文 | 创业最前线，作者 | 于莹，编辑 | 冯羽
今年以来，随着AI行业的深入发展，算力租赁，成了产业中最火的赛道之一。
算力租赁，简单说就是运营商建好装满高端GPU的超级机房，把“AI算力”按月、按时长租给大模型等公司。据中国信通院测算，2026年一季度，我国智能算力租赁市场规模同比增速超60%，百亿级长单密集落地，服务器厂商与算力运营商先后兑现业绩。
这波浪潮里，河北女首富周超男掌舵的润泽科技是最受关注的公司之一。作为曾经靠重资产批发型IDC起家、现以智能算力（AIDC）为增长引擎的人工智能基础设施服务商，公司AIDC业务收入占比今年上半年已经超过传统主业。
2026年前三季度，公司营收56.66亿元，同比增长42.45%，九个月就追平了2025年全年的收入，经营现金流更是同步大幅提升。
但在资本市场上，截至10月29日收盘，润泽科技报54.35元/股，总市值891.91亿元，较年内高点已近乎腰斩。
一边是算力生意越做越大，一边是市值较高点蒸发九百亿。这门被捧上AI风口的算力包租生意，真实成色究竟如何？润泽科技的高增长，为何换不来市场的高预期？
1、给AI当“房东”，AIDC收入暴涨126%
2022年4月，润泽科技借壳普丽盛登陆创业板。2026年，公司正式更名为“润泽智算科技集团股份有限公司”，明确全面转向智能算力赛道的战略方向。
实控人周超男以600亿元家族财富登上胡润2026全球富豪榜，财富同比增长48%，蝉联河北女首富之位。
这位湖南衡阳出身的创业者，早年从体制内下海，2000年北漂做通信管网挖到第一桶金，2009年看准大数据产业前景，在廊坊落地润泽科技，是国内最早一批布局规模化数据中心的民营企业家。
目前，公司是双主业发展。其中，传统的IDC业务，主要提供高端机柜托管服务，公司将自建数据中心的机柜空间出租给客户放置服务器，收取机柜托管费与运维服务费。2025年，该业务收入31.64亿元，同比增长8.6%，是公司稳定的基本盘。
而AIDC智能算力业务，则不止于出租物理空间，而是自主采购高性能GPU服务器搭建标准化智算集群，将“算力”作为可计量的标准化产品出售给大模型公司，支撑模型训练与推理场景。
从业务上看，润泽科技像是一家算力房东。公司自己拿地、建数据中心大楼、采购服务器制冷设备，然后把机柜和算力租给互联网大厂和AI公司收租金。这个模式也和二十年前的房地产开发商很像，不同的是，其盖的“房子”是给服务器住的，用户则是字节、百度、阿里这类级别的公司。
「创业最前线」注意到，这门生意之所以能够做大，区位是关键一环。北京作为首都，能耗指标严格控制，大型数据中心想在北京建成的成本极高，但北京的互联网公司、AI公司又需要大量算力。
距离北京仅几十公里的廊坊，恰好是京津冀全国一体化算力网络国家枢纽节点的核心承载区，土地与能耗指标更为宽松，网络延迟可控制在毫秒级、几乎可忽略不计，天然承接了北京外溢的算力需求。润泽科技的总部与核心园区均坐落于此，先发优势明显。
依托区位优势，润泽走出了一条批发型IDC的差异化路径：不做分散的中小客户，直接与互联网巨头、云厂商签订数年期限的大额长单，省去大量分散获客成本。
2025年年报显示，公司前五大客户收入占比合计达95.52%，其中第一大客户贡献收入占比超48%，客户结构高度集中。
批发模式的优势与短板都十分鲜明，优势是订单确定性强、上架率提升快、现金流稳定，非常适配重资产行业的扩张节奏；
短板则是对头部客户依赖度高，议价能力相对有限，客户自身的战略调整会直接影响公司长期增长。
而促使公司业绩暴涨的原因，主要就是目前的AI形态已经从“对话”转向“智能体”（Agent）。东方证券研究所数据显示，一次单轮对话，消耗200到2000个Token；带检索的问答，2000到12000；而一个智能体执行多步骤任务，消耗掉1.5万到100万Token以上，差了三个数量级。
需求端的量级跃升，迅速转化为算力端的收入增长。2025年，润泽科技AIDC业务收入25.1亿元，同比暴增73%，毛利率48.5%，占总营收比重达44.24%，正式成为第二增长曲线。
截至2026年上半年，AIDC收入已接近20亿元，同比增长126.2%，正式超越传统IDC业务的收入。
2、前三季度利润“假摔”背后，钱大进大出
值得一提的是，10月22日晚间，润泽科技看似交出了一份“不及预期”的三季报。
2026前三季度，公司营业收入56.66亿元，同比增长42.45%；归母净利润18.03亿元，同比下滑61.68%。单看第三季度，归母净利润5.99亿元，同比降幅拉大到84.32%。
不过，造成其利润下滑的原因，并非是经营，而在公司在去年同期多了一笔处置收益。
2025年8月，润泽科技把旗下河北润禾科技股权出售给刚上市的南方润泽科技数据中心REIT（基金），确认了约37.46亿元股权处置收益。
这笔资金把2025年前三季度的归母净利润推到了47.04亿元的高点。
今年，这笔收益不再持续，投资收益同比减少约37.36亿元。把这块一次性因素剔除，公司前三季度扣非归母净利润17.99亿元，同比增长32.97%；第三季度扣非5.93亿元，同比增长24.88%。
2025年，公司归母净利润为50.50亿元、同比增长182%，但扣掉REIT一次性收益后，扣非归母净利只有19.01亿元、同比增长6.87%。可见，其真实经营利润从过去几年的个位数增长，已经切换到了30%上下的增速。
利润增长的同时，钱也在源源不断地进来。
润泽科技的经营活动现金流净额从2023年的12.44亿元，增至2024年的20.94亿元、2025年的32.92亿元，2026年前三季度已达45.08亿元，三年多时间增长了2.6倍。
「创业最前线」了解到，除了收入增长的贡献，大客户长单普遍带有预付租金条款，预收款的增加进一步推高了经营现金流。这也是重资产IDC企业的典型特征，订单落地先收钱，再用现金流叠加杠杆撬动产能扩张。
因此，润泽科技现金流暴涨的另一面，是更大规模、更急促的资本开支。
前三季度，公司购建固定资产支付的现金已达114.2亿元；在建工程从年初的70.5亿元翻倍至151.7亿元；同期投资活动现金流净额为-124.03亿元。
巨额资本开支的投向十分明确。公司在半年度投资者交流中透露，2026年计划国内交付300MW以上、海外交付60MW，其中廊坊园区200MW、重庆园区50MW、惠州园区40MW，印尼巴淡岛园区60MW。
但对比公司的经营活动现金流净额（45.08亿元）可以发现，公司投出去的钱，比挣进来的经营现金流多出近80亿元。
「创业最前线」发现，这其中的缺口，主要靠借款补充。今年前三季度，其长期借款从年初的131.4亿元增至187.2亿元，增长42%，财务费用同比增长62%。截至三季度末，公司资产负债率约71%。
更值得关注的是资产抵押与对外担保风险。
截至今年6月末，公司合计134亿元资产处于抵押、质押受限状态，其中固定资产抵押账面价值124.6亿元，主力机房大多已抵押给银行作为贷款增信，可继续抵押的优质资产余量正在收窄。
对外担保方面，根据其9月最新披露的《新增对外担保额度》公告，截至8月31日，润泽科技及子公司已生效担保合同总额320.71亿元，担保余额244.75亿元，前者占最近一期经审计净资产的234.84%。
担保对象均为合并范围内的全资、控股子公司，涵盖重庆、惠州、香港及印尼巴淡岛等项目主体，本质是上市公司为子公司银行借款提供连带兜底。
这种操作在重资产扩张型企业中并不鲜见，但担保规模超过净资产两倍以上，意味着风险高度集中于母公司，任何一个项目公司现金流出现问题，债务风险都会直接传导至上市公司本体。
按照创业板监管规则，公司已触发对外担保特别风险提示情形——担保总额超过最近一期经审计净资产100%，且对资产负债率超过70%的单位担保金额超过净资产50%。
若后续其新增的500亿元新增担保全部落地，对外担保总额将达820.71亿元，占净资产比例将突破600%。
这些数据恰恰反映了算力租赁行业的典型扩张逻辑，AI需求窗口期，谁先把数据中心建起来、把机柜上架率拉满，谁就能接住大客户的长单。用已交付产能的稳定现金流做抵押，撬动银行贷款投入新产能建设；新产能交付后带来更多现金流与抵押物，支撑下一轮扩张。
只有持续扩张、持续交付、持续让新产能兑现成收入，才能用增量收入覆盖存量支出。公司也表示，从当前情况看，今年下半年资本开支可能有较大幅度增长，2027年国内交付规模也有望继续增长。
但这套模型的命门在于产能交付节奏，必须精准匹配需求增长节奏，一旦错配，巨额折旧就会持续吞噬利润。
3、毛利率下滑，大客户集中背景下押注海外
高杠杆滚动扩张撑起了业绩高增长，也埋下了财务端的显性风险。但市场真正的观望，不止于债务压力，这门算力包租生意的长期盈利能力与增长天花板，则是更深的疑虑。
眼下最先显现的，是毛利率下滑的压力。公司综合毛利率已经从2022年重组后的超53%，回落至前三季度的46.33%。
比毛利率下滑更值得警惕的，是大客户自建产能的长期替代风险。
客户集中是批发型IDC的共性问题，但润泽的客户集中度远超行业平均水平。港股IDC龙头万国数据前五大客户占比约60%，而润泽高达95%以上，单一客户依赖风险尤为突出。
公开信息显示，润泽科技第一大客户为字节跳动，贡献近半数收入。而字节跳动正大举推进数据中心自建计划，据证券时报报道，其2026年资本开支上调至2000亿元，重点投向算力基建，《南华早报》进一步披露，字节在内蒙古乌兰察布等地规划新增算力规模5-6GW，目标2028年初大规模交付。
短期内，字节仍需向润泽等第三方运营商租赁算力，但拉长周期看，随着字节自建产能陆续投运，对第三方租赁的需求是否会逐步替代？这才是悬在润泽头顶的长期核心变量。
目前，不止字节跳动，百度、阿里等头部客户均在加大自建数据中心力度，第三方运营商的长期成长空间被持续挤压。
如今，润泽科技将未来的增长希望投向了境外市场。
今年，润泽科技已经在印尼·巴淡岛、中国香港落地两大节点，上述项目会分别在今年内、2028年开始大规模交付。其表示，境外中短期合计规划600MW算力中心规模。
「创业最前线」了解到，境外IDC机柜服务市场属于蓝海市场，受益于市场需求的高速增长，中国香港市场2027年能够交付的算力中心供给都已售罄，香港本地IDC上市公司毛利率将近57%，今年以来东南亚市场机柜价格也在不断走高。
公司在前不久的投资者会议上表示，润泽科技打造了“人力服务出海+资产投资出海”的特色出海模式，外派300人以上运维团队进行海外IDC运维；同时统筹调配国内稀缺供应链资源，优先投向盈利水平更优的境外市场。除此之外，公司也在持续地开拓新的、有潜力的海外节点。
但“出海”并非稳赚不赔，反而可能进一步加剧公司的资金压力。海外能耗指标、土地审批、外资准入的政策环境与国内不同，审批链条更长、不确定性更高；数据跨境合规与当地数据主权要求，带来地缘政治风险；还要与胜科、DigitalRealty等国际IDC巨头竞争客户、重建本地渠道体系。这些因素都会进一步推高资本开支，让本就紧绷的资产负债表承压。
三季报披露次日，润泽科技股价跳空低开约4%，随后小幅回升。拉长时间维度看，公司年内股价近乎腰斩。
AI算力需求的爆发是确定的，但重资产扩张模式下的杠杆风险、大客户替代风险、行业产能过剩的周期风险，同样不容忽视。
对周超男和润泽科技来说，这轮算力浪潮既是造富的机遇，也是一场关于节奏与定力的考验。赚周期的钱容易，扛住周期的起落难，这门算力包租生意的下半场，才刚刚开始。
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The first line of entrepreneurship, by the author, by the editor, the editor,
Since this year, with the further development of the AI industry, computing leases have become one of the hottest tracks in the industry.
Computation leases, in short, the operator has built a super room full of high-end GPUs and has rented the "AI Calculus" to companies such as LLM on a monthly, long-term basis. In the first quarter of 2026, according to the Chinese Institute of Information and Communication Technology, our smart-calculations leasing market was over 60 per cent faster than it had been, with tens of billions of long-term landings, and server manufacturers and computing operators performing their performance.
In this wave, Yuzawa technology, the richest woman in Hebei, is one of the most important companies. As an AIDC service provider that used to rely on bulk-assets-based IDC, now using AIDC as an engine of growth, the company AIDC earned more revenue than the traditional industry in the first half of the year.
In the first three quarters of 2026, companies collected $5,666 million, an increase of 42.45 per cent over the same period, and in nine months they managed to equalize their annual revenues throughout 2025, and operating cash flows increased significantly at the same time.
On the capital market, however, as of 29 October, the Yunsawa Science and Technology newspaper was closing at $54.35, with a total market value of $89,191 million, which is almost as high as in the year.
On the one hand, the larger the business, and on the other hand, the higher market value, the 90 billion. This door is in the Ai Windsor's Calculator Leasing Business. What's the real color? Why not the high expectations of the market?
One, "Landowner" for AI.
In April 2022, Yunsai Technology landed on the entrepreneurship board with Shell Prising. In 2026, the company officially changed its name to "Run Ze Zelig" GmbH, Inc., in order to make a clear and comprehensive shift towards the strategic direction of the smart computing track.
Over 60 billion yuan in family wealth, Man Zhou gained 48 per cent of the global wealth.
The entrepreneur of Hunan Jinyang, who came from the early years of the system, went to the first barrel of gold in 2000 as a communications network in the north, and in 2009 was able to look to the big data industry.
At present, the company is a dual-sector development. Of these, the traditional IDC operation, which provides, inter alia, high-end cabinet hosting services, rents the self-built data centre ' s cabinet space to customers for server placement, and charges for cabinet hosting and transportation services. In 2025, revenues from the operation amounted to 3,164 million yuan, an 8.6 per cent increase over the same period, which is the fundamental source of corporate stability.
Instead, AIDC ' s smart computing business goes beyond the rental of physical space, and it is the autonomous procurement of high-performance GPU servers to build standardized smart computing clusters, selling "calculations" as measurable standardized products to LLM to support model training and reasoning.
Operationally, Yunsawa technology looks like a creditant landlord. The company takes land, builds data centre buildings, procures server refrigeration equipment and then rents the hangars and algorithms to major Internet factories and AI. This model is also similar to that of real estate developers 20 years ago, unlike the “houses” they built for servers, which are owned by companies such as byte, Baidu and Ali.
The Front Line of Entrepreneurship notes that this business is a key link in its expansion. While Beijing, as the capital, has strict control over energy consumption indicators and large data centres are extremely costly to build in Beijing, Beijing Internet and AI companies need a lot of effort.
The corridors, which are only a few dozen kilometres away from Beijing, coincide with the core carrying area of the national hub of the National Integrated Calculus Network (NICN), where land and energy consumption indicators are more relaxed, where network delays can be contained in milliseconds, almost negligible, and natural demand for revenue from the Beijing spill. The pre-emptive advantage is evident in the presence of both the headquarters and the core campus of Yusawa.
By virtue of its location, Yunzai has moved out of a differentiated path of wholesale IDCs: small and medium-sized customers who are not dispersed, directly sign large bills with Internet giants and cloud manufacturers for several years, and save large-scale cost-sharing.
The 2025 annual report shows that the top five clients of the company together accounted for 95.52 per cent of the total, with the top five contributing over 48 per cent and a highly concentrated client structure.
The advantages of wholesale models are clear, as well as the schematic advantages of high order certainty, high upscaling rates, stable cash flow, and a high match for the pace of expansion of the asset-intensive industry;
Shortboards are characterized by high reliance on front-line clients and relatively limited bargaining power, with strategic adjustments by clients themselves having a direct impact on long-term corporate growth.
The rise in corporate performance was largely driven by the shift in the current AI paradigm from “dialogue” to “AI agent” (Agent). Eastern Securities Institute data show that a single round of dialogue consumes 200 to 2000 Tokens; questions and answers with search, 2000 to 12,000; and a AI agent multi-step mission consumes between 15,000 and 1 million Tokens, three orders of magnitude.
The volume scale of the demand end leaps rapidly into the income growth of the computing end. In 2025, Yunsawa Technology AIDC earned $2.51 billion, an increase of 73 per cent over the same period, with a Māori rate of 48.5 per cent, or 44.24 per cent of total revenue, and became the second growth curve.
By the first half of 2026, AIDC income had reached close to $2 billion, an increase of 126.2 per cent over the same period, formally exceeding income from traditional IDC operations.
Behind the “false fall” of profits in the first three quarters, the money went in and out.
It is worth mentioning that on the evening of 22 October, Yunsawa technology appeared to have handed over a “undesired” quarterly newspaper.
In the first three quarters of 2026, company revenue increased by 42.45 per cent over the same period to $5.666 billion, while net profits to mothers decreased by 61.68 per cent over the same period. In the third quarter alone, net profit to the mother was 599 million yuan, up to 84.32 per cent over the same period.
However, the decline in profits was not caused by the operation, but by the company ' s additional disposal gains during the same period last year.
In August 2025, Yunzai technology sold its share of the sub-high Hebei moor technology to the recently listed South Yu. RIT (Fund), the ZED technology data centre, recognized some 3,746 million yuan in equity disposal proceeds.
This money pushed the net return of the mother ' s profits in the third quarter of 2025 to a high of $4,704 million.
This year, the return was no longer sustainable and the return on investment was reduced by some $3.736 billion over the same period. This one-off factor was eliminated, with the company deducting a net non-repatriation profit of RMB 1,799 million in the first three quarters, an increase of 32.97 per cent over the same period, and a reduction of RMB 593 million in the third quarter, an increase of 24.88 per cent over the same period.
In 2025, the net profit to the parent of the company was $5.05 billion, an increase of 182 per cent over the same period, but after the deduction of the one-time gain from REIT, the net gain to the non-mother was $1.901 billion, an increase of 6.87 per cent over the same period. As can be seen, its real operating profits have increased from several digits in the past few years to 30 per cent upwards and downwards.
The increase in profits is accompanied by a steady flow of money.
The net operating cash flow of Yunsawa technology increased from RMB 1,244 million in 2023 to RMB 2,094 million in 2024 and RMB 3,292 million in 2025, reaching RMB 4,508 million in the first three quarters of 2026, a 2.6-fold increase over three years.
The Front Lines of Entrepreneurship has learned that, in addition to the contribution of income growth, pre-paid rent clauses are common to large clients, and the increase in pre-payment further boosts operating cash flows. This is also a typical feature of a heavy asset, an IDC enterprise, where the order is placed to collect money and then leverage the cash flow and leverage the movable property to expand.
As a result, another facet of the surge in technology cash flows is larger and faster capital spending.
During the first three quarters, cash payments for the construction of fixed assets by companies amounted to $11.42 billion; construction in progress doubled from $7.05 billion at the beginning of the year to $15.17 billion; and net cash flows from investment activities amounted to $12.403 billion during the same period.
The investment in large capital expenditures is clear. The company revealed in its semi-annual investor exchanges that in 2026 it planned to deliver more than 300 MW in the country and 60 MW overseas, including 200 MW in the corridor park, 50 MW in Chongqing Park, 40 MW in Whezhou Park and 60 MW in Batam Island Park, Indonesia.
However, by contrast, the company ' s net operating cash flow ($4.508 billion) shows that the company invested nearly $8 billion more than the operating cash flow that it earned.
The Front Line in Enterprise found that the shortfall was largely supplemented by borrowing. In the first three quarters of the year, its long-term borrowing increased from $13.14 billion at the beginning of the year to $18.72 billion, an increase of 42 per cent and financial costs of 62 per cent over the same period. At the end of the three quarters, the corporate asset liability ratio was approximately 71 per cent.
More noteworthy is the risk of asset collateral and external security.
By the end of June this year, the company had a total of $13.4 billion in collateral and pledge-restricted assets, of which fixed assets had a book value of $12.46 billion. Most of the main machines had been mortgaged to banks as credit additions, and the balance of high-quality assets that could continue to be mortgaged was shrinking.
With regard to external guarantees, in accordance with its latest disclosure in September of the new Foreign Guarantee quota announcement, as at 31 August, Yunsawa Tech and its subsidiary had entered into force a total guarantee contract of $32,071 million, leaving a guaranteed balance of $24,475 million, which represents 234.84 per cent of the last period ' s audited net assets.
The guarantees are intended for wholly owned and held subsidiaries within the context of the merger, covering the main project subjects, such as Chongqing, Whezhou, Hong Kong and Batam Island, Indonesia, and are essentially for listed companies to provide collateral for the bank lending of their subsidiaries.
Such operations are not uncommon in heavy asset expansion enterprises, but the size of the guarantee is more than twice the net assets, meaning that the risk is highly concentrated in the parent company, and that any project company's cash flow is problematic and debt risk is transmitted directly to the listed company itself.
Under the rules governing the start-up boards, companies have triggered special risk alerts for external guarantees — total guarantees exceed 100 per cent of the last period's audited net assets and unit guarantees with a liability of more than 70 per cent for assets exceed 50 per cent of net assets.
If all the additional guarantees of $50 billion were to be added, the total external guarantees would amount to $82,071 million, which would exceed 600 per cent of net assets.
These data reflect the typical expansion logic of the computing and leasing industry, with the AI demand window period, and whoever builds the data centre first and puts up the shelf full, can catch the long list of large clients. The steady cash flow of delivered capacity is used as collateral to leverage bank loans into new capacity-building; the delivery of new capacity leads to more cash flows and collateral to sustain the next round of expansion.
It is only through sustained expansion, sustained delivery, and sustained revenue from new production that stock expenditure can be covered by incremental income. Companies have also indicated that capital spending is likely to grow considerably in the second half of the year and that the scale of domestic delivery is expected to continue to grow in 2027.
But the life of the model lies in the pace of energy delivery, which must be accurately matched with the pace of demand growth, and once mismatched, large depreciations continue to consume profits.
3 The Māori rate is down and bet overseas in the context of large client concentration
High-leverage rolling expansion has supported high performance growth and has also embedded financial overtities. But the real view of the market is more than debt pressure, and the long-term profitability and growth ceiling of the economy-based chartering business is a deeper doubt.
The first to show was the downward pressure of the Māori rate. The aggregate gross gross corporate gross domestic product rate has fallen from over 53 per cent after the 2022 reorganization to 46.33 per cent in the first three quarters.
What is more alarming than the drop in the Māori rate is the long-term alternative risk of large clients ' own capacity to build.
Client concentration is a common problem with wholesale IDCs, but Yunsawa ' s customer concentration is well above the industry average. The top five clients of the IDC data base account for about 60 per cent of the total, while Yoonzawa is over 95 per cent, with single-client dependency being particularly high.
Public information shows that the largest customer in Yunsawa technology is byte, which contributes nearly half of his income. byte, however, is boosting the self-construction plan for the data centre. According to the Securities Times, its capital expenditure in 2026 was revised upwards to $200 billion, with a focus on computing infrastructure. The South China Morning Post further revealed that byte plans for additional calculator sizes of 5-6GW, including in Ulanchab, Mongolia, with a target of large-scale delivery by early 2028.
In the short term, byte will still need to lease power to third-party operators such as Yoonzawa, but will the demand for third-party leases be gradually replaced as byte ' s self-build capacity continues to move? That's the long-term core variable that hangs above Yusawa.
At present, more than byte beats, leading clients such as Baidu and Ali are stepping up their own data centres, and the long-term growth space of third-party operators continues to be squeezed.
Today, Yunzai technology is investing future growth hopes in external markets.
This year, Yunsai technology has already landed in Indonesia, Batam Island, and Hong Kong, China, and this project will begin to be delivered on a large scale this year and in 2028, respectively. It indicated that the total short- and medium-term planning of the 600 MW Calculator Centre was done outside the country.
The Front Line in Business has learned that the market for external IDC cabinet services is a Blue Sea market that benefits from the rapid growth of market demand, that the supply of computing centres that the Hong Kong market in China was able to deliver in 2027 has been sold out, and that local IDC companies in Hong Kong have a Maori rate of nearly 57 per cent, and that prices in the South-East Asian market have been rising since this year.
At a recent investor conference, the company stated that Yusawa technology had developed a model of “human services at sea + asset investment at sea” that would send more than 300 people to carry out overseas IDC operations, while at the same time pooling scarce domestic supply chain resources and giving priority to more profitable offshore markets. In addition to this, companies are continuously developing new and promising offshore nodes.
However, “going out to sea” is not stable, but may further increase corporate financial pressure. The policy environment for overseas energy consumption indicators, land clearance, access to foreign investment is different from the domestic environment, with a longer and more uncertain approval chain; data cross-border compliance and local data sovereignty requirements pose geopolitical risks; and competing with international IDC giants such as Seung-sung and Digital Reality to rebuild local channels. These factors will further push capital expenditure to overwhelm the already tight balance sheet.
On the day after the disclosure in the tri-quarter newspaper, the price of Yunsawa ' s technology stock jumped by about 4 per cent and then rose slightly. For a long time, the company ' s annual stock price is almost flat.
While the outbreak of AI-calculative demand is established, the risks of leverage under the heavy asset expansion model, the risks of large client substitution and the cyclical risks of overcapacity in the industry cannot be ignored.
For Zhou Super-Men and Yun-Ze, this round wave is both an opportunity to build wealth and a test of rhythm and strength. It is easy to earn the money for the cycle, and it is only just beginning the second half of the power charter business.
Auto-fetched and translated by AI Atlas. All rights belong to the original author.