Computing capacity deliveries, full battery production and rising CDMO orders: How far have six companies progressed with expansion?
Runze Technology delivered a record amount of computing-center capacity in a single quarter, EVE Energy’s fourth-quarter capacity is fully booked, and orders are growing at ProPharma and Asymchem. Demand is moving toward delivery, but equipment billing, capacity deployment and product validation each have their own timing requirements.
The six companies are seeing demand growth at different stages. Assessing incremental business requires distinguishing deliveries already made, orders already secured and projects in the sampling stage, while considering billing cycles and the timing of capacity deployment.
Runze Technology’s deliveries hit a record: When will they become revenue?
In the third quarter of 2026, the company delivered 290MW of computing-center capacity, a record high; it expects domestic and overseas operating resources to exceed 1GW by year-end. It also completed approximately 8 billion yuan of computing equipment purchases in the third quarter and expects procurement to rise further in the fourth quarter and beyond.
There is a time lag between expansion and revenue: New equipment takes approximately 3–4 months from arrival to generating revenue, and equipment purchased in the third quarter is expected to begin billing before year-end. Approximately 10 billion yuan of equipment invested in during 2025 had all begun billing by the end of that year, with billing cycles primarily lasting five years.
The first 60MW in Indonesia is expected to be ready for delivery by year-end and to generate revenue by year-end or, at the latest, early 2027. Power has been secured for the Hong Kong campus, but it is still in the civil construction phase; initial delivery is expected in 2027 and large-scale delivery in 2028.
How far ahead is EVE Energy’s demand secured?
All large cylindrical battery plants already in mass production are operating at full capacity, and demand from international customers has far exceeded the company’s expectations. Fourth-quarter capacity is fully booked, and production scheduling is expected to increase quarter on quarter, but arrangements for the first quarter of 2027 have yet to be fully confirmed.
The new framework agreement with Fluence covers 2027–2031. Delivery of approximately 16GWh in 2027 has been confirmed, while the annual allocation of the remaining capacity is undecided. On that basis, the company expects overseas business to account for a substantially larger share of its energy storage battery business in 2027.
For AIDC backup power, product development and technical preparations have been completed, and cooperation has been established with customers including leading global system integrators; the progress currently disclosed concerns cooperation and solution adaptation.
ProPharma’s orders are growing: Why must it still wait for capacity?
Commercial CDMO orders on hand for delivery over the next three years exceed 7.8 billion yuan, up sharply year on year. The total number of projects is 1715, up 38% year on year, while clinical-stage projects grew 51%, providing a pipeline for subsequent commercialization.
The company is spending nearly 2 billion yuan to build or renovate 7 workshops. Of these, 4 are expected to enter service in the fourth quarter of 2027, and the remaining 3 in the second half of 2028. Orders for one newly built commercial workshop have already been secured. Capacity will remain tight before it starts production and ease only slightly afterward.
The API business remained affected by low florfenicol prices in the third quarter, and its decline was also related to a deliberate reduction in low-margin products. The company expects modest positive API revenue growth and improved gross margin in 2027. For biosimilars, it plans to submit 2–3 INDs in the US in the fourth quarter of 2027, following a different timeline to realization.
Is Asymchem’s growth driven by recovering orders or progress toward commercialization?
Both tracks are advancing: New orders signed in the third quarter rose approximately 30% year on year, and new orders in the small-molecule business improved markedly in the first three quarters. The company expects its small-molecule business to emerge from its adjustment period in 2027, with overall revenue growth accelerating further from 2026.
An integrated ADC project passed a dynamic pre-approval inspection (PAI) in the third quarter and is expected to enter commercial production in 2027, covering the process from Payload-linker and antibodies through to the final formulation. Overseas orders now account for more than 50% of ADC orders, and the range of projects served by the complete production chain has expanded.
Delivery and capacity are constraints: Peptide PPQ projects are concentrated for delivery in the fourth quarter, creating a heavy workload; Payload-linker capacity is extremely tight, and antibody and fusion protein capacity will remain insufficient over the next two years, requiring expansion.
How is CETC Instruments addressing AI testing demand?
In the first three quarters of 2026, revenue from optical communications testing products rose 334% year on year, accounting for more than 20% of total revenue, an increase of approximately 15 percentage points year on year. Demand for optical modules and optical chips translates into company revenue through purchases of testing instruments.
Vector network analyzer revenue rose 13% in the first three quarters. Orders only returned to growth in the latter half of the third quarter, with the recovery more apparent in October, mainly from testing of high-speed cables and electrical chips. Existing spectrometer capacity is expected to support deliveries in 2027–2028, while vector network analyzer capacity is still being expanded.
Automated PCB testing is extending from research and development to mass production, but industrial revenue currently accounts for a small share, and capabilities such as test platforms still need to be developed jointly with partners.
Which of Beauty Medical’s businesses have shipped products, and which are still sending samples?
An increase in clinical brain-computer interface cases has already driven a significant rise in shipments of implant-related products. Customer cooperation on surgical robot consumables has also begun.
Liquid silicone for dexterous hands and liquid-cooling tube assemblies remain in development and sample validation. The first batch of MT ferrule samples has been completed and is undergoing validation and customer sampling. Precision manufacturing capabilities have expanded the range of applications, while progress toward scaled delivery differs across the businesses.
