Group 1 - The company plans to acquire 39.2308% equity of Shanghai Wutongshu High-tech Co., Ltd. from Shanghai Wutongshu Technology Development Co., Ltd. in cash, becoming the largest shareholder of the target company [1] - After the acquisition, the company will appoint three-fifths of the board members of the target company and will have decision-making power over its operations, personnel, and financial matters [1] - The target company will be included in the company's consolidated financial statements as a subsidiary [1] Group 2 - Shanghai Bahuang recognizes the company's future prospects and investment value, leading to a share transfer agreement where the controlling shareholder and actual controller will transfer a total of 5.0455% of the company's shares to Shanghai Bahuang [2] - The share transfer agreement will take effect upon the signing of the formal equity transfer agreement related to the acquisition of the 39.2308% equity [2] - The target company primarily engages in AIDC computing power servers and cluster comprehensive solution services, with a performance commitment of no less than 400 million yuan in net profit for the years 2025 to 2027 [3]

Core Viewpoint - The company, Roman Co., plans to acquire a 39.2308% stake in Shanghai Wutongshu High-tech Co., Ltd. through a cash transaction, which will make it the largest shareholder and grant it decision-making power over the target company's operations, personnel, and finances [1] Group 1 - The acquisition will result in the target company being included in the company's consolidated financial statements as a subsidiary [1] - The target company specializes in AIDC computing power servers and integrated solution services [1]

Core Viewpoint - Roman Co. plans to acquire a 39.2308% stake in Wutong High-tech, aiming to become the largest shareholder and gain significant control over the company's operations [1] Group 1: Acquisition Details - The acquisition will be conducted in cash, and upon completion, Roman Co. will appoint three-fifths of the board members of Wutong High-tech [1] - The financial officer of Wutong High-tech will be recommended by Roman Co. and appointed by the board, granting Roman Co. decision-making power over operations, personnel, and financial matters [1] - Wutong High-tech will be included in Roman Co.'s consolidated financial statements as a subsidiary [1] Group 2: Business Focus - Wutong High-tech specializes in AIDC computing servers and integrated solutions, which is a different industry from Roman Co.'s main business [1] Group 3: Risks - The acquisition may involve integration risks [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the acceleration of AI technology integration in the gaming and esports sectors, driven by supportive policies from the Beijing government, which aims to enhance the quality and efficiency of game development and innovation [4] - The demand for AI computing power is expected to grow due to the practical applications of AIGC technology in various industries, including education and gaming, as well as the increasing need for low-latency applications like online gaming and video calls [5] - The report expresses strong confidence in the domestic AIDC computing power industry chain, recommending specific companies across various segments such as AIDC data centers, cloud computing, IT infrastructure, networking, and AI applications [6] Summary by Sections AIDC Industry Overview - The report emphasizes the construction of AIDC data centers and the associated infrastructure, recommending companies like Yingweike and New Idea Network Group as key players [6] - It identifies beneficiaries in cloud computing, including major telecom operators and technology firms [6] AI Applications - The report notes the potential for AI applications in gaming and esports, driven by government incentives and technological advancements [4][5] - It highlights the expected increase in demand for AI computing resources in first-tier cities due to the rise of low-latency applications [5] Recommended Companies - Specific companies are recommended across various sectors, including AIDC data centers, cloud computing, IT infrastructure, and networking, indicating a broad investment opportunity within the industry [6]