Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is transforming into a "digital ecosystem operator" by leveraging its resources in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1][2]. - A significant acquisition of Wisdom Knight Holdings Limited for HKD 977 million positions the company strategically in the AI and green energy computing sectors [2]. - The traditional business model is now a growth driver, with a successful debt-to-equity conversion plan reducing the interest-bearing debt ratio from 45% to 7% [2]. - The integration of AI computing services and energy management is expected to enhance operational efficiency and profitability [3]. Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be CNY 718 million, CNY 579 million, and CNY 789 million, respectively, with growth rates of +139.13%, -19.41%, and +36.41% [3][4]. - Revenue projections show a significant increase from CNY 801.54 million in 2025 to CNY 6,432.54 million in 2027, reflecting a growth rate of 470.13% [4]. - The company’s earnings per share (EPS) is expected to improve from -CNY 3.32 in 2024 to CNY 0.70 in 2027 [4]. Strategic Development - The company’s "urban ecosystem" strategy aims to convert idle factories and land into high-performance computing centers, aligning with its capabilities in urban development [3]. - The acquisition of high-value B-end resources from major cloud service providers and leading AI companies is anticipated to open new growth avenues [3]. - The dual business model of AI computing services and lifecycle management is validated commercially, enhancing the company's resilience and profitability [3].

Group 1 - The core point of the article is that Yue Gang Wan Holdings (01396) has resumed trading and experienced a significant price increase, rising over 40% at one point and currently up 28.17% to HKD 4.55, with a trading volume of HKD 6.0399 million [1] - The company announced a conditional agreement to acquire all issued shares of Wisdom Knight Holdings Limited for HKD 977 million, with the acquisition price set at HKD 3.15 per share [1] - The acquisition will require special authorization from shareholders at a special general meeting, and the consideration shares will represent approximately 38.08% of the company's issued share capital as of the announcement date [1] Group 2 - Wisdom Knight Holdings Limited is identified as a full lifecycle service provider in the "green energy intelligent computing" sector, primarily engaged in AI-related businesses in China [1] - The target group offers AI computing power technology services, operational services, and develops AI computing centers, along with providing comprehensive AI solutions [1] - Following the completion of the acquisition, the enlarged issued share capital of the company will be approximately 27.58%, assuming no other changes to the issued share capital [1]