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- VNET x CATL: Where Next-Generation AI-Native Compute Infrastructure Meets the Battery LeaderCompanies: Contemporary Amperex Technology Co. LimitedHONG KONG, Sept 22, 2026 - China’s new energy and AI infrastructure sectors have recently reached a notable convergence. PJ Millennium I Limited and PJ Millennium II Limited, wholly owned subsidiaries of PJ Millennium Limited Partnership — whose general partner is Lochpine BG I GP Limited, itself a wholly owned subsidiary of Lochpine Capital Limited, a non-controlled, non-consolidated affiliate of Contemporary Amperex Technology Co., Limited (“CATL”, 300750.SZ / 03750.HK) — have completed a strategic investment in VNET Group, Inc. (Nasdaq: VNET), one of China’s leading carrier- and cloud-neutral internet data center services providers. The transaction closed on September 21, 2026. Upon closing, the buyers have become VNET’s largest shareholder, holding an approximately 38.1% equity stake in the Company. The terms of the agreement include a two-year voting and consortium alignment between the companies, providing continuity in VNET’s governance and management while maintaining its strategic direction and operational momentum. The two companies have also entered into a strategic cooperation agreement, aimed at deeper collaboration across operations, technology and ecosystem development, as they jointly pursue the rapidly emerging compute-energy integration market. Mr. Josh Sheng Chen, Founder and Executive Chairperson of VNET, said: “We are pleased to welcome CATL as a new strategic investor and sincerely thank them for their strong support of VNET and our long-term vision. Looking ahead, we will work closely together to deepen collaboration across technology, infrastructure and supply chain capabilities, jointly drive foundational and full-chain innovation in the next-generation AIDC industry, advance innovation in integrated compute-energy systems, and contribute to the development of next-generation digital energy infrastructure for the intelligent era.” As VNET positions itself as an infrastructure provider for the AI inference era, its alignment with CATL at both ownership and business levels has attracted significant market attention. A key question has therefore emerged: why did CATL choose VNET as a major ecosystem partner in its push towards compute-energy integration' According to Frost & Sullivan, VNET’s carrier-neutral data center services revenue is growing faster than the broader China market. Its wholesale data center segment has demonstrated particularly strong year-on-year growth, ranking first among China’s scaled carrier-neutral data center service providers. By retail data center services revenue, VNET ranked No. 1 in 2025, with a 12.3% market share. This combination of growth and market share highlights the strength of VNET’s market position. The Company has also developed competitive advantages across resource reserves, project delivery, customer relationships and access to capital markets — capabilities that have helped lay the foundation for this strategic partnership. Speaking at the Goldman Sachs Asian Leaders Forum, VNET’s senior management highlighted that the Company’s deep commitment to the Chinese market has enabled it to capture a significant share of incremental customer demand over the past two to three years, while maintaining industry-leading delivery capability. This capability will help support the Company’s international ambitions, given the overseas growth of Chinese enterprise customers. At the forum, management summarized VNET’s core competitive advantages across four strategic pillars: First, the Company has secured abundant power-backed resources in regions with relatively low electricity costs. Second, it has demonstrated strong project delivery capabilities, taking approximately 12 to 18 months from greenfield development to delivery. Third, it has established deep relationships with a global network of approximately 7,000 enterprise customers. Fourth, as a US-listed company, VNET benefits from diversified financing channels and solid credit ratings. The Three-Layer Power-Compute Architecture: A Comprehensive Strategic Blueprint Moving forward, the two companies are now focused on translating their comprehensive strategic partnership into an actionable industrial blueprint: a three-layer architecture comprising “Gigawatt-Scale Compute-Energy Facilities + Distributed Compute-Energy Networks + Tokenized Energy Attribute Certificates”. Using this blueprint, the companies will jointly develop a three-layer power-compute system designed to build a nationwide network with global reach, aiming to shape the digital energy infrastructure landscape in the AI era. 1. Gigawatt-Scale Compute-Energy Facilities: The Energy Backbone for Hyperscale AIDCs By combining CATL’s full-stack energy technologies and energy storage systems (ESS) with VNET’s proven AIDC execution capabilities, the partnership aims to develop next-generation hyperscale campuses designed around power-compute integration from the outset. Rather than building the data center first and adding power infrastructure later, the approach is to plan computing and energy capacity in parallel from the beginning. 2. Distributed Compute-Energy Networks: City-Level Edge Infrastructure The second layer focuses on city-level edge infrastructure, directly supporting the strategic deployment of China’s “Six National Compute Networks” and addressing growing demand from smart-city AI applications and localized inference. By extending beyond mega-scale campuses, the partnership aims to expand into city-level edge infrastructure while promoting standardized product design and greater commercial scalability. 3. Tokenized Energy Attribute Certificates: Commercial Model Innovation The third layer focuses on commercial model innovation. By leveraging digitized, auditable environmental attribute certificates as a value-transfer mechanism, this framework enables traceable alignment between compliant computing assets, renewable electricity procurement and related energy attributes. In essence, the model aims to establish a more transparent and verifiable framework linking computing capacity with renewable power and related environmental attributes, supporting future settlement, reporting and optimization of integrated compute-energy operations. For VNET, the three-layer system represents more than a strategic framework — it provides an execution roadmap for its upgraded “dual-engine” strategy. Gigawatt-scale facilities anchor hyperscale campuses, distributed networks extend coverage to city-level computing, and digital energy-attribute management may, over time, support better traceability, optimization and utilization of green-energy resources. Together, these three layers support VNET’s transformation from a pure-play IDC operator towards an AI-native integrated compute-energy infrastructure platform. The Company believes that the entry of a major strategic industrial investor will materially influence institutional perceptions of its risk and growth potential, its financing capabilities, its operational stability and its medium- to long-term expansion pipeline. With CATL’s strategic backing and the rollout of VNET’s three-layer compute-energy architecture, investor focus is increasingly shifting from the Company’s traditional IDC identity toward its broader role in next-generation AI infrastructure. Still, market recognition is likely to depend not only on strategic narrative, but also on measurable operating delivery. That operating foundation is already beginning to show. In Q2 2026, VNET reported total net revenue of RMB2.78 billion, up 14.2% year-on-year, with the wholesale segment remaining the key growth driver as its revenue rose 29.3% to RMB1.10 billion. Adjusted EBITDA increased 25.4% year-on-year to RMB920 million, while adjusted cash gross profit rose 9.4% to RMB1.16 billion. The adjusted EBITDA margin expanded by 3.0 percentage points year-on-year to 33.0%. Adjusted net income reached RMB7.38 million, representing a return to profitability compared with the same period last year. CATL provides more than capital. Its participation brings expertise and capabilities in energy technologies that are increasingly important to the next phase of AI data center development. As AI infrastructure evolves, competitive differentiation is moving beyond basic capacity toward integrated capabilities in power access, energy efficiency, cooling, and long-term operational reliability. In that context, the partnership may strengthen VNET’s ability to participate in the next wave of high-quality infrastructure demand. Notably, several major international investment banks — including Goldman Sachs, HSBC and Morgan Stanley — have recently taken a positive view of VNET. In its latest report dated 3 September, Goldman Sachs reiterated its Buy rating and set a US$14.00 price target. Morgan Stanley, holding an Overweight rating, also set a US$14.00 target price, while HSBC set its target at US$14.10. Goldman Sachs noted that VNET is expected to secure approximately 1.0–1.1GW of wholesale orders for the full year, while its 500MW overseas resource deployment continues to progress, supported by disciplined financing and potential additional synergies from CATL’s strategic investment. Goldman Sachs also expects VNET’s wholesale IDC business to deliver a 2025–2028 revenue and EBITDA CAGR of 37%–38%, highlighting the potential for continued growth driven by AI infrastructure demand and further reassessment of the Company’s valuation. Morgan Stanley maintains its Overweight rating on VNET, setting a US$14 price target, noting that VNET is poised for accelerating EBITDA growth starting from 3Q26, backed by its solid order backlog of 862MW and 3.6GW of available domestic resource capacity. The firm expects capacity deliveries to pick up meaningfully in 2H26, with disciplined overseas expansion plans to mitigate near-term capex risks. From industrial synergies to potential valuation re-rating, VNET’s positioning within the compute-energy integration landscape is attracting increasing attention from the investment community. On one side, CATL is expanding its role from a battery supplier towards becoming a broader infrastructure partner for the AI era. On the other, VNET is pursuing a strategic transformation from a third-party IDC operator towards an AI-native, next-generation digital energy infrastructure provider. The two companies’ strategic trajectories are therefore converging at a pivotal point in the development of AI infrastructure. For VNET, the partnership provides more than additional capital: it creates opportunities for deeper integration across green power, energy storage technologies and global energy networks, potentially strengthening its competitive position as the AI infrastructure market continues to evolve.
- Casa Minerals Commences Inaugural Diamond Drilling at the Arsenault Copper-Gold-Silver Project, British ColumbiaVancouver, BC, Sept 22, 2026 - Casa Minerals Inc. (TSXV: CASA) (OTCQB: CASXF) (FSE: 0CM) (the "Company" or "Casa") is pleased to announce that diamond drilling has commenced at its Arsenault copper-gold-silver volcanogenic massive sulphide ("VMS") project (the "Property" or "Arsenault"), located in the Jennings River area of northern British Columbia, approximately 130 kilometres east-northeast of Atlin, BC, near the Yukon border. This is the first drilling ever carried out by Casa at Arsenault and one of the first modern drill tests of the Arsenault VMS system. First Hole of the Inaugural Program The first hole of the program is collared on IP survey Line 15E at UTM coordinates Easting 347,110 mE and Northing 6,632,206 mN (UTM Zone 9N). The hole is oriented at an azimuth of 045° (N45°E) with a dip of -85° - a near-vertical attitude selected to intersect, at relatively shallow depth, the sub-vertical chargeability and resistivity feature defined by the Company's 2025 ground induced polarization ("IP") survey. The collar is positioned directly over a first-priority IP anomaly characterized by strong chargeability and low-to-moderate resistivity, coincident with an interpreted fault/contact - the geophysical signature the Company considers most prospective for massive sulphide mineralization on the Property (Figure 1). Table 1: Table 1: Arsenault 2026 inaugural drill hole - collar location and orientation ItemInaugural hole - collar and orientation Survey lineLine 15E (200 m line spacing) Collar location (UTM Zone 9N)347,110 mE / 6,632,206 mN Azimuth045° (N45°E) Dip-85° Primary targetFirst-priority IP anomaly - strong chargeability, low-to-moderate resistivity, coincident interpreted fault/contact AccessHelicopter-supported, temporary camp Basis of Drill Targeting Drill targets for the inaugural program were generated by integrating property-scale geological mapping, surface rock and soil geochemical sampling, the Company's large database of historic exploration data, the 2017 airborne VTEM survey that originally outlined five VMS targets on the Property, and - most importantly - the three-dimensional inversion products of the 2025 ground IP survey. The Company's technical team ranked the resulting anomalies on the combined strength of chargeability, resistivity, structural setting and geological/geochemical support, and has scheduled the first holes of the program on the highest-ranked targets. The first-priority targets exhibit strong chargeability responses coincident with low resistivity, a combination characteristic of, though not diagnostic of, massive sulphide mineralization. 2025 Alpha IP Survey and Results The 2025 program, completed by Simcoe Geoscience Limited ("Simcoe") between September 1 and 24, 2025, employed the Alpha IP™ wireless time-domain distributed IP system using a dipole-pole-dipole array configuration with 100-metre station spacing and 200-metre line spacing. Fifteen (15) profiles were acquired for a total of 34.5 line-kilometres, with a depth of investigation of 500 metres or more. The survey was designed to map chargeability and resistivity features associated with potential copper, gold and silver mineralization in the Big Salmon volcano-sedimentary sequence that hosts the Arsenault VMS system. The survey identified 71 discrete anomalies: 29 first-priority targets exhibiting strong chargeability and low resistivity; 24 second-priority targets with moderate chargeability and resistivity; and 18 deeper-seated third-priority anomalies, some of which appear to be depth extensions of the shallower targets. Six northwest-southeast trending anomalous corridors were identified, following the regional structural grain and associated with interpreted faults and geological contacts. A major inferred fault running through the centre of the survey area separates a southwestern domain of strong to moderate chargeability coincident with low resistivity - considered prospective for VMS-style mineralization - from a northeastern domain of moderate to weak chargeability coincident with moderate to high resistivity (Figure 2). Table 2: Table 2: 2025 Alpha IP survey - interpreted anomaly summary (after Simcoe Geoscience Limited, report SGL-25398, October 28, 2025) PriorityGeophysical signatureAnomaliesInterpretation FirstStrong chargeability, low resistivity29Potential zones of significant sulphide mineralization (e.g. massive sulphides) SecondModerate chargeability and resistivity24Possible mineralized structures (e.g. disseminated sulphides); lower confidence ThirdDeeper-seated chargeability18Possible depth extensions of shallower targets; some isolated Total 71 Figure 1: Line 15E - interpreted IP chargeability (upper) and resistivity (lower) cross-sections, showing first-priority targets (S), second-priority targets (W), third-priority targets (P) and interpreted faults/contacts. The 2026 inaugural hole is collared on this section over the first-priority anomaly identified on this line. (Source: Simcoe Geoscience Limited, report SGL-25398) To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1750/315392_8537ba8ec431c90d_001full.jpg Figure 2: Arsenault Project - 2025 Alpha IP survey interpretation map showing first-priority targets (red circles), second-priority targets (blue squares), third-priority targets (yellow triangles), interpreted faults/contacts (dashed) and anomalous corridors, with the survey lines L13E to L27E. (Source: Simcoe Geoscience Limited, report SGL-25398) To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1750/315392_8537ba8ec431c90d_002full.jpg Permitting and Program Logistics Drilling is being conducted under the Company's five-year area-based exploration permit issued by the British Columbia Ministry of Energy, Mines and Low Carbon Innovation in June 2024. The permit authorizes up to 80 line-kilometres of ground geophysical surveying and drilling from 30 helicopter-accessed drill sites. The permitting process included consultation with the Teslin-Tlingit First Nation and the Taku River Tlingit First Nation, within whose traditional territories the Property is located, and incorporates provisions for environmental protection. The program is helicopter-supported with personnel accommodated in a temporary camp, and all environmental and social protocols are being strictly observed. Program Supervision and Quality Assurance The drill program is being supervised by a Qualified Person, who is responsible for the supervision of drilling operations, custody of drill core, and the management of core records and sampling. Core will be logged, photographed and sampled in accordance with industry-standard QA/QC procedures; one half of each sampled interval will be submitted to an independent, ISO-certified commercial analytical laboratory, with the remaining half retained in secure storage. Assay results will be released following receipt, verification and compilation. Management Commentary "This is an exciting and significant milestone for Casa," commented Farshad Shirvani, President, CEO and Director of Casa Minerals Inc. "The drill is the ultimate arbiter of truth in this business, and it will tell us what we need to know. Our responsibility is to give it the best possible chance. By bringing together our geological mapping, surface sampling, the historic airborne electromagnetic data and, most importantly, the three-dimensional inversion of the 2025 IP survey, we have ranked and selected our strongest targets and will test those first. There are many more anomalies on this property, but this is a great place to start. What we have learned from applying 3D IP to our other discoveries is what gives us confidence in the ranking of these targets, and we look forward to reporting results." About the Arsenault Project Arsenault comprises 9,672 hectares (23,653 acres) in the Jennings River area of northwestern British Columbia and is a VMS prospect first identified in 1947. The Property hosts the historic Arsenault VMS1 zone and a 2017 airborne VTEM survey outlined five VMS targets, including four previously unknown target areas. Mineralization identified on the Property includes bornite, chalcopyrite and pyrite, with considerable gold and silver values accompanying the copper. Historic work has reported rock assays from the VMS1 zone of up to 1.74% copper, 0.98 g/t gold and 24.1 g/t silver, and copper-in-soil values of up to 0.54%. These historic values are reported for context only and have not been verified by a Qualified Person. Casa holds an option to acquire a 75% interest in the Arsenault Property. Cautionary Notes The geophysical anomalies described in this news release are interpreted responses of the subsurface to the induced polarization and resistivity survey and do not necessarily represent mineralization, mineral grade or the full extent of any mineralized body. Anomalies of similar response amplitude may be produced by non-mineralized geological, structural and mineral assemblages. The presence of an anomaly is not a guarantee that drilling will intersect mineralization of economic interest. The historic assay values, production figures and exploration results referenced in this news release were obtained from available archives and have not been confirmed or verified by the Company or by a Qualified Person. They are disclosed solely for context, do not conform to current National Instrument 43-101 ("NI 43-101") standards, and should not be relied upon. The Arsenault Project does not currently host any mineral resource or mineral reserve estimated in accordance with NI 43-101, and there is no assurance that exploration will result in the identification of an economically viable mineral deposit. Qualified Person Mr. Erik Ostensoe, P.Geo., a Director and Chief Geologist of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this news release. About Casa Minerals Inc. Casa Minerals Inc. is engaged in the acquisition, exploration and development of mineral properties located in Canada and the USA. Casa owns a ninety percent (90%) interest in the historic Congress gold mine (Arizona, USA) and owns a one hundred percent (100%) interest in the polymetallic Pitman and Keaper properties (BC, Canada). The Company also holds an option to acquire a seventy-five percent (75%) interest in the Arsenault copper-gold-silver VMS Property (BC, Canada). Casa's management team has a track record of discoveries in the exploration sector and is committed to creating shareholder value through the discovery and development of economic mineral deposits. On Behalf of the Board of Directors Farshad Shirvani, M.Sc. Geology President, CEO and Director For more information, please contact: Casa Minerals Inc. Farshad Shirvani, President & CEO Phone: (604) 678-9587 Email: [email protected] https://www.casaminerals.com NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Certain of the statements made and information contained herein may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the Company's planned drilling and exploration programs at the Arsenault Project, the interpretation of geophysical data, the potential for mineralization, the timing and receipt of assay results, and the Company's ability to satisfy the conditions of its option over the Property. In particular, references to future work programs and expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, the accuracy of geophysical and geochemical interpretations, the speculative nature of mineral exploration, permitting and regulatory risks, availability of financing, commodity prices, and other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Actual results may differ materially from those anticipated. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
- Schall, Brown & Schwartz LLPBE Investors Have Opportunity to Lead Bloom Energy Corporation Securities Fraud Lawsuit with SBS LawSchall, Brown & Schwartz LLP ("SBS"), a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Bloom Energy Corporation ("Bloom" or "the Company") (NYSE: BE) for violations of §§10(b) and 20(a) of the...
- DJS Law Group LLPBloom Energy Corporation Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights - BEThe DJS Law Group reminds investors of a class action lawsuit against Bloom Energy Corporation ("Bloom" or "the Company") (NYSE: BE) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by...
- Zefiro Methane Corp.Zefiro Expands Operations into Indiana and Michigan with First-Ever Carbon Sequestration WellZefiro Methane Corp. (CBOE CA: ZEFI) (FSE: Y6B) (OTCQB: ZEFIF) (the "Company", "Zefiro", or "ZEFI"), a North American environmental services company specializing in methane abatement and the plugging of orphaned and end-of-life oil and gas wells, today announced that it has commenced its first-ever operations in Indiana and Michigan, including the Company's first in carbon sequestration.Indiana ExpansionIn eastern Indiana, Zefiro is...
- Focus Graphite Inc.Focus Graphite Engages BBA for Environmental Field Program Supporting Lac Knife Access RoadFocus Graphite Inc. (TSXV: FMS) (OTCQB: FCSMF) (FSE: FKC0) ("Focus" or the "Company"), a Canadian developer of high-grade flake graphite deposits and advanced graphite materials for battery, defence and industrial applications, is pleased to announce that it has engaged Groupe Synergis, a member of BBA Consultants ("BBA"), to complete a complementary environmental field program (the "Program") at the Company's 100%-owned Lac Knife Graphite...
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- Gravity Battery Market Poised for Strong Growth Through 2033 as Demand for Long-Duration Energy Storage AcceleratesDemand for long-duration, low-maintenance storage is driving gravity batteries, creating opportunities in renewable integration, grid modernization and utility-scale stabilization.
- Valeura Energy Inc.: Bussabong Gas Development Final Investment DecisionValeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura" or the "Company") announces that along with its partner, PTTEP Energy Development Company Limited, a subsidiary of PTT Exploration and Production Public Company limited ("PTTEP"), it has taken a Final Investment Decision ("FID") to proceed with an initial gas development at the Bussabong gas field (Block G3/65, 40% non-operated working interest) in the offshore Gulf of Thailand ("Phase 1").
- 'First Direct-Drive Stock' Shakes Up Robot Actuation: How Much Longer Can the Traditional Reducer-Based Approach Hold Up?HONG KONG, Sept 22, 2026 - Direct Drive Tech Limited (the “Company”) launched its public offering on September 21 and is seeking a Main Board listing on the Hong Kong Stock Exchange under Chapter 18C of the Listing Rules. Once the offering closes, the Company will become the “first direct-drive stock” in Hong Kong — and the first robotics technology company in global capital markets defined primarily by direct-drive technology. The market isn’t just watching a single listing; it may be watching an industry inflection point, as robot drive solutions shift from traditional reducers toward direct drive — a transition one young team is betting on to upend the established landscape. According to public records, founder Zhang Di earned a bachelor’s degree in mechanical engineering from Beijing Institute of Technology in 2016 before moving to the Hong Kong University of Science and Technology, where he studied robotics systems and control engineering under Professor Li Zexiang — widely known as the “godfather of DJI.” His engineering instincts showed early: while at HKUST, he reportedly designed on his own a robot capable of standing both upright and upside down, and sold it to a research institution. Zhang has served as chairman and chief executive since March 2020, overseeing the Group’s overall management, strategic planning, and business decisions. Zhang founded the Company in 2020 at XbotPark, a robotics incubator in Songshan Lake, Dongguan. The Songshan Lake Robotics Research Institute, controlled by Professor Li, invested at the seed round, when the post-money valuation stood at just a few million renminbi; by the final round before the IPO, the valuation had climbed substantially. Now 32, Zhang has been named to both the Forbes China 30 Under 30 and the Hurun China Under 30 lists. Conventional robot drives pair a motor with a reducer: gears step down rotational speed and multiply torque, which suits high-load, high-impact duty. But every meshing gear introduces backlash and friction — heat, wear, and maintenance costs. Every multi-stage transmission adds response lag, energy loss, and precision drift. These are not process defects; they are structural limits baked into the gear-transmission path. And every reducer weakness maps to a direct-drive strength. As embodied intelligence begins demanding millisecond response, zero backlash, lower energy consumption, and longer service life, reducer-based solutions have hit a ceiling that iteration cannot break. This is not an upgrade; it is substitution. Since its founding, the Company has stayed on the direct-drive path, building its moat on three core technology pillars. By coupling the motor directly to the payload, its solution eliminates reducers and every intermediate transmission component. According to the prospectus, this cuts efficiency losses from mechanical transmission while improving precision, lowering noise, and reducing component wear — and it paves the way for smaller, lighter robots. This is no localized tweak to an existing design; it is a rebuild of the power-transmission path itself. The Company has built core capabilities around direct-drive motor design, thermal management, and drive-control integration — system-level know-how spanning electromagnetic design, control algorithms, and mass production. Zero backlash, zero friction, millisecond response: capabilities conventional solutions structurally cannot deliver are, in principle, within reach through direct drive. Iterating on the old technology cannot close that gap. The financials tell more than a revenue story — they trace how direct drive moved from technical validation to commercialization at scale. From 2023 to 2025, revenue rose from RMB17.5 million to RMB281.7 million, a 300.8% CAGR, as shipments of direct-drive actuator modules climbed from 0.2 million to 8.5 million units. Gross margin improved from 13.5% to 21.5%, reaching 20.7% in the first half of 2026, while the adjusted net loss margin narrowed from 349.1% to 15.4% — 13.7% in the first half of 2026. This is scale economics kicking in: a larger revenue base absorbing fixed costs, not R&D cuts, is what has narrowed the losses. It is not just one company’s growth curve; it is a substitution curve, a technology pathway moving from the margins toward the mainstream. Valuation is where Chapter 18C really matters. The Specialist Technology Company regime lets the market assess high-growth hard-tech companies on R&D capabilities, patent reserves, commercialization track record, commercialization revenue, and downstream customer validation — not net profit alone. That framework fits a company trying to change an industry’s underlying technology pathway. Traditional valuation systems revolve around net profit, and they struggle to price a technology like direct drive that is redrawing a century-old industry. Chapter 18C lets the market price “technology substitution” rather than short-term profitability. The technology pathway for global robot drives is still being written, but direct drive displacing reducers is getting harder to ignore. As the “first direct-drive stock,” the Company’s scarcity value lies in using direct drive to redraw the boundaries of the robot actuation market — giving investors a window into the rise of power hardware for physical AI. Direct-drive penetration in consumer robotics remains low, and the shift away from reducer-based solutions is still in its early days; the market has yet to fully price the trend. As direct drive finds its way into more applications, that revaluation has only just begun.