The voluntary announcement released by GBA AI COMP (01396) on the evening of July 3rd provides a detailed update on the group's latest AI business progress. A close reading of this announcement within the current complex landscape of the computing power market offers precise answers to the three most pressing questions for investors: Is demand still robust? Who are the truly capable operators? Can profits be genuinely realized?

Evidence of Sustained Momentum

The announcement reveals that for the first half of 2026, GBA AI COMP secured new computing power orders exceeding 15 billion yuan, corresponding to a scale of approximately 35,000 PFLOPS (FP16 dense). Public information indicates that the company already has over 15 billion yuan in computing power orders under stable billing, with more than 42,000P in operation. The new orders signed in just six months now match the cumulative total from previous years. Crucially, these are not just paper agreements but are accelerating into actual delivery: as of June 30th, over 2 billion yuan worth of orders have been newly delivered, corresponding to approximately 6,000P of operational computing power. This demonstrates that the new orders are steadily being converted into billable operational capacity.

This achievement confirms that the company's capabilities are fully recognized by the market, with its client base covering a diverse range including telecom operators, internet companies, cloud service providers, and hard-tech firms, indicating a healthy and robust demand structure. It also serves as positive confirmation of the industry's continued vitality. The news about Meta considering renting out its computing capacity had sparked concerns about a potential peak in demand, briefly pressuring the AI chip sector in A-shares. However, a closer look at Meta's strategy reveals it is simultaneously continuing to purchase and lease external computing power, having recently signed a deal with Crusoe for about 1.6GW of computing capacity. Furthermore, Meta raised its full-year capital expenditure guidance in Q1. This activity appears more like an optimization and reallocation of resources across different computing generations rather than a sign of waning demand. Mark Zuckerberg explicitly stated on the earnings call that the computing power shortage is expected to persist at least until the end of next year.

When GBA AI COMP signs 15 billion yuan in new orders in half a year, with over 95% being five-year long-term contracts, the data itself speaks volumes: there remains a supply shortage for computing power with genuine delivery capabilities. The capacity Meta might rent out represents older, redundant inventory, while the market is fiercely competing for high-performance computing power that can be stably delivered and continuously operated. The underlying strength of the AI market remains unchanged.

Market Divergence in a Rising Price Cycle

A comparison of two data points is revealing: the previously accumulated over 15 billion yuan in orders corresponded to over 42,000P of computing power, while the newly signed over 15 billion yuan corresponds to about 35,000P. For a similar monetary value, the computing scale has decreased from 42,000P to 35,000P, indicating a significant rise in the contract value per unit of computing power. The computing power leasing market is undergoing a substantial price increase cycle.

This aligns with the broader industry trend. Lead times for high-end GPU orders are generally extended to 2027, and leading service providers have been adjusting prices. The willingness of top-tier large model companies to pay substantial premiums for computing capacity makes the upward pricing trend clear. The other side of this price cycle is an acceleration in industry consolidation. Over the past year, many new entrants have flooded into the computing power sector, leading to uneven overall delivery capabilities. Some projects have faced delays, testing the stability of execution.

The root cause is that genuine delivery capability requires long-term accumulation; not all players can successfully translate plans into tangible results. It is against this backdrop that a key detail in GBA AI COMP's announcement stands out: the new orders are already being delivered. While many companies are still sketching blueprints with "framework agreements," this announcement is based on projects that have already materialized. The fact that 2 billion yuan in orders have been delivered and 6,000P of computing power is already operational as of June 30th represents a rare quality in the current market environment. Consequently, clients are willing to pay higher unit prices and commit to five-year contracts—the price increase reflects a premium for delivery certainty.

Profit Potential Locked In by Long-Term Contracts

Another significant data point from the announcement is the group's forecast: it expects to achieve a net profit of no less than 240 million yuan for the first half of 2026. This signals that the AI computing power business has entered a phase of substantial profit realization. However, evaluating its profitability based solely on the half-year figure would lead to a severe undervaluation.

The key lies in the order structure. Over 95% of the new orders are five-year long-term contracts. This 15 billion yuan is not short-term, volatile revenue but rather a reservoir with its foundation already built—locking in a revenue stream for the next five years from the moment of signing. As the remaining orders are constructed and delivered, the profit curve is not flat but an upward-sloping line that rises with the delivery pace.

Capital deployment points in the same direction. The company recently completed a minor placement at a 10% discount, diluting equity by only 1.49%, with subscribers agreeing to a six-month lock-up. This follows previous funding rounds, substantial bank credit lines, and strategic investments. With a stable cash flow base from over 15 billion yuan in existing billed orders, the company is supported by both recurring income and incremental capital, providing ample ammunition to support subsequent large-scale construction and delivery.

As orders continue to accumulate, contracts remain long-term locked, and capital is replenished in an orderly manner, the profit potential for GBA AI COMP is only beginning to unfold. The perspective must be long-term—this is not a slogan but a fundamental logic dictated by order structure and delivery cadence.

Concluding Thoughts: The Certainty of Solid Execution

Reviewing this announcement, the core message can be distilled into one word: certainty. The 15 billion yuan in new half-year orders proves that market demand remains strong and the AI industry's growth cycle persists. The comparison between 35,000P of new computing power and historical data confirms the price increase cycle and industry restructuring. The 2 billion yuan in delivered value and ongoing project execution demonstrate solid delivery capabilities. Over 95% five-year leases lock in earnings visibility for the next three to five years. The forecasted 240 million yuan net profit marks the full validation of the business model.

Amid the current fervor in the computing power sector, GBA AI COMP uses hard data to showcase the qualities of a genuine computing infrastructure operator: it has orders, delivery, clients, long-term contracts, and profit realization. With operational capabilities spanning large-scale training and inference, a diverse clientele from operators to leading AI firms, and established flagship AI super-factories, the company has formed a comprehensive "Token super-factory" for the AI era. Its potential evolution into a computing power ecosystem builder warrants ongoing attention. The industry's vitality continues, and the AI market remains vibrant. The greatest value of this announcement may lie in showing how an early, grounded pioneer in the sector is navigating the AI wave with perseverance and foresight, setting a benchmark for the industry.