Tansun Technology Co.,Ltd. (300872.SZ) announced on October 9 a GPU procurement deal that drew widespread market attention, sending its shares up 12.38% at close.
The company said it recently signed a "GPU Procurement Agreement" with Company X to purchase 20,000 Nvidia RTX PRO 5500 Blackwell units. Based on Nvidia's description of the product, the RTX PRO 5500 Blackwell is not the type of chip typically associated with large-scale AI training and inference in data centers, but is instead a workstation product. Still, the value of this GPU purchase could exceed 1 billion yuan.
Not a Data Center AI Training Chip
Nvidia updated information about the "RTX PRO 5500 Blackwell Workstation Edition" on its official website in September, but it still shows as "coming soon," meaning it has not yet been officially launched. The RTX PRO series is a product line Nvidia introduced for professional AI, graphics technology, rendering, and computing workloads. According to the company, the RTX PRO 5500 Blackwell Workstation Edition is designed for professionals in media and entertainment, architecture and engineering, manufacturing, higher education, financial services, geosciences, and healthcare, and is suited for workloads such as generative AI, physical AI applications, AI-driven rendering and graphics, scientific computing and data analysis, and video content and streaming. The product comes with 84GB of high-speed GDDR7 memory.
Although it can run AI workloads, the RTX PRO 5500 Blackwell Workstation Edition still differs considerably from GPUs commonly used in AI data centers. Nvidia explicitly states that this is a professional desktop graphics card that supports running large language model inference and agents on desktop drivers. In terms of memory bandwidth, which affects AI performance, the RTX PRO 5500 Blackwell has a memory bandwidth of 1,395GB per second, compared with 3TB per second per GPU for the data center product H100. Nvidia previously launched the RTX PRO 6000 Blackwell in both workstation and server versions, but so far there is no information about a server version of the RTX PRO 5500 Blackwell.
Even before its launch, the market is paying attention to the product's price. Referring to already-listed products, merchants on e-commerce platforms have priced the 72GB RTX PRO 5000 Blackwell and the 96GB RTX PRO 6000 Blackwell Workstation Edition at roughly 61,000 to 77,000 yuan and 123,000 to 146,000 yuan, respectively, while a pre-sale page for the RTX PRO 5500 Blackwell shows a price of 89,999 yuan. The RTX PRO 5500 Blackwell's memory capacity falls between those two products, so its price is estimated at around 80,000 to 120,000 yuan. That would mean the total value of Tansun Technology's purchase could be between 1.6 billion and 2.4 billion yuan.
Who Is Tansun Technology?
Who is Tansun Technology, the company purchasing Nvidia computing power? According to the company, its downstream customers are mainly in the financial industry, primarily banks, and it uses financial technologies such as AI and blockchain to provide consulting, fintech, and other products and services. Beyond its main business, Tansun Technology has positioned computing power leasing and other computing-related businesses as a second growth curve, providing long-term computing services to leading internet ecosystem players and general large model developers. Since the start of this year, Tansun Technology has announced several computing-related partnerships. In May, Tansun Technology announced that Qiming Xinghan had signed a "Computing Platform Service Agreement" with an end customer. Tansun Technology will be responsible for providing all equipment procurement funds needed for the project and will receive agreed returns and equity interests under the agreement, while Qiming Xinghan will mainly handle computing procurement and leasing business, with procurement investment amounting to 3.5 billion to 4 billion yuan. In June, Tansun Technology announced the establishment of a joint venture with Capital Online, contributing 70 million yuan to carry out computing leasing-related business. It subsequently signed a computing cloud service agreement with Yunli Zhihui worth a total of 402 million yuan.
Is the purchase of 20,000 Nvidia RTX PRO 5500 Blackwell units for financial business or computing leasing business? What will they be used for? Is this computing procurement related to the aforementioned computing partnerships? Why did the company only release the news without making a formal announcement? Regarding these questions, a reporter contacted Tansun Technology's securities affairs representative by phone as an investor. The responsible person said internal confirmation was still needed and that if the relevant matter meets disclosure standards, it will be announced in accordance with relevant regulations.
From a fundamental perspective, some of Tansun Technology's financial indicators are not particularly optimistic. Last year, Tansun Technology's revenue rose 0.6% year on year to 1.777 billion yuan, but net profit turned from positive to negative, with a loss of 138 million yuan. The company cited reasons including intensifying market competition, greater project management difficulty, business transformation, and personnel structure optimization. In the first half of this year, Tansun Technology's revenue was 964 million yuan, down 3.29% year on year, while net profit was 60.0171 million yuan, up 17.59% year on year. Although net profit increased, non-recurring net profit in the first half turned to a loss of 6.93 million yuan, a year-on-year reversal into loss, and net cash flow from operating activities was negative. As of the end of June this year, Tansun Technology's monetary funds stood at 508 million yuan, down 55% from the end of last year.
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