Kanghui unit signs 1.72B yuan computing power service contract

This is a pharma company pivoting into computing power via a subsidiary, and the structure matters more than the headline figure: the contract is roughly 1.7x the size of the server purchase backing it, with settlement monthly and delivery not starting until late 2026. The 2026 revenue contribution is marginal, so the deal is effectively a 2027 story, and the counterparties are unidentified. Whether the margin between the service contract and hardware cost holds after phased delivery begins is the open question.