Core Insights - The 2025 China Computing Power Conference main forum was held in Datong City, where seven computing power centers signed agreements to officially connect to the National Supercomputing Internet [1] - The National Supercomputing Internet aims to integrate supercomputing resources across the country, facilitating coordinated scheduling and widespread application of computing power [1] - The initiative, launched by the Ministry of Science and Technology in April 2023, has already provided over 1,600 software applications, more than 600 large models, and over 70 SaaS platforms to support various computing power demands [1] Group 1 - The connection of seven computing power centers marks a significant milestone, bringing the total number of backbone node computing centers in the National Supercomputing Internet to over 30 and more than 200 joint members [1] - The establishment of the "Supercomputing Internet Standard System" is a major advancement, which will have profound implications for the national layout of computing power and breaking regional barriers [1] - The inclusion of the National Cybersecurity Base (Wuhan) Computing Center will provide critical support for local technological innovation and digital economic upgrades [1] Group 2 - The Wuhan Data Bureau plans to leverage this connection to encourage local enterprises and research institutions to utilize supercomputing services, enhancing cross-city collaboration and improving the supercomputing ecosystem [2] - This initiative aims to solidify the foundation for high-quality development of Wuhan's digital economy [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [7]. Core Insights - The company's H1 2025 performance exceeded expectations, with a significant revenue increase driven by the explosive growth in computing power services, achieving a revenue of 1.188 billion yuan, a year-on-year increase of 567.14% [1]. - The computing power service business is the main contributor to revenue growth, accounting for 91.28% of total revenue, with a remarkable year-on-year growth of 5627.22% [1]. - The company has seen a substantial improvement in profitability, with a net profit of 60.28 million yuan in H1 2025, a year-on-year increase of 725.73% [1]. Summary by Sections Revenue and Profitability - In Q2 2025, the company reported a revenue of 699 million yuan, a year-on-year increase of 430.20%, and a net profit of 38.63 million yuan, reflecting a year-on-year growth of 10094.82% [1]. - The operating cash flow improved significantly, reaching 55.17 million yuan, a year-on-year increase of 119.30%, primarily due to accelerated collection of computing power orders [2]. Order Backlog and Market Demand - The company has a robust order backlog, with total orders reaching 2.317 billion yuan in 2024, a year-on-year increase of 113% [3]. - In the first half of 2025, the company disclosed multiple significant computing power service contracts, with a total disclosed order amount of approximately 4.054 billion yuan [3]. - The demand for computing power services is expected to continue benefiting from the AI industry, with major cloud providers like Meta, Alphabet, Microsoft, and Amazon projected to increase their investments in this area [3][6]. Financial Forecast - The company is expected to maintain strong revenue growth, with projected revenues of 3.121 billion yuan, 5.084 billion yuan, and 7.058 billion yuan for 2025, 2026, and 2027 respectively [7]. - Earnings per share (EPS) are forecasted to be 1.11 yuan, 1.98 yuan, and 3.10 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 55.5, 31.2, and 19.9 [7].

Core Viewpoint - Pudong Construction (600284) has announced its entry into the new infrastructure sector, specifically in computing power, through a recent investment in a joint venture company [1] Investment Details - The company has committed to invest 66 million yuan, holding a 30% stake in the newly established "Shanghai Pusuan Cloud Intelligence Technology Service Co., Ltd." [1] - The investment was approved during the fourth meeting of the company's ninth board of directors on May 22, 2025 [1] - The joint venture aims to provide deployment and operation services for intelligent computing facilities [1] Current Status - The joint venture company has not yet completed its business registration, and no operational activities have commenced [1] - The investment amount represents a small proportion of the company's net assets [1] - This investment is not expected to alter the company's existing business structure or significantly impact its annual operating performance [1]

Core Viewpoint - The company has evolved from serving primarily educational and research institutions to leveraging its expertise in parallel computing to meet the surging demand for AI-driven computing solutions, thus positioning itself as a key player in the transition from supercomputing to intelligent computing [1][2]. Group 1: Company Overview - The company has been in operation for 18 years, serving over 600 enterprises, 400 universities, and 300 research institutions, with a total of 160,000 registered users [2][4]. - The company has developed a unique "three-layer service system" that includes sales, technical support, and customer service to cater to diverse user needs [4][5]. Group 2: Product and Service Offerings - The company has introduced the "Parallel Intelligent Computing Cloud" product system, enabling seamless migration from supercomputing to intelligent computing with intelligent scheduling of CPU/GPU resources [2][5]. - New users can experience the service for free, receiving "200 core hours + 50-500 yuan worth of computing vouchers" to test the platform before committing to payment [5]. Group 3: Customer Engagement and Support - The company provides 24/7 customer service and has implemented a membership service system for existing clients, offering benefits such as discounts, rewards, and personalized technical support [5][8]. - The "Million Machine Hours into Campus" initiative addresses the urgent computing needs of universities, allowing them to access resources without lengthy procurement processes [5][7]. Group 4: Market Position and Competitive Advantage - The company has tailored its offerings for small and medium-sized customers, emphasizing high cost-effectiveness, ease of use, flexible billing options, and professional support [8]. - The company has a significant international presence, with many overseas clients, particularly in Europe, the United States, and Southeast Asia, who continue to use its services after moving abroad [8]. Group 5: Sustainability and Efficiency - The company is committed to building environmentally friendly computing clusters and has established supercomputing and intelligent computing centers in various regions, including Ningxia and Hainan [9][10]. - The self-developed "Application Running Feature Analysis" software optimizes resource allocation based on user demand, enhancing server utilization and reducing operational costs [10].

Core Insights - Hengrun Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2.073 billion yuan, a year-on-year growth of 223.44%, and a net profit of 40.1665 million yuan, reversing losses from the previous year [1] Revenue and Profit Performance - The company benefited from a recovery in global wind power installations, leading to a full order book in its wind power segment [1] - The revenue from the AI computing power services of its subsidiary, Shanghai Runliushi, surged to 1.039 billion yuan, accounting for over 50% of total revenue for the first time [1] Technological Advancements - Hengrun Co., Ltd. is recognized as one of the first companies in China to mass-produce 12MW offshore wind turbine tower flanges, expanding its technological moat [1] - The product diameter range covers a full series from DN15 to 11.5 meters, indicating a comprehensive product offering [1] Research and Development - The company invested 41.8965 million yuan in R&D during the reporting period, marking a 62.5% increase, focusing on precision components for wind turbine gearboxes and AI server liquid cooling technology [1] - A project for an annual production of 2,000 sets of wind turbine gearbox components has been initiated by its wholly-owned subsidiary, Hengrun Transmission [1] Future Plans - The company aims to enhance its high-end manufacturing and digital computing power strategies over the next three years, with plans to increase the proportion of computing power business to 60% and achieve over 80% localization rate for wind power components [1]

Core Viewpoint - The company, Shunwang Technology, reported significant growth in its 2025 semi-annual results, driven by advancements in artificial intelligence, computing power, and the gaming industry, positioning itself as a leader in the digital service sector [1][10]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.01 billion yuan, a year-on-year increase of 25.09% - The net profit attributable to shareholders was 162 million yuan, up 69.22% - The net profit excluding non-recurring items was 140 million yuan, reflecting a growth of 54.21% - Basic earnings per share reached 0.24 yuan, an increase of 71.43% [1]. Industry Trends - The gaming industry in China saw actual sales revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% [2]. - The integration of virtual reality, augmented reality, and artificial intelligence is evolving gaming content and experiences, enhancing cultural dissemination and technological innovation [2]. Business Strategy - The company covers over 70% of the national esports service market and maintains partnerships with over 2,000 collaborators, providing comprehensive service solutions [3]. - Shunwang Technology has established cooperation with over 95% of game manufacturers in China, enhancing its digital marketing capabilities [3]. Technological Advancements - The company is focusing on edge computing and has developed a distributed GPU computing management platform to optimize idle computing resources [5]. - Shunwang Technology's edge computing services are designed to reduce network latency and improve response times for various industries [6]. AI Integration - The company has launched AI cloud computers and integrated various AI models into its products, providing a seamless experience for over a million active users [7]. - Shunwang Technology's AI infrastructure platform offers integrated solutions for multiple industries, including digital entertainment and healthcare [8][9]. Market Position - The company is recognized as a leading player in the edge computing sector, having been named one of the "Top 20 Edge Computing Enterprises in China" for 2025 [6]. - Shunwang Technology's continuous innovation in AI and computing power positions it well to capitalize on the growing demand for intelligent solutions across various sectors [10].

Core Viewpoint - The company entered the aerial work platform rental market in 2019, establishing the "Wasp" brand, covering over 600 cities, achieving near nationwide coverage, and ranking among the industry leaders [1] - The company is expanding its equipment rental platform into multiple categories, including heavy-duty drones, forklifts, and RVs, with rapid asset scale growth [1] - In May 2024, the company announced an investment to build an intelligent computing center, entering the computing power rental market, with a total of signed computing service contracts reaching 6.67 billion yuan, potentially creating a new growth curve [1] Summary by Sections Equipment Rental Platform - The company has developed a mature online and offline model for its equipment rental platform, entering the aerial work platform rental market in 2019 and establishing 370 offline outlets by the end of 2024, including 25 light-asset operation outlets [2] - The "Wasp" brand has achieved coverage in over 600 cities, with a total management scale of 168,000 units by the end of 2024, representing a 38.8% year-on-year growth and a market share of 25.1%, indicating a leading market position [2] - The company is expanding into multiple categories such as forklifts, drones, and consumer RVs, leveraging its core customer base through channels and service outlets [2] Financing and Cost Advantages - In 2024, Hainan State-owned Assets Control acquired a 14.0% stake for 2 billion yuan, enabling the company to transition from a private to a state-owned enterprise [3] - Since the state-owned investment, the company has established a regional headquarters in Hainan and collaborated with local enterprises to build computing power facilities, with total investments exceeding 10 billion yuan [3] - The company has seen a significant reduction in financing costs, with bond issuance rates of 2.9% and 2.66%, enhancing its competitive edge in financing [3] - The company is exploring diverse financing methods, expanding through financing leasing and light-asset models to alleviate cash flow pressure, and plans to list on the Singapore Stock Exchange [3] - In July, the company issued "Wasp Brother" NFTs and initiated a collaboration with Shanghai Data Exchange for equipment rental RDA, exploring the integration of blockchain technology with equipment rental [3] New Growth Curve in Computing Power - The company announced an investment of 1 billion yuan in May 2024 to build an intelligent computing center, primarily providing computing power services to internet companies [3] - By the end of Q1 2025, the company had signed computing service contracts totaling 6.67 billion yuan, with 4.2 billion yuan added in a single quarter, and nearly 900 million yuan in computing asset delivery [3]

Group 1 - The 2025 China Computing Power Conference opened in Datong, Shanxi, with the theme "Building the Foundation of Computing Power to Lead the Future" [1] - The China Computing Power Platform has successfully integrated sub-platforms from 10 provinces and regions, establishing a new pattern of computing power development in the country [1] - As of the end of July, the platform has over 1,000 registered enterprise users and more than 100 service providers, offering over 110 quality computing power products [1] Group 2 - The platform has connected with over 90 mainstream foundational models and vertical models, facilitating the aggregation, purchase, and instant activation of over 9,000 discrete cards [1] - It provides multi-source and diverse online calling services for over 1,000 developers, accumulating tens of billions of pieces of computing power monitoring big data [1]

上半年，多家北交所公司取得亮眼成绩。例如，并行科技、林泰新材、春光智能、锦波生物等公司 的营收增速在40%以上，卓兆点胶、海能技术等多家公司实现扭亏为盈。北交所企业持续加码研发投 入、布局前沿赛道的战略成效显现。 具体来看，上半年，卓兆点胶实现营业收入1.56亿元，同比增长207.46%；实现归母净利润2678.27 万元，去年同期亏损1202.83万元。卓兆点胶表示，扭亏为盈主要系报告期内终端应用领域需求回暖， 公司积极跟进存量项目验收，以及部分新领域开拓初见成效、进一步控费提效等多方面因素所致。 上半年，海能技术实现营业总收入1.36亿元，同比增长34.87%；归母净利润547.15万元，去年同期 亏损1401.77万元。海能技术表示，为顺应国产仪器替代进口的行业发展趋势，公司已在产品端布局开 发基于鸿蒙系统的仪器操控系统，同时设立大模型智能运营部，全面推动智能化技术与业务场景融合。 本报记者 孟 珂 北交所上市公司半年报进入密集披露期。Wind数据显示，截至8月22日，有75家北交所上市公司披 露2025年半年报，其中有54家公司实现营业收入同比增长。净利润方面，75家披露中报的北交所公司 中，69家公 ...

Core Viewpoint - The report highlights the financial performance of Shanghai Greattown Holdings Limited for the first half of 2025, indicating a significant decline in net profit and total profit, while revenue increased compared to the previous year. The company is focusing on strategic optimization and exploring new business areas such as artificial intelligence and low-altitude economy. Financial Performance - Total revenue for the first half of 2025 reached approximately CNY 1.59 billion, a year-on-year increase of 28.93% compared to CNY 1.23 billion in the same period last year [2][4] - Total profit decreased by 71.39% to CNY 57 million from CNY 199 million year-on-year [2][4] - Net profit attributable to shareholders dropped by 77.04% to CNY 33.4 million from CNY 145.5 million in the previous year [2][4] - The net cash flow from operating activities turned positive at CNY 152.6 million, compared to a negative CNY 307.1 million in the same period last year [2][4] Business Strategy and Market Conditions - The company continues to implement strategic optimization in its real estate business, focusing on key regions and cities while exploring new business models [3][4] - The real estate market shows signs of stabilization, with a narrowing decline in new home transaction areas and prices compared to the previous year [3][4] - The company is actively investing in artificial intelligence computing power and low-altitude economy sectors, with initial operations of its computing center and investments in eVTOL aircraft [3][4] Operational Efficiency - The company achieved a significant reduction in operating expenses, with sales expenses decreasing by 38.26% and management expenses increasing by only 7.43% [4][5] - The financial structure remains robust, with a low debt level and high proportion of net assets, providing flexibility for future financing [5][6] Regional Performance - The East China region accounted for a significant portion of the revenue, with a slight increase in gross margin due to the delivery of pre-sold projects [8] - The Southeast region experienced a decline in revenue and gross margin, primarily due to lower prices in existing home sales [8]