Group 1 - Tencent Technology (Shenzhen) Co., Ltd. applied for a patent titled "Management Method, Device, Equipment, and Storage Medium for Stateful Services," with publication number CN120256077A and application date of January 2024 [1] - The patent provides a management method for stateful services applicable in cloud computing, cloud services, and database technology, enhancing the management of stateful services and enabling smooth and stable containerization [1] - The method includes obtaining initial configuration information for stateful services, determining N shards corresponding to the stateful service, and creating the required number of Pods under each shard's replicas [1] Group 2 - Tencent Technology (Shenzhen) Co., Ltd. was established in 2000, located in Shenzhen, primarily engaged in software and information technology services, with a registered capital of 2 million USD [2] - The company has invested in 15 enterprises, participated in 260 bidding projects, and holds 5000 trademark and patent information records, along with 469 administrative licenses [2]

Group 1 - The three major U.S. stock indices opened higher, with the Dow Jones up 0.5%, the Nasdaq up 0.43%, and the S&P 500 up 0.32% [1] - Huyue Technology surged over 11% after the U.S. Department of Justice resolved the company's $14 billion acquisition of Juniper Networks in an antitrust case [1] - Oracle's stock rose over 7% as the CEO announced a strong start to the fiscal year 2026, having signed multiple large cloud service agreements [1]

Core Viewpoint - Oracle's stock rose over 7% in pre-market trading, indicating strong market confidence following the announcement of significant cloud service agreements and a robust start to the fiscal year 2026 [1] Group 1 - Oracle's CEO reported a strong start to fiscal year 2026, highlighting the company's positive performance [1] - The company has signed multiple large cloud service agreements, showcasing its growth strategy and market demand [1] - One of the agreements is expected to generate over $30 billion in annual revenue starting from fiscal year 2028, indicating long-term revenue potential [1]

Core Insights - Companies must prepare three key aspects to maximize the value creation from Agentic AI: unified AI-ready infrastructure, aggregated and governed AI-ready data, and clear strategies with efficient execution [1][2][3] Group 1: AI-Ready Infrastructure - A unified AI-ready infrastructure is essential for companies in the Agentic AI era, with key considerations including security, reliability, flexibility, and technological leadership [1] - Companies should evaluate cloud service providers not only on current technical capabilities but also on their long-term commitment to cloud as a core business and their ability to sustain high levels of investment [1] Group 2: AI-Ready Data - Aggregated and governed AI-ready data is crucial as it represents a strategic asset that can provide differentiated value to companies [2] - The readiness of data determines the potential of Agentic AI "digital employees" in terms of their vision, capabilities, decision-making, and execution effectiveness [2] - Breaking down data silos and effectively aggregating and governing data is necessary to maximize the value creation from Agentic AI [2] Group 3: Strategy and Execution - Companies need to have clear strategies and realistic expectations regarding the value creation from Agentic AI, with a focus on both short-term and long-term impacts [3] - Selecting suitable partners and technology stacks is critical, emphasizing the importance of mainstream, open, secure, and sustainable options that understand the business deeply [3] - Rapid execution of strategies and the ability to iterate and replicate successful practices will enable companies to benefit sooner and achieve sustained leadership in their industries [3]

Summary of Conference Call Records Industry Overview - The conference call focuses on the cloud services and data center industry, highlighting key trends and developments in the sector [1][2][4]. Key Points and Arguments Cloud Services Competition - Microsoft is optimizing resources and enhancing user experience by bundling Azure cloud services and offering usage discounts to compete with Amazon and Google [1][2]. - The cloud services industry is experiencing a shift in IT budget adjustments, with a focus on cost reduction and efficiency rather than moving away from cloud services [2]. Data Center Location Trends - There is a notable shift in data center locations in the U.S. from traditional coastal areas (like New York and Silicon Valley) to regions with lower electricity costs, such as Texas and Seattle [1][4]. - Oracle's new data center in Texas is expected to contribute over $8 billion in orders, accounting for more than 10% of its projected $67 billion revenue for the new fiscal year [2][4]. Edge Computing and SME Engagement - Companies like Cloudera are attracting small and medium enterprises (SMEs) by offering pay-per-use models for edge computing, which significantly improves GPU utilization by 25%-30% compared to larger cloud providers [1][5]. - This model reduces customer costs and enhances the value proposition for SMEs [5]. Token Consumption Growth - Google's average monthly token consumption increased over 500% within a year, driven by programming demands and internal business consumption [1][7]. - ByteDance is experiencing similar rapid growth in token consumption, indicating structural changes in application development and business models [1][7]. Market Structure Differences - The overseas cloud market is characterized by a duopoly, primarily dominated by AWS and Microsoft, while the domestic market in China follows a 1+3+n structure, with Alibaba leading [9]. - ByteDance's aggressive pricing strategy is impacting Alibaba's profit margins, making it difficult for Alibaba to achieve its expected profit rate of around 15% [8][9]. Valuation and Market Dynamics - Chinese data centers are currently valued lower than their overseas counterparts, with a significant drop in AI premiums observed [10]. - The demand for data centers in China is primarily driven by major players like Alibaba and Tencent, with total demand estimated at 3-4 GW [10]. Future Directions - The cloud services industry is expected to focus on reducing IaaS layer expenditures, expanding low-energy data centers, and enhancing the cost-effectiveness of edge computing [6]. - The TMT (Technology, Media, and Telecommunications) sector shows improved safety margins, with potential investment opportunities in companies like Kingsoft Cloud and Alibaba [11]. Other Important Insights - The conference highlighted the importance of monitoring the performance of ByteDance's computing chain in the second half of the year, as it could exceed expectations [10]. - The overall sentiment in the TMT sector indicates a potential recovery in the cloud and data center segments, suggesting a favorable environment for investment [11].

Core Viewpoint - Microsoft is consolidating power globally, with significant changes in its organizational structure, particularly in the Asia-Pacific region [1][4]. Group 1: Leadership Changes - Tian Zhuo, Vice President of Microsoft Cloud Greater China and General Manager of the Digital Native Division (DN), has been promoted to Level 70 and will oversee the entire Asia-Pacific market for the digital native industry line [2]. - Tian Zhuo's previous role in the Greater China DN business has been a major contributor to the overall revenue in the Asia-Pacific region [2]. - Li Meng, another Vice President in the DN department, is expected to succeed Tian Zhuo, although it is likely that he will continue to report to Tian Zhuo due to potential restructuring [3]. Group 2: Organizational Restructuring - There are rumors of a merger between the Greater China DN department and the Asia-Pacific DN industry line, reflecting Microsoft's trend of centralizing authority [4]. - Over recent years, Microsoft has been gradually transferring financial authority, product lines, and market teams from the China region to the Asia-Pacific region [4].

Group 1 - The core concept of the news is the establishment of a metaverse application experience center in Hangzhou, showcasing advanced technologies and fostering innovation in various industries [1][2] - The experience center spans 1,100 square meters and has attracted over 6,000 visitors from more than 120 research teams, becoming a new landmark for industry-education integration and technological innovation [1] - The Hanggang Technology Building operates under a "1+5+N" model, focusing on a metaverse theme and five core tracks (AI, digital twin, Web3, cloud services, and metaverse entertainment), creating a comprehensive metaverse ecosystem across multiple sectors [1] Group 2 - The experience center serves as a bridge for innovation among universities, associations, chambers of commerce, and enterprises, facilitating discussions on a full-cycle cultivation service system [2] - The operational unit, Shangcheng Capital Group, is building a complete ecosystem from research and study to incubation and application, planning to launch more creative competitions, industry forums, and training camps this year [2] - The center allows for customized corporate events and product roadshows, breaking physical space limitations for technology exhibitions [2]

Financial Performance - In Q1 2025, the company's revenue reached 177.05 million CNY, representing a year-on-year growth of 24.77% [2][3] - Revenue from data center and cloud services accounted for 20.74% of total revenue [3] Investment and R&D - The company invested 27.32 million CNY in R&D in 2024, which is 3.47% of its total revenue [3][4] - The company plans to continue increasing investments in computing power, cloud computing, and cloud services to enhance market share and coverage [2][3] Shareholder Concerns - The company is currently not in a position to distribute dividends due to ongoing investments in core competencies and market expansion [3][4] - Shareholder reductions are attributed to individual financial needs and are not directly related to the company's strategic or operational performance [4] Business Strategy - The company is exploring reasonable acquisitions to strengthen its market position and will disclose any significant plans that meet disclosure standards [4] - The company maintains a stable operational status and a clear strategic layout, focusing on enhancing core competitiveness and profitability [4]

Group 1: Financial Performance - The company's revenue for 2024 decreased primarily due to a decline in gaming business revenue, despite an increase in game gross margin [4] - In Q1 2025, the company's revenue saw a significant decline compared to the same period last year, mainly due to short-term fluctuations in the cloud service business [6] - As of May 20, 2025, the total number of shareholders is 43,102 [6] Group 2: Business Contracts and Commitments - The company signed a five-year "Computing Power Resource Service Contract" with China Unicom on December 11, 2024, which is currently being executed normally [2][3] - The controlling shareholder has committed to resolving the competition issue by either terminating the Guangzhou Accelerator business or transferring its assets to an unrelated third party [3] Group 3: Strategic Focus and Growth Drivers - The company is focusing on expanding its cloud service business, which accounted for 70.06% of total revenue as of December 31, 2024, and aims to increase cabinet rental and related market scale [4] - The company is actively exploring opportunities in the intelligent computing industry, leveraging the growth of artificial intelligence [4] Group 4: Risk Management and Compliance - The company is in the process of applying to lift the risk warning on its stock, contingent upon meeting specific regulatory conditions [5][6] - The company has disclosed relevant announcements regarding prior accounting errors and administrative penalties, which are part of the compliance process [5][6]

证券代码：300857 证券简称：协创数据 协创数据技术股份有限公司投资者关系活动记录表 编号：2025-004 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ☑业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 参加深圳证券交易所"智脑赋能·逐梦新蓝海"主题集体业绩 | | 人员姓名 | 说明会的全体投资者 | | 时间 | 2025 年 5 月 21 日 15：00-17：00 | | 地点 | 深 圳 证 券 交 易 所 ， 深 交 所 互 动 易 " 云 访 谈 " 栏 目 | | | （http://irm.cninfo.com.cn） | | 上市公司接待人 | 董事、总经理潘文俊先生； | | | 副总经理、董事会秘书甘杏女士； | | 员姓名 | 财务负责人瞿亚能先生； | | | 独立董事胡琦先生； | | | 保荐代表人何朝丹女士。 | | | 公司副总经理、董事会秘书甘杏女士就公司基本情况、公 主要内容如下： | | | 司 ...