Core Viewpoint - Lianhua Holdings (600186) forecasts a significant increase in net profit for 2025, driven by strong performance in its core business and new product launches, indicating a robust growth trajectory in both traditional and new retail sectors [1][2]. Financial Performance - The company expects a net profit attributable to shareholders of between 290 million to 330 million yuan for 2025, representing a year-on-year increase of 87.42 million to 127 million yuan, or a growth of 43.15% to 62.9% [1]. - The forecasted non-net profit is projected to be between 280 million to 320 million yuan, reflecting an increase of 76.72 million to 117 million yuan, or a growth of 37.74% to 57.42% compared to the previous year [1]. Business Development - The company has established a "dual-driven" development model focusing on consumption and technology, which has led to significant operational improvements and reform achievements [1]. - Lianhua Holdings has seen steady growth in its core amino acid seasoning products, with new products like chicken essence, matsutake fresh, and soy sauce contributing to revenue growth [1]. - The company has effectively expanded its sales scale through a coordinated effort between online and offline channels [1]. Brand Strength - With over 40 years of experience in the basic seasoning field, the "Lianhua" brand enjoys high recognition and reputation, which has been leveraged to support new product introductions [1]. - The company has successfully revitalized its brand presence in the domestic market since 2023, enhancing its competitive edge [1]. Cost Management and Team Motivation - Lianhua Holdings continues to implement cost reduction and efficiency enhancement measures, alongside an employee stock ownership plan to boost team motivation and support overall profitability [2]. Growth in New Business Segments - The company has made significant strides in its second growth curve, particularly in the construction of intelligent computing centers and business expansion, with its computing service revenue reaching 97.67 million yuan in the first three quarters of 2025, a year-on-year increase of 75.32% [2]. - As of December 28, 2025, the company reported a total of 13.76 million yuan in receivables from signed contracts related to its computing service business [2]. Strategic Transactions - Lianhua Holdings has signed a product sales contract with EⅫ Company for the purchase of 4,000 acceleration cards valued at 200 million yuan, with the first payment of 120 million yuan already made [3]. - This acquisition is aimed at enhancing the market competitiveness of its subsidiary, Lianhua Zixing, in the intelligent computing business, and is aligned with the company's long-term development strategy [3].

Core Viewpoint - Lianhua Holdings is enhancing its capabilities in the intelligent computing power sector through a significant contract with EⅫ Company for the purchase of 4,000 accelerator cards, valued at 200 million yuan, which will strengthen its subsidiary, Lianhua Zixing's market competitiveness [1] Group 1: Company Developments - Lianhua Holdings announced a contract with EⅫ Company to acquire 4,000 accelerator cards and services for a total price of 200 million yuan [1] - The purchased products will be utilized to advance the intelligent computing business of Lianhua Zixing, a subsidiary of Lianhua Holdings [1] - In 2023, Lianhua Holdings entered the computing power sector, achieving revenue of 97.67 million yuan in the computing power service business for the first three quarters of 2025, representing a year-on-year growth of 75.32% [1] Group 2: Market Position and Strategy - Lianhua Holdings has established intelligent computing centers in multiple cities across China, particularly in the Yangtze River Delta region, with operations and server deployments in Jiangsu, Zhejiang, Shanghai, and Anhui [1] - The company is focusing on large B-end clients, state-owned enterprises, and major technology firms to continuously promote its computing power leasing business [1]

Important Events - Changan Automobile plans to conduct L3-level autonomous driving pilot applications in collaboration with Changan Car Union Technology by Q1 2026 [1] - Huachangda has signed a strategic cooperation framework agreement with Shanghai Jiao Tong University Intelligent Manufacturing Research Institute and Shanghai Intelligent Manufacturing Functional Platform Company to jointly develop embodied intelligence and humanoid robots [1] - Qichuang Data intends to invest no more than 9 billion yuan to purchase servers primarily for providing cloud computing services to clients [1] - Zhongke Shuguang's single cabinet-level 640-card super node scaleX640 can be combined with dual scaleX640 super nodes to form a thousand-card-level computing unit [1] - Four-dimensional Map New has invested in Jianzhih Robot, becoming its largest shareholder, with the restructured "New Jianzhih" set to become the intelligent driving business platform [1] - Huabao New Energy has completed the functional prototype of the world's first light-charging Mars robot 5000 [1] - Yongding Co., Ltd. has achieved mass production of single-kilometer REBCO superconducting tape in the HF1200 series [1] - Hualing Cable, which has seen four consecutive trading limit increases, plans to acquire 70% of San Zhu Technology to integrate key technology segments of "cables" and "connectors" [1] - Jiangbolong forecasts a price increase of 30% to 35% for LPDDR4X/5X in Q1 2026 [1] - Shengxiang Biological has obtained medical device registration certificates for four products [1] - Dalian Technology's automotive connectors are compatible with L3-level intelligent driving scenarios [1] Investment and Operations - Yake Technology is currently validating some of its photoresist products with clients [1] - China Energy Construction has launched the first phase of the world's largest green hydrogen-ammonia integrated project [1] - Caixun Co., Ltd. plans to jointly invest in a fund specifically for a humanoid robot company [1] - Jingjia Microelectronics' CH37 series can provide a peak computing capability of 64 TOPS@INT8 [1] - Zhongbei Communication has exceeded a computing power scale of 17,000 P [1] - China General Nuclear Power has commenced full construction of the Ningde Unit 6 [1] - Huazhu High-Tech's 3D printing equipment is widely used in the aerospace sector [1] - Lianhua Holdings' subsidiary plans to invest 200 million yuan to purchase 4,000 accelerator cards and services for intelligent computing business [1] - Saiwei Electronics' Chip East can provide a complete set of mature process lithography machine reconstruction, new lithography machine installation and debugging, and high-quality spare parts supply services [1] - AVIC Chengfei plans to build a space equipment assembly base to lay the foundation for the production tasks of the "Haolong" cargo spacecraft [1] Contracts and Cooperation - Qichuang Data has signed a strategic cooperation framework agreement with Guangwei Technology and Guangjia Technology to quickly enter the optical chip and optical module industry [1] - Shengyang Technology's subsidiary FTA has signed a cooperation agreement for a South American project with the world's largest satellite company [1] - Mengsheng Electronics' satellite navigation products have been successfully applied to various launch vehicles including "Zhuque," "Changzheng," "Gushenxing," and "Kuaizhou" [1]

Macro News - The Central Financial Office stated that expanding domestic demand is the top priority for next year, emphasizing the need to boost consumption by addressing structural changes from both supply and demand sides [4] - The Ministry of Commerce proposed to impose anti-dumping duties on imported pork and pork products from the EU, effective from December 17, 2025, for a duration of five years [4] - The Social Security Fund emphasized the importance of leveraging long-term and patient capital to support national development needs and enhance the integration of technological and industrial innovation [4] Industry News - Reports indicate that the EU plans to abandon the ban on internal combustion engines by 2035, allowing certain plug-in hybrid vehicles and fuel-efficient electric vehicles to be sold [6] - The tungsten market has seen a significant price increase, with tungsten concentrate prices exceeding 400,000 yuan per ton and APT prices surpassing 600,000 yuan per ton [6] - The Ministry of Housing and Urban-Rural Development held a national conference on intelligent construction, focusing on promoting smart construction applications and enhancing policy coordination for high-quality development in the construction industry [6] Company News - 360 Group's founder Zhou Hongyi denied allegations of financial fraud, clarifying that the individuals mentioned never held core management positions during their tenure [8] - Wangzi New Materials announced the passing of its third-largest shareholder, Wang Xiaojun, with his shares being inherited by his children [8] - Jia Mei Packaging announced a change in its controlling shareholder to Zhuyue Hongzhi, with stock resuming trading [8] - Century Huatong completed the cancellation of 56.12 million repurchased shares [8] - Jiang Jian Co. announced that its controlling shareholder's shares have been judicially frozen [8] - Chang'an Automobile is expected to conduct L3-level autonomous driving trials in the first quarter of 2026 [8] - Zhongke Electric plans to invest approximately 7 billion yuan in a project to produce 300,000 tons of lithium-ion battery anode materials [8] - Xpeng Motors has obtained a road testing license for L3-level autonomous driving in Guangzhou and has initiated regular L3 road tests [8]

Group 1 - Core viewpoint: Lianhua Holdings has signed a product sales contract with EⅫ Company for the supply of 4,000 accelerator cards, totaling a contract value of 200 million RMB [1] - The sales price per accelerator card is confirmed at 50,000 RMB [1] - Lianhua Holdings' revenue composition for 2024 is projected as follows: 96.86% from food manufacturing, 3.05% from computing services, and 0.09% from other businesses [1] Group 2 - As of the latest report, Lianhua Holdings has a market capitalization of 10.5 billion RMB [2]

Core Viewpoint - Lianhua Holdings has signed a product sales contract with EⅫ Company for the provision of 4,000 accelerator cards, with a total contract value of 200 million yuan [1] Group 1 - The contract stipulates that the first payment, amounting to 60% of the total contract value, has been made, totaling 120 million yuan [1] - As of now, the products have not yet been delivered [1]

Core Viewpoint - Lianhua Holdings (600186.SH) announced a contract with EⅫ Company for the sale of 4,000 accelerator cards, with a total contract value of 200 million yuan [1] Group 1: Contract Details - The contract was signed between Lianhua Holdings' subsidiary, Zhejiang Lianhua Zixing Intelligent Computing Technology Co., Ltd. (referred to as "Lianhua Zixing"), and EⅫ Company [1] - The first payment of the contract, amounting to 60% of the total value, has been made, totaling 120 million yuan [1] - As of now, the products have not yet been delivered [1]

Core Viewpoint - Lianhua Holdings has signed a product sales contract with EⅫ Company for the provision of 4,000 accelerator cards, totaling 200 million yuan, aimed at enhancing the market competitiveness of its subsidiary, Lianhua Zixing [1] Group 1 - Lianhua Holdings announced that its subsidiary, Lianhua Zixing, will receive 4,000 accelerator cards and services from EⅫ Company [1] - The total contract value is 200 million yuan, with the first payment amounting to 60% of the total, which is 120 million yuan [1] - As of now, the products have not yet been delivered [1]

Core Viewpoint - Lianhua Holdings (600186.SH) announced that its subsidiary, Lianhua Zixing, has signed a product sales contract with EⅫ Company, indicating a significant business transaction in the technology sector [1] Group 1: Contract Details - EⅫ Company will provide 4,000 acceleration cards to Lianhua Zixing, with a unit price of RMB 50,000 [1] - The total contract value amounts to RMB 200 million, highlighting a substantial revenue opportunity for Lianhua Zixing [1]

Core Viewpoint - Lianhua Holdings has signed a product sales contract with EⅫ Company for the purchase of 4,000 accelerator cards, totaling 200 million yuan, aimed at enhancing the market competitiveness of its subsidiary, Lianhua Zixing Intelligent Computing Technology [1] Group 1 - Lianhua Holdings' subsidiary, Zhejiang Lianhua Zixing Intelligent Computing Technology, will receive 4,000 accelerator cards and services from EⅫ Company [1] - The total contract value for the accelerator cards and services is 200 million yuan [1] - The acquisition of these products is intended to bolster the intelligent computing business of Lianhua Zixing [1]