Xiechuang Data's RMB21.2 Billion Computing Power Investment: Analysis of Capital Pressure and Resolution Paths

Based on search-acquired materials and API data, the following is a systematic analysis of the capital pressure and resolution solutions for Xiechuang Data’s RMB21.2 billion server procurement:

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In 2025, Xiechuang Data (300857.SZ) announced server procurement plans in five tranches, with a cumulative maximum amount of

, for the construction of high-end GPU computing power server clusters and improvement of the global computing power network [1][2][3].

Procurement Tranche	Time	Maximum Amount
First Tranche	March 2025	No more than RMB3 billion
Second Tranche	May 2025	No more than RMB4 billion
Third Tranche	August 2025	No more than RMB1.2 billion
Fourth Tranche	October 2025	No more than RMB4 billion
Fifth Tranche	December 2025	No more than RMB9 billion

As of September 30, 2025, Xiechuang Data’s total assets were RMB18.194 billion, and

[3].

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Financial Indicator	Amount	Remarks
Monetary Funds in the First Three Quarters of 2025	RMB1.455 billion	Insufficient to cover the RMB21.2 billion procurement [1]
Net Assets as of the End of 2024	RMB3.213 billion	Total Assets: RMB7.305 billion [3]
Cash and Cash Equivalents as of the End of 2024	RMB1.324 billion	Far smaller than the investment scale [3]

Liability Indicator	Value	YoY Change
Asset-Liability Ratio	78.33%	Sharply increased from 55.66% at the end of 2024 [1][3]
Interest-Bearing Liabilities	Approximately RMB10.9 billion	Surged 570% YoY [1]
Interest Expense	RMB196 million	Increased 454% YoY [1]
Short-Term Debt (as of the end of August)	RMB6.312 billion	-
Long-Term Debt (as of the end of August)	RMB6.532 billion	Increased by RMB5.6 billion from the beginning of the year [3]

• Net Operating Cash Flow Turns Negative
  : -RMB1.374 billion (first three quarters of 2025) [1]
• Reason
  : Increased inventory preparation + longer payment collection cycle from downstream customers than payment cycle to upstream suppliers
• Surge in Capital Expenditure
  : Cash paid for purchase and construction of fixed assets etc. reached RMB8.162 billion, nearly 16 times the same period in 2024 [3]

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Facing a huge funding gap, Xiechuang Data has adopted a

:

In 2025, Xiechuang Data and its subsidiaries applied for a total credit line of

from banks and other institutions by mortgaging fixed assets such as production equipment and accounts receivable, covering multiple financial instruments such as loans, financial leasing, and letters of credit [1].

Xiechuang Wisdom (controlling shareholder) provides a cumulative maximum loan amount of

[1].

In October 2025, the company submitted an application for listing in Hong Kong, with the planned raised funds to be used for:

• AI computing power infrastructure construction
• Enhancement of R&D capabilities
• Industrial chain integration and acquisitions [1][3]

Signed a “Financing Leaseback Contract” with Haitong HX International Leasing Co., Ltd., reducing capital pressure through

[3].

Financing Method	Scale/Quota	Main Purpose
Bank Credit Lines	RMB40.5 billion	Equipment procurement, operating capital
Controlling Shareholder Loan	RMB2 billion	Liquidity support
Hong Kong IPO	To be determined	Long-term development funds
Sale-Leaseback	Revitalize existing assets	Supplement working capital

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Xiechuang Data adopts the

model, configuring customized computing power clusters based on long-term customer demand [1]:

• Order Type
  : Mainly long-term closed contracts (lock in rental prices, market fluctuations have little impact on earnings)
• Revenue Recognition
  : Main revenue has been recognized sequentially since the third quarter of 2025 [1]
• Business Progress
  : In the first half of 2025, revenue from intelligent computing power products and services reached RMB1.221 billion, a YoY increase of 100%, with a gross profit margin of 20.60% [3]

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Indicator	Performance
Stock Price Performance	In 2025, the stock price rose from RMB85.5 to RMB168.68, an increase of 97.29%; as of January 7, 2026, it reached a high of RMB200.71 [2]
Performance Growth	From 2020 to 2024, revenue CAGR was 34.73%, and net profit attributable to parent company CAGR was 62.54% [2]
ROE Improvement	Increased from 9.63% in 2022 to 24.54% in 2024; net profit margin increased from 4.16% to 9.27% [1]
Business Synergy	Storage device business is bound to key customer Lenovo, ranking second in national market share [1]

1. Excessive Financial Leverage
   : Asset-liability ratio of 78.33%, heavy debt burden
2. Uncertainty in Computing Power Demand
   : Market expectations for computing power demand are divided (Ren Zhengfei believes that computing power surplus is an inevitable trend; Joseph Tsai warns that data center construction may form a bubble) [3]
3. Industry Competition Pressure
   : Compared with giants such as China Mobile, China Telecom and Foxconn, Xiechuang Data has disadvantages in resources and capital [3]
4. Capital Chain Risk
   : If financing channels are blocked or revenue recognition falls short of expectations, the company may face a liquidity crisis

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Xiechuang Data attempts to resolve the capital pressure brought by the RMB21.2 billion procurement through a three-in-one financing system of

. Currently, the company’s financial leverage is already at a high level. Whether it can balance financial health and scale expansion [1][2][3].

From the performance of the secondary market, investors have given a high valuation premium to the company’s

narrative. However, as the input-output ratio is gradually verified, the risk of stock price fluctuations deserves attention.

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[1] NetEase Column - “Xiechuang Data: Betting RMB21 Billion Heavily on AI!” (https://www.163.com/dy/article/KIPB44O90556DX6R.html)

[2] Sohu - “RMB1.455 Billion in Monetary Funds Leverages a RMB21.2 Billion Procurement Order” (https://m.sohu.com/a/976068687_116132)

[3] Sina Finance - “Xiechuang Data Bets RMB21.2 Billion Heavily on Computing Power: Can Geng Kangming Catch the Wind Again?” (https://finance.sina.com.cn/stock/hyyj/2025-12-24/doc-inhcwxmf5849380.shtml)

[0] Jinling API Data