HUATIE(SH:603300) 经济观察报·2025-10-19 07:30Core Viewpoint - The termination of a significant 36.9 billion yuan computing power contract by Hainan Huatie raises questions about the authenticity of the contract and the explanations provided for its cancellation, particularly regarding market conditions and supply-demand changes [3][4]. Group 1: Contract Termination Details - Hainan Huatie announced the termination of a computing power service agreement with a total value of 36.9 billion yuan, which represented approximately 70% of the company's projected revenue for 2024 [3]. - The company stated that since the signing of the agreement, no purchase orders had been received, and the reasons for termination included significant changes in market conditions and supply-demand dynamics [3][14]. - The Shanghai Stock Exchange issued a regulatory letter to Hainan Huatie regarding the termination of this major contract, and the China Securities Regulatory Commission has initiated an investigation for suspected violations of information disclosure laws [4]. Group 2: Company Background and Financials - Hainan Huatie, formerly known as Huatie Emergency, primarily engages in equipment leasing, with a focus on high-altitude work platforms and construction support equipment [6]. - The company's revenue grew from 2.607 billion yuan in 2021 to 5.171 billion yuan in 2024, but net profits showed volatility, with figures of 498 million yuan, 640 million yuan, 801 million yuan, and 605 million yuan over the same period [6]. - In 2024, the company underwent a change in actual control, with the Hainan Provincial State-owned Assets Supervision and Administration Commission becoming the new controller, prompting a shift towards the computing power leasing sector [6]. Group 3: Market Context and Trends - The computing power leasing market has seen a surge in demand, particularly from major internet companies investing heavily in AI infrastructure, with Alibaba planning to invest over 380 billion yuan in cloud and AI hardware over the next three years [11]. - The rental model for computing power has gained traction due to the high costs and supply constraints of high-end AI chips, making it a more viable option for companies [12]. - The cancellation of Hainan Huatie's contract is not an isolated incident, as other companies have also faced similar challenges, indicating a broader trend of contract terminations in the computing power leasing market due to macroeconomic factors and supply issues [16].