Behind Xiexie Data's 60% Revenue Surge in 2025, a Bold 200 Billion Bet Tests Long-Term Operational Capabilities Amid Technology Iteration Funding Pressures

Whale News, March 18 — (Reporter Xu Ganggan) On March 17, the rising star in computing power, Zhaochuang Data (300857.SZ), released its 2025 financial report. The company achieved operating revenue of 12.236 billion yuan, a significant increase of 65.13% compared to the same period last year; net profit attributable to shareholders of the listed company was 1.164 billion yuan, up 68.32% year-over-year. However, behind this impressive annual report, a battle over the future fate of hundreds of billions in computing assets has just begun.

Alongside the 2025 financial report, there was also an announcement of a provision for 167 million yuan in impairment losses. In terms of impact, the impairment accounts for only 1.37% of revenue and about 14.3% of net profit. This means that although the impairment has limited influence on the company’s overall operations, its erosion of current profits cannot be ignored.

Betting on Computing Power, Over 20 Billion Yuan Invested Last Year

Data shows that Zhaochuang Data was founded in 2005 and listed on the Shenzhen Stock Exchange in July 2020. The company focuses on R&D, manufacturing, and sales of consumer electronics such as IoT smart terminals and data storage devices, committed to building a “connected ecosystem” as its core strategy, creating a global industrial system integrating “computing infrastructure + cloud services + smart terminals.” In 2013, the company entered the IoT terminal device field, and in 2021, expanded into cloud services.

2025 is considered a critical year for Zhaochuang Data’s strategic transformation, as the company launched large-scale investments in computing infrastructure. According to Shanxi Securities research reports, since 2025, Zhaochuang Data has issued five asset purchase announcements, with a total planned procurement amount of 12.35 billion yuan. Including a 9 billion yuan procurement plan announced in December, the total server procurement disclosed this year has exceeded 21.2 billion yuan.

This massive, forward-looking investment aligned with the trend has also driven Zhaochuang Data’s stock price upward in the secondary market. Starting from about 100 yuan at the beginning of 2025, the stock hit a record high of 273.22 yuan in intraday trading in February 2026, with a cumulative increase of over 160%. During this period, holdings by private equity funds, QFII, and prominent retail investors (natural person major shareholders) also increased significantly.

According to the performance report, the company’s profit distribution and capital reserve transfer plan for 2025 is: a cash dividend of 3.4 yuan per 10 shares (tax included), and a 4-for-10 share bonus issue funded by capital reserves.

Public data shows that from 2020 to 2024, Zhaochuang Data’s revenue grew from 2.249 billion yuan to 7.41 billion yuan, and net profit attributable to the parent increased from 100 million yuan to 692 million yuan, with CAGR of 34.73% and 62.54%, respectively, achieving rapid growth in both revenue and profit.

Impressive Financials Cannot Mask Underlying Pressures

The massive 21.2 billion yuan investment has left a deep mark on the balance sheet. The audit report from Huaxing Certified Public Accountants for 2025 shows that by the end of 2025, the book value of fixed assets and construction in progress totaled 12.63 billion yuan, accounting for 53.07% of total assets. The audit firm listed “fixed assets and construction in progress” as one of the three key audit matters, citing “significant amount and substantial impact on financial statements.”

Public data indicates that Zhaochuang Data’s asset-liability ratio continued to rise in 2025: 75.94% at the end of the first half, reaching 78.33% at the end of the third quarter.

Beyond financial risks, the rapid iteration of computing technology in the “arms race” of the market also poses a major concern. While the audit report did not directly mention technological iteration risks, its focus on fixed assets as a key audit matter reflects concern over the significant amount involved in this account.

At the just-concluded 2026 GTC conference, Nvidia showcased a series of new products, including the Vera Rubin architecture and Groq 3 LPU. The Rubin platform reportedly offers several times the inference efficiency of previous generations, sparking market worries about potential pressure on existing computing asset leasing prices.

However, according to an earlier interview with Zhaochuang Data’s chairman, Kangming Geng, the company’s computing power service network is deployed nationwide, including in northern, southern, and central regions. Most large-scale cooperation agreements are long-term contracts of five years, ensuring stable partnerships. He also stated, “Long-term contracts are designed to cover the depreciation period of servers, and considering the residual value at the end of the server’s depreciation, actual profitability could be even better.”

Regarding depreciation policies for fixed assets, Zhaochuang Data’s approach is within industry norms. According to the disclosed accounting policies, the depreciation period for machinery and equipment is 5-10 years, with a residual value rate of 5-10%. Analysts note that this range provides some flexibility for accounting adjustments.

In the race of technology and capital, whether Zhaochuang Data’s heavy asset transformation path can continue to generate expected returns depends on the quality of long-term customer commitments, the robustness of its capital chain, and its asset management capabilities to respond to technological iteration. The evolution of these factors will determine whether this hundred-billion-yuan investment in computing power can deliver sustained high returns for the company.