（编辑 丛可心） 证券日报网讯 2月26日，协创数据在互动平台回答投资者提问时表示，公司作为AI产业应用的践行者， 始终以"算力底座+云端服务+智能终端"三位一体布局为核心，持续加大研发投入，通过FCloud智能体 训推平台、FCloudOmniBot具身智能机器人开发平台等技术载体，推动AI在多场景的深度落地。目前公 司已有基于协创数据FCloud智能体训推平台打造的InfiSight智睿视界，通过专属视觉大模型RimoVision 实现了线下零售行业全流程智能化升级，充分验证了AI技术对传统零售行业的改造价值。另外"蜂云视 界AIGC"生态平台，能灵活适配影视、广告、游戏、文旅等多行业的差异化需求，真正成为驱动内容生 产模式变革的"未来生态引擎"。未来，公司将持续深化AI与千行百业的融合应用，与各方携手共建AI产 业生态。 ...

Core Viewpoint - The company is making significant investments in high-performance computing servers, totaling 21.2 billion yuan, to prepare for the anticipated growth in the computing power market, which is likened to the real estate boom of the 1990s in China [1][2][9]. Group 1: Investment Strategy - The company plans to procure high-performance servers worth 21.2 billion yuan, with a focus on meeting the growing demand for computing power in the AI sector [1][2]. - The company has raised its credit limit to 28 billion yuan within a year to support its aggressive investment strategy [1]. - The company expects a net profit of 1.05 to 1.25 billion yuan for 2025, representing a year-on-year growth of 51.78% to 80.69% [2]. Group 2: Market Position and Demand - The computing power rental market is showing signs of consolidation, with the company positioned as a leading player due to its long-term contracts and established customer relationships [6][12]. - The demand for computing power is expected to outstrip supply, driven by the increasing needs of AI applications, which will lead to sustained growth in the computing power industry [10][12]. - The company has already secured five-year long-term contracts, ensuring a stable revenue stream to support its server procurement [7][8]. Group 3: Future Outlook - The ultimate goal of the company is to develop "robot brains" through its investments in computing power and AI platforms, with expectations for significant advancements in the robotics sector between 2030 and 2035 [3][16][17]. - The company is also focusing on building a comprehensive ecosystem that integrates computing power, cloud services, and intelligent terminals to support its long-term vision [16]. - The company anticipates that the AI-driven demand for computing power will continue to expand, making it a critical component of the digital economy [10][14].

21世纪经济报道记者 吴佳楠 深圳报道 "上午还在长三角见客户，下午已飞往北京洽谈合作。"这是协创数据（300857）董事长耿康铭近期的工 作常态。 在他身后，这家2005年成立于深圳，如今市值超七百亿的企业，正以大规模的投资，将战略重心转向一 场席卷全球的算力浪潮与具身智能的未来之战。 2025年，协创数据（300857.SZ）接连发布五次采购公告，累计拟用于采购高算力服务器的额度达212亿 元。 然而，从经营情况看，截至2025年三季度末，公司实现营业收入83.31亿元，净利润6.98亿元，资产负债 率高达78.33%。 年内服务器采购高达212亿元，这似乎是一场小马拉大车的资本豪赌。与此同时，协创数据也铺开融资 大网，在2025年一年内三度提升授信额度，总额已达280亿元。 面对在外界看来"激进"决策的不解，这位在行业摸爬滚打30多年的业内老兵却显得十分冷静与克制，又 透露出在时代风口前的果敢。 "这笔投入其实非常保守，客户的需求远远大于我们的投入。"在接受21世纪经济报道记者专访时，耿康 铭将当下算力产业发展比作"房地产的90年代"，认为未来五到十年，算力领域的投资规模将超越房地产 巅峰时期，而协创数 ...

Core Viewpoint - The report highlights the transformation of the company from a consumer electronics IoT manufacturer to an AI infrastructure service provider, capitalizing on emerging opportunities in the AI sector [2]. Group 1: Company Transformation - The company has transitioned from focusing on IoT smart terminals and data storage devices to investing in AI infrastructure, aiming to build a global industry system combining smart terminals, intelligent storage, and computing services [2]. - Revenue is projected to grow significantly from 3.148 billion yuan in 2022 to 7.410 billion yuan in 2024, with net profit increasing from 131 million yuan to 692 million yuan [2]. Group 2: Market Dynamics - The storage industry is entering a cycle of price increases due to strong demand for AI servers and a shift in supply prioritizing high-end server DRAM and HBM, leading to a shortage of older memory types [3]. - The company has a complete product line in SSDs and is actively entering the storage and self-developed chip business for computing servers [3]. Group 3: Server Remanufacturing Business - The global server remanufacturing market is evolving into a new phase of compliant refurbishment and performance upgrades, with the company establishing a closed-loop industry chain for server recycling and remanufacturing [4]. - Revenue from the server and related remanufacturing business reached 835 million yuan in the first half of 2025, reflecting a year-on-year increase of 119.5% [4]. Group 4: AI Infrastructure and Growth Engines - The company is strategically entering the computing power leasing market, which is expected to exceed $102 billion by 2025, with a compound annual growth rate (CAGR) of 29% from 2025 to 2029 [5]. - New business segments generated 1.221 billion yuan in revenue in the first half of 2025, accounting for 24.7% of total revenue, becoming the second-largest revenue source [6]. Group 5: Financial Projections - Revenue projections for 2025 to 2027 are 11.565 billion yuan, 17.235 billion yuan, and 22.563 billion yuan, with corresponding net profits of 1.135 billion yuan, 1.647 billion yuan, and 2.120 billion yuan [7].

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 8.331 billion yuan, a year-on-year growth of 54.43%, and net profit of 0.698 billion yuan, up 25.30% [2] - The third quarter alone saw record highs in both revenue and net profit, with figures of 3.387 billion yuan and 0.266 billion yuan respectively [2] Group 1: Industry Trends - The storage industry has entered a price increase cycle since Q2 2025, with prices for various storage products rising significantly for five consecutive months [3] - Morgan Stanley forecasts a multi-year "super cycle" for the storage industry, predicting the global storage market could reach 300 billion dollars by 2027 [3] - The current storage cycle is believed to be driven by AI, with expectations of continued price increases into Q4 2025 and 2026 due to severe shortages [3] Group 2: Company Developments - The company aims to build an integrated computing power foundation, having deployed multiple large-scale computing clusters globally [3] - A procurement plan for 150 million yuan worth of solid-state drives has been announced to enhance the company's data storage server production capabilities [4] - The company has made breakthroughs in industrial automation and intelligent robotics, launching the FCloud intelligent training platform to serve various sectors including finance and biomedicine [5] Group 3: International Expansion - The company is actively expanding its international presence and has submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance its overseas business layout and financing capabilities [6]

Core Viewpoint - The AI server market is experiencing explosive growth, with potential for tenfold or even hundredfold increases in scale in the future [1][2] Group 1: Company Strategy and Financial Performance - As of August 15, 2025, the company has disclosed a cumulative investment of no more than 8.2 billion yuan for high-performance server procurement, focusing on business expansion in China, the US West, Europe, and the Asia-Pacific region [1] - The company has successfully transformed from a traditional electronic manufacturing platform to an AI computing service provider, establishing a three-pronged global industrial layout of "computing foundation + cloud services + intelligent terminals" since 2023 [1] - In 2024, the company's revenue surged from 4.66 billion yuan in the previous year to 7.41 billion yuan, with a 144.3% year-on-year increase in net profit excluding non-recurring items to 670 million yuan, and its market value has nearly increased sevenfold [1] Group 2: Technological and Business Innovations - In 2021, the company strategically invested in Xi'an Sihua Information Technology Co., Ltd., successfully creating a "hardware + cloud platform" business model [2] - The company launched the FCloud intelligent training platform in 2024, integrating over 50 models including DeepSeek, enabling private deployment within 72 hours [2] - A deep collaboration with NVIDIA led to the introduction of the omnibot platform, which uses digital twin simulation to address the "Sim2Real gap" in robot training [2] Group 3: Future Market Trends - The company anticipates exponential growth in computing power demand as AI becomes deeply integrated into productivity, with expectations for this trend to manifest between 2028 and 2029 [2] - The company aims to leverage its technical advantages in overseas server recycling and repair to focus on hardware manufacturing (storage devices, terminals) and software services (cloud platforms, computing services) as core strategic directions [2] - There is an emphasis on expanding applications in smart transportation, embodied intelligence, smart manufacturing, and biomedicine to drive continuous revenue and profit growth [2]