HUATIE(SH:603300) Jing Ji Guan Cha Wang·2025-10-18 02:49Core Viewpoint - The termination of a significant 36.9 billion yuan computing power service agreement by Hainan Huatie has raised concerns about the company's operational integrity and the overall market environment for computing power services [1][3]. Group 1: Contract Termination - Hainan Huatie announced the termination of a 36.9 billion yuan computing power service agreement with Hangzhou X Company, which was expected to account for 70% of the company's projected revenue for 2024 [1][3]. - The company stated that since the signing of the agreement, no purchase orders had been received, and the market conditions had changed significantly since the contract was signed [1][3]. - The Shanghai Stock Exchange has issued a regulatory letter to Hainan Huatie regarding the termination of this major contract, and the China Securities Regulatory Commission has initiated an investigation for suspected violations of information disclosure laws [1][3]. Group 2: Company Background and Business Transition - Hainan Huatie, previously known as Huatie Emergency, primarily engaged in equipment leasing, with revenue growing from 2.607 billion yuan in 2021 to 5.171 billion yuan in 2024, although net profits showed significant fluctuations [2]. - Following a change in actual control to the Hainan Provincial State-owned Assets Supervision and Administration Commission in 2024, the company shifted its focus towards the computing power leasing industry to explore new growth opportunities [2][3]. - The company had signed a total of 24.75 billion yuan in computing power service orders by the end of 2024, with nearly 700 million yuan in asset delivery completed [3]. Group 3: Market Context and Trends - The computing power leasing market has seen a surge in demand, particularly from major internet companies investing heavily in AI infrastructure, with Alibaba planning to invest over 380 billion yuan and Tencent increasing its capital expenditure significantly [5][6]. - Analysts suggest that the current global shortage of high-end AI chips has led to a shift towards leasing rather than purchasing computing power, as this model is more cost-effective and adaptable [6]. - The computing power industry is experiencing a bifurcation in demand, with high-end computing power remaining in high demand while low-end computing power faces challenges in rental agreements [8].