Core Viewpoint - Lianhua Holdings faces changes in a significant computing power service contract worth 555 million RMB due to uncertainties in macro policies and operational challenges [1][2] Group 1: Contractual Developments - On December 26, 2024, Lianhua Holdings' board approved a sales contract for high-performance computing services with Shanghai X State-owned Enterprise, totaling 5.55 billion RMB for a five-year term [1] - The contract involved Lianhua Zixing providing 1545 PFLOPS (BFLOAT16) computing power services and maintenance [1] - On February 28, 2025, Lianhua Zixing signed a lease agreement with CⅨ Company for 200 high-performance servers [1] Group 2: Contract Termination - Recently, Lianhua Zixing issued a notice to terminate the lease contract with CⅨ Company due to the latter's inability to confirm a delivery schedule [2] - The original contract with Shanghai X State-owned Enterprise was also mutually terminated, with Lianhua Zixing agreeing to pay a compensation of 2 million RMB [2] - The termination of these contracts is stated to not affect the company's operational independence or financial status significantly [2] Group 3: Financial Performance - In the first quarter of 2025, Lianhua Holdings reported a revenue of 794 million RMB, reflecting a year-on-year growth of 37.77% [2] - The net profit for the same period was 101 million RMB, showing a substantial increase of 105.19% year-on-year [2]

Core Viewpoint - Lianhua Holdings reported significant growth in revenue and net profit for the fiscal year 2024, driven by increased sales and the establishment of a dual-driven development model focusing on both traditional products and computing services [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 2.646 billion yuan, a year-on-year increase of 25.98% [1] - The net profit attributable to shareholders reached 203 million yuan, up 55.92% year-on-year [1] - For Q1 2025, the company reported operating revenue of 794 million yuan, a 37.77% increase compared to the same period last year [1] - The net profit for Q1 2025 was 101 million yuan, reflecting a 105.19% year-on-year growth due to improved cost control and higher product gross margins [1] Product Sales - During 2024, the company sold 198,100 tons of monosodium glutamate, 30,800 tons of chicken essence, and 32,000 tons of flour [1] Computing Services - Lianhua Holdings' computing service business generated revenue of 80.6434 million yuan in 2024, marking a staggering year-on-year increase of 10,447.11% [1] - The company signed a high-performance computing service contract with Shanghai X State-owned Enterprise, valued at 555.3601 million yuan, to provide 1,545 PFLOPS of computing power over five years [2] - A supplementary agreement was signed on April 29, 2025, to terminate the original contract and included a compensation payment of 2 million yuan to Shanghai X State-owned Enterprise [2] Contractual Developments - On February 17, 2025, the board authorized the chairman to sign significant contracts related to high-performance computing services within budget limits [3] - A lease agreement was signed on February 28, 2025, for 200 high-performance servers, but the contract was later terminated due to delivery schedule issues [3]

智通财经4月29日电，亿田智能(300911.SZ)公告称，公司全资子公司甘肃亿算智能科技有限公司与庆阳 市人民政府、燧原智能科技（庆阳）有限公司签署了《共建国产十万卡算力集群及新质生产力生态圈战 略合作框架协议》。甘肃亿算及其生态合作伙伴计划出资55亿元，建设"国产十万卡算力集群"，提供不 低于2.5万P算力服务，预计于2027年12月30日前建成并投入使用。该协议的签署确立了三方战略合作关 系，但具体实施内容和进度尚存在不确定性。 亿田智能：全资子公司签署共建算力集群及新质生产力生态圈战略合作框架协议 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][7] Core Insights - The company has experienced rapid growth, with total revenue reaching 477 million yuan in 2024, a year-on-year increase of 62.35%, and a net profit of 45.54 million yuan, up 198.73% [3][9] - In Q1 2025, the company reported revenue of 188 million yuan, a significant year-on-year growth of 168.82%, with net profit soaring to 40.50 million yuan, reflecting a 407.62% increase [3][9] - The company's comprehensive computing services generated revenue of 66 million yuan in 2024, with a gross margin of 82.18%, indicating strong profitability in this segment [4][9] Financial Performance - The company forecasts revenues of 2.52 billion yuan, 3.39 billion yuan, and 4.38 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.64 yuan, 2.26 yuan, and 2.97 yuan [7][9] - The projected growth rates for revenue are 429.1% in 2025, 34.4% in 2026, and 29.2% in 2027, while net profit is expected to grow by 423.6%, 37.6%, and 31.4% over the same period [9][10] Strategic Developments - The company has introduced strategic investors to enhance its computing business, focusing on AI-related services and establishing high-performance computing centers [4][6] - The recent collective study by the Central Political Bureau on artificial intelligence underscores the strategic importance of self-reliant computing, positioning the company favorably in the market [5][6]

据悉，算力业务贡献了鸿博股份一季度大部分的营收。在算力业务方面，公司将以其为北京国资已建成 的北京智算中心范例，向全国拓展智算中心项目合作；在传统业务安全印务方面，公司也将进一步夯实 优势项目，同时优化持续亏损项目，退出不占竞争优势业务，主动优化业务结构。此外，公司还将加强 精细化管理，处置闲置资产，通过集约化使用产能优化资源配置等措施积极提升运营效率，实现降本增 效，助力公司经营轻装上阵。 鸿博股份2025年3月发布重大项目进展公告，公司京能项目已完成最终验收并正式交付。作为鸿博股份 首个为国资企业打造的高性能算力集群项目，该项目涵盖服务器集群部署及全生命周期配套服务。继京 能项目后，鸿博股份又与国资下属企业郑新建投合作郑新鸿博数智港产业园项目。该项目总建筑面积超 6万平方米，其核心包含2栋算力中心，2栋配套动力中心、20栋研发用房、4栋产业大厦以及一系列相关 配套辅助用房。待项目全面竣工后，将混合部署超过千台进口与国产高性能服务器，打造训练推理一体 化服务，灵活应对AI大模型多样化的计算任务需求。目前项目用地已完成挂牌出让手续，正式转入主 体施工阶段。 鸿博股份表示，未来将进一步推进人工智能算力业务，实现 ...

迈信林：第一季度净利润同比增长408% 主要系新增算力服务业务收入和收益 智通财经4月25日电，迈信林(688685.SH)发布2025年第一季度报告，实现营业收入1.88亿元，同比增长 168.82%；归属于上市公司股东的净利润为4049.58万元，同比增长407.62%。公司主要系同比新增算力 服务业务收入和收益，导致营业收入和净利润大幅增长。同时，公司总资产为29.63亿元，同比增长 36.29%，主要系购入算力服务器设备。 ...

Group 1 - The National Supercomputing Internet Platform has experienced rapid growth in user registration and service provider numbers since its launch on April 11, 2024, with total users exceeding 350,000 and connections to over 20 supercomputing and intelligent computing centers across 14 provinces [1] - The platform has provided nearly 10 billion computing power units and gathered over 500 quality service providers along with 7,000 computing products and large models, catering to over 100 sub-industries and 1,000 application scenarios in scientific computing, industrial simulation, and artificial intelligence [1] - Daily active user operations exceed 500,000, with over 1 million API calls and more than 3 million visits per day, indicating a high level of engagement and usage [1] Group 2 - The supercomputing internet consortium has over 150 members, including various supercomputing centers and resource suppliers, as well as data providers, software suppliers, SaaS platforms, and individual developers, showcasing a robust support system for the platform [2] - The platform aims to respond to the "Artificial Intelligence+" initiative by 2025, collaborating with vertical industry partners in education, finance, and healthcare to enhance enterprise-level intelligent agent development, industry knowledge base construction, and private model customization [2]

Group 1: Financial Performance - In 2024, the company's operating revenue reached 5.875 billion CNY, a year-on-year increase of 68.91% [3] - The net profit attributable to shareholders turned from a loss of 436 million CNY in 2023 to a profit of 56.82 million CNY in 2024, representing a growth of 113.05% [3] - The net cash flow from operating activities increased by 41.90%, reaching 203 million CNY [3] - The weighted average return on equity improved from -28.91% in 2023 to 4.60% in 2024, an increase of 33.51 percentage points [3] Group 2: Business Segments - The traditional main business (FPC and backlight modules) generated 3.8 billion CNY in revenue in 2024, a year-on-year growth of 12.60% [4] - The revenue from the computing power business reached 1.988 billion CNY in 2024, a staggering year-on-year increase of 5,303.30% [5] - In Q1 2025, the traditional main business achieved revenue of 860 million CNY, maintaining stability compared to the previous year [4] Group 3: Strategic Initiatives - The company has focused on internal reforms, capacity optimization, and cost control to enhance operational efficiency and transition FPC business to the mid-to-high-end market [4] - The company is committed to a major customer development strategy, supplying to well-known smartphone manufacturers such as H Company, OPPO, VIVO, Xiaomi, and Honor [4] - The company is actively pursuing the "green computing" initiative and plans to build a diverse and heterogeneous green computing industry in key national hubs [6] Group 4: Market Outlook and Challenges - The soft board business is expected to benefit from the AI wave, with increasing demand for AI smartphones and devices [9] - The company is optimistic about the future of the soft board business, with a significant reduction in losses and an increase in gross margin to around 7% in Q1 2025 [9] - The recent U.S. tariff policies have not negatively impacted the soft board business, which is currently thriving in the domestic market [15] Group 5: Financing and Cash Flow - The company has successfully established diversified financing channels to support the capital needs of the computing power business [19] - The cash flow model for computing power services involves upfront costs for equipment procurement, with a collection period of approximately 4 to 6 months [12] - The company is actively pursuing strategic partnerships with state-owned enterprises and listed companies to enhance its financing capabilities [20]

作 者丨 尹华禄 编 辑丨 吴桂兴 又见3 0多亿元算力服务大订单！ 新三板挂牌公司蓝耘科技（证券代码：8 7 11 6 9）于3月5日晚间公告称，全资子公司北京算优 科技有限公司（以下简称"算优科技"）与X公司签署了一份《算力云服务协议》，合同总金额 （含税）为人民币3 7 . 0 7亿元，期限为6 0个月。 值得注意的是，蓝耘科技2 0 2 0至2 0 2 3年全年的营收分别为3 . 4 8亿元、4 . 2 8亿元、3 . 9 4亿元、 4 . 0 9亿元。 若将算力协议中的3 7亿元均摊到5年内，每年带来的营收超7亿元，相当于再造近两个蓝耘科 技。 官 网 显 示 ， 蓝 耘 科 技 集 团 股 份 有 限 公 司 成 立 于 2 0 0 4 年 ， 总 部 位 于 北 京 ， 在 上 海 、 广 州 、 成 都、厦门等地设有分子公司，于2 0 1 7年挂牌新三板，是一家专注于提供GPU算力解决方案与 算力云服务的科技公司。 据 介 绍 ， 该 公 司 已 经 形 成 了 以 GPU 算 力 解 决 方 案 为 基 础 ， GPU 算 力 云 服 务 为 核 心 的 业 务 版 图，目前为国家高新技术企 ...

Core Viewpoint - The article highlights the rapid growth and potential of the computing power market, particularly focusing on the significant contract signed by BlueYun Technology, which could substantially boost its revenue and market position [2][3]. Group 1: Company Overview - BlueYun Technology, established in 2004 and listed on the New Third Board in 2017, has transitioned from traditional IT services to becoming a GPU computing power cloud service provider since 2020 [3]. - The company's revenue has seen a remarkable increase, growing from under 200 million to over 400 million in recent years, with a current market capitalization exceeding 1.5 billion [3]. Group 2: Major Contracts and Collaborations - BlueYun Technology's subsidiary, Beijing Sanyou Technology, signed a cloud service agreement worth 3.707 billion (including tax) with Company X, which is expected to significantly impact the company's financials [2]. - The company has also entered into several strategic partnerships with A-share companies, including a 1.39 billion contract with China Mobile Beijing and a 672 million contract with a joint venture with Zhejiang Wenhuan [4][5]. Group 3: Market Trends and Projections - The computing power service market is experiencing heightened interest due to the booming demand for AI and related technologies, with IDC predicting that China's intelligent computing scale will reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028 [6]. - The overall market for intelligent computing services in China is projected to grow to 7.95 billion by 2025, with a compound annual growth rate of 57.3% from 2023 to 2028 [6].