11月28日，浙江亿田智能厨电股份有限公司（下称"亿田智能"）在天风证券策略会举办路演活动，接待 了包括信泰人寿、上海慧珠、银华股份、中信建投、众安在线、中兵财富、泓德基金、中信保诚、民生 加银、方正富邦、嘉实基金、华夏基金在内的12家机构调研。公司董事会秘书、总经理助理董博女士就 主营业务转型、算力业务布局、国际品牌合作及基金投资等核心问题与投资者展开深入交流。 投资者活动基本信息投资者关系活动类别：路演活动时间：2025年11月28日地点：天风证券策略会参与 单位名称：信泰人寿、上海慧珠、银华股份、中信建投、众安在线、中兵财富、泓德基金、中信保诚、 民生加银、方正富邦、嘉实基金、华夏基金上市公司接待人员姓名：董事会秘书、总经理助理董博女士 主业转型与算力布局：从厨电龙头到"双轮驱动" 亿田智能成立于2003年，在集成灶领域拥有20余年技术积累，品牌与渠道稳居行业第一梯队。不过，由 于集成灶行业与房地产市场关联度较高，公司自2023年起启动战略转型，将算力与人工智能应用作为第 二增长曲线，坚定向高科技企业转型。 董博表示，算力基础设施建设及整体解决方案投入巨大，公司通过整合产业资本与资源推动相关业务发 展。 ...

Group 1: Company Overview and Business Strategy - Yitian Intelligent was established in 2003 and has over 20 years of technology accumulation in the integrated stove sector, holding a strong brand influence and industry position in the national market [2] - The company is transitioning into the computing power business, aiming to become a high-tech enterprise and explore opportunities in emerging technologies [2][3] - Yitian has become a distributor for the Italian high-end appliance brand SMEG, enhancing its brand positioning and expanding its product offerings [4] Group 2: Market Demand and Financial Outlook - The integrated stove business is closely linked to the real estate market and is currently in a "bottoming" phase, requiring time for inventory and demand recovery [4] - The company does not provide financial forecasts for annual revenue or net profit [4] Group 3: Investment and Collaboration Initiatives - Yitian is collaborating with Lloyd Private Equity to establish the Shanghai Deshu Cloud Private Equity Fund, focusing on investments in AI, big data, computing power, and advanced manufacturing [5][6] - The fund has completed the acquisition of 100% equity in Company X, specializing in AI computing services, with existing orders valued between 10 billion to 11 billion yuan, under a 5-year contract [6] Group 4: Partnerships and Technological Development - Yitian is partnering with domestic chip leader Suiyuan Technology to build a 10,000-card computing cluster, enhancing the local computing power ecosystem [6][7] - The collaboration aims to support the "East Data West Calculation" strategy and promote regional economic transformation [7]

Core Viewpoint - The stock of Cambricon Technologies Co., Ltd. has shown significant volatility and growth, with a notable increase in revenue and profit year-on-year, indicating strong business performance in the AI chip sector [1][2]. Group 1: Stock Performance - On November 28, Cambricon's stock rose by 2.10%, reaching 1345.00 CNY per share, with a trading volume of 5.67 billion CNY and a turnover rate of 1.03%, resulting in a total market capitalization of 567.17 billion CNY [1]. - Year-to-date, Cambricon's stock price has increased by 104.41%, with a 7.69% rise over the last five trading days, a 2.18% decline over the last 20 days, and a 15.30% drop over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading leaderboard) four times this year, with the most recent appearance on August 22, where it recorded a net buy of -678 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Cambricon achieved a revenue of 4.607 billion CNY, representing a year-on-year growth of 2386.38%, and a net profit attributable to shareholders of 1.605 billion CNY, reflecting a year-on-year increase of 321.49% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders in Cambricon increased by 52.13% to 62,000, while the average number of circulating shares per person decreased by 34.13% to 6,748 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 12.0035 million shares, a decrease of 3.7005 million shares from the previous period [3].

Core Viewpoint - The stock of Invec has experienced a significant increase of 129.73% year-to-date, despite a recent decline in trading activity and a net outflow of funds [1][2]. Group 1: Stock Performance - As of November 28, Invec's stock price is 71.04 CNY per share, with a market capitalization of 69.375 billion CNY [1]. - The stock has seen a 3.11% increase over the last five trading days and a 1.40% increase over the last twenty days, but a decline of 10.12% over the last sixty days [1]. - Invec has appeared on the daily trading leaderboard 13 times this year, with the most recent appearance on November 13, where it recorded a net buy of 629 million CNY [1]. Group 2: Company Overview - Invec, established on August 15, 2005, and listed on December 29, 2016, is located in Longhua District, Shenzhen, Guangdong Province [2]. - The company specializes in the research, production, and sales of precision temperature control energy-saving equipment, with its main revenue sources being: 52.50% from server room temperature control products, 36.00% from cabinet temperature control products, and 0.93% from rail transit train air conditioning services [2]. - As of October 31, the number of shareholders is 157,400, a decrease of 4.17% from the previous period, with an average of 5,401 circulating shares per person, an increase of 4.36% [2]. Group 3: Financial Performance - For the period from January to September 2025, Invec reported a revenue of 4.026 billion CNY, representing a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 399 million CNY, up 13.13% year-on-year [2]. - The company has distributed a total of 581 million CNY in dividends since its A-share listing, with 345 million CNY distributed over the last three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 37.06 million shares, a decrease of 45.195 million shares from the previous period [3]. - The fourth-largest circulating shareholder is the China Aviation Opportunity Pioneer Mixed Fund A, which is a new shareholder with 16.127 million shares [3].

Group 1 - The core viewpoint is that computing power has become a new key productivity in the digital economy, with Shenyang City establishing five computing power centers, achieving a total computing power scale of 1830P [1] - Computing power is defined as the amount of computational tasks a computer system can complete in a unit of time, measured in P (petaflops), where 1P is approximately equal to 10 million trillion calculations per second [1] - The Shenyang government is actively promoting the construction of a smart and comprehensive data infrastructure, integrating into the national "East Data West Computing" project [1] Group 2 - Shenyang has launched a trusted data space, becoming the first in Northeast China to enhance data flow efficiency by 40% through a multi-party collaboration mechanism [2] - The city aims to increase its intelligent computing power to 3000P by 2027 and develop 20 general and industry-specific large models to support various sectors [2] - The demand for computing power is expected to grow significantly as local enterprises transition to cloud-based data utilization [2]

Core Viewpoint - The company has demonstrated strong financial performance with a 20% year-on-year increase in net profit and a remarkable 157% surge in orders, indicating robust demand and operational efficiency in emerging sectors like AI, robotics, and optical modules [1][2][4][14]. Financial Performance - The net profit for the third quarter reached 314 million yuan, reflecting a 20% year-on-year growth, showcasing stable performance [2]. - The company received orders totaling 27.12 million yuan, marking a historical high with a year-on-year increase of 157.85% [4]. - Cash flow from operating activities increased by 11.03% to 331 million yuan, indicating high revenue quality [7]. Operational Efficiency - The sales cycle has improved significantly, with product sales speed reduced to 60 days, a 4% year-on-year acceleration [6]. - The accounts receivable turnover days decreased to 80.71 days, also a 4% improvement, suggesting enhanced cash flow and reduced operational risk [7]. - The company’s inventory turnover rate stands at 4.46 times, with inventory turnover days at 60.49 days, both showing positive trends [7]. Order Growth - The substantial order increase of 157.85% is attributed to breakthroughs in various emerging fields, including AI servers and optical modules [8]. - The company has successfully delivered 800G optical modules and holds a technological reserve for 1.6T, positioning itself advantageously in the CPO sector [6][9]. - The company is actively involved in the AI computing core sector through collaborations with domestic GPU manufacturers [8]. Technological Positioning - The company’s subsidiary, Punowei, has achieved mass production capabilities for 800G optical modules and is well-positioned in the CPO field [9]. - An investment of 400 million yuan has been made to establish a new m-SAP production line, enhancing capacity to meet market demands [9]. - The company is transitioning from MEMS substrates to advanced packaging substrates, covering high-end fields such as RF, SIP packaging, and optical communications [9]. Capacity Expansion - The second phase of the Zhuhai project is set to begin trial production in June 2024, adding 60,000 square meters per month of high-layer PCB capacity, primarily for server applications [10]. - The company has established a strong customer base, including major server manufacturers, ensuring a steady demand for its products [10]. Industry Positioning - The company is strategically positioned in high-growth sectors such as robotics and smart manufacturing, with applications in humanoid and industrial robots [11]. - The transition from a traditional PCB manufacturer to a high-end integrated circuit carrier service provider is opening new growth avenues [14].

Investment Rating - The report indicates a positive outlook for the data center industry in China, highlighting the potential for valuation improvement despite current uncertainties in chip supply [1][2]. Core Insights - The report emphasizes that the valuation of Chinese data centers is significantly discounted due to uncertainties in chip supply, but this has already been reflected in current valuations. The rental outlook for data centers is better than other asset classes, suggesting potential for future valuation increases [1][2]. - The report notes that the EV/EBITDA multiple is commonly used for evaluating data centers due to their capital-intensive nature and high leverage, which allows for a better reflection of operational cash flow [3][4]. - It highlights the differences in market performance and development cycles between Chinese and overseas data center companies, with Chinese companies experiencing higher EBITDA growth from 2018 to 2021, but facing a supply surplus cycle from 2021 to mid-2024 [5]. - The report discusses the contrasting layouts of data centers in the US and China, with the US facing power supply challenges due to concentrated deployments, while China is preparing for AI demand through its "East Data West Computing" initiative [6]. - The development of REITs in China is seen as beneficial for the data center industry, providing liquidity and stable rental returns for investors [7][9]. Summary by Sections Data Center Valuation - Chinese data centers are undervalued compared to global peers due to chip supply uncertainties, but strong infrastructure support is expected to enhance their valuation as asset quality improves [2]. - The rental outlook for data center REITs is optimistic, with current valuations lower than other asset classes, indicating room for growth as investor awareness increases [9]. Market Dynamics - The report outlines that the rental market for data centers is expected to stabilize, with slight downward pressure in the short term but a long-term upward trend anticipated as AI demand grows [19]. - It also notes that large tech companies are likely to build their own data centers when demand is stable, but will opt for leasing in rapidly changing environments [20]. AI and Cloud Computing - Short-term monetization of AI is primarily seen in cloud computing and advertising, with significant growth in demand for cloud services driven by large models and generative AI [15]. - Long-term potential for AI commercialization is highlighted, with various sectors expected to benefit from AI integration, particularly in content generation and recruitment [16][18]. Competitive Landscape - The report indicates that the competitive landscape for data centers in China is evolving, with a stable supply-demand relationship expected post-2024, leading to a more favorable rental environment [19]. - It also discusses the ongoing efforts of Chinese tech companies to enhance GPU utilization and explore domestic solutions to mitigate chip supply uncertainties [23].

Summary of Parallel Technology Conference Call Company Overview - **Company**: Parallel Technology - **Industry**: Computing Power Services - **Stock Exchange**: Beijing Stock Exchange (北交所) Key Points Industry and Market Context - The Beijing Stock Exchange's specialized index consists of 50 "little giant" companies, which are in growth phases and have higher growth rates than the market average, attracting foreign investment and benefiting from the ETF offerings on the exchange [2][5] - The global demand for computing power is expected to grow exponentially due to AI advancements, with China's intelligent computing market projected to have a compound annual growth rate (CAGR) of 46% from 2023 to 2028 [3][9] Financial Performance - For the first three quarters of 2025, Parallel Technology reported revenues of 734 million yuan, a 70% increase year-over-year, and a net profit of 8.4 million yuan, up 178% [2][6] - The company's gross margin was reported at 23%, with a net margin of 1.14% [13] Business Growth Drivers - The core growth engine is the intelligent computing cloud business, which generated 430 million yuan in revenue, a 151% increase year-over-year [2][6] - Strategic partnerships with major players like Alibaba Cloud and 360 Group have been established, enhancing the company's service offerings and market reach [7][8] Technological Advancements - Parallel Technology has developed a self-research computing network platform that optimizes resource allocation and reduces costs for clients, exemplified by a significant drop in computing costs for a major model from 130 yuan to below 4 yuan over nine months [11] - The company has a total scheduling capacity exceeding 2 million CPU cores and 50,000 GPUs, with ongoing efforts to adapt to domestic GPU technologies [10][18] Competitive Advantages - The company stands out in the market due to its long-standing technical service capabilities and a large ecosystem of research clients, with no direct competitors in the A-share market [14] - The unique business model and high barriers to entry due to its specialized services provide a competitive edge [9][14] Future Outlook - Short-term growth is expected from the release of new intelligent computing models and the acceleration of infrastructure development [8] - Long-term prospects are promising, with the intelligent computing market anticipated to exceed 10 billion yuan by 2028, indicating significant growth potential for Parallel Technology [15][24] Strategic Initiatives - The company is actively involved in building new computing power bases, such as the recently approved project in Inner Mongolia, which will enhance its capacity to meet growing demand [7][19] - The focus on customized solutions for various industries, including meteorology and high-end manufacturing, is expected to drive revenue growth [16] Financial Projections - Analysts predict that the company will achieve net profits of approximately 20 million yuan in 2025, increasing to 54 million yuan in 2026, and potentially over 100 million yuan by 2027 [15] Conclusion - Parallel Technology is positioned as a leading player in the computing power services industry, with strong financial performance, strategic partnerships, and a robust growth outlook driven by technological advancements and market demand for AI capabilities [2][9][15]

Core Insights - The fourth quarter is a critical period for both concluding the year and planning for the next, with significant investment activities taking place in Chongqing's Yuzhong District [1] Investment Projects - A total of 44 projects were signed, attracting 13.2 billion yuan, covering key sectors such as modern finance, commerce, professional services, technological innovation, and health industries [1][2] - The projects align with the "4311" modern industrial system, showcasing high quality and innovation, including advancements in computing power, data, and artificial intelligence [1][2] Industry Collaboration - The collaboration includes a mix of state-owned enterprises, listed companies, Fortune 500 firms, industry leaders, high-tech companies, and foreign enterprises, indicating a broad and impactful partnership landscape [3] - Projects include core industry chain initiatives led by major enterprises and specialized projects focusing on niche markets, highlighting their large scale, strong industry connections, and significant growth potential [3] Financial Sector Developments - Modern finance projects encompass innovative areas such as green finance and supply chain finance, contributing to Yuzhong's goal of becoming a western financial center [3][4] - Notable companies like Xinda Securities plan to establish a significant fund custody center in Yuzhong, with a target custody amount of 3.5 billion yuan [4] Digital Economy and AI Integration - Projects in the digital economy focus on cutting-edge areas like big data, artificial intelligence, cloud computing, and industrial software, enhancing the regional digital industry ecosystem [3][5] - AI is positioned as a key driver for the transformation of traditional industries, with projects like Bayu Taste E-commerce and Qingquan Agricultural Technology exemplifying this trend [5] Economic Strength and Infrastructure - Yuzhong boasts a robust economic foundation, with a GDP density exceeding 7 billion yuan per square kilometer, leading in various economic metrics within Chongqing [5] - The district is actively responding to national strategies such as "East Data West Computing," focusing on building a computing power industry ecosystem [5][6] Future Outlook - The concentration of projects is expected to accelerate the gathering of upstream and downstream enterprises, creating a multiplier effect in emerging industries [6] - Yuzhong plans to continue optimizing the business environment and providing comprehensive lifecycle services for projects to ensure timely implementation and effectiveness [6]

Core Points - Hebei Province has ranked first in China's comprehensive computing power index for two consecutive years [1] - The cities of Langfang and Zhangjiakou lead the national rankings in urban computing power sub-indices [1] Group 1: Development Initiatives - Hebei has seized the strategic opportunity of the national "East Data West Computing" project, actively exploring the coordinated development of computing and electricity [1] - The first phase of the Zhangjiakou Integrated Computing Power Network Hub project has been put into operation [1] - The Huying Data (Huailai) Technology Industrial Park's computing and electricity collaborative data center has been delivered for use [1] Group 2: Data Utilization - During the "14th Five-Year Plan" period, the value of public data elements in Hebei has accelerated its release [1] - Hebei's total data collection has ranked first in China for two consecutive years, with a total of over 1 trillion shared data entries [1] - The province has opened 2,130 public data items, covering over 20 key areas including scientific research innovation and environmental protection [1]