Core Viewpoint - The article discusses the recent changes in shareholder structure of Chaoju Fusion, a leading provider of computing infrastructure and services, highlighting new investments and strategic partnerships aimed at enhancing its market position and preparing for an eventual public listing [2][4]. Shareholder Changes - On November 7, 2025, Chaoju Fusion completed a new round of shareholder changes, with several new investors including various advanced computing investment funds from Zhengzhou Airport and other institutions [2][4]. - The new shareholders include Zhengzhou Airport Advanced Computing Phase I, II, and III Investment Funds, among others, with several existing shareholders also increasing their investments [2][3]. Financial Performance - Chaoju Fusion is projected to achieve a revenue of 43.5 billion CNY in 2024, ranking second in the Chinese server market and sixth globally [5]. - The company has successfully integrated core assets and R&D teams from Huawei's server division, maintaining a strong product lineup that includes general servers, AI servers, and critical business servers [5]. Strategic Investments - The company has attracted multiple rounds of strategic investments from state-owned enterprises and funds, including China Mobile and China Telecom, which have significantly bolstered its financial backing [6][8]. - The strategic investment from the National Adjustment Fund, managed by China Chengtong Holdings Group, is aimed at enhancing Chaoju Fusion's capabilities in the semiconductor sector [4]. Market Position and Future Plans - Chaoju Fusion is focusing on developing a dual-ecosystem approach compatible with both Eastern and Western computing paradigms, aiming to provide comprehensive computing solutions [5]. - The company is positioned as a key player in the "East Data West Calculation" initiative, contributing to the establishment of a complete industrial chain in advanced computing and integrated circuits in Zhengzhou [8].

Core Insights - Chaojuvian Digital Technology Co., Ltd. is preparing for an IPO, indicated by recent job postings for financial experts in IPO operations [1] - The company has initiated a large-scale stock allocation for core employees, likely to stabilize talent post-IPO [1] - Founded in 2021, Chaojuvian was spun off from Huawei's X86 server business due to U.S. sanctions and is now state-owned [1] Company Overview - Chaojuvian focuses on computing infrastructure and services, offering products such as servers, operating systems, large model acceleration engines, hyper-converged solutions, and high-performance computing solutions [1] - The company has established 10 R&D centers, 6 supply centers, and 6 global technical service centers, serving over 10,000 clients in more than 100 countries [1] Financial Performance - Chaojuvian aims to achieve sales revenue exceeding 30 billion in 2024, targeting 40 billion [2] - The company holds the second position in the Chinese server market and leads the AI server market [2] - The overseas market has seen a compound annual growth rate of over 50% over the past three years, with internet revenue increasing tenfold and operator revenue tripling [2]

Core Insights - The Chinese hyper-converged market reached a size of 2.33 billion RMB in Q1 2025, with domestic manufacturers increasing their market share to 69.1% among the top five vendors [1] - Qingyun Yunjijie stands out as a leader in the hyper-converged field, holding a market share of 10.2%, showcasing its technological advancements and market influence [1][4] Market Trends - The competition in the hyper-converged market has shifted from technical specifications to the ability to address core industry pain points, with scenario-based capabilities becoming a key differentiator [1][4] - In the manufacturing sector, a vendor's edge computing solution has achieved 100% data retention during network disruptions, improving IT utilization to 85% and reducing annual operational costs by 40% [1][2] - In healthcare, a vendor optimized distributed storage protocols to reduce image retrieval delays to ≤90 microseconds, significantly enhancing diagnostic efficiency [2] - In the energy sector, a vendor's security architecture helped a national energy group meet compliance requirements while reducing operational costs by 40% [3] Competitive Advantages - Four core technological barriers have been identified as differentiators in the industry, with scenario-based capabilities being crucial for competition [4] - Qingyun Yunjijie is recognized as a benchmark for scenario-based capabilities, achieving significant technological breakthroughs across various sectors [4][6] Industry Applications - Qingyun Yunjijie has successfully addressed challenges in various industries, including manufacturing, healthcare, and energy, by providing targeted solutions that enhance business efficiency and reduce operational costs [5][6] - The company supports digital transformation by fully adapting to domestic chips, operating systems, and databases, ensuring technological autonomy and compliance with national standards [6]