Aoya Co., Ltd. (300949.SZ) 2026 Annual Report: When Cash Flow Growth Meets 'Spatial Intelligence', an Architecture Firm's AI Breakthrough

Aoya Co., Ltd. (300949.SZ) $Shenzhen L&A Design (300949.SZ)$ The true value of the 2026 annual report has been underestimated by the market.

According to the financial report, Oria Corporation's operating revenue in 2026 was 434 million yuan, a year-on-year increase of 5.28%; net cash flow from operating activities was 39.1006 million yuan, a year-on-year increase of 280.7%. During the reporting period, the integrated cultural tourism business exceeded traditional design services for the first time, with the revenue increasing by 89 million yuan compared to the previous period, representing a growth rate of 53.61%.

Behind this 'balance sheet contraction and quality improvement' financial characteristic lies an aggressive self-revolution within Oria Corporation. From the bustling park in Beijiao, Foshan, to the Eden of the East in Qingdao, and then to the recently launched 'Oria Engine,' this veteran design company is attempting to tell a new story about being a 'spatial intelligence technology firm,' shifting away from its roles as an asset appreciation service provider and a family cultural tourism brand operator by leveraging the dual engines of 'AI+IP.'

The 'safety cushion' of cash flow: Risk management philosophy behind proactive balance sheet contraction

For design firms centered around creative design and cultural tourism operations, operating cash flow serves as a more genuine 'vital sign' than net profit. Against the backdrop of widespread industry struggles due to extended client payment cycles, Oria Corporation’s counter-cyclical improvement in cash flow stems from qualitative changes in its revenue structure and acquisition methods.

Traditional landscape design firms rely on two main revenue streams: one being design service fees collected in stages, and the other being lump-sum payments from engineering, procurement, and construction (EPC) contracts. The former is constrained by the client’s decision-making process, while the latter severely depletes the company’s working capital and is highly tied to real estate cycles, posing significant risk exposure.

Oria Corporation’s path to breakthrough lies in decisively driving a business model transformation towards an 'O+EPC+IP+O' system. This seemingly complex acronym points to a clear logical loop: top-level planning and design guided by operational objectives, integrating proprietary intellectual property assets during construction (EPC) to form a differentiated core, and ultimately achieving continuous asset appreciation and shared returns through long-term operation.

This means that the company’s sources of income have expanded from single, upfront design and construction fees to a diversified and sustainable cash flow portfolio including 'preliminary planning consultancy fees, premium design fees, IP licensing/embedding fees, and long-term operational profit sharing.'

This approach is vividly demonstrated in the revitalization project of Yanjiayu Island in Quzhou, Zhejiang. Oria did not view it as an isolated EPC project but positioned it as a comprehensive cultural tourism destination based on 'Nankong Culture.' Through the 'EPC+O+IP' model, the company created a riverside green island integrating diverse formats such as 'Nankong Luojia Forest Park' and 'Youyou Pet Paradise.' Since its debut, the site has received over 120,000 visitors. Here, design is the means, IP is the soul, and operation is the sole standard for verifying value. The company’s role is as an 'urban content operator' that integrates culture, space, format, and traffic.

Oria Engine: Is this the 'ChatGPT moment' for the design industry?

If a steady cash flow is Ouya's 'shield,' then the full implementation of AI technology is its sharpest 'spear.'

In 2026, Ouya Co., Ltd. made frequent moves on the technology front, officially launching the updated version of the 'Aochuang Engine' and successfully transitioning from internal testing to the market. This is not mere concept hype but a profound productivity transformation that has penetrated deep into the company’s core operations.

According to company disclosures, the Aochuang Engine is built on over 5,000 project practices and covers workflow restructuring in more than 20 design subfields. Its 'Lingce' module connects with Tencent's cultural tourism platform and proprietary databases, using spatial value density algorithms to analyze urban population profiles and accurately assess needs. The 'Linghui' module, dubbed the 'transformation wizard,' can generate space renovation plans with a single click. Meanwhile, the 'Lingyun' module helps projects efficiently produce cultural tourism promotional videos, create city branding, and activate sustainable operational capabilities for regional assets.

In projects like the 'Shunde Beijiao Sports Children’s Park,' the Aochuang Engine has achieved integrated empowerment from positioning, planning, to design, significantly improving efficiency while addressing the pain point of traditional design institutes struggling with standardization. For investors, this sends a strong signal: Ouya is attempting to break through the scale ceiling of traditional design industries reliant on human resources and move towards a valuation logic akin to a tech company with SaaS attributes.

Internal collaboration forms the foundation, while external collaboration builds an ecosystem. In April, Ouya Co., Ltd. formally reached a deep collaboration agreement with Tencent Cloud in the field of spatial intelligence, leveraging Tencent Cloud’s LBS, AIGC, and other technological infrastructures to jointly advance the technical iteration and deployment of the 'Aochuang Engine.' Both parties will focus on urban renewal and cultural tourism scenarios, driving industrial intelligent upgrades with a dual-wheel approach of 'design + technology.'

The 'SDO' closed loop: A revolutionary shift from executor to mastermind

With cash flow as the 'shield' and AI technology as the 'spear,' the successful transformation of the business model fundamentally stems from a complete overhaul of the company-wide mindset system. The 'SDO closed loop' theory proposed internally by Ouya Co., Ltd. founder Li Fangyue serves as the key to understanding this transformation.

'SDO' stands for Strategy-Design-Operation. Ouya requires its teams to abandon passive 'service provider thinking' and the 'draftsman' mentality, adopting instead the posture of 'masterminds' and 'operators.' From the very start of a project, they must consider the ultimate question: How can we create irreplaceable long-term value and sustained foot traffic for this land or space?

This mindset is vividly reflected in multiple new projects by Ouya. For instance, in the Zhengzhou Jinmao Puyi Yunhu project, Ouya defined landscaping as a 'viral, essential, and monetizable living asset,' creating a 'landscape clubhouse' that combines Eastern aesthetics with community interaction functions. Not only did the project achieve robust sales, but it also won several international design gold awards, proving that in an era of improved residential living, 'good design' itself is a 'hard currency' capable of boosting land premiums. In the Shunde Beijiao Sports (Children’s) Park project, Ouya utilized an operation-first, 'O+EPC+IP' model, helping the project achieve impressive results such as 'a booming opening day and fully rented premises right after launch.'

Li Fangyue also emphasized that in an increasingly competitive stock market environment, unparalleled aesthetic leadership should become a long-term, hard-to-replicate moat for Ouya Co., Ltd.

"Mediocrity is our biggest enemy" and "Zero tolerance for low aesthetics"—these declarations of an 'aesthetic revolution' originating internally are far from empty slogans. They signify a relentless pursuit across the entire process, from site selection and cultural decoding to material details. This obsession with 'beauty' gives its works high recognizability and virality, attracting premium brands during the leasing phase and high-value customers during operations, essentially building deep 'brand premium' for assets.

Betting on the 'stock era': aligning with national strategies

The transformation journey of Aoya Holdings has precisely aligned with the rhythm of national macro policies.

With the Central City Work Conference of 2025 explicitly stating that CityDev has entered a 'stock improvement and efficiency enhancement' phase, along with the release of the 'Opinions on Continuously Promoting the Urban Renewal Action,' the door to a 20-trillion-yuan urban renewal market has been opened. Meanwhile, the construction of 'child-friendly cities' has been piloted in 116 cities nationwide, and the '15-minute convenient living circle' policy has elevated the needs of the elderly and children to unprecedented levels.

Adhering to the concept of 'designing for operation,' Aoya Holdings has implemented over 100 urban renewal projects across more than 30 cities nationwide. Whether it's the cultural revival of Luoyang’s Lu Yi Ancient City, the organic renewal of Shenzhen’s Nantou Ancient City, or child-friendly space developments spread across the country, Aoya has demonstrated exceptional problem-solving capabilities.

More importantly, through its self-developed large model, the 'Aoya Engine,' combined with 26 years of industry experience, Aoya provides full-chain technical support for urban renewal projects, from data analysis to design generation. Aoya has successfully developed several benchmark projects, such as Dalian Dongguan Street Historic Cultural Block and Tianjin No. 1 Machine Tool Factory, adopting a new model of 'design + technology + operation' to become a 'city partner' in the stock era.

Therefore, while the revenue scale of 434 million yuan might not seem 'attractive' in traditional terms, the underlying new growth logic—'AI-driven efficiency + IP value addition + stable cash flow'—is highly explosive. The market is reassessing the value of this enterprise: it is no longer a 'traditional design institute' dependent on real estate development but rather a 'smart urban space operator' with core technological barriers and self-sustaining capabilities.

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