Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8][60]. Core Insights - The company is a leading player in the HVLS fan industry in China and is transitioning towards AI-driven business models, which are expected to contribute significantly to revenue growth in the coming years [8][60]. - The company is leveraging partnerships with state-owned enterprises in Henan to expand its AI applications in various sectors, including government, healthcare, and autonomous vehicles [8][60]. - Revenue projections for the company are optimistic, with expected revenues of 3.73 billion, 4.50 billion, and 5.84 billion yuan for 2025, 2026, and 2027 respectively, alongside significant growth in net profit [8][60]. Summary by Sections 1. Company Overview - The company, established in 2010, is a leader in the HVLS (High Volume Low Speed) fan industry, with a strategic shift towards AI and other innovative production capabilities post-IPO in 2021 [13][18]. 2. AI Business Expansion - The AI business is primarily developed through a joint venture with the Henan state-owned investment group, focusing on applications in government, healthcare, and autonomous vehicles [8][35]. - The AI+ government initiative includes a partnership with People's Daily to enhance public document writing efficiency, targeting over 48 million civil servants in China [38][40]. - In healthcare, the company is capitalizing on the strong medical resources in Henan, providing AI solutions for hospital upgrades and research assistance [43][46]. - The autonomous vehicle sector is seeing gradual commercialization, with the company collaborating with the Henan Automotive Industry Investment Group to develop technologies for various autonomous vehicle applications [47][51]. 3. Financial Projections - The company anticipates a revenue decline in 2024 to 3.31 billion yuan, followed by a recovery and growth trajectory in subsequent years, with net profit expected to rebound significantly by 2025 [27][58]. - The revenue breakdown indicates that HVLS fans will continue to dominate sales, but new AI ventures are projected to gain traction and contribute to overall growth [58][59]. 4. Market Position - The HVLS fan market is expected to grow steadily, with the company holding a leading market share and actively expanding into international markets [54][55]. - The report highlights the energy efficiency of HVLS fans compared to traditional cooling solutions, positioning the company favorably in the context of rising energy costs and environmental concerns [54][56].

本报讯 （记者袁传玺）开勒环境科技（上海）股份有限公司（以下简称"开勒股份"）日前宣布，其已 通过其全资子公司开勒新能源科技（上海）有限公司（以下简称"开勒新能源"）完成对河南豫资开勒智 能科技有限公司（简称"豫资开勒"）的增资控股。 开勒股份与豫资开勒渊源始于2022年9月份，彼时，开勒新能源与河南豫资新能源产业投资基金合伙企 业（以下简称"豫资新能源"）共同出资设立豫资开勒。豫资新能源具备深厚的地方资源与产业投资经 验，开勒股份深耕工业领域多年，拥有强大的技术转化能力与市场拓展经验，多种优势叠加，豫资开勒 在"AI+政务""AI+医疗""AI+无人出行"的研发、落地、应用上跑出"加速度"。 在"AI+医疗"领域，豫资开勒布局专科、学科、通用模型，结合deepseek大模型，已开发出包括"灵 曦"医学大模型和MAAS科研平台等在内的AI医疗平台，具备了辅助文献分析、影像诊断等功能。 当前，人工智能正加速从技术研发向规模化商用转型，成为经济增长的核心驱动力。开勒股份通过豫资 开勒平台，精准布局医疗、政务、无人出行三大AI应用场景，依托河南省属数据资源独占优势和政策 支持，构建起独特的市场竞争壁垒，有望开启第二 ...

Core Viewpoint - The company is actively expanding its business in HVLS fans, artificial intelligence, and smart governance, while facing challenges in revenue and profitability in the recent quarter [2][8]. Group 1: HVLS Fan Business - The HVLS fan business is the company's main revenue source, achieving a revenue of 244 million yuan in 2024 with a gross margin of 36.95% [2]. - The company holds a leading position in the domestic HVLS fan industry and aims to increase its overseas market share, which currently accounts for 23.31% of total revenue [2]. Group 2: Artificial Intelligence Initiatives - The company is leveraging its joint venture, Henan Yuzhi Kaile Intelligent Technology Co., Ltd., to advance AI applications in smart office, smart travel, and smart healthcare [3]. - The AI solutions provided are designed to ensure data security and compliance while enhancing operational efficiency [3]. Group 3: Smart Driving Collaboration - A cooperation agreement was signed with the Henan Provincial Automotive Industry Investment Group to promote digital and intelligent upgrades in the automotive sector, focusing on autonomous driving technology [4]. - The collaboration aims to develop technologies related to unmanned vehicles and logistics [4]. Group 4: Smart Governance Developments - In April 2025, the company launched a large model government integrated machine in collaboration with People's Daily Online, enhancing its offerings in smart governance [5]. - The "Deep Language Future" smart governance machine is designed for local deployment and ensures data security and compliance with government regulations [6]. Group 5: AI Medical Solutions - The AI medical segment focuses on providing various solutions for different medical applications, including smart hospital renovations and AI-assisted research platforms [7]. - Collaborations with major hospitals and health institutions are underway to enhance clinical and research capabilities using AI technologies [8]. Group 6: Financial Performance - In Q1 2025, the company reported a main revenue of 37.91 million yuan, a year-on-year decrease of 20.13%, while the net profit attributable to shareholders was -5.17 million yuan, an increase of 44.54% year-on-year [8]. - The company’s debt ratio stands at 16.59%, with investment income of 1.17 million yuan and a gross margin of 41.76% [8].

Group 1: HVLS Fan Business - HVLS fan is the main business of the company, achieving revenue of 244 million yuan in 2024 with a gross margin of 36.95% [2] - The company holds a leading position in the domestic HVLS fan industry and has competitive products in the international market [2] - In 2024, overseas revenue accounted for 23.31%, indicating potential for further market expansion [2] Group 2: AI Business Development - The company is advancing AI applications through its joint venture, Henan Yuzhi Kaile Intelligent Technology Co., focusing on smart office, smart travel, and smart healthcare [2][3] - The AI solutions provided include private cloud deployment and customized AI application model development, ensuring data security and compliance [3] Group 3: Smart Driving Initiatives - A cooperation agreement was signed with the Henan Automotive Industry Investment Group to promote digital and intelligent upgrades in the automotive sector [4] - The collaboration aims to develop technologies related to autonomous driving, including unmanned vehicles for transportation and logistics [4] Group 4: Smart Government Solutions - In April 2025, a joint launch of the "Deep Language Future" smart government all-in-one machine was announced, in collaboration with People's Daily Online [5] - The all-in-one machine supports localized deployment and ensures data security through encryption and permission management [7] Group 5: AI Medical Solutions - The AI medical sector focuses on providing various AI solutions for different medical applications, including smart hospital renovations and AI imaging model validation [6] - Collaborations have been established with several top-tier hospitals for research projects, aiming to enhance clinical, teaching, and research capabilities through AI and big data [6]

5月24日，"数据智能合作伙伴会"在郑州市中原龙子湖学术交流中心交流厅成功举办。共同见证政务办 公领域智能化转型的重要里程碑——【深言未来智能政务一体机】的正式发布。会议上发布了最新大模 型智能政务一体机——深言未来智能政务一体机，通过与人民网正式达成战略合作，共同打造了符合政 务场景需求的智能化办公平台。经过双方团队的共同攻坚研发，这款集"安全、智能、高效"于一体的政 务办公一体机终于面世。(深言未来) ...

Core Insights - The "Deep Future" intelligent government all-in-one machine was officially launched during the "People's Daily × Yuzhi Holding Group Data Intelligence Partnership Conference" held in Zhengzhou, Henan Province, highlighting the importance of embracing AI development opportunities for industrial upgrades [1][3] - The Henan Provincial Government has initiated pilot projects for AI+ in six key sectors, including industry, agriculture, and transportation, aiming to leverage the province's vast data resources and market potential to enhance AI industry development [1][2] Group 1 - Yuzhi Holding Group emphasizes the importance of digital transformation and AI development, establishing a data standard system and security mechanisms to support intelligent decision-making and value creation [2] - The company has developed the "Yujian Model" based on DeepSeek, achieving initial results in applications such as smart office and healthcare, and plans to open application scenarios to industry leaders and partners [2][3] Group 2 - A data intelligence cooperation signing ceremony was held between People's Daily and Yuzhi Holding Group, aiming to create a resource-sharing and collaborative ecosystem through the "Data Intelligence Partnership Plan" [3] - The "Deep Future" intelligent government all-in-one machine, fully domestically produced, aims to meet the requirements of various government and enterprise units for secure and controllable environments [3] Group 3 - People's Daily launched the "People's Innovation Acceleration Camp" project, focusing on supporting scientific research personnel and startups in technology innovation, providing training and long-term support for enterprise growth [4] - The event included multiple signing ceremonies for AI industry cooperation, with partnerships formed between People's Daily and JD Technology, as well as Yuzhi Holding Group and various industry partners [4]