Core Viewpoint - The company reported significant revenue growth but faced a decline in net profit due to increased costs associated with high debt and heavy investment in fixed assets [1][2]. Financial Performance - The company achieved a revenue of 2.165 billion yuan, representing a year-on-year increase of 62.18% [1]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 104 million yuan, a decrease of 17.92% year-on-year [1]. - Depreciation and amortization expenses rose from 282 million yuan in 2023 to 421 million yuan in 2024, an increase of 49.51% [1]. - Financial expenses increased from 139 million yuan in 2023 to 224 million yuan in 2024, a rise of 61.12% [1]. Asset and Liability Management - As of December 31, 2024, the company had total assets of 11.685 billion yuan and total liabilities of 8.310 billion yuan, resulting in a debt-to-asset ratio of 71.11%, up by 7.04 percentage points from the previous year [2]. - The company has added fixed assets worth 2.069 billion yuan and liabilities of 2.807 billion yuan during the reporting period [1]. Market and Industry Trends - The demand for computing power is rapidly increasing, driven by national initiatives promoting new infrastructure investments [2]. - The company is in an expansion phase with multiple large data center projects under construction in major cities like Beijing, Guangzhou, and Shenzhen [2]. - The industry is experiencing intensified competition, with new entrants and existing players expanding, leading to a potential decline in overall gross margins [2]. Future Outlook - The computing infrastructure boom is showing signs of cooling, with a shift towards a new paradigm prioritizing resource efficiency [3]. - The company has several data center and intelligent computing center projects scheduled for delivery in 2025, including multiple centers in Langfang and Tianjin [3]. - Despite the growth in computing power, operational challenges persist, with average cabinet utilization rates reported between 20% to 30% [3].

Core Viewpoint - The recent financial performance of Guangdong Aofei Data Technology Co., Ltd. shows significant growth in both internet comprehensive services and traditional IDC services, driven by the increasing demand for AI computing power [1][2]. Financial Performance - In 2024, the company's internet comprehensive services revenue surged by 264.22% to 559 million yuan, accounting for an increase of approximately 14 percentage points compared to the previous year [1]. - Traditional IDC services contributed 1.387 billion yuan in revenue, reflecting a year-on-year growth of 24.14%, with a gross margin increase of 2.13 percentage points [1]. - The total operating revenue for the year reached 2.165 billion yuan, marking a year-on-year increase of 62.18% [1]. Dividend and Stock Performance - Aofei Data announced a cash dividend of 0.13 yuan per share (before tax), with a total distribution amounting to 12.81 million yuan [1]. - On April 21, the company's stock closed at 22.00 yuan, with a single-day increase of 5.67% [1]. Business Segmentation - The company categorizes its services into IDC services and internet comprehensive services, with the latter focusing on AI-related growth areas [2]. - The company has adopted a high-debt, high-investment growth model, with new fixed assets amounting to 2.069 billion yuan and new liabilities of 2.807 billion yuan [2]. Profitability and Challenges - In 2024, the net profit attributable to the parent company decreased by 12.2% to 124 million yuan, primarily due to rising fixed asset investments and financial costs [2]. - The accounts receivable balance at the end of the period was 685 million yuan, with a bad debt provision of 52.24 million yuan [2]. Q1 2025 Performance - For Q1 2025, the company reported revenue of 536 million yuan, a year-on-year increase of 40.62%, and a net profit of 51.75 million yuan, a slight increase of 2.47% [3]. - Accounts receivable decreased by 41.75% to 369 million yuan, while long-term borrowings rose by 33.36% to 3.118 billion yuan [3]. Future Outlook - The company anticipates increased demand for data centers, particularly intelligent computing centers, driven by the growth of the AI industry [3]. - As of the end of 2024, Aofei Data had completed or was constructing 14 self-operated data centers, with a total cabinet count exceeding 43,000, representing a year-on-year growth of over 20% [3]. Sustainability Initiatives - The company has achieved carbon neutrality certification for all self-built data centers for 2023 and is promoting distributed photovoltaic power generation projects [3]. - By the end of 2024, Aofei Data had completed 238 grid-connected projects, totaling approximately 214 megawatts, contributing to revenue from light module sales of 131 million yuan and distributed photovoltaic energy-saving services of 88 million yuan [3].

Revenue and Profit - The company achieved significant revenue growth in Q1 2025, with total revenue reaching 536 million yuan, a year-on-year increase of 40.62% [2] - However, the growth of net profit attributable to shareholders and net profit excluding non-recurring items was relatively slow, at 51.75 million yuan and 54.61 million yuan, with year-on-year increases of 2.47% and 2.29% respectively [2] Profitability - The company's gross margin was 31.58%, an increase of 1.64 percentage points compared to the same period last year, indicating improved cost control [3] - The net profit margin was 9.7%, a year-on-year decrease of 25.29%, suggesting challenges in profit conversion [3] Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 87.53 million yuan, accounting for 16.33% of revenue, a decrease of 11.33 percentage points from the previous year, indicating improved expense management [4] Cash Flow and Debt Situation - The company's cash and cash equivalents significantly increased to 761 million yuan, a year-on-year growth of 137.39%, while accounts receivable decreased to 369 million yuan, down 18.38% [5] - Interest-bearing liabilities rose to 7.915 billion yuan, a year-on-year increase of 53.97%, indicating increased short-term debt pressure, with a current ratio of only 0.56, raising concerns about debt repayment capacity [5] Per Share Metrics - The net asset value per share was 3.47 yuan, a year-on-year increase of 7.49% [6] - Operating cash flow per share was 0.2 yuan, a significant year-on-year increase of 1134.69%, indicating improved cash flow from operations [6] - Earnings per share were 0.05 yuan, a slight year-on-year decrease of 0.19% [6] Business Model and Capital Structure - The company's performance is primarily driven by capital expenditures and equity financing, necessitating close attention to the rationality of capital expenditure projects and funding pressures [7] - The company's return on invested capital (ROIC) was 4.28%, indicating weak capital returns, with a net profit margin of 5.88%, suggesting average value addition of products or services [7]

Summary of Aofei Data Conference Call Company Overview - **Company**: Aofei Data - **Year**: 2024 and Q1 2025 Key Financial Metrics - **2024 Revenue**: 2.16 billion CNY, a 62% year-over-year increase [3] - **2024 Net Profit**: Declined due to increased depreciation, financial costs, and asset impairment provisions totaling 81 million CNY [3][4] - **Q1 2025 Revenue**: 535 million CNY, a 40.62% year-over-year increase, but a decrease from the previous quarter [3][4] - **2024 IDC Service Revenue**: 1.38 billion CNY, over 20% growth [3][4] - **2024 Gross Margin for IDC**: Close to 30%, indicating improved cabinet utilization [3][8] Operational Highlights - **Fixed Asset Investment**: Nearly 2 billion CNY in 2024 and over 1 billion CNY in Q1 2025, reflecting rapid growth in cabinet numbers [3][5] - **Cabinet Delivery**: Increased from 35,000 in 2023 to 43,000 by the end of 2024, with plans for an additional 100 MW in 2025 [7][9] - **New Projects**: Ongoing upgrades at the Yizhuang Data Center and new projects in Zhangjiakou and Chengdu [12][9] Industry Insights - **Market Demand**: Industry demand is recovering, although short-term impacts from policy changes are expected [19][20] - **Average Industry Return**: Estimated at 11% to 13%, with future price trends dependent on supply-demand dynamics [21] - **Regulatory Environment**: Local governments are conducting research, which may lead to a pause in new project approvals [20][23] Strategic Initiatives - **Expansion Plans**: The company is pursuing new regional layouts through acquisitions and self-built projects [10][25] - **Capital Expenditure**: Expected to be 3 to 4 billion CNY in 2025, funded through cash flow from delivered projects, targeted equity offerings, and partnerships with local state-owned platforms [18] - **Customer Acquisition**: Actively seeking new clients through mergers and acquisitions, while also focusing on existing customer relationships [25] Risks and Challenges - **Asset Impairment**: Notable increase in asset impairment provisions, indicating potential credit risks from clients [4] - **Financial Costs**: Anticipated financial expenses for 2025 could reach 240 to 300 million CNY due to new project debt [24] Additional Notes - **Growth in Distributed Photovoltaic Business**: Achieved significant growth in 2024, with expectations for continued expansion in 2025 [27] - **Focus on Rental Business**: Transitioning towards a rental model in the computing power sector, with a focus on market adaptability [16][17]

Core Viewpoint - The company, AoFei Data, is a leading provider of internet cloud computing and big data infrastructure solutions in China, focusing on building a digital industry ecosystem that adapts to new network communication technologies like 5G [4][5][6]. Company Overview - AoFei Data is dedicated to providing high-quality internet infrastructure and cloud computing services across various emerging digital technology sectors, including AI, smart manufacturing, and e-commerce [4][5]. - The company operates its own high-quality internet data centers in over 30 cities in China and has established significant partnerships with major telecom operators [4][5]. Business Model - The company primarily operates in the downstream of basic telecom operators, utilizing existing internet communication lines and bandwidth resources to provide services such as bandwidth leasing and data center services [8][10]. - AoFei Data's service offerings include IDC services, content delivery networks (CDN), data synchronization, and network security [6][8]. Financial Highlights - The company has received a standard unqualified audit opinion from its accounting firm, Rongcheng Accounting Firm [2]. - The company has proposed a profit distribution plan, offering a cash dividend of 0.13 yuan per 10 shares [3]. Recent Developments - In response to national carbon neutrality strategies, the company has developed a carbon neutrality and renewable energy strategy, achieving carbon neutrality certification for all its self-built data centers in 2023 [7][39]. - The company has initiated a share repurchase plan, intending to buy back shares worth between 50 million and 100 million yuan [22][23]. Investment Activities - The company has invested in an industrial investment fund focused on early-stage companies in the general artificial intelligence sector, committing 50 million yuan [37]. - AoFei Data has also acquired a 70% stake in Sichuan Huatuo Optical Communication Co., Ltd. for approximately 117.37 million yuan [33][34]. Future Plans - The company plans to issue A-shares to specific investors to raise up to 175 million yuan for new projects in cloud computing and artificial intelligence [41].

Financial Performance - The company reported a basic earnings per share of 0.0529 yuan for Q1 2025, a slight decrease of 0.19% compared to 0.0530 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 5.36 billion yuan, representing a significant increase of 40.68% from 3.81 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.52 billion yuan, showing a 1.96% increase from 0.51 billion yuan in Q1 2024 [1] - The return on equity (ROE) decreased to 1.53% in Q1 2025 from 1.63% in Q1 2024, a decline of 6.13% [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 33,920.09 million shares, accounting for 34.44% of the circulating shares, which is a decrease of 7,043.41 million shares from the previous period [1] - Guangzhou Haomeng Computer Technology Co., Ltd. remains the largest shareholder with 27.61% of total shares, holding 27,192.55 million shares [2] - New entrants among the top shareholders include Zhang Jianping with 1,161.81 million shares and several investment funds, while notable exits include Song Yangyang and He Liejun [2][3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [4]

一、本次关联交易概述 民生证券股份有限公司 关于广东奥飞数据科技股份有限公司 控股股东及实际控制人为公司向金融机构及其他融资机构 申请新增综合授信额度提供担保暨关联交易的核查意见 民生证券股份有限公司（以下简称"保荐人"）作为广东奥飞数据科技股份 有限公司（以下简称"公司"或"奥飞数据"）持续督导的保荐人，根据《证券 发行上市保荐业务管理办法》《深圳证券交易所创业板上市公司自律监管指引第 2 号—创业板上市公司规范运作》及《深圳证券交易所创业板股票上市规则》等 有关规定，对奥飞数据控股股东及实际控制人为公司向金融机构及其他融资机构 申请新增综合授信额度提供担保暨关联交易的事项进行核查，核查情况及核查意 见如下： 为解决奥飞数据向金融机构及其他融资机构申请融资面临的担保问题，进一 步支持奥飞数据的加速发展，公司控股股东广州市昊盟计算机科技有限公司（以 下简称"昊盟科技"）及实际控制人冯康先生对奥飞数据及其全资/控股子公司向 金融机构及其他融资机构申请综合授信额度提供连带责任担保，担保额度不超过 人民币 75.00 亿元（含 75.00 亿元），并免于支付担保费用。本次控股股东及实 际控制人为公司及全资/控股子公 ...

审计报告 广东奥飞数据科技股份有限公司 容诚审字[2025]510Z0044 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | | --- | --- | --- | --- | | 1 | 审计报告 | 1-7 | | | 2 | 合并资产负债表 | 1 | | | 3 | 合并利润表 | 2 | | | 4 | 合并现金流量表 | 3 | | | 5 | 合并所有者权益变动表 | 4 – | 5 | | 6 | 母公司资产负债表 | 6 | | | 7 | 母公司利润表 | 7 | | | 8 | 母公司现金流量表 | 8 | | | 9 | 母公司所有者权益变动表 | 9 - | 10 | | 10 | 财务报表附注 | 11 | – 145 | 审 计 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 ( 100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.r ...

民生证券股份有限公司 | | 飞新能源的持股比例由51.00%降至40.06%，奥飞 新能源仍系公司合并报表范围的控股子公司但持 股比例不超过50%。截至2024年12月27日，奥飞 数据对奥飞新能源的借款余额为32,414.32万 | | --- | --- | | | 元。奥飞数据需按照相关内控制度加强对奥飞新 能源的管理，密切关注奥飞新能源的经营状况、 财务状况及偿债能力，加强对奥飞新能源资金使 | | | 用的监管，积极防范财务资助产生的风险。 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 6次 | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7.向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 0 次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 无 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9.保荐业务工作底稿记录、保管是否合规 | 是 ...

RSM | 容 诚 内部控制审计报告 广东奥飞数据科技股份有限公司 容诚审字[2025]510Z0156 号 容诚会计师 翡 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mo.tgov.co）"进行查 "一带一 内部控制审计报告 容诚审字[2025]510Z0156 - 广东奥飞数据科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了广东奥飞数据科技股份有限公司(以下简称"奥飞数据")2024年12月31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是奥飞 数据董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 ...