In early July, in Shaoguan, Guangdong, the South China Intelligent Computing Base of Xiexin Group officially signed and landed here. According to local officials, the first phase of the project plans to invest 10 billion yuan and build a data center with 80000 standard cabinets and related supporting facilities. In the future, there will also be plans for a gigawatt level zero carbon smart computing park and token operation center.

As the only data center cluster in the Guangdong Hong Kong Macao Greater Bay Area and even in southern China, Shaoguan is moving from a "solid foundation" to a new stage of "soaring with wings". The landing of the GCL South China Intelligent Computing Base project is a heavyweight puzzle for Shaoguan to build the "City of South China Computing Power". By the end of 2025, an intelligent computing power capable of carrying 120000 standard racks and 180000 P has been formed here, and three 10000 card level intelligent computing clusters have been built.

This project is also another chess piece that GCL Energy Technology Co., Ltd. (002015.SZ, hereinafter referred to as "GCL Energy") has played in the field of intelligent computing. Shortly thereafter, on July 9th, the Management Committee of Ningxia Zhongwei Industrial Park signed an investment agreement with GCL Energy Technology, and the company's large-scale token factory will land in Zhongwei, filling the gap in standardized supply of large-scale tokens in the northwest region.

Within a month, this company, which started with clean energy power generation, is shifting its business from traditional energy to computing power.

The confidence of energy fundamentals

The logic behind GCL's entry into computing power is not complicated. The rapid development of AI big models has made computing power centers truly "electric tigers". Public data shows that by 2025, the total electricity consumption of computing power centers in China will be approximately 170 billion kilowatt hours, accounting for 1.6% of the total electricity consumption in society; The National Energy Administration predicts that by 2030, this number will reach 800 billion kilowatt hours. According to publicly available data, after deducting depreciation, electricity accounts for over 60% of data center operating costs.

Against the backdrop of the shift from "dual control" of energy consumption to "dual control" of carbon emissions, green electricity is becoming a scarce production factor that determines whether computing power centers can operate sustainably.

Traditional IDC enterprises rely entirely on purchasing electricity from external sources, and the cost of green power transformation is high; GCL Energy Technology can directly utilize its own wind and solar energy storage assets. At the investor relations event in May, the company stated that it will actively explore customized comprehensive energy solutions for smart computing centers, including "green power direct supply+new energy storage". By building an integrated microgrid of "source grid load storage computing", it can not only stabilize the grid fluctuations caused by the huge computing power load, but also reduce the PUE and overall carbon footprint of data centers through precise energy scheduling. This mode just fits in with the construction requirements of the hub node of "East Data and West Calculation" for the proportion of green power in the data center.

At the beginning of this year, GCL Energy Technology upgraded its strategy to a new development pattern of "synergy between energy business and computing power business", proposing to "strengthen computing with electricity and promote electricity with computing", and established four major business systems including electricity, electricity trading, computing power, and token trading. It invested 500 million yuan to establish an AI subsidiary. Simply put, it means using green electricity to power data centers, using AI to dispatch electricity for trading, and then using the computing power of data centers to feed back the energy big model.

At the landing level, GCL Energy Technology has obtained data center project registration in Guangzhou, Maoming, Wuxi and other places; In terms of overseas markets, AIDC and supporting power businesses in Southeast Asian countries such as Malaysia, Indonesia, and Thailand are also being promoted. In terms of ecological cooperation, the company has previously reached a comprehensive cooperation agreement with Huawei Digital Energy on the construction of an integrated liquid cooled supercharging network for "storage and charging optical cloud". The company stated that it has established partnerships with major domestic model manufacturers and top AI computing companies, and has secured some long-term orders.

The confidence in transformation ultimately comes from the fundamentals. According to the 2025 annual report, as of the end of 2025, the total installed capacity of grid connected operation of GCL Energy Technology reached 6106.56MW, with renewable energy installations accounting for 58.63%, including 2150.03MW of photovoltaic power, 817.85MW of wind power, and 790.54MW of energy storage, forming a multi energy complementary asset matrix. In that year, the company achieved a revenue of 10.326 billion yuan, a year-on-year increase of 5.4%; Deducting non net profit of 329 million yuan, a year-on-year increase of 11.82%. In the first quarter of 2026, the company's net profit attributable to the parent company was 288 million yuan, a year-on-year increase of 13.5%; Deducting non recurring net profit of 253 million yuan, a year-on-year increase of 31.01%.

More noteworthy is the change in income structure. In 2025, the energy service sector centered around the "Xin Zero Carbon" industrial and commercial and "Xin Sunshine" household brands will achieve a revenue of 1.793 billion yuan, a year-on-year increase of 50.19%, with a significantly higher gross profit margin than the power generation business. Traditional thermal and solar assets contribute about 70% of revenue and provide stable cash flow; Service and computing power are responsible for opening up profit margins.

Implementing the new chess game of "Computer Computer Collaboration"

In the planning of the Shaoguan project, the most imaginative space is undoubtedly the "Token Operation Center". According to the company's vision, computing power may be standardized and traded like electricity in the future, and tokens are expected to become a carrier for the circulation of computing power resources, green power resources, and even data resources.

This means that GCL Energy Technology plans to transform into a "Token Trading Service Provider", providing full stack services from physical space to heterogeneous computing power leasing, and then to customized intelligent computing solutions. If this path from "selling green electricity" to "selling tokens" can be implemented, the company's role will shift from being an energy asset operator to a hub for the circulation of computing power resources.

In addition to its computing power layout, GCL Energy Technology is also striving for more cutting-edge technologies. In early August, the company announced a strategic investment in the ion trap quantum computing enterprise, Uni President Quantum. The latter passed the quantum volume QV32 benchmark test earlier this year, and its overall performance has entered the international advanced level.

The company stated that this move aims to lock in the trend of GPU and QPU integration, and lay the foundation for the next generation of computing power in the new integrated power system of "source grid load storage computing".

The direction of the policy is also blowing in the same direction. The 2026 Government Work Report proposes to implement new infrastructure projects such as ultra large scale intelligent computing clusters and computer collaboration; In May, multiple departments jointly released the Action Plan on Promoting the Dual Empowerment of Artificial Intelligence and Energy, emphasizing the promotion of efficient economic synergy in computing power and electricity; The "15th Five Year Plan for the Construction of a New Energy System" released in June further clarifies that "we will coordinate the allocation of energy resources and the construction of computing power facilities, and promote the coordinated and integrated development of computing and electricity". The implementation of the green power direct connection system framework has opened up a channel for new energy direct supply users for the first time from an institutional perspective, and the "green power direct supply computing power" now has a basis to rely on.

Securities firms have given positive expectations for this second curve. China Galaxy expects its net profit attributable to its parent company from 2026 to 2028 to be 970 million yuan, 1.149 billion yuan, and 1.393 billion yuan, respectively, with corresponding PE of 30.63 times, 25.87 times, and 21.34 times, maintaining a "recommended" rating; Shenwan Hongyuan gave it a "buy" rating.

In the secondary market, GCL Energy has been included in several popular concept sectors such as Huawei Digital Energy, Nvidia, and AIDC, and northbound funds also increased their holdings in the first quarter.

From selling green electricity to selling computing power, the game of GCL Energy Technology has just begun. The Shaoguan billion dollar base has been established, and the Zhongwei Token factory is stuck. Under the resonance of policy and computing power demand, the imagination space of this game has just opened up.