Core Viewpoint - The company, Runze Technology, has demonstrated strong financial performance in the first half of 2025, with revenue reaching 2.496 billion yuan, a year-on-year increase of 15.31%, and a net profit of 882 million yuan, reflecting a quarter-on-quarter growth of 5.06% [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.496 billion yuan, marking a 15.31% increase year-on-year, and a net profit of 882 million yuan, with a quarter-on-quarter growth of 5.06% [1][2]. - The IDC business generated revenue of 1.614 billion yuan, a year-on-year increase of 6.15%, contributing over 60% of the company's total revenue [3]. Group 2: Business Strategy and Growth - The company is executing its "AIDC leading" strategy, which has led to a significant upgrade in its business structure and rapid growth in AIDC business [6]. - The AIDC business generated revenue of 882 million yuan in the first half of 2025, reflecting a year-on-year increase of 36.95%, becoming the company's second growth curve [6]. Group 3: Infrastructure and Capacity Expansion - The company has delivered a total of 18 data centers, with a high shelf rate of over 90% for mature data centers, and has established seven AIDC intelligent computing infrastructure clusters across six major regions in China [3]. - The company has made significant progress in power supply, with multiple new substations approved and operational across various parks, ensuring stable energy supply for long-term development [3]. Group 4: Technological Advancements - The company has been proactive in liquid cooling technology, which has transitioned from optional to essential, with applications expanding to high-density computing environments [9]. - Runze Technology has successfully delivered the industry's first pure liquid cooling green computing center, showcasing its leading capabilities in liquid cooling technology [9][10]. Group 5: Market Position and Client Relationships - The company has adopted a "self-invest, self-build, self-hold, self-operate" model for its data center clusters, enhancing its core competitiveness in the IDC industry [4]. - The company has built a strong "moat" through advanced planning and industry insight, leading to recognition from major clients and fostering a positive cycle of growth and innovation [11].

Core Viewpoint - Runze Technology (300442) reported a revenue of 2.496 billion yuan for the first half of 2025, marking a year-on-year growth of 15.31%, with a net profit attributable to shareholders of 882 million yuan [1] Group 1: Business Overview - The company's main businesses include IDC (Internet Data Center) and AIDC (Artificial Intelligence Data Center) services [1] - In the IDC sector, Runze collaborates with telecom operators to provide hosting and management services to major clients in the internet and cloud sectors [1] - The AIDC business focuses on building a comprehensive ecosystem for AI training and applications, transitioning from customer acquisition to high-quality operations, emphasizing stable profitability and long-term partnerships [1] Group 2: Delivery and Operations - The company has efficiently completed the delivery of new data centers, adding approximately 220 MW of capacity in the first half of 2025, with a total of 18 data centers delivered by June 30, 2025 [2] - Runze successfully delivered a new generation of AI data centers in the Yangtze River Delta, featuring high-density computing clusters and advanced cooling systems, achieving record deployment speeds [2] - The company has expanded its liquid cooling solutions, which are now essential for high-power computing, and has implemented self-developed cooling technologies across multiple new data center projects [2] Group 3: Market Position and Future Outlook - On August 8, 2023, Runze's data center REIT was officially listed on the Shenzhen Stock Exchange, enhancing the company's asset management and capital structure [3] - The REIT listing represents an innovative practice in the company's strategy of combining heavy asset infrastructure with light asset operational services [3] - Runze aims to leverage its expertise in the intelligent computing sector to explore market potential and strengthen its leading position in the industry [3]

Group 1 - The core viewpoint is that liquid cooling technology, specifically the cold plate solution, is currently the mainstream choice in the market for data centers and similar applications [1] - Leading companies in the industry are adopting the cold plate liquid cooling technology due to its maturity and reliability [1] - The industrialization progress indicates that cold plate liquid cooling remains the preferred solution for current application scenarios [1]

Core Viewpoint - The demand for liquid cooling solutions, particularly cold plate cooling, is increasing due to the growing GPU solutions from overseas manufacturers, indicating a rising market potential in this sector [1] Industry Trends - The innovation in the industry has arrived earlier than expected, driven by the advantages of high integration, low power consumption, and cost-effectiveness [1] Investment Focus - It is recommended to pay close attention to manufacturers with mature cold plate liquid cooling technology, as well as key players involved in immersion cooling and spray cooling solutions [1]