深夜刷屏！突然，终止！

Core Viewpoint - The termination of the significant contract between Hainan Huatie and Hangzhou X Company raises concerns about the company's future revenue and operational stability, despite the company asserting that it will not impact its ongoing business operations or strategic plans in the computing power sector [1][4][3]. Summary by Sections Contract Termination - Hainan Huatie announced the termination of the "Computing Power Service Agreement" with Hangzhou X Company, originally signed in March 2023, with a total expected contract value of 3.69 billion yuan (including tax) [1][3]. - The termination was attributed to significant changes in market conditions and supply-demand dynamics since the contract was signed, with no purchase orders received since then [3][4]. Regulatory Response - The Shanghai Stock Exchange issued a regulatory letter to Hainan Huatie and its executives regarding the termination of the major contract, emphasizing the need for clarity on the matter [2][4]. Financial Impact - Hainan Huatie stated that the contract had not been executed, and there were no actual procurement costs or capital expenditures incurred, thus having no substantial impact on the company's current operating results, financial status, or cash flow [3][4]. - The company reported a total revenue of 2.805 billion yuan for the first half of 2025, a year-on-year increase of 18.89%, and a net profit of 341 million yuan, up 1.85% [9]. Future Outlook - Despite the contract termination, Hainan Huatie emphasized that it would not affect the company's normal production and operations, and it plans to continue advancing its computing power business and expanding partnerships [4][3]. - The company had previously announced a share reduction plan by its second-largest shareholder, which is still pending as of the latest announcement [4]. Market Reaction - The initial announcement of the contract in March led to a significant stock price increase, with Hainan Huatie's stock hitting the daily limit up for three consecutive trading days, raising its market capitalization above 25 billion yuan [6][7].