-in-one machines belonging to this segment. The significant shrinkage in corresponding business may shake market expectations for the volume release of the company's AI hardware.

It is also worth mentioning that, corresponding to the AI computing power business, Talkweb's fundraising investment projects have been delayed repeatedly, and the pace of strategic implementation seems to be below expectations.

The report shows that regarding the use of raised funds, the Industry Smart Cloud Solution R&D Project and the Cornerstone Research Institute Construction Project have been extended to December 31, 2027, while the Sales and Service System Construction Project and the Harmony-based Industry Distribution Version R&D Project have been extended to December 31, 2026.

Talkweb stated, "The transformative breakthroughs in AI technology will impact the entire information industry. The company adopts a cautious principle and a 'small steps, fast running' approach."

This cautious attitude is naturally good for enterprise development, but multiple core fundraising projects have been delayed for consecutive years, with cumulative investment progress rates of only 63.4%, 19.3%, 94.8%, and 91.9% respectively. Under the industry judgment that the domestic basic software and hardware industry is "entering a window period for iterative upgrades and large-scale implementation," whether the company's advancement pace can keep up with industry trends deserves continued observation.

From "Inventory Preparation" to "Monetization": Can Computing Power Orders Meet Expectations?

In the second half of this year, there are three core highlights for Talkweb.

First, both inventory and contract liabilities surged year-on-year in the first half. The financial report shows that ending inventory reached 1.122 billion yuan, a massive 82% increase from 616 million yuan at the beginning of the year, rising from 15.25% to 26.86% of total assets. Meanwhile, contract liabilities skyrocketed from 311 million yuan to 728 million yuan, an increase of 134%.

This means the company has undertaken a large number of advance-payment projects and is preparing inventory on a large scale. If these projects can be successfully accepted and delivered, revenue recognition in the second half will bring considerable performance release; but if project progress falls short of expectations, high inventory levels face the risk of price depreciation. As of now, the company has provided for inventory depreciation of 99.24 million yuan.

Second, whether the intelligent computing business can bottom out and rebound. Currently, Talkweb holds the identity of a comprehensive partner for Huawei's "Kunpeng/Ascend AI + OpenHarmony," which is its most core moat, and the industrial trend of AI and OpenHarmony is Talkweb's greatest era dividend. However, the realization of the story takes time, reflected in financial data with further delays, and capital markets usually pay for expectations.

Additionally, the repair of corporate governance after regulatory "interludes" is also one of the variables.

During the reporting period, the company received a corrective order from the Hunan Securities Regulatory Bureau due to information disclosure violations. Director Song Junyi failed to perform his duties in practice, with his father Song Ying acting as a director on his behalf, leading to false records in board resolutions and periodic reports. The company has established a rectification leadership working group and submitted a rectification report to regulators. Although the incident has entered the rectification stage, the corporate governance flaws exposed require time to restore market confidence.

For this company aspiring to become a "technology enterprise with core competitiveness in the field of domestic basic software and hardware," perhaps more than strategic narratives, Talkweb needs to prove itself with performance results.

Source: Chaoyang Capital Theory