Tencent Cloud Price Hike Exceeds 400%, "Lobster Concept Stocks" Await Collective Revival

Source: Alpha Factory

From the Geek Circle’s Super AIAgent to the nationwide “Shrimp Farming,” in just 10 days, OpenClaw has achieved a remarkable leap from “爆火 on GitHub → nationwide lobster farming → the strongest mainline in the stock market.” However, after the brief frenzy, this lobster also began to cause many users to feel “backstabbed.”

Many individual users suffered “lobster” raids on their personal computer data, had their payment accounts abused by “lobster,” resulting in huge expenses; even more users were deterred by the high costs of “farming lobsters,” with daily costs running into hundreds or even thousands of yuan. For engineers, programmers, and others who require大量调用Token, the expenses are simply unaffordable.

During this wave of “lobster fever,” cloud service providers undoubtedly benefited the most. Relying on the logic of “computing power + scenarios + commercialization,” “cloud-based lobster farming” has proven to be the most convenient, safe, and profitable “lobster farming model.”

Under the “lobster concept,” the stock prices of cloud vendors and the prices of computing power have surged. For example, according to “Cailian Press,” Tencent Cloud announced on March 11 that billing for some models would be increased, with prices rising to five times the original.

In the capital market, the most关注的 “lobster concept stocks” UCloud-W (688158.SH) has risen for five consecutive trading days since March 4. On March 6, March 9, and March 10, the stock’s cumulative increase exceeded 42.55%, with a total market value surpassing 20 billion yuan.

After连续冲高, the “lobster concept stocks” experienced a correction on March 11, with Kunlun Wanwei, Shunwang Technology, Meige Smart, and MINIMAX-WP all falling to varying degrees, and some listed companies issued risk warnings. UCloud-W openly stated in its risk warning that “the company’s lightweight cloud host products based on OpenClaw镜像 have not yet formed a scaled product体系.”

However, UCloud-W’s stock price did not plummet but only slightly decreased by 0.76%, with a trading volume of 5.546 billion yuan that day, and a turnover rate of 26.95%.

Behind the狂热追捧 of “lobster concept” in capital markets, it is still necessary to see the true face of this “neutral cloud vendor.” Compared with major cloud giants like Alibaba Cloud, Tencent Cloud, and Volcano Engine, UCloud-W’s market appears very “niche.”

But what is worth noting is that UCloud-W still has a trump card: “computing and electricity collaboration,” although this card is not yet fully formed.

UCloud-W is positioned as the “Qingpu Data Center Project (Phase I)” for the "East Data"智算中心 in Shanghai. Originally scheduled to be completed by January 24, 2026, it was recently announced to be延期两年 to January 24, 2028. Under the AI热潮 trend, whether the project can catch the行业巅峰 or “错峰” in the next two years may serve as another benchmark to test UCloud-W’s “成色.”

01 Six years of continuous losses, this “lobster stock” needs to hit the brakes

UCloud-W is hailed as a “lobster concept stock,” related to its interaction with investors on March 2.

On that day, UCloud-W responded to investors that the company launched related images deploying OpenClaw in late January, being one of the first in the industry to实现OpenClaw云端落地. The相关服务已上线美国、新加坡、日本等多个海外节点，帮助用户快速构建“7×24小时个人AI超级助手.”

Subsequently, the "养龙虾"热潮迅速突破圈层. UCloud-W released information about “开箱即用” and being among the first to实现“云上养虾” before the爆火, leading to连续上涨 in stock price, and investors indeed享受了一波“大肉.”

On March 9, UCloud-W hit a涨停 of 20cm, and on March 10, it rose another 13.68%, with a total increase of over 36% in just two days.

In these days,资金在UCloud-W频繁流入流出. On March 9, the daily成交额 reached 3.108 billion yuan; on March 10, it soared to 7.625 billion yuan, hitting a new high since listing, with a换手率 of 36.8%.

As the stock’s涨幅偏离值 increased, UCloud-W quickly moved to “降温,” but its recent statement differs slightly from the response to investors on March 2.

Back then, UCloud-W’s reply to investors included phrases like “推动AI技术普惠化落地,” “降低前沿AI技术的使用门槛,” and “持续优化对AIAgent的支持能力,” giving a good impression of its AI商业化能力.

However, on March 11, UCloud-W announced that its lightweight cloud host products based on OpenClaw镜像 have not yet formed a scaled product体系, and技术迭代及商业化进展可能不及预期.

UCloud-W also warned that its current业务尚未形成稳定、可持续的收入来源, with revenue占比极低, and future product revenue规模、盈利水平及现金流贡献存在高度不确定性, short-term impact on overall performance is limited.

So, what is the基本面 of UCloud-W?

Its recent 2025年度业绩快报 shows an预计归母净利润亏损7,668.32万元, and扣非后归母净利润亏损1.46亿元.

This marks the sixth consecutive year of亏损 since 2020, with a total亏损 nearly 2 billion yuan. From 2021 to 2024, revenue also连续下降, from 2.901 billion to 1.503 billion, a decline of over 48% over four years.

In 2025, revenue is预计约17亿元, with a YoY increase of 13.11%, finally止住了营收下滑的势头. The main reason is the rapid发展 of the AI行业.

UCloud-W states that the revenue increase in 2025 is mainly due to持续投入 in AIGC领域, leading to持续增长 in智算产品收入, with AI-related收入同比增长超过40%, and AI-related收入已占整体营业收入的比重超过40%.

Prior to this, UCloud-W’s revenue主要来自公有云、私有云、混合云（“三朵云”系列）,其中公有云占大头.

In 2021, public cloud revenue曾一度占比超过75%. After 2022, public cloud revenue开始下滑, but by 2024, it still占比超过50%.

值得注意的是, compared to private cloud, public cloud’s毛利率较低, e.g., in 2023 and 2024, private cloud毛利率分别为36.31%和46.84%, while public cloud only 12.06% and 21.04%.

02 Major cloud providers’ prices surged over 400%, does UCloud-W have a chance to “shake the tree”?

UCloud-W’s revenue decline and亏损 also relate to the持续多年的“云产品”价格战.

Since 2018, UCloud-W’s主要产品价格整体呈下降趋势,且降价幅度较大. In 2025, UCloud-W认为未来云计算市场竞争仍可能激烈，预计主要云厂商仍会通过降价抢占市场份额，未来几年也可能持续降价。

At that time, UCloud-W also提出“大发展”私有云业务。从行业逻辑看，在未来“AIAgent”大行其道的趋势下，私有云在数据安全和隐私方面确实值得优刻得重点发展，而较高的利润水平也是私有云对其的核心价值。

不过，优刻得很快就遇上了OpenClaw掀起的Agent开源热潮，这次“好运”让原本就紧俏的算力需求又提升一档，云厂商纷纷涨价，UCloud-W自然也参与其中。

2026年1月下旬，阿里云、腾讯云发布阶梯式涨价通知，亚马逊AWS也在1月上调EC2机器学习算力块价格约15%。

2月中旬，UCloud-W跟进涨价，宣布自2026年3月1日起对部分云服务器、对象存储及CDN服务价格进行上调，涨幅为5%至12%，涉及华北、华东、华南三大核心区域。

同样在2月，Google Cloud宣布自2026年5月起调价，部分产品涨幅超过100%.

3月11日，“财联社”报道称，腾讯云宣布自2026年3月13日起调整部分模型的计费策略，涉及GLM5、MiniMax2.5、Kimi2.5等模型将结束免费公测，步入按量计费时代。

而且，腾讯的混元系列模型TencentHY2.0Instruct输入价格从每千tokens 0.0008元调整为0.004505元，涨幅高达463%；输出价格也从0.002元升至0.01113元，涨幅超过456%.

TencentHY2.0Think输入价格从0.001元调整为0.0053元，输出价格从0.004元调整为0.0212元，调整后价格是原价的五倍！

在科技圈看来，这次内外云厂商集体步入“云计算涨价时代”，逻辑很简单：主要是AI驱动数据中心电力需求飙升，内存芯片库存处于历史低位，内存价格预计全年上涨，导致算力供不应求，涨价成为必然。

而OpenClaw掀起的Agent开源热潮，又带来更大一波算力需求，推动云厂商集体提价。

在这轮涨价潮中，优刻得表现得相对克制，但能否借此增加用户，还需观察。

03 “强云环伺”，优刻得的“算电”底牌还未打出

在科技圈，优刻得与阿里云、腾讯云、火山引擎、百度云等头部云厂商相比，只算是中小云厂商。在这波“龙虾概念”热度之后，优刻得能否在“强云环伺”的局面中获得持续稳定的“龙虾云”市场，值得深思。

虽然优刻得对投资人表示，自己是行业内率先实现OpenClaw云端部署的厂商，但实际上今年1月，很多大厂云也同步部署了。

比如京东云在1月官宣上线OpenClaw云，百度智能云在2月3日上线OpenClaw一键部署服务；随后，火山引擎上线ArkClaw云上SaaS版，腾讯Lighthouse轻量云也发布了OpenClaw一键部署。

面对市场竞争，优刻得提示股价风险时表示，“有多家云服务商上线了类似产品，公司面临较大的市场竞争，相关产品对公司未来的业绩贡献存在较高不确定性。”

这次OpenClaw掀起的Agent开源热潮，确实给云厂商带来了巨大利好。之前许多普通用户对云服务需求不高，但这次“龙虾”来了，“云上养虾”成为最便捷的途径，相当于为云厂商免费普及了一波大众市场，这在以前难以想象的。

在“强者恒强”的市场法则下，优刻得在大厂云面前仍面临压力。虽然在“中立云厂商”细分赛道中具有差异化优势，但市场份额有限，仍需更多底牌保障自己在牌桌上的位置，“算电协同”就是其中之一。

优刻得的“算电协同”业务聚焦“绿电供算力、算力稳电网”，核心包括两大自建智算中心+液冷/储能/虚拟电厂+生态合作。

已投运的核心项目有乌兰察布智算中心（西算枢纽），占地14万㎡，总投资48亿元，规划1.2万机柜，已投运7300+（三期2300+交付）。该中心位于绿电丰富区，采用全浸没式液冷，PUE低至1.1以下，绿电直供+自备储能，承接大模型训练，服务国内知名大厂。

近年来，机柜出租费用的提升直接带动公司毛利率提升，未来盈利空间值得关注。

上海青浦智算中心（东数枢纽）则定位为低延迟推理，部署国产千卡集群，接入海上风电PPA+用户侧储能，参与虚拟电厂（VPP）调度，削峰填谷以获取电价收益。

“青浦数据中心项目（一期）”于2023年1月正式投产，原计划2026年1月24日建成，但近期公告显示，将延期两年至2028年1月24日。

此外，乌兰察布智算中心二期B楼也在推进中，持续扩容机柜与液冷产能。

“算电协同”相当于优刻得的护城河项目，但关键在于能否在最合适的时机打出这张底牌。而在飞速发展的AI浪潮中，“时机”也可能稍纵即逝。

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