Group 1 - The company views the Guangdong-Hong Kong-Macao Greater Bay Area data element reform pilot as an opportunity to accelerate regional data flow and industry development, which will directly boost demand for data storage and processing services [1] - The company has several self-built data centers in the region and possesses rich business experience, positioning it well to capitalize on these opportunities [1] - Challenges include intensified competition driven by policy changes and heightened requirements for data security and business operations [1] Group 2 - The company's IDC business is primarily located in key areas such as the Guangdong-Hong Kong-Macao Greater Bay Area and Beijing-Tianjin-Hebei, aligning with national strategic directions [2] - The company plans to continuously monitor policy developments and explore suitable growth directions based on policy requirements, market conditions, and its own situation [2] Group 3 - The company acknowledges that its main business, IDC services and other internet comprehensive services, accounts for over 90% of its revenue, which differs from other mentioned companies [3] - The company is committed to the operational principle of "ensuring delivery and promoting listing" to enhance its operational results [3] Group 4 - The company has sold 70% of its stake in Sichuan Huatuo, and after the completion of this sale in November 2024, it will no longer hold any shares in Sichuan Huatuo [4]

Group 1: Opportunities and Challenges - The pilot program for data element reform in the Guangdong-Hong Kong-Macao Greater Bay Area will accelerate regional data flow and industrial development, leading to increased demand for data storage and processing services [2] - The company has established several self-operated data centers in the region, leveraging its extensive business experience [2] - Challenges include intensified industry competition driven by policy changes and heightened requirements for data security and business operations [2] Group 2: Business Impact and Strategic Alignment - The "Implementation Plan for Comprehensive Reform Pilot of Market-oriented Allocation of Factors in Nine Cities of the Greater Bay Area" aims to promote the autonomous and orderly flow of factors, aligning with the company's IDC business distribution in key areas like the Greater Bay Area and Beijing-Tianjin-Hebei [3] - The company will continue to monitor policy developments and explore suitable growth directions based on market conditions and its operational realities [3] Group 3: Financial Performance and Share Price - The company's main business, IDC services and other internet comprehensive services, accounts for over 90% of its revenue, differentiating it from competitors like Kehua Data and Xiechuang Data [3] - The company adheres to a business strategy focused on "ensuring delivery and promoting listings" to enhance operational results [3] Group 4: Shareholding Changes - The company sold 70% of its stake in Sichuan Huatuo in November 2024, and will no longer hold shares in the company following the completion of this sale [3]

Core Viewpoint - Guangdong Aofei Data Technology Co., Ltd. is planning to issue A-shares to specific investors in 2025, with the underwriting process managed by Minsheng Securities Co., Ltd. [1][2] Group 1: Basic Information about the Issuer - The issuer, Guangdong Aofei Data Technology Co., Ltd., was established on September 28, 2004, and is listed on the Shenzhen Stock Exchange with the stock code 300738 [4]. - The registered capital of the company is approximately RMB 985.12 million [4]. - The company operates in various sectors including technology development, technical services, and information system integration [4]. Group 2: Share Structure and Major Shareholders - As of March 31, 2025, the total share capital of the issuer is 985,120,168 shares, with no restricted shares [4]. - The top ten shareholders hold a combined 34.43% of the shares, with significant holdings from various investment funds and banks [4]. Group 3: Financial Information - As of March 31, 2025, the total assets of the company are approximately RMB 1,284.03 million, with total liabilities of RMB 521.72 million, resulting in an asset-liability ratio of 72.70% [6]. - The company reported total revenue of RMB 216.48 million for the year 2024, with a net profit attributable to shareholders of RMB 12.41 million [6]. - The cash flow from operating activities for the first three months of 2025 is negative RMB 275.07 million, indicating significant cash outflows [6]. Group 4: Underwriting and Internal Review Process - Minsheng Securities has conducted thorough due diligence and internal review processes to ensure compliance with relevant laws and regulations for the issuance of shares [14][15]. - The underwriting team includes experienced professionals with a history of managing IPO projects and private placements [2][3]. Group 5: Decision-Making Process for the Issuance - The decision to issue shares has been approved through multiple board meetings and a shareholder meeting, ensuring that all necessary governance procedures are followed [15][18]. - The company has prepared detailed reports on the feasibility of the fundraising and the use of proceeds from the share issuance [15][18].

Core Viewpoint - The company, AoFei Data, is a leading provider of internet cloud computing and big data infrastructure solutions in China, focusing on building a digital industry ecosystem that adapts to new network communication technologies like 5G [4][5][6]. Company Overview - AoFei Data is dedicated to providing high-quality internet infrastructure and cloud computing services across various emerging digital technology sectors, including AI, smart manufacturing, and e-commerce [4][5]. - The company operates its own high-quality internet data centers in over 30 cities in China and has established significant partnerships with major telecom operators [4][5]. Business Model - The company primarily operates in the downstream of basic telecom operators, utilizing existing internet communication lines and bandwidth resources to provide services such as bandwidth leasing and data center services [8][10]. - AoFei Data's service offerings include IDC services, content delivery networks (CDN), data synchronization, and network security [6][8]. Financial Highlights - The company has received a standard unqualified audit opinion from its accounting firm, Rongcheng Accounting Firm [2]. - The company has proposed a profit distribution plan, offering a cash dividend of 0.13 yuan per 10 shares [3]. Recent Developments - In response to national carbon neutrality strategies, the company has developed a carbon neutrality and renewable energy strategy, achieving carbon neutrality certification for all its self-built data centers in 2023 [7][39]. - The company has initiated a share repurchase plan, intending to buy back shares worth between 50 million and 100 million yuan [22][23]. Investment Activities - The company has invested in an industrial investment fund focused on early-stage companies in the general artificial intelligence sector, committing 50 million yuan [37]. - AoFei Data has also acquired a 70% stake in Sichuan Huatuo Optical Communication Co., Ltd. for approximately 117.37 million yuan [33][34]. Future Plans - The company plans to issue A-shares to specific investors to raise up to 175 million yuan for new projects in cloud computing and artificial intelligence [41].