Core Viewpoint - The rise of the AI industry globally is driving an increase in electricity demand from data centers, which is expanding the company's smart distribution business and providing revaluation opportunities in the Hong Kong industrial sector [1] Group 1: Data Center Electricity Demand - The International Energy Agency (IEA) predicts that global electricity consumption by data centers will increase by approximately 127.7% from an estimated 415 TWh in 2024 to a forecasted 945 TWh by 2030 [1] - In the same period, electricity consumption in data centers in China and the United States is expected to grow by about 170% and 130%, reaching approximately 420 TWh and 275 TWh, respectively, together accounting for over 70% of the global forecast for 2030 [1] Group 2: Smart Distribution Business Expansion - Starting from FY24, data center clients are driving the expansion of the company's smart distribution business, with significant growth observed in partnerships, such as with Siemens and Global Data [2] - The electricity consumption of DayOne, a subsidiary in Singapore, reached 213 MW in Q2 25, marking a year-on-year increase of 110.9% and a quarter-on-quarter increase of 49.0% [2] - The opening of a new factory in Johor, Malaysia, is expected to further boost the company's overseas smart distribution business [2] Group 3: Growth Projections for Smart Distribution - The company anticipates a compound annual growth rate (CAGR) of 24.7% for smart distribution revenue and 26.0% for gross profit from FY24 to FY27, surpassing the overall company growth rates of 19.6% and 21.2% [3] - The proportion of smart distribution in total revenue and gross profit is expected to rise from 33.3% and 24.9% in FY24 to 37.7% and 27.9% in FY27, respectively [3]