Core Viewpoint - *ST Yushun is actively expanding its investment portfolio by acquiring a 6% stake in Hebei Aihua Data Technology Co., Ltd. for 3 million yuan, while simultaneously nearing the completion of a significant asset restructuring involving a 3.35 billion yuan acquisition of a data center [2][3][8]. Group 1: Investment Details - The acquisition of the 6% stake in Aihua Data does not require a temporary shareholders' meeting or other departmental approvals, only board approval, which has already been obtained [3]. - After the transaction, *ST Yushun will become the fifth largest shareholder of Aihua Data, marking a strategic move to expand its business in the intelligent computing sector [3][9]. - The overall investment in the Aihua Data project is projected to reach 3 billion yuan, comparable to the 3.35 billion yuan spent on the upcoming acquisition of the Zhong'en Cloud Data Center project [4][6]. Group 2: Project Scale and Strategic Importance - Aihua Data's main project, the UnionPay Cloud Intelligent Computing Center, is significantly larger than the Zhong'en Cloud project, with plans for 12,000 8KW cabinets and 180,000 servers [5][6]. - The project is located in Zhangjiakou, Hebei, which is strategically positioned within the Beijing-Tianjin-Hebei collaborative development area, benefiting from favorable climate conditions for energy-efficient cooling [6][7]. - The investment in Aihua Data is seen as a signal of *ST Yushun's commitment to the intelligent computing asset sector, with the project expected to commence operations sooner than anticipated due to its scale and strategic alignment with the company's development direction [8][9]. Group 3: Financial Aspects and Future Plans - The 6% stake in Aihua Data is valued at 5 million yuan, reflecting a low entry cost for *ST Yushun into a high-potential project [8]. - The company has indicated that it does not currently plan to increase its stake in Aihua Data but will evaluate future investments based on the project's progress and strategic alignment [9].

Core Viewpoint - The major asset restructuring of *ST Yushun (002289.SZ) has been successfully completed, marking the largest cash transaction merger among ST companies in A-shares this year, which is expected to transform the company significantly [1] Group 1: Company Restructuring - *ST Yushun held an extraordinary shareholders' meeting on September 29 to discuss the acquisition of data center assets, with all proposals approved [1] - Following the acquisition of the Zhong'en Cloud project, *ST Yushun is projected to turn a profit, with net profit increasing from -14.42 million to 159 million, and revenue surpassing 1 billion [1] - The acquisition is seen as a starting point, with potential future acquisitions by the major shareholder still under observation [1] Group 2: Strategic Developments - The major shareholder, Shanghai Fengwang Industrial Co., Ltd., has already gained control of significant intelligent computing assets, including a 52% stake in Hebei Aihua Data Technology Co., Ltd., which is involved in the UnionPay Cloud Intelligent Computing Center project [1] - The Hebei Aihua project is larger than the Zhong'en Cloud project, with plans to install approximately 12,384 cabinets, significantly exceeding the 8,000 cabinets of Zhong'en Cloud, valued at 3.35 billion [2] - The strategic intent of Shanghai Fengwang to upgrade from data centers to more advanced intelligent computing centers is becoming increasingly clear, with ambitions to position *ST Yushun as a leading player in computing power [2]