Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company has established a strategic plan focusing on the information data field, and the "focus strategy" effect is gradually emerging. The company's business orders in the information data field have continued to grow in 2024 and the first half of 2025 [24][27]. - The company has adopted a business strategy of simultaneous development in domestic and international markets. The overseas market has achieved certain results, with overseas revenue increasing significantly in the first half of 2025 [36]. - The company has a full - stack liquid - cooling solution, which can meet the needs of customers from construction to operation and maintenance in the liquid - cooling field [31]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Yimikang, belonging to the software development industry. The reception time was September 12, 2025. The listed company's reception personnel included the chairman, independent director, board secretary, and financial director [17]. 3.2 Detailed Research Institutions - The reception objects included investors' online questions and others [20]. 3.3 Research Institution Proportion No information provided. 3.4 Main Content Data - **Stock price and market value issues**: The company's stock price is affected by multiple factors. The company focuses on the information data field, and its business situation has continued to improve. In 2024, it achieved an operating income of 1.145 billion yuan, a year - on - year increase of 42.84%. In the first half of 2025, it achieved an operating income of 736.7688 million yuan, a year - on - year increase of 54.82%; the net profit attributable to the listed company was 14.9158 million yuan, a year - on - year increase of 124.13%; the net profit after deducting non - recurring gains and losses attributable to shareholders of the listed company was 16.0061 million yuan, a year - on - year increase of 335.12%. The company started a repurchase in early 2025 and launched an employee stock ownership plan [24]. - **Profitability and market value management**: The company will follow the industry growth period, focus on the information data field, synchronously layout domestic and overseas businesses, adhere to flat management and rapid decision - making, and continue to control costs and build a high - performance organization and high - efficiency operation system [27][28][29]. - **Liquid - cooling business**: The company has a full - stack liquid - cooling solution, covering technologies and products such as fluorine system cold plate systems, water - cooled cold plate systems, etc., and has achieved successful operation in the Middle East [31]. - **Cooperation with Alibaba**: Alibaba is the company's strategic customer. Due to the confidentiality agreement, some business information is not disclosed. The company will continue to deepen cooperation with important customers [31]. - **East - West Computing Project**: The company's relevant business covers all eight computing power hubs. In recent years, it has provided equipment for the project with an order amount of about 400 million yuan, and the energy consumption requirements are all below PUE1.2. In the first half of 2025, it undertook a 12,000P electromechanical general contracting project [33][34]. - **Revenue growth drivers**: In the first half of the year, the company's revenue growth was mainly due to the increase in the income of key equipment and intelligent engineering businesses [34]. - **Market development strategy**: The company implements a strategy of simultaneous development of domestic and international markets. In the domestic market, it focuses on large customers and orders; in the overseas market, it has covered Southeast Asian and Middle Eastern countries, and overseas revenue has increased significantly [36]. - **Issuance progress and R & D direction**: The company is actively promoting the issuance. It has a full - stack liquid - cooling solution and is committed to expanding products and technologies according to market demand [36]. - **Response to high - performance computing demand**: As a service provider of green solutions for the entire life cycle of digital infrastructure, the company will continue to increase investment in innovation and R & D to improve market share and profitability [38]. - **Order scale and delivery measures**: The company's order acquisition meets expectations. It focuses on large customers and orders, conducts R & D and product innovation according to customer needs, and adjusts the production management system to ensure efficient order delivery [38][39].