Shenzhen Market Innovation Pioneer | Anchoring Core Computing Power Track: Leading Shenzhen Enterprises Sketch AI Hardware Innovation Landscape

Securities Times Reporter Wu Shaolong

Currently, computing hardware is becoming the fundamental force driving the era of intelligent computing under the AI wave. The 2026 government work report includes “computing and electricity collaboration” into the national new infrastructure projects; the 14th Five-Year Plan outlines “coordinated advancement of computing infrastructure, model algorithms development, and high-quality data resource supply,” laying a solid foundation for the deep empowerment of the “AI+” industry in the real economy.

Against this backdrop, a group of high-quality companies such as Shenghong Technology, Unisoc, and Inspur Information are deeply involved in the AI computing hardware sector in the Shenzhen stock market. They have established leading advantages in core PCB components, full-stack intelligent computing infrastructure, and systematic computing solutions through breakthroughs in core technology, continuous R&D investment, and forward-looking industry deployment. These “computing pioneers” in Shenzhen are working together to create a high-quality innovation map for China’s AI computing hardware industry.

Forward-looking deployment aligns with national computing development strategies

In the current rapid iteration of the AI computing industry, breakthroughs in core technology and forward-looking sector deployment are key for companies to build competitive barriers and seize industry development opportunities. As leaders in their respective fields, Shenghong Technology, Inspur, and Unisoc closely follow national strategic directions, placing R&D innovation at the core of their development strategies. Through sustained high-intensity R&D investment, forward-looking technological deployment, and systematic patent accumulation, they are steadily building their core technological “moats,” precisely positioning themselves in high-growth future sectors such as AI computing and autonomous driving, becoming the backbone of innovation in the computing industry.

As a global leader in AI computing PCB, Shenghong Technology has invested over 2 billion yuan in R&D since its listing, focusing on core PCB technology. The company has a R&D team of over 1,500 people, with more than 350 effective patents in circuit board fields, and has won the “China Patent Excellence Award” for four consecutive years.

Inspur Information, based on 30 years of industry experience and engineering innovation capabilities in the AI era, is upgrading from a server hardware supplier to a “system-level AI infrastructure and intelligent computing integrated solution provider.” Currently, about 45% of its R&D staff are engaged in innovation, with over 20,000 effective patents worldwide, of which more than 85% are invention patents, with over 60% concentrated in core cutting-edge fields such as heterogeneous computing, high-speed interconnects, liquid cooling, and AI. Additionally, the company has led or participated in the formulation of over 300 international, national, and industry standards.

Unisoc is committed to practicing “AI in ALL,” maintaining high R&D investment levels for the long term. From 2022 to 2024, R&D investments were 5.299 billion yuan, 5.643 billion yuan, and 5.102 billion yuan respectively, maintaining high levels for three consecutive years. By 2025, the company’s total patent applications exceeded 16,000, with over 90% being invention patents. It has also achieved leading innovation across key layers of intelligent computing infrastructure.

Technological dividends unleash new growth momentum in the industry

Long-term technological innovation and forward-looking deployment will ultimately translate into tangible business performance. The breakthroughs by industry leaders will further consolidate industry development efforts and release new growth drivers. As global demand for AI intelligent computing explodes, Shenghong Technology, Inspur, and Unisoc, leveraging their long-term innovation accumulation and technological advantages, have achieved leapfrog growth in business performance, securing more favorable positions in both global and domestic segmented markets. The endogenous growth driven by technological leadership, combined with the strong traction of national computing industry strategies, is fueling a surge in the AI computing hardware sector, providing solid industry support for the construction of new intelligent economic models.

In 2025, Shenghong Technology is expected to achieve a net profit attributable to shareholders of 4.36 billion yuan, a year-on-year increase of 277.68%. Industry data shows Shenghong has ranked sixth among global PCB companies, with leading positions in AI computing PCB, high-end HDI, and multi-layer PCB segments (Frost & Sullivan data). With its technological advantages, the company collaborates deeply with global tech giants, conducting material selection and design validation for next-generation products 2-3 years in advance.

Inspur Information, a leader in server markets, shows strong growth momentum. In 2024, its revenue surpassed 100 billion yuan for the first time, with a net profit of 2.292 billion yuan attributable to shareholders. In the first three quarters of 2025, revenue exceeded 120 billion yuan, surpassing the total for all of 2024. According to IDC, Gartner, and other authoritative sources, by the third quarter of 2025, Inspur ranked second globally and first in China for server shipments. The company maintains a leading position in the global AI server and liquid-cooled server markets, consistently ranking first in China for multiple years.

In the first three quarters of 2025, Unisoc achieved a total operating revenue of 77.322 billion yuan, a year-on-year increase of 31.41%. As a provider with full-stack capabilities of “computing × connectivity,” it has maintained leadership in several key markets for many years. In networking, it has ranked first in the domestic enterprise WLAN market for 16 consecutive years; in computing, it has been among the top three in the domestic x86 server market for six consecutive years; in security hardware, it has ranked among the top two in the domestic security hardware market for six years.

Capital empowerment accelerates industry integration

High-quality industry development relies on the synchronized growth of technological innovation, performance, and capital support. Shenghong Technology, Inspur, and Unisoc, as industry leaders, leverage capital market tools such as equity incentives, diversified financing, and mergers and acquisitions to form a “combo,” precisely aligning with national industry funding needs. This accelerates breakthroughs in core technologies, improves industry layout, and enhances resource integration efficiency, helping companies achieve strategic leaps into higher technology levels and broader markets, while fostering a self-controlled, collaborative industrial ecosystem for computing hardware.

Shenghong Technology, through acquiring MFS Group, quickly addresses its flexible circuit board technology gaps, forming a comprehensive PCB product portfolio that combines rigidity and flexibility, strengthening its technological moat. It also acquired APCB Electronics (Thailand) Co., Ltd., establishing overseas manufacturing bases to meet international top-tier customer delivery needs. These acquisitions generate significant synergies, leveraging the company’s platform advantages to accelerate product certification, reduce procurement and operational costs through scale, and enable dual domestic and overseas capacity, alleviating domestic production pressure and driving domestic orders, thus providing strong momentum for sustained future growth.

Inspur Information utilizes diversified debt financing tools to broaden funding channels and optimize capital structure, ensuring stable funds for ongoing R&D, global market expansion, and capacity deployment. In 2025, the company accelerated the application of advanced network technologies in server products through mergers and acquisitions, improving its AI infrastructure full-stack solution system.

Unisoc actively uses capital tools, since acquiring a controlling stake in Xinhua Tricom in May 2016, increasing its shareholding to 81% by September 2024. Recently, its wholly owned subsidiary Unigroup, together with multiple financial and industry investors, acquired an additional 19% stake in HPE Cayman’s holdings of Xinhua Tricom. After this transaction, Unigroup’s controlling stake in Xinhua Tricom will increase from 81% to 87.98%, further strengthening core asset control, improving management and operational efficiency, and leveraging external strategic resources to support high-quality development of Xinhua Tricom.