Core Viewpoint - Fujian Shida Group Co., Ltd. reported a significant decline in its big data business revenue, with a 32.87 percentage point drop in revenue rate, highlighting the need for detailed disclosures regarding customer and supplier dynamics, revenue recognition, and the sustainability of its business model [1][2]. Financial Performance - The big data business generated revenue of 293.17 million yuan, accounting for 94.97% of total revenue in 2024 [2][12]. - The company experienced a net profit attributable to shareholders of -72.43 million yuan after deducting non-recurring gains and losses [1]. Customer and Supplier Dynamics - In 2024, three out of the top five customers were new, contributing 233 million yuan, which is 75.57% of total sales, with the largest customer accounting for 60.22% [1][9]. - The top five suppliers included three new suppliers, with a total procurement amount of 247 million yuan, representing 67.65% of total purchases, and the largest supplier accounting for 56.59% [1][9]. Revenue Recognition and Business Model - The company confirmed that revenue is primarily recognized upon project acceptance, with significant revenue concentrated in the fourth quarter due to project completion timelines [8][12]. - The system integration business remains the core model, with a focus on customized solutions based on client needs, leading to a substantial increase in the share of intelligent computing services [12][13]. Market Trends and Future Outlook - The company is actively expanding its presence in the intelligent computing market, with a projected increase in revenue from this sector to 73.61% in 2024, reflecting an 85.96% year-on-year growth [13]. - The establishment of a cross-border data service platform is expected to enhance revenue streams, with significant orders already in place for 2025 [13][14]. Risk Factors - The company faces market competition risks as the big data market expands, potentially leading to price reductions and profit margin pressures [15]. - Regulatory risks related to data security and compliance costs are increasing, which may impact operational costs and project execution [15].