JinJi(SZ:300798)2025-05-09 10:57Financial Performance - The company's net profit for 2024 decreased significantly by 64.34% compared to the previous year, primarily due to increased depreciation and amortization from projects transitioning to fixed assets, as well as rising interest expenses from loans and convertible bonds [3] - The company reported a substantial asset impairment loss due to lower-than-expected returns from fixed asset projects and ongoing construction projects [3] Market Outlook and Business Strategy - The Chinese intelligent computing power market is projected to grow rapidly, with a scale reaching 725.3 EFLOPS in 2024, representing a year-on-year increase of 74.1%, and a market size of $19 billion, up 86.9% year-on-year [3] - The company has achieved a computing power network of 1,744P and signed leasing contracts, indicating a positive market outlook for its computing power business despite potential risks [4][5] Investment and Development Plans - The company plans to invest approximately 420 million yuan in the first phase of its intelligent computing project, with future investments for the second phase (8,000P) depending on market conditions and equipment procurement costs, estimated to be around 1.68 billion yuan [5][6] - Future product development will focus on high-end multi-purpose reactive dyes and optimizing production processes to meet safety and environmental standards [4] Industry Challenges and Responses - The company acknowledges uncertainties in the dye industry and plans to develop new products to meet the demands of emerging markets, including high-end reactive dyes with improved performance [4] - The company currently has no equity incentive or employee stock ownership plans but is open to future considerations [5]