Has the transformation been a success? A subsidiary of a well-known lighting company has secured a major contract worth RMB 588 million.

On October 7, Roman Shares announced that its controlling subsidiary, Shanghai Wutongshu High-Tech Co., Ltd. (hereinafter referred to as “Wutong High-Tech”), recently signed two contracts for computing power equipment, totaling approximately RMB 588 million.

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A major RMB 588 million computing power order has been secured

The announcement indicates that the first contract is a Sales Contract signed between Wutong High-Tech and China Merchants Bank Financial Leasing (Shanghai) Co., Ltd. and China Merchants Zhirong Supply Chain Service Co., Ltd. Under the terms of the agreement, China Merchants Bank Financial Leasing (Shanghai) Co., Ltd. will purchase computing power equipment from Wutong High-Tech and then lease it to China Merchants Zhirong Supply Chain Service Co., Ltd. Wutong High-Tech will directly deliver the relevant computing power equipment to China Merchants Zhirong Supply Chain Service Co., Ltd., with a total contract value of approximately RMB 311 million.

The second contract is a Framework Agreement for the Procurement of Computing Power Equipment signed between Wutong High-Tech and Beijing Guangma Software Co., Ltd. Wutong High-Tech will procure computing power equipment for Beijing Guangma Software Co., Ltd. and provide related technical services, with a tax-inclusive contract amount of RMB 277.2 million. The combined value of these two contracts totals approximately RMB 588 million.

Roman Shares stated that this transaction pertains to the day-to-day operations of its controlling subsidiary, Wutong High-Tech. Due to variations in specific delivery batches and acceptance timelines associated with these contracts, the ultimate impact on the company’s 2026 financial performance remains subject to certain uncertainties; final results will be determined based on data audited by an accounting firm.

Notably, Wutong High-Tech became a newly consolidated subsidiary of Roman Shares in 2025.

In September 2025, Roman Shares acquired a 39.23% stake in Wutong High-Tech for RMB 196 million in cash, officially entering the AI computing power sector and providing crucial support for deepening the company’s AI application scenarios.

Wutong High-Tech primarily engages in AIDC computing infrastructure integration services. It is a leading domestic supplier of AI servers and a provider of solutions for constructing ultra-intelligent integrated computing centers, while also actively contributing to the development of China’s artificial intelligence ecosystem. Wutong High-Tech currently holds a robust backlog of orders for computing power construction projects and is simultaneously developing end-to-end inference computing solutions spanning cloud, edge, and terminal environments, poised to fully benefit from the growth of the inference computing market.

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The “second-generation” leader steers transformation

Public records show that Shanghai Roman Technology Co., Ltd. was founded in 1999 and listed on the main board of the Shanghai Stock Exchange in 2021. The company specializes in comprehensive planning, design, and implementation of urban and regional landscape lighting, professional lighting design and installation, holistic night-time economy planning, upgrading, refined management services, as well as energy management and energy-saving renovation projects.

It is worth noting that Roman Shares has long anchored itself in landscape lighting design and engineering execution. In recent years, leveraging favorable industrial policies, the company has continuously optimized its strategic layout and business structure, aligning with the surging trends of the digital economy, artificial intelligence, and green energy industries. Today, it has established four core business segments—urban lighting, AI computing power, digital energy, and digital cultural entertainment—working in synergy, transitioning from an engineering contractor to a provider of technical services and comprehensive solutions, while actively expanding into overseas markets to export its domestically accumulated project expertise.

The 2025 annual report reveals that AI computing power now accounts for a larger share of revenue than urban lighting.

(Image source: Roman’s 2025 Annual Report)

In the first half of 2026, the company reported total operating revenue of RMB 943 million, up 118.11% year-on-year; net profit attributable to shareholders reached RMB 71.97 million, a year-on-year increase of 444.10%; and non-recurring net profit stood at RMB 60.91 million, up 359.63% YoY.

The company attributed the rise in revenue primarily to increased activity in its urban lighting segment and strong growth in its new computing power business, driving overall revenue expansion. Profit growth was mainly driven by higher revenues in the urban lighting segment, which boosted gross margins, along with new computing power ventures that contributed additional earnings.

(Image sources: Roman’s 2025 Annual Report)

The semi-annual report highlights that the company has vigorously capitalized on policy dividends from the digital economy and artificial intelligence sectors, focusing on building a solid foundation of domestic computing power for government and enterprise digitalization, successfully securing multiple key tender projects. Its business system continues to evolve and improve, with seamless integration of computing hardware, turnkey delivery of intelligent computing centers, and long-term operation and maintenance services—all running smoothly. At the same time, supply chain support and industrial ecosystem development have been strengthened in tandem, laying a robust foundation for achieving full-year operational targets.

It is reported that the joint de facto controllers of Roman Shares are father and daughter Sun Jianming and Sun Kaijun. Sun Jianming, born in 1957, is the company’s founder and laid the groundwork for its position in China’s landscape lighting industry. Sun Kaijun, born in 1983, is Sun Jianming’s daughter, currently serving as Chairwoman and General Manager. She has overseas study and work experience and returned to China in 2009 to join Roman Shares.

Under the leadership of “the second-generation” Sun Kaijun, Roman Shares embarked on a strategic transformation, completing several major industrial acquisitions, including Holovis, an immersive cultural tourism technology company based overseas, and Wutong High-Tech, a domestic provider of computing power solutions. These moves enabled the listed company to enter the digital cultural entertainment and AI computing power arenas, expanding its business footprint and successfully creating second and third growth curves.

Roman Shares’ transformation serves as an important reference for traditional lighting enterprises today. Its journey demonstrates that transformation does not mean blindly chasing hot trends; rather, it involves extending one’s capabilities based on existing resources while strategically positioning oneself within emerging opportunities: leveraging accumulated government and corporate client relationships and project contracting expertise in urban lighting to expand into computing infrastructure, digital cultural entertainment, and other domains; supplementing technological capabilities through acquisitions; and building a multi-business synergistic growth platform—essentially reorganizing “light, scenes, energy, and data” into new assets.

However, it is equally important to recognize the risks inherent in cross-industry expansion. The computing power sector is capital-intensive, with volatile supply chains, and uncertainties persist throughout order fulfillment, acceptance, and revenue realization. When exploring second growth curves, lighting companies must avoid following trends blindly and carefully assess their own strengths.