On the evening of Nov. 5, China’s Jingang Photovoltaic (300093.SZ) announced that its controlled subsidiary Jiuquan Jingang Intelligent Computing Technology Co., Ltd. (hereafter “Jiuquan Jingang”) signed a “Computing-Power Cloud Services Contract” that day with a computing-power customer, under which the tax-inclusive estimated total cloud service fee is no more than 1.536 billion yuan (approximately $230.7 million). Before the disclosure, the company’s shares had already hit the 20% daily limit that day, with the broader photovoltaic sector extending its rally into a fourth trading session.
According to the announcement, Jiuquan Jingang will deliver all computing nodes to the customer in batches, each with a 60-month service period, settled on a “pay-first, serve-later” basis with quarterly prepayment. The first and second batches of cloud service fees total 384 million yuan (approximately $57.7 million) on a tax-inclusive basis; prices for subsequent batches may be adjusted under the contract’s agreed mechanism, with the final amount subject to the actual quantities delivered and prices executed as confirmed by both parties.
The company did not disclose the counterparty’s full name, referring to it only as “Customer A,” describing it as an enterprise in the artificial intelligence field with strong research and development capabilities in large models and agents, sound credit standing and the ability to perform the contract.
Based on Jingang Photovoltaic’s 2025 operating revenue of 301 million yuan (approximately $45.2 million), the maximum estimated total price is roughly five times the prior year’s revenue. The company stated explicitly in the announcement that the contract amount accounts for more than 100% of its audited main business revenue for the most recent fiscal year, constituting a major contract in the ordinary course of business.
Note: The contract amount is a tax-inclusive estimate; the actual total amount is subject to the actual quantities delivered and prices executed for each batch as confirmed by both parties.
Jingang Photovoltaic also cautioned that the estimated total price does not constitute a performance commitment or profit forecast, and that the degree of impact on results in future years remains uncertain.
Jingang Photovoltaic currently focuses on two main lines: high-efficiency heterojunction (HJT) photovoltaics and green computing power. Data previously disclosed by the company show that computing-power business revenue accounted for 31% of the total in the first half of this year. On the computing infrastructure side, the Xinjiang 2,000P computing cluster and the Jiuquan 500P intelligent computing center have entered commercial operation, while the Beijing Tongzhou intelligent computing center project is underway, targeting high-end computing demand in the Beijing-Tianjin-Hebei region.
The company said the signing will help it establish long-term cooperation with the customer in the AI computing-power field, accelerate the buildout of its computing-power business, consolidate its “energy + computing power” integrated development direction, and form a differentiated competitive advantage leveraging its own new-energy and green-power resources.
Notably, the two parties also reserved room for “Token factory” cooperation in the contract: before the service expires, they will separately negotiate whether to carry out revenue-sharing and operational cooperation under that model within three years after expiration. A so-called Token factory is an output-revenue-sharing binding arrangement between a computing-infrastructure provider and a model or application provider — the former is responsible for building or leasing computing power, completing model deployment and inference optimization and day-to-day operations and maintenance, while the latter connects its models for inference services; rather than settling on a fixed rent, the two sides share revenue at an agreed ratio based on the Tokens ultimately generated.
Some industry insiders told media that Token revenue-sharing represents high-elasticity incremental income that can scale with call volume, with profit elasticity markedly higher than a pure “rent collection” model.
From a market perspective, the photovoltaic sector has strengthened for several consecutive sessions recently, with stocks including Jingang Photovoltaic and Shichuang Energy hitting the 20% daily limit, while Zhongli Group, Junda Shares and GCL Integration hit the 10% limit; the U.S. photovoltaic sector also rose collectively overnight. Against the backdrop of pressure on their core photovoltaic manufacturing businesses, extending into computing-power leasing and intelligent computing services is becoming a path for some companies to seek a second growth curve. However, such contracts are mostly delivered in installments with quarterly prepayment, and the pace of revenue recognition is closely tied to the customer’s actual deployment progress, so the near-term contribution to financial statements still needs to be observed.
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