[Hunter Research - Comparative Research on Chinese and Foreign Computing Power Stocks]

(For details, see Knowledge Planet) Two overseas companies ($CRWV / $NBIS ) sell cloud services. They purchase GPUs or long-term rent data centers with their own funds, combining GPU + data center +
network + software stack into a cloud platform, selling computing power to AI giants and model companies on a usage basis or long-term contracts. The six domestic companies are highly differentiated, falling into four categories: 1️⃣ Hardware equipment layer (Inspur Information, Sugon, Unisplendour): They sell complete server machines, essentially manufacturing. Inspur focuses purely on scale and volume, with a server gross margin of only 4.52%; Sugon relies on high-end computing + liquid cooling + shareholding in Haiguang, achieving a gross margin of 30.58%, representing two completely different hardware businesses; Unisplendour (H3C) is a network equipment leader (enterprise network switches rank first in China at 38.2%, Ethernet switches second at 31.1%), leveraging the synergy of "computing power × connectivity", but the increasing proportion of AI servers drags the comprehensive gross margin down to 16.51%, and direct sales only 7.37%. 2️⃣ IDC infrastructure layer (Runze Technology): Sells cabinets + power + hosting, essentially "commercial real estate in the computing power era", heavy asset, long cycle, revitalized through REITs. 3️⃣ Computing power leasing layer (Leton Electronics, Xiechuang Data): Sells GPU computing time (direct/sublease), similar to "computing power middlemen", with the logic of "long-term order locking + front-loaded depreciation". 4️⃣ Edge/security layer (Wangsu Technology): Sells edge nodes + CDN + security, asset-light, transitioning from CDN to "edge AI inference + security". ⭐️ Differences between domestic and foreign markets are also reflected in: 1️⃣ Supplier binding methods: Both rely on NVIDIA, but overseas Neocloud is actively bound by NVIDIA through equity investment (NVIDIA holds approximately 11.5% equity in $CRWV ), while domestic computing power leasing/storage chains are constrained by U.S. BIS export controls; 2️⃣ Capital structure: Overseas relies on huge
debt + NVIDIA/hedge fund equity, while domestically relies on bank loans + REITs + private placements.