Jin-Gang Solar Swaps Compute Deal for 614M CNY Contract — Eter News

Enriched Analysis 深度解析

Jin-Gang Solar Swaps Compute Deal for 614M CNY Contract金刚光伏升级算力合同 新签6.14亿元大单

Subsidiary Jin-Gang Shuhai ended a 399 million CNY compute contract from June 2025 without penalty. It concurrently signed a 60-month 614 million CNY deal using existing hardware clusters.金刚光伏孙公司友好解约3.99亿元旧���力合同，同日新签60个月、6.14亿元AI算力服务协议，全面复用已建算力集群资产��

中国能源网 22 Jul 2026 2026年7月22日

614M6.1亿

New Contract Value新合同含税总额

-2.3B-23.2亿

7-Year Non-GAAP Loss7年扣非净利润累计亏损

2,0002,000

First Compute Cluster Scale首期算力集群规模

01The Story新闻事实

Subsidiary Jin-Gang Shuhai ended a 399 million CNY compute contract from June 2025 without penalty. It concurrently signed a 60-month 614 million CNY deal using existing hardware clusters.金刚光伏孙公司友好解约3.99亿元旧���力合同，同日新签60个月、6.14亿元AI算力服务协议，全面复用已建算力集群资产��

  • The original 399 million CNY contract signed in June 2025 terminated on June 30, 2026 without penalties.2025年6月签署的3.99亿元原合同于2026年6月30日终止，��方互不追责。
  • The new 60-month contract totals 614 million CNY, representing a 215 million CNY value increase.新签60个月AI算力合同含税总额6.14亿元，较原��同增加2.15亿元。
  • The existing computing cluster will be fully reused, avoiding additional hardware capital expenditure.现有算力集群设施实现完整复用，有效避免新增资本开支。
  • Jin-Gang Solar lost 2.324 billion CNY in aggregate non-GAAP net profit from 2019 through 2025.金刚光伏2019至2025年扣非净利润连续亏损，七年合��亏损23.24亿元。

Jin-Gang Solar expanded contract value by 53.8% through infrastructure reuse, leveraging high-margin compute services to offset multi-year solar manufacturing losses.金刚光伏通过复用既有集群将算力合同金额提升53.8%，试图以高毛利算力业务弥补光伏主业长期亏损。

024 Dimensions维度分析

Comparison对比

Contract Value Expansion合同规模与金额提升

The replacement agreement expands total 5-year compute contract value by 215 million CNY while retaining monthly settlement terms.新服务协议将五年期算力合同总额提升2.15亿元，维持按月结算模式。

New Contract Value新合同含税总额

2026 - 20312026年—2031年614M CNY

July 20262026年7月215M CNY

  • The original 5-year contract with a Jiangsu big data company was signed on June 27, 2025 for 399 million CNY.2025年6月27日与江苏某大数据企业签订的原5年期合同总额为3.99亿元。
  • The new 60-month agreement signed on July 22, 2026 with a Beijing technology firm totals 614 million CNY.2026年7月22日与北京某科技企业新签的60个月合同金额升至6.14亿元。
Contradiction矛盾之处

Financial Contrast: Net Profit vs Operating Loss财报反差：债务重组扭亏与扣非长期亏损

A 875 million CNY non-operating debt restructuring gain masked 571 million CNY in 2025 core operating losses.2025年8.75亿元债务重组收益扭转账面亏损，但扣非净利润仍亏损5.71亿元。

7-Year Non-GAAP Loss7年扣非净利润累计亏损

2019 - 20252019年—2025年-2.3B CNY

20252025年度875M CNY

20252025年度-571M CNY

  • Jin-Gang Solar accumulated 2.324 billion CNY in non-GAAP net losses over seven consecutive years from 2019 to 2025.金刚光伏2019至2025年连续七年扣非净利润亏损，累计亏损达23.24亿元。
  • The company reported 2025 revenue of 301 million CNY, up 143.41% year-on-year.公司2025年实现营业收入3.01亿元，同比增长143.41%。
Historical context历史脉络

Strategic Pivot: Solar HJT + Compute双轮驱动：“光伏HJT+算力”转型

Jin-Gang Solar shifted from solar glass and HJT manufacturing to a dual-engine model incorporating AI computing infrastructure in 2025.金刚光伏于2025年转型为“光伏HJT+算力”双轮驱动模式，开辟AI算力服务第二主业。

First Compute Cluster Scale首期算力集群规模

2,000 PFLOPS2,000PFLOPS

November 20252025年11月

  • Jin-Gang Solar completed debt restructuring in Gansu Province during 2025, lowering financial liabilities.金刚光伏于2025年在甘肃省酒泉市中级人民法院裁定下完成债务重整。
  • The company delivered its first 2000P compute cluster phase in November 2025.公司首个2000P算力集群项目于2025年11月完成阶段性交付。
Future signal前瞻信号

Asset Reuse & Profitability Outlook资产复用与盈利能力改善

Full reuse of existing computing hardware eliminates secondary capex and improves compute business gross margins.全面复用建成的算力集群免除二次资本开支，直接提升算力业务毛利率。

  • Computing resources built under the 399 million CNY contract were fully migrated to the new 614 million CNY customer.原算力服务所建设的硬件集群设施已完整转由新客户复用。
  • Higher contract unit prices raise profit margins for Jin-Gang Solar's computing operational division.新合同更高的服务单价提升了公司算力运营板块的整体盈利空间。

03Timeline时间线

  1. 2025-06-27 Signed 399 million CNY 5-year compute contract with Jiangsu firm.与江苏企业签订3.99亿元5年期算力服务协议。
  2. 2025-11-15 Delivered initial 2000P compute cluster in Jiuquan, Gansu Province.甘肃酒泉首个2000P算力集群项目完成阶段性交付。
  3. 2025-12-31 Completed court debt reorganization, recording 875 million CNY restructuring gain.完成法院裁定债务重整，确认8.75亿元债务重组收益。
  4. 2026-06-30 Effective early termination date of original 399 million CNY compute contract.原3.99亿元算力服务合同提前解约协议正式生效。
  5. 2026-07-22 Signed 614 million CNY 60-month AI compute contract with Beijing firm.与北京企业新签60个月、6.14亿元AI算力合同。

Key takeaway核心结论

Reusing compute infrastructure raises contract value by 215 million CNY, providing recurring cash flow while core solar operations remain loss-making.盘活已建算力集群使合同增值2.15亿元，在光伏主业亏损背景下改善现金流与毛利。

04What to Watch后续关注

  1. Monthly payment collection and execution timeline of the 614 million CNY Beijing contract.6.14亿元新合同的按月服务费履约与款项回笼进度。
  2. Gross margin improvement in computing segment during 2026 interim financial reporting.2026年中报算力板块毛利率与盈利贡献改善幅度。

05Uncertainties不确定因素

  • Credit risk and payment stability of the undisclosed Beijing technology counterparty.北京未具名科技客户的信用资质与按月付费能力。
  • Volatility in underlying solar HJT cell prices impacting core segment profit.光伏HJT电池片市场价格波动对主业盈利的冲击。

06Sources信息来源

  1. Jin-Gang Solar Terminated 399M CNY Compute Contract and Signed 614M CNY New Contract换单升级！金刚光伏终止3.99亿算力合同，新签6.14亿超级大单 中国能源网 · 2026-07-22
  2. Jin-Gang Solar Announcement on Progress of Major Compute Contracts金刚光伏关于签订重大合同及重大合同进展的公告 深圳证券交易所 · 2026-07-22
  3. Gansu Golden Solar Co., Ltd. 2025 Annual Financial Report金刚光伏2025年年度报告 深圳证券交易所 · 2026-04-20

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