Yuntian Lifei Responds to SSE Inquiry: Long-Term Computing Power Contract Drives Doubling of Enterprise Revenue, Qiancheng Module Gross Margin on Par with Peers

EarningsRegulation
โดย 南方财经网·Read original
Summary · why it matters

Yuntian Lifei has replied to the Shanghai Stock Exchange's inquiry letter regarding its 2025 annual report, addressing key issues such as the sharp increase in enterprise revenue and the structure of its consumer business. The company's enterprise scenario revenue reached 536 million yuan in 2025, surging 115.64 percent year-on-year, with a gross margin of 47.96 percent, up 7.77 percentage points. The core incremental contribution came from a 36-month heterogeneous computing power long-term contract signed with Beijing Deyuan Fanghui, featuring a monthly service fee of 43.8271 million yuan including tax, which generated 495 million yuan in recognized revenue for the year, with GPU utilization reaching 99.84 percent. Total consumer business revenue was 624 million yuan, of which AI-native product revenue amounted to 45.8687 million yuan, achieving a gross margin of 48.7 percent and explosive growth through online channels. Qiancheng Technology's chip module business recorded revenue of 578 million yuan, but as an upstream foundry operation with high raw material costs and intense competition, its gross margin was only 10.94 percent, similar to peers such as Longcheer Technology and Huaqin Technology. The inquiry also covered matters including the decline in industry-level revenue and relatively low gross margins.

Impact on stocks 3

Others▼ · 3 stocks
HUAQIN TECHNOLOGY LTD A
603296
▼ NegativeCompetitionrelevance

Qiancheng Technology's chip module gross margin of 10.94% is similar to Huaqin Technology, indicating intense competition and low margins.

Off-coverage companies 2

北京德元方惠科技开发有限责任公司Private▲ Positive
Demandrelevance

Signed a 36-month heterogeneous computing power long-term contract with Yuntian Lifei, generating 495 million yuan in recognized revenue.

岍丞技术Private▼ Negative
Competitionrelevance

Qiancheng Technology's chip module business has gross margin of only 10.94%, similar to peers, indicating intense competition and low margins.

© 2026 MarketDXNews