Sugon(SH:603019) Jing Ji Guan Cha Wang·2026-02-10 02:19Core Viewpoint - The leading supercomputer company, Zhongke Shuguang, plans to raise up to 8 billion yuan through a convertible bond issuance to invest in advanced computing projects, reflecting significant changes in the computing power market [2][3]. Funding Allocation - The raised funds will be allocated to three main projects: - 3.5 billion yuan for an advanced computing cluster system project focused on artificial intelligence, accounting for 43.75% of the total funds [4]. - 2.5 billion yuan for the next-generation high-performance AI training and inference machine project [4]. - 2 billion yuan for a domestic advanced storage system project [4]. Market Trends - The investment in the next-generation AI training and inference machine project indicates a shift in the computing power market from pure model training to inference applications [8]. - Industry insiders suggest that the competition for user traffic in the domestic large model market is intensifying, which will reshape AI interaction modes and drive explosive growth in inference-side computing power demand [9]. Technological Challenges - The advanced computing cluster system project will address complex engineering challenges, including cooling and power supply in high-density computing environments, which require interdisciplinary knowledge [5][6]. - The project has achieved a 20-fold increase in computing density through innovative designs, emphasizing the need for a systematic approach to tackle technical challenges [6]. Company Performance - In the first three quarters of 2025, Zhongke Shuguang reported a revenue of 8.82 billion yuan, a year-on-year increase of 9.68%, and a net profit of 966 million yuan, up 25.55% year-on-year [11].