In-Depth Analysis of Xiechuang Data's (300857.SZ) RMB 21.2 Billion AI Computing Power Gamble

Based on the in-depth research above, I now provide you with a comprehensive analysis report on Xiechuang Data’s RMB 21.2 billion server procurement plan:

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Xiechuang Data disclosed server procurement plans in five batches in 2025, with a cumulative maximum amount of

:

Announcement Date	Procurement Amount	Main Purpose
Early March 2025	≤ RMB 3 Billion	High-end GPU computing power server cluster
May 28, 2025	≤ RMB 4 Billion	Computing power infrastructure construction
August 16, 2025	≤ RMB 1.2 Billion	Intelligent computing power center construction
October 22, 2025	≤ RMB 4 Billion	Domestic and international computing power network layout
December 17, 2025	≤ RMB 9 Billion	Improvement of global computing power network

As of September 30, 2025, the company’s total assets were

, and the procurement amount has exceeded the company’s total asset scale [1].

Financial data shows that the company’s asset-liability ratio skyrocketed from

at the end of 2024 to at the end of Q3 2025. Interest-bearing liabilities were approximately , surging year-on-year, and interest expenses reached RMB 196 million, a year-on-year increase of [2].

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In the first half of 2025, intelligent computing power products and services achieved revenue of

, with a year-on-year growth of , accounting for of total revenue, and a gross profit margin of , becoming the company’s second-largest business segment [3].

• The FCloud Intelligent Agent Training and Inference Platform has been launched and is in operation
• The FCloud Omnibot Embodied Intelligent Robot Development Platform was released
• Obtained NVIDIA NCP (NVIDIA Cloud Partner) qualification
• Established distributed computing power networks in Shanghai, Ningbo, Chengdu, Ulanqab, as well as in Southeast Asia and the United States

From the perspective of DuPont Analysis, Xiechuang Data’s ROE increased from

in 2022 to in 2024, driven mainly by:

Indicator	2022	2024	Change
Net Profit Margin	4.16%	9.27%	+5.11pct
Equity Multiplier	1.96	2.26	+0.30
Total Asset Turnover	Remained basically flat	Remained basically flat	—

The gross profit margin increased from

in 2022 to in 2024, mainly benefiting from the decline in storage chip prices (52% drop for 2TB chips) and upstream supply chain integration [1].

Current Valuation Indicators:

• P/E: 57.08x
  (TTM)
• P/B: 12.10x
• P/S: 6.48x

Compared with the industry average:

• Industry average P/E is about 35x, Xiechuang Data has a
  63% premium
• Industry average P/B is about 3.5x, Xiechuang Data has a
  246% premium

From a technical perspective, the KDJ indicator has a K value of 80.3 and D value of 79.6, RSI is in the overbought zone, and the stock price fluctuates in the range of

[0].

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Risk Indicator	Value	Risk Assessment
Asset-Liability Ratio	78.33%	High Leverage
Operating Cash Flow	-RMB 1.374 Billion	Net Outflow
Monetary Funds	RMB 1.455 Billion	Relatively Limited
Interest-Bearing Liabilities	RMB 10.9 Billion	Debt Repayment Pressure

The company is alleviating capital pressure through the following methods:

1. Bank Credit
   : Applied for a credit line of
   RMB 20.5 Billion
   in 2025
2. Hong Kong Stock IPO
   : Plans to raise funds for AI computing power infrastructure construction
3. Shareholder Loan
   : Upper limit of
   RMB 2 Billion
   for borrowing from controlling shareholder Xiechuang Wisdom

• Upstream: Changes in NVIDIA GPU supply pattern (recent concerns about market share)
• Midstream: Inspur Information, NingChang, and H3C occupy over 50% of the domestic AI server market
• Downstream: Large cloud service providers show a clear trend of building their own computing power centers

• Ren Zhengfei: Computing power surplus is an inevitable trend
• Joseph Tsai: Need to be vigilant against the risk of data center construction bubbles
• Geng Kangming: The next three years are a good time to enter the computing power sector [2]

1. NVIDIA NCP Qualification
   : Subsidiary Aojia Software obtained it in October 2024, ensuring computing power supply
2. “Storage-Computing-Optical” Collaborative Strategy
   : Self-developed storage chips + layout of optical chips/optical modules
3. Customer Resources
   : Bound with key customers such as Lenovo, the top customer accounts for
   39.44%
   of sales
4. First-Mover Advantage
   : One of the listed companies in China that early laid out computing power leasing

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Scenario	Key Assumptions	Impact on Valuation
Optimistic	Sustained strong demand for computing power, full orders, capacity utilization >80%	Current valuation is reasonable or undervalued
Neutral	Steady growth in computing power demand, capacity utilization 60-70%	Valuation is overstated, risk of correction
Pessimistic	Computing power surplus leads to price wars, capacity utilization <50%	Valuation is significantly overstated

1. Revenue Growth Verification
   : In the first three quarters of 2025, revenue reached
   RMB 8.331 billion
   , with a year-on-year increase of 54.43%
2. Order Certainty
   : The company stated that it has sufficient orders on hand, mainly long-term fixed-price contracts
3. Business Transformation Effect
   : The gross profit margin of the intelligent computing power business is 20.6%, higher than that of the traditional storage business
4. Policy Support
   : AI computing power is a national strategic emerging industry

⚠️

: Significantly higher than the industry average, financial leverage is approaching the limit
⚠️ : -RMB 1.374 billion, doubt about self-funding ability
⚠️ : P/E ratio of 57x far exceeds the industry average, expectations are already relatively fully priced in
⚠️ : Both KDJ and RSI indicate short-term correction pressure

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1. Supporting Factors
   :

• The gross profit margin of the computing power business is 20.6%, higher than that of traditional businesses
• 100% revenue growth rate, in a rapid growth stage
• Bound with NVIDIA resources, with first-mover advantage

2. Risk Factors
   :

• The asset-liability ratio of 78.33% is at an extremely high level
• The RMB 21.2 billion procurement amount far exceeds the company’s total assets
• P/E ratio of 57x with a significant premium, requiring strong growth support
• Risks of intensified industry competition and computing power surplus

• Short-term
  : Technical indicators show overbought status, it is recommended to wait and see or reduce positions moderately
• Mid-term
  : Need to pay attention to order delivery and capacity utilization of the computing power business
• Long-term
  : If it can successfully transform into a “storage + computing power” dual-driven model, the valuation will have support; but need to be vigilant against capital chain risks

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[1] NetEase Finance - “Xiechuang Data Bets RMB 21 Billion on AI!” (2026-01-08)
[2] Sina Finance - “Xiechuang Data’s RMB 21.2 Billion Gamble on Computing Power: Can Geng Kangming Catch the Wind Again?” (2025-12-24)
[3] 21st Century Business Herald - “Xiechuang Invests Another RMB 4 Billion in Servers; Computing Power Leasing May Enter a High Prosperity Period” (2025-10-22)
[4] Sohu Finance - “RMB 1.455 Billion in Monetary Funds Leverages RMB 21.2 Billion Procurement Order” (2025-12-17)
[0] Jinling AI Financial Database (Real-time Market and Technical Analysis Data)

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: The chart above shows Xiechuang Data’s revenue and net profit trends from 2020 to 2025, changes in asset-liability ratio, business structure in H1 2025, and comparison of valuation indicators with the industry average. The data shows that the company is in a period of rapid expansion, but the debt ratio has risen significantly, and the valuation is higher than the industry average.