Summary of Conference Call Records Company Overview - The company discussed is **协创数据 (Xiechuang Data)**, operating in the **computing and storage industry**. Key Points Computing Power Investment - The company has significantly increased its computing power investment, with an additional server procurement of **11 billion** yuan, bringing the total computing power investment to over **32.2 billion** yuan (30+40+12+40+90+110) [1] - The company has enhanced its credit facilities, securing an additional **11 billion** yuan in bank credit, resulting in a cumulative total of **51.5 billion** yuan (125+80+40+160+110) [1] - An additional **2 billion** yuan in financial leasing support has been secured, with subsidiaries signing financing leasing contracts worth **1 billion** yuan each with **光大金租 (Everbright Financial Leasing)** [1] - Looking ahead to **2026**, the company anticipates a substantial increase in actual computing power demand from downstream leading clients, which is expected to drive further expansion in computing power investments and cloud computing business [1] Storage Business Growth - The storage business is experiencing significant profit elasticity, with the company sourcing particles from major storage manufacturers and recycling overseas server storage modules, serving leading terminal manufacturers and cloud providers [2] - In **2024**, the company's storage revenue is projected to reach **4.457 billion** yuan, representing a **92.4%** year-on-year growth, with expectations for continued rapid growth in **2025** and **2026** due to rising storage prices [2] Strategic Partnerships - The company has formed strategic partnerships with **光为科技 (Guangwei Technology)** for optical module development and **光加科技 (Guangjia Technology)** for high-end optical module development, which is expected to facilitate rapid capacity expansion and increase order volumes, gradually introducing domestic and international CSP clients [2] Market Outlook - By **2026**, the company expects a comprehensive explosion in the downstream demand for its "computing-storage-network" business, with proactive strategic positioning and significant investment increases recommended for attention [2] Risk Factors - Potential risks include slower-than-expected business progress, intensified industry competition, macroeconomic fluctuations, and supply chain disruptions [2]

Important Matters - SMIC reports that both memory chips and BCD are in short supply, leading to price increases [1] - Victory Technology has achieved industrialization of 1.6T optical module PCBs [1] - Chuangxin Data plans to procure servers for cloud computing services, with a budget not exceeding 11 billion yuan [1] Investments & Contracts - Jingrui Materials intends to invest 600 million yuan to build a key materials base for the integrated circuit manufacturing industry in the western region [1] - Wenzhou Hongfeng plans to raise no more than 450 million yuan for the expansion of lithium battery copper foil and electronic copper foil projects [1] - Huadian Co. plans to invest 3.3 billion yuan in a new high-end printed circuit board production project to meet long-term demand for high-speed computing servers [1] - United Optoelectronics has signed a business cooperation framework contract with Lingzhi Cloud to provide assembly and processing services for robotics [1] - Aerospace Rainbow participates in the strategic placement of the IPO of Electric Science Blue Sky, aligning with long-term development strategies [1] - Hanbo High-tech's subsidiary, Chip East, plans to acquire assets to enter the wet electronic chemicals industry [1] - China Communications Construction Company expects to sign new contracts worth 1.88 trillion yuan in 2025, a year-on-year increase of 0.13% [1] - China Metallurgical Group signed new contracts worth 73.65 billion yuan in January [1] - Penghui Energy plans to invest a total of 3.3 billion yuan in battery and cell production projects [1] - Zhiguang Electric's subsidiary has received a 210 million yuan order for energy storage equipment [1] - Terui De is expected to win a bid for a 137 million yuan EPC general contracting project [1] Performance - Huahong Semiconductor reports Q4 2025 sales revenue of 659.9 million USD, a year-on-year increase of 22.4% [2] - Luan Energy reports a 16.8% year-on-year increase in coal sales in January [2] - Jinchengzi's performance report shows a net profit of 37.26 million yuan in 2025, a year-on-year increase of 22.2% [2] - Youyan Powder Materials reports a net profit of 70.91 million yuan in 2025, a year-on-year increase of 19.41% [2] Share Buybacks & Increases - Youkeshu's actual controller plans to increase company shares, with the stock name changing to "Xingyun Technology" [2] - Haikou Group's shareholder, Hainan Expressway, plans to increase its holdings by 40 to 50 million yuan [2] Others - International Composite Materials states that electronic-grade glass fiber is a fundamental raw material for printed circuit boards (PCBs) [2]

Group 1 - The company, Xiechuang Data, plans to purchase servers from multiple suppliers for a total amount not exceeding RMB 11 billion, primarily to provide cloud computing services to its clients [1][4]. - The board of directors has unanimously approved the proposal for the asset purchase, which will be submitted for shareholder approval, and the transaction does not require any additional regulatory approvals [1][4]. - The proposed transaction amount exceeds 50% of the company's most recent audited net assets and total assets [1][4]. Group 2 - The purchase is classified as a non-significant asset restructuring and does not constitute a related party transaction according to relevant regulations [4].

Core Viewpoint - The company, Xichuang Data (300857.SZ), announced plans to purchase servers from multiple suppliers for a total amount not exceeding RMB 11 billion, primarily to enhance its cloud computing services [1] Group 1: Procurement Details - The total estimated amount for the server procurement contracts is up to RMB 11 billion [1] - The servers will be used to provide cloud computing services to customers [1] Group 2: Business Impact - This procurement is essential for the company's operational development and will significantly promote the growth of its main business [1] - The completion of this transaction will provide necessary support for the company's sustainable development and market expansion [1]

Group 1 - The company plans to conduct a large-scale server procurement, with a total expected amount not exceeding 9 billion RMB [1] - The main purpose of this procurement is to enhance the company's cloud computing service capabilities to better support its clients [1] - The procurement has been approved by the company's board meeting held on December 15 [3] Group 2 - The company has chosen not to disclose specific information about the trading partners to protect commercial secrets and long-term strategic development [3] - This decision aims to avoid risks of breach of contract or unfair competition, thereby safeguarding the interests of the company and its investors [3] - The company has previously announced multiple server procurement plans throughout the year, with a cumulative contract amount limit reaching 12.2 billion RMB [3]

Core Viewpoint - The company plans to purchase servers from multiple suppliers, with a total contract value not exceeding 9 billion yuan, primarily to provide cloud computing services to its customers [1] Group 1 - The total amount of the procurement contract is expected to be no more than 9 billion yuan [1] - The servers will be used to enhance the company's cloud computing capabilities [1]

Core Viewpoint - The company, Xichuang Data (300857.SZ), plans to purchase servers from multiple suppliers, with a total procurement amount not exceeding 9 billion yuan, primarily to provide cloud computing services to its clients [1] Group 1 - The total amount for the procurement contracts is expected to be no more than 9 billion yuan [1] - The servers will be used to enhance the company's cloud computing service offerings [1]

Core Viewpoint - The company, Xiechuang Data, announced on December 16 that it plans to purchase servers from multiple suppliers, with a total procurement amount not exceeding 9 billion yuan, primarily to provide cloud computing services to its clients [1] Group 1 - The total amount for the server procurement is expected to be no more than 9 billion yuan [1] - The servers will be used to enhance the company's cloud computing service offerings [1]

Core Insights - Oracle has signed data center leasing commitments worth approximately $150 billion in the last three months, indicating preparations for cloud business collaborations with clients like OpenAI [2][5] - As of November 30, Oracle's total leasing commitments amount to $248 billion, primarily related to data center and cloud computing arrangements, effective until the fiscal year 2028 and not yet reflected on the balance sheet [2][5] - The company reported an increase in leasing commitments from $43.4 billion in May to $99.8 billion by August 31 this year [2][5] - Oracle's total customer commitments reached $523 billion, with a duration exceeding five years, where 10% is expected to be recognized in the next 12 months and 65% within the next five years [2][5]

Core Viewpoint - International Business Settlement (00147) has entered into a strategic cooperation framework agreement with Sharpening Technology for cloud computing mining services, with a total service amount not exceeding $100 million (approximately HKD 780 million) [1] Group 1: Strategic Cooperation Agreement - The strategic cooperation framework agreement is effective from November 10, 2025, for a duration of one year [1] - Keen Golden, a non-wholly owned subsidiary of the company, will procure cloud computing mining services from Sharpening Technology [1] Group 2: Cloud Computing Mining Service Agreement - A cloud computing service agreement has been established, where Keen Golden agrees to purchase mining power of at least 1 EH/s for a period of 365 days, at a cost of $15 million (approximately HKD 117 million) in Bitcoin [1] - The payment for this service will be made by transferring 146.7 Bitcoins to Sharpening Technology at the reference price [2] Group 3: Bitcoin Acquisition - Between October 17, 2025, and November 7, 2025, the group acquired approximately 247.8694 Bitcoins in the open market for a total cost of about $25.7 million (approximately HKD 200 million), at an average price of about $103,700 per Bitcoin (approximately HKD 806,900) [1]