Expectations Fall Short! Maxine Lin's Mining Power Deployment "Suddenly Stops," and Parties to the Transaction Have Not Reached a Consensus on Key Terms

Capital markets are highly enthusiastic about the “Computing Power+” concept, with many cross-industry players. Moxinlin (688685.SH, stock price 47.86 yuan, market value 7.028 billion yuan), a listed company deeply involved in aerospace, is one example.

Previously, Moxinlin announced high-profile plans to establish a partnership and invest up to 311 million yuan to increase capital in Photon Computing (Nanjing) Technology Co., Ltd. (hereinafter referred to as “Photon Computing”), aiming to break through upstream technical bottlenecks in computing power operations. On the evening of February 25, Moxinlin disclosed that due to disagreements over core terms such as business development plans and management rights, the company decided to terminate this related investment and dissolve the specially established partnership.

The “Daily Economic News” reporter noted that just as the computing power layout hit a “brake,” Moxinlin released a solid performance forecast for 2025: operating revenue increased by 20.98% year-on-year, and net profit attributable to the parent increased by 22.69%. While core business remains steady growth, the company’s attempt at cross-industry transformation has yet to succeed. Moxinlin is currently facing a tough battle between reality and ideals on its “Aerospace + Computing Power” dual-drive path.

Transaction Recap: “Breaking Through” in Computing Power Beyond Aerospace Main Business, Planning to Invest Several Hundred Million Yuan to Strengthen Supply Chain

According to an announcement released on November 19, 2025, Moxinlin plans to jointly establish Suzhou Zhuiguang Times Venture Capital Partnership (Limited Partnership) (“Zhuiguang Times”) with related party Bai Bing.

According to the initial plan, Zhuiguang Times would subscribe capital ranging from 201 million yuan to 311 million yuan. Moxinlin, as a limited partner (LP), planned to contribute cash of 200 million to 310 million yuan, holding about 99.50% of Zhuiguang Times; Bai Bing would contribute 1 million yuan and serve as the general partner responsible for managing the partnership.

The ultimate goal of this partnership is Photon Computing. The announcement pointed out that after its establishment, Zhuiguang Times planned to increase capital in Photon Computing by 201 million to 311 million yuan. Moxinlin values this Nanjing-based tech company because of its unique position in the computing power industry chain.

In Moxinlin’s strategic blueprint, computing power operations are a key focus, and Photon Computing is a potential important upstream supplier.

Moxinlin previously detailed the necessity of this investment: the core of its computing power operation business is to integrate and dispatch underlying resources such as servers, networks, and storage, packaging them into measurable, customizable, highly reliable computing services for commercial monetization. Building a resource pool reduces user entry barriers. The underlying computing and network technology of Photon Computing are crucial supports; their performance and stability directly impact service quality, coverage, and customer value.

If this transaction proceeds, Moxinlin expects to achieve mutual enhancement with Photon Computing in product, market, and technology aspects, further expanding its performance scale.

This logic appeared quite smooth at the time: leveraging the financial strength of a listed company, connecting through Bai Bing, a related party, to quickly enter the underlying technology field of computing power, thereby creating a new, imaginative tech label beyond traditional aerospace parts.

Negotiation Breakdown: Core Terms Unreached, Over 300 Million Yuan Investment Halted

However, just as the market was awaiting this investment, Moxinlin announced the plan’s failure.

On the evening of February 25, Moxinlin disclosed that since signing the “Letter of Intent,” the company had organized its business team and intermediaries to conduct comprehensive audits, evaluations, legal, and due diligence work on Photon Computing. Both parties engaged in multiple rounds of detailed discussions and negotiations.

“Due to changes in objective conditions related to this capital increase, the parties could not reach an agreement on the core terms, and the original cooperation basis and implementation conditions are no longer met. This capital increase cannot be continued,” Moxinlin stated.

The reporter noted that this “sudden stop” did not cause substantial financial losses to the listed company. Moxinlin explicitly stated in the announcement that, after friendly negotiations and approval by the company’s third board of directors’ independent directors’ special meeting, the second meeting of the third board of directors in 2026, the company decided to terminate the capital increase in Photon Computing, and the “Letter of Intent” was simultaneously解除.

Moxinlin said the company recently signed a “Termination Agreement” with the counterparty, and Zhuiguang Times will return the 10 million yuan earnest money within five working days.

With the investment falling through, the “Zhuiguang Times” vehicle also loses its purpose. However, Moxinlin stated that its strategic partnership with related parties remains unchanged. The company will continue to leverage social resources, utilize its advantages, promote sustainable development, and enhance core competitiveness.

Despite setbacks in the computing power layout, Moxinlin’s fundamentals remain resilient. According to the same day’s performance forecast, in 2025, the company achieved operating revenue of 577 million yuan, a year-on-year increase of 20.98%, and net profit attributable to the parent of 55.87 million yuan, up 22.69%.

Moxinlin stated that the revenue growth mainly benefited from steady increases in its computing power services and sales, driving overall performance. This data indicates that even without the computing power business, Moxinlin’s core capabilities in aerospace and other fields remain robust.