Research Brief | Co-creation Data Accepts Surveys from All Investors; Computing Power Business Up 17x Year-over-Year; Steady Progress Toward H-Share Listing

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On March 24, Chuangchuang Data Technology Co., Ltd. (hereinafter referred to as “Chuangchuang Data”) held its 2025 annual performance briefing through the Panotian Investor Relations interactive platform. The company’s management responded to key issues investors are concerned about, including progress in the computing power business, supply-chain responses, and推进 to an H-share listing. In 2025, the company’s intelligent computing power products and services business achieved revenue of RMB 2.76B, a substantial year-on-year increase of 1727.17%, becoming the core engine of performance growth.

Basic Information on the Investor Activity

Core Business Performance: Dual-Driver Model of Computing Power and Storage

The performance briefing disclosed that in 2025, Chuangchuang Data achieved operating revenue of RMB 12.24B, up 65.13% year-on-year; and net profit attributable to the parent company of RMB 1.16B, up 68.32% year-on-year. Among them, the intelligent computing power products and services business performed remarkably, with revenue of RMB 2.76B, accounting for 22.57% of total revenue, and a gross margin of 25.53%. As a traditional advantage segment, the storage business achieved revenue of RMB 4.49B, up 28.31% year-on-year. According to a report by Frost & Sullivan, the company has become the second-largest domestic intelligent storage equipment manufacturer globally in 2024 (based on SSD revenue).

The server remanufacturing business also grew rapidly. In 2025, revenue was RMB 2.58B, with a year-on-year increase of 169.25%, and its revenue contribution ratio rose to 16.9%. The company builds chip disassembly automation capabilities through independent research and development, forming a full-chain system of “recovery-disassembly-remanufacturing,” effectively lowering the procurement costs of computing power hardware.

Addressing Industry Challenges: Diversified Supply Chain and Compliant Operations

Regarding the impact of U.S.-China trade policies that investors are concerned about, the company stated that it has adopted a diversified supply-chain strategy, including finding alternative suppliers, optimizing production processes to reduce costs, and setting up a dedicated policy research group to dynamically track changes in trade policies. In terms of the compliance of computing power equipment procurement, the company emphasized that all GPU equipment is purchased through compliant commercial channels. Recently, it has issued a special statement to clarify untrue market rumors, and has engaged a law firm to take legal action to protect its rights and interests.

Regarding the layout of China-made computing power ecosystem, the company said that its FCloud intelligent agent training platform supports unified scheduling of heterogeneous computing power in its architecture design, and will flexibly configure computing power resources based on customer needs and policy direction. In 2025, overseas revenue was RMB 6.19B, accounting for 50.60% of total revenue, showing a clear channel advantage in overseas markets.

Strategic Planning: Proceeding in Parallel with Computing Power Infrastructure and Technology R&D

The company’s 2026 development direction is clearly defined in four areas: first, to promote the rollout of scenario-based terminal devices; second, to continue investing in the construction of computing power infrastructure. The company has already established a distributed computing power network in Shanghai, Ningbo, Chengdu, and overseas markets, with ample orders on hand; third, to develop applications for embodied robots. As an NVIDIA cloud partner, it focuses on the robot inference platform and simulation training; fourth, to promote the application of AI in office and product development fields.

In the optical module domain, the company plans to accelerate the iteration of 800G, 1.6T, and next-generation products, and to build independent, controllable, high-speed interconnection capabilities. The H-share listing work is progressing as planned, and related progress will be timely disclosed in accordance with information disclosure obligations.

Responses to Investor-Focused Hot Topics

Regarding the market’s concern about first-quarter performance guidance, the company stated that all business segments are developing steadily, with ample orders on hand. For the specific situation in the first-quarter report, please refer to the scheduled disclosure window on the cninfo.com.cn. As for stock price fluctuations, the company said it has formulated a market value management制度 and an “enhancing quality and returns” action plan. The 2025 profit distribution proposal is RMB 3.40 in cash dividends for every 10 shares (including tax), as a good performance to reward shareholders.

Regarding cash flow, in 2025 the net cash flow from operating activities increased by 1,011.23% year-on-year, mainly due to higher collections from the computing power business and optimized management of working capital. The company also disclosed that, to support the expansion of the computing power business, it is advancing a financing lease business with a total amount not exceeding RMB 80 billion; the relevant proposals still need to be reviewed and approved by the shareholders’ meeting.

Chuangchuang Data stated that in the future, it will continue to deepen the “compute-link-store” three-in-one computing power infrastructure layout, focusing on core technologies such as high-speed optical modules and enterprise-grade storage, seize opportunities for growth in AI computing power demand, and promote high-quality development of its business.

Statement: There are risks in the market; investment should be done cautiously. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s viewpoints. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

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