光环新网(300383)：业绩承压 智算布局显现新动能

Core Viewpoint - The company experienced a decline in mid-2025 performance, but the accelerated layout in IDC and computing power business driven by AI presents new growth opportunities [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 115 million yuan, down 57.01% year-on-year [2] - The non-recurring net profit attributable to shareholders was 112 million yuan, reflecting a year-on-year decline of 53.70% [2] - IDC business revenue decreased by 2.08% year-on-year, with a gross margin dropping to 32.71% [3] - Cloud computing revenue fell by 7.67% year-on-year, with a gross margin of 7.76% [3] Group 2: Business Strategy and Growth - The company is actively expanding its cabinet deployment, with over 72,000 cabinets in operation and 16,000 new cabinets added in the first half of the year [3] - Ongoing projects include the Tianjin Baodi Phase III project, Hohhot computing power base, and other strategic initiatives aimed at enhancing scale and bargaining power [3] - The company has established strategic partnerships with AI firms like Geling Deep Vision, positioning itself to benefit from the growing demand for intelligent computing [3] Group 3: Shareholder Returns - The company has implemented a profit distribution plan for 2024, distributing a cash dividend of 0.60 yuan per 10 shares (tax included) to all shareholders [4] - A "Quality Return Dual Improvement" action plan has been established to enhance long-term investment value [4]