Author｜Yang Licheng

Editor｜Wang Yimo

On May 14, SiE Consulting (300687.SZ), a company with a modest market capitalization of 13 billion yuan, made waves in the capital market with its announcement. The firm revealed plans to invest up to 2 billion yuan in computing power server financial leasing, marking its official entry into the booming computing power leasing sector.

This 2 billion yuan investment is substantial—approximately 1.5 times the company's total market value and nearly 10 times its 2025 total revenue of 2.073 billion yuan. This high-stakes move signifies SiE Consulting's ambitious attempt to transition from a traditional enterprise digitalization service provider to a tech platform company driven by both "software and computing power."

While the story sounds promising, the real challenge lies in how much of this 2 billion yuan computing power blueprint can be realized.

First Post-IPO Loss

SiE Consulting's journey began in 2005 with ERP implementation services. It went public on the ChiNext board of the Shenzhen Stock Exchange in 2017 and has since evolved into a leading domestic provider of full-stack digital intelligence solutions.

The company's actual controllers are its core founding team, including Zhang Chengkang, who holds a 10.26% stake as the largest shareholder. Backed by industrial capital, SiE Consulting enjoys strong resource support.

In terms of business operations, SiE Consulting focuses on three main segments: pan-ERP services, smart manufacturing and industrial internet solutions, and software maintenance services. This "dual-wheel" model proved effective, with pan-ERP revenue reaching 983 million yuan (47.4% of total revenue) and smart manufacturing and industrial internet revenue hitting 866 million yuan (41.8%) in 2025, together accounting for nearly 90% of total revenue.

However, 2025 was a challenging year for SiE Consulting. Annual revenue fell by 13.45% to 2.073 billion yuan, and the company reported a net loss of 107 million yuan attributable to shareholders—its first annual loss in eight years since listing. Despite this, net cash from operating activities surged to 61.0874 million yuan, turning positive year-on-year.

A closer examination reveals strategic adjustments behind the loss: increased investment in AI R&D, workforce optimization, asset impairment charges, and divestment of low-efficiency businesses.

Positive signals are emerging. In 2025, new orders grew by 5.6% year-on-year, with over 3,000 clients served. Orders from state-owned enterprises surged by over 300%, while autonomous software licensing and AI-powered products experienced rapid growth, with self-developed product contracts exceeding 100 million yuan. Overseas revenue jumped by 149.32% year-on-year, marking a new phase of execution.

In the first quarter of 2026, a performance turnaround became evident. Revenue reached 483 million yuan, with the year-on-year decline narrowing from 13.45% in 2025 to 1.31%. Net profit attributable to shareholders hit 32 million yuan, up 28.74% year-on-year.

In AI product development, SiE Consulting's self-developed Shanmou GPT (SiE AIGC Middle Platform) has created AI innovation scenarios such as intelligent after-sales, recruitment, form filling, and order review.

In February 2025, SiE Consulting, GAC Group, and Huawei jointly launched an AI middle platform and application pilot project worth 48.4692 million yuan, capable of integrating DeepSeek's large models.

Before betting on computing power, SiE Consulting had already consolidated its traditional business: performance turnaround confirmed, cash flow improved, and AI commercialization capabilities gradually delivered. This provides a fundamental "safety cushion" for its 2 billion yuan computing power strategy.

Sector and Market Opportunities

SiE Consulting's timing in entering the computing power leasing sector is no coincidence—the industry is experiencing explosive demand.

According to data from the China Academy of Information and Communications Technology (CAICT) and IDC, the domestic computing power leasing market reached 68 billion yuan in the first quarter of 2026, up 62% year-on-year. Guosheng Securities forecasts China's intelligent computing power leasing market to hit 984 EFlops in 2026 and 1,346 EFlops in 2027.

This demand is driven by the explosive applications of Agent and AI Coding, causing a surge in token consumption. Supply-demand gaps have pushed computing power leasing and cloud service prices sharply higher. Guosheng Securities notes that global AI computing power leasing prices have risen by over 40%.

Globally, new GPU cloud providers like CoreWeave and Nebius have achieved rapid growth through deep collaboration with NVIDIA. Domestically, the business model has proven viable: Xiechuang Data's net profit attributable to shareholders surged by 343% year-on-year in the first quarter of 2026, while Hongjing Technology returned to profitability in 2025.

Policy support is also strengthening. In 2025, the National Financial Regulatory Administration issued the "Administrative Measures for Financial Leasing Business of Financial Leasing Companies," explicitly including computing power center equipment in the positive list of leased assets for project companies. Tianjin, Shanghai, and other regions have introduced policies encouraging financial leasing firms to engage in computing power leasing, aiming to build "computing power leasing hubs."

Meanwhile, the drive for industrial software localization is accelerating. The MIIT's "Action Plan for High-Quality Development of Industrial Internet Platforms (2026–2028)" sets a target of over 55% industrial internet platform penetration and over 120 million connected industrial devices by 2028.

As a leader in smart manufacturing, SiE Consulting stands to benefit from both software localization and computing power leasing opportunities.

With high industry momentum, favorable policies, and a proven business model, SiE Consulting's entry into computing power leasing comes at an opportune time.

The strategic value of the 2 billion yuan investment can be viewed through multiple lenses.

Computing power leasing will provide stable cash flow. The gradual implementation of the 2 billion yuan computing power financial leasing business could deliver significant profit growth, propelling SiE Consulting from a software service provider to a "software + computing power" dual-driven operator.

In-house computing power resources will support operations of products like Shanmou GPT, reducing costs and improving service responsiveness, creating a virtuous cycle of "computing power enabling AI, AI empowering software."

The Other Side of the Story

With nearly two decades of experience in enterprise digitalization, SiE Consulting serves over 3,000 clients across manufacturing, energy, finance, and other sectors. These clients urgently need computing power for AI transformation, allowing cross-selling opportunities through computing power leasing to enhance per-client value.

Particularly among state-owned enterprise clients, where SiE Consulting's orders grew by over 300%, these customers have clear budgets for computing power infrastructure and prefer financing leases—aligning perfectly with SiE Consulting's business model.

If computing power leasing progresses smoothly, SiE Consulting's valuation logic could shift from traditional software services to a "software + computing power" tech platform, potentially raising its valuation multiple. Peers like Xiechuang Data and Hongjing Technology have already seen significant valuation premiums due to their computing power businesses.

However, risks loom large.

The 2 billion yuan project faces execution risks. Delays in fundraising, equipment procurement, or client contract signing could hinder progress.

The computing power leasing sector is heating up rapidly. Competitors like Xiechuang Data, Hongjing Technology, and Runjian Shares are ramping up investments, intensifying market competition and potentially pressuring rental prices and margins. Rapid AI chip iterations, such as NVIDIA's GB300 and Vera Rubin, could lead to quick depreciation of purchased equipment, impacting asset quality and profitability.

Capital chain risks cannot be ignored. Computing power leasing is capital-intensive, requiring heavy upfront investment. Having just posted a loss in 2025, SiE Consulting may face capital strain if financing conditions change or collections lag.

Additionally, a slowdown in downstream manufacturing capital expenditures could simultaneously affect demand for both SiE Consulting's software services and computing power leasing.

The window for domestic computing power substitution offers a differentiated path. Amid ongoing high-end chip shortages, a "domestic computing power + domestic models" ecosystem is emerging.

As a core partner in Huawei's ecosystem, SiE Consulting holds first-mover advantages in domestic computing power adaptation and deployment—perhaps the most imaginative aspect of its 2 billion yuan computing power strategy.

Leveraging a 13 billion yuan market cap to drive a 2 billion yuan computing power layout, SiE Consulting's transformation gamble has just begun.

Key future observations include: How quickly can SiE Consulting implement its financial leasing business? How large will client contracts scale? How effectively can computing power assets synergize with software operations? The answers will determine whether the company achieves a valuation leap or tells an overly costly story.