At a time when artificial intelligence is being fully deployed and domestic computing power substitution is accelerating, China Qidian Guofeng Holdings Limited (01280.HK) has broken away from the industry pitfalls of "riding on hype and telling stories." With a dual-wheel strategy driven by algorithms + computing power, the company has completed its critical transformation from a traditional enterprise to an AI computing power service provider through precise asset acquisitions, upstream resource lock-ins, and the execution of large-scale orders. This has paved a high-quality development path that is deliverable, executable, and profitable, securing a unique competitive position in the trillion-yuan computing power market.

Artificial intelligence has become the core engine of the digital economy, and computing power serves as the "infrastructure" for AI development, with market demand experiencing explosive growth. According to statistics from the China Business Industry Research Institute, China's AI server market reached approximately RMB 160.655 billion in 2024 and RMB 250 billion in 2025, and is projected to further grow to RMB 350 billion in 2026. Against the backdrop of rapid industry expansion and accelerated domestic chip substitution, enterprises with supply chain integration, solution delivery, and commercialization capabilities are embracing unprecedented development opportunities. Qidian Guofeng has seized this historic window, entering the core track with a clear strategic layout to achieve leapfrog development.

Acquiring Quality Assets to Build a Commercial Foundation for Algorithms

Qidian Guofeng 's AI transformation is not a blind investment in technology R&D. Instead, it adopts profitability and maturity as its standards, precisely acquiring quality assets with self-sustaining capabilities. In December 2025, the company completed the acquisition of Huiliu (绘流), filling its algorithm gap in one move.

Huiliu specializes in AI empowerment for interest-based e-commerce, possessing a self-developed algorithm system covering the full chain of user analytics, content generation, precise ad placement, and private domain operations. More importantly, it has already established a mature business model of technology → service → monetization. Financial data shows that Huiliu achieved revenue of RMB 19.38 million and net profit of RMB 6.05 million in the first half of 2025. After consolidation, it contributed RMB 3.08 million in revenue and RMB 1.58 million in profit within just half a month, becoming a stable profit growth point for the listed company.

This acquisition allowed Qidian Guofeng  to break free from the predicament of "investing without output" at the outset of its AI transformation, forming a virtuous cycle where technology is supported and profitability is guaranteed. It provides scenarios and algorithmic support for subsequent computing power business, enabling the rapid monetization of "soft value."

Binding with Upstream Leaders to Secure Core Computing Power Supply Chains

After laying the algorithmic foundation, Qidian Guofeng swiftly moved into the computing power hardware segment, addressing the industry's most critical supply chain challenge. In January 2026, the company's subsidiary Shanghai Huiliu reached a deep cooperation agreement with MetaX (沐曦股份, SH|688802), a domestic GPU leader, becoming its non-exclusive primary channel distributor. This secures an annual procurement quota of 2,000 GPUs, corresponding to a potential business scale of approximately RMB 200 million.

As a leading domestic enterprise in high-performance general-purpose GPUs, MetaX focuses on three directions: training and inference integration, general-purpose computing, and graphics rendering. In the first three quarters of 2025, it achieved revenue of RMB 1.236 billion, with a gross margin maintained at a high level of 55.76%, demonstrating superior technological and commercial strength. Through deep binding with MetaX, Qidian Guofeng  gains stable, high-quality computing power chip supply, ensuring business delivery capability from the source. At the same time, leveraging the endorsement of a leading enterprise significantly enhances its market competitiveness and customer trust.

To date, the company has formed a complete layout of upstream chip resources + midstream algorithm capabilities, with software and hardware synergy and complementary advantages, laying a solid foundation for the scaled delivery of AI solutions.

RMB 278 Million Third-Party Order Validates Market Delivery Capability

With the strategic puzzle complete, Qidian Guofeng made the critical leap from resource integration to market monetization with a blockbuster order. In March 2026, the company's subsidiary signed an AI server sales contract with an independent third party, selling 200 AI servers with a total value of RMB 278 million.

This order is significant for three reasons: First, the customer is an independent third party, not a related party, fully proving that the company's solutions possess open market competitiveness. Second, it marks the company's completion of the full-process validation from "chips → integration → delivery," demonstrating scaled landing capability. Third, it directly contributes substantial revenue, rapidly optimizing the business structure.

Against the backdrop of rapid growth in the AI server market, this order is not only a short-term earnings support but also a passport for the company to enter the ranks of mainstream computing power suppliers, laying an important foundation for continuously acquiring market orders and expanding the customer base.

Differentiated Positioning: Becoming a Customer-Proximate Computing Power System Integrator

Unlike most companies in the industry, Qidian Guofeng has chosen a differentiated positioning: it does not engage in high-investment, long-cycle chip R&D, but instead focuses on the system integration segment of computing power distribution + algorithm empowerment, concentrating on transforming upstream technologies into "out-of-the-box" integrated solutions for end customers.

This model possesses three core advantages: controllable risk, avoiding massive investment in chip R&D and long-cycle returns, with low cash flow pressure and high transformation efficiency; customer proximity, directly interfacing with end customers to provide customized services, with significantly higher customer stickiness and pricing power than traditional distributors; and clear commercial logic, leveraging algorithm value-added services to achieve dual profitability from hardware sales and technical services, with broader growth potential.

In a market landscape where domestic GPU manufacturers focus on technological breakthroughs and end customers demand one-stop solutions, Qidian Guofeng precisely fills the gap in the middle segment, becoming an indispensable key role in the computing power industry chain. Leveraging mature algorithms, a stable supply chain, and strong delivery capabilities, the company is moving out of its transformation investment period and into a harvesting phase of performance, continuously unleashing growth momentum in the high-prospect domestic computing power track.