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Group 1 - The company plans to raise up to 1 billion yuan through a private placement to fund the construction of a domestic intelligent computing center and supplement working capital [2] - The total investment for the intelligent computing center project is 746 million yuan, with 700 million yuan expected to be funded from the raised capital [3] - The company aims to build a fully domestic computing ecosystem using leading domestic AI chips to enhance supply chain security and data sovereignty [2][3] Group 2 - The intelligent computing market in China has been growing rapidly, with an average annual growth rate of 76.3% since 2020, making it the main driver of computing scale growth [3] - By 2025, the intelligent computing market in China is projected to reach 1590 EFLOPS, surpassing IDC's forecast of 1037.3 EFLOPS [3] - Currently, the domestic intelligent computing center market is primarily dominated by the NVIDIA ecosystem, with a relative scarcity of fully domestic commercial computing supply [3] Group 3 - The company's computing business model involves purchasing GPU modules and related equipment, assembling servers, and providing ongoing operational services to clients [4] - As of mid-2025, the company has signed over 2.2 billion yuan in orders, primarily from telecommunications operators and cloud service providers [4] - Despite securing numerous orders, the company has been facing significant losses, with an expected net loss of between 130 million yuan and 190 million yuan for 2025, a further decline from a net loss of 116 million yuan in 2024 [4][6] Group 4 - The company attributes its declining performance to ongoing strategic investments in computing services and plans to adjust the estimated useful life of its equipment, which may significantly impact net profit [6] - As of February 11, the company's stock closed at 32.06 yuan per share, with a market capitalization of 4.473 billion yuan [7]