Core Viewpoint - The company has shown resilience in its financial performance despite challenges in certain sectors, with a focus on innovation and strategic expansion in the data center and energy management industries [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue reached 3.733 billion yuan, a slight increase of 0.06% year-on-year [2] - The net profit attributable to shareholders was 244 million yuan, reflecting a growth of 7.94% [2] - The data center sector generated 1.398 billion yuan in revenue, up 16.77% year-on-year, while the gross margin was 29.35%, down 1.40% [2][3] - The smart energy sector saw revenue decline by 22.56% to 439 million yuan, but the gross margin increased by 1.93% to 36.39% [2][4] - The renewable energy sector's revenue decreased by 4.22% to 1.852 billion yuan, with a gross margin of 17.51%, up 0.63% [2][4] Business Segments - The intelligent computing center business generated approximately 1.398 billion yuan in revenue, driven by technological innovation and partnerships with leading AI chip manufacturers [3] - The smart energy business is leveraging AI for energy management and has secured contracts in major transportation and industrial projects [4] - The renewable energy sector is focusing on innovative products like the 2000V 450kW string inverter and 460kW liquid-cooled PCS [4] Liquid Cooling Business - The company is a pioneer in the liquid cooling sector, offering a full lifecycle service for liquid-cooled data centers and exporting products internationally [5] - Collaborations with partners like Nuxi Co. aim to meet high-performance computing demands [5] International Expansion - The company is actively pursuing international opportunities, particularly in the overseas computing power market, by focusing on product certification and customer testing [6]

Group 1: Overall Business Performance - In the first half of 2025, the company's total revenue reached CNY 3.733 billion, a slight increase of 0.06% year-on-year [3] - The data center sector generated CNY 1.398 billion in revenue, marking a growth of 16.77% compared to the previous year, with a gross margin of 29.35%, down 1.40% [3] - The smart energy sector reported revenue of CNY 439 million, a decline of 22.56%, but with a gross margin of 36.39%, up 1.93% [3] - The renewable energy sector's revenue was CNY 1.852 billion, down 4.22%, with a gross margin of 17.51%, an increase of 0.63% [3] - The net profit attributable to shareholders was CNY 244 million, a growth of 7.94% year-on-year, despite credit and asset impairment losses totaling CNY 98.0054 million [3] Group 2: Development of Smart Computing Center - The smart computing center's revenue was approximately CNY 1.398 billion, reflecting a 16.77% increase year-on-year [3] - The company focuses on "technological innovation" and "computing power layout" to drive high-quality development [3] - New products and technologies, including liquid cooling solutions, are being developed to enhance performance and efficiency [3][4] Group 3: Smart Energy and Renewable Energy Business - The smart energy and renewable energy sectors experienced revenue declines, but gross margins improved [5][6] - The smart energy business has supported over 200 urban rail lines and 300 highway segments, ensuring reliable power supply and monitoring systems [5] - In the renewable energy sector, the company has developed a comprehensive product matrix, including a 2000V 450kW string inverter and a new generation 460kW liquid-cooled PCS [6] Group 4: Liquid Cooling Technology - The company is a pioneer in the liquid cooling sector, offering full lifecycle services for liquid-cooled data centers [8] - Recent projects include a decoupled liquid cooling system for China Mobile's data center, showcasing industry-leading solutions [8] - The company is enhancing its liquid cooling technology to meet the growing demands for high-density AI computing [8] Group 5: International Expansion - The company is actively pursuing international markets as a key development strategy, focusing on core products like UPS, HVDC, and liquid cooling systems [8] - Efforts include organizational restructuring, talent acquisition, market development, and establishing overseas factories [8]