Core Viewpoint - The company, Xiechuang Data, plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to enhance its internationalization strategy and brand image, marking a significant step in its global market expansion [1][2]. Group 1: Internationalization Strategy - Xiechuang Data aims to leverage the mature investor structure and efficient financing environment of the Hong Kong capital market to optimize its overseas business layout and enhance its international brand influence [2]. - The company has transformed from a traditional electronic manufacturing platform to an AI computing service provider, establishing a global industrial layout [2][3]. - The company has invested up to 8.2 billion yuan in high-performance servers to strengthen its service area business layout by August 15, 2025 [1][2]. Group 2: Business Growth and Financial Performance - The company reported revenues of 3.148 billion yuan, 4.658 billion yuan, and 7.410 billion yuan for 2022, 2023, and 2024, respectively, with year-on-year growth rates of 6.37%, 47.95%, and 59.08% [3]. - Net profits for the same years were 131 million yuan, 287 million yuan, and 692 million yuan, with year-on-year growth rates of 3.67%, 119.46%, and 140.80% [3]. - In the first half of 2025, the company achieved total revenue of 4.944 billion yuan, a year-on-year increase of 38.18%, and a net profit of 432 million yuan, up 20.76% [3]. Group 3: Research and Development - The company has increased its R&D investment to 109 million yuan in the first half of 2025, a year-on-year increase of 20.20% [3]. - As of the reporting period, the company holds a total of 414 authorized patents, including 45 invention patents and 240 utility model patents [3]. Group 4: Industry Trends - The global AI technology is rapidly advancing, with the IDC report predicting that the computing power leasing market will exceed 102 billion USD by 2025, with a CAGR of 29% from 2025 to 2029 [4]. - The company plans to actively enter the service robot sector, developing a comprehensive platform that includes advanced manufacturing capabilities such as robotic dogs and humanoid robots [4]. Group 5: Supply Chain and Future Outlook - The company announced a procurement plan for solid-state drive materials worth approximately 150 million yuan to support its data storage server production [5]. - The chairman of the company indicated that there is significant growth potential in AI computing demand, and the next three years are seen as an opportune time to enter the computing field [5].

Core Viewpoint - The AI server market is experiencing explosive growth, with potential for tenfold or even hundredfold increases in scale in the future [1][2] Group 1: Company Strategy and Financial Performance - As of August 15, 2025, the company has disclosed a cumulative investment of no more than 8.2 billion yuan for high-performance server procurement, focusing on business expansion in China, the US West, Europe, and the Asia-Pacific region [1] - The company has successfully transformed from a traditional electronic manufacturing platform to an AI computing service provider, establishing a three-pronged global industrial layout of "computing foundation + cloud services + intelligent terminals" since 2023 [1] - In 2024, the company's revenue surged from 4.66 billion yuan in the previous year to 7.41 billion yuan, with a 144.3% year-on-year increase in net profit excluding non-recurring items to 670 million yuan, and its market value has nearly increased sevenfold [1] Group 2: Technological and Business Innovations - In 2021, the company strategically invested in Xi'an Sihua Information Technology Co., Ltd., successfully creating a "hardware + cloud platform" business model [2] - The company launched the FCloud intelligent training platform in 2024, integrating over 50 models including DeepSeek, enabling private deployment within 72 hours [2] - A deep collaboration with NVIDIA led to the introduction of the omnibot platform, which uses digital twin simulation to address the "Sim2Real gap" in robot training [2] Group 3: Future Market Trends - The company anticipates exponential growth in computing power demand as AI becomes deeply integrated into productivity, with expectations for this trend to manifest between 2028 and 2029 [2] - The company aims to leverage its technical advantages in overseas server recycling and repair to focus on hardware manufacturing (storage devices, terminals) and software services (cloud platforms, computing services) as core strategic directions [2] - There is an emphasis on expanding applications in smart transportation, embodied intelligence, smart manufacturing, and biomedicine to drive continuous revenue and profit growth [2]