Core Viewpoint - Jinlong Co., Ltd. is shifting its focus from traditional brokerage business to computing power services, driven by continuous losses and debt pressure, with plans to acquire a 29.31% stake in Shenzhen Benmao Technology Co., Ltd. to facilitate this transition [2][3][4]. Group 1: Financial Performance - Jinlong Co., Ltd. has reported losses for four consecutive years, with total losses exceeding 900 million yuan from 2021 to 2024, including losses of 1.31 billion yuan in 2021, 3.92 billion yuan in 2022, 3.84 billion yuan in 2023, and 890 million yuan in 2024 [5][6]. - The company's debt-to-asset ratio has remained high, reaching 81.09% by the end of 2024, with overdue debts exceeding 700 million yuan [5][6]. - The recent sale of a 20% stake in Dongguan Securities generated 2.271 billion yuan, which helped Jinlong Co., Ltd. achieve a profit of 105 million to 153 million yuan in the first half of the year [5]. Group 2: Strategic Shift - The acquisition of Shenzhen Benmao is seen as a necessary step for Jinlong Co., Ltd. to find new growth points and reduce reliance on traditional brokerage operations [4][6]. - The computing power sector is experiencing significant growth due to favorable policies, market demand, and technological innovations, making this acquisition timely for Jinlong Co., Ltd. to capitalize on industry trends [4][6]. - The company plans to invest up to 1 billion yuan in building computing power centers in collaboration with other partners, although progress on this project has not been disclosed [3][4]. Group 3: Market Conditions - The computing power market is currently facing challenges, including overcapacity and idle resources, which may pose risks for new entrants like Jinlong Co., Ltd. [4][6]. - Experts suggest that the acquisition may require substantial cash or increased debt, raising concerns about the company's financial flexibility and operational sustainability [6].

Core Viewpoint - BlueYun Technology Group Co., Ltd. is progressing with its IPO on the Beijing Stock Exchange, showcasing significant revenue growth but a slight decline in net profit [2][3]. Financial Performance - In 2024, the company achieved a revenue of 742.24 million yuan, representing a year-on-year increase of 81.69% [3][4]. - The net profit attributable to shareholders was 51.20 million yuan, showing a slight decrease of 0.15% compared to the previous year [3][4]. - The gross profit margin for the period was 24.33%, down from 25.79% in the same period last year [4]. - Basic earnings per share decreased by 21.92% to 0.57 yuan from 0.73 yuan [4]. Contracts and Partnerships - In December 2024, BlueYun Technology signed a contract worth 1.391 billion yuan with China Mobile Communications Group Beijing Co., Ltd. for a duration of four years, focusing on providing computing resource integration, computing power optimization, and high-performance cloud services [5]. Company Background - Established in 2004, BlueYun Technology specializes in computing power solutions and GPU cloud services, with notable clients including Zhipu Huazhang and Aido Chao Yue [2]. - The actual controller, Li Jian, holds a 10.18% direct stake and enjoys a total voting power of 47.29% through his indirect holdings [2].

Core Viewpoint - Jinlong Co., Ltd. is planning to invest in computing power by acquiring a 29.3% stake in Shenzhen Benmao Technology Co., Ltd., leveraging the 2.271 billion yuan from the recent sale of Dongguan Securities shares, marking a strategic shift after years of financial struggles [3][7][10]. Group 1: Investment Strategy - The investment in Shenzhen Benmao is part of Jinlong's broader strategy to transition into the computing power sector, which began over a year ago with a proposed 1 billion yuan computing power leasing plan that has yet to show tangible progress [4][8]. - The company aims to collaborate with experienced partners in the computing power field, sharing revenue from client sales, with an initial investment of approximately 1.03 million yuan for the first phase of the project [8][9]. Group 2: Financial Background - Jinlong has faced significant financial challenges, including continuous losses and high debt levels, prompting the sale of core assets to stabilize its finances [5][6]. - The successful completion of the sale of 20% of Dongguan Securities shares for 2.271 billion yuan allowed Jinlong to turn a profit in the first half of the year, enabling the new investment initiative [7][10]. Group 3: Historical Context - Shenzhen Benmao, which has seen its revenue double over four years, is now facing profitability challenges as it prepares for Jinlong's acquisition [4][10]. - The exit of Shenzhen Media Group from its investment in Benmao after four years reflects a shift in strategy, as the anticipated IPO did not materialize [10][14].

Group 1 - The core point of the article is that Jinlong Co., Ltd. plans to acquire a 29.3151% stake in Shenzhen BMT Technology Co., Ltd., which will position Jinlong as the second-largest shareholder of Shenzhen BMT if the transaction is completed [1][2] - This acquisition is expected to facilitate Jinlong's business transformation towards the digital economy infrastructure sector, particularly focusing on intelligent computing centers and computing power services [2] - Following the announcement, Jinlong's stock surged and reached a market capitalization of 13.31 billion yuan [2] Group 2 - Shenzhen BMT has total assets of 1.978 billion yuan and net assets of 485 million yuan as of the end of 2024, with projected revenue of 869 million yuan and net profit of 53.62 million yuan for the same year, indicating a solid asset scale and profitability [3] - Jinlong has faced continuous losses from 2021 to 2024, with net profits of -131 million yuan, -392 million yuan, -384 million yuan, and -89 million yuan respectively, and an increasing debt ratio from 74.86% in 2021 to 81.09% in 2024 [3] - After selling 300 million shares of Dongguan Securities, Jinlong expects to achieve profitability in the first half of 2025, with projected net profit ranging from 105 million yuan to 153 million yuan, although the net profit after deducting non-recurring items is still expected to be a loss of 112 million yuan to 95 million yuan [3]

Core Viewpoint - Jinlong Co., Ltd. plans to acquire a 29.3151% stake in Shenzhen Benmao Technology Co., Ltd., marking a strategic move to deepen its presence in the computing power sector [1][2]. Group 1: Acquisition Details - The acquisition involves the second-largest and fifth-largest shareholders of Shenzhen Benmao, who will transfer a combined 29.3151% stake to Jinlong Co., Ltd. [3][5]. - Shenzhen Benmao, established in 1997, focuses on intelligent computing centers and provides comprehensive solutions for the entire lifecycle of these centers [2][3]. Group 2: Financial Performance - As of the end of 2024, Shenzhen Benmao reported total assets of 1.978 billion yuan and net assets of 485 million yuan, with an annual revenue of 869 million yuan and a net profit of 53.62 million yuan [3][6]. - Jinlong Co., Ltd. has faced financial difficulties, with consecutive losses from 2021 to 2024, primarily due to underperformance in its securities business [7]. Group 3: Strategic Implications - The acquisition is expected to accelerate Jinlong's business transformation and enhance its revenue and profitability, creating more value for shareholders and ensuring sustainable development [5][6]. - Jinlong's move into the computing power sector aligns with national policies promoting artificial intelligence and aims to establish a foothold in Guangdong's intelligent computing industry [6][7].

Overview - Guangdong Jinlong Development Co., Ltd. intends to acquire a total of 29.3151% shares of Shenzhen Benmao Technology Co., Ltd. from Guangdong Shenbao Yiben and Shenzhen Shenbao Yiben, which includes 16,434,548 shares (23.2427% of total shares) from Guangdong Shenbao Yiben and 4,293,688 shares (6.0724% of total shares) from Shenzhen Shenbao Yiben [1][3] Parties Involved - Guangdong Shenbao Yiben has a total subscribed capital of 211 million yuan, with no related party transactions or conflicts of interest [1] - Shenzhen Shenbao Yiben has a total subscribed capital of 700 million yuan, also with no related party transactions or conflicts of interest [1] Target Company Information - Shenzhen Benmao focuses on the full industry chain services centered around intelligent computing centers and computing power services, providing comprehensive solutions for the entire lifecycle of intelligent computing centers [2][3] Transaction Details - The parties have signed a letter of intent on July 22, 2025, to facilitate the share transfer, which is currently in the planning stage and does not constitute a related party transaction [1][3] Purpose and Impact of the Transaction - The transaction aims to accelerate the company's business transformation, creating favorable conditions for transitioning to the real economy and expanding new productive forces, thereby enhancing future revenue and profitability [5]

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]