Summary of the Conference Call for 博睿数据 Company Overview - **Company**: 博睿数据 (Bori Data) - **Industry**: AI-driven monitoring services and data collection Key Points and Arguments 1. **New Revenue Streams**: In 2026, 博睿数据 will focus on two new billing modules: AI Agent billing and AI system observability billing, marking a shift towards AI-driven monitoring services, which is expected to significantly increase revenue sources [2][5][20] 2. **Partnership with 火山引擎**: The company has restarted its collaboration with 火山引擎 (Volcano Engine) to integrate third-party soft probes into its platform and plans to host cloud broadcast measurement data, enhancing its AI capabilities and market competitiveness [2][7] 3. **Billing Model**: 博睿数据 charges based on hardware assets (CPU core count), daily active users, and data volume. For example, an 8-core CPU server subscription costs approximately 200 RMB per year, while a dual CPU server costs 3,200 RMB [2][6][9] 4. **Data Collection Business**: The company emphasizes the importance of real-time monitoring and measurement during the operational phase to help clients manage unpredictable peak access and improve testing efficiency, particularly for clients in sectors like banking [2][13] 5. **Client Collaborations**: 博睿数据 is collaborating with major companies like 字节跳动 (ByteDance) and 华为 (Huawei), with expectations of gradual service adoption. For instance, revenue from Huawei is projected to be around 10 million RMB in 2025, indicating growth potential with ByteDance [2][14] 6. **AI Project Demand**: There has been a surge in inquiries regarding AI Agent solutions since Q4 2025, with 博睿数据 winning an AI Agent project that includes observability control for traditional systems [4][5] 7. **Market Dynamics**: The domestic HMM (Hybrid Monitoring Management) market is primarily occupied by local manufacturers, with foreign companies gradually exiting. This trend favors domestic companies like 博睿数据, providing opportunities to expand market share [4][21][22] 8. **Future Expectations**: 博睿数据 anticipates continued expansion into the Middle East and Central Asia in 2026, aiming to enhance performance through subscription revenue models and new growth points from AI-related billing and collaborations with major firms [20] Additional Important Information 1. **APM Tool Demand**: The explosion of agent demand is seen as a positive driver for the company's APM (Application Performance Management) tools, necessitating a better understanding of token consumption to optimize efficiency [3] 2. **Server Market Estimation**: The company estimates server market size based on the number of servers and CPU core counts, with specific pricing models for different configurations [9][15] 3. **Technical Services on 火山引擎**: 博睿数据 provides technical services on 火山引擎, supporting various programming languages and allowing developers to integrate probes easily [10][11] 4. **Collaboration with PE Fund**: After transferring to a PE fund, 博睿数据 expects synergistic effects, leveraging the fund's industry investment experience to attract large clients and increase revenue [19]

Core Insights - The Chinese GPU industry is experiencing significant growth, with the market size projected to increase from 38.5 billion yuan in 2020 to 163.8 billion yuan in 2024, and expected to reach 1.4 trillion yuan by 2029, capturing 38% of the global market share [1] - The rise of domestic GPU manufacturers is driven by both the demand for AI computing power and the need for supply chain security due to export controls on high-performance AI chips [1] - Government policies are actively supporting the development of AI chips and intelligent computing infrastructure, creating a favorable environment for domestic companies [1] Company Developments - Several domestic GPU companies have recently gone public, including Moore Threads, which saw its stock price rise by 468.8% on its debut, and Muxi Technology, which achieved a 692.95% increase on its first day of trading [2] - The IPOs of these companies reflect an accelerated domestic substitution process in response to the dual pressures of AI computing demand and supply chain security [2] - Companies like Tenstorrent and Suiyuan Technology are also making strides in the market, with Tenstorrent being the first to achieve mass production of general-purpose GPU chips using 7nm technology [5][6] Technological Strategies - Chinese manufacturers are adopting a pragmatic approach by balancing compatibility with existing ecosystems and independent innovation, exemplified by Moore Threads' MUSA architecture, which maintains compatibility with the CUDA ecosystem [3] - This strategy allows developers to transition to domestic platforms with minimal costs, addressing the challenge of starting from scratch in a new ecosystem [3] - The focus on building a compatible and self-controlled software ecosystem is evident in companies like Muxi Technology, which aims to protect existing code assets and reduce customer switching concerns [3] Product Development - Domestic GPU companies are rapidly developing comprehensive product lines to compete with global giants, as seen with Muxi Technology's four product series targeting various AI applications [4] - Wallen Technology is focusing on high-end data center chips, with 85% of its IPO funds allocated to R&D, indicating a commitment to challenging core markets [4] - The diverse product strategies reflect a shift from niche market focus to a complete computing product system, catering to various industry needs [5] Capital Market Dynamics - The recent wave of IPOs among GPU companies highlights a critical commercial logic, as these firms seek to secure funding for ongoing R&D in a capital-intensive industry [6] - The transition to public companies enhances brand credibility and customer confidence, as evidenced by Tenstorrent's rapid expansion in client numbers following its IPO [7] - However, the significant losses reported by these companies raise concerns about their profitability and the sustainability of their business models in a competitive market [8]

Group 1: Company Overview - Company reported a revenue of 2.801 billion yuan for the first nine months of 2025, representing a year-on-year growth of 14.55% [3] - The net profit attributable to shareholders for the same period was 343 million yuan, showing a year-on-year increase of 20.47% [3] - As of September 30, 2025, the number of shareholders reached 110,800, an increase of 128.90% compared to the previous period [3] Group 2: Market Dynamics - On February 3, 2026, the main funds for the company experienced a net outflow of 4.3702 million yuan, indicating a shift in short-term funding sentiment [2] - The company's stock price increased by 2.60% on February 3, closing at 69.33 yuan, with a trading volume of 1.295 billion yuan and a turnover rate of 3.05% [2] - The average trading cost of the stock was 74.19 yuan, approaching a technical support level of 70.52 yuan [5] Group 3: Industry Environment - The company operates in the analog chip design industry, which benefits from domestic substitution, automotive electronics, and the expansion of artificial intelligence demand [4] - Attention is needed regarding the global semiconductor industry's changing prosperity and the competitive landscape's impact on the company [4]

Core Viewpoint - Keri Technology (002957) has recently announced a significant performance increase, driven by advancements in its optical module and semiconductor businesses, leading to heightened market interest in its stock [1] Financial Performance - Keri Technology expects a net profit attributable to shareholders of between 235 million to 300 million yuan for 2025, representing a year-on-year growth of 68.61% to 115.25%. This growth is primarily attributed to the expansion of major clients in the semiconductor and optical module sectors, as well as optimized management of accounts receivable and inventory [2] Business Progress - In the optical module equipment sector, Keri Technology has made positive strides, with current orders amounting to approximately 150 million yuan. The company anticipates revenue from this business to reach between 300 million to 400 million yuan in 2026. Key clients include Nvidia, Lumentum, and Huawei, with plans to further expand both domestic and international markets [3] - Keri Technology is the exclusive supplier of semiconductor equipment components to clients such as Xinkailai, with expectations for this business to potentially double in growth by 2026. The acceleration of domestic substitution processes will be a focal point for orders and capacity release in the semiconductor sector [4] Stock Performance - On February 6, 2026, Keri Technology's stock hit the daily limit, closing at 28.78 yuan, with a rise of 10.02%. There was a net inflow of 109 million yuan from major funds. Prior to this, on February 3, significant fund inflows were also observed. The market's heightened interest in the industrial automation sector may reflect short-term sentiment changes [5]

Core Viewpoint - The stock price of Yingjian Technology (300935.SZ) has shown volatility, with a significant increase of 3.70% on February 9, closing at 37.80 CNY per share, amid no major announcements or financial reports [1] Stock Performance - From February 4 to February 10, Yingjian Technology's stock price fluctuated by 4.76%, reaching a high of 38.51 CNY on February 10 and a low of 35.38 CNY on February 4 [2] - The closing price on February 10 was 37.68 CNY, showing a slight change from the opening price of 36.46 CNY on February 4, with a cumulative turnover rate of approximately 4.36% during this period [2] - On February 10, there was a net outflow of 2.18 million CNY from institutional investors, while retail investors saw a net inflow of 2.18 million CNY, indicating a neutral overall capital flow [2] Valuation Metrics - The current price-to-earnings ratio (TTM) is negative at -49.46 times, and the price-to-book ratio is 3.77 times, indicating that the company is still in a loss-making state [2] Institutional Insights - According to Morningstar's analysis on February 6, Yingjian Technology, as a domestic BIM software company, has core investment value in its technological accumulation and opportunities for domestic substitution, but faces challenges such as continuous losses and tight cash flow [3] - In the first three quarters of 2025, revenue declined by 3.02% year-on-year, with losses expanding to 47.40 million CNY, and a high sales expense ratio of 77.62% severely eroding profits [3] - The report emphasizes the need to monitor revenue growth inflection points, cash flow improvements, and progress in cost control, indicating high short-term risks and suitability for long-term investors in the sector [3]

Core Viewpoint - Recent developments at the company may impact market expectations and fundamentals, including the release of Q1 2026 financial results, commercialization progress of AI software platform products, changes in industry policy environment, and funding dynamics [1] Financial Performance - The company's future performance is closely tied to the realization of its financial results; if the Q1 financial report confirms growth, it could positively affect the stock price. Currently, the company's revenue for the first three quarters of 2025 has decreased by 23.14% year-on-year, with a negative net profit attributable to the parent company, making the financial data particularly critical [2] Business Progress - In an announcement regarding unusual fluctuations on January 13, 2026, the company indicated that its AI software platform products are still in the early stages of commercialization and have not yet established a stable revenue source, necessitating close monitoring of future developments [3] Industry Policy and Environment - The software development industry is supported by long-term digital economy policies, and the start of the "14th Five-Year Plan" may strengthen investments in information technology. As an enterprise-level software service provider, the company may benefit from the trend of domestic substitution. External factors, such as rotation in the technology sector, could also lead to volatility [4] Funding Situation - As of February 2, 2026, the company's financing balance is at a high level, with the margin balance at historical highs, indicating that funding trends may reflect changes in market sentiment. Future observation of the main capital flow direction is necessary to determine if caution persists [5]

Stock Performance - The company's stock price has recently shown active performance, breaking a 60-day high, primarily driven by breakthroughs in high-end electronic materials technology and business progress [1] - As of February 11, 2026, the stock price reached 97.65 yuan, increasing by 7.34% on that day, with a peak of 98.58 yuan during the interval [2] Business Performance - Core products such as RTF copper foil and peelable copper have achieved technological breakthroughs, with RTF copper foil sales surging by 1030% year-on-year in Q3 2025, leading to a 14.77% quarter-on-quarter revenue growth and an 84.01% reduction in net loss, nearing breakeven [3] - The peelable copper product has broken the monopoly of Japan's Mitsui Mining & Smelting, entering high-end supply chains like CoWoP packaging and high-speed optical modules, and has secured small batch orders from leading PCB manufacturers [3] Business Development - The company has developed HVLP copper foil (surface roughness Rz ≤ 0.4μm) and thermosensitive thin film resistors, which are currently in the customer testing phase, potentially opening new growth opportunities [4] Financial and Technical Aspects - On February 11, there was a net inflow of 3.75 million yuan in main funds, contrasting with previous trading days where there was a net outflow (e.g., 9.48 million yuan outflow on February 10). The short-term stock price fluctuations are influenced by expectations of technological breakthroughs and increased market attention on domestic substitution themes [5] Current Company Status - Attention is needed on the progress of new product validation, fluctuations in downstream demand, and intensified industry competition risks. The company is still in a loss-making state, with a net profit of -26.68 million yuan in the first three quarters of 2025, necessitating observation of the sustainability of its profitability [6]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 78.00 [1][6]. Core Views - The company's Q4 performance slightly exceeded expectations, driven by increased demand for energy storage and battery chemicals, resulting in a revenue of RMB 9.639 billion for 2025, a year-on-year increase of 22.84% [1]. - The company anticipates further growth in the shipment of organic fluorine products and a gradual reduction in losses from Haidefu, with capacitors showing profit elasticity as new products ramp up [1]. - The report highlights the positive outlook for the 6F price recovery during peak seasons in 2026, which is expected to contribute to profitability [3]. - The company plans to pursue a Hong Kong listing to expand overseas production capacity, with significant investments in projects in Poland and Saudi Arabia [4]. Summary by Sections Q4 Performance - In Q4, the company reported revenue of RMB 3.023 billion, a quarter-on-quarter increase of 38.7% and a year-on-year increase of 27.6%, with net profit attributable to the parent company reaching RMB 350 million, up 45.5% year-on-year [2]. - The profitability from electrolyte products was approximately RMB 100 million, with shipments exceeding 90,000 tons and a net profit per ton exceeding RMB 1,000 [2]. Price Trends and Capacity - As of February 10, the price of 6F was RMB 130,000 per ton, down from an average of RMB 180,000 in December, attributed to seasonal inventory increases [3]. - The company has a 36,000-ton capacity for 6F and is expanding its production capabilities for lithium battery materials and semiconductor chemicals [4][5]. Financial Projections - The company has revised its revenue projections for 2025-2027, expecting net profits of RMB 10.98 billion, RMB 23.47 billion, and RMB 28.66 billion respectively, reflecting significant upward adjustments [6][12]. - The report anticipates a gross margin improvement for the electrolyte business, with expected margins of 12.4%, 21.1%, and 21.1% for 2025, 2026, and 2027 respectively [12][13]. Market Position and Valuation - The company is positioned favorably within the market, with a projected PE ratio of 25 times for 2026, reflecting its strong earnings potential compared to peers [6][14]. - The average PE for comparable companies is noted to be 20 times for 2026, indicating a competitive valuation for the company [14].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) decreased by 0.68% as of February 11, 2026, with mixed performance among constituent stocks [1] - The China Securities Semiconductor Materials and Equipment Theme Index (931743) fell by 0.83%, also showing varied performance among its constituent stocks [1] - The Sci-Tech Semiconductor ETF (588170) experienced a decline of 0.79%, with a latest price of 1.76 yuan, while the Semiconductor Equipment ETF Huaxia (562590) dropped by 0.78%, priced at 1.9 yuan [1] Group 2 - The latest net inflow for the Sci-Tech Semiconductor ETF was 1.17 billion yuan, with a total of 50.67 million yuan accumulated over the last five trading days [2] - In contrast, the Semiconductor Equipment ETF Huaxia had a net inflow of 383.42 million yuan over the last 22 trading days, with 16 days showing net inflows totaling 1.273 billion yuan [2] - SMIC's co-CEO Zhao Haijun indicated that the shift towards localization in the semiconductor industry will have a restructuring effect throughout 2025, with rapid transitions in various segments [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index, focusing on semiconductor equipment (60%) and materials (25%) [3] - The Semiconductor Equipment ETF Huaxia (562590) emphasizes semiconductor equipment (63%) and materials (24%), targeting the upstream of the semiconductor industry [3] - The semiconductor equipment and materials sector is crucial for domestic substitution, characterized by low domestic replacement rates and high ceilings for domestic alternatives, benefiting from the AI revolution and ongoing technological advancements [3]

Core Viewpoint - The technology sector is experiencing increased volatility amid external disturbances, leading to a divergence in market performance, prompting investors to reconsider their strategies [1] Group 1: Investment Strategies - The investment team led by Dan Bailin emphasizes maintaining focus on industrial growth amidst market fluctuations, advocating for a strategy of "responding rather than predicting" [1] - The team has made structural adjustments to their portfolio based on the prediction that the focus of computing power in the AI inference era will shift from connectivity to storage, resulting in significant returns for investors [2] - Three main strategies are employed to navigate market volatility: rejecting macro narratives, distinguishing between price fluctuations and value destruction, and emphasizing dynamic portfolio monitoring [3] Group 2: Market Outlook - The investment framework remains steadfast despite market volatility, focusing on structural trends rather than transient macro headlines, with an optimistic outlook based on ongoing industrial waves and breakthroughs in product innovation [4] - The current technological cycle in China is viewed as a significant opportunity, with AI-driven computing power revolution still in its early stages [4] - The investment team prioritizes high-quality stocks with strong performance metrics, avoiding speculative "theme stocks" that lack tangible results [4] Group 3: Investment Philosophy - The investment approach is characterized by a relentless focus on industry dynamics, rigorous individual stock analysis, and a commitment to valuations tied to actual performance [5] - The strategy aims to build resilient portfolios through a bottom-up stock selection logic, continuously seeking quality alpha amid industry transformations [5]