The two overseas companies ($CRWV / $NBIS ) sell cloud services. They purchase their own hardware or long-term lease data centers, packaging GPUs + data centers + networking + software stacks into cloud platforms, selling computing power by usage or long-term contracts to major AI firms and model companies. The six domestic companies are highly differentiated, falling into four categories: 1️⃣ Hardware equipment layer (Inspur Information, Sugon, Unisplendour): Sell complete server machines, essentially manufacturing. Inspur purely scales for volume, with server gross margin of only 4.52%; Sugon relies on high-end computing + liquid cooling + equity stake in Hygon, achieving a gross margin of 30.58%, two completely different hardware businesses. Unisplendour (H3C) is the leader in networking equipment (China's #1 in enterprise network switches at 38.2%, #2 in Ethernet switches at 31.1%), leveraging "computing × connectivity" synergy, but the rising share of AI servers drags the comprehensive gross margin down to 16.51%, with direct sales only at 7.37%. 2️⃣ IDC infrastructure layer (Runsheng Technology): Sell cabinets + power + hosting, essentially "commercial real estate in the computing era," asset-heavy, long-cycle, and revitalized through REITs. 3️⃣ Computing power leasing layer (Lietong Electronics, Xiechuang Data): Sell GPU computing time (direct lease/sublease), similar to "computing power sub-landlords," with the logic of "long-term lock-in + front-loaded depreciation." 4️⃣ Edge/security layer (Wangsu Technology): Sell edge nodes + CDN + security, asset-light, transitioning from CDN to "edge AI inference + security."

⭐️ Differences between domestic and overseas also manifest in: 1️⃣ Supplier binding methods: Both rely on NVIDIA, but overseas Neocloud sees NVIDIA actively taking equity stakes (NVIDIA holds about 11.5% of $CRWV 's equity), while domestic computing power leasing/storage chains are constrained by U.S. BIS export controls; 2️⃣ Capital structure: Overseas relies on massive debt + NVIDIA/hedge fund equity, while domestic relies on bank loans + REITs + private placements.