Core Viewpoint - Hainan Huatie is planning to issue shares overseas (S shares) and list on the Singapore Stock Exchange to enhance its international strategy and expand its business in Southeast Asia [1][2][3] Company Overview - Hainan Huatie was established in 2008 and listed on the Shanghai Stock Exchange in 2015, primarily engaged in the rental and service of engineering and intelligent computing equipment [2] Financial Performance - In 2024, Hainan Huatie's domestic revenue reached 5.08 billion yuan, a year-on-year increase of 15.17%, while its overseas revenue was 1.31 million yuan with a gross margin of -35.63% [4][5] - The company reported a net profit of 1.91 billion yuan in Q1 2025, a year-on-year growth of 21.72% [1][10] - For the full year of 2024, the company achieved a revenue of 5.17 billion yuan, marking a historical high, but net profit decreased by 24.49% to 605 million yuan [7][10] Debt Situation - As of Q1 2025, Hainan Huatie's debt ratio reached 72.32%, an increase of 23.76 percentage points over four years [12] - The debt ratio has shown a consistent upward trend, rising from 48.56% in Q1 2021 to 72.95% by the end of 2024 [11][12] Strategic Initiatives - The company is focusing on expanding its international presence, particularly in Southeast Asia, and has established a store in Hwaseong, South Korea, as part of its overseas strategy [3][5] - Hainan Huatie has signed a total service amount of 6.67 billion yuan in computing services by the end of Q1 2025, indicating a strong commitment to enhancing its capabilities in the intelligent computing sector [10]