Di Yi Cai Jing Zi Xun·2025-10-08 13:25Core Viewpoint - The termination of a significant 3.69 billion yuan computing power contract by Hainan Huatie raises questions about the company's future and the legitimacy of the deal, which had previously driven the stock price up nearly threefold [2][3][10]. Group 1: Contract Details - Hainan Huatie announced the termination of a five-year computing power service agreement with a mysterious client, "Hangzhou X Company," which was valued at 36.9 billion yuan, equivalent to 1.32 times the company's projected revenue for the first half of 2025 [3][4]. - The contract was signed in March, but no orders were fulfilled in the seven months since, leading to a "zero delivery, zero cost, zero performance" status [4][6]. - The original agreement included a clause for penalty payments if the client unilaterally terminated the contract, yet Hainan Huatie chose to terminate it voluntarily without mentioning any claims for penalties [6][7]. Group 2: Stock Market Reaction - Following the announcement of the contract, Hainan Huatie's stock price surged from 4.76 yuan to 13.25 yuan between January and March, marking an increase of nearly 300% [3][5]. - Significant shareholders began to reduce their holdings during this period, with one major investor decreasing their stake from 4.23% to 3.58% by May [5]. Group 3: Company Performance and Future Outlook - Hainan Huatie has been facing challenges in its core business, with revenue growth not translating into profit increases, as seen in fluctuating net profits from 4.98 million yuan to 6.05 million yuan from 2021 to 2024 [8][10]. - The computing power business was seen as a critical area for transformation, with the company establishing a smart technology division and reporting over 1.4 billion yuan in delivered computing assets by mid-year [8][10]. - Despite the termination of the major contract, Hainan Huatie has other computing power orders amounting to over 2 billion yuan, but the company's ability to fulfill these contracts remains under scrutiny [10].