Group 1: Company Overview and Financial Performance - The company achieved a revenue of 8.331 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 54.43% [1] - In Q3 2025, revenue surged by 86.43% compared to the same period in 2024 [1] - The net profit attributable to shareholders for the first three quarters of 2025 was 698 million CNY, a year-on-year increase of 25.30% [1] - As of September 30, 2025, total assets reached 18.194 billion CNY, marking a growth of 149.08% since the beginning of the year [1] - The weighted average return on net assets for January to September 2025 was 19.23%, with basic earnings per share at 2.0341 CNY [2] Group 2: Research and Development Investments - R&D expenses for the first three quarters of 2025 amounted to 230 million CNY, a significant increase of approximately 83.5 million CNY compared to the same period last year [2] - The company is enhancing its computing service platform, focusing on unified scheduling and flexible allocation of computing resources [2] - The platform has penetrated various high-value sectors, including cloud gaming, AI applications, and financial services [2] Group 3: Business Operations and Market Strategy - The company has established a presence in the U.S., Hong Kong, and Shenzhen for server remanufacturing, primarily selling products overseas [2] - The company maintains a low proportion of direct exports to the U.S. and is building overseas production capacity to mitigate trade risks [3] - The company has accumulated extensive maintenance experience through its early involvement in AI server remanufacturing, enhancing customer satisfaction [2] Group 4: Future Outlook and Collaborations - The company collaborates with NVIDIA on robot inference platforms and intelligent technology applications, focusing on training and simulation for humanoid robots [3] - The demand for computing power is expected to increase significantly with advancements in general artificial intelligence (AGI), prompting the company to capture market opportunities [3] - Revenue from intelligent computing products and services reached approximately 1.221 billion CNY by mid-2025 [4] - The server remanufacturing business generated about 835 million CNY in revenue by mid-2025, showing a steady growth trend [4]

Core Viewpoint - The company reported significant revenue growth in H1 2025, driven by the rapid development of computing power services and server remanufacturing, alongside synergies from IoT smart terminal products and storage business [1][2]. Financial Performance - The company achieved operating revenue of 4.944 billion yuan in H1 2025, a year-on-year increase of 38.18% [1]. - The net profit attributable to shareholders reached 432 million yuan, up 20.76% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 420 million yuan, reflecting an 18.59% year-on-year growth [1]. Business Segment Analysis - Data Storage Equipment: Revenue was 1.835 billion yuan, down 20.82% year-on-year, with a gross margin of 10.28%, a decrease of 1.54 percentage points [1]. - Intelligent Computing Products and Services: Revenue surged to 1.221 billion yuan, a 100% increase year-on-year, with a gross margin of 20.6% [1]. - IoT Smart Terminals: Revenue was 875 million yuan, down 11.61% year-on-year, with a gross margin of 34.45%, an increase of 2.24 percentage points [1]. - Server and Peripheral Remanufacturing: Revenue reached 835 million yuan, up 110.49% year-on-year, with a gross margin of 9.95%, a decrease of 0.72 percentage points [1]. Asset Growth and Future Prospects - The company has significantly increased its investment in computing power services, with announcements of server purchases totaling 30 billion yuan, 40 billion yuan, and 12 billion yuan in 2025 [2]. - As of mid-2025, fixed assets amounted to 2.479 billion yuan, an increase of 1.922 billion yuan from the beginning of the year [2]. - The company’s FcloudAI intelligent computing service supports over 50 mainstream models, indicating strong potential for future growth in computing power services [2]. Investment Outlook - Projected revenues for 2025, 2026, and 2027 are expected to be 10.952 billion yuan, 14.515 billion yuan, and 18.547 billion yuan, respectively [2]. - Expected net profits for the same years are projected to be 1.087 billion yuan, 1.578 billion yuan, and 2.082 billion yuan, respectively [2].