Having signed tens of billions of yuan worth of orders in just two months, Fuzhu Assistant has turned the computing power business into a financial business.

A listed company with only 300 million yuan in its accounts has consecutively signed tens of billions of yuan in computing power orders within two months. Feng Assistant (301382.SZ) is turning its computing power business into a financial business.

On September 29, the share price of Feng Assistant opened lower and moved higher. By the close, the company's share price rose 6.05% to 39.97 yuan per share, and its total market value increased to 11.4 billion yuan.

The day before the sharp rise in its share price, Feng Assistant officially announced a large computing power order. According to the announcement, the company recently signed a computing power server procurement agreement with Company C and a computing power service agreement with Company D.

According to the agreements, Feng Assistant will purchase computing power servers from Company C with a total amount of 3.96 billion yuan. The company will also provide comprehensive computing power services to Company D, covering CPU, memory, GPU, storage, bandwidth and supporting services for computing power, with a total agreement amount of 5.717 billion yuan and a cooperation period of 60 months.

In the announcement, Feng Assistant stated that since the equipment related to computing power servers involves trade secrets, the corporate names of Company C and Company D were not disclosed. However, the company also noted that Company C has rich experience in the implementation of intelligent computing centers and maintains good cooperative relationships with large computing power server equipment manufacturers; Company D has strong background strength and the ability to perform the contract.

This is also the second large computing power order signed by Feng Assistant since August this year.

In August this year, through its wholly-owned subsidiary Ya'an Cloud Computing, Feng Assistant signed a computing power server procurement agreement with Company A with a total procurement amount of 3.062 billion yuan, and signed a computing power service agreement with Company B with an amount of 4.608 billion yuan.

In just two months, Feng Assistant has purchased nearly 7 billion yuan worth of computing power servers and signed over 10.3 billion yuan of large computing power orders with downstream companies.

However, while accepting these large computing power orders, Feng Assistant itself is facing liquidity pressure. As of the end of June 2026, the balance of monetary funds of Feng Assistant was only about 329 million yuan, while the total balance of the company's short-term loans and current liabilities due within one year reached as high as 1.275 billion yuan in the same period.

Against this backdrop, Feng Assistant has significantly increased the guarantee quota for its subsidiaries. On the same day as the official announcement of the large order, Feng Assistant issued an announcement stating that it will add no more than 240 billion yuan of comprehensive credit line. After this increase, the total comprehensive credit line that the company and its subsidiaries can apply for in 2026 will be increased to no more than 300 billion yuan. The above credit line will be provided with unlimited joint and several guarantee by Luo Hongpeng, the actual controller of the company, free of charge.

To smoothly promote the implementation of new businesses, Feng Assistant is skillfully using the financial leasing model to turn this computing power business into a financial business.

Turning Computing Power Business into Financial Business

To fulfill the computing power orders, Feng Assistant adopts financial leasing financing to solve the capital problems it faces.

Specifically, Feng Assistant purchases computing power servers from Company A and Company C respectively, with prices of 3.062 billion yuan and 3.96 billion yuan respectively. Among them, 5% to 20% of the amount will be paid with Feng Assistant's own funds, and 80% to 95% of the amount will be covered by financial leasing financing.

In the view of Feng Assistant, under the financial leasing model, the company only needs to pay rent on schedule, and can realize equipment deployment with a low initial investment. Calculated based on the total equipment procurement amount of 7.022 billion yuan, Feng Assistant only needs to pay 350 million yuan to 1.4 billion yuan to the equipment supplier to leverage the implementation of tens of billions of yuan in computing power orders.

However, behind this high-leverage business model of Feng Assistant, risks are also hidden.

From the perspective of the business itself, after Feng Assistant obtains the computing power servers through the financial leasing model, the ownership of the equipment will belong to the leasing company. Feng Assistant needs to collect service fees from downstream lessees on schedule and pay rent to the leasing company. Once the recovery of downstream service fees is delayed, Feng Assistant will face great liquidity pressure.

In addition, even if the adoption of the financial leasing model for computing power business can reduce the capital pressure of Feng Assistant, since the cash on hand of Feng Assistant itself is difficult to cover short-term loans, this part of the down payment will further push up the debt scale of Feng Assistant.

Finally, even if Feng Assistant wins large computing power orders through high leverage, its returns are relatively limited.

At the time of signing the first computing power order, Feng Assistant once stated that if the project can be implemented successfully, the expected annual average net profit will reach 60 million yuan to 72 million yuan. However, affected by factors such as fluctuations in financing costs, the annual net profit of each project may fluctuate, and the net profit level of the company may even be weakened in individual years.

Calculated based on the equipment purchase cost of 3.062 billion yuan for the first order, the annual static return on assets of relevant projects is only about 1.96% to 2.35%, and the overall rate of return is not high.

Hurriedly Seeking New Growth Curve

For Feng Assistant, although the computing power leasing business faces risks, it is also an important move for the company to further expand its business scope.

Feng Assistant was founded by Luo Hongpeng, a veteran in the communications industry. Luo Hongpeng, 52 years old this year, has worked at China Mobile for many years. In 2012, Luo Hongpeng founded Feng Assistant, whose main business is digital commodity distribution, that is, the aggregated operation of virtual equity products such as phone bills, data traffic, and video memberships. In 2023, Feng Assistant was listed on the ChiNext Market.

At present, Luo Hongpeng holds 24.16% of the equity of the listed company directly and indirectly. Calculated based on the latest share price, the market value of Luo Hongpeng's shareholding is about 2.5 billion yuan.

After listing, Feng Assistant faced the problem of declining profitability of its main business. At present, the main business of Feng Assistant is comprehensive operation of digital commodities, which mainly provides services for mobile Internet-related customers including aggregated operation of digital virtual commodities, integrated operation, and exclusive product agency services.

In recent years, the revenue of this business has risen rapidly. In 2025, its revenue increased by 41.10% year-on-year to 1.88 billion yuan, and in the first half of this year, the revenue increased by 36% year-on-year to 1.176 billion yuan. However, the gross profit margin of this business has continued to decline, reaching 18.67%, 16.83% and 12.00% in 2024, 2025 and the first half of this year respectively.

In recent years, Feng Assistant has also begun to expand Internet of Things related businesses, which have strong profitability, with a gross profit margin as high as 58.60% in the first half of this year, but the revenue proportion of this business is only 10.84%, making limited contribution to the overall performance of the company.

Affected by the above businesses, in recent years, the revenue growth rate of Feng Assistant has far exceeded the profit growth rate. From 2023 to 2025, the company's operating revenue was 1.179 billion yuan, 1.539 billion yuan and 2.09 billion yuan respectively; the attributable net profit was 142 million yuan, 134 million yuan and 154 million yuan respectively. In the first half of this year, the company's operating revenue increased by 36.14% year-on-year to 1.339 billion yuan; the attributable net profit increased by 1.87% year-on-year to 78 million yuan.

Compared with the original business of Feng Assistant, the computing power leasing industry has developed rapidly in recent years. Data shows that by the end of June this year, the total scale of intelligent computing power in China has grown strongly to 2185 EFLOPS, and the overall loading rate of national computing power facilities has jumped to 71.4%. According to data from the China Academy of Information and Communications Technology, the domestic computing power leasing market size is expected to exceed 2600 billion yuan in 2026.

As early as 2025, Feng Assistant planned to enter the computing power market. In September 2025, Feng Assistant launched a private placement plan of 984 million yuan, of which 548 million yuan will be invested in the cloud terminal computing center project. However, a year has passed, and this private placement project has not been further promoted.

Although the private placement has not been implemented, Feng Assistant has not stopped the pace of building its own computing center. According to the announcement, Feng Assistant will set up an intelligent computing center in Xinyi, Guangdong, to build a distributed computing power supply network. The project is expected to be completed and put into operation in 2027, providing computing power empowerment for the AI agent, AI pan-terminal related industries and ecological development.

This article is from the WeChat official account "Damo Finance" (ID: damofinance), written by Damo Finance, and authorized for release by 36Kr.