Group 1: Company Overview and Business Model - South Ling Technology is the first A-share listed company in the IP-VPN technology service segment [2] - The company provides integrated cloud and network security services based on its self-developed SD-WAN and SASE technologies [3] - The primary clients are foreign enterprises, joint ventures, and private companies, differentiating from basic telecom operators [2] Group 2: Partnerships and Collaborations - The company has signed over 70 channel partners as of Q1 2025, including telecom operators and cloud service providers [4] - Deep collaboration with major telecom operators like China Unicom and China Telecom is underway to create a dedicated network for state-owned enterprises [4] - The company aims to develop a "Monitoring as a Service" (MaaS) model to meet the needs of state-owned enterprises for unified network management [4] Group 3: AI Integration and Opportunities - AI is reshaping the industry, creating new opportunities across the supply chain [5] - By 2029, 60% of Chinese enterprises are expected to integrate AI into their main products and services, driving revenue growth [6] - The company has implemented AI models for internal data processing and operational efficiency, significantly improving operational processes [6] Group 4: Cost Structure and Efficiency Measures - In 2024, the main business costs were: local network costs (37.17%), backbone network costs (22.54%), and operational expenses (17.87%) [7] - The company has initiated cost optimization efforts, with a gross margin of 33.11% in Q1 2025, an increase of 6.33 percentage points year-on-year [8] - Continuous monitoring of accounts receivable is in place, with a slight decrease of 0.46% in 2024, indicating manageable risk levels [8] Group 5: Future Outlook and Reporting - The company plans to disclose its 2025 semi-annual report by the end of August [8] - Ongoing discussions on market value management to enhance investor returns and stabilize stock prices [8]