Core Viewpoint - Guangdong Aofei Data Technology Co., Ltd. is planning to issue shares to specific investors to raise funds for its new generation cloud computing and artificial intelligence industrial park project, which aims to enhance its data center capabilities and meet market demand. Group 1: Company Overview - The company was established on September 28, 2004, with a registered capital of RMB 985.12 million and is listed on the Shenzhen Stock Exchange under the stock code 300738 [6][10]. - The controlling shareholder is Guangzhou Haomeng Computer Technology Co., Ltd., with the actual controller being Feng Kang, who holds a significant stake in the company [7][10]. Group 2: Financial Data - As of March 31, 2025, the company's total assets were RMB 76,162.51 million, and net assets were RMB 7,878.36 million [7]. - The company reported a revenue of RMB 12,756.57 million for the first quarter of 2025, showing significant growth compared to previous periods [7]. Group 3: Investment Projects - The new project will add 8,925 cabinets with a power capacity of 8.8KW each, aimed at enhancing the company's data center capacity in the Langfang IDC market, which has favorable demand conditions [2]. - The project is expected to incur an annual depreciation expense of RMB 141.50 million once operational, impacting profitability if market conditions change adversely [3]. Group 4: Market Environment - The IDC industry is experiencing increased competition due to the rapid growth of cloud computing and artificial intelligence, which may lead to a decline in overall industry gross margins [5]. - The company is subject to regulatory oversight from the Ministry of Industry and Information Technology and local communication management bureaus, which govern the telecommunications and internet sectors [11][12]. Group 5: Risks and Challenges - The company faces risks related to the large scale of fixed asset investments and ongoing construction projects, which could lead to financial strain if not managed properly [1]. - There is a potential risk of underutilization of new capacity if market demand shifts unfavorably, impacting the expected returns from the investment [2][4].