A semi-annual report with revenue falling 3.82% is generally not interpreted as good news. But when losses simultaneously narrow by 43.39%, the digital narrative changes.
On August 27, Aoya Co., Ltd. (300949) had an interim report on the desktop: revenue of 189 million yuan, down 3.82% year on year; net profit loss to mother was 12.6422 million yuan, a decrease of 43.39% compared with the same period last year; loss after deducting non-net profit of 17.09 million yuan, a decrease of 36.22% year on year.
Two numbers, in the same direction — total volume is shrinking, quality is rising.
This is not a recession. It is an active operation on its genes by a company positioned as a “value-added service provider for existing assets and a parent-child cultural tourism brand service provider”. It is the initial result of the company's “creative design+parent-child cultural tourism” two-wheel drive and “AIGC+IP” dual-engine practice. It is the first step in the company's upgrade to a “space intelligence technology company.”
The quality of profit “reduced”
To determine the quality of loss reduction, the most direct verification is to see if it depends on non-recurring profit and loss.
Subtracting the data for the two periods, it can be found that the current period's non-recurring profit and loss was about 4.45 million yuan, and about 4.47 million yuan in the same period last year — the two were almost the same. This means that losses of nearly 10 million yuan have narrowed. Not a single penny comes from asset disposal or government subsidies, but actually grows in the main business.
The real variables are hidden in the revenue structure. During the reporting period, high-margin landscape design business revenue increased by 22.85% year-on-year, accounting for 54.45% of revenue, an increase of 11.82 percentage points over the previous year.
This “subtraction” is actually an aesthetic revolution against “zero tolerance for mediocre design” — Aoya uses “extreme aesthetic leadership” as a moat and defines a landscape as “a living asset that can attract fans, can be just needed, and can be realized.”
With its long-term experience in the field of landscape design, the company has established “good house” benchmarks such as China Railway Changchun Expo City, Chongqing Jinmaopu Printing Gold, and Poly Pu'an. It has successively won the Ai Jing Gold Award, the GBE Real Estate Design Award, and the IDPA International Pioneer Design Award. With its hard core product strength, the company proved that “good design” is a hard currency for increasing land premiums.
On the other hand, the total operating cost fell to 108 million yuan, a year-on-year decrease of 18.32%. Revenue fell by 3.82% and costs fell by 18.32%. According to disclosed data estimates, this asymmetrical scissor gap led to an increase in gross margin of about 10 percentage points, and the gross profit amount increased by about 16 million yuan. Of this, about 9.7 million yuan was converted into losses narrowing, and the remaining portion was absorbed by expenses and other links.
From a cost item to a cost answer, AI
The cost reduction was almost five times the revenue drop, and administrative efforts to “reduce costs and increase efficiency” alone are difficult to explain. The company attributes this to the continuous iteration and full empowerment of the self-developed Ultron engine — this is also one of the most interesting causes and effects in this report.
The Ultron engine is not a concept package, but a technological product developed by Aoya Co., Ltd. over a period of three years. Ultron Engine was officially released on April 16 this year. It was connected to OpenClaw in March. In May, it was unveiled at the Shenzhen Cultural Fair and signed an in-depth cooperation agreement with Tencent Cloud in the field of spatial intelligence. Since then, it has signed successive contracts with Diantong Technology and CBC Construction Center.
At present, Ultron Engine has developed five major modules: Smart Design, Spiritual Design, Spiritual Analysis, and Smart Transport. Relying on data accumulation from more than 5,000 implemented projects, it covers more than 20 design segments, and has opened up a closed loop of “planning, design, and operation”.
For the design industry, this technical cut was chosen quite accurately.
The pain point of traditional cultural tourism and landscape projects has long been “reliant on empirical decisions, heavy construction and light operation,” and the core cost of design companies is human remuneration — every aspect of AI intervention simultaneously reduces costs and improves quality. Once the positive cycle of data, projects, and models feeding each other runs through, marginal cost reductions will continue to be released into reports. The 18.32% cost reduction in the current period can be seen as the first financial reflection of this cycle.
The deeper meaning is the migration of valuation coordinates. The ceiling of a pure design business is determined by manpower and working hours, and a vertical AI engine that can be reused and outsourced has the potential to break through linear growth. When the “Cultural Tourism Technology Application Platform of the Year” label began appearing side by side with design awards, the market needed to re-answer the question: is this a design company or a technology service provider with spatial data assets.
More importantly, Ultron Engine's technical capabilities have been upgraded from internal business efficiency tools to export public research results for the entire industry.
In 2026, Ultron Engine successively released two major heavyweight industry indices, the “China Urban Female-Friendly Space Index” and the “National Child-Friendly Cities Index (CFCI-CN,2026)”. The former disassembled women's public space experience into five major dimensions to achieve quantitative evaluation, while the latter relied on 67 million pieces of POI big data to complete a multi-dimensional evaluation of 93 pilot cities.
Two sets of open algorithms and evaluation systems with traceable data fill the gaps in domestic industry evaluation tools and mark Aoya's transition from a project service provider to an industry standard co-builder.
Policy cycle and dividend window for “improving stock quality”
Since 2026, urban renewal has risen from an industry trend to the will of the country, and policies are blowing intensively.
In April, the Politburo meeting of the Central Committee clearly saw this as an important starting point for stable investment; in May, the State Council issued the “Fifteenth Five-Year Plan for Urban Renewal”, targeting the renovation of 115,000 old neighborhoods and 500,000 dilapidated housing units; in June 7, the Ministry and Commission jointly issued a document to promote the revitalization of industrial heritage.
The policy semantics have completely changed from “incremental expansion” to “stock quality improvement.” This means a change in competition standards — the winners can no longer draw pictures, but can read the historical context of the site and activate asset value through spatial regeneration and cultural narratives.
On this track, Aoya Co., Ltd. has been deeply involved for 26 years and has already been verified in many benchmark projects.
From the organic renewal of the ancient city of Nantou in Shenzhen, to the revitalization of the historic district of Luoyi Ancient City in Luoyang, to Dalian's Dongguan Street and Hefei Hechai were both selected as the 2025 Urban Renewal Innovation Practice Case, Aoya has established an industry reputation for “Urban Renewal, Looking for Aoya” with tactile and sensible works one by one.
The “4731 system” proposed by the company — with four standardized delivery modules, seven core professional capabilities, and a three-tier full-cycle closed loop, superimposed on the Ultron AI digital engine — has built a global overall strategy management service capability from early planning to late operation. The core of this system is the closed-loop logic of “pre-operation, cultural decoding, and technological empowerment”, so that every update is not just a spatial renovation, but also injects sustainable vitality into existing assets.
Since 2026, Aoya has continued to make efforts on the urban renewal circuit, successively winning bids for several heavyweight projects, covering the three typical types of existing assets: historic districts, industrial ruins, and old factory buildings, verifying the replicability of this model.
The Shaoguan Centennial East Street Project won the bid, combining the landscape of the Nanyang Bicycle Tower with the resources of the riverside of the Han River to create a “new Lingnan living place” cultural, commercial and tourism complex; the Shenyang 2004 historical and cultural district project won the bid plan design, with “recreating neighborhood life and reconstructing the garden atmosphere” as the core to create a new business card for revitalizing industrial heritage in Northeast China; Guangzhou Machinery Textile Factory Hotel upgrade project, with the concept of “symbiosis of longitude and weft”, inject modern hotel functions into the premise of preserving industrial relics such as red brick facades Achieve the trinity of “good design, good products, and good management”.
In addition, benchmark projects such as the Suzhou Dayangshan Botanical Garden Greenhouse and Shunde Beijiao Sports Children's Park have been launched one after another, further verifying the replicability of the closed-loop model of “pre-operation, cultural decoding, and technological empowerment”.
Supporting the implementation of this series of practices is the “Mind, Method, and Algorithm” three-dimensional methodology proposed by Li Baozhang, founder of Aoya: mental law direction, anchoring the spiritual core of space with humanistic insight; techniques show strength to achieve the dual ultimate of aesthetics and function through 26 years of accumulation; algorithms give scale and break through the boundaries of personal experience with Ultron Engine's data intelligence. The three are combined to form Aoya's irreplaceable compound competitiveness.
The Shunde Beijiao project is the best footnote: initially conceived of 5,000 square meters, Ultron Engine's “Ling Ce” came to the conclusion that it was 20,000 square meters — the facts proved that AI was right; the project “bursts out when opened, and fully rented when the park opened.” This is the multiplication effect of “science and technology x humanities”: science and technology calculate direction, and humanities give thought and temperature.
With inventory management on the one hand and high-end commercialization on the other, the two paths share the same technical base — this is the most logical and self-consistent part of this strategic narrative.
Cultural tourism operation: from “space construction” to “emotional operation”
In the parent-child cultural tourism sector, Aoya is reshaping industry logic with the “Play for All” operating philosophy.
Projects such as the Wuhan China Merchants Garden City Luojia Nature Exploration Center and Chongqing Guanghuan Garden City Sensen Park have verified the new paradigm of “park+commerce”; Shanghai Sunland Garden City uses “forest light and man alley” to make commerce grow in nature. Xiamen Island saw the Minnan Scenic Area 43 times on CCTV, moving from “influencer” to “Changhong”; Quzhou Nankong Luojiasen Park helped local cultural tourism to “break the circle”. The winning bid for Shenzhen Children's Park marked the official recognition of Aoya's expertise in the child-friendly field.
The common characteristics of these projects are: design is only the entrance, IP is the soul, and operation is the only standard for validating value. Aoya's role has evolved from a traditional space designer to an “urban content operator” integrating culture, space, business format, and traffic.
Conclusions
With 26 years of experience, a nationwide network of 17 branches and 15 subsidiaries, more than 5,000 projects implemented, and more than 200 child-friendly projects in more than 50 cities — Aoya's basic resource base is clear. The real highlight is that it is trying to use AI to encapsulate these scattered experiences as reusable assets, and to allow “aesthetics”, the most difficult ability to standardize, to be expressed in engineering.
Aoya is completing a redefinition of its identity. It has evolved into a “stock asset value-added service provider and parent-child cultural tourism brand service provider”, and is moving towards a “spatial intelligence technology company” through the Ultron Engine. Its revenue structure is expanding from a single design fee and project payment to a diverse portfolio including planning consulting, IP licensing, and operation sharing.
The industry's victory or loss in the second half is probably as judged by the company itself — in the product of “technology x humanities”. The premise of multiplication is the continuous expansion of the two factors.