Core Insights - The next major opportunity in AI lies within "new infrastructure for computing power" as highlighted by the recent measures from the National Development and Reform Commission and other departments [1][3] - The demand for AI large models and intelligent computing centers is expected to drive a high growth cycle in computing power infrastructure, with a significant leap in the industry chain scale projected by Q4 2025 [1][3] Industry Developments - Computing power has become a fundamental resource for societal operations, supporting technologies from facial recognition to autonomous driving [3] - A 1% increase in the computing power index can lead to a 0.33% growth in the digital economy and a 0.18% increase in GDP [3] - Major global tech companies are intensifying investments in computing power infrastructure, with Alibaba planning to invest 380 billion yuan in AI infrastructure over the next three years, marking the highest investment record in China's private sector for AI infrastructure [3][4] - Huawei has launched the world's strongest computing power supernodes and clusters, with Atlas 950 and 960 SuperPoD products leading in key metrics [4][5] - OpenAI, along with SoftBank and Oracle, announced a plan to invest $500 billion over four years to build data centers and supercomputing clusters in the U.S. [5] Market Performance - As of September 26, there are 319 listed companies in the computing power concept sector in A-shares, with 91 companies seeing stock price increases of over 50% this year, and 34 companies achieving a doubling of their stock prices [6][7] - Companies like Pingzhi Information have transitioned to computing power services, signing contracts worth over 2.2 billion yuan for computing power services [8] - Bohui Co., Ltd. has accelerated its transformation, establishing a subsidiary focused on liquid cooling management systems for intelligent computing centers [8][9]

Group 1: Company Strategy and Development - The company is shifting its development philosophy from "large and strong" to "specialized and precise" [2] - Key initiatives in the past six months include enhancing supply chain resilience and accelerating global sourcing, particularly direct supply from sources [2][3] - The company has adjusted its product structure to focus on technical research and innovation in specialty oils and new chemical materials [2][3] Group 2: New Business Ventures - The establishment of a wholly-owned subsidiary in Wuxi for liquid cooling is based on the explosive growth in national computing power demand [4] - The liquid cooling subsidiary aims to provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems [4] - The subsidiary is currently in its initial stage, with team building and business development progressing in an orderly manner [4] Group 3: Financial and Market Position - The company is the only private refinery operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] - The company has received acceptance notification from the Shenzhen Stock Exchange for a private placement of shares, pending further regulatory approvals [5] - The company is monitoring its stock price closely, with potential triggers for early redemption of convertible bonds based on specific price thresholds [6]

Group 1: Company Strategies for Sustainable Development - The company is accelerating global sourcing efforts to enhance the procurement of raw materials, aiming to improve cost-effectiveness through AI-driven market analysis systems [2][3] - Focus on R&D in specialized oils and new chemical materials to enhance product quality and increase added value, with transformer oil being a key product for future cooling applications [2][3] - The company has established a wholly-owned subsidiary in Wuxi to explore liquid cooling business, optimizing its business structure and expanding market reach [3][4] Group 2: Risk Management and Financial Strategies - The company engages in commodity futures hedging to mitigate risks from price fluctuations in raw materials and products, utilizing approved futures exchanges for transactions [3] - Plans to issue up to 73,644,312 shares to state-owned assets, which, combined with transferred shares, will result in state ownership of approximately 33.13% of the company [3] - The company is awaiting approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission for the issuance of A-shares to specific investors [3] Group 3: Market Expansion and Product Development - The company is the only private refinery in China operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] - Continuous process optimization is being implemented to enhance product quality stability and increase capacity utilization [3] - The establishment of the Wuxi subsidiary will provide comprehensive liquid cooling management solutions, contributing to the company's growth potential [4]

Group 1: Company Overview and New Initiatives - The company established a wholly-owned subsidiary, Wuxi Jizhi Liquid Cooling Technology Co., Ltd., with an investment of 5 million RMB to enter the liquid cooling industry, aiming to optimize business structure and expand market reach [2] - The subsidiary will provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems, including GPU liquid cooling systems and cooling liquids [2] Group 2: Market Strategy and Production Capacity - The company has a production capacity of 400,000 tons per year for high-sulfur fuel oil, primarily serving international shipping clients, and is currently the only private refinery in China handling bonded high-sulfur fuel oil [3] - The company has successfully navigated the delivery of the first domestic bonded high-sulfur fuel oil futures, breaking the reliance on imports and supporting national energy independence [3] Group 3: Support from State Capital - The entry of state capital is expected to enhance the company's stability and accelerate industrial transformation, promoting long-term development [4] Group 4: Operational Improvements and Competitive Edge - The company is enhancing its competitive advantage by optimizing raw material procurement channels, increasing production capacity utilization, and exploring new business models such as import processing trade [5] - Efforts are being made to improve product quality and expand into high-end market applications, thereby increasing international market share [5] Group 5: Use of Convertible Bond Proceeds - Remaining funds from the convertible bond issuance will be used to permanently supplement working capital, repay bank loans, and support the upgrade of environmental aromatic oil products and comprehensive utilization of light hydrocarbons [6] Group 6: Disclosure of Information - The investor relations activity did not involve any undisclosed significant information [7]