Core Viewpoint - Bohui Co., Ltd. plans to invest up to RMB 390 million to enter the intelligent computing power industry despite facing financial difficulties and consecutive losses over the past two years [2][3][4]. Financial Performance - The company reported revenues of RMB 2.965 billion, RMB 2.778 billion, and RMB 2.279 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 141 million, -RMB 199 million, and -RMB 306 million, indicating a trend of increasing losses [3]. - In Q1 2025, the company generated RMB 535 million in revenue, a year-on-year decrease of 32.42%, with a net loss of RMB 47 million, which is approximately half of the previous year's loss [3]. Investment Plans - The investment will be made through its wholly-owned subsidiary, Wuxi Jizhi Liquid Cooling Technology Co., Ltd., to purchase servers, data center facilities, and related technology services, with a total procurement amount not exceeding RMB 390 million [3][4]. Funding and Financial Health - As of March 31, 2025, the company had cash reserves of RMB 362 million, alongside short-term borrowings of RMB 436 million and non-current liabilities due within one year amounting to RMB 311 million [3][4]. - The company announced plans to raise up to RMB 416 million through a private placement to replenish working capital and repay bank loans, with the new major shareholder being Wuxi Huishan Yuanxin Investment Partnership [5]. Strategic Changes - The company has recently undergone a change in control, with Wuxi Huishan Yuanxin becoming the new controlling shareholder, backed by state-owned assets [5]. - The entry into the intelligent computing power sector is seen as a significant shift for a company traditionally focused on petrochemicals, with potential support from state-owned and Alibaba-related entities [5].

Group 1 - The core point of the article is that Bohui Co., Ltd. (300839) announced that its subsidiary, Wuxi Jizhi Liquid Cooling Technology Co., Ltd., plans to purchase servers, data center facilities, and related technical services and network equipment, with a total procurement amount not exceeding RMB 390 million [1] Group 2 - The transaction is intended to support the development of intelligent computing power services and related businesses [1] - The purchase is subject to approval by the company's shareholders' meeting [1]

Group 1 - The company, Bohui Co., Ltd. (300839.SZ), announced plans to acquire assets worth up to RMB 390 million to develop intelligent computing power services [1] - The acquisition will be conducted through its wholly-owned subsidiary, Wuxi Jizhi Liquid Cooling Technology Co., Ltd., and includes servers, data center facilities, and related technical services [1] - This strategic move is a significant step for the company in laying out its new business in intelligent computing power services, which is expected to accelerate its growth in this field [1]

工信部：我国智能算力规模达到748EFLOPS 智通财经7月18日电，在国新办新闻发布会上，工业和信息化部信息通信发展司司长谢存介绍，上半 年，我国电信业务总量同比增长9.3%，电信业务收入累计达9055亿元，信息通信业总体保持平稳运行 态势。截至3月底，我国在用算力标准机架达1043万架，智能算力规模达到748EFLOPS，为海量数据计 算提供智能底座。 ...

Summary of Liquid Cooling Industry Research Industry Overview - The liquid cooling industry is experiencing rapid growth driven by the increasing demand for high computing power and policy guidance, with the penetration rate expected to exceed 20% by 2025 from approximately 10% in 2024, although air cooling remains dominant [1][6][9]. Key Points and Arguments - **Data Center PUE Reduction Policies**: National policies require that by the end of 2025, new and renovated large data centers must achieve a Power Usage Effectiveness (PUE) of below 1.25, with key nodes not exceeding 1.2, and the national average PUE below 1.5. Recent data shows a decrease to 1.26 [1][9]. - **Smart Computing Drives Liquid Cooling Development**: The reliance on high-power chips like NVIDIA's Blackwell series necessitates more effective cooling solutions, as these chips generate significantly higher heat compared to traditional data centers [1][8]. - **Importance of Stable Temperature and Humidity**: A 10-degree increase in server temperature can reduce equipment reliability and lifespan by 50%. Data center failures can lead to decreased operational efficiency and potential data loss [1][5]. - **Liquid Cooling Technology Types**: The main types of liquid cooling technologies include cold plate, silent, and spray cooling, with cold plate systems currently being the most widely deployed [1][3][19]. - **Investment Opportunities**: Recommendations include focusing on integrated solution providers and high-value, low domestic production component suppliers, which are expected to meet the growing data processing demands while aligning with green development goals [10][20]. Additional Important Content - **PUE Definition and Importance**: PUE is a critical metric for assessing data center energy efficiency, with lower values indicating better efficiency. Liquid cooling technologies can help achieve lower PUE by improving thermal management [11][12]. - **Liquid Cooling System Components**: Key components of liquid cooling systems include the cold distribution unit (CDU), which manages heat transfer, and various cooling sources that can be natural or mechanical [14][16]. - **Risks and Challenges**: Potential risks include underwhelming computing demand, insufficient chip supply, international trade tensions, and increased industry competition [21].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Insights - The insurance industry is experiencing rapid growth, with the company achieving a revenue of 728 million yuan in 2024, representing a year-on-year increase of 28.65%. The company focuses on enhancing product capabilities to improve customer loyalty and has established long-term partnerships with various insurance clients [4] - The company is expanding its data and intelligent computing center construction, generating revenue of 107 million yuan in 2024 from IT product sales and value-added services. Key clients include financial institutions and government agencies [5] - The innovative traffic business is growing rapidly, with revenue of 134 million yuan in 2024. The company is developing a financial ecosystem platform to help financial institutions enhance customer acquisition and operational efficiency [6] Financial Projections - The company forecasts revenues of 2.369 billion yuan, 2.814 billion yuan, and 3.325 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.37 yuan, 0.57 yuan, and 0.80 yuan. The current stock price corresponds to PE ratios of 55, 36, and 25 times for the respective years [8][10]

Core Viewpoint - *ST JINGANG has entered the intelligent computing power sector by signing a service agreement worth 399 million yuan with Jiangsu *** Big Data Co., Ltd, which is expected to positively impact the company's operating performance by 2025 [1][2]. Group 1: Business Developments - The subsidiary Beijing JINGANG Shuhai Intelligent Computing Technology Co., Ltd (referred to as "JINGANG Shuzhi") signed a service agreement to provide computing power services for a total amount of 399 million yuan, with a service period of five years [1]. - The newly established JINGANG Shuzhi has a registered capital of 10 million yuan and will engage in various computing power-related businesses, including cloud computing equipment sales and data processing services [2]. - The company has signed a restructuring investment agreement with Shanghai Hongqi Cloud Creation Technology Group, which will inject capital at a price of 6.5 yuan per share [2]. Group 2: Financial Performance - The company has faced continuous losses from 2021 to 2023, with net profits of -202 million yuan, -269 million yuan, and -362 million yuan respectively [3]. - In 2024, the company reported total operating revenue of 124 million yuan, a year-on-year decrease of 78.69%, and a net profit attributable to shareholders of -795 million yuan, a year-on-year decrease of 119.83% [3]. - The company’s stock was suspended for one day on April 29, 2024, due to risk warnings, and subsequently changed its stock name from "JINGANG Photovoltaics" to "*ST JINGANG" [3].

Group 1 - *ST Jingan has announced its entry into the intelligent computing power sector by establishing Beijing Jingang Shuhai Intelligent Computing Technology Co., Ltd. with a registered capital of 10 million yuan, fully funded by its subsidiary Shanghai Jingang Glass Fireproof Technology Co., Ltd. [2] - The company's debt-to-asset ratio has surged to 134.08% as of the end of Q1 2025, indicating significant financial pressure as it ventures into this new industry [2][6]. - The move into the computing power sector is seen as a strategic attempt to diversify from its primary focus on the photovoltaic industry, which has been subject to volatility [2][5]. Group 2 - The restructuring process for *ST Jingan was initiated after a court application by creditors due to the company's inability to repay debts, leading to the appointment of Shanghai Hongqi Cloud Creation Technology Group Co., Ltd. as a restructuring investor [3][5]. - Hongqi Cloud Creation, established in December 2010, has invested in various sectors including artificial intelligence and computing power infrastructure, although it reported minimal revenue and losses in recent years [4]. - The restructuring agreement allows Hongqi Cloud Creation to acquire approximately 3% of *ST Jingan's shares post-restructuring, with an investment of 105.3 million yuan at a price of about 6.5 yuan per share [5]. Group 3 - *ST Jingan has faced continuous losses since its transition to the photovoltaic sector, with net profits of -202 million yuan, -269 million yuan, and -362 million yuan from 2021 to 2023 [6]. - The company is currently undergoing restructuring for its subsidiaries, with the potential risk of losing significant operational assets if the restructuring fails [7]. - Despite the financial challenges, the company has secured a sales contract for 194 MW of HJT solar cells, which is expected to account for over 50% of its audited revenue for 2024 [9].

Core Viewpoint - The establishment of Beijing Jingang Shuhai Intelligent Computing Technology Co., Ltd. (Jingang Shuzhi) marks *ST Jingang's official entry into the intelligent computing sector [1][3]. Group 1: Company Developments - *ST Jingang's wholly-owned subsidiary, Shanghai Jingang Glass Fireproof Technology Co., Ltd., has set up Jingang Shuzhi with a registered capital of 10 million yuan, fully subscribed by Shanghai Jingang [3]. - The business scope of Jingang Shuzhi will include cloud computing equipment sales, data processing services, and industrial internet data services [3]. - *ST Jingang has signed a restructuring investment agreement with Shanghai Hongqi Cloud Creation Technology Group, which will inject capital at a price of 6.5 yuan per share [3]. Group 2: Strategic Goals - The company aims to leverage the advantages of its restructuring investor to expand into new business growth areas, particularly in "computing resource services + energy" and infrastructure construction [3]. - The establishment of Jingang Shuzhi is seen as a significant step to seize opportunities in the intelligent computing market, which is expected to become a new revenue growth engine for the company [3][4]. Group 3: Market Context - The intelligent computing sector is a core component of China's "East Data West Computing" strategy, with the country's computing capacity projected to reach 280 EFLOPS by 2024, and intelligent computing expected to account for 32% of this total [3]. - By 2025, China's intelligent computing share is anticipated to rise to 35%, driven by the rapid development of AI technologies [4].

Core Viewpoint - *ST Jinkang (300093) is advancing its pre-restructuring and restructuring procedures to solidify its operational foundation, driven by optimism regarding the development prospects of the intelligent computing power industry [1] Group 1: Company Actions - The company is establishing Beijing Jinkang Shuhai Intelligent Computing Technology Co., Ltd. (referred to as "Jinkang Shuzhi") with a registered capital of 10 million RMB, fully funded by its wholly-owned subsidiary Shanghai Jinkang Glass Fireproof Technology Co., Ltd. [1] - Shanghai Jinkang will contribute 100% of the registered capital for the new venture [1] Group 2: Strategic Partnerships - The restructuring investor, Shanghai Hongqi Yunchuang Technology Group Co., Ltd., will leverage its industry and resource advantages to assist the company in expanding new business areas, relying on its accumulated experience in the computing power sector [1]