The global demand for computing power is growing rapidly. In April, the weekly cumulative Token consumption on OpenRouter, the world's largest API aggregation platform, increased approximately 7-8 times compared to a year ago, with domestic large models being the primary driver of this surge.

Some analysts suggest that the current scarcity of computing power is high, and computing power leasing firms are expected to see an increase in their industry bargaining power. Their business models are evolving from simple bare-metal computing power rental to model services or Token-sharing models.

Dissection of Each Segment in the Computing Power Scheduling Industrial Chain

Upstream: Computing Power Hardware and Infrastructure

Computing Power Chips

GPU/AI Accelerator Cards, CPUs, FPGAs/ASICs

Servers and Complete Systems

AI Servers

Networking and High-Speed Interconnects

Optical Modules/Optical Devices, Switches/Routers

Supporting Facilities

Cooling/Liquid Cooling, Power Supplies/PCBs

Midstream: Computing Power Scheduling Hub

National/Regional Scheduling Platforms

National Computing Power Hubs, Regional/Provincial Platforms

Scheduling Software and Systems

Heterogeneous Computing Power Management, Virtualization/Orchestration

Computing Power Operation and Trading

Computing Power Banks/Supermarkets, IDCs/Intelligent Computing Centers

Downstream: Computing Power Applications and Services

Cloud Services/MaaS

Public Clouds, Computing Power Leasing

Industry Applications

AI Training/Inference: Large Models, Autonomous Driving, Biomedicine

Supercomputing/Scientific Research: Meteorology, Aerospace, Gene Sequencing

Industry/Finance/Government: Intelligent Manufacturing, Quantitative Trading, Smart Cities

Profitability of Enterprises in the Computing Power Scheduling Industrial Chain

The profitability of an enterprise is typically manifested in the amount and level of its earnings over a certain period. Profitability analysis involves a deep dive into a company's profit margins.

This article is part of the 【Profitability】 series on enterprise value, selecting 32 companies in the computing power scheduling industrial chain as research samples, and using metrics such as return on equity (ROE), gross margin, and net margin as evaluation indicators.

Data is based on history and does not represent future trends; it is for static analysis only and does not constitute investment advice.

No.10 Hengrun Co., Ltd.

Industry Segment: Wind Power Components

Profitability: ROE 2.57%, Gross Margin 8.98%, Net Margin 2.17%

Performance Forecast: No institutional forecasts for the current year

Main Products: Computing power products and services are the primary source of income, accounting for 42.11% of revenue, with a gross margin of 5.01%

Company Highlights: Hengrun Co., Ltd.'s subsidiary Runliushi focuses on computing power construction, including services such as computing power construction, scheduling, empowerment, security, and green computing power.

No.9 Maxcell International

Industry Segment: Aviation Equipment

Profitability: ROE 6.36%, Gross Margin 39.90%, Net Margin 12.18%

Performance Forecast: No institutional forecasts for the current year

Main Products: Aerospace components and tooling are the primary source of income, accounting for 68.02% of revenue, with a gross margin of 39.05%

Company Highlights: Maxcell International, through its controlled subsidiary (holding subsidiary) Ruixin Intelligence, specializes in computing power scheduling and forms a synergistic pattern of 'computing power resources + scheduling services' with its computing power leasing business under Ruiying Intelligent Computing.

No.8 Hengwei Technology

Industry Segment: Other Computer Equipment

Profitability: ROE 2.54%, Gross Margin 29.14%, Net Margin 3.29%

Performance Forecast: ROE has fluctuated between 1%-7% over the past three years, with the latest forecast average at 5.45%

Main Products: Intelligent system platforms are the primary source of income, accounting for 57.11% of revenue, with a gross margin of 15.68%

Company Highlights: Hengwei Technology, originating from network visualization and a leader in AI computing power scheduling implementation, provides full-stack capabilities for domestic intelligent computing centers, ranging from hardware and scheduling software to operations.

No.7 Runjian Co., Ltd.

Industry Segment: Communication Engineering and Services

Profitability: ROE 4.06%, Gross Margin 15.67%, Net Margin 2.18%

Performance Forecast: ROE has continuously declined to 4.06% over the past three years, with the latest forecast average at 1.15%

Main Products: Communication network services are the primary source of income, accounting for 49.68% of revenue, with a gross margin of 19.35%

Company Highlights: Runjian Co., Ltd. has formed a strategic cooperation with technology innovation enterprise Qudong Technology, integrating their respective R&D capabilities and market resources in the field of artificial intelligence to provide customers with services such as computing power scheduling, optimization, and leasing.

No.6 ZTE Corporation

Industry Segment: Communication Network Equipment and Devices

Profitability: ROE 7.58%, Gross Margin 30.25%, Net Margin 4.16%

Performance Forecast: ROE has continuously declined to 7.58% over the past three years, with the latest forecast average at 9.28%

Main Products: Operator networks are the primary source of income, accounting for 46.94% of revenue, with a gross margin of 48.09%

Company Highlights: ZTE Corporation, with its 'Connectivity + Computing Power' strategy, provides full-stack computing power scheduling capabilities ranging from hardware infrastructure and high-speed networks to computing network management platforms.

No.5 Feng Assistant

Industry Segment: Communication Application Value-Added Services

Profitability: ROE 7.77%, Gross Margin 21.58%, Net Margin 8.66%

Performance Forecast: ROE has continuously declined to 7.77% over the past three years, with the latest forecast average at 10.63%

Main Products: Digital commodity comprehensive operations are the primary source of income, accounting for 86.61% of revenue, with a gross margin of 18.67%

Company Highlights: Feng Assistant has accumulated cloud terminal computing power scheduling and 5G core application technologies, primarily including 'cloud-native OS, end-cloud collaboration engine, and intelligent computing power resource scheduling engine.'

No.4 Sugon

Industry Segment: Other Computer Equipment

Profitability: ROE 10.25%, Gross Margin 30.58%, Net Margin 14.42%

Performance Forecast: ROE has fluctuated between 9%-11% over the past three years, with the latest forecast average at 11.97%

Main Products: IT equipment is the primary source of income, accounting for 83.56% of revenue, with a gross margin of 27.31%

Company Highlights: Sugon is a core hardware infrastructure provider in the domestic computing power scheduling field, deeply involved in the full-hierarchy scheduling system ranging from single cabinets and data centers to the national 'integrated computing power network.'

No.3 Zhongbei Communication

Industry Segment: Communication Engineering and Services

Profitability: ROE 7.29%, Gross Margin 19.07%, Net Margin 4.94%

Performance Forecast: ROE has fluctuated between 6%-8% over the past three years, with the latest forecast average at 10.00%

Main Products: 5G new infrastructure is the primary source of income, accounting for 65.94% of revenue, with a gross margin of 18.23%

Company Highlights: Zhongbei Communication has formed a 'distributed computing power pool + central brain scheduling' model through its national computing power layout, self-developed intelligent scheduling platform, and computing network fusion capabilities.

No.2 Kehua Data

Industry Segment: Other Power Equipment

Profitability: ROE 6.96%, Gross Margin 25.20%, Net Margin 4.23%

Performance Forecast: ROE has fluctuated between 6%-13% over the past three years, with the latest forecast average at 9.29%

Main Products: New energy products are the primary source of income, accounting for 46.51% of revenue, with a gross margin of 16.78%

Company Highlights: The company builds autonomous and controllable infrastructure and deploys high-performance GPU servers as the computing power infrastructure within its data centers in core first-tier cities, deploying an efficient and professional computing power scheduling platform.

No.1 Shunwang Technology

Industry Segment: Communication Application Value-Added Services

Profitability: ROE 11.88%, Gross Margin 41.13%, Net Margin 15.36%

Performance Forecast: ROE reached a maximum of 11.88% over the past three years, with the latest forecast average at 14.90%

Main Products: Online advertising and value-added services are the primary source of income, accounting for 72.70% of revenue, with a gross margin of 26.31%

Company Highlights: Shunwang Technology's Shunwang Computing Power Tower is responsible for registering, orchestrating, managing, and scheduling multi-tier hardware at the bottom layer through its self-developed computing power scheduling platform.