SiE's AI push turns into a 6.45bn yuan computing contract
6.45bn yuan computing power contract signed SiE signed two computing power service contracts worth 6.45bn yuan, about 311% of its whole 2025 revenue, delivered over 60 months. This is the clearest sign its AI/computing business is winning real paying customers, so it lifts the long-term earnings story.
The single biggest new event of the period and the main reason the stock is moving.
5.08bn yuan server purchase to supply that demand The board approved buying up to 5.08bn yuan of high-performance computing servers for cloud services, funded by own cash and bank credit lines. It shows the company is spending to build the capacity behind the new contracts, though it also adds financing risk if payments slip.
Explains how SiE intends to deliver the computing services it just sold.
Phased AI plan: power first, then industry agents Management said its AI plan is rolling out in stages: build computing power now, then domestic hardware and software, and later train industry-specific models and deploy AI agents for manufacturing. It frames the contracts as part of a deliberate strategy rather than a one-off deal.
Gives the strategic backdrop that makes the contract news more than a single order.
Big spending means real financing risk The server purchase is large next to SiE's size: first-quarter 2026 revenue was 483m yuan and net profit 31.57m yuan, and only about 1.01bn yuan of credit lines is unused. The company itself warns the deal could fail if payments are not made on time, so execution and funding are the counterweight.
The honest counterweight: the growth plan depends on money the company does not yet fully have.