Banking IT leader shifts focus: Yuxin Technology plans computing power leasing and prepares for H-share listing

“Green mountains winding, doubt there is no road; suddenly see a thousand sails hidden and reflected coming.”
Yuxin Technology (300674.SZ) Chairman, in the 2025 annual report speech, borrowed Wang Anshi’s poem to summarize the company’s performance during last year’s industry adjustment period.

The annual report released on March 30 shows that “banking IT leader” Yuxin Technology achieved operating revenue of 3.62B yuan, a decrease of 8.46% year-on-year.
Structurally, banking IT solution revenue declined by 8.35% year-on-year; non-bank IT solution revenue fell by 24.96% year-on-year.
This was mainly due to phased pressures caused by industry-wide demand contraction.

Under industry adjustment, benefiting from cost control, high-value-added businesses, and incremental contributions from overseas markets, the company’s net profit attributable to parent in 2025 was 432 million yuan, up 13.69% year-on-year;
deducting non-recurring gains and losses, net profit attributable to parent was 415 million yuan, up 18.77% year-on-year.

Notably, in 2025, Yuxin Technology’s AI hardware, AI software, and AIAgent business combined achieved revenue of 200 million yuan, accounting for 5.5% of the total annual revenue.
This data also coincidentally echoes the company’s upcoming key strategic layout.

From selling software to renting computing power

In 2025, Yuxin Technology added a new business: providing “intelligent computing power + scenario services” for a domestic bank.
The company classifies this business under “Innovative Intelligent Computing Rental Service Solutions.”

It is understood that the core pain points in the financial industry’s intelligent computing field generally include GPU resource shortages, difficulty in computing power coordination, low utilization rates, and high thresholds for large model deployment.

How does the computing power rental business make money?
From Yuxin Technology’s layout, its profit model is markedly different from traditional IT project-based development.

At the annual report performance briefing on March 30, Chairman Hong Weidong described this business as a transformation from a “platform subscription + pay-per-effect + computing power rental” service model.

This means that the income from computing power rental is not a one-time software sale but a continuous service fee.
Customers pay based on actual usage of computing resources, similar to cloud services.

Specifically, Yuxin Technology does not simply rent out GPU servers.
It offers a “smart computing power + scenario service” combined solution.
In other words, customers not only obtain computing resources but also receive support for financial scenario applications based on that computing power.

“Huge and small financial institutions in China are significantly behind large banks in computing power allocation, capability building, and business scenario empowerment, which will make them increasingly reliant on external resources and fintech vendors,” Hong Weidong pointed out.

Another implication of the computing power rental business is that, in the past, the company developed a core system for financial institutions, and after project delivery, both parties entered the operation and maintenance phase.
Under the rental model, customers need to continuously purchase computing resources, which is expected to increase the company’s service frequency and revenue sustainability.

Yuxin Technology mentioned in the annual report that it will continue to invest dedicated resources to build exclusive computing clusters for the financial industry.
Based on this, it will deepen cooperation with ecological partners to create a financial vertical large model service system, enabling rapid adaptation and efficient deployment of large models in specific financial scenarios.
By constructing dedicated computing pools and model fine-tuning platforms for the financial industry, the company not only ensures its own AI computing power needs but also plans to further open to the industry in the form of Model-as-a-Service (MaaS).

In terms of R&D investment, the company invested 366 million yuan in 2025, accounting for 10.09% of revenue, maintaining over 10% R&D intensity for five consecutive years.
Part of this funding was allocated to the large model scenario platform development project, with a capitalized amount of 6.8091 million yuan that year.
The annual report states that this project aims to land large model intelligence in industry, exploring and incubating intelligent scenarios and upgrading traditional banking services.

Expanding into overseas markets for incremental growth

After establishing the computing power rental business domestically, Yuxin Technology began extending it to overseas markets.

At the investor communication meeting, management stated:
“Yuxin’s cloud infrastructure, computing base, combined with AI capabilities and digitalization output, will be more smoothly promoted overseas.
The overseas market is relatively more open in financial products, SaaS services, and cloud services.”

The 2025 annual report disclosed a set of data:
Foreign-funded banks and overseas clients achieved operating revenue of 58.28 million yuan, accounting for 1.6% of the total annual revenue.

In the past, Yuxin Technology’s overseas business mainly focused on Hong Kong and Macau, serving Chinese-funded banks’ overseas branches.
The annual report states that the company has formed a phased market expansion strategy: “Deep cultivation in Hong Kong and Macau, Southeast Asia layout, breakthroughs in Europe, and exploration in the Middle East and Africa.”

The report revealed two specific overseas projects.
One is the successful launch of a data platform for a certain state-owned bank’s London branch, which the report describes as “the first large-scale deployment of a domestically developed data platform under overseas regulatory conditions.”
The second is winning and commissioning the first phase of a digital currency system for an overseas bank, which “completed the docking of digital wallets and bank account systems, as well as the construction of smart contract application scenarios,” and was put into operation in Q4 2025, entering the regulatory sandbox verification stage.

At the investor communication meeting, Chairman Hong Weidong broke down the overseas market strategy into four directions:
“Promote the company’s full range of products overseas;
Integrate domestic partner resources;
Strengthen cooperation with Huawei, Tencent, and other companies with deep overseas experience;
Drive business and technology integration to help clients directly achieve business growth.”

The annual report shows that Yuxin Technology has established cooperation with Huawei in Kunpeng, HarmonyOS, and Ascend fields, and has completed six products adapted for Kunpeng.

In 2025, the company’s overseas new signing amount for data business lines doubled compared to 2024.
In 2024, the company’s overseas revenue was 9.0518 million yuan.

Yuxin Technology is also planning an H-share issuance.
The annual report disclosed that the company has initiated preparations for listing as a foreign-invested H-share on the main board of the Hong Kong Stock Exchange in 2025.
The company plans to raise funds through H-share issuance to accelerate globalization and enhance international competitiveness.

(Author: Lei Chen Editor: Luo Yifan)

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