Group 1 - The core point of the article is that Zhishang Technology plans to acquire 99.8555% of Hengyang Data for a total price of 1.148 billion yuan, which raises concerns about the underlying issues related to this acquisition [1][18]. - The acquisition appears to be a significant move into the AI computing sector, following a series of rapid capital operations by Zhishang Technology, which previously focused on gaming machine components and later shifted to optical communication [2][18]. - Hengyang Data's revenue from intelligent computing and data processing products is projected to grow significantly, with revenues of 237 million yuan in 2023 and 473 million yuan in 2024, alongside net profits of 37.35 million yuan and 85.47 million yuan respectively [2][3]. Group 2 - Hengyang Data's business structure is changing, with the revenue share from intelligent computing products increasing from 32.83% in 2023 to 57.93% in 2024, while data processing products' share is decreasing [3][5]. - Despite the growth in revenue, Hengyang Data's gross margin is declining sharply, with the gross margin for intelligent computing products dropping from 55.48% in 2023 to 12.65% in Q1 2025 [6][7]. - The company's heavy reliance on major clients is evident, with two clients, A Client and Alibaba Group, accounting for over 86.6% of total revenue in 2024 [12][14]. Group 3 - The valuation of Hengyang Data has fluctuated significantly, with its estimated value rising from 576 million yuan to 983 million yuan within a month due to stock transfers, raising questions about the fairness of the acquisition price [18][19]. - The performance commitments made by Hengyang Data's major shareholders are under scrutiny, as the financial health of the main commitment party, Shenzhen Haina Tianqin Investment Co., is weak, with total assets of only 53.04 million yuan and a net asset of 11.30 million yuan [20][21]. - The article highlights the risks associated with the acquisition, including the potential inability of the performance commitments to be met, which could impact Zhishang Technology's future performance [22].