千亿AI巨头，定增大幅调整

Core Viewpoint - Keda Xunfei has significantly adjusted its private placement plan, changing the use of raised funds while maintaining the total fundraising amount at 4 billion yuan [2][3]. Fundraising Allocation - The total investment amount for the fundraising plan is 432.57 million yuan, with 400 million yuan allocated for use [3]. - The funding for the Spark Education large model and typical products remains at 80 million yuan, while the amount for supplementing working capital has been reduced from 3.2 billion yuan to 800 million yuan [3][4]. - A new allocation of 2.4 billion yuan has been added for the computing power platform project, which now accounts for approximately 60% of the total fundraising scale [3][4]. Strategic Importance of Computing Power - The computing power platform project aims to support the upgrade and iteration of the underlying model for Xunfei's Spark cognitive large model, ensuring the optimization of various large models, including deep reasoning and multilingual models [4]. - The Chinese government's emphasis on the construction of autonomous and controllable large model computing power enhances the rationale for the rental computing power model [4][5]. Collaboration with Domestic Suppliers - Keda Xunfei has established long-term collaborative mechanisms with domestic computing power suppliers such as Huawei and Cambrian, addressing hidden issues in the underlying software and hardware of domestic computing power [5]. - The implementation of the computing power platform project is expected to enhance the multilingual support capabilities of the Spark large model, creating new revenue growth points for the company [5]. Market Position and Valuation - As of September 29, Keda Xunfei's stock closed at 53.95 yuan per share, with a market capitalization of 124.7 billion yuan [6].