Title: ST Communication’s Q3 Report Exposes “Mysterious Custom Hardware” Earning 127 Million, Is There an Underlying AI Computing Power Battle? Investors are in an uproar!
In the tumultuous battlefield of the A-share market, there is a stock that once soared from over 1 yuan to nearly 9 yuan, creating a myth of the “Old Monster King”; now it struggles for survival under the guise of ST, amidst losses and lawsuits — it is ST Communication (SH600289).
Recently, with the release of a seemingly bland Q3 report, this long-silent “Northeast stock” suddenly exploded. The comment section is divided between the “faithful holders” and the “escapees”, while the most puzzling term mentioned repeatedly is: Custom Hardware Services.
What exactly is this?
1. The “Phantom Business” in the Financial Report: 127 Million Revenue in One Quarter
According to the Q3 report released by Yiyang Communication, the company achieved a total operating revenue of 193 million yuan, a year-on-year increase of only 0.03%, but the revenue for the third quarter surged more than double compared to the previous quarter, directly reaching 127 million.
What’s even stranger is, where does this huge revenue come from? The answer is clearly stated: Custom Hardware Services.
But the question is — what exactly is being sold here?
Some netizens directly asked, “Isn’t everyone curious about what specific products the custom hardware service entails?” “If it’s selling AI servers, just say it’s selling AI servers, why the custom hardware service?”
On the surface, it seems like a technical term, but in reality, it resembles a linguistic fog of a capital game.
However, if we dig deeper, we may uncover a shocking possibility.
2. Beijing Huake Micro Emerges: Is the GPU Project Reviving?
A keen investor shared a screenshot of business registration information in the comments: Beijing Huake Micro Technology Co., Ltd. was established in July 2024, registered in Haidian, Beijing, with Gu Xiaokun as the legal representative, who also holds a key position within Yiyang Communication.
Is this a coincidence? Perhaps not.
Moreover, some netizens pointed out: “If Huake Micro’s business is integrated, the revenue will be accounted for Yiyang Communication in the second half of the year.” If true, it means this new company is likely a key vehicle for Yiyang Communication to lay out domestic computing power chips.
Combining another comment: “The hardware profit should be from GPU chips?” — the entire logical chain begins to emerge:
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Yiyang Communication establishes ‘Beijing Huake Micro’ through subsidiaries or affiliates to undertake domestic AI chip design and hardware integration business, supplying to the government, operators, or data centers under the name of ‘custom hardware’, generating 127 million in a single quarter.
This is not baseless. In recent years, many state-owned enterprises and telecom companies have initiated plans to replace servers with self-controlled alternatives, leading to a surge in demand for domestic GPUs and heterogeneous computing devices. Yiyang Communication has been deeply involved in telecom operations and network monitoring for many years, possessing system integration capabilities, making the transition to customized AI hardware not far-fetched.
3. Why is There a Call to “Increase Holdings” Despite Huge Losses?
Here comes the contradiction: since there is a blockbuster business supporting 127 million, why does the net profit in the Q3 report show a loss of 41.68 million yuan, a year-on-year drop of 302.1%? The net profit attributable to the parent company for the first three quarters is as high as **-137 million yuan**!
This leads to two major camps in the market:
- Pessimists angrily criticize: “Every day it opens high and closes low!” “Communication is finished!” “The chairman is fraudulent, over 1700 investors’ hard-earned money is still not compensated!”
- Optimists firmly believe: “The number of shareholders has decreased by 19.1%, with an average holding of over 200,000, this is the main force accumulating shares!” “R&D expenses have reached 48 million over three quarters, the future is promising!”
Don’t forget, this company has previously been the protagonist of the “nine-fold myth.” Back then, it rose from 1.3 yuan to nearly 9 yuan, relying on the classic script of “turnaround + speculation.”
And now, the script seems to be replaying:
- ST identity brings expectations of delisting;
- Decreased number of shareholders suggests concentrated chips;
- New business injection creates imaginative space;
- Frequent announcements regarding the progress of investor lawsuits mean historical burdens may be lifted.
In the words of stock analysts: When bad news is exhausted, it becomes good news; when it reaches the extreme, it becomes a turning point.
4. Who is Leading this “Rebirth” Drama?
Interestingly, recent announcements have been frequently updated: re-election of directors, convening of temporary shareholders’ meetings, revising the rules of various board committees… The actions are too frequent for a company on the verge of delisting.
Moreover, with the emergence of “Beijing Huake Micro” and the cross-appointment of key figure Gu Xiaokun, one cannot help but wonder: is there a force quietly reorganizing Yiyang Communication’s technical assets, attempting to create an “invisible champion” for the domestic AI era?
It is known that in the current context of Sino-US technological competition, any company claiming to possess domestic GPU, AI computing module, and independent instruction set architecture capabilities will be fervently pursued by capital.
Even if it’s just tangentially related, it can soar.
5. Final Blow: Would You Dare to Bet on Its Delisting Next Year?
The only question facing everyone now is:
Is this mysterious “custom hardware” order from ST Communication a real technological breakthrough, or yet another capital scam to fill the stomach?
Some say it’s “finished,” while others sense it “may rise again.”Some have been stuck at over 9 yuan for ten years without moving, while others are preparing to bottom fish next week for the delisting trend.
But I want to ask you:
👉 If I told you, on January 1, 2026, ST Communication officially lifts all risk warnings, and the stock price skyrockets to 15 yuan — would you choose to cut losses now or go all in to bet on this?
Let’s see the truth in the comments. If you disagree, leave your target price; if you believe, state your holding cost; if you don’t believe, I’ll wait to see you get slapped in the face that day.
After all, in the A-share market, the most dangerous places often hide the biggest opportunities.
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Final provocation: Even *ST Zuojian, which has lost money for three consecutive years, hasn’t been delisted. Do you really think ST Communication has no hope? Don’t rush to criticize, first check its R&D investment.