HUATIE(SH:603300) Nan Fang Du Shi Bao·2025-10-02 00:12Core Viewpoint - Hainan Huatie announced the termination of a 3.69 billion yuan computing power service agreement with Hangzhou Company, which is expected to lead to significant stock price declines after the holiday [2][3]. Group 1: Company Actions and Reactions - The company previously denied rumors about the cancellation of the computing power order, labeling them as "market rumors," only to confirm the cancellation later, raising concerns about inconsistent information disclosure [2][3]. - This is not the first instance of such behavior; the company faced criticism from the Shanghai Stock Exchange in 2021 for delayed disclosure regarding mining machine procurement [2]. Group 2: Market Context and Implications - Hainan Huatie's core business is not related to computing power, and there is uncertainty about the existence of Hangzhou Company, indicating potential speculative behavior in the market [3]. - The initial announcement of the contract suggested it would generate approximately 700 million yuan in annual revenue, which was overly optimistic given the company's capabilities in this new field [3]. - The company cited changes in market conditions and supply-demand dynamics as reasons for terminating the contract, highlighting a disconnect between supply growth and actual demand in the computing power market [3][4]. Group 3: Industry Challenges - The computing power industry faces structural supply-demand imbalances, with rapid supply growth from government initiatives and corporate investments not matching the actual demand due to various constraints [3]. - The business model for computing power services requires higher technical capabilities, operational standards, and financial strength compared to traditional equipment leasing, posing challenges for companies like Hainan Huatie [4]. - The company has struggled to balance strategic flexibility with timely and truthful information disclosure, which could lead to regulatory scrutiny and potential investor claims if previous announcements are deemed misleading [4].