FII(SH:601138) Ge Long Hui A P P·2025-08-11 02:17Core Viewpoint - The performance of Industrial Fulian has reached historical highs in both revenue and profit in the first half of the year, driven by the booming AI computing power market [1][9]. Financial Performance - In the first half of the year, the company achieved revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit of 12.11 billion yuan, up 38.61% [7][10]. - In Q2, the company reported a single-quarter revenue exceeding 200 billion yuan, with a year-on-year growth of 35.9%, and a net profit of 6.89 billion yuan, reflecting a 51.1% increase [2][8]. - The company’s basic earnings per share for the first half were 0.61 yuan, up 38.64% from the previous year [11]. Business Segments - The cloud computing segment has become the core growth engine, with overall server revenue growth exceeding 50% in Q2, and AI server revenue increasing by over 60% year-on-year [11][12]. - The GB200 series products have seen improved production yields and increasing shipment volumes [12]. Market Trends - The global technology industry is rapidly restructuring under the AI wave, leading to strong growth in the company's core business and a simultaneous increase in order scale and value [15]. - The demand for AI servers is expected to continue growing, with the market projected to reach a value of 298 billion USD by 2025, accounting for over 70% of the overall server market [21][22]. Strategic Focus - The company plans to continue focusing on AI development and expand cooperation with various customer categories, aiming to seize opportunities in emerging fields such as AI and robotics [19][21]. - The board has decided not to distribute cash dividends or issue bonus shares, indicating a cautious approach to future capital needs [17][18].