Guangdong Qunxing Toys Joint-Stock Co Ltd

Computing power leasing is becoming one of the most crowded tracks in the A-share market. According to data from the China Academy of Information and Communications Technology, the domestic computing power leasing market reached 68 billion yuan in the first quarter of 2026, up about 60 percent year on year, and is expected to exceed 260 billion yuan for the full year. During the same period, domestic AI computing power demand grew 417 percent year on year, while supply grew only 128 percent. According to a Securities Times report in June this year, there are already more than 70 computing power leasing concept stocks, spanning 15 industries, with market capitalizations ranging from 2 billion yuan to 120 billion yuan. A recent investigation by Cailian Press found that among 16 listed companies with computing power contracts exceeding 500 million yuan, 10 had contracts that were terminated after a period of disclosure or had still not begun performance. Among them, Lanyun Technology's 3.707 billion yuan computing power cloud service agreement had still not entered actual performance as of September 8, 2026, while Annil is expected to lose up to 60.4285 million yuan after the termination of its acquisition of a 22 percent stake in Shenzhen Innovation Technology Co., Ltd. Samples of main-business drift are also dense. Qunxing Toys announced the termination of its restructuring, which had lasted nearly eight months, on the evening of October 20. Lianhua Holdings recorded computing power service revenue of 122 million yuan in 2025, accounting for only 3.53 percent of its total operating revenue of 3.452 billion yuan, while the value of computing power leasing contracts terminated early in the same period reached 1.228 billion yuan. On the regulatory front, China Securities Regulatory Commission Chairman Wu Qing made a clear statement at the 2026 Lujiazui Forum, saying that the commission will strictly investigate and punish those who use technology as a pretext to chase hot topics and speculate on concepts. So far this year, the commission has investigated and dealt with seven cases of misleading statements. On July 6, the Shanghai Stock Exchange also upgraded the permission functions of its SSE e-interaction platform, suspending reply permissions for 12 months for companies penalized for hype-chasing.

Qunxing Toys released its 2026 interim report, with net profit attributable to the parent company at negative 48.5934 million yuan, a loss expansion of 31.5317 million yuan compared with the same period last year. The company's total operating revenue was 223 million yuan, and net cash inflow from operating activities was 15.0251 million yuan, down 61.39% year on year. The latest asset-liability ratio was 9.49%, gross margin was 4.67%, ROE was negative 6.08%, and diluted earnings per share was negative 0.08 yuan.

Qunxing Toys has issued a performance forecast, estimating a net loss attributable to shareholders of the listed company of 45 million to 60 million yuan for the first half of 2026, compared with a loss of 17.06 million yuan in the same period last year. Net loss after deducting non-recurring items is projected at 45 million to 62 million yuan, versus a loss of 19.22 million yuan a year earlier. Basic loss per share is expected at 0.07 to 0.10 yuan, compared with a loss of 0.03 yuan in the prior-year period. The company explained that the sharp decline in net profit is mainly due to the smart computing business being affected by factors such as leading enterprises building their own smart computing centers and intensifying industry competition, leading to asset impairment provisions based on the principle of prudence.