Alibaba Cloud has issued a statement on its official website, announcing that due to the worldwide spike in demand for AI and escalating supply chain costs, the prices of its AI computing power and storage solutions have risen by as much as 34%. This move has once again focused market attention on the consumption of computing power.

Analysts predict that 2026 will mark a pivotal year for China's shift in computing power demand, transitioning from 'cloud-based training' to a dual-pronged approach of 'training plus inference'. The computing power gap is anticipated to expand swiftly, driven by an increase in modalities and the expansion of application scenarios.

An In-depth Analysis of Value Distribution Across Alibaba's Computing Power Ecosystem

Cloud Services and MaaS (Alibaba's Core, Highest-Value Segment)

Value Contribution: 30%–40%

Core Offerings: Alibaba Cloud Apsara AI Computing, Tongyi Qianwen, Bailian Platform, computing power leasing, storage services

Computing Power Infrastructure (IDC, Liquid Cooling, Power – Heavy Asset Category)

Value Contribution: 25%–30%

Core Offerings: Zhangbei/Heyuan/Hangzhou AI Computing Centers, liquid cooling systems, server racks, power supply, and cooling solutions

AI Servers (Complete Systems, Hardware Core)

Value Contribution: 15%–20%

Computing Power Chips (The Core Component, Highest Technical Barrier)

Value Contribution: 10%–15%

Optical Modules/Networking/PCBs (High-Speed Interconnect)

Value Contribution: 5%–8%

Storage/Data Services (AI's 'Data Repository')

Value Contribution: 3%–5%

Core Offerings: Alibaba Cloud CPFS, distributed storage, data annotation

Downstream Applications and Ecosystem (Greatest Potential for Value Growth)

Value Contribution: 2%–5%

Core Offerings: Tongyi Applications, Industry Large Models, Developer Ecosystem, AIaaS

Assessing the Growth Potential of Enterprises in Alibaba's Computing Power Ecosystem

The growth potential of an enterprise refers to its capacity to continually expand its asset base, profitability, and market share in response to changing market conditions, reflecting its prospects for future development.

This article, part of our series on enterprise value, focuses on the 'Growth Potential' aspect. It examines 28 enterprises within Alibaba's computing power ecosystem, using metrics such as compound revenue growth, compound non-recurring profit and loss growth, and compound operating net cash flow growth as evaluation criteria.

The data presented is historical and does not indicate future trends; it is intended for static analysis only and does not constitute investment advice.

No. 10 Inspur Information

Industry Segment: Other Computer Equipment

Growth Potential: 74.24% compound revenue growth, 67.59% compound non-recurring profit and loss growth, -81.18% compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast stands at RMB 2.803 billion, with an anticipated growth rate of 22.3%

Primary Products: Servers and components constitute the main profit source, accounting for 98.11% of profits, with a gross margin of 6.76%

Company Highlights: Inspur Information serves as the foundational hardware and deep technical collaborator for Alibaba Cloud's computing power infrastructure, acting as the 'primary provider' of Alibaba's AI computing power.

No. 9 Huaqin Technology

Industry Segment: Consumer Electronics Components and Assembly

Growth Potential: 28.76% compound revenue growth, 8.43% compound non-recurring profit and loss growth, -64.26% compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast is RMB 4.099 billion, with an expected growth rate of 40.09%

Primary Products: High-performance computing is the main profit driver, contributing 48.08% of profits, with a gross margin of 7.77%

Company Highlights: Huaqin Technology partners with internet and cloud computing leaders like Alibaba, Tencent, and ByteDance in the data sector, offering comprehensive services from board to module to complete AI server systems.

No. 8 Eurotech

Industry Segment: Other Power Equipment

Growth Potential: 32.32% compound revenue growth, 272.97% compound non-recurring profit and loss growth, 1.20% compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast is RMB 331 million, with an anticipated growth rate of 23.65%

Primary Products: Data center power supplies are the main profit source, accounting for 45.03% of profits, with a gross margin of 25.04%

Company Highlights: Eurotech is a bespoke power supply provider for Alibaba's AI computing power infrastructure, offering high-power, liquid-cooled power solutions for Alibaba's high-density AI computing needs.

No. 7 Kehua Data

Industry Segment: Other Power Equipment

Growth Potential: -4.71% compound revenue growth, -38.55% compound non-recurring profit and loss growth, 7.84% compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast is RMB 550 million, with an expected growth rate of 74.63%

Primary Products: Data center products are the main profit source, contributing 31.70% of profits, with a gross margin of 32.25%

Company Highlights: Kehua Data is Alibaba's core partner for power, liquid cooling, and AI computing center infrastructure, closely tied to Alibaba's AI computing power expansion, with deepening order and technology collaboration.

No. 6 Aofei Data

Industry Segment: Communication Application Value-Added Services

Growth Potential: 62.18% compound revenue growth, -17.92% compound non-recurring profit and loss growth, 9.15% compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast is RMB 207 million, with an anticipated growth rate of 66.71%

Primary Products: IDC services are the main profit source, accounting for 72.07% of profits, with a gross margin of 29.70%

Company Highlights: Aofei Data is a core 'computing power foundation' provider for Alibaba Cloud's AI computing power expansion, with deep, long-term, and expanding collaboration.

No. 5 Accelink Technologies

Industry Segment: Communication Network Equipment and Devices

Growth Potential: 36.49% compound revenue growth, 11.56% compound non-recurring profit and loss growth, negative compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast is RMB 1.031 billion, with an expected growth rate of 55.9%

Primary Products: Data and access services are the main profit sources, contributing 48.95% of profits, with a gross margin of 17.83%

Company Highlights: Accelink Technologies has a deep partnership with Alibaba's computing power division as a core optical module supplier and joint technical development collaborator, serving as a key hardware partner for Alibaba's AI computing power cluster.

No. 4 Shenling Environment

Industry Segment: Refrigeration and Air Conditioning Equipment

Growth Potential: 20.11% compound revenue growth, -4.13% compound non-recurring profit and loss growth, 877.16% compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast is RMB 240 million, with an anticipated growth rate of 107.86%

Primary Products: Equipment sales are the main profit source, accounting for 81.52% of profits, with a gross margin of 22.93%

Company Highlights: Shenling Environment is Alibaba's core temperature control and liquid cooling supplier, with a deep partnership in computing power infrastructure and thermal management solutions.

No. 3 Envicool

Industry Segment: Other Specialized Equipment

Growth Potential: 30.04% compound revenue growth, 35.87% compound non-recurring profit and loss growth, -55.89% compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast is RMB 642 million, with an expected growth rate of 41.8%

Primary Products: Data center temperature control and energy-saving products are the main profit sources, contributing 49.90% of profits, with a gross margin of 26.97%

Company Highlights: Envicool's core relationship with Alibaba lies in supply chain and solution collaboration for computing power infrastructure. Envicool provides critical temperature control and liquid cooling solutions for Alibaba Cloud's AI computing power, serving as a long-term partner.

No. 2 Ruijie Networks

Industry Segment: Communication Network Equipment and Devices

Growth Potential: 1.36% compound revenue growth, 50.98% compound non-recurring profit and loss growth, -74.80% compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast is RMB 1.012 billion, with an anticipated growth rate of 76.33%

Primary Products: Network equipment sales are the main profit source, accounting for 80.90% of profits, with a gross margin of 37.86%

Company Highlights: Ruijie Networks is Alibaba's core network infrastructure supplier, with a strong partnership in computing power foundation and network foundation.

No. 1 Hithium

Industry Segment: Other Power Equipment

Growth Potential: 26.13% compound revenue growth, 322.09% compound non-recurring profit and loss growth, 97.80% compound operating net cash flow growth

Performance Outlook: The latest average net profit forecast is RMB 164 million, with an expected growth rate of 49.98%

Primary Products: Data center power supplies are the main profit source, contributing 28.72% of profits, with a gross margin of 22.11%

Company Highlights: Hithium is Alibaba's core power supplier, with a deep partnership in computing power infrastructure power supply, serving as a key energy partner for Alibaba's AI computing power infrastructure.