At the 2025 performance briefing, Invengo (002161.SZ) proposed to focus on four core directions for 2026: first, to consolidate cornerstone businesses such as smart railways, smart culture, and smart retail; second, to deepen the integration of AI technology and launch more vertical applications; third, to accelerate the scaling of pet consumption and smart cultural tourism businesses; fourth, to expand into emerging scenarios such as low-altitude economy and electricity. This plan outlines a clear path for the company of "stabilizing the main business, strengthening technology, expanding consumption, and seeking new opportunities," highlighting the solid operational foundation and innovative growth momentum of the first publicly listed company in the RFID industry and a national champion in manufacturing.

Building a Solid Foundation with Full Chain Autonomy Steady Progress in Traditional Main Business

The company has been deeply engaged in the RFID Internet of Things field for over 20 years, establishing a fully autonomous and controllable system for the entire industry chain of "chips - tags - reading and writing devices - system integration," with over 100 core products and more than 600 patents and proprietary technologies. The R&D investment ratio has consistently exceeded 10%, and core technical indicators are industry-leading.

In the smart railway sector, the market share remains at the forefront, with products covering 18 railway bureaus nationwide. New special tag chips are entering mass production preparation, and new scenarios such as low-altitude maintenance and smart warehousing are being expanded in an orderly manner. In the smart culture segment, the company serves over 4,000 library clients both domestically and internationally, with the contract amount for million-level integration projects increasing by 47% year-on-year. Products such as AI self-service borrowing and returning, and visual inventory robots are being scaled up. In the smart retail sector, the company serves more than 20 leading domestic and international apparel brands, providing full-link digital solutions for top brands such as Bosideng, FILA, and Camel.

Comprehensive Empowerment through AI Integration Technological Innovation Drives Upgrades

In 2025, the company established the Deep Dimension Intelligent Laboratory in collaboration with Xi'an University of Electronic Science and Technology, focusing on the research and development of large models for vertical industries, promoting the deep integration of "RFID + AI," and building a full-stack technology system from perception, transmission to intelligent decision-making, driving the upgrade of traditional businesses from data collection to intelligent operation and precise decision-making.

AI technology has been scaled in applications such as intelligent railway inspections, smart library services, retail inventory optimization, and immersive interactions in cultural tourism, effectively enhancing operational efficiency and optimizing management costs. With the steady advancement of the private placement project, the focus will be on the construction of RFID tag production capacity, chip process upgrades, innovative industrial centers, and IoT smart terminal construction, further strengthening technological barriers and supply chain advantages, seizing opportunities for domestic substitution in the Internet of Things.

Accelerating Breakthroughs in New Consumption Tracks Formation of a Second Growth Curve

The company is seizing the emotional value economy and consumption upgrade trends of Generation Z, leveraging technological reuse advantages to layout two high-growth tracks: smart cultural tourism and the pet economy, creating a second growth curve.

The smart cultural tourism business, centered on RFID/NFC technology, integrates AR interaction and blockchain capabilities to build an immersive experience system. It has covered over 800 scenic spots and parks nationwide, reaching over 1 billion visitors annually, with revenue expected to exceed 100 million yuan in 2025. The commercial value of benchmark products such as RFID interactive passports and digital cultural creations is becoming prominent, and overseas market expansion is progressing smoothly. The pet economy relies on wholly-owned subsidiaries to create a product matrix of smart feeders, cat litter boxes, RFID identity tags, and other mid-to-high-end products, establishing a "hardware + AI + ecosystem" model, with products already available on mainstream e-commerce channels in Europe and America Achieving market-oriented revenue, with continuous release of growth potential.

Governance optimization and forward-looking layout Sufficient long-term growth momentum

The management team is gradually becoming younger, market-oriented, and professional, with equity incentives binding the interests of the core team. In 2026, Invengo completed a strategic investment in Rongke Hengyang, becoming a controlling subsidiary of the company, entering the upstream power equipment field of controllable nuclear fusion, and opening up long-term growth space with a forward-looking layout.

In terms of overseas business, revenue has achieved steady growth, with Invengo's international business revenue reaching 175 million yuan in 2025, a year-on-year increase of 14.73%. Overseas channels continue to improve, with products in digital culture, retail, and cultural tourism accelerating their overseas expansion. The company will continue to increase its overseas layout to promote the coordinated development of domestic and international businesses.

In the future, Invengo will continue to adhere to its main business, deepen innovation, consolidate its leading position in the industrial Internet of Things based on RFID core technology and powered by AI integration, accelerate the large-scale implementation of the consumer Internet of Things, continuously improve operational quality and core competitiveness, and strive to become a world-class provider of IoT digital solutions, giving back to investors with steady development