"New Power of Computing" Parallel Technology Faces Profitability Dilemma Amid Revenue Surge

What hidden financial risks lie behind AI · Parallel Technology’s performance revision?

Reporter Lei Chen from 21st Century Business Herald

On March 31, “New Power in Computing” Parallel Technology (920493.BJ) released a performance correction announcement. Looking at the core financial data before and after the revision, this data “face change” is truly disruptive.

It is worth noting that the company’s revenue for 2025 remains unchanged at 1.11 billion yuan, a 69.56% increase from 655 million yuan in the same period last year.

Several profit indicators of the company were significantly revised downward. Before correction, the company’s net profit attributable to shareholders was 21.81 million yuan; after correction, it was directly adjusted to 12.22 million yuan, a decrease of -43.98%. Compared to 12.05 million yuan in the same period last year, it only increased slightly by 1.34%, nearly stagnant; the non-recurring net profit, originally 9.52 million yuan, was revised to -746,000 yuan, a change of -100.78%, turning from profit to loss.

The only profit metric that showed a positive adjustment was total profit, which increased from 8.86 million yuan to 14.27 million yuan, a 61.02% increase, but still down 11.53% year-on-year.

This announcement has pulled Parallel Technology back into the spotlight. At a time when the company’s revenue first surpassed 1 billion yuan, why are profits still “stagnant”?

The reporter noticed that this performance “face change” was not due to sudden business changes but was caused by the correction of two accounting treatment errors.

The most significant impact came from the misstatement of income tax expenses related to equity incentives, which directly reduced net profit by about 14 million yuan.

Specifically, the company’s second phase of the 2022 equity incentive plan and the first phase of the 2024 equity incentive plan, which vested in 2025, had discrepancies between the stock price at exercise and the stock payment costs recognized during the waiting period. Due to a misunderstanding of relevant regulatory rules, the finance staff included this excess amount in current income tax expenses, thereby reducing net profit.

According to the Securities Regulatory Commission’s “Guidelines for Regulatory Rules — Accounting No. 1” (1-14, related to deferred income tax for equity incentive plans), for deductible temporary differences related to equity incentives, deferred income tax assets should be recognized and included in capital reserves, not in current profit and loss.

Another adjustment had a positive effect on net profit, increasing it by about 4.9 million yuan. As a company adopting a “self + external + co-built” hybrid computing power model, Parallel Technology needs to purchase large amounts of computing power from third-party supercomputing centers and cloud providers to meet surging market orders. However, finance staff misunderstood some long-term external procurement contracts, failing to allocate costs monthly according to the accrual basis and actual usage, instead recording the full contract amount as a one-time expense, leading to inflated costs and underestimated profits. After this correction, the company allocated costs based on actual usage, reducing current costs accordingly.

The two adjustments—one decrease and one increase—totaled a reduction of about 9.1 million yuan in net profit.

Looking at the timeline, the main feature in recent years has been increasing revenue without increasing profit.

In terms of revenue scale, the company is in a rapid expansion phase. In 2021, revenue was only 220 million yuan; in 2022, it grew to 3.13 billion yuan, a 42.11% increase year-on-year; in 2023, it surpassed 655M yuan, a 58.47% increase; in 2024, it reached 74.6k yuan; and after correction, 2025 revenue is projected at 313M yuan, a 69.56% increase. Over four years, revenue grew from 220 million yuan to about 496M yuan, with a compound annual growth rate close to 50%.

However, profit performance has lagged far behind revenue. In 2022, the company’s net profit attributable to shareholders was a loss of 1.14 billion yuan, an increase in loss of 40.16%; in 2023, the loss narrowed to 800 million yuan, a 29.49% reduction; in 2024, the company achieved its first profit, with net profit of 12.05 million yuan, and non-recurring net profit also turned positive, reaching 4.96 million yuan; by 2025, the revised forecast shows only a slight increase of 1.34% in net profit, with non-recurring net profit falling back into loss.

Along with revenue and profit, the company’s asset scale has also expanded, driven by high leverage expansion and cash flow pressure.

At the end of 2022, total assets were only 746 million yuan; by the end of 2023, they increased to 114M yuan, a 52.14% rise; at the end of 2024, total assets reached 80M yuan; and after correction, by the end of 2025, total assets further increased to 1.54B yuan, a 44.58% increase from the beginning of the year.

Owner’s equity attributable to shareholders jumped from 121 million yuan at the end of 2022 to 337 million yuan at the end of 2023, a 176.90% increase, mainly due to funds raised through listing; after correction, this figure reached 446 million yuan at the end of 2025, a 23.57% increase from the start of the year.

Meanwhile, the company’s debt level fluctuated significantly. The asset-liability ratio was as high as 82.95% at the end of 2022, dropped to 69.44% at the end of 2023, but then rose again to 76.53% at the end of 2024, remaining at a high level.

The company is still in the stage of “burning money to expand capacity”: in 2024, cash used for fixed asset purchases reached 610 million yuan, far exceeding the net cash flow from operating activities that year; in the first three quarters of 2025, net investment cash flow was -399 million yuan, also far surpassing the 73.1 million yuan of operating cash flow in the same period.

Parallel Technology’s profitability dilemma is not an isolated case. An industry insider told reporters that the computing power industry itself is capital-intensive. Building a smart computing cluster capable of supporting large model training and meeting enterprise-scale computing needs often requires hundreds of millions or even billions of yuan in investment. Its heavy asset and high-cost nature determine that industry companies need long-term investment to achieve profitability.

In the long run, sustained high demand for computing power still supports the company’s future performance.

Benefiting from explosive demand for computing power, in the first half of 2025, the company’s computing service revenue was about 442 million yuan, accounting for 96.51% of revenue, a significant year-on-year increase of 70.51%. Among them, the intelligent computing cloud business has become the core growth engine, accounting for 57.82% of revenue in the first half of 2025, with a growth rate exceeding 150% year-on-year.

It is reported that Parallel Technology has signed a framework cooperation agreement with Alibaba Cloud, deepening cooperation in areas such as co-building domestic computing power centers and creating a public cloud computing ecosystem. In the general supercomputing field, the company’s market share has exceeded 20%, covering AI, intelligent manufacturing, life sciences, and other fields, becoming a key “seller” in the AI large model wave.

Just a few days before the performance correction announcement, Chairman Chen Jian of Parallel Technology appeared at the Zhongguancun Forum 2026, signaling a new strategic transformation to the outside world.

In an interview, Chen Jian said: “The AI industry has fully entered the inference and service-led stage, and the core of computing power competition is the efficiency of Token factories.” He cited data from the National Bureau of Statistics, pointing out that China’s daily Token calls jumped from 1 trillion at the beginning of 2024 to 140 trillion in March 2026, an increase of over a thousand times in two years. In his view, the industry’s evaluation standards for computing power have undergone a fundamental change: “In the past, we looked at peak performance and chip count; now we look at Token output and service stability per unit input, with Token becoming the core metric for measuring computing power value.” Against this background, Parallel Technology plans to upgrade from a pure computing power provider to an integrated service provider encompassing computing networks, model empowerment, and ecosystem co-building.

Next, how this new power in computing will balance scale expansion and refined operations, and step into a stable profit track, still remains to be seen.