Xingyun Technology has issued an announcement detailing the record of its investor relations activities. By October 9, the company had secured computational power contracts with all five of its core customers. The company employs a heavy-asset operational model, which entails purchasing GPUs in-house, constructing clusters, and collecting fixed rents. All five contracts span a five-year period, with the total contract value reaching 16.878 billion yuan, translating to an average annual rent of approximately 3.376 billion yuan. Specifically, the contract with V, a listed entity under a central enterprise, amounts to 6.523 billion yuan. This agreement features a 3+2-year lease term, with an average annual rent of around 1.305 billion yuan. The contract with VC customer is valued at 5.508 billion yuan, with a five-year lease term and an average annual rent of approximately 1.102 billion yuan. The contract with VB customer, a prominent large model manufacturer, is worth 3.053 billion yuan, also with a five-year lease term and an average annual rent of about 611 million yuan. The contracts with VD and VE customers are valued at 922 million yuan and 872 million yuan, respectively. In the third quarter, key customers such as V, VB, and VC increased the rental prices of their respective signed contracts.