Core Insights - Guizhou's capital, Guiyang, has transformed from a remote and underdeveloped area to a central hub for data centers and computing power in China, attracting major tech companies like Apple, Huawei, Tencent, and Alibaba [2][5][7] - The digital economy in Guizhou is projected to account for 34% of its GDP by 2024, marking six consecutive years of the fastest growth rate in the country [2][5] Group 1: Economic Transformation - Guiyang has become a key player in China's data center landscape, with over 47 major data centers established, including 19 in the Gui'an New Area, making it one of the most concentrated regions for super-large data centers globally [2][6] - The region's computing power has reached a scale of over 90 EFLOPS (FP16), with more than 98% of its computing power being intelligent computing, positioning it as a leader in domestic intelligent computing capabilities [6] Group 2: Strategic Advantages - Guiyang's success is attributed to three main factors: timing, geographical advantages, and human efforts. The city capitalized on the growing demand for computing power and national policies supporting data center development [3][4] - The natural climate of Guizhou, with an average annual temperature of around 15°C, allows data centers to operate efficiently with reduced cooling costs, while abundant hydropower resources keep electricity prices significantly lower than in eastern regions [4] Group 3: Future Prospects - As the demand for computing power continues to rise with advancements in AI and IoT, Guiyang is positioned to not only serve as a national computing base but also as a potential global node in the computing network [7] - The transformation of Guizhou from a perceived remote province to a "computing heart" illustrates a unique path in digital economic development over the past decade [7]

Company Overview - Jialituo, established on August 26, 2003, and listed on November 1, 2017, is located in Jiangning Economic and Technological Development Zone, Nanjing, Jiangsu Province. The company specializes in precision environmental control for data center rooms, providing temperature control, energy-saving equipment, and related technical services [1]. Financial Performance - For the period from January to June 2025, Jialituo achieved operating revenue of 321 million yuan, representing a year-on-year growth of 32.20%. However, the net profit attributable to shareholders was -17.77 million yuan, a decrease of 262.89% compared to the previous period [2]. - Since its A-share listing, Jialituo has distributed a total of 380 million yuan in dividends, with 125 million yuan distributed over the past three years [3]. Stock Performance - As of September 15, Jialituo's stock price was 9.60 yuan per share, with a market capitalization of 5.202 billion yuan. The stock has seen a year-to-date increase of 17.07%, but has declined by 0.83% over the last five trading days and 15.64% over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on May 9 [1]. Shareholder Information - As of June 30, Jialituo had 49,800 shareholders, a decrease of 1.83% from the previous period. The average number of circulating shares per shareholder increased by 1.86% to 10,889 shares [2]. Business Segmentation - Jialituo's main business revenue composition includes precision air conditioning (57.06%), integrated environmental products for data centers (34.43%), maintenance services (4.57%), and other supplementary services (3.93%) [1]. Industry Classification - Jialituo is classified under the Shenwan industry category of mechanical equipment - general equipment - refrigeration and air conditioning equipment. The company is associated with several concept sectors, including small-cap, specialized and innovative, Alibaba concept, liquid cooling concept, and the East Data West Calculation initiative [1].

Group 1 - The rapid growth of computing power demand is becoming a core engine driving the development of the digital economy in China, with traditional industries and emerging fields both contributing to this demand [1][2] - The "computing power voucher" policy is being implemented across various government levels to reduce the cost of computing power for enterprises, with cities like Hangzhou and Anhui leading the way in providing financial support [2][3] - The policy has successfully attracted over 500 enterprises to purchase computing resources in Guizhou, with a total contract amount of 6.3 billion yuan, showcasing its effectiveness in stimulating local economic growth [2][3] Group 2 - The integration of computing power resources is essential to address issues of fragmentation and inefficiency, with a national unified computing power monitoring and scheduling system being proposed [5][6] - The development of a one-stop computing power service platform is underway, with significant resources being pooled to enhance service offerings and facilitate transactions exceeding 20 billion yuan [6][7] - The establishment of an integrated computing power system is seen as a key driver for small and medium-sized enterprises to lower innovation costs and promote technological collaboration [7]

Core Insights - The company reported a revenue of 2.503 billion yuan for the first half of 2025, a year-on-year decrease of 11.64%, while net profit reached 476 million yuan, a significant increase of 506% compared to the previous year [1] - The decline in revenue is attributed to a strategic reduction in traditional investment businesses, focusing on high-margin sectors, particularly the "integrated computing" strategy, which has started to yield substantial profits [1] - The company generated a fair value gain of 539 million yuan from listed securities and other financial assets, contributing significantly to the total profit [1] Financial Performance - The gross profit margin for the first half of 2025 was 48.15%, showing a slight increase of 0.92% from the previous year, while the net profit margin was 18.98%, reflecting an increase of 6.56% year-on-year [1] - The company’s total assets reached approximately 67.531 billion yuan, with investments in emerging industries accounting for about 51.976 billion yuan, representing 76.97% of total assets [1] Business Segments - The controlled subsidiary, Shanggao New Energy, reported a net profit growth of 6.5% in the first half of 2025, with ongoing projects in wind power showing positive progress [2] - The company is enhancing its investment management capabilities and optimizing governance to strengthen its core competitiveness and improve the efficiency of the industry value chain [2] Future Outlook - The company is expected to experience rapid growth in the coming years, driven by the booming green electricity market and the ongoing development of artificial intelligence and the "East Data West Computing" project [3] - Revenue projections for 2025-2027 are approximately 6.587 billion yuan, 6.771 billion yuan, and 7.371 billion yuan, with net profits expected to be around 216 million yuan, 456 million yuan, and 555 million yuan respectively [3]

Core Viewpoint - Guizhou is leveraging its digital economy to drive high-quality development, showcasing significant growth in data-driven industries and infrastructure [1]. Group 1: Digital Economy Growth - Guizhou's digital economy has maintained a growth rate among the top in the country for nine consecutive years, with over 30,000 enterprises utilizing cloud services and software and information technology service revenue surpassing 100 billion yuan [1]. - The province is actively promoting the digital industrialization and industrial digitalization pathways, broadening its development landscape and building new advantages [1]. Group 2: Computing Power Development - The computing power in Guizhou has tripled, with outbound bandwidth expanded by 180 times and the number of servers increased by 700 times over the past decade [3]. - Guizhou has established a high-speed network connecting over 20 major cities, providing extensive storage and computing services to various sectors, including government and finance [3]. - As of July 22, Guizhou's computing power scale reached 85 EFLOPS, with intelligent computing accounting for over 98% [3]. Group 3: Data Value Extraction - Guizhou has been approved as a pilot province for data intellectual property in the industrial and information sectors, exploring data registration, pledge financing, and multi-scenario applications [4]. - A tourism company successfully secured 40 million yuan in pledge financing by registering its core data, demonstrating the potential of data as an asset [5]. - The province is developing a data factor ecosystem to optimize resources and unlock data value, collaborating with financial institutions for credit assessments based on energy consumption data [5][6]. Group 4: Industry Upgrading through Digitalization - Guizhou Tire Co. has implemented IoT and AI technologies in its manufacturing processes, significantly improving production efficiency and reducing quality defects [7]. - The company has achieved a 68% increase in labor productivity and a 34% reduction in inventory levels through digital transformation [7]. - Guizhou is focusing on key industries such as coal, chemicals, and power, creating high-quality data sets and replicable digital transformation solutions [8].

Group 1 - Shenzhen Dongyangguang Industrial Development Co., Ltd. (Dongyangguang Group) announced a plan to acquire 100% equity of Qinhuai Data's China business for 28 billion yuan through a cash payment [1] - The acquisition involves increasing capital in Yichang Dongshu No.1 Investment Co., Ltd. by Dongyangguang and its controlling shareholder, with amounts of 3.5 billion yuan and 4 billion yuan respectively [1] - Qinhuai Data's China business achieved revenue of 6.048 billion yuan and a net profit of 1.309 billion yuan in 2024, with revenue of 2.608 billion yuan and a net profit of 745 million yuan in the first five months of 2025 [1] Group 2 - Dongyangguang Group's chairman stated that the acquisition is a key step in integrating into the "East Data West Calculation" project and aims to build a national integrated computing power network [2] - The company plans to ensure smooth business transition and operation while focusing on resource integration in areas such as liquid cooling materials, AIDC, and clean energy [2] - The competitive bidding for Qinhuai Data's assets attracted multiple industry capital, internet companies, and local state-owned platforms, indicating high market recognition of the asset value [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company has established a strategic plan focusing on the information data field, and the "focus strategy" effect is gradually emerging. The company's business orders in the information data field have continued to grow in 2024 and the first half of 2025 [24][27]. - The company has adopted a business strategy of simultaneous development in domestic and international markets. The overseas market has achieved certain results, with overseas revenue increasing significantly in the first half of 2025 [36]. - The company has a full - stack liquid - cooling solution, which can meet the needs of customers from construction to operation and maintenance in the liquid - cooling field [31]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Yimikang, belonging to the software development industry. The reception time was September 12, 2025. The listed company's reception personnel included the chairman, independent director, board secretary, and financial director [17]. 3.2 Detailed Research Institutions - The reception objects included investors' online questions and others [20]. 3.3 Research Institution Proportion No information provided. 3.4 Main Content Data - **Stock price and market value issues**: The company's stock price is affected by multiple factors. The company focuses on the information data field, and its business situation has continued to improve. In 2024, it achieved an operating income of 1.145 billion yuan, a year - on - year increase of 42.84%. In the first half of 2025, it achieved an operating income of 736.7688 million yuan, a year - on - year increase of 54.82%; the net profit attributable to the listed company was 14.9158 million yuan, a year - on - year increase of 124.13%; the net profit after deducting non - recurring gains and losses attributable to shareholders of the listed company was 16.0061 million yuan, a year - on - year increase of 335.12%. The company started a repurchase in early 2025 and launched an employee stock ownership plan [24]. - **Profitability and market value management**: The company will follow the industry growth period, focus on the information data field, synchronously layout domestic and overseas businesses, adhere to flat management and rapid decision - making, and continue to control costs and build a high - performance organization and high - efficiency operation system [27][28][29]. - **Liquid - cooling business**: The company has a full - stack liquid - cooling solution, covering technologies and products such as fluorine system cold plate systems, water - cooled cold plate systems, etc., and has achieved successful operation in the Middle East [31]. - **Cooperation with Alibaba**: Alibaba is the company's strategic customer. Due to the confidentiality agreement, some business information is not disclosed. The company will continue to deepen cooperation with important customers [31]. - **East - West Computing Project**: The company's relevant business covers all eight computing power hubs. In recent years, it has provided equipment for the project with an order amount of about 400 million yuan, and the energy consumption requirements are all below PUE1.2. In the first half of 2025, it undertook a 12,000P electromechanical general contracting project [33][34]. - **Revenue growth drivers**: In the first half of the year, the company's revenue growth was mainly due to the increase in the income of key equipment and intelligent engineering businesses [34]. - **Market development strategy**: The company implements a strategy of simultaneous development of domestic and international markets. In the domestic market, it focuses on large customers and orders; in the overseas market, it has covered Southeast Asian and Middle Eastern countries, and overseas revenue has increased significantly [36]. - **Issuance progress and R & D direction**: The company is actively promoting the issuance. It has a full - stack liquid - cooling solution and is committed to expanding products and technologies according to market demand [36]. - **Response to high - performance computing demand**: As a service provider of green solutions for the entire life cycle of digital infrastructure, the company will continue to increase investment in innovation and R & D to improve market share and profitability [38]. - **Order scale and delivery measures**: The company's order acquisition meets expectations. It focuses on large customers and orders, conducts R & D and product innovation according to customer needs, and adjusts the production management system to ensure efficient order delivery [38][39].

Core Viewpoint - Bain Capital has successfully sold its Chinese data center business, Qinhuai Data, to a consortium led by Dongyangguang Group for $4 billion, marking the largest data center acquisition in China to date [2][3][4]. Group 1: Transaction Details - The transaction is valued at approximately 280 billion RMB, making it the largest acquisition in the Chinese data center sector [2]. - The deal involves three parts: Dongyangguang and its controlling shareholder will inject 35 billion RMB and 40 billion RMB into Dongshu Yihua, which will then fund its wholly-owned subsidiary, Dongchuang Weilai Data, to acquire 100% of Qinhuai Data [4][5]. - The total equity of Qinhuai Data China is assessed at 290.93 billion RMB, with the acquisition price set at 280 billion RMB [7]. Group 2: Historical Context - Bain Capital acquired shares of Qinhuai Data for approximately 1 billion RMB six years ago and later invested an additional $570 million, leading to a successful IPO in the U.S. [2][10]. - The company has seen significant growth, with revenue increasing from 98.48 million RMB in 2018 to 4.55 billion RMB in 2022, largely driven by its major client, ByteDance [14]. Group 3: Industry Implications - The data center sector is crucial for AI development, serving as the backbone for computational power and data storage [17]. - The competition in AI is fundamentally a competition for computational power, which is directly linked to the scale and quality of data centers [18]. - The Chinese data center market is projected to grow significantly, with an estimated increase of 2.74 trillion USD (approximately 19 trillion RMB) from 2025 to 2029, reflecting a compound annual growth rate (CAGR) exceeding 38% [20].

Core Insights - The 26th China International Optoelectronic Exposition opened in Shenzhen, attracting over 3,800 exhibitors and covering eight major themes including optical communication and AR/VR [1] - The company exhibited under the theme "Light Gathering AI, Information Era," showcasing its full-stack data center solutions and innovative optical cable technologies, highlighting its technological strength and industry foresight in the AI computing era [1] Group 1: Data Center Solutions - The company has developed a cabinet-style data center that functions as a "small micro data center," integrating various systems to enhance edge computing efficiency [2] - The multi-cabinet data center offers elastic expansion and high reliability, capable of scaling up to eight IT cabinets, reducing land use by over 80% and energy consumption by 30%, aligning with carbon neutrality goals [2] - The cloud cabinet technology allows for a transition from hardware to cloud readiness, significantly lowering CAPEX costs and accelerating AI technology deployment across industries [2] Group 2: Technological Advancements - The company's hollow-core fiber technology has completed laboratory validation and small-scale testing, with ongoing development efforts [2] - The company is well-positioned to seize opportunities in the upcoming industrial transformation due to its strong R&D foundation, comprehensive industry chain layout, and precise market insights, especially with national strategies like "East Data West Computing" and "All-Optical Transport Network" [3]

Core Insights - The rapid expansion of data centers in China, driven by the "East Data West Computing" initiative and the AI wave, is significantly increasing the demand for Uninterruptible Power Supply (UPS) systems, which are critical for power stability in high-performance computing scenarios [1] - The market for data center batteries is projected to see a substantial increase in shipments, with total battery shipments expected to reach 14.7 GWh in 2024, marking a growth of 20.2% [1] - Lead-acid batteries will continue to dominate the market, with shipments expected to be 13.7 GWh (an 18.1% increase), while lithium batteries are anticipated to grow by 58.5% to reach 1.0 GWh, increasing their market penetration from 1.7% in 2021 to 7.0% in 2024 [1] Market Dynamics - The current landscape for lead-acid batteries in data centers is characterized by intense competition, driven by the scale expansion of data centers and higher standards from downstream clients such as internet companies and financial institutions [3] - Leading manufacturers in the lead-acid battery market for data centers include Danden, Shengyang, and Nandu, with the top five companies positioned in the leadership quadrant [3] - The lithium battery market is primarily targeted at internet companies, with a trend of technology and application experiences being imported from overseas to domestic markets, indicating a future increase in lithium battery shipments and intensified market competition [3]