Annil 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.

Annil has released its 2026 interim report. Total operating revenue was 280 million yuan, and net profit attributable to the parent company was a loss of 4.09 million yuan. Net cash flow from operating activities was a negative 17.31 million yuan, down 995.26 percent from the same period last year. The company's latest asset-liability ratio was 32.23 percent, and gross margin was 63.20 percent, down 0.36 percentage points from a year earlier. Return on equity was negative 0.68 percent, and diluted earnings per share was negative 0.02 yuan. The number of shareholders was 14,300, and the top ten shareholders held 40.34 percent of total share capital.