Sharetronic(SZ:300857) 21世纪经济报道·2025-10-22 14:04Core Viewpoint - The company, Xiechuang Data, is significantly investing in server procurement to enhance its cloud computing capabilities, with a total planned expenditure of up to 4 billion RMB for the current year, reflecting its strategic shift towards AI computing services [1][3][10]. Group 1: Investment and Financials - The total amount for the server procurement contracts is expected to not exceed 4 billion RMB, which is over 50% of the company's latest audited net assets [9]. - As of June 2025, the company reported a cash balance of 1.534 billion RMB, which is insufficient to cover the 4 billion RMB transaction, indicating potential reliance on bank credit for funding [9]. - The company has disclosed a cumulative investment of up to 8.2 billion RMB for high-performance servers by August 2025, with total investments nearing 12.2 billion RMB for the year [6][10]. Group 2: Business Performance - In the first half of 2025, Xiechuang Data achieved a revenue of 1.221 billion RMB from its intelligent computing products and services, with a gross margin of 20.06% [6][10]. - The company's overall revenue for the first half of 2025 reached 4.944 billion RMB, marking a year-on-year growth of 38.18%, while net profit attributable to shareholders was 432 million RMB, up 20.76% [10]. Group 3: Market Dynamics - The global AI server market is projected to grow significantly, with an expected market size of 177.4 billion USD by 2032, driven by increasing demand for computing power across various industries [13]. - The Chinese accelerated computing server market is anticipated to reach 22.1 billion USD in 2024, reflecting a year-on-year growth of 134%, primarily due to increased capital expenditures from major cloud service providers [14]. - Xiechuang Data is strategically positioned in the high-value segment of AI computing rental services, leveraging partnerships with NVIDIA for GPU supply advantages [10][14].