Inspur Information Industry Co., Ltd.(000977.SZ) recently announced that it has officially granted the fiscal year 2026 distributor qualification and the Inspur Computers Information Technology Application Innovation (ITAI) PC distributor qualification to the Beijing Tongzhou Branch of Shanghai Huiliu Network Technology Co., Ltd., a subsidiary of China Qidian Guofeng Holdings Limited (01280.HK). This seemingly routine channel access event is actually a landmark node in Qidian Guofeng's AI transformation, marking the leap from "soft capabilities" to "hard capabilities" and carrying profound strategic significance.

As the world’s leading company by AI server market share, Inspur Information surpassed RMB 100 billion in revenue in 2024. The granting of dual distribution qualifications to Huiliu this time marks Qidian Guofeng’s immediate entry into two core gateways of domestic computing power: “servers + Information Technology Application Innovation terminals.”

I. Binding with Domestic Computing Power Leader, Completing the Hardware Closed Loop of "Algorithm + Computing Power" Dual Drivers

As the absolute leader in the domestic server industry, Inspur Information Industry Co., Ltd. is a core equipment supplier for the national "Eastern Data, Western Computing" strategy. Its AI server products have been deeply adapted to domestic chips such as Cambricon and Hygon, and the company maintains a leading share in Information Technology Application Innovation procurement in key industries including government cloud, finance, and telecommunications. The authorization of Huiliu as a distributor in the Beijing region means that Qidian Guofeng has officially integrated into the core channel system of the domestic computing power industry chain. Previously, through Huiliu, Qidian Guofeng possessed only the "soft capability" of AI algorithms and data analytics. Through cooperation with MetaX , it gained access to upstream GPU chip resources. The distributor qualification from Inspur Information Industry Co., Ltd. now fills the gap in server hardware and Information Technology Application Innovation channels. With this, Qidian Guofeng has built a complete computing power service chain: "upstream chip ( MetaX ) + midstream complete servers (Inspur) + downstream algorithms (Huiliu)", forming a true "software + hardware integrated" solution capability. This closed-loop structure means the company is no longer just a user of AI technology, but has become a computing power service provider with product integration and delivery capabilities, significantly elevating its strategic level.

II. Positioning in the Information Technology Application Innovation Track, Seizing the Policy Dividend of Domestic Substitution

Currently, the domestic computing power substitution has entered a substantial volume growth phase. According to China Commercial Industry Research Institute, the AI server market size in China reached approximately RMB 160.655 billion in 2024 and RMB 250 billion in 2025, and is expected to further grow to RMB 350 billion in 2026. Within this trillion-yuan market, Information Technology Application represents the policy-certainty sub-track with the strongest momentum. Domestic substitution procurement in key industries such as finance, telecommunications, energy, and government is accelerating. Inspur Information Industry Co., Ltd.is a core player in the Information Technology Application Innovation server field, and its PCs and servers carry a large volume of domestic substitution demand. By simultaneously receiving both the distributor qualification from Inspur Electronic Information Industry Co., Ltd. and the Information Technology Application Innovation PC distributor qualification from Inspur Computers, Huiliu demonstrates that Qidian Guofeng's computing power strategy precisely targets the high-barrier, high-certainty Information Technology Application Innovation track. With Inspur's endorsement, Huiliu can directly enter the Information Technology Application Innovation procurement lists of government and enterprise clients, reaping the policy dividends of domestic substitution, which offers far greater customer stickiness and sustainable profitability than pure algorithmic services.

III.  Business Model Upgrade from "Technology Service Provider" to "System Integrator"

Qidian Guofeng's AI transformation path shows a clear strategic progression. Step one: acquiring Huiliu to obtain mature algorithm assets, solving the "whether there is technology" problem. Step two: partnering with  MetaX  to secure the GPU supply chain, solving the "whether there are core components" problem. Step three: signing with Inspur Information Industry Co., Ltd.as a distributor, solving the "whether there are qualifications and channels to sell complete systems" problem. The refinement of this path lies in the company avoiding capital-intensive and long-cycle endeavors like chip R&D, instead choosing the system integrator positioning of "computing power distribution + algorithm empowerment".

The distributor qualification from Inspur Information Industry Co., Ltd.gives Huiliu the legal right to sell Inspur servers and Information Technology Application Innovation products, enabling the company to package MetaX 's GPUs, Inspur's hardware, and its own algorithmic capabilities into "out-of-the-box" AI solutions. Compared to pure hardware distributors, a system integrator enjoys higher customer stickiness and pricing power. Compared to pure algorithm service providers, a system integrator possesses heavier asset barriers and more stable cash flow. This differentiated positioning allows Qidian Guofeng to precisely fill the gap in the intermediate link in the market landscape where domestic GPU manufacturers focus on technological breakthroughs while end customers demand one-stop solutions.

IV. Conclusion

The capital market's scrutiny of traditional enterprises' AI transformation has always followed the strict standard of "from story to numbers". Qidian Guofeng's layout over the past year is accomplishing the critical shift from "strategic narrative" to "operational results". The acquisition of distributor qualifications from Inspur Information Industry Co., Ltd.marks that the company's computing power business now has a compliant, stable, and sustainable channel foundation. With the agency rights for Inspur Information Industry Co., Ltd.'s AI server hardware, business volume is showing strong growth momentum. Some industry insiders optimistically estimate that this move could bring an additional RMB 300 million to 500 million in new revenue to the group in 2026. As the scale of Information Technology Application Innovation hardware sales and AI server deliveries expands, Qidian Guofeng's business structure will undergo fundamental optimization, gradually transitioning from the "investment phase" of transformation into the "harvest phase" of verification.