Core Viewpoint - Zhejiang Province is focusing on high-quality economic development through the advancement of new production capabilities, emphasizing the integration of new and traditional industries, and the development of advanced manufacturing clusters [1][4]. Group 1: Economic Performance - In the first half of the year, Zhejiang's emerging industries are progressing towards high-end, new, and intelligent development [1]. - The added value of high-tech manufacturing, core digital economy industries, and equipment manufacturing in the province has maintained double-digit growth, significantly outpacing the overall industrial growth [2][3]. - From January to May, revenue from the digital economy core service industries, technology services, and high-tech services in the province's service sector accelerated compared to the first quarter [2]. Group 2: Research and Development - R&D expenditures for large-scale enterprises in both industrial and service sectors increased by 7.0% year-on-year, outpacing revenue growth by 2.1 percentage points; the ratio of R&D expenses to revenue reached 3.08%, up by 0.06 percentage points year-on-year [3]. Group 3: Intelligent Transformation - The revenue growth of core artificial intelligence industry enterprises in Zhejiang is significantly higher than that of large-scale enterprises, with double-digit growth in computing power services, data services, algorithm models, and smart terminals [3]. - The rapid development of AI technology has led to increased demand for computing-related products, with double-digit growth in the production of industrial robots, semiconductor discrete devices, industrial control computers, new energy vehicles, lithium-ion batteries for vehicles, and integrated circuits [3]. Group 4: Future Development Plans - The Zhejiang Provincial Committee has approved a decision to accelerate the construction of an innovative Zhejiang, aiming for a strong education, technology, and talent system by 2030, along with a modern industrial system [4]. - The province plans to comprehensively promote the upgrading of traditional industries, the growth of emerging industries, and the scientific layout of future industries to create new engines for high-quality development [4].

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]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Viewpoints - The company is a leading player in the seasoning industry and is actively expanding into the intelligent computing sector, establishing a dual-driven growth model [22][46]. - The seasoning business remains the primary revenue source, accounting for 90% of total revenue, while the intelligent computing segment is expected to grow significantly [22][60]. - The company has established a subsidiary focused on intelligent computing services, aiming to become a comprehensive service operator in the AI computing sector [69]. Summary by Relevant Sections Company Overview - The company specializes in the research, production, and sales of seasonings and health foods, with a strong distribution network across China and exports to over 70 countries [22][28]. - It has over 30 subsidiaries and 2,700 distributors, with a significant market presence in the seasoning industry [22][28]. Market Potential - The Chinese seasoning market is poised for growth due to the rapid development of the food industry and the increasing demand for convenient cooking solutions [2][30]. - The global seasoning market is projected to grow from RMB 21,438 billion in 2024 to RMB 28,917 billion by 2029, with a CAGR of 6.2% [30]. Intelligent Computing Sector - The intelligent computing market in China is expected to grow significantly, with a 79.6% year-on-year increase in the first half of 2024, reaching a market size of RMB 146.1 billion [49]. - The company has established multiple intelligent computing centers and aims to provide high-performance GPU server rentals and cloud computing solutions [72]. Financial Performance - The company achieved a record revenue of RMB 2.646 billion in 2024, a 25.98% increase year-on-year, with a net profit of RMB 203 million, reflecting a 55.92% growth [53]. - Revenue growth is expected to continue, with projections of RMB 3.575 billion in 2025 and a net profit of RMB 335 million [12]. Profitability and Margins - The company’s seasoning products maintain high and stable gross margins, while the intelligent computing services are expected to have even higher margins, currently above 40% [63][64]. - The company is increasing its R&D investment, which reached RMB 40.59 million in 2024, a 41.26% increase, to support new product development and market expansion [66].

Core Insights - The article highlights the recognition of Geng Kangming, Chairman of Co-creation Data, as one of the "Best CEOs in China" for 2025 by Forbes China, reflecting the company's strong performance and leadership [1] - Co-creation Data's focus on "cloud-edge-end" integrated smart storage and intelligent IoT systems has led to significant revenue growth and innovation in its business lines [1][3] Financial Performance - In 2023, Co-creation Data reported a revenue growth rate of 47.95% and a net profit growth rate of 118.61% [1] - For 2024, the company achieved a revenue of 7.41 billion yuan, representing a year-on-year increase of 59.08%, with a non-recurring net profit soaring to 671 million yuan, up 144.33% [1] - Over the past two years, the company's stock price has increased by over 320%, with its market capitalization rising from 3.972 billion yuan to 28 billion yuan, nearly a sevenfold increase [2] Strategic Initiatives - Co-creation Data is strategically focusing on AI demand, with significant investments in high-performance AI servers, including a 1.5 billion yuan loan from its controlling shareholder and self-raised funds [2] - The company has signed server procurement contracts worth up to 3 billion yuan and is progressing with a 4 billion yuan procurement plan [2] - Co-creation Data has secured various computing service orders, including a project with China Unicom and a collaboration with Zhangjiang Group for an intelligent computing center [2] Innovation and Product Development - In 2025, Co-creation Data launched the FCloud intelligent training and inference platform, providing comprehensive computing training services [3] - The company also introduced the FCloud Omnibot platform, integrating NVIDIA's AI robotics technology to support robot development companies with end-to-end services [3] - The recognition of Geng Kangming as a top CEO underscores the company's commitment to innovation and its strong performance in technology and market competitiveness [3]

Core Viewpoint - Hongbo Co., Ltd. (002229) expects significant revenue growth and profitability turnaround in the first half of 2025 compared to the same period last year [1] Financial Performance - Projected revenue for the period from January 1, 2025, to June 30, 2025, is estimated to be between 750 million to 850 million yuan, compared to 265 million yuan in the same period last year [1] - The net profit attributable to shareholders is expected to be between 29.8 million to 44.2 million yuan, a recovery from a loss of 39.56 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 28.6 million to 42.9 million yuan, compared to a loss of 55.46 million yuan in the same period last year [1] - Basic earnings per share are anticipated to be between 0.0604 yuan to 0.0895 yuan, recovering from a loss of 0.0802 yuan per share in the previous year [1] Operational Highlights - The significant increase in revenue and the turnaround in net profit are attributed to the completion of the acceptance of the computing power project by the wholly-owned subsidiary, Beijing Yingbo Digital Technology Co., Ltd. [1]

并行科技专注算力服务18年，是国内领先的算力服务与算力运营提供商，也是A股市场首家专注于算力 服务的上市公司。此次投资清程极智，并行科技CEO陈健表示，双方联合进行大模型训练和DeepSeek 等推理服务的性能优化，致力于提供业内顶尖"高质量、高性能、高性价比"的算力服务和MaaS服务， 树立行业性能新标杆。 新京报贝壳财经讯（记者罗亦丹）记者7月14日获悉，清华系人工智能基础设施（AI Infra）领域创新企 业清程极智顺利完成过亿元最新融资，距离上一轮过亿元融资不到半年。本轮由某知名产业方领投，上 海市属国有创投平台、联想创投、并行科技、奇绩创坛等知名产业投资机构跟投。 清程极智专注于打造智能算力系统软件，成为连接智能算力与智能应用的关键桥梁。其软件能够高效链 接底层硬件算力与上层 AI 模型训练、推理及应用需求，实现不同硬件设备的高效协同工作，为 AI 应 用开发和运行提供高效、稳定的基础设施支持，让开发者可以更便捷地使用算力资源进行模型开发和部 署，使其无需过多关注底层硬件的复杂性，在算力优化、国产化方面占据重要生态位。 此轮融资，上海国资的加入强化了清程极智的股东背景，为其发展注入产业资源与政策支持 ...

Core Viewpoint - Lianhua Holdings expects significant growth in net profit for the first half of 2025, driven by increased product sales and operational efficiency [1][2] Financial Performance - The company anticipates a net profit attributable to shareholders of between 160 million to 170 million yuan, representing a year-on-year increase of 58.67% to 68.59% [1] - The expected net profit after deducting non-recurring items is projected to be between 162 million to 172 million yuan, with a growth of 59.13% to 68.95% year-on-year [1] Business Strategy - Lianhua Holdings has implemented a "brand revival strategy" focusing on core business development and innovation in new products, models, and channels [1] - The company has successfully launched new health-oriented seasoning products, with significant sales growth in new retail business [2] Product Development - The company emphasizes a "green, natural, and low" product development philosophy, introducing products like Lianhua Matsutake Fresh and Lianhua Soy Sauce, with some new products seeing revenue growth exceeding 100% year-on-year [2] - New beverage products, including Lianhua 1983 Red Bean and Job's Tears Water, have gained popularity and maintained high sales growth rates [2] Technological Innovation - Lianhua Holdings has launched the Lianhua Zixing Intelligent All-in-One Machine, integrating DeepSeek-R1 model to create comprehensive domestic solutions for various sectors [2] - The company is expanding its revenue channels through the development of large model training and promotion services, targeting light asset operation markets [2] Market Positioning - Industry analysts note that Lianhua Holdings is adapting to market competition through self-reform and continuous innovation, which supports its performance growth [2]

Core Viewpoint - The Jinan metropolitan area is accelerating its integrated development, focusing on infrastructure connectivity, industrial collaboration, and public service integration to achieve higher efficiency, balanced development, and improved living standards [1] Infrastructure Development - Infrastructure connectivity is essential for the collaborative development of the metropolitan area, with ongoing projects like the expansion of Jinan International Airport and the development of the GTC comprehensive transportation center, which will integrate air, high-speed rail, and metro services [3] - The potential of the Xiaoqing River as a "golden waterway" is being realized, with plans to complete an 11-kilometer link to connect with the coastal port of Weifang, enabling seamless transport [3] Transportation Planning - Experts suggest strategies for transportation development, including enhancing the Jinan International Land Port and increasing the frequency of westward freight trains, as well as integrating transportation with tourism and low-altitude economy [4] - During the 14th Five-Year Plan, Jinan plans to implement 235 key transportation projects with an investment of 350 billion yuan, having already completed 325.08 billion yuan [5] Industrial Collaboration - The metropolitan area aims to create a complementary industrial system, focusing on cross-regional industrial clusters and localizing supply chains, with companies like Jinwei Laser achieving localized supply chain integration [6][8] - The establishment of a collaborative mechanism for industrial chains is underway, with the goal of developing 13 signature industrial chains and 34 key industrial chains in Jinan [9] Public Services - Efforts are being made to promote "no-difference" sharing of public services, including healthcare and education, with initiatives like the Northern Health Medical Big Data Platform connecting 1,500 medical institutions across 16 cities [10] - Recommendations include establishing a cross-regional medical collaboration system and enhancing vocational education to align with industrial needs, ensuring a precise talent supply [11]

报告期内公司财务费用较高。子公司莲花紫星主要通过外部融资开展算力服务业务。自2023年末至2024 年末，公司共发生外部借款5.09亿元(不含提前归还借款)，2024年度财务费用为2613.24万元，其中利息 费用为2628.04万元，公司借款年化利率为5.35%至7.5%。不考虑借款期间，以当年度利息/外部借款总 额计算得公司平均资本成本为5.13%。 2024年末莲花控股持有的固定资产主要为大型服务器、显卡、网卡、交换机、光模块等，账面原值合计 6.38亿元，账面净值合计5.9亿元。根据相关规定，公司对持有的固定资产进行了减值测试。经评估测 算，公允价值减去处置费用后的净额为5.79亿元，预计未来现金流量的现值为5.74亿元，可收回金额为 5.79亿元，即报告期产生资产减值损失1125.68万元。 该公司表示，本次减值主要系因型号5等新产品面市，导致公司前期购置的型号1等服务器在购置后市场 价格出现波动。公司算力业务毛利率较高但仍产生亏损，主要原因系公司该年度实现营业收入的时间较 短，而前置费用发生较多；业务扩张期，外部融资较多；硬件设备价值受市场价格波动影响出现资产减 值。以上事项均具有一定的商业合理性 ...

Core Viewpoint - The company, Lianhua Holdings, is responding to an inquiry from the Shanghai Stock Exchange regarding the sustainability and profitability of its computing power service business, which has shown high gross margins but incurred losses in 2024 [1][2]. Financial Performance - In 2024, the computing power service business generated revenue of 80.64 million yuan, with a gross margin of 42.45%, but reported a net loss of 14.56 million yuan [1][2]. - The breakdown of costs includes operating costs of 46.41 million yuan (57.55% of revenue), financial expenses of 26.13 million yuan (32.40%), and asset impairment losses of 11.26 million yuan (13.96%) [1][2]. Investment Recovery - The company has invested a total of 637.92 million yuan in fixed assets for its computing power services, with an expected cash inflow of 610.33 million yuan over the next five years, resulting in an estimated investment recovery period of approximately 4.86 years [2][5]. Financing and Costs - The computing power business primarily relies on external financing, with total borrowings of 509.38 million yuan as of the end of 2024, leading to significant interest expenses that impacted profitability [1][2]. - The average capital cost for the company is calculated at 5.13%, with interest expenses for the computing power business amounting to 26.28 million yuan, which is 180.53% of the net profit [5][6]. Client and Supplier Relationships - The company disclosed its top ten clients for the computing power service, detailing contract amounts, revenue recognition, and payment statuses, indicating a diverse client base [6][7]. - There are no significant related party transactions or conflicts of interest identified between the company and its clients or suppliers, ensuring the integrity of business operations [6][7]. Asset Impairment - The company recognized an asset impairment loss of 11.26 million yuan due to market price fluctuations affecting the value of its computing power equipment, which is a significant factor contributing to the overall losses [2][5].