Nexwise(SZ:301248) Chang Jiang Shang Bao·2026-01-11 23:37Core Viewpoint - Jiangchuan Intelligent (301248.SZ) shocked the market by announcing a plan to purchase IT equipment and components worth up to 4 billion yuan to advance its artificial intelligence strategy and business transformation, with a delivery deadline of June 2026 [1][3][4]. Financial Position - As of September 2025, Jiangchuan Intelligent had total assets of approximately 2.95 billion yuan and cash reserves of around 218 million yuan, raising questions about how the company will finance the 4 billion yuan equipment purchase [4][7]. - The company's liabilities include 760 million yuan in interest-bearing debt, with short-term loans amounting to 541 million yuan, indicating a certain level of debt pressure [5][4]. Business Transformation - Jiangchuan Intelligent has shifted its focus from smart city and security solutions to cloud computing, launching its AI integrated computing machine and hybrid cloud platform in 2024 [1][10]. - The company reported a net profit of 23 million yuan in the first three quarters of 2025, a 139% increase year-on-year, indicating initial success in its AI strategy [1][10]. Historical Performance - From 2021 to 2024, Jiangchuan Intelligent experienced a decline in net profit for four consecutive years, with a significant loss reported in 2024 [1][9]. - The company had previously shown strong growth from 2014 to 2020, with revenue and net profit increasing consistently during that period [9]. R&D Investment - Despite the positive revenue growth in 2025, Jiangchuan Intelligent's R&D investment decreased by 41.68% in the first three quarters, raising concerns about the sustainability of future growth [12][13].