Group 1 - The company, Lian Technology, focuses on core businesses including communication services, digital cities, data centers and cloud computing services, and value-added services for operators [2] - The company has not directly entered the fields of compound semiconductors, optical communication chips, and high-frequency devices [2] - The business has only indirect application connections with upstream optical chips and lasers, such as purchasing communication equipment that includes optical modules for data centers and communication network scenarios [2]

Group 1 - The Ministry of Industry and Information Technology has announced the "2025 5G Factory Directory," which includes 560 projects across 48 industries [1] - Four companies supported by Changsha Unicom have been selected as national-level 5G factories, representing 22% of Hunan's total and 57% of Changsha's total entries [1] - The selected companies include: - Shanhe Intelligent Equipment Co., Ltd. (Shanhe Intelligent 5G Factory) - Hunan Xingbang Intelligent Equipment Co., Ltd. (Xingbang International Intelligent Manufacturing City 5G Factory) - Hunan Automotive Manufacturing Co., Ltd. (SANY Intelligent Networked Heavy Truck 5G Factory) - Hunan Hengmao Information Technology Co., Ltd. (Hengmao Information Network Communication Equipment 5G Factory) [1] Group 2 - Changsha Unicom plays a significant role in local digital infrastructure development, providing comprehensive technical support and solutions to local manufacturing leaders [1] - The successful selection of multiple partner companies highlights Changsha Unicom's achievements in smart manufacturing and its leading technological strength in the industrial internet sector [1][2] Group 3 - The "Intelligent Empowerment of Thousands of Enterprises" initiative will continue to be promoted by Changsha Unicom, aiming to inject new digital momentum into the high-quality development of manufacturing in Hunan and nationwide [2]

Group 1 - The company has provided a guarantee of up to RMB 250 million to Ganzhou Bank Co., Ltd. Qingshan Lake Branch [1] - This guarantee aims to ensure that the company's wholly-owned subsidiary, Zhonggan Communication (Group) Co., Ltd., fulfills its obligations under the financing agreement signed with the bank [1] - The financing agreement is expected to provide additional financial resources for the company's business operations, enhancing cash flow management and addressing uncertainties in both global and local economies [1]

Core Viewpoint - The company has provided a guarantee of up to RMB 250 million to Ganzhou Bank's Qingshanhu branch to ensure its wholly-owned subsidiary, Zhonggan Communication (Group) Co., Ltd., fulfills its obligations under a financing agreement with the bank [1] Group 1 - The guarantee aims to support the subsidiary's compliance with the financing agreement and bank credit regulations [1] - Signing the financing agreement will provide additional funding resources for Zhonggan Communication, enhancing its cash flow management [1] - The move is seen as beneficial for the group in addressing uncertainties in both global and local economic conditions [1]

Market Overview - On September 2, the communication services sector declined by 1.29%, with Runjian Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Data Port (603881) saw a closing price of 38.33, with an increase of 4.56% and a trading volume of 1.85 million shares, amounting to 7.185 billion yuan [1] - Runjian Co., Ltd. (002929) experienced a significant drop of 9.99%, closing at 50.98 with a trading volume of 310,400 shares and a transaction value of 1.63 billion yuan [2] - China Mobile (600941) closed at 107.90, up 0.85%, with a trading volume of 193,000 shares and a transaction value of 2.076 billion yuan [1] Capital Flow - The communication services sector saw a net outflow of 3.477 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.371 billion yuan [2] - The net inflow from speculative funds was 1.106 billion yuan [2] Individual Stock Capital Flow - China Telecom (601728) had a net inflow of 1.53 billion yuan from institutional investors, accounting for 12.99% of its total [3] - China Mobile (600941) recorded a net inflow of 1.39 billion yuan from institutional investors, representing 6.69% of its total [3] - ST Tongmai (603559) experienced a net outflow of 1.405 million yuan from institutional investors, with a significant 26.61% net inflow from speculative funds [3]

Group 1 - The core point of the article is that Runjian Co., Ltd. (002929.SZ) has reported a substantial backlog of orders amounting to 19.7 billion yuan, which is expected to support its continuous development until at least the first half of 2025 [1] Group 2 - The company emphasizes that its order backlog is sufficient to ensure future growth and stability [1] - Investors are encouraged to monitor the company's announcements for detailed operational updates [1]

Core Viewpoint - The company is undergoing a comprehensive transformation towards AI, with its Quchi platform serving as the foundational platform for AI development [1] Group 1: AI Transformation - The company has stated that its business will fully transition to AI, indicating a strategic shift in operations [1] - The Quchi platform has been developed as the base for AI applications, showcasing the company's commitment to integrating advanced technologies [1] Group 2: Industry Models - Industry-specific models such as the communication operation model and energy operation model have been launched and are currently operational, demonstrating practical applications of AI in various sectors [1] - Over a hundred AI agents have been developed based on the Quchi platform, highlighting the scale of AI integration within the company's offerings [1] Group 3: Growth Drivers - The application of AI technology is expected to become a significant driver for the company's sustained growth, indicating a focus on innovation and efficiency [1]

Core Viewpoint - The company is actively expanding its business in AI applications and computing power, while facing challenges such as declining net profit due to stock incentive costs and impairment losses [2][3]. Group 1: Financial and Operational Situation - The decline in net profit is primarily attributed to stock incentive costs and cautious impairment loss provisions. The company has a sufficient order backlog and will continue to focus on its main business to enhance profitability [2]. - The increase in liabilities during the first half of the year is due to strategic layout and business cycle impacts, with high initial investments in new business areas. The company expects to achieve a positive cash flow cycle as customer payments concentrate in the second half of the year [2]. - Accounts receivable are in a normal rolling state, with major clients being state-owned enterprises, which accounted for 84.85% of the client base as of June 2025, and payment collection is normal [2]. Group 2: Business Growth Highlights - The company's overseas business, primarily in Southeast Asia, experienced a year-on-year growth of 77.81% in the first half of the year. The company is fully transitioning towards AI, with industry models for communication and energy operations developed on the "Qushi" platform now operational [3]. - The company has developed over a hundred AI applications, indicating that AI technology will be a significant driver for sustained business growth [3]. Group 3: Other Business Related - In the computing power leasing sector, the company is promoting the construction of computing centers based on customer needs while ensuring legal compliance. The company is also actively pursuing research and development in cutting-edge technologies such as 6G [4]. - In the energy network sector, the company offers integrated services, with its renewable energy business covering wind, solar, and energy storage. The overseas renewable energy business has connected over 200 MW of renewable capacity [4].

Core Insights - The company reported a decline in net profit for the first half of the year, primarily due to stock incentive expenses, and plans to implement various measures to enhance profit performance [1] - As of mid-2025, the company has a substantial order backlog of 19.7 billion, ensuring sustainable future development [1] - The company has established a large-scale computing power cluster and will continue to invest in computing center construction based on customer demand, with rapid growth in computing network business observed in the first half of the year [1] Financial Performance - The net profit for the first half of the year has decreased [1] - The company is taking proactive steps to improve profitability [1] Order Backlog - The company has an order backlog of 19.7 billion, which is sufficient to support ongoing development [1] Business Growth - The computing power network business has experienced rapid growth, particularly in regions such as the East Data West Computing node cities and computing cluster cities [1]

证券代码：002929 证券简称：润建股份 润建股份有限公司投资者关系活动记录表 编号：20250901 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 ■业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | □其他 | | | 参与单位名称 | 网上平台"全景•路演天下"参与润建股份 2025 年半年度报 | | | 告网上业绩说明会的广大投资者 | | 时间 | 2025.9.1（15:00-17:00） | | 地点 | "全景•路演天下"（http://rs.p5w.net） | | 上市公司接待 | 副董事长、总经理许文杰，董事、董事会秘书罗剑涛，财务 | | 人员姓名 | 总监黄宇，独立董事黄维干 | | | Q1：和阿里在算力上有什么合作吗？ | | | 答：您好，公司与其在 AI 应用、算力等多个领域开展了业务合 | | | 作，业务拓展持续进行中，具体情况请关注公司公告或公众号，谢谢！ | | | Q2：目前公司和阿里巴巴有哪些合作，未来还会新增哪些 | | 投资者 | 答：您好，公司与其在 AI 应 ...