Seven trillion yuan. That is the total scale target set for China's sports industry by 2030 under the '15th Five-Year Plan for Building a Sports Power.' By then, the proportion of people who regularly exercise should reach around 40%. Behind these two hard targets, the outdoor sports industry upgrade project is explicitly listed as one of the implementation paths. For Toread, a company long rooted in extreme-environment equipment while also betting on the chip track, the policy window and performance explosion are forming a two-way resonance.
Structural Signals from Performance Data
Toread's semi-annual performance forecast for 2026 shows net profit attributable to shareholders expected to be between 46 million and 56 million yuan, up 128.92% to 178.69% year-on-year. The growth rate of recurring net profit is even higher, at 166.58% to 211.01%. The fact that recurring profit growth significantly outpaces net profit growth means the main business's cash-generating ability is strengthening, and the impact of non-recurring gains and losses is weakening. This improvement in earnings quality is one of the most critical signals for the capital market.
The direct driver of growth comes from the chip business. In the first quarter of 2026, the chip segment achieved revenue of 179 million yuan, up 206.92% year-on-year, accounting for 36.09% of total revenue. This volume is already close to the total annual chip revenue of 230 million yuan for the whole of 2025. The newly consolidated subsidiaries, Shanghai Tongtu and Shenzhen Betterlife, contributed the main increment: the former holds core technology for full-stack compression of AI large models, with IP already introduced into the supply chains of more than 20 leading domestic chip design companies; the latter focuses on fingerprint recognition and touch sensor chips, with customers covering mainstream consumer electronics terminals.
From Extreme Environments to the Mass Market: A Technology Transfer Path
Toread's technological accumulation is not achieved overnight. From Shenzhou-12 to Shenzhou-23, the astronauts' in-cabin equipment was independently developed and produced by the company, which also participated in the formulation of related spacesuit standards. In polar scientific expeditions, the company has provided equipment support for China's Arctic and Antarctic expeditions for 17 consecutive years since 2009. These technical validations in extreme environments are being transformed into competitive advantages for mass-market outdoor gear.
In June 2026, Shanghai Tongtu signed a strategic cooperation memorandum with the global ecosystem platform GNS to establish a cooperation framework around compression technology. Previously, its AI compression IP had entered the supply chain of a leading smart driving computing solution provider, and the G2 Touch chip has also been integrated into the in-vehicle systems of several car manufacturers. The industrial chain collaboration now covers the entire 'sensing—interaction—display—AI computing optimization' chain.
Smart Exoskeleton: Filling a Domestic Consumer-Grade Gap
Toread's self-developed smart motion exoskeleton, the Crest C3, has begun sales. It weighs only 1.8 kilograms, with a thrust-to-weight ratio of 10:1, and is equipped with an AI gait algorithm that can identify over 10 outdoor motion postures in milliseconds and output adaptive assistive force. It has an IP54 protection rating and a single charge battery life of 4 hours. During the 618 pre-sale period, daily sales exceeded 100 units, with demand for home health care and outdoor mobility assistance continuing to be released.
The launch of the Crest C3 marks the first time a domestic outdoor brand has entered the consumer-grade smart power equipment field, a market previously dominated by overseas brands. For buyers, this means that when selecting outdoor equipment, they can start paying attention to domestic smart wearables and assistive devices, which may offer better cost performance and localized adaptation capabilities than imported products.
Policy Landing Points: Outdoor Industry Upgrade Meets Silver Economy
The '15th Five-Year Plan for Building a Sports Power' proposes to coordinate the construction of 100 high-quality outdoor sports destinations and promote the safe and orderly opening of water, air, and mountain natural resources for outdoor sports. Meanwhile, the '15th Five-Year Plan for Expanding Consumption' lists sports and fitness, AI+smart terminals, health and silver consumption, and age-appropriate equipment as core directions for expanding domestic demand. Toread's dual-business layout precisely hits these two intersection points: the outdoor business benefits from the expansion of national fitness consumption; the chip business cuts into the upstream of the smart wearables and AI integration industry chain; and the Crest C3 exoskeleton directly enters the silver health and age-appropriate equipment market.