Liu Tianwen, the leader from Jingmen, is concentrating his efforts for a major push. In late April, the company he steers, iSoftStone, disclosed its performance figures. The most notable highlight was this: AI-related business already contributed 52.6% of total revenue in 2025, with a growth rate of 39% in the first quarter of this year. "iSoftStone is comprehensively building out its Token ecosystem," stated Liu, who has chosen a new path of integrated software-hardware solutions and full-stack intelligence for this traditional IT industry leader.
Since the beginning of the year, Liu has already led iSoftStone in raising capital and expanding its operational territory. A private placement raising 3.35 billion yuan was received by the end of January. In March, he personally endorsed the finalization of two strategic cooperation frameworks. The first was with the Suzhou Industrial Park, involving the creation of a new smart manufacturing base and integrated headquarters, followed by a project in Xishan to establish an East China Intelligent Computing Center.
A key business segment under Liu Tianwen's purview has finally completed its strategic picture. On April 22nd, "iSoftStone Huafang" announced a brand refresh, with the Tsinghua Tongfang series of products fully transitioning to operate and be promoted under the "iSoftStone Huafang" brand system. This asset was acquired by Liu Tianwen's team. Its predecessor was Tsinghua Tongfang Computer, primarily engaged in the production and sales of PCs and servers for the XinChuang (IT application innovation) and commercial sectors, with core products including Kunpeng and Ascend servers. It became a subsidiary of iSoftStone in 2024.
Following the acquisition, Liu's team used iSoftStone Huafang to bolster its hardware capabilities. Leveraging Tsinghua Tongfang's years of technological accumulation and market trust, this "new brand with a thirty-year history" starts from a strong position. Liu places great importance on this asset. It serves as the key vehicle for his "integrated software-hardware, full-stack intelligence" strategy, deeply supporting the group's strategic layout in terminal intelligence, scenario intelligence, and computing intelligence. In August 2025, iSoftStone announced an 800 million yuan capital injection from its own funds into iSoftStone Huafang, increasing its registered capital to 2.3 billion yuan.
This year, with the completion of the 3.35 billion yuan private placement, the company, which has a market capitalization exceeding 40 billion yuan, plans to invest in four projects. The largest portion of funds—1.38 billion yuan—is earmarked for building the "Jing-Jin-Ji iSoftStone XinChuang Intelligent Manufacturing Base." It intends to establish production lines for PCs and servers in Xiji Town, Tongzhou District, Beijing, manufacturing products such as XinChuang PCs, OpenHarmony PCs, XinChuang servers, liquid-cooled servers, and AI servers. In April 2025, when the first Beijing-branded, Beijing-made server rolled off the production line, Liu mentioned the plan to build a smart manufacturing base, leveraging the Beijing-Tianjin-Hebei coordinated development strategy with the mission of "Beijing brand, made in the sub-center."
"Beijing is home to the headquarters of central state-owned enterprises in eight major industries: finance, telecommunications, power, petroleum, transportation, aerospace, education, and healthcare, creating an urgent demand for comprehensive XinChuang replacement," stated iSoftStone's private placement documents, indicating the project will address shortcomings in the Jing-Jin-Ji region's XinChuang industry.
Liu Tianwen's team has achieved significant success in the PC market, focusing on both XinChuang and gaming segments. Over the past three years, iSoftStone has maintained a position among the top three in the domestic gaming laptop market, with a substantially increased market share and sales volume consistently ranking in the top three on major e-commerce platforms. The industry recognizes it as one of the "big three" in gaming PCs. Simultaneously, in 2025, its subsidiary iSoftStone Computer ranked third in PC shipments for the government and education sectors.
From the 3.35 billion yuan private placement, Liu's team plans to allocate 1.2 billion yuan to an AI PC manufacturing base and another 160 million yuan to upgrade technology in computer production workshops. AI PC refers to the integration of AI models with PCs, bringing innovations in interaction methods, content, and application ecosystems. Canalys predicts global AI PC shipments will reach 205 million units by 2028. Located in Wuxi, this production base will be built to "Lighthouse Factory" standards, aiming to achieve real-time interconnection and efficient collaboration between equipment and systems, thereby enhancing production efficiency and resource utilization.
iSoftStone informed reporters that the capacity expansion is driven by two major trends: firstly, the state-driven XinChuang wave, which creates huge demand from terminal products like PCs and notebooks to computing power products like servers; secondly, the industrial and technological revolution brought by AI, which will transform the PC industry ecosystem and spur the development of more intelligent terminal products. "The AI terminal market has robust demand for PC hardware equipment," Zhang Yi, CEO of iiMedia Consulting, told reporters, adding that the raised funds can support iSoftStone's smart manufacturing capacity expansion and further solidify its position in the PC market.
Liu Tianwen's team also plans to invest 1 billion yuan in constructing the Huailai Intelligent Computing Center (Phase I) project. Located in Huoshaoying Village and Dananxinbao Village, Donghuayuan Town, Huailai County, Zhangjiakou City, the project has a two-year construction period and is intended for developing digital energy and intelligent computing services businesses.
Liu Tianwen, a native of Jingmen, founded iSoftStone in 2005. Today, it has nearly 100 branches worldwide and over 90,000 employees. Its foundational software and digital technology services business, with a revenue scale of approximately 19 billion yuan, still accounts for about half of total revenue, experiencing modest growth of 3% in 2024 and 4.64% in 2025. Following the acquisition of Tongfang-related assets, iSoftStone's annual report introduced a new segment: "Computing Products and Intelligent Electronics." In 2025, this segment generated revenue of 15.8 billion yuan, a year-on-year increase of 22.36%, contributing over 40% of total income and showing potential to become a new growth engine.
Liu Tianwen is driving a comprehensive transformation of the company, upgrading it from a digital services provider to a full-stack intelligent products and services provider. The core of the business has also changed. Previously focused on undertaking IT projects, it is now shifting towards selling intelligent capabilities. Zhang Yi believes integrated software-hardware solutions present a development opportunity. In the intelligent era, hardware provides computing power and data entry points, while software handles data processing and algorithm implementation; combining both helps meet market demands.
Liu proposed "Full-Stack Intelligence," leveraging the company's existing full-stack capabilities to provide scalable, secure, and implementable one-stop solutions. At the foundation layer, it possesses self-developed intelligent computing centers and server products, serving as a domestic computing power base. The middle platform layer features its self-developed Ruidong Intelligent Agent Cloud Platform, which addresses enterprises' key concerns: security, cost, and ease of use. At the top layer of terminals and applications, it delves into industry-specific scenarios, having established numerous implementation cases in manufacturing, finance, retail, and other fields, translating platform capabilities into tangible business value.
In April, with the official release and open-sourcing of the DeepSeek-V4 series models, iSoftStone's Ruidong AI Agent Cloud Platform responded swiftly. Leveraging the Ascend computing power base of the Cross-Strait Integration Intelligent Computing Center in Pingtan, Fujian, it was among the first in China to complete deployment adaptation and API launch, becoming one of the earliest agent platforms to offer DeepSeek-V4 API services.
Liu Tianwen asserts that the Token has become the most core factor of production in the AI era, and in the future, all enterprises will innovate around Tokens. iSoftStone will build its Token ecosystem from both the product side and the business model side. He also aims to drive fundamental innovation in the business model, transitioning to a "Token entry + resource resale + subscription-based products" model. This shift would allow iSoftStone to shed its traditional project-based image and move towards more imaginative asset-based operations. However, Liu Tianwen needs to further demonstrate the operational capability of his "Enterprise AI Factory" to truly switch to the new AI engine.
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