Sharetronic(SZ:300857) Xin Lang Cai Jing·2025-10-21 14:40Core Viewpoint - The company, Qichuang Data, has disclosed its fourth server asset procurement announcement of the year, with total investments in server purchases reaching 12.2 billion yuan, exceeding its projected revenue for 2024 and total assets as of last year [1][2]. Group 1: Server Procurement - The company plans to procure servers from multiple suppliers, with an estimated total amount not exceeding 4 billion yuan, aimed at providing cloud computing services to clients [1]. - This procurement is deemed necessary for the company's operational development and is expected to significantly promote the growth of its main business and market expansion [1]. - The transaction amount accounts for over 50% of the company's most recent audited net assets and total assets [1]. Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 1.221 billion yuan from its intelligent computing products and services, but also faced increased working capital needs, with financial expenses rising by 662.08% year-on-year [2]. - As of the end of June, the company's net cash flow from operating activities was -1.56 billion yuan, a decline of 451.97% year-on-year, attributed to increased inventory and longer payment cycles from downstream clients compared to upstream suppliers [2]. - The company has increased its financing scale, with short-term borrowings exceeding 2.9 billion yuan as of the end of June [2]. Group 3: Market Context and Competitors - Despite the expansion of its business scale, various financial metrics indicate significant pressure on the company [3]. - The company has not disclosed information about its trading counterparties, citing commercial confidentiality and strategic development reasons [3]. - The company has established cooperation agreements for its intelligent computing cloud services with domestic internet companies and China Mobile International, although it has not publicly disclosed details about the signed computing orders [3]. - Recent market events, such as the termination of a major computing order by Hainan Huatie and the cessation of a cash acquisition by Qunxing Toys, have heightened scrutiny on the latest trends in computing businesses among listed companies [4].