Linewell(SH:603636) Mei Ri Jing Ji Xin Wen·2025-07-25 14:51Core Viewpoint - Nanwei Software is facing a significant loss of approximately 310 million yuan in 2024, the worst performance since its listing in 2014, while simultaneously planning to invest 750 million yuan in a computing power project [3][6]. Group 1: Financial Performance - In 2024, Nanwei Software is projected to incur a loss of about 310 million yuan, marking its poorest performance since its IPO in 2014 [3]. - The company has already paid approximately 223 million yuan to Beijing Yunsoft for the computing power project, with an outstanding contract amount of about 527 million yuan [6]. Group 2: Investment in Computing Power - Nanwei Software has decided to invest 750 million yuan in a computing power project aimed at developing artificial intelligence capabilities and providing public computing services [3][6]. - The project involves constructing a computing power center with a capacity of 2300 PFlops, which will support the company's AI development and service offerings [3]. Group 3: Regulatory Scrutiny - The Shanghai Stock Exchange has raised concerns regarding the prepayment of 223 million yuan for computing power equipment, questioning whether there is any preferential treatment towards related parties or potential fund occupation [7]. - Nanwei Software has been asked to disclose details about the transaction background, payment parties, and any potential relationships with major shareholders or executives [7]. Group 4: Relationship with Beijing Yunsoft - Nanwei Software claims that Beijing Yunsoft, the main recipient of the prepayment, is not a related party, despite its previous association as a subsidiary [8][10]. - The company emphasizes that there are no existing relationships or interests between Beijing Yunsoft and its major shareholders or executives [10][11]. Group 5: Market Context and Justification - The company argues that the prepayment arrangement is commercially reasonable and aligns with industry standards, asserting that it does not favor related parties or involve fund occupation [11]. - Nanwei Software highlights the rising prices of high-end computing chips and the impact of US-China trade relations, stating that securing equipment at reasonable prices will help mitigate future cost increases and enhance project profitability [10].