Core Insights - The 2025 World Artificial Intelligence Conference in Shanghai showcased advancements in AI technology, industry trends, and global governance practices, with a focus on the theme "Intelligent Era, Shared Future" [1] - Unisplendour Corporation's subsidiary, H3C, presented its innovative AI solutions under the theme "Aggregation and Intelligent Leap," emphasizing its commitment to "AI in ALL" and "AI for ALL" [1] Group 1: AI in ALL - H3C showcased its cutting-edge infrastructure innovations, including the global debut of the H3C UniPoD S80000, designed for trillion-parameter model training, achieving higher performance, density, and efficiency [3] - The H3C UniPoD S80000 supports high-density deployment with 64 cards in a single cabinet and has the capability to scale up to 1024 cards, promoting AI transformation across various industries [3] - H3C introduced the LinSeer Magic Cube workstation, featuring 128GB shared memory and low power consumption, enabling local operation of large models without complex setup [3] Group 2: Network Solutions - H3C launched a new lossless network solution and the H3C S12500AI series switches, designed for scale-out scenarios, enhancing connectivity for large-scale heterogeneous computing clusters [5] - The DDC architecture improves bandwidth by 107% compared to traditional networking solutions, significantly enhancing throughput and stability in AI network operations [5] Group 3: Intelligent Management Solutions - H3C introduced the LinSeer ICT Intelligent Body, which leverages extensive ICT operational experience to enhance system efficiency and fault diagnosis accuracy by 70% and 90%, respectively [6] Group 4: AI for ALL - H3C's LinSeer Hub platform integrates AI technology with various industry applications, facilitating the deployment of AI solutions across traditional and emerging sectors [7] - The platform supports over 20 GPU types and more than 50 mainstream models, significantly lowering the barriers for enterprises to adopt AI technologies [7] Group 5: Interactive Experiences - The exhibition featured interactive displays allowing attendees to experience AI applications firsthand, including a digital health experience and AI-driven transportation solutions [9][11] - H3C's AI innovations received widespread recognition, highlighting the company's role in accelerating AI adoption across industries and enhancing operational efficiency [11]

Core Insights - The 2025 China Unicom Partner Conference was held in Shanghai, focusing on the theme "Co-creation of a New Ecosystem through Practical Collaboration" to explore digital technology integration and innovation in China [1] - Unisplendour's subsidiary, H3C Group, showcased its full-stack innovative achievements under the theme "Computing Power × Connectivity, AI × Future," emphasizing the dual drive of "AI in All" and "AI for All" to empower digital transformation across various industries [1][12] Group 1: Event Highlights - Key leaders from China Unicom, including Chairman Chen Zhongyue and General Manager Jian Qin, visited the H3C exhibition booth, where H3C's latest technological achievements and solutions in intelligent computing and smart home sectors were presented [3] - H3C's Senior Vice President He Ning provided detailed insights into the collaboration between H3C and China Unicom, receiving high praise from leaders for H3C's innovative technologies and applications [3] Group 2: Strategic Initiatives - H3C's participation in the launch of the "China Unicom Tongtong Huigou Enterprise Mall" aims to enhance procurement processes and service efficiency for government and enterprise clients [4] - The company was recognized with the "Outstanding Contribution Award" at the China Unicom Partner Conference for its achievements in the terminal ecosystem, particularly in FTTR products and smart home collaborations [6] Group 3: Technological Innovations - The "Lingxi Intelligent Computing Solution," central to the "AI in All" strategy, supports AIGC demands through six capabilities, including efficient computing power supply and intelligent energy management, while collaborating with over 15 major AI chip manufacturers [8] - H3C's BNC (Broadband Core Network) initiative aims to create a flexible and efficient broadband network architecture, enhancing service capabilities and operational efficiency [10] Group 4: AI Applications and Collaborations - The "Turing Town" initiative, part of the "AI for All" strategy, is being developed in multiple cities to create a closed-loop business model that integrates construction, ecology, operations, and sales [11] - H3C's AI solutions have been implemented in various sectors, including industrial manufacturing and smart healthcare, with a focus on accelerating industry intelligence transformation [11]

Core Viewpoint - The company, Unisplendour Corporation Limited, reported significant growth in its 2025 semi-annual report, driven by its strategic focus on AI and technological innovation [1][3]. Financial Performance - The company achieved an operating revenue of 47.42 billion yuan, representing a year-on-year increase of 25% [1]. - The net profit attributable to shareholders, excluding non-recurring items, was 1.12 billion yuan, reflecting a growth of 25.1% [1]. - The core subsidiary, H3C Group, generated an operating revenue of 36.4 billion yuan, with a remarkable year-on-year growth of 37.7%, marking the highest growth rate in five years [1]. Business Segments - The government enterprise business and overseas business showed exceptional performance, with growth rates of 53.6% and 60.3% respectively, indicating strong development momentum [1]. - The company is deepening its "AI in ALL" strategy, enhancing its computing power and connectivity solutions to meet customer demands in various sectors [2]. Strategic Initiatives - The company is innovating in the intelligent computing industry model and expanding the Turing Town as a benchmark demonstration, establishing a comprehensive service platform for computing power [2]. - Strategic partnerships have been formed with provinces such as Qinghai and Guangxi, with seven Turing Towns either completed or under construction [2]. Future Outlook - Intelligent computing and AI-related businesses are expected to become the core growth engines in the market, with the company poised to leverage its technological advantages and market expansion capabilities [3].

Core Viewpoint - Unisplendour Co., Ltd. (紫光股份) reported significant growth in its 2025 semi-annual report, driven by its strategic focus on AI and technological innovation, with a revenue of 47.42 billion yuan, a 25% year-on-year increase, and a net profit of 1.12 billion yuan, up 25.1% [1] Group 1: Financial Performance - The company achieved a revenue of 47.42 billion yuan, marking a 25% increase year-on-year [1] - The net profit attributable to shareholders, excluding non-recurring items, reached 1.12 billion yuan, reflecting a growth of 25.1% [1] - Core subsidiary, New H3C, reported a revenue of 36.4 billion yuan, with a remarkable growth rate of 37.7%, the highest in five years [1] Group 2: AI Strategy and Innovations - The company is implementing the "AI in ALL" strategy, enhancing its AI solutions to meet customer demands in model training efficiency and large-scale computing deployment [1][2] - Introduction of the UniPoD S80000 super node, which improves training efficiency by 25% and inference efficiency by 63% compared to previous setups [1] - Launch of high-density liquid cooling cabinet solutions to support 64 high-performance AI accelerator cards, significantly increasing computing density [2] Group 3: Product Development and Solutions - Continuous iteration of the LinSeer Cube AI integrated machine, now serving over 200 government and enterprise clients [3] - Introduction of the LinSeer ICT intelligent system, enhancing equipment inspection efficiency by 70% and fault diagnosis accuracy to over 90% [3] - Development of a comprehensive "computing-power-model-data" security solution, achieving a threat identification rate of 99% [3] Group 4: Market Expansion and International Cooperation - The company has successfully implemented AI solutions in various government and enterprise scenarios, receiving high market recognition [4] - Strategic partnerships with leading ISVs in countries like Germany and Kazakhstan to create customized industry solutions [6] - The launch of the new sub-brand "H3C Aolynk" aimed at international markets, focusing on AI connectivity solutions for SMEs [6] Group 5: Future Outlook - The company anticipates that its AI and intelligent computing businesses will become core growth engines in the market [6] - Unisplendour aims to leverage its strong technological foundation and market expansion capabilities to enhance customer success and capture more market share [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 79.02 billion yuan in 2024, a year-on-year increase of 2.22%, while the total profit decreased by 40.78% to 2.23 billion yuan [2] - In Q1 2025, the company reported a total revenue of 20.79 billion yuan, reflecting a year-on-year growth of 22.25%, but the total profit decreased by 45.34% [2] - The subsidiary, Xinhua San, generated revenue of 55.07 billion yuan in 2024, a growth of 6.04%, with domestic government business revenue increasing by 10.96% [3] - The company is focusing on AI applications and has launched various products to enhance its capabilities in AI computing and connectivity [6][7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 79.02 billion yuan, with a net profit of 1.57 billion yuan, down 25.23% year-on-year [2][10] - The gross margin for 2024 was 17.39%, a decrease of 2.21 percentage points, attributed to changes in product mix [4] - The company expects revenues for 2025 to be adjusted to 81.65 billion yuan, with net profits projected at 1.76 billion yuan [8][10] Business Segments - Xinhua San's revenue from domestic government business reached 44.24 billion yuan in 2024, with a significant increase in AI-driven projects [3][4] - The international business segment saw a revenue increase of 32.44%, reaching 2.92 billion yuan [3] Strategic Initiatives - The company is enhancing its AI capabilities with the launch of the Lingxi Cube all-in-one machine and various AI solutions [6] - The focus on "computing power + connectivity" is expected to drive future growth, with the company planning to deepen its global strategy and expand overseas operations [5][8] Investment Recommendations - The company is positioned as a leader in digital solutions, with expected revenue growth driven by AI applications [8] - The adjusted earnings per share for 2025 is projected at 0.62 yuan, with a price-to-earnings ratio of 39.67 based on the closing price of 24.43 yuan [8][10]