Group 1: Opportunities and Challenges - The pilot program for data element reform in the Guangdong-Hong Kong-Macao Greater Bay Area will accelerate regional data flow and industrial development, leading to increased demand for data storage and processing services [2] - The company has established several self-operated data centers in the region, leveraging its extensive business experience [2] - Challenges include intensified industry competition driven by policy changes and heightened requirements for data security and business operations [2] Group 2: Business Impact and Strategic Alignment - The "Implementation Plan for Comprehensive Reform Pilot of Market-oriented Allocation of Factors in Nine Cities of the Greater Bay Area" aims to promote the autonomous and orderly flow of factors, aligning with the company's IDC business distribution in key areas like the Greater Bay Area and Beijing-Tianjin-Hebei [3] - The company will continue to monitor policy developments and explore suitable growth directions based on market conditions and its operational realities [3] Group 3: Financial Performance and Share Price - The company's main business, IDC services and other internet comprehensive services, accounts for over 90% of its revenue, differentiating it from competitors like Kehua Data and Xiechuang Data [3] - The company adheres to a business strategy focused on "ensuring delivery and promoting listings" to enhance operational results [3] Group 4: Shareholding Changes - The company sold 70% of its stake in Sichuan Huatuo in November 2024, and will no longer hold shares in the company following the completion of this sale [3]