11月24日，协创数据盘中上涨2.04%，截至13:37，报132.66元/股，成交10.29亿元，换手率2.29%，总市 值459.16亿元。 资金流向方面，主力资金净流出1.39亿元，特大单买入8461.90万元，占比8.22%，卖出1.89亿元，占比 18.33%；大单买入1.72亿元，占比16.72%，卖出2.07亿元，占比20.11%。 协创数据所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：AIPC概念、小 米概念、物联网、消费电子、机器人概念等。 机构持仓方面，截止2025年9月30日，协创数据十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股531.34万股，相比上期增加310.41万股。易方达创业板ETF（159915）位居第五大流通股 东，持股476.83万股，相比上期减少73.49万股。南方中证500ETF（510500）位居第六大流通股东，持 股350.81万股，相比上期减少4.39万股。广发科技创新混合A（008638）位居第十大流通股东，持股 219.76万股，相比上期减少32.04万股。易方达中证人工智能主题ETF（159819）、广发小盘成长 ...

Core Viewpoint - The stock of Xiechuang Data has experienced fluctuations, with a year-to-date increase of 89.57% but a recent decline in the last five and twenty trading days [1] Company Overview - Xiechuang Data Technology Co., Ltd. is located in Shenzhen, Guangdong, and was established on November 18, 2005, with its IPO on July 27, 2020 [1] - The company specializes in the research, production, and sales of IoT smart terminals and data storage devices, continuously adapting to technological changes and market trends [1] - The revenue composition includes: data storage devices (37.11%), intelligent computing products and services (24.69%), IoT smart terminals (17.70%), server and peripheral remanufacturing (16.88%), and others (3.62%) [1] Financial Performance - For the period from January to September 2025, Xiechuang Data achieved a revenue of 8.331 billion yuan, representing a year-on-year growth of 54.43%, and a net profit attributable to shareholders of 698 million yuan, up 25.30% year-on-year [2] - The company has distributed a total of 139 million yuan in dividends since its A-share listing, with 114 million yuan distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 19.23% to 35,000, while the average circulating shares per person decreased by 15.75% to 9,830 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 3.1041 million shares, and E Fund's ChiNext ETF, which decreased its holdings by 734,900 shares [3]

Core Viewpoint - The stock of Xiechuang Data has shown significant volatility, with a year-to-date increase of 103.15%, but a recent decline of 9.57% over the last five trading days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Company Overview - Xiechuang Data Technology Co., Ltd. is based in Shenzhen, Guangdong, and specializes in the research, production, and sales of IoT smart terminals and data storage devices [1]. - The company was established on November 18, 2005, and went public on July 27, 2020 [1]. - The main revenue sources are data storage devices (37.11%), intelligent computing products and services (24.69%), IoT smart terminals (17.70%), server remanufacturing (16.88%), and other categories (3.62%) [1]. Financial Performance - For the period from January to September 2025, Xiechuang Data achieved a revenue of 8.331 billion yuan, representing a year-on-year growth of 54.43% [2]. - The net profit attributable to shareholders was 698 million yuan, reflecting a year-on-year increase of 25.30% [2]. - The company has distributed a total of 139 million yuan in dividends since its A-share listing, with 114 million yuan distributed over the past three years [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 19.23% to 35,000, with an average of 9,830 circulating shares per person, a decrease of 15.75% [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited and E Fund's various ETFs, with notable changes in their holdings [3].

Core Points - The stock price of Xiechuang Data has dropped by 5.4% to 149.47 CNY per share, with a total market capitalization of 51.735 billion CNY, marking a cumulative decline of 7.63% over three consecutive days [1] - Xiechuang Data specializes in the research, production, and sales of IoT smart terminals and data storage devices, with revenue composition from data storage devices (37.11%), intelligent computing products and services (24.69%), IoT smart terminals (17.70%), server remanufacturing (16.88%), and others (3.62%) [1] Shareholder Analysis - E Fund's Chuangye ETF (159915) is among the top ten circulating shareholders of Xiechuang Data, having reduced its holdings by 734,900 shares in Q3, now holding 4.7683 million shares, which is 1.39% of the circulating shares [2] - The estimated floating loss for E Fund's Chuangye ETF today is approximately 40.6736 million CNY, with a total floating loss of 62.2264 million CNY during the three-day decline [2] - E Fund's Chuangye ETF has a total scale of 110.2 billion CNY, with a year-to-date return of 48.24% and a one-year return of 32.64% [2]

Core Insights - The stock price of Xiechuang Data increased by 2.00% on November 11, reaching 163.67 CNY per share, with a total market capitalization of 56.65 billion CNY [1] - The company has seen a significant stock price increase of 114.96% year-to-date, with a 12.11% rise over the past 20 days [1] Company Overview - Xiechuang Data Technology Co., Ltd. is based in Shenzhen, Guangdong, and specializes in the research, production, and sales of IoT smart terminals and data storage devices [1] - The company's revenue composition includes: 37.11% from data storage devices, 24.69% from intelligent computing products and services, 17.70% from IoT smart terminals, 16.88% from server and peripheral remanufacturing, and 3.62% from other categories [1] Financial Performance - For the period from January to September 2025, Xiechuang Data reported a revenue of 8.33 billion CNY, representing a year-on-year growth of 54.43%, and a net profit attributable to shareholders of 698 million CNY, up 25.30% year-on-year [2] - The company has distributed a total of 139 million CNY in dividends since its A-share listing, with 114 million CNY distributed over the past three years [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 19.23% to 35,000, while the average number of circulating shares per person decreased by 15.75% to 9,830 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and E Fund's various ETFs, with notable changes in their holdings [3]

Core Viewpoint - The report highlights the transformation of the company from a consumer electronics IoT manufacturer to an AI infrastructure service provider, capitalizing on emerging opportunities in the AI sector [2]. Group 1: Company Transformation - The company has transitioned from focusing on IoT smart terminals and data storage devices to investing in AI infrastructure, aiming to build a global industry system combining smart terminals, intelligent storage, and computing services [2]. - Revenue is projected to grow significantly from 3.148 billion yuan in 2022 to 7.410 billion yuan in 2024, with net profit increasing from 131 million yuan to 692 million yuan [2]. Group 2: Market Dynamics - The storage industry is entering a cycle of price increases due to strong demand for AI servers and a shift in supply prioritizing high-end server DRAM and HBM, leading to a shortage of older memory types [3]. - The company has a complete product line in SSDs and is actively entering the storage and self-developed chip business for computing servers [3]. Group 3: Server Remanufacturing Business - The global server remanufacturing market is evolving into a new phase of compliant refurbishment and performance upgrades, with the company establishing a closed-loop industry chain for server recycling and remanufacturing [4]. - Revenue from the server and related remanufacturing business reached 835 million yuan in the first half of 2025, reflecting a year-on-year increase of 119.5% [4]. Group 4: AI Infrastructure and Growth Engines - The company is strategically entering the computing power leasing market, which is expected to exceed $102 billion by 2025, with a compound annual growth rate (CAGR) of 29% from 2025 to 2029 [5]. - New business segments generated 1.221 billion yuan in revenue in the first half of 2025, accounting for 24.7% of total revenue, becoming the second-largest revenue source [6]. Group 5: Financial Projections - Revenue projections for 2025 to 2027 are 11.565 billion yuan, 17.235 billion yuan, and 22.563 billion yuan, with corresponding net profits of 1.135 billion yuan, 1.647 billion yuan, and 2.120 billion yuan [7].

Core Viewpoint - The company, Xiechuang Data, is a leading player in the consumer electronics sector, focusing on IoT smart terminals and data storage devices, with strong R&D and market adaptability [1] Financial Performance - In Q3 2025, Xiechuang Data achieved a revenue of 8.331 billion yuan, ranking 12th among 88 companies in the industry, while the industry leader, Industrial Fulian, reported revenue of 60.393 billion yuan [2] - The company's net profit for the same period was 685 million yuan, placing it 9th in the industry, with the top performer, Industrial Fulian, reporting a net profit of 22.522 billion yuan [2] Profitability and Debt - As of Q3 2025, Xiechuang Data's debt-to-asset ratio was 78.33%, significantly higher than the industry average of 44.84%, indicating potential challenges in debt repayment [3] - The company's gross profit margin was 17.65%, slightly down from 17.85% year-on-year and below the industry average of 19.47%, suggesting room for improvement in profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 19.23% to 35,000, while the average number of circulating A-shares held per shareholder decreased by 15.75% to 9,830.59 shares [5] Strategic Initiatives - On October 21, 2025, the company announced plans to procure up to 4 billion yuan worth of servers for cloud computing services, with a total investment of up to 12.2 billion yuan disclosed [6] - The company is expanding its cloud services and computing leasing business, with projected revenues for 2025-2027 of 11.007 billion, 15.417 billion, and 18.777 billion yuan, respectively [6]

Core Viewpoint - The stock of Xiechuang Data has shown significant growth this year, with a year-to-date increase of 125.86%, indicating strong market performance and investor interest [1][2]. Company Overview - Xiechuang Data Technology Co., Ltd. is based in Shenzhen, Guangdong, and specializes in the research, production, and sales of IoT smart terminals and data storage devices [1]. - The company was established on November 18, 2005, and went public on July 27, 2020 [1]. - The revenue composition of the company includes: data storage devices (37.11%), intelligent computing products and services (24.69%), IoT smart terminals (17.70%), server and peripheral remanufacturing (16.88%), and others (3.62%) [1]. Financial Performance - For the first half of 2025, Xiechuang Data reported a revenue of 4.944 billion yuan, representing a year-on-year growth of 38.18%, and a net profit attributable to shareholders of 432 million yuan, up 20.76% year-on-year [2]. - The company has distributed a total of 139 million yuan in dividends since its A-share listing, with 114 million yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xiechuang Data was 29,300, a decrease of 4.96% from the previous period [2]. - The average number of circulating shares per shareholder increased by 47.30% to 11,667 shares [2]. - Notable institutional shareholders include E Fund's ChiNext ETF, Southern CSI 500 ETF, and others, with several being new entrants in the top ten shareholders list [3].

Core Viewpoint - The Hong Kong stock market has seen over HKD 190 billion in IPO fundraising this year, leading globally, with A-share companies like Ningde Times and Hengrui Medicine also listing in Hong Kong, highlighting a trend of A+H listings [1] Company Overview - Xiechuang Data, established in November 2005, has been in the consumer electronics manufacturing industry for nearly 20 years and was listed on the Shenzhen Stock Exchange in July 2020 [2] - The company focuses on a "smart IoT ecosystem" strategy, integrating smart terminals, computing infrastructure, and cloud services into a global industrial system [2] - Xiechuang Data is the second-largest domestic smart storage device manufacturer in the global market by revenue and the second-largest domestic consumer-grade smart camera manufacturer by shipment volume, holding a 6.6% market share [2] Business Structure Changes - From 2022 to the first half of 2025, Xiechuang Data's business structure has shifted significantly, with data storage devices being the core revenue source, increasing from RMB 1.694 billion in 2022 to RMB 3.502 billion in 2024 [3] - IoT smart terminals, previously the second-largest business, saw revenue growth from RMB 1.179 billion in 2022 to RMB 2.259 billion in 2024, but their revenue share declined to 17.7% in the first half of 2025 [3] - The smart computing products and services segment emerged as a new growth engine, with revenue reaching RMB 1.221 billion in the first half of 2025, accounting for 24.7% of total revenue [4] Financial Performance - Xiechuang Data's revenue grew from RMB 3.147 billion in 2022 to RMB 7.410 billion in 2024, with a 38.1% increase in the first half of 2025 compared to the same period in 2024 [5] - Gross profit rose from RMB 322 million in 2022 to RMB 1.233 billion in 2024, with a gross margin improvement from 10.2% to 16.6% [5] - Net profit increased from RMB 131 million in 2022 to RMB 687 million in 2024, with RMB 422 million achieved in the first half of 2025 [5] IPO Objectives and Strategy - The primary goal of Xiechuang Data's IPO is to deepen its focus on the AI computing sector, with funds allocated for building AI computing infrastructure, enhancing R&D capabilities, strategic investments, and operational funding [6] - The company has already committed to significant investments in high-performance computing servers, with a total planned investment exceeding RMB 120 billion in the AI computing sector by 2025 [6] Market Position and Valuation - The AI computing industry is characterized by high barriers, high margins, and high repurchase rates, making it attractive to capital markets, which benefits Xiechuang Data's IPO prospects [10] - The company has three key advantages: a shift from storage hardware to AI computing, increasing revenue and profit margins, and substantial R&D investment supporting global expansion [10] Financial Risks - Xiechuang Data's debt levels have surged, with a debt-to-asset ratio of 256.4% as of mid-2025, reflecting increased bank borrowings to support its expansion in smart computing products and services [9] - The company reported significant cash flow volatility, with negative operating cash flow in 2023 and the first half of 2025, indicating potential liquidity challenges [7][10]

Core Viewpoint - The company, Xiechuang Data, is seeking to list on the Hong Kong Stock Exchange (HKEX) as part of the A+H listing trend, aiming to enhance its focus on AI computing power and capitalize on the growing demand in this sector [1][6]. Company Overview - Xiechuang Data was established in November 2005 and has been engaged in the consumer electronics manufacturing industry for nearly 20 years, listing on the Shenzhen Stock Exchange in July 2020 [1]. - The company has developed a global industrial system centered on "smart terminals + computing infrastructure + cloud services," integrating the entire value chain from R&D to manufacturing and services [1]. Business Transformation - The company is transitioning its business focus towards AI computing power, leveraging its existing strengths in consumer electronics to support this shift [2]. - From 2022 to 2025, the revenue from data storage devices is projected to grow from 1.694 billion RMB to 3.501 billion RMB, while the IoT smart terminal revenue is expected to increase from 1.179 billion RMB to 2.259 billion RMB [3]. Financial Performance - The company's revenue is expected to rise from 3.147 billion RMB in 2022 to 7.409 billion RMB in 2024, with a 38.1% increase in the first half of 2025 compared to the same period in 2024 [4]. - Gross profit is anticipated to grow from 322 million RMB in 2022 to 1.233 billion RMB in 2024, with a gross margin improvement from 10.2% to 16.6% [5]. IPO Objectives - The primary goal of the IPO is to deepen the company's focus on AI computing power, with funds allocated for building AI infrastructure, enhancing R&D capabilities, strategic investments, and operational funding [6]. - The company plans to invest over 120 billion RMB in computing power by 2025, indicating a strong commitment to this transformation [6]. Market Position and Valuation - The AI computing power industry is characterized by high barriers, high margins, and high repurchase rates, making it attractive to capital markets [9]. - Xiechuang Data's business shift from storage hardware to AI computing power positions it favorably in a booming market, with increasing revenue and profit margins [9]. Financial Risks - The company faces significant financial risks due to increased debt levels to support its expansion in AI computing power, with a debt-to-asset ratio of 256.4% as of mid-2025 [8]. - The operating cash flow has shown volatility, with net cash outflows in recent periods, indicating potential liquidity challenges [8].