INGDAN (00400) officially secures a Token order worth over $1 billion! A five-year contract locks in the second growth curve.

On the evening of August 24, INGDAN (00400) issued a voluntary business progress announcement, stating that the previously disclosed intention service order for the AI Token factory has officially signed a service contract. According to the agreement, the group expects to receive a total of over $1 billion in service fee revenue over the next five years, with relevant services officially scheduled to start delivery in the fourth quarter of 2026. This marks a key milestone in the company's strategic upgrade from an AI chip hardware supplier to a vertical Token factory operator, indicating that the second growth curve has fully transitioned from strategic planning to realization. The formalization of this contract occurred just over a month after the disclosure of the intention order in mid-July, with the pace of progress far exceeding market expectations, fully confirming the commercial viability of the Token computing power operation model and the urgency of market demand. According to the announcement, INGDAN is accelerating the establishment of a global computing power network, planning to soon expand the layout of computing power centers to multiple Asian countries, with an overall planned computing power scale exceeding 100 megawatts. The group will provide integrated services such as computing power scheduling, cluster operation and maintenance, and Token computing power output through the Token computing power scheduling platform, serving core customer groups that include leading internet cloud service providers and Siasun Robot & Automations vertical market. From a business model perspective, INGDAN's Token factory has carved out a differentiated light-asset path. Unlike traditional IDC companies that heavily invest in building their own data centers, the company adopts a dual-track deployment strategy of "self-owned computing power clusters + domestic and foreign third-party computing power centers," leveraging its deep accumulation in the AI chip supply chain, software-hardware collaboration, and downstream customer resources to enter the computing power operation sector with a light-asset approach. This model not only fully utilizes the company's long-standing industrial chain capabilities but also avoids the financial pressure of heavy asset expansion, enabling a quick response to the inference computing power demands of various vertical scenarios. This layout aligns perfectly with the current core transformation direction of the AI industry. As the global AI industry's focus shifts from training to inference, Token has evolved from a single technical metric to a core vehicle for measuring computing power value, cost accounting, and ecological collaboration. The measurable and shareable computing power operation model is becoming the new mainline for industry growth. With the integrated advantages of upstream original manufacturer resources, midstream technology service capabilities, and downstream customer ecosystem, INGDAN transforms traditional one-time hardware delivery capabilities into sustainable computing power operation service capabilities, effectively breaking through the long-term growth ceiling. Behind the accelerated breakthroughs in new business lies the strong growth of the company's traditional fundamental base as a solid support. In the first quarter of 2026, the company achieved revenue of approximately 6.034 billion yuan, a year-on-year increase of 125.6%; operating profit was approximately 208 million yuan, up 51% year-on-year, with growth driven mainly by the sustained demand from the three high-growth areas of AI data centers, storage, and Siasun Robot & Automation. The full-stack AI chip service capability and the customer resources covering over a hundred industries are not only the core drivers of the companys current performance but also the fundamental strength for the rapid expansion and customer acquisition of the Token factory business. From a market perspective, the signing of this formal contract is valuable not only for the billion-level order itself but also for the completion of the commercial validation of the transformation model. Traditional chip distribution business primarily focuses on one-time hardware delivery, which has relatively limited revenue elasticity and valuation ceilings; whereas Token factory business centers around ongoing service revenue and computing power distribution, offering stronger cash flow stability and higher business barriers. As subsequent computing power nodes steadily land and service delivery continues to advance, the company's revenue structure will continue to optimize, and its valuation system is expected to gradually switch from traditional distribution logic to technology operation service logic. The announcement also noted that actual revenue recognition will depend on the progress of service agreement fulfillment and actual business development. Overall, the formal realization of the $1 billion five-year order injects strong certainty into INGDAN's medium-to-long-term growth. Amid the ongoing explosive demand for AI inference in the industry wave, the company combines high growth in its fundamentals with high elasticity in new business, and its industrial value is expected to continue to receive market re-evaluation.