海南华铁 20250821 摘要 AI 驱动算力租赁需求井喷，但国内边际增速趋缓，海外市场因 O3 模型 和 A 型产品落地迎来快速增长，预示国内下半年或将迎来新一轮扩张周 期。 国内算力供给仍紧缺，高性价比算力需求旺盛，具备强大集群组网能力 的厂商将占据优势。IDC 能耗审批上移至中央导致供给侧收缩，核心节 点区域招商引资力度增强。 海南华铁可利用海南自贸港政策优势，提供高性价比计算资源，关注多 模态视频生成等新兴应用场景，把握政府招商引资机遇，应对新一轮扩 张周期。 环京地区及一线城市算力资源稀缺性凸显，靠近客户、实验成本低，供 给收缩支撑当地价格。巴拉加德等节点因补贴和自然资源优势，有助于 显著降低成本。 未来算力租赁行业需关注总量扩张对需求的带动作用，多模态文生视频 等领域扩张带来的高端卡需求，以及一线城市及杭州等地供给边际收缩 带来的稀缺性。 Q&A 规模使用和 A 型产品形态逐步落地。在此背景下，我们预计今年下半年国内也 将迎来新一轮扩张周期。一方面，国内模型能力差距逐渐缩小；另一方面，新 一轮模型升级周期即将到来，如 Kim K2、智谱 GRM4.5、阿里千问 3 以及 Deepseek 3.1 ...

Core Viewpoint - The emerging business model of computing power leasing allows companies to acquire necessary computing power without the burden of building expensive facilities, providing a cost-effective solution for small and medium-sized enterprises in the context of the booming AI industry [1] Industry Overview - National policies are continuously supporting the computing power leasing industry, with initiatives like the "East Data West Computing" project and encouragement for internet platforms to assist SMEs in expanding overseas [2] - The computing power leasing sector is experiencing rapid growth, attracting major players such as Alibaba Group and Yunsai Zhiliang, with various strategies including self-built data centers, hardware agency, and customized services for specific industries [2] Market Activity - In August, Jinkai New Energy announced a contract worth 69.12 million yuan for computing power leasing services, marking a significant order in the sector [3] - Hainan Huatie signed a strategic cooperation agreement with Haima Cloud for a total rental amount of 1 billion yuan for GPU computing resources [3] Investment Trends - Xiechuang Data has made substantial investments in computing power leasing, planning to purchase servers worth 3 billion yuan in March and 4 billion yuan in May, totaling over 8 billion yuan in a few months [4] - In August, Xiechuang Data announced another procurement plan not exceeding 1.2 billion yuan for servers to enhance its computing power leasing services [5] Market Growth Projections - The computing power leasing market is expected to exceed 100 billion yuan by 2025, with potential revenue reaching 260 billion yuan by 2026, growing at an annual rate of over 20% [6] Company Performance - Several companies in the computing power leasing sector reported positive half-year results, with all four listed companies disclosing net profit growth [7] - Shuguang Information achieved a net profit of 731 million yuan in the first half of 2025, a year-on-year increase of 29.89% [7] - Hongbo Co. is expected to turn a profit due to the successful completion of its computing power project [7] Future Outlook - The computing power leasing industry is anticipated to maintain a high growth trajectory, supported by ongoing policy incentives and advancements in chip technology and cloud computing [7]

Group 1 - The company, Xiechuang Data (300857.SZ), announced plans to purchase servers from multiple suppliers, with a total procurement amount expected to not exceed RMB 1.2 billion [1] - Of the total procurement amount, RMB 298 million has already been approved by the company's general manager's office, with an anticipated additional procurement amount of no more than RMB 902 million [1] - The servers will primarily be used to provide computing power leasing services to clients [1] Group 2 - The transaction does not constitute a major asset restructuring or a related party transaction according to the relevant regulations, including the "Measures for the Administration of Major Asset Restructuring of Listed Companies" and the "Shenzhen Stock Exchange GEM Stock Listing Rules" [1]

Group 1 - The company, X, plans to purchase servers from multiple suppliers with a total procurement amount not exceeding RMB 1.2 billion [1] - Out of the total, RMB 298 million has already been approved by the company's general manager's office, with an expected additional procurement amount of no more than RMB 902 million [1] - The servers will primarily be used to provide computing power leasing services to customers [1]

Group 1 - The company, Xichuang Data (300857.SZ), announced plans to purchase servers from multiple suppliers, with a total procurement amount expected to not exceed RMB 1.2 billion [1] - Of the total procurement amount, RMB 298 million has already been approved by the company's general manager's office, with an anticipated additional procurement amount of no more than RMB 902 million [1] - The servers will primarily be used to provide computing power leasing services to customers [1]

Group 1 - The company, Xiechuang Data, announced on August 15 that it plans to purchase servers from multiple suppliers, with a total procurement amount expected to not exceed 1.2 billion yuan [1] - Of the total procurement amount, 298 million yuan has already been approved by the company's general manager's office, with an anticipated additional procurement amount of no more than 902 million yuan [1] - The servers will primarily be used to provide computing power leasing services to customers [1]

Group 1 - The core viewpoint of the article highlights the significant stock performance of Aorede, which saw a 6.32% increase, reaching a price of 4.04 yuan per share with a trading volume of 6.65 billion yuan and a turnover rate of 7.12%, resulting in a total market capitalization of 111.65 billion yuan [1] - Aorede Optoelectronics Co., Ltd. is located in Harbin and primarily engages in the production and sales of sapphire materials and computing power leasing, aiming to become a globally competitive sapphire supplier and a leading domestic computing service provider [1] - As of March 31, Aorede had 95,500 shareholders with an average of 25,300 circulating shares per person [1] Group 2 - For the first quarter of 2025, Aorede reported operating revenue of 98.38 million yuan, reflecting a year-on-year growth of 12.74%, while the net profit attributable to shareholders was -8.33 million yuan, showing a year-on-year increase of 48.10% [1]

Core Viewpoint - New Oriental Materials Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, particularly focusing on its newly launched computing power business and related financial disclosures [1][2]. Group 1: Computing Power Business - The company reported a revenue of 27.32 million yuan from its computing power business with a gross margin of 30.98% [1]. - The top five suppliers have changed significantly, with new suppliers accounting for 22% of total annual purchases [1]. - Fixed assets increased by 131% year-on-year to 256 million yuan, primarily due to the completion of construction projects and the purchase of computing power-related equipment [1]. Group 2: Revenue Recognition and Business Model - The computing power business operates on a leasing model, where the company builds and leases computing centers to clients, charging service fees based on contracts [2][4]. - Revenue recognition aligns with the service confirmation documents, confirming income monthly during the service period [6][9]. - The company ensures compliance with accounting standards, confirming that revenue recognition does not substitute gross for net accounting [6][11]. Group 3: Supplier and Customer Relationships - The company has only two clients for its computing power business, with detailed disclosures on supplier and customer relationships required by the inquiry [7][8]. - The gross margin of the computing power business is influenced by the cost structure, with the company comparing its margins to those of similar companies [8][9]. Group 4: Accounts Receivable - The company reported accounts receivable of 163 million yuan, a 21% increase year-on-year, representing 37% of total revenue [11][12]. - The inquiry raised concerns about potential related party transactions involving accounts receivable from certain companies [11][12]. Group 5: Trust Financial Products - The company has invested 50 million yuan in a trust financial product that has been overdue since 2022, with no impairment recognized [19][20]. - The trust plan's management and investment decision-making processes were outlined, indicating that the company does not control the investment decisions [22][24]. - The underlying assets of the trust plan are confirmed to be in line with the initial investment scope, with no evidence of fund occupation by related parties [25][28]. Group 6: Sales Expenses - Sales expenses increased by 24% to 31.58 million yuan, primarily due to higher labor and business entertainment costs [31][32]. - The company provided detailed disclosures on major sales expenses, including business entertainment and repair costs, confirming that most payments were made to non-related parties [32][34]. - The company’s internal control processes for large expenditures were confirmed to be effectively executed [39][41].

Core Viewpoint - The company has initiated a new computing power business, generating revenue of 27.32 million yuan with a gross profit margin of 30.98% during the reporting period. Significant changes in the top five suppliers were noted, with new suppliers contributing to 22% of total procurement. The company’s fixed assets increased by 131% year-on-year, primarily due to the completion of construction projects and the purchase of computing power-related equipment [1][2][3]. Group 1: Computing Power Business Overview - The computing power business operates on a rental service model, with revenue recognition based on service confirmation documents. The company has two main projects: one with China Mobile and another with SenseTime, with revenue recognition policies aligned with industry standards [1][2]. - The company’s computing power business generated a total revenue of 27.30 million yuan, with a gross profit margin of 30.93% for the China Mobile project and 30.93% for the SenseTime project [5][6]. Group 2: Supplier and Customer Relationships - The company has two main customers for its computing power business, with significant procurement from two new suppliers: Fujian Haixia Xingyun Information Technology Co., Ltd. and Suzhou Guangyun Zhican Technology Co., Ltd., accounting for 22% of total procurement [1][3]. - The company’s procurement process involves selecting suppliers based on market research and ensuring that procurement prices are at fair market levels. The sales process includes signing rental service contracts and providing maintenance services [2][4]. Group 3: Financial Metrics and Comparisons - The company’s fixed assets reached 256 million yuan, reflecting a 131% increase year-on-year, attributed to the completion of construction projects and the acquisition of computing power equipment [1][2]. - The gross profit margin of the computing power business is 30.93%, which is lower than some comparable companies in the industry, indicating that the business is still in its early stages and may face higher costs initially [5][6].

Core Insights - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report and provided detailed responses on various issues including computing power business, accounts receivable, trust financial management, and sales expenses [1] Computing Power Business - In 2024, the company launched its computing power business, generating revenue of 27.32 million yuan with a gross margin of 30.93%. The business primarily involves computing power leasing services with clients including China Mobile and SenseTime [1] - The revenue recognition policy aligns with industry standards, using the time-based method for income recognition, which is consistent with the accounting principles [1] - The top suppliers for the computing power business include Fujian Haixia Xingyun Information Technology Co., Ltd. and Suzhou Guangyun Zhizhan Technology Co., Ltd., accounting for 22% of total annual procurement [1][2] Accounts Receivable - The company's accounts receivable at the end of the period amounted to 163 million yuan, a year-on-year increase of 21%, representing 37% of the current period's revenue [3] - The accounts receivable from SenseTime was 4.9492 million yuan, fully collected within one year, while the receivable from China Mobile was zero due to a prepayment model [3] - The growth rate of accounts receivable is consistent with the overall revenue growth in the ink business, showing no significant discrepancies compared to comparable companies [3] Trust Financial Management - The company holds trading financial assets valued at 50 million yuan, related to a trust financial product purchased in 2018, which has not been recovered post-maturity in 2022 [4] - The trust plan is managed by Huabao Trust, and the company did not participate in investment decisions, ensuring no conflicts of interest [4] - A valuation test indicated that the trust plan's value exceeds the initial investment cost, confirming no impairment [4] Sales Expenses - Sales expenses for the reporting period reached 31.58 million yuan, reflecting a 24% year-on-year increase primarily due to rising labor costs and business entertainment expenses [5] - The increase in employee compensation is attributed to higher social security and performance bonuses, while the computing power business's sales personnel compensation is slightly lower due to structural optimization [6] - The company maintains effective internal control over operational funding, with expenses requiring approval from the finance department and general manager [6]