KEHUA HENGSHENG(SZ:002335)2025-10-31 10:48Group 1: Financial Performance - The company achieved a revenue of 5.706 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 5.79% [3] - The net profit attributable to shareholders for the same period was 344 million CNY, a significant increase of 44.71% [3] - In Q3 2025, the revenue reached 1.973 billion CNY, marking an 18.65% increase year-on-year, while the net profit soared to 101 million CNY, reflecting a remarkable growth of 711.41% [3] - Total credit impairment and asset impairment losses amounted to 172.6362 million CNY, impacting the profit total for the first three quarters [4] Group 2: Data Center Business - The data center industry is transitioning from CPU-based to GPU-based systems, with increased capital expenditure on AI computing capabilities [5] - The company has made significant progress in serving major clients in the internet, telecommunications, finance, and semiconductor sectors [5] - The IDC service business has seen growth, with the launch of a new computing power platform (V2.0) aimed at optimizing resource allocation across multiple computing clusters [5][6] - The company is integrating quantum computing technologies into its existing data center infrastructure to enhance capabilities [6] Group 3: New Energy Business - The new energy sector has shown growth, with the company maintaining its leading position in the domestic energy storage market [7] - According to S&P Global, the company ranks first in global energy storage PCS (>500kW) shipments and second in overall energy storage PCS shipments [7] - The company has successfully developed a new model that integrates energy storage and computing power, enhancing its competitive edge in the market [7] - In 2025, the company's new energy product shipments to Europe and the US have more than doubled compared to the previous year [7] Group 4: Future Outlook - The company plans to expand its overseas market presence, particularly in Southeast Asia, the Middle East, Europe, and the US [8] - It aims to enhance product development and enter client product whitelist systems in response to market demands [8] - The company has allocated 348 million CNY for R&D in 2025, with a 102.94% increase in development expenditures [9] - The company is focusing on technological innovation, particularly in high-voltage direct current (HVDC) systems, to meet the growing power demands of data centers [9]