稳定分红与行业积极信号共振，润泽科技AIDC业务有望持续增长

Core Viewpoint - Runze Technology demonstrates a strong commitment to shareholder returns through stable dividends, reflecting confidence in future growth, particularly in the AIDC business driven by increasing investments in AI by major domestic internet companies [1][2][3]. Group 1: Dividend Policy - The annual shareholder meeting approved a profit distribution plan for 2024, with a total cash dividend of 222 million yuan, bringing the total dividends since the 2022 restructuring to 2.618 billion yuan [2]. - The company plans to continue its dividend policy, with a potential mid-year cash dividend cap of 688 million yuan for 2025, contingent on achieving a net profit exceeding 688 million yuan in the first half of 2025 [2][3]. Group 2: AIDC Industry Growth - The AIDC industry is entering a new growth cycle, supported by significant increases in capital expenditures from major players like Alibaba and Tencent, with Alibaba's capital expenditure reaching 31.775 billion yuan, a year-on-year increase of 258.76% [3][4]. - Tencent's capital expenditure also surged to 36.578 billion yuan, a year-on-year increase of 386.15%, with plans for further increases in 2025 [3][4]. Group 3: Infrastructure and Market Position - Runze Technology has established seven AIDC infrastructure clusters across six regions in China, completing a nationwide integrated computing center framework with plans for 61 intelligent computing centers and approximately 320,000 cabinets [4]. - The company employs a "self-invest, self-build, self-hold, self-operate" model to create a competitive moat, attracting leading AI clients and building deep trust through comprehensive intelligent computing services [4][5]. Group 4: Long-term Value and Strategic Positioning - The combination of stable dividends and strategic acquisitions strengthens investor confidence and lays a foundation for long-term value growth [5]. - Runze Technology is positioned to capture industry leadership through its technological reserves, market layout, and shareholder return mechanisms, making it a key focus for capital markets [5].