From AI hardware distribution to vertical Token factory, INGDAN (00400) marks a new turning point in the commercialization of computing power.

INGDAN (00400) announced in a voluntary announcement that the group has completed a strategic upgrade: transitioning from a distributor of artificial intelligence hardware to a vertical AI Token factory operator. The group has currently signed intention service orders totaling over USD 1 billion, with customers including leading global cloud service providers, smart enterprises, and AI model manufacturers. The company also disclosed that the group has established a vertical industry Token computing power scheduling platform, which will adopt a profit-sharing model based on Token computing power, and will layout computing power infrastructure with its own computing power cluster and domestic and foreign third-party computing power centers in a "dual-track mode." The significance of this announcement goes far beyond the figure of over USD 1 billion in intention orders. It marks INGDAN's official step out of the traditional boundaries of the AI hardware supply chain and into a new track of AI computing power scheduling, Token measurement, industry customer operations, and continuous service revenue. The computing power industry enters a new stage of Token operation Looking back at the recent industrial evolution, the growth trend of the AI computing power track has quietly shifted: while model training remains the industry foundation, inferential landing and industry applications are becoming core sources of growth. The "Token-Driven Intelligent Economy Research Report" released by the China Industrial Internet Research Institute in June pointed out that Token has evolved from a single technical indicator to a new production factor involving value measurement, cost accounting, resource scheduling, and eco-collaboration. By March 2026, China's daily Token calls had exceeded 14 trillion, a growth of over a thousand times in two years. The industry trend's evolution resonates clearly with the "Token computing power scheduling platform" and "Token computing power profit-sharing model" proposed in INGDAN's announcement. If Tokenization represents a paradigm upgrade in value measurement, bottlenecks at the industry base are also shifting simultaneously. A white paper on AI infrastructure management platforms released by Frost & Sullivan in June proposed that the core contradiction in AI infrastructure was shifting from "whether to have a GPU" to "whether to efficiently, stably, and measurably operate heterogeneous computing power and model services." This is precisely the core value of INGDAN's strategic upgrade this time: the company is not simply increasing its investment in computing power infrastructure but is also building a system of operable, measurable, and profit-sharing computing power services through data center construction, cluster operation, customer flow diversion, and industry Token products. The global trend in capital expenditures also continuously confirms this industry trend. Gartner predicts that global AI spending will reach USD 25.2 trillion by 2026, a 44% year-on-year increase, with AI infrastructure spending expected to reach USD 13.7 trillion. A recent report from Goldman Sachs also shows that the 2026 capital expenditure of global hyperscale cloud providers is expected to exceed USD 760 billion, with the growth rate of AI demand still outpacing the pace of infrastructure development. In other words, the shortage of computing power has not ended, and the industry is transitioning from the first half of "chip procurement competition" to the second half of "operating computing power, scheduling computing power, and monetizing computing power." The revaluation logic of the capital market on the second growth curve Analysts believe that INGDAN's strategic upgrade launched at an industry inflection point has at least three layers of deep value for the capital market. First, the business positioning achieves an advancement. The company's original core strength lies in bridging upstream chip technology with downstream innovation demand, possessing the full industry chain resources of GPUs, CPUs, FPGAs, ASICs, storage chips, AI servers, switching network equipment, and more. After this strategic upgrade, the hardware and supply chain capabilities will be consolidated into underlying computing power operation capabilities, driving the company to continuously extend to high-value-added links in the industry chain. Second, the profit model undergoes a paradigm iteration. The core of traditional hardware distribution businesses lies in procurement, delivery, and turnover efficiency, while the Token factory model anchors computing power consumption, industry customer calls, and profit-sharing. If subsequent formal contracts land successfully, forming stable and continuous Token consumption, the company's revenue structure will transition from one-time hardware delivery to continuous service revenue expansion, significantly improving the stability and predictability of profitability. Third, vertical scenario positioning opens up imaginative space. The announcement specifically mentions landing scenarios such as humanoid robots and drones. Vertical fields such as embodied intelligence, low-altitude economy, industrial AI, and others require more than just algorithms - they also rely on low latency, lightweight, and flexibly schedulable inference computing power support. If INGDAN can deeply coordinate AI hardware supply chains, cluster operation capabilities, and industry customer resources, it is poised to occupy a core position as the "vertical scenario computing power gateway." The core value of this announcement is that it places INGDAN within the mainstream narrative framework of the commercialization of AI infrastructure: as the industry transitions from a competition of model capabilities to a competition of Token consumption, platform enterprises that can link chip manufacturers, computing power centers, model companies, and vertical scenario customers are more likely to obtain a reevaluation of value in the capital market. INGDAN's strategic upgrade this time is at a key window of industry transition, signaling a clear indication that the second growth curve is accelerating. It is worth noting that investors still need to rationally differentiate between industry prospects and the pace of performance realization. Short-term market sentiment may revolve around strategic positioning upgrades and order scale expansion, while the core observation points for mid-to-long-term value verification lie in formal contract signing progress, computing power node implementation pace, Token product pricing systems, actual customer call volumes, and revenue confirmation mechanisms.