⚠ UNLEVERED 替代场景 — 不可与 Section 5/6/7 求和UNLEVERED alternative scenario — Do NOT sum with Section 5/6/7 Section 8/9/10 = 支持独立债务融资 测算 (operator 不持有资产,只收租)。每个投资方单独设 debt%/rate (默认 0% = 全股本):债务独立于 Section 1 的"主表融资结构",仅用于 Sec 8/9 内部 P&L 与 IRR。折旧口径不同:Main 单一 SL (默认 5 年),Tripartite GPU 4 年 + Infra 10 年。比较时请分别评估。Sections 8/9/10 = independent debt financing per investor (operator owns no assets, only collects rent). Each investor sets its own debt%/rate (default 0% = all equity): independent from Section 1's main financing structure; affects only Sec 8/9 P&L and IRR. Depreciation differs: Main uses single SL (5y default), Tripartite uses GPU 4y + Infra 10y. Evaluate the two scenarios separately.
角色定义:GPU 投资方拥有 ① 算力服务器 + ② 内部高速网络,以 DDP 价直接入资产 (默认 4 年折旧);租给运营方按月收租。月租公式 = CapEx × (1+回收期内总回报%) / 回收期月数。可调整回收期、回报率、折旧期。所得税按当地税率,VAT 按当地标准。Role: GPU investor owns ① compute servers + ② internal high-speed network; capitalized at DDP price (4-yr depreciation default); leases to operator monthly. Monthly rent = CapEx × (1+total return % over payback) / payback months. Income tax at local rate, VAT at local standard.
