Core Viewpoint - The company, Capital Online (300846), is currently not involved in quantum technology but focuses on building an integrated cloud-network service system for various industries [1] Group 1: Company Focus - The company is concentrating on general computing and intelligent computing cloud services, telecommunications network services, IDC services, and comprehensive solutions [1] - The advancement of quantum computing technology is expected to provide new pathways to overcome traditional computing power bottlenecks and further expand the application range of computing power [1]

Group 1 - The company has not yet engaged in quantum technology initiatives [1] - The focus is on building an integrated cloud-network service system for various industries [1] - Core services include general computing and intelligent computing cloud services, communication network services, IDC services, and comprehensive solutions [1] Group 2 - Advances in quantum computing technology will provide new pathways to overcome traditional computing power bottlenecks [1] - This progress will further expand the range of computing power applications [1]

Group 1 - The 2025 National Unified Legal Profession Qualification Examination will take place from September 13 to 14, with Jinan City being the largest examination area in Shandong Province, registering 11,454 candidates, the highest in the province [1] - Jinan Unicom has implemented a comprehensive communication security plan to ensure stable network operations during the examination, aiming for "zero interruption, zero failure" [1][6] - The communication support work covers four branches in Jinan, with a significant focus on inspecting and optimizing communication facilities at six examination sites, completing inspections of 52 communication base stations, 102 kilometers of transmission optical cables, and 13 core network devices [3] Group 2 - A dedicated emergency support team was established by Jinan Unicom during the examination period, consisting of professionals from transmission maintenance and customer service to address any unexpected situations [5] - Jinan Unicom has enhanced its network resilience and service capabilities, actively engaging in key public welfare sectors such as education, justice, and healthcare, to strengthen the "information foundation" for social operations [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 629 million yuan for H1 2025, a year-on-year decrease of 11.82%. The net profit attributable to the parent company was -71 million yuan, a reduction in losses by 23.03%. The non-recurring net profit attributable to the parent company was -77 million yuan, with a year-on-year reduction in losses of 15.57%. The operating cash flow net amount was 51 million yuan, down 54.03% year-on-year [2][4]. - The company's main business includes providing cloud services, communication network services, IDC services, and comprehensive solutions, with strong resource management capabilities. It is expected to benefit from the increasing demand for inference computing power as AI applications gradually take off [2][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 629 million yuan, down 11.82% year-on-year. The net profit attributable to the parent company was -71 million yuan, reflecting a 23.03% reduction in losses. The non-recurring net profit was -77 million yuan, with a 15.57% reduction in losses year-on-year. The operating cash flow net amount was 51 million yuan, a decrease of 54.03% year-on-year [2][4]. Business Segments - The intelligent computing business generated revenue of 115 million yuan, a year-on-year increase of 34.64%. The company is focusing on key clients and actively expanding its cooperation scope. The computing cloud business achieved revenue of 199 million yuan, a year-on-year growth of 14.98%, with a gross margin of 4.85%, up 1.90 percentage points year-on-year. The IDC business reported revenue of 288 million yuan, down 30.98%, but with a gross margin of 21.17%, an increase of 7.49 percentage points year-on-year [11]. Strategic Initiatives - The company launched a stock incentive plan, proposing to grant up to 3 million restricted shares, accounting for approximately 0.6% of the total share capital. The plan aims to stabilize and build the core talent team, with performance targets set for revenue growth and net profit reduction by 2025 and 2026 [11]. Future Outlook - The company is expected to achieve net profits attributable to the parent company of -150 million yuan, -70 million yuan, and 50 million yuan for the years 2025, 2026, and 2027, respectively, indicating a gradual improvement in fundamentals [11].

Core Viewpoint - The company, Capital Online, focuses on providing cloud services, communication network services, IDC services, and comprehensive solutions to various industries, aiming to support digital transformation needs for computing power and network services [1] Group 1: Business Overview - The main business of the company includes general computing and intelligent computing cloud services [1] - The company is dedicated to building stable and efficient integrated cloud and network services for clients [1] - The company emphasizes the adaptation and scheduling between computing power and models [1] Group 2: Chip Adaptation - The company is accelerating compatibility with other domestic chip manufacturers beyond the already adapted Huawei and Suiruan [1]