公司称，公司与熠知电子的业务具有一定的协同性。公司控股子公司上海海曦技术有限公司(简称"海曦 技术")与熠知电子很早即已开展技术和业务合作，包括高端服务器研发及推广，并成功合作供货北京庭 宇科技有限公司;完成大模型一体机的联合开发及客户拓展，目前已经成功开发基于熠知电子CPU的 DEEPSEEK一体机，并逐步开展客户导入。基于成功的业务合作，海曦技术及本公司了解到熠知电子的 产品、管理团队、业务竞争力等详细情况，看好熠知电子的发展前景，因此拟通过投资熠知电子进一步 绑定业务合作关系。 禾盛新材（002290）(002290.SZ)公告，公司拟以自有资金或自筹资金2.5亿元向上海熠知电子科技有限 公司(简称"熠知电子")增资。投资完成后，公司持有熠知电子10%股权。 公告显示，熠知电子的主营业务系研发、设计和销售应用于服务器、工作站等计算、存储设备中的高端 处理器芯片。熠知电子系国内稀缺的ARM架构CPU标的，定位高端服务器CPU芯片设计公司，已累积 完成3代ARM处理器芯片的设计，产品实测性能指标优异。 ...

Core Viewpoint - The supply-side risks have been largely eliminated, and the focus now shifts to demand dynamics, particularly in the context of AI capital expenditures by major internet companies [1][2]. Group 1: Company Performance and Revenue Growth - Inspur Information's revenue has experienced two significant growth phases: from 12.668 billion to 46.941 billion from 2016 to 2018, and from 65.867 billion to 114.767 billion from 2023 to 2024, driven by surges in cloud demand and capital expenditures from internet giants [4][6]. - In Q1 2025, Inspur reported a revenue increase of 165.31% and a net profit growth of 78.03%, yet the stock price only rebounded by about 6%, reflecting market concerns over trade uncertainties and future performance [2][21]. - The company's domestic revenue for 2024 was 80.686 billion, up 43.26%, while overseas revenue surged by 256.98% to 34.081 billion, increasing its share of total revenue to nearly 30% [7][8]. Group 2: Customer Structure and Capital Expenditure - In 2024, the top five customers accounted for nearly 75% of Inspur's revenue, indicating a high customer concentration that has historically correlated with revenue spikes during periods of increased capital expenditure from major clients [8][9]. - Capital expenditures from major cloud providers like Microsoft, Amazon, Google, and Meta are projected to exceed previous guidance, with a year-on-year growth rate of over 60% for 2024, which is a key driver for Inspur's overseas revenue growth [11][12]. Group 3: Sales Channels and Profitability - Inspur's sales channels are divided into industry (direct sales) and regional (distribution) channels, with industry sales accounting for 84.29% of revenue in 2024, but with a significantly lower gross margin of 5.04% compared to 16.07% for regional sales [15][17]. - The company's overall gross margin for 2024 was 6.85%, with a notable decline in profitability attributed to the increasing share of low-margin industry customers [20][21]. Group 4: Financial Management and Inventory - As of 2024, Inspur's total assets reached 71.191 billion, with inventory constituting 57.08% of total assets, reflecting a strategy to mitigate supply chain risks by maintaining high inventory levels [28][30]. - The company has three main sources of funding: customer deposits, extended payment terms, and debt financing, which collectively provide approximately 359.02 billion in funding, closely matching its inventory levels [30][31]. Group 5: Market Outlook and Investment Considerations - The primary factor suppressing Inspur's stock price is the impact of trade conditions on chip imports and product exports, despite strong growth in overseas revenue [33][36]. - The company is expected to maintain high growth in Q2 2025, supported by a record high contract liability of 113.07 billion, which is anticipated to convert into revenue [33][34]. - Long-term growth will depend on the ability to secure sufficient chip supply and the resilience of domestic demand to offset potential declines in overseas revenue [35][36].