Multiple computing-power supply chain companies expect an increased first-half performance

◎Reporter Chen Mengna

In recent times, multiple A-share listed companies along the compute power industry chain have released profit forecasts for the first half of 2026. Their performance has been impressive. According to an incomplete tally by a reporter from Shanghai Securities News, as of July 8, more than 20 listed companies in the compute power industry chain have increased profits in the first half. The reporter’s review found that the commercialization and rollout of AI large models have continued to release demand for compute power procurement and leasing, thereby driving a simultaneous improvement in profitability across the hardware, storage, and compute services segments.

Ding Shaojiang, Chief Analyst at GKURC Industry Research Institute’s industry and market think tank, told the reporter that the major earnings surge among listed companies in the compute power industry chain is mainly because the benefits from large-scale capital expenditures in the earlier period are gradually being realized, and because orders related to domestic substitution are concentrated and delivered, releasing earnings elasticity.

Tianfeng Securities believes that compute power, as a core foundational resource for the AI industry, and the supporting compute power leasing industry have become a key track for supporting the steady development of the AI sector. It is optimistic about the continuation of high momentum in domestic AI infrastructure demand in 2026, as well as investment opportunities in core targets along the compute power industry chain.

Compute power industry chain companies issue “profit expected” signals

Profit forecasts for the first half disclosed by compute power industry chain companies show that many firms have seen profit multiply, which serves as the most direct evidence of the industry’s strong momentum.

Inspur Information, an IT infrastructure product, solution, and service provider, is expected to achieve attributable net profit of RMB 2.6 billion to RMB 3.1 billion in the first half of the year, up 226% to 288% year on year. The company said it has been continuously improving its product-line layout, striving to enhance product added value, strengthen supply assurance capabilities, and thereby leading to a significant jump in performance.

Compute power business is becoming a new growth driver for earnings. In a July 8 evening announcement, Shengshi Technology said it expects attributable net profit to shareholders of listed companies of RMB 105 million to RMB 135 million in the first half of the year, up 336.02% to 460.59% year on year. During the reporting period, the company vigorously advanced the development of compute power-related businesses and began recognizing revenue; compute power-related businesses contributed significantly to profit growth during the reporting period.

On the evening of July 8, Yachuang Electronics announced that it expects attributable net profit to shareholders of listed companies of RMB 220 million to RMB 270 million in the first half of the year, up 439% to 561% year on year. Driven by the dual forces of the AI compute power demand explosion across the global semiconductor industry and the super cycle in storage, the company has continued to deepen strategic cooperation with upstream storage and passive component manufacturers, while advancing cooperation opportunities with downstream customers in parallel.

The rapid expansion of compute power business has become the core support for Xingyun Technology’s profit explosion. Since the beginning of this year, Xingyun Technology has been continuously securing large orders. Since June, Xingyun Technology has collectively received more than RMB 6.5 billion in compute power service orders. Xingyun Technology expects attributable net profit of RMB 10 million to RMB 15 million in the first half of the year, up 432.77% to 699.15% year on year. The company’s operating revenue increased significantly, mainly because the year-on-year growth rate of revenue from its e-commerce business was larger. At the same time, its newly launched storage and compute power businesses began recognizing revenue.

In addition to Xingyun Technology, since June, multiple companies including Dongyangguang and Shenhao Technology have also successively disclosed compute power cooperation agreements, with contract amounts ranging from tens of billions to hundreds of billions.

Moreover, many companies have chosen to use funds raised via non-public share issuance to invest in compute power-related projects, further adding to their business layout. On the evening of June 26, Chuangxie Data disclosed that it plans to raise total funds not exceeding RMB 8 billion to fully add to the two major tracks of AI compute power and high-end storage. On the evening of July 6, Defu Technology planned to raise no more than RMB 2.8 billion, investing in projects including a 50,000-ton AI high-end electronic circuit copper foil project, among others.

Ding Shaojiang believes that AI compute power has extremely strong long-term certainty. Inference demand is taking over from training demand and is becoming the industry’s new growth pole. Over the next 2 to 3 years, the industry will maintain high levels of momentum. Focus can be placed on core segments that can reduce costs and improve efficiency, such as advanced packaging with technical barriers, HBM, and liquid cooling.

Cross-industry acquisitions are appearing frequently

As the compute power sector continues to surge, it has attracted many traditional listed companies facing pressure on their main businesses to enter related tracks through acquisitions. Since June, cross-industry acquisitions involving the compute power industry chain have gradually increased, and most involve upstream industries such as semiconductors.

Recently, Hengshang Energy Conservation’s stock price hit seven straight daily limit-up moves in connection with a proposed cross-industry acquisition of a memory company. On the evening of June 30, Hengshang Energy Conservation announced that it plans to purchase 100% of the equity of Shenzhen Jinsheng Electronic Technology Co., Ltd. (hereinafter “Jinsheng Electronic”) through issuing shares and paying cash, and to raise supporting funds alongside the deal. The transaction price is expected not to exceed RMB 600 million.

On the evening of July 8, Hengshang Energy Conservation again issued a risk-warning announcement, stating that Jinsheng Electronic mainly engages in R&D design, production and manufacturing, and sales of memory devices such as memory modules and solid-state drives. This is different from the company’s main business, and before this transaction the company had no experience in the memory industry. After the transaction is completed, the target company will be included in the company’s management and consolidation scope, and the company faces certain acquisition and integration risks.

Haichuan Intelligent, a traditional manufacturer of automatic weighing equipment, plans to acquire 15.3% of the equity of Nanjing Jiyu Semiconductor Technology Co., Ltd. (hereinafter “Nanjing Jiyu”), a loss-making semiconductor company, for RMB 130 million. The cross-industry bet on the gallium arsenide wafer segment is aimed at seeking a second growth curve.

Haichuan Intelligent said recently that Nanjing Jiyu is a prudent choice for the company’s strategic investment. The company’s actual controlling person has experience in the semiconductor industry and market resources. Nanjing Jiyu has a relatively solid foundation in gallium arsenide business, and its own hardware base, independent process technology, and other factors have formed certain cost and yield advantages.

Leather-related company Xingye Technology announced that it plans to use RMB 55 million in cash to acquire Qingdao Lian’ang Jingdian Semiconductor Technology Co., Ltd.’s businesses including indium phosphide substrates and semiconductor electronic materials, thereby entering the optical communications and optical modules sectors in a cross-industry way. Xingye Technology once saw multiple consecutive limit-up moves. However, in a stock price abnormal fluctuation announcement, Xingye Technology warned that the indium phosphide assets it plans to acquire have not been profitable for the past 3 years, and after completion of this acquisition, there may be a risk that this business cannot achieve profitability in the short term.

Ding Shaojiang believes that the trend of traditional manufacturing enterprises making cross-industry acquisitions of targets related to the compute power industry chain will gradually cool down, and differentiation within the industry will further intensify. The driving factors will also shift from “concept hype” to “supply chain security and coordinated efforts to supplement the chain.”

“As regulators continue to guide companies to focus on their main businesses, once market valuations return to rational levels, the industry’s differentiation characteristics will become even clearer. Leading companies tend to acquire mature profit-generating assets. Affected by goodwill-related risks and the difficulty of integration, cross-industry acquisitions of late-stage companies will become more cautious, or they will focus on specific sub-sectors,” Ding Shaojiang said.