YSDZ(SZ:002289) Xin Lang Zheng Quan·2025-09-30 01:42Core Viewpoint - The major asset restructuring of *ST Yushun (002289.SZ) has been successfully completed, marking the largest cash transaction merger among ST companies in A-shares this year, which is expected to transform the company significantly [1] Group 1: Company Restructuring - *ST Yushun held an extraordinary shareholders' meeting on September 29 to discuss the acquisition of data center assets, with all proposals approved [1] - Following the acquisition of the Zhong'en Cloud project, *ST Yushun is projected to turn a profit, with net profit increasing from -14.42 million to 159 million, and revenue surpassing 1 billion [1] - The acquisition is seen as a starting point, with potential future acquisitions by the major shareholder still under observation [1] Group 2: Strategic Developments - The major shareholder, Shanghai Fengwang Industrial Co., Ltd., has already gained control of significant intelligent computing assets, including a 52% stake in Hebei Aihua Data Technology Co., Ltd., which is involved in the UnionPay Cloud Intelligent Computing Center project [1] - The Hebei Aihua project is larger than the Zhong'en Cloud project, with plans to install approximately 12,384 cabinets, significantly exceeding the 8,000 cabinets of Zhong'en Cloud, valued at 3.35 billion [2] - The strategic intent of Shanghai Fengwang to upgrade from data centers to more advanced intelligent computing centers is becoming increasingly clear, with ambitions to position *ST Yushun as a leading player in computing power [2]