Shouguang: Server Rental Service Fee Raised to RMB 1.104B, Up 74.48%

The scale of the revision—roughly three-quarters higher than the original contract—signals that demand for server rental capacity has outrun the terms struck when the deal was first signed, and that the counterparty accepted materially higher unit pricing rather than holding out. The structure matters as much as the number: most servers are still undelivered, with batches stretching to late 2026 and a five-year service clock starting only at each activation, so reported value will convert into revenue slowly and unevenly. For Yangguang, the open question is execution—whether the remaining deliveries land on schedule and whether the uplift reflects durable pricing power or a one-off renegotiation.