Core Viewpoint - Hongbo Co., Ltd. has made significant progress in the construction of an intelligent computing center through its wholly-owned subsidiary, Yingbo Digital Technology, by signing a series of contracts with Beijing Jingneng International Holdings Limited, with a total contract value of approximately 999.68 million yuan [1] Group 1: Contract Details - Yingbo Digital Technology signed a contract for the construction of an intelligent computing center with a total computing power of 1024 PFLOPS, with a total transaction amount of 999,682,000 yuan [1] - The company is set to receive payments from Beijing Jingneng on two occasions, totaling approximately 499.84 million yuan and 299.90 million yuan [1] - A supplementary agreement was signed on December 3, 2024, which revised the equipment procurement agreement, reducing the contract amount to approximately 645.63 million yuan while maintaining the computing power scale [1] Group 2: Debt Settlement - On December 3, 2024, Yingbo Digital Technology signed a debt offset agreement with Jingneng Haibei and a third party, allowing for the offset of receivables amounting to approximately 258.19 million yuan against outstanding debts and quality deposits owed to Jingneng Haibei [2] - Following the completion of the debt offset, Yingbo Digital Technology has remaining receivables of approximately 30.72 million yuan from the third party and a quality deposit of approximately 32.28 million yuan from Jingneng Haibei [2] - The completion of the debt offset agreement is expected to enhance the company's operational efficiency, with specific accounting treatments and impacts on business performance to be detailed in periodic reports [2]

Core Viewpoint - Zhongbei Communication has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final registration approval from the China Securities Regulatory Commission (CSRC) [1][3] Fundraising Details - The total amount to be raised through the issuance is not to exceed 1,920.2348 million yuan, with net proceeds intended for investment in the Intelligent Computing Center project, 5G communication network construction, and repayment of bank loans [1][2] - The planned investment amounts for the projects are as follows: Intelligent Computing Center project 1,304.5039 million yuan, 5G communication network project 532.0385 million yuan, and repayment of bank loans 300 million yuan [2] Issuance Structure - The issuance will target no more than 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities companies, trust investment companies, financial companies, insurance institutions, and qualified foreign institutional investors [2] - The final number of shares to be issued will be determined based on the total amount raised divided by the issuance price, not exceeding 30% of the company's total share capital prior to the issuance [3] Shareholder Information - As of March 31, 2025, the controlling shareholders are Li Liubing and Mei Man, holding a combined 26.77% of the company's total shares [4] - Following the issuance, if the maximum number of shares is issued, the total share capital will increase from 434,244,123 shares to 564,517,359 shares, with the combined ownership percentage of Li Liubing and Mei Man decreasing to 20.59%, indicating no change in control [4] Underwriting and Compliance - The underwriting institution for this issuance is Guotai Junan Securities Co., Ltd., with representatives Jiang Zhiqiang and Li Qin overseeing the process [4]

Core Viewpoint - China Communication Services (00552) experienced a nearly 4% decline in stock price following the release of its financial results, with a current price of HKD 4.68 and a trading volume of HKD 21.58 million [1] Financial Performance - For the six months ending June 30, 2025, the company reported operating revenue of RMB 76.939 billion, representing a year-on-year increase of 3.4% [1] - Shareholder profit attributable to the company was RMB 2.129 billion, showing a slight increase of 0.18% year-on-year [1] - Basic earnings per share were RMB 0.307 [1] Revenue Breakdown - The company's service revenue reached RMB 74.981 billion, up 2.9% from RMB 72.855 billion in the first half of 2024 [1] - The three major customer markets of the company showed stable development [1] Market Trends - The company capitalized on the opportunities presented by the artificial intelligence technology transformation, engaging in multiple intelligent computing center constructions and data center renovation projects [1] - Revenue from the domestic non-telecom operator customer market saw significant growth, with combined revenue from domestic non-telecom operators and overseas markets exceeding 50% of total operating revenue for the first time [1]

Core Viewpoint - China Communication Services (00552) experienced a nearly 4% decline in stock price following the release of its financial results, with a current trading price of HKD 4.68 and a transaction volume of HKD 21.58 million [1] Financial Performance - For the six months ending June 30, 2025, the company reported operating revenue of RMB 76.939 billion, representing a year-on-year increase of 3.4% [1] - Shareholder profit attributable to the company was RMB 2.129 billion, showing a slight increase of 0.18% year-on-year [1] - Basic earnings per share were reported at RMB 0.307 [1] Revenue Breakdown - The company's service revenue reached RMB 74.981 billion, up 2.9% from RMB 72.855 billion in the first half of 2024 [1] - The three major customer markets of the company showed stable development [1] Market Opportunities - The company is capitalizing on the opportunities presented by the AI technology transformation, particularly in the computing power market [1] - It has undertaken multiple projects related to intelligent computing centers and data center renovations, leading to significant revenue growth from the domestic non-telecom operator customer market [1] - Revenue from the combined domestic non-telecom operator customer market and overseas markets has surpassed 50% of total operating revenue for the first time [1]

Core Viewpoint - The company is issuing A-shares to specific investors in 2025, which may dilute immediate returns, and has outlined measures to mitigate this impact [1][10]. Financial Impact of the Stock Issuance - The issuance will affect key financial metrics, with assumptions made for net profit scenarios: - If net profit remains flat compared to 2024, diluted earnings per share (EPS) will be approximately 0.3305 yuan [3][4]. - If net profit increases by 10% compared to 2024, diluted EPS will rise to about 0.3636 yuan [4]. - If net profit decreases by 10% compared to 2024, diluted EPS will drop to around 0.2975 yuan [4]. Necessity and Reasonableness of the Stock Issuance - The funds raised will be allocated to projects such as intelligent computing centers and 5G network construction, aligning with the company's core business and national industrial policies [6][8]. Company’s Preparedness for Investment Projects - The company has over 30 years of experience in the telecommunications sector and has established a strong technical team capable of executing complex projects [7][8]. - The company has successfully deployed multiple intelligent computing clusters, with total computing power exceeding 15,000P, indicating readiness to meet growing market demands [8]. Measures to Mitigate Dilution of Immediate Returns - The company plans to accelerate project construction and improve resource allocation to achieve expected outcomes quickly [10]. - It will enhance financial management to reduce costs and improve overall profitability, ensuring that existing business growth complements new projects [10]. - The company aims to strengthen internal controls and governance to safeguard shareholder interests, particularly for minority shareholders [10][11]. Commitment from Management - The board and senior management have committed to ensuring the effectiveness of the measures to mitigate the dilution of immediate returns, emphasizing their responsibility to protect shareholder interests [11][13].