Core Viewpoint - The termination of the "Computing Power Service Agreement" between Hainan Huatie and Company X reflects significant changes in market conditions and demand since the contract was signed, leading to no procurement orders being received [1][5]. Group 1: Contract Termination - Hainan Huatie announced the termination of the "Computing Power Service Agreement" with Company X, which was originally signed in March for a total amount of 3.69 billion yuan (including tax) over a service period of five years [1][5]. - The company issued a letter to Company X regarding the termination, citing changes in market conditions and the lack of procurement orders since the agreement was signed [5]. Group 2: Business Overview - Hainan Huatie primarily engages in equipment leasing, with a focus on engineering equipment services and intelligent computing business [5]. - The engineering equipment rental services include high-altitude work platforms, forklifts, heavy-duty drones, and various other machinery [5]. Group 3: Future Plans and Investments - The company plans to invest 1 billion yuan in the construction of an intelligent computing center, aiming to provide high-end computing resource leasing and value-added technical services [5]. - The intelligent computing center will involve the procurement of chips and servers, and will collaborate with universities and research institutions in various fields such as AI, autonomous driving, and high-end manufacturing [5][6]. Group 4: Financial Performance - In the first half of the year, Hainan Huatie achieved total revenue of 2.805 billion yuan, representing a year-on-year increase of 18.89%, and a net profit of 341 million yuan, up 1.85% year-on-year [7]. Group 5: International Expansion - Hainan Huatie is planning to list on the Singapore Stock Exchange to promote its international strategy and enhance its competitiveness and brand influence [9]. - The company aims to accelerate the implementation of its computing power overseas strategy, particularly in Southeast Asia [9].

Core Viewpoint - Hainan Huatie's subsidiary terminated a 3.69 billion yuan computing power service agreement due to market changes and lack of purchase orders, prompting regulatory scrutiny from the Shanghai Stock Exchange [2][4][6] Group 1: Contract Termination - The computing power service agreement was originally signed in March for a five-year term, with an expected annual revenue of approximately 700 million yuan [4][6] - The termination was attributed to significant changes in market conditions and supply-demand dynamics since the contract was signed, with no purchase orders received [6][7] - The company confirmed that the termination of this routine business contract would not impact its normal operations or long-term strategic plans in the computing power sector [7] Group 2: Company Strategy and Operations - Hainan Huatie has been focusing on expanding its computing power services and has established a digital technology division to enhance its capabilities in the AI industry [7] - The company has reported delivering computing power assets exceeding 1.4 billion yuan as of the end of the reporting period [7] - Hainan Huatie's business primarily involves equipment leasing, with a focus on engineering equipment services and intelligent computing services [7]

巨额合同，突然终止！ 9月30日晚间，海南华铁发布公告称，全资子公司华铁大黄蜂与杭州X公司签署的《算力服务协议》终止。 根据海南华铁此前披露的公告，上述《算力服务协议》签订于今年3月份，原本约定华铁大黄蜂为X公司提供 算力服务，当时预计的合同总金额为36.9亿元（含税）。该协议披露后，海南华铁曾连续三个交易日涨停。 9月30日晚间，上交所火速向海南华铁及其董监高下发监管函，就公司重大合同终止相关事项明确监管要求。 36.9亿元算力服务协议终止 海南华铁9月30日晚间公告称，公司全资子公司海南华铁大黄蜂建筑机械设备有限公司（以下简称"华铁大黄 蜂"）于2025年3月与杭州X公司（以下简称"X公司"）签署了《算力服务协议》，约定华铁大黄蜂向X公司提供 算力服务，算力服务期为5年，合同预计总金额为36.9亿元（含税）。 公告称，鉴于上述协议所涉交易及设备的市场环境及供需情况已较签署时发生较大变化，且协议签订以来未收 到任何采购订单，华铁大黄蜂于近日向X公司出具《关于解除<算力服务协议>的函》，后续X公司无需向华铁 大黄蜂支付原协议所载价款，华铁大黄蜂亦无需向X公司提供原协议所载算力服务，除双方仍需对原协议及其 内容 ...

鉴于原协议所涉交易及设备的市场环境及供需情况已较签署时发生较大变化，且协议签订以来未收到任 何采购订单，华铁大黄蜂于近日向X公司出具《关于解除的函》，后续X公司无需向华铁大黄蜂支付原 协议所载价款，华铁大黄蜂亦无需向X公司提供原协议所载算力服务，除双方仍需对原协议及其内容、 履行及解除负有保密义务外，双方就原协议及其履行或解除不存在其他待解决事项或争议、纠纷。截止 公告披露日，原协议尚未履行且与X公司无其他正在履行的算力协议，本次未产生实际的采购成本或资 本性支出，亦未进行设备交付及验收环节，未对公司的当期经营成果、财务状况及现金流量产生任何实 质性影响。 格隆汇9月30日丨海南华铁(603300.SH)公布，公司全资子公司海南华铁大黄蜂建筑机械设备有限公司 （简称"华铁大黄蜂"）于2025年3月与杭州X公司（简称"X公司"）签署了《算力服务协议》（简称"原 协议"），约定华铁大黄蜂向X公司提供算力服务，算力服务期为5年，合同预计总金额为36.9亿元（含 税）。基于原协议所涉交易及设备的市场环境及供需情况已较签署时发生较大变化，且协议签订以来未 收到任何采购订单，公司近日向X公司出具《关于解除的函》。 ...

海南华铁（603300）(603300.SH)发布公告，公司全资子公司海南华铁大黄蜂建筑机械设备有限公司(简 称"华铁大黄蜂")于2025年3月与杭州X公司(简称"X公司")签署了《算力服务协议》(简称"原协议")，约 定华铁大黄蜂向X公司提供算力服务，算力服务期为5年，合同预计总金额为36.9亿元(含税)。基于原协 议所涉交易及设备的市场环境及供需情况已较签署时发生较大变化，且协议签订以来未收到任何采购订 单，公司近日向X公司出具《关于解除 <算力服务协议> 的函》。 ...

智通财经APP讯，海南华铁(603300.SH)发布公告，公司全资子公司海南华铁大黄蜂建筑机械设备有限 公司(简称"华铁大黄蜂")于2025年3月与杭州X公司(简称"X公司")签署了《算力服务协议》(简称"原协 议")，约定华铁大黄蜂向X公司提供算力服务，算力服务期为5年，合同预计总金额为36.9亿元(含税)。 基于原协议所涉交易及设备的市场环境及供需情况已较签署时发生较大变化，且协议签订以来未收到任 何采购订单，公司近日向X公司出具《关于解除<算力服务协议>的函》。 ...

Core Viewpoint - *ST Jinkang (300093.SZ) has disclosed a restructuring plan draft, indicating a strategic focus on HJT technology and the integration of computing power services to enhance its position in the green energy sector [1] Group 1: Business Strategy - The company will continue to receive support from Ouhau Group to focus on HJT technology, aiming to consolidate its first-mover advantage in the photovoltaic industry [1] - Ouhau Group plans to collaborate with industry partners to introduce computing power services to Jinkang Photovoltaics, positioning the company as a green energy-oriented computing infrastructure operator [1] Group 2: Market Development - Jinkang Photovoltaics will deepen its operations in Jiuquan, leveraging the local green energy policy advantages [1] - The company aims to expand its existing green photovoltaic business by developing AI big data services, combining energy and computing power [1] Group 3: Business Model Innovation - The goal is to create an integrated business model that encompasses photovoltaic manufacturing, power generation, computing services, and direct green electricity connections [1]

Core Viewpoint - *ST Jinkang (300093.SZ) has disclosed a restructuring plan that focuses on leveraging HJT technology and integrating computing power services to become a green energy infrastructure operator [1] Group 1: Business Strategy - The company will continue to receive support from Ouhua Group to focus on HJT technology and consolidate its first-mover advantage [1] - Ouhua Group will collaborate with industry partners to introduce computing power services to Jinkang Photovoltaics [1] - Jinkang Photovoltaics aims to deepen its presence in Jiuquan, leveraging local green energy policies to expand its existing green photovoltaic business [1] Group 2: Future Development - The company plans to develop AI big data services alongside its energy offerings [1] - Aiming to create an integrated business model that combines photovoltaic manufacturing, power generation, computing services, and direct green electricity connections [1]

Core Viewpoint - The company aims to expand its business in the computing power service sector by investing in infrastructure to enhance its competitive advantage in the computing power industry [1] Investment Details - The company’s subsidiary, Guangzhou Xinsuan Shengyang Technology Co., Ltd., plans to invest no more than RMB 83.6963 million in the construction of the Guangzhou Smart Innovation Valley computing power infrastructure project [1] - The project will primarily be used for the company's own purposes or for providing data center infrastructure leasing services to external clients [1] Project Specifications - The design of the project includes 50 units of 22KW cabinets and 200 units of 8KW cabinets, capable of accommodating 100 training servers and 400 inference servers simultaneously [1]

Investment Rating - The report maintains an "Add" rating for the company [2][6]. Core Insights - The company is set to acquire a 39.2% stake in Wu Tongshu Technology, a leading AIDC service provider, which is expected to significantly enhance its position in the intelligent computing center market valued at over 1 trillion yuan [4][44]. - Wu Tongshu Technology has committed to achieving a net profit of no less than 400 million yuan from 2025 to 2027, indicating strong growth potential [4][44]. - The report highlights four key advantages of Wu Tongshu Technology: superior server performance, excellent liquid cooling technology, strong profitability, and a solid presence in the education sector [43][44]. Summary by Sections 1. Company Overview - The company, established in 1999, specializes in landscape lighting design, construction, and operation services, with rapid revenue and profit growth from 2015 to 2021 [14]. - The company has expanded its business scope by acquiring Holovis and is now pursuing the acquisition of Wu Tongshu Technology to enhance its capabilities in computing services and immersive experiences [24]. 2. AIDC Business - The domestic intelligent computing center market is projected to reach 288.6 billion yuan by 2028, with a CAGR of 27% [27][40]. - Wu Tongshu Technology's server performance is reported to be at 80%-90% of international leading levels, with a significant cost advantage [43][56]. - The company has a strong order reserve of 3.55 billion yuan, with a high probability of fulfilling its performance commitments [4][43]. 3. Financial Projections - The report forecasts the company's net profit to grow significantly from 101.75 million yuan in 2025 to 153.49 million yuan in 2027, reflecting a growth rate of 392.04% and 23.45% respectively [6][7]. - The expected revenue for 2025 is projected at 1.29 billion yuan, with a growth rate of 87.97% [7]. 4. Market Trends - The report notes that the AI industry is experiencing rapid growth, with the Chinese AI market expected to reach 352.2 billion yuan by 2025, driven by advancements in large model technologies [28][30]. - The demand for intelligent computing is expected to rise sharply, with the market size for intelligent computing projected to reach 259 billion yuan by 2026 [35].