Market Overview - The other power equipment sector experienced a decline of 2.48% on September 4, with Tonghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Key stocks in the other power equipment sector showed varied performance, with Hailan Technology rising by 5.89% to a closing price of 156.80, while Tonghe Technology fell by 6.96% to 33.96 [2] - Other notable declines included Zhongheng Electric (-6.64%), Magpow (-6.37%), and Kehua Data (-5.55%) [2] Trading Volume and Capital Flow - The total trading volume for the other power equipment sector was significant, with Tonghe Technology recording a transaction amount of 6.97 billion [2] - The sector saw a net outflow of 1.48 billion from institutional investors, while retail investors contributed a net inflow of 1.3 billion [2][3] Individual Stock Capital Flow - Specific stocks like Rongfa Nuclear Power and Keda experienced negative net inflows from institutional investors, while Keda saw a positive net inflow from retail investors [3] - The capital flow data indicates a mixed sentiment among different investor types, with retail investors showing more interest in certain stocks despite overall sector declines [3]

Group 1 - The company has issued 14,920,680 convertible bonds at a price of 100 yuan each, raising a total of 149,206.80 million yuan, with a net amount of 148,066.32 million yuan after deducting issuance costs [2][3] - The funds raised will be managed through a special account established in compliance with relevant regulations, ensuring the protection of the company's and investors' rights [2][3] - A tripartite supervision agreement has been signed among the company, the bank, and the sponsor to regulate the management of the raised funds [3][5] Group 2 - The special account for the raised funds has been opened at China Construction Bank, with a current balance of 0 million yuan as of September 2, 2025, and is designated solely for temporary storage and use of idle funds [3][4] - The agreement stipulates that any withdrawal exceeding 50 million yuan or 20% of the net raised funds must be reported to the sponsor [6][7] - The agreement is effective upon signing and will remain in force until all funds are fully utilized and the account is closed [7][8]

Fundraising Overview - The company has issued 14,920,680 convertible bonds at a price of 100 yuan each, raising a total of 1,492,068,000 yuan, which was fully received by August 29, 2023 [1] - The issuance was approved by the China Securities Regulatory Commission on August 23, 2023 [1] Fund Management and Supervision - A special account for the raised funds has been opened at China Construction Bank, with the account number 35150198030109002888 [2] - A tripartite supervision agreement has been established among the company, its subsidiary, and the bank to ensure proper management and usage of the funds [2][3] - The funds are to be used solely for temporary liquidity support and not for any other purposes [2] Agreement Details - The agreement stipulates that the company must comply with various laws and regulations regarding fund management [3] - The designated sponsor will supervise the usage of the funds and conduct semi-annual inspections [4] - The company is required to maintain detailed records of all fund usage, including approval documents and bank transfer vouchers [4] Compliance and Reporting - The bank must provide monthly account statements to the company and the sponsor [5] - Any withdrawal exceeding 50 million yuan or 20% of the net raised funds must be reported to the sponsor [5] - The agreement is effective upon signing and remains valid until all funds are fully utilized and the account is closed [5][6]

一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意科华数据股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1681 号），科华数据 股份有限公司（以下简称"科华数据"或"公司"）于2023年8月23日向不特定对象 发行了 14,920,680 张可转换公司债券，发行价格为每张100元，募集资金总额 149,206.80 万元，扣除各项发行费用后，实际募集资金净额为148,066.32 万元，上 述款项已于2023年8月29日全部到账。容诚会计师事务所（特殊普通合伙）对公司本 次 募 集 资 金 到 位 情 况 进 行 了 审 验 ， 并 于 2023 年 8 月 30 日 出 具 了 容 诚 验 字 [2023]361Z0043号《验资报告》。 二、募集资金监管协议的签订及专户开立、存储情况 为规范公司本次募集资金的管理和使用，保护公司及投资者权益，根据《上市 公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上 市公司规范运作》等相关法律法规以及公司《募集资金管理制度》的有关规定，经 公司第九届董事会第五次会议、第九届监事会第四次会议审议通 ...

Group 1 - The stock price of Kehua Data has declined for three consecutive days, with a total drop of 8.42% during this period, currently trading at 52.94 CNY per share [1] - Kehua Data's main business includes the production and sales of UPS power supplies for information equipment and industrial power, with revenue composition as follows: 49.62% from new energy products, 21.01% from data center products, 16.43% from IDC services, 11.77% from smart power products, and 1.17% from other sources [1] Group 2 - Huazhong Fund holds a significant position in Kehua Data through its fund, Huazhong Carbon Neutral Mixed A, which has maintained 209,200 shares, accounting for 4.24% of the fund's net value [2] - The fund has experienced a floating loss of approximately 5.23 thousand CNY today, with a total floating loss of 101.88 thousand CNY over the three-day decline [2] - The fund has achieved a year-to-date return of 31.65% and a one-year return of 66.52%, ranking 2002 out of 8180 and 1367 out of 7967 respectively [2]

Group 1: Company Insights - E Fund recently conducted research on seven listed companies, highlighting significant growth in revenue for Yuanjie Technology, particularly in the demand for 400G/800G optical modules, with expectations for substantial growth in the second half of 2025 [1] - Weisi Medical's lower limb exoskeleton device has been included in the medical insurance directory, and its electrical stimulation products are primarily used in obstetrics and gynecology departments [1] - Dekoli experienced rapid growth in computing power demand but faced challenges with capacity and supply chain resources, leading to insufficient order fulfillment [1] - Ningbo Jingda's performance was slightly impacted by international trade factors, but it saw a double-digit growth in orders in the second quarter, with a 70% increase in export orders after acquiring Wuxi Micro Research [2] - Xinmai Medical reported a revenue of 714 million yuan and a net profit of 315 million yuan, with overseas revenue growing over 95% [3] - Kehua Data achieved a revenue of 3.733 billion yuan, with a 0.06% year-on-year growth, and a 16.77% increase in data center business revenue [4] Group 2: Industry Trends - The demand for high-power CW light sources and high-speed EML technology is increasing, with companies focusing on core technology breakthroughs and maintaining high gross profit margins [1] - The integration of advanced technologies in manufacturing, such as high-frequency pipe-making and rolling machines, is being pursued to promote import substitution in the industry [2] - The development of new energy solutions, including 2000V450kW inverters, is being accelerated to serve various sectors, including state-owned enterprises [3] - The semiconductor industry is facing challenges with high R&D investments and increased financial costs, impacting profitability for companies like Dongxin [5]

Group 1: Yuanjie Technology - In the first half of 2025, the company experienced significant revenue growth in the data communication sector, particularly driven by the demand for 400G/800G optical modules, with a quarter-on-quarter upward trend expected to continue in the second half [1] - The company achieved core technological breakthroughs in high-power CW light sources and high-speed EML, with the US factory undergoing renovations and equipment procurement [1] - The company has pre-purchased equipment to ensure capacity expansion and will continue to invest in R&D to optimize processes and maintain a high gross margin [1] Group 2: Dekoli - In the first half of 2025, the company faced challenges due to rapid growth in computing power demand, leading to insufficient capacity and supply chain resources, resulting in inadequate order fulfillment [1] - The revenue share of data communication products increased to nearly 40%, while telecom business revenue declined by approximately 8% year-on-year [1] - A new factory is expected to come online in the second half of the year, with improved prospects anticipated, and the company is focusing on enhancing core competitiveness to address risks [1] Group 3: Kehua Data - In the first half of 2025, the company reported revenue of 3.733 billion yuan, a year-on-year increase of 0.06%, and a net profit attributable to shareholders of 244 million yuan, up 7.94% [2] - The data center business generated revenue of 1.398 billion yuan, reflecting a year-on-year growth of 16.77%, while revenue from smart energy and new energy businesses declined [2] - The company is focusing on "technological innovation" and "computing power layout," rapidly developing its intelligent computing center business and launching a new computing power service model [2]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Tongyuan Investment on a listed company, Kehua Data, revealing its financial performance and strategic focus [1] - In the first half of 2025, Kehua Data reported revenue of 3.733 billion yuan, a slight increase of 0.06% year-on-year, and a net profit attributable to shareholders of 244 million yuan, up 7.94% year-on-year [1] - The data center business generated revenue of 1.398 billion yuan, reflecting a year-on-year growth of 16.77%, while the smart electric and new energy sectors experienced a decline in revenue [1] Group 2 - Kehua Data is focusing on "technological innovation" and "computing power layout," with rapid development in its intelligent computing center business [1] - The company has launched its computing power platform V2.0 and is establishing a new service model termed "1+4+X" for computing power services [1] - Kehua Data is advancing its liquid cooling technology and has introduced full lifecycle services, creating several benchmark projects across various industries [1] Group 3 - The company has introduced a 2000V 450kW inverter and a 460kW liquid-cooled PCS in the new energy sector, serving numerous central state-owned enterprises [1] - Kehua Data is accelerating its overseas business expansion, implementing an "going abroad" strategy by leveraging its core products [1]

Core Viewpoint - The company has shown resilience in its financial performance despite challenges in certain sectors, with a focus on innovation and strategic expansion in the data center and energy management industries [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue reached 3.733 billion yuan, a slight increase of 0.06% year-on-year [2] - The net profit attributable to shareholders was 244 million yuan, reflecting a growth of 7.94% [2] - The data center sector generated 1.398 billion yuan in revenue, up 16.77% year-on-year, while the gross margin was 29.35%, down 1.40% [2][3] - The smart energy sector saw revenue decline by 22.56% to 439 million yuan, but the gross margin increased by 1.93% to 36.39% [2][4] - The renewable energy sector's revenue decreased by 4.22% to 1.852 billion yuan, with a gross margin of 17.51%, up 0.63% [2][4] Business Segments - The intelligent computing center business generated approximately 1.398 billion yuan in revenue, driven by technological innovation and partnerships with leading AI chip manufacturers [3] - The smart energy business is leveraging AI for energy management and has secured contracts in major transportation and industrial projects [4] - The renewable energy sector is focusing on innovative products like the 2000V 450kW string inverter and 460kW liquid-cooled PCS [4] Liquid Cooling Business - The company is a pioneer in the liquid cooling sector, offering a full lifecycle service for liquid-cooled data centers and exporting products internationally [5] - Collaborations with partners like Nuxi Co. aim to meet high-performance computing demands [5] International Expansion - The company is actively pursuing international opportunities, particularly in the overseas computing power market, by focusing on product certification and customer testing [6]

Group 1: Overall Business Performance - In the first half of 2025, the company's total revenue reached CNY 3.733 billion, a slight increase of 0.06% year-on-year [3] - The data center sector generated CNY 1.398 billion in revenue, marking a growth of 16.77% compared to the previous year, with a gross margin of 29.35%, down 1.40% [3] - The smart energy sector reported revenue of CNY 439 million, a decline of 22.56%, but with a gross margin of 36.39%, up 1.93% [3] - The renewable energy sector's revenue was CNY 1.852 billion, down 4.22%, with a gross margin of 17.51%, an increase of 0.63% [3] - The net profit attributable to shareholders was CNY 244 million, a growth of 7.94% year-on-year, despite credit and asset impairment losses totaling CNY 98.0054 million [3] Group 2: Development of Smart Computing Center - The smart computing center's revenue was approximately CNY 1.398 billion, reflecting a 16.77% increase year-on-year [3] - The company focuses on "technological innovation" and "computing power layout" to drive high-quality development [3] - New products and technologies, including liquid cooling solutions, are being developed to enhance performance and efficiency [3][4] Group 3: Smart Energy and Renewable Energy Business - The smart energy and renewable energy sectors experienced revenue declines, but gross margins improved [5][6] - The smart energy business has supported over 200 urban rail lines and 300 highway segments, ensuring reliable power supply and monitoring systems [5] - In the renewable energy sector, the company has developed a comprehensive product matrix, including a 2000V 450kW string inverter and a new generation 460kW liquid-cooled PCS [6] Group 4: Liquid Cooling Technology - The company is a pioneer in the liquid cooling sector, offering full lifecycle services for liquid-cooled data centers [8] - Recent projects include a decoupled liquid cooling system for China Mobile's data center, showcasing industry-leading solutions [8] - The company is enhancing its liquid cooling technology to meet the growing demands for high-density AI computing [8] Group 5: International Expansion - The company is actively pursuing international markets as a key development strategy, focusing on core products like UPS, HVDC, and liquid cooling systems [8] - Efforts include organizational restructuring, talent acquisition, market development, and establishing overseas factories [8]