点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 2025年12月18日，商汤集团（股份代号：0020及80020）公告称，通过一般授权以"配售新B类股份"方 式融资，其中配售新B类股份发行1,750,000,000股（约17.5亿股），募集约31.5亿港元；扣除费用后净得 约31.5亿港元。本次融资由国泰君安国际、招银国际担任配售代理。 配售新B类股份配售价1.80港元较前一交易日收市价1.97港元折让约8.6%，较前五个交易日平均收市价 折让约15.1%。配售股份占现有已发行股本约4.5%，完成后占扩大股本约4.3%。 商汤集团是领先人工智能软件公司，主要从事销售先进人工智能软件平台及相关服务、人工智能软硬一 体产品、AI ...

展望未来，我将继续带领立昂技术团队，通过业务拓展、资本运作与持续创新，全力在AI时代行稳致 远，书写企业发展新篇章。 近年来，ChatGPT掀起了AI革命，大模型技术在多模态融合、逻辑推理、应用适配等领域持续突破，国 内DeepSeek等标杆产品的崛起，更印证了我国在人工智能领域的领先地位。行业皆知"AI的尽头是算 力"，依托公司在通信服务和数字城市服务领域积累的深厚基础，我们果断向AI算力新赛道进行战略转 型。这不仅是业务拓展的需要，更是时代赋予我们的责任。我们充分发挥地域优势，抓住"东数西算"等 国家战略机遇，在四川省简阳市、广州南沙等地建立算力中心，积极推进业务向AIDC转型，全力把握 AI时代红利。 1985年，我进入新疆邮电设计院，从技术岗位起步，参与并见证了新疆通信网络从人工到自动、从模拟 到数字的发展历程。1996年，怀着"为家乡建设贡献力量"的初心，我创立了立昂电信技术有限公司。确 立了"诚信为本、质量为先"的经营理念。从通信规划设计到网络建设维护，我们稳扎稳打深耕每一个项 目。记得早期，我基本上每天扎在公司，钻研技术难点，规划发展方向。凭借这份勤奋钻研的精神，公 司逐渐在新疆通信市场站稳了脚 ...

Core Viewpoint - Hanlan Environment achieved operating revenue of 3.97 billion yuan in Q3 2025, representing a year-on-year growth of 36.7%, and a net profit attributable to shareholders of 638 million yuan, up 28.1% year-on-year and 16.7% quarter-on-quarter, indicating that Q3 performance met expectations with growth potential from heating and AIDC contributions [1] Financial Performance - In the first three quarters of 2025, the company's waste-to-energy generation reached 380.06 kWh/ton, an increase of 1.18% year-on-year, while the on-grid electricity generation per ton of waste was 330.24 kWh/ton, up 1.84% year-on-year, reflecting improved power generation efficiency [1] - Capital expenditures continued to decline, and accounts receivable collection accelerated, leading to sustained improvement in cash flow [1] Strategic Initiatives - The company is advancing its AIDC strategic cooperation, aiming to create a model of "waste incineration power generation + intelligent computing center" [1] Valuation and Outlook - Current valuation levels are considered low, and the improvement in free cash flow lays a foundation for further dividend increases, maintaining a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q2 2025, the company's performance showed gradual improvement, aligning with the current delivery pace. The IDC delivery scale reached a record high, and the AIDC revenue structure was optimized, significantly enhancing business profitability and stability, showcasing industry-leading technology [2][13]. - For H1 2025, the company achieved a revenue of 2.496 billion yuan, representing a year-on-year increase of 15.3%. However, the net profit attributable to the parent company was 882 million yuan, down 8.7% year-on-year [6][13]. Summary by Sections Event Description - On August 28, the company released its H1 2025 report, achieving a revenue of 2.496 billion yuan, up 15.3% year-on-year, and a net profit of 882 million yuan, down 8.7% year-on-year [6]. Event Commentary - The company's performance in H1 2025 was in line with the current delivery pace, with IDC revenue reaching 1.61 billion yuan, a year-on-year increase of 6.15%. The gross margin was 46.9%, down 4.4 percentage points due to new delivery buildings still ramping up. The AIDC revenue was 880 million yuan, up 36.95%, with a gross margin of 53.9%, down 16.7 percentage points [13]. - The company has established a leading position in liquid cooling delivery, having collaborated with clients since early 2021 and successfully delivered the industry's first large-scale liquid-cooled computing center in 2023 [13]. Financial Projections - The company is projected to achieve net profits of 2.59 billion, 3.05 billion, and 3.54 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 18%, and 16%. The corresponding price-to-earnings ratios are expected to be 32x, 28x, and 24x [13].

Summary of the Conference Call for Runze Technology Industry Overview - **Technology Sector Valuation Recovery**: After a decade of adjustment, technology stock valuations have become reasonable, with significant comparative advantages over traditional industries, driving market consensus on the tech sector's performance [2][3]. - **Domestic Computing Power Demand**: China's large model training capabilities lag behind the U.S. by approximately one to one and a half generations, necessitating at least a tenfold increase in computing power to catch up. The vast population and industrial scale in China provide a leading market space for inference industries [2][4]. Company Insights - **Runze Technology's Industry Position**: As a leading AIDC (Artificial Intelligence Data Center) enterprise, Runze Technology possesses significant advantages in key metrics such as customer base, location, and network nodes, playing a crucial role in AI initiatives [2][6]. - **Business Growth Stability**: The demand in the AI industry chain is robust, leading to increased data center hosting equipment needs. Runze Technology has achieved stable growth through long-term service provision, akin to a snowball effect [2][9]. - **2025 H1 Performance**: The company reported revenue of 2.496 billion yuan, a year-on-year increase of 15.31% and a quarter-on-quarter increase of 8.36%. The net profit attributable to the parent company was 882 million yuan, with a quarter-on-quarter growth of 5.06% [2][15]. Financial Performance - **Revenue and Profitability**: In the first half of 2025, Runze Technology achieved a revenue of 2.496 billion yuan, with a year-on-year increase of 3.31 billion yuan. Operating costs rose by 3.34 billion yuan to 1.263 billion yuan, primarily due to initial costs associated with new data center deliveries [15][16]. - **Asset Growth and Inventory Decline**: Fixed assets surged to 20.2 billion yuan, driven by data center infrastructure construction and expanded self-owned computing power. Inventory decreased from 1.77 billion yuan to 293 million yuan, partly due to high-performance servers being converted for internal use [17]. Technological Advancements - **Liquid Cooling Technology**: Runze Technology has made significant strides in liquid cooling technology, successfully delivering its first fully liquid-cooled data center and expanding the deployment of liquid-cooled cabinets [4][13]. - **AIDC Business Transformation**: The AIDC business has transitioned from one-time inflow to stable, profitable self-computing services, now accounting for over 85% of the business, indicating significant improvements in profitability and stability [4][14]. Market Dynamics - **Supply and Demand in AI DC Business**: The supply-demand relationship in the AI data center business is influenced by energy consumption restrictions in first-tier cities, leading to a market shift towards regions like Ulanqab and Zhongwei [26]. - **Future Expansion Plans**: Runze Technology plans to expand based on customer demand, with new data centers being established in regions such as Hainan, Chongqing, and Gansu [28]. Strategic Outlook - **Acquisition Strategy**: Runze Technology has disclosed its acquisition strategy for the first time in its 2025 annual report, indicating readiness in technology, talent, and financial resources for potential acquisitions [31]. - **Server Leasing Business**: The company is cautious about expanding its server leasing business, prioritizing stability and assessing market opportunities before making significant commitments [32][33]. This summary encapsulates the key points from the conference call, highlighting the company's performance, industry dynamics, and strategic outlook.

Group 1 - The core announcement is that SenseTime Group (stock code: 0020) plans to raise approximately HKD 2.5 billion through the placement of new Class B shares, issuing 1,666,667,000 shares at a price of HKD 1.50 per share, which represents a discount of about 6.3% to the closing price on July 23, 2025 [1] - The placement shares will account for approximately 4.5% of the existing issued share capital and about 4.3% of the enlarged share capital after completion [1] - The funds raised will be used to support the company's core business development, research in generative artificial intelligence, and exploration of technology integration in innovative verticals, as well as for general working capital [1] Group 2 - The placement is managed by Guotai Junan Securities and CITIC Securities, and is expected to be completed within three business days after the fulfillment of certain conditions [1]

Core Viewpoint - The performance expectations of communication companies are diverging in Q2 2025, but overall improvement is anticipated compared to Q1, driven by the surge in AI demand in North America [1] Group 1: Performance Expectations - The leading companies in optical modules are expected to experience rapid growth due to the explosion of AI demand in North America [1] - The performance of optical devices and second-tier optical module companies is also expected to accelerate [1] - Domestic demand for computing power continues to improve, with leading domestic optical module and switch companies expected to perform well [1] Group 2: Sector Analysis - The AIDC sector, due to its heavy asset characteristics, is expected to see performance improvements in the second half of 2025 [1] - Traditional domestic communication equipment is generally under pressure [1] - Overall, the performance of operators is stable, with growth expectations improving compared to Q1 [1] Group 3: Industry Trends - The deep-sea construction is expected to drive the optical cable and submarine cable industry into an upward channel [1] - The IoT module sector maintains a favorable outlook, with performance expected to grow on a quarter-on-quarter basis [1] Group 4: Recommendations - Key recommendations include focusing on leading companies in optical modules, AIDC, operators, and IoT sectors [1]