Analysis of Northbound Capital Holding Change Signals for Aoruide (600666)

Based on the latest public data, Northbound Capital’s increase in holdings of Aoruide (600666) has reached

[1][2], which is a rare large-scale share increase operation in the current market environment. Hong Kong Securities Clearing Company Limited, the main holding representative of Northbound Capital, has increased its holdings by , accounting for of the company’s tradable shares[3].

Looking at the Northbound Capital holding trend over the past decade, Northbound Capital’s holdings in Aoruide show obvious phased growth characteristics. Chart data shows that both the number of shares held (blue bar chart) and the market value of holdings (orange line chart) have shown a steady upward trend, with a significant growth inflection point appearing in 2025[4].

As of the end of 2025, the total market value of Northbound Capital’s holdings reached

, a new high since 2022, with an increase of nearly 20% compared to the end of the previous year. In terms of sector allocation, the electronics, power equipment, and non-ferrous metals sectors have become Northbound Capital’s “new favorites”[5]. As a member of the optoelectronics sector, Aoruide has benefited from Northbound Capital’s overall trend of increasing holdings in the technology growth sector.

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Aoruide’s 2025 third quarterly report shows that the company achieved

in the first three quarters, a year-on-year surge of [6]. This stunning growth data is an important catalyst for Northbound Capital’s substantial share increase.

Indicator	First Three Quarters of 2025	Year-on-Year Change
Operating Revenue	348 million yuan	+19.54%
Net Profit Attributable to Parent Company	291 million yuan	+1,156.78%
Net Profit Excluding Non-Recurring Gains and Losses	-17.2341 million yuan	+62.88%
Gross Profit Margin	14.87%	+6.67 percentage points

The company’s main business has successfully transformed from the traditional sapphire business to

. In the business composition of the third quarter of 2025, revenue from computing power services reached , accounting for , surpassing the sapphire business for the first time to become the largest revenue source[7]. This transformation is in line with Northbound Capital’s strategic layout preference for the AI computing power track.

Aoruide has entered the core field of AI agents by taking a

. The company has established intelligent computing power subsidiaries in four cities: Beijing, Shanghai, Shenzhen, and Harbin. Among them, the servers of Beijing Intelligent Computing Power (with a registered capital of 30 million yuan) were put into operation in November 2023, initially forming the prototype of a national computing power network[1]. This is regarded by the market as the core logic for Northbound Capital’s share increase — betting that the company will become an underlying infrastructure provider for the AI agent ecosystem.

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Northbound Capital has long been known as the “smart money”, and its movements often indicate changes that the market has not yet detected. The 87% share increase indicates that international institutional investors highly recognize Aoruide’s business transformation and layout in the AI track[1]. From historical data, concentrated and substantial share increases by Northbound Capital usually mean that institutional investors have obtained certain information that is not yet widely known to the market.

With Northbound Capital’s substantial share increase, the company is expected to receive a valuation re-rating. In 2025, the market value of Northbound Capital’s holdings in the electronics sector exceeded 387 billion yuan, an increase of more than 160 billion yuan compared to the end of the previous year[5]. As an AI computing power concept stock, Aoruide is expected to benefit from Northbound Capital’s overall allocation preference for the hard technology sector.

The increase in the proportion of shares held by Northbound Capital will enhance the liquidity and market attention of the company’s stocks. Judging from the top 10 tradable shareholders data, the share increase by Hong Kong Securities Clearing Company Limited will further optimize the company’s shareholder structure and improve corporate governance[3].

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Despite the surging performance, the following risk signals need to be noted:

• Extended Payment Collection Cycle
  : The company’s payment collection cycle reaches
  152 days
  , a year-on-year slowdown of
  7.87%
  [1]
• Weak Asset Quality Foundation
  : Bad debt write-back data shows historical problems in accounts receivable management
• Net Profit Excluding Non-Recurring Gains and Losses Remains Negative
  : The -17.2341 million yuan indicates that the profitability of the main business needs to be improved

• The computing power business is highly dependent on the development cycle of the AI industry
• The construction of a national computing power network requires continuous capital investment
• There are strategic uncertainties in the stakeholding relationship with Beijing Suanchang Technology

It is worth noting that on January 15, the main capital had a net outflow of

, while retail capital had a net inflow of [8], indicating a certain long-short divergence in the short-term market.

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1. Positive Signal
   : The 87% share increase by Northbound Capital releases a strong bullish signal on the company’s business transformation and layout in the AI track
2. Performance Verification
   : The 1,156.78% surge in net profit verifies the phased results of the company’s transformation strategy
3. Sector Alignment
   : The company’s business direction is highly aligned with Northbound Capital’s 2025 overall allocation strategy of preferring hard technology and non-ferrous metals

• Need to be alert to extended payment collection cycles and historical problems in asset quality
• The sustainability of business transformation needs further verification
• May face pullback pressure after short-term stock price fluctuations

The change in Northbound Capital’s holdings of Aoruide releases a signal. However, investors should combine their own risk tolerance, carefully evaluate the progress of business transformation and the rationality of valuation before making investment decisions.

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[1] Eastmoney.com - 87% Share Increase! Northbound Capital Locks in the Only Hidden Champion in the AI Agent Track (https://caifuhao.eastmoney.com/news/20260118063758710184400)

[2] Securities Times Network - Exposure of Northbound Capital Holding Path (https://www.9fzt.com/common/ef19d9f426ed3fa52d0d3edbaa2022c0.html)

[3] Eastmoney.com - Aoruide Top 10 Tradable Shareholders Data (https://gbres.dfcfw.com/Files/iimage/20260118/6FC03D79E1AFCC432826CF9E99B13AC2_w1080h631.png)

[4] Sina Finance - Northbound Capital Holding Trend Chart for Aoruide (https://n.sinaimg.cn/spider20260112/201/w659h342/20260112/e52e-22c47e1a65da1bb8de74d798c9a2c3c4.png)

[5] Securities Times Network - Northbound Capital Holding Movements in the Fourth Quarter of 2025 (https://www.stcn.com/article/detail/3584950.html)

[6] Caifuhao - Growth Miracle Under the AI Wave: Ten Rising Stars in the 2025 Third Quarterly Reports (https://caifuhao.eastmoney.com/news/20260111195649337567980)

[7] Securities Times Network - 2025 Panoramic View of Northbound Capital (https://www.stcn.com/article/detail/3588256.html)

[8] NetEase News - Aoruide’s Main Capital Net Sold 52.243 Million Yuan on January 15 (https://www.163.com/dy/article/KJAUGFNH0553O7RC.html)