2026-01-16
Inspur Server Shipments Decline for Two Consecutive Quarters, Dr
Core Overview:
According to the latest data from DataTrack, Inspur server shipments in the third quarter of 2025 were 250,000 units, a decline of 7.4% from the 270,000 units in the previous quarter, and a significant decline of 13.8% compared to the 290,000 units in the same period last year (Q3 2024). This indicates that the recovery momentum from the second half of 2024 to early 2025 has completely faded, and the scale of shipments has returned to the year-long consolidation range of 250,000 units.
Key Details:
Observing long-term trends, Inspur's shipments maintained a peak of over 300,000 units between 2021 and 2022 but subsequently entered a correction. 2025 presented a clear "start high, go low" trend: after reaching a year-to-date high of 280,000 units in Q1, Q2 and Q3 saw declines for two consecutive quarters, with a cumulative drop of 10.7%. The current level of 250,000 units is exactly on par with the average level for the full year of 2023, indicating that the market lacks substantial momentum to drive up total Volume.
In-Depth Attribution:
Market analysis points out a "divergence between volume and price" in shipment and revenue performance, mainly attributed to the crowding-out effect of capital expenditures. Analysis from institutions such as TrendForce and IDC shows that Cloud Service Providers (CSPs) have concentrated most of their budgets on high-unit-price AI servers (such as models equipped with NVIDIA high-end GPUs), severely squeezing the procurement volume of General Purpose servers, which account for a very high proportion of Inspur's business. Furthermore, restricted by the U.S. Entity List regulations, lead time bottlenecks in the high-end chip supply chain have also limited the speed of shipment volume ramp-up for certain high-end models.
Outlook and Risks:
Looking at the short term (1-2 months), as Q3 shipments have touched historical support levels, it is expected that Q4 will bottom out in the 250,000-260,000 unit range, with a low probability of a significant further drop; however, the speed of inventory depletion for general-purpose servers needs to be monitored. For the medium term (3-6 months), the key lies in whether the substitution rate of Chinese domestic AI chips (such as the Huawei Ascend series) can accelerate, and whether the replacement cycle for non-AI servers will launch in early 2026; if supply chain issues remain unresolved and general demand continues to be weak, shipment volumes may struggle to return to the 300,000-unit mark.
Web Search References:
https://www.digitimes.com/news/a20250121004.html
https://www.trendforce.com/presscenter/news/20250813-12245.html
https://www.idc.com/getdoc.jsp?containerId=prCHC51978224