Group 1 - The core viewpoint of the news is that Da Yan Capital has conducted research on a listed company, Annuoqi, focusing on its computing power business and future investment plans [1] - Annuoqi's computing power business operates on a rental and sales linkage model through the Zhixing Cloud platform, serving a diverse customer base including technology companies, research institutions, universities, and individual users [1] - The computing power platform offers various GPU models, such as A100, H100, and RTX4090, with rental fees based on usage time, and has been operating stably for five years [1] Group 2 - Annuoqi has three major dye production bases in Shandong and plans to enhance its intelligent upgrades to increase market share [1] - The company currently has a digital ink production capacity of 5,000 tons, focusing on the digital printing business [1] - Future investments will be increased in both computing power and digital sectors, along with enhanced market promotion efforts [1]

Group 1: Company Overview - The company operates the "Shanghu AI Manufacturing" platform, which is a one-stop AI customization and flexible production platform, leveraging self-developed portable digital direct printing machines and generative AI design systems to promote AI empowerment in physical manufacturing and achieve industrial upgrades [2]. - The Catimind platform, based on the cloud ComfyUI architecture, simplifies professional processes such as image generation, video editing, and 3D modeling into "one-click start" templates, requiring no coding background, and offers private deployment and API interfaces to assist industries like education, film, gaming, and advertising in reducing costs and increasing efficiency [2]. Group 2: Business Operations - The computing power leasing business primarily adopts a platform-based and market-oriented operational model, with the Zhixing Cloud platform having operated stably for 5 years, establishing a certain brand effect; the main downstream customers are research institutions, technology companies, and universities, with future marketing efforts aimed at increasing the customer base [3]. - The company's overseas business currently accounts for a small proportion, with plans to expand internationally based on market conditions in the future [3]. - Ongoing projects in the dye business are progressing as planned, particularly in dye intermediates, which will enhance cost control and improve market competitiveness upon completion [3]. Group 3: Future Strategy - The company aims to strengthen its industrial foundation by continuously developing mid-to-high-end dye and chemical products to consolidate its market leadership; it will deepen computing power empowerment and increase investment in computing power [3]. - The company plans to expand AIGC application scenarios centered around platforms like "Zhixing Cloud," "Catimind," and "Shanghu AI Manufacturing," while continuously achieving breakthroughs and developments in AIGC applications [3]. Group 4: Disclosure Information - The investor relations activity did not involve any undisclosed significant information [3].

Financial Performance - In 2024, the company reported a revenue of 97,345 million CNY and a net profit of -475 million CNY, with a non-recurring net profit of -248 million CNY [3] - The acquisition of Shanghai Gengcon achieved a revenue of 12,517.74 million CNY and a net profit of 661.42 million CNY in 2024, meeting the performance commitment [3] Market Expansion and Product Development - The company participated in international exhibitions in Pakistan and Bangladesh in 2024 to explore overseas markets and emerging application fields [2] - The company is focusing on the development of functional textiles and has plans for future layouts in fine chemicals, AI digital technology, and environmentally friendly new materials [3] Environmental Compliance - The company is committed to complying with national environmental regulations and has increased investment in waste treatment while optimizing production processes to meet the latest emission standards [3] Shareholder Engagement and Future Plans - The board has proposed a plan for shareholder returns for the next three years (2025-2027), emphasizing the importance of reasonable investment returns while balancing operational funding needs [4] - The "Zhixing Cloud" platform registered 50,000 users by the end of 2024 [4] Stock Issuance - The board has passed a proposal to authorize the issuance of stocks to specific investors, pending approval from the 2024 annual shareholders' meeting [4]