Core Viewpoint - The company, Meili Cloud, has no current progress on the Liyang liquid cooling data center project and has not yet secured its liquid cooling patent technology application [1] Group 1 - Investors inquired about the status of the Liyang liquid cooling data center project on the investor interaction platform [1] - The company confirmed that there is currently no project related to the Liyang liquid cooling data center [1] - The company also indicated that there are no updates regarding the application of its liquid cooling patent technology [1]

Group 1 - The article highlights the importance of tracking major announcements in the stock market from Sunday to Thursday, including suspensions, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers, with significant announcements marked in red to assist investors in identifying investment hotspots and mitigating risks [1] - A company is identified as a key participant in the supply chain for NVIDIA's CPO, with its 1.6T optical engine experiencing continuous growth [1] - Another company has multiple MCU chip products that have passed HarmonyOS certification, indicating its involvement in automotive chips, satellite navigation, and the low-altitude economy [1] - A leading company in the domestic supercomputing industry and a leader in liquid-cooled data centers is mentioned, emphasizing its role in the data center and cloud computing sectors [1]

Group 1 - The company can provide design services for cooling systems in liquid-cooled data centers but has not yet undertaken any such projects [2] - The company will closely monitor the development trends in the design market for liquid-cooled data centers and will decide on potential involvement based on its strategic planning [2]

Group 1 - The company, Jianyan Design (301167.SZ), has stated that it can provide design services for liquid cooling data center cooling systems, but has not yet undertaken any such projects [1] - The company will closely monitor the development trends in the design market for this field and will decide on potential engagement based on its own strategic planning [1]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company is a leader in domestic immersion liquid cooling technology and is actively expanding into overseas and cold plate liquid cooling markets. The expected growth in the liquid cooling data center market is driven by increasing computing power demands and the associated rise in chip power consumption [4][3] - The company has a significant market share of 61.3% in the liquid cooling infrastructure sector as of 2023, maintaining its position as the industry leader for three consecutive years [4] - The financial forecasts for the company indicate a recovery in profitability, with projected net profits for 2025, 2026, and 2027 expected to be 105 million, 150 million, and 195 million yuan respectively [3][5] Financial Summary - In Q1 2025, the company reported revenue of 11.67 million yuan, a decrease of 1.37%, and a net loss of 31.37 million yuan, a decline of 329.66% [3] - For the year 2024, the company achieved revenue of 506 million yuan, down 22.15%, and a net profit of 61.42 million yuan, down 41.21% [3] - The projected revenue for 2025 is 856 million yuan, with a year-over-year growth of 69.0%, and the projected net profit is 105 million yuan, reflecting a growth of 71.1% [5][7] - The company's gross margin is expected to be 28.1% in 2025, with a net margin of 12.3% [5][8] Market Outlook - The global data center liquid cooling adoption rate is anticipated to rise from 14% in 2024 to 26% in 2025, indicating a growing market opportunity for the company [4] - The liquid cooling server market in China is projected to grow at a compound annual growth rate (CAGR) of 45.8% from 2023 to 2028, reaching a market size of 10.2 billion USD by 2028 [4]

Group 1: Company Overview - The company introduced its basic situation, performance, and strategic plans for the chemical business segment based on the 2024 annual report and the 2025 Q1 report [2][3] - The company is focusing on the development of its AI segment, particularly in relation to its business strategy [3] Group 2: AI and Computing Power - The company chose Xinjiang for its AI layout due to its abundant green electricity resources and lower operational costs, despite concerns about latency for certain applications [4] - The company currently has nearly 4000P of high-end computing power and plans to expand based on customer orders and market conditions [10] - The company is actively exploring various value-added services to meet differentiated customer needs in the computing power sector [5] Group 3: Chemical Business Strategy - The main products are ACR and ACM, with ACM related to chlorine-alkali business; the company is implementing cost-reduction measures to improve profitability [7] - The company aims to enhance its product structure by reducing low-margin product orders and increasing high-margin products, while also expanding into overseas markets [7] - Long-term strategies include developing high-value new materials and creating a comprehensive industrial chain for ACR and ACM [7] Group 4: Market Challenges and Future Outlook - The company is facing significant market pressure in the short term but is optimistic about improving its operational status through strategic measures [7] - The company is closely monitoring the market for potential asset impairments and has already accounted for related losses [15] Group 5: Management and Organizational Changes - The company is undergoing systematic organizational adjustments to align with its new strategic direction, focusing on both chemical and AI sectors [15] - The first major shareholder holds 27.57% of the company, and the management team is committed to deepening its focus on the chemical industry [14]