在技术与业务创新方面，2021年，协创数据战略性入股西安思华信息技术有限公司，成功构建"硬件 +云平台"的商业模式。2024年，公司推出的FCloud智能体训推平台，集成了DeepSeek等超50个模型， 可实现72小时私有化部署。今年年初，协创数据与英伟达深度合作，推出了机器人训推一体平台 omnibot。该产品通过数字孪生仿真模拟重力、摩擦、惯性等物理规律，生成符合现实逻辑的合成数 据，解决机器人训练中"Sim2Real差距"(仿真与现实差异)的痛点。 谈及AI服务器市场的未来发展趋势，耿康铭表示，随着AI深度融入生产力，预计到2028年至2029年， 算力需求将呈现指数级增长。协创数据将凭借在海外服务器回收维修业务中积累的技术和独特优势，将 AI的硬件制造(存储设备、终端等)和软件服务(云平台、算力服务等)作为核心战略方向，同时加大在智 慧交通、具身智能、智能制造、生物医药等领域的应用落地，驱动营收与利润持续扩大。 本报讯(记者刘晓一)近日，协创数据（300857）技术股份有限公司(以下简称"协创数据")董事长耿康铭 在与媒体交流时表示，AI服务器市场正处于爆发式增长的关键阶段，未来规模具备实现十倍甚至 ...

Core Viewpoint - Jiemite (300868.SZ) announced a major asset restructuring plan to acquire control of Sitenhe (Tianjin) Technology Co., Ltd. through cash, shifting from mobile phone cases to AI computing solutions, but the stock price fell significantly after the announcement, indicating market skepticism about the transition [3][4][23]. Group 1: Company Performance - Jiemite has faced continuous losses since its IPO in 2020, with net profits declining from 120 million in 2020 to a loss of 121 million in 2022 and 91.62 million in 2023, with a slight recovery expected in 2024 [4][5][22]. - The company's revenue model primarily relies on ODM/OEM sales, which contributed over 70% of revenue since 2017, but has seen a significant decline due to reduced orders from major client Huawei [7][9][11]. - The self-branded product sales have also decreased sharply, from 293 million in 2020 to an estimated 121 million in 2024, representing a 59% decline [16][22]. Group 2: Market Dynamics - Jiemite's revenue fluctuations are closely tied to Huawei's market performance, with revenue from Huawei dropping significantly after 2020 due to U.S. sanctions, although orders have started to recover in 2024 [11][14]. - The company has faced challenges with low gross margins in its ODM/OEM business, which fell to around 10% compared to an average of 25% previously, while self-branded products maintain higher margins but struggle with sales [14][22]. - The company has also encountered issues with bad debts, totaling 93.58 million, due to two U.S. ODM/OEM clients defaulting on payments, further exacerbating its financial difficulties [22]. Group 3: Acquisition and Financial Position - Jiemite plans to finance the acquisition of Sitenhe with significant cash reserves, reporting 296 million in cash and 671 million in structured deposits as of Q1 2025, indicating a strong liquidity position to support the transaction [29][32]. - The company has accumulated 1.19 billion in net fundraising since its IPO, with only 172 million invested in projects, leaving a substantial cash reserve available for strategic acquisitions [32][33].

Core Viewpoint - Jiangsu Litong Electronics Co., Ltd. has achieved revenue growth in 2024 through strategic transformation into dual main business operations, focusing on precision metal components for LCD TVs and AI computing cloud services, despite a decline in net profit and cash flow [1] Financial Data Analysis - Revenue for 2024 reached 2,247.56 million yuan, an increase of 18.72% year-on-year, primarily driven by the rapid development of the AI computing business, which contributed 455.20 million yuan, a staggering increase of 3,817% [2] - Sales of precision metal components for LCD TVs decreased by 3.06% to 1,527.33 million yuan, while electronic components sales fell by 11.55% to 154.60 million yuan [2] - Net profit attributable to the parent company was 24.62 million yuan, down 38.77% year-on-year, with a non-recurring net profit of 5.89 million yuan, a decline of 71.10% [3] - The manufacturing segment reported a net loss of 115.68 million yuan, with a gross margin of 8.65%, down 6.26 percentage points [3] - AI computing business net profit was 142.31 million yuan, with a gross margin of 53.42%, up 9.39 percentage points [3] Earnings Per Share - Basic earnings per share were 0.10 yuan, a decrease of 37.50%, while non-recurring earnings per share were 0.02 yuan, down 75.00% [4] Expense Analysis - Sales expenses increased by 7.81% to 22.80 million yuan, indicating stable growth [5] - Management expenses rose significantly by 33.66% to 182.48 million yuan, driven by stock incentive plans and rising labor costs [6] - Financial expenses surged by 315.14% to 55.98 million yuan, primarily due to unrecognized financing costs from the AI computing business [7] - R&D expenses grew by 8.77% to 84.26 million yuan, supporting advancements in both AI computing and LCD TV components [8][9] Cash Flow Analysis - Net cash flow from operating activities fell sharply by 89.78% to 74.84 million yuan, indicating potential issues in cash collection or cost control [10] - Net cash flow from investing activities was -372.34 million yuan, a decrease of 54.83%, suggesting a slowdown in fixed asset investments [11] - Net cash flow from financing activities turned negative at -22.77 million yuan, a decline of 105.84%, reflecting significant debt repayments or financing costs [12]