Summary of Runjian Co., Ltd. Conference Call Company Overview - **Company**: Runjian Co., Ltd. - **Industry**: New Energy, AI, Cloud Computing, Digital Network Key Financial Performance - **Revenue**: In the first half of 2025, revenue reached 4.9 billion yuan, a year-on-year increase of 10% [2][4] - **Net Profit**: Net profit declined significantly due to stock incentive plans and inventory impairment, with adjusted net profit around 200 million yuan after excluding these factors [2][4] - **Future Growth**: Expected recovery in growth rates starting from 2026, maintaining a high level [2][6] Business Developments - **New Energy Sector**: Rapid expansion in intelligent operation and maintenance services, with total installed capacity of new energy power stations reaching 25 GW [2][7] - **Computing Power Sector**: Quick market expansion, focusing on GPU maintenance services and partnerships with major companies [2][5][7] - **AI Integration**: Significant progress in AI transformation across three main business segments, including the development of communication and energy operation models [3][14] Strategic Initiatives - **AI Strategy**: Deepening AI transformation and enhancing collaboration with industry clients, including plans to provide computing power cloud services to ASEAN countries [2][8] - **Digital Network Focus**: Despite underperformance in the first half, the digital network business is expected to benefit from AI empowerment in the future [2][9] Order Backlog - **Current Orders**: Total order backlog stands at 19.7 billion yuan, with expected realizations of 5 billion yuan in 2025, 9.2 billion yuan in 2026, and approximately 5.5 billion yuan in 2027 and beyond [2][11] Computing Power Business Outlook - **Infrastructure Development**: Plans to accommodate 100,000 computing cards across two phases of the Wuxiang Cloud Valley project [5][12] - **Service Expansion**: Launching a computing power pool based on scheduling platforms and expanding computing centers nationwide [12] AI Application and Market Position - **AI Applications**: The company is actively developing AI applications across various sectors, including smart parks, agriculture, and education, with a focus on B-end industries [14][17] - **International Collaboration**: Engaging in AI export initiatives, particularly in ASEAN countries, with over 200 local employees and partnerships with 30-40 industry players [20][21] GPU Maintenance Market - **Market Stability**: The GPU maintenance market has stabilized, with an annual investment of about 5%, and the company is well-positioned to serve both domestic and international markets [19] Conclusion - Runjian Co., Ltd. is strategically positioned for growth in the new energy and AI sectors, with a strong focus on integrating AI into its operations and expanding its market presence both domestically and internationally. The company anticipates a recovery in profitability and continued growth in its core business areas.