Physix FrontierPhysix Frontier · News Briefing Card (TMTPost · Oct 14, 2026)
iSoftStone deletes GPU arrival post, H1 loss hits 265M yuan
KEY FACTS
- iSoftStone deleted a WeChat article on October 13 that claimed the arrival of 8,000 NVIDIA 6000D GPU cards.
- The company's securities affairs representative said they were not clear on the matter and would issue an announcement if disclosure thresholds were met.
- H1 2026 revenue was 18.607 billion yuan, with a net loss attributable to shareholders of 265 million yuan.
- Hardware revenue was 9.479 billion yuan, up 40.32%, while software revenue was 8.970 billion yuan, up only 0.56%.
- Operating cash flow was a net outflow of 3.951 billion yuan in H1, and inventory reached 10.746 billion yuan at the end of June.
KEY DATA
18.607 billion yuanH1 revenue
-265 million yuanNet profit attributable to shareholders
9.479 billion yuanHardware revenue
10.746 billion yuanInventory
PHYSIX OBSERVATION
iSoftStone is shifting from manpower outsourcing to hardware and computing power, but low hardware margins combined with declining software margins are widening losses and inflating inventory. The deleted-post incident exposes the gap between its AI narrative and financial reality. Investors should focus on whether software gross margin and cash flow improve in the Q3 report, rather than being swayed by GPU arrival news.
Source: TMTPost report