Investment Rating - The report assigns a target price of HKD 28.00 for the company, indicating a positive outlook for the stock [1]. Core Insights - The company reported strong financial performance for Q1 2025, with net revenue increasing by 12% year-on-year to RMB 2.72 billion, and a net profit of RMB 764 million, a turnaround from a net loss of RMB 345 million in the same period last year. This improvement was significantly aided by a one-time gain of RMB 1.06 billion from China's first data center asset-backed securities (ABS) transaction [1][2]. - Adjusted EBITDA grew by 16.1% to RMB 1.32 billion, with a profit margin increase of 1.7 percentage points to 48.6%. The results reflect a steady increase in data center utilization and improved cost efficiency, although the net profit growth was partly driven by non-recurring income [1]. - The total contracted and pre-contracted area increased by 6.7% year-on-year to 649,561 square meters, while the actual utilized area rose by 14.6% to 462,423 square meters. The operational data center utilization rate improved by 2.3 percentage points to 75.7%, indicating strong market demand, particularly from large-scale customers and AI-related deployments [1][2]. Summary by Sections Financial Performance - The company achieved a net profit of RMB 764 million in Q1 2025, compared to a net loss of RMB 345 million in the previous year, primarily due to a one-time gain from ABS transactions [1]. - Adjusted EBITDA increased by 16.1% to RMB 1.32 billion, with a profit margin of 48.6% [1]. Operational Metrics - Total contracted and pre-contracted area grew by 6.7% to 649,561 square meters, while actual utilized area increased by 14.6% to 462,423 square meters [1]. - Data center utilization rate improved to 75.7%, reflecting strong demand in first-tier cities [1][2]. Future Outlook - The management maintains a full-year revenue guidance of RMB 11.29 billion to RMB 11.59 billion and adjusted EBITDA guidance of RMB 5.19 billion to RMB 5.39 billion [2]. - The company is well-positioned in the growing Chinese data center market and is expanding internationally through partnerships, having secured 530 MW of capacity [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （ 前 稱Wisdom Sports Group 智 美 體 育 集 團 ） （股份代號：1661） 自願性公告 業務最新消息 本公告由中國前沿科技集團（「本公司」，連同其附屬公司統稱為「本集團」）自願 發佈，以向本公司股東及潛在投資者提供本集團近期發展的最新資料。 茲提述本公司日期為2024年9月3日的公告（「該公告」），內容有關本公司全資附屬 公司中國前沿科技研究院有限公司（「中國前沿科技研究院」）的業務發展。除另有 指明外，本公告所用詞彙與該公告所界定者具有相同涵義。 委任總經理 本公司董事會欣然宣佈，俞珂白先生（「俞先生」）將獲委任為中國前沿科技研究院 總經理，自2025年1月24日起生效，負責提供AI基礎設施的業務發展（「AI基礎設施 業務」）。 俞先生，44歲，於2023年獲得日內瓦大學應用數學博士學位。彼於2015年獲得上海 交 ...