On October 21, the Shanghai Stock Exchange (SSE) decided to issue a regulatory warning to Nanwei Software (603636.SH) and its then board secretary. Only a day earlier, the stock had notched three limit-ups in four sessions — a cumulative 21.64% over three trading days — fueled by exactly two hot concepts: "AI drama" and "data centers".

Financial regulation illustration with scales, warning lights and data curves
Between concept hype and real delivery lies a regulatory decision

How the Story Was Told

① On October 15, replying to investors on the SSE e-interaction platform, the company said its "power-compute foundation (storage stations and data centers) is already landing" and that it would "keep replicating power-compute sites to form stable computing-service revenue"; ② in a October 19 media interview, it claimed annual AI-drama output of 100 titles was "only initial capacity", which "could rise to 300+ titles a year", with "scale revenue expected in 2027".

The Other Version, After Regulators Pushed

Prompted by the regulator, the company disclosed after market close on October 20 that: the 300-title target was a preliminary estimate not based on existing teams and capacity, with insufficient support; completed AI dramas had generated no revenue; the power-compute sites had not landed; and its Beijing Qixingyuan digital-economy data center was still under construction, with main compute equipment not yet delivered, no orders in hand and no revenue.

Fundamentals and the Regulatory Signal

The numbers do not support the hype: 2025 revenue of 836 million yuan with a net loss of 447 million; H1 2026 revenue down 31.61% at 215 million yuan and a 170-million-yuan loss. The CSRC opened an investigation into the company for suspected disclosure violations in July; the controlling shareholder unveiled a share-reduction plan in June, and a 200-million-yuan prepayment had drawn exchange inquiries. The SSE stressed that with markets paying close attention to "AI drama" and "power-compute" concepts, disclosures must be prudent, accurate, objective and fully risk-flagged.

Two versions, side by side

· Public claim: sites "already landing" → filing: sites not yet landed

· Public claim: 300+ AI dramas a year → filing: "preliminary estimate", no revenue so far

· Data center: equipment not delivered, no orders in hand, no revenue

· Stock: three limit-ups in four days, +21.64% over three sessions

For the compute industry, the warning draws a practical verification line: compute revenue should be judged by equipment arrival, orders in hand and booked revenue — not by roadmap language. In a bullish cycle for domestic compute, the distance between concept and order is the distance between share price and fundamentals.

(Information synthesized from the SSE regulatory decision, Eastmoney, Sina Finance, NetEase Finance and other public reports)