Jiangsu Yangdian Science & Technology Co. Ltd.

On the evening of July 20, multiple listed companies on the Shanghai and Shenzhen exchanges disclosed positive news. SDIC Power's controlling subsidiary Yalong River Hydropower plans to establish a project company with CATL to invest in the construction of the Yagen Second-Level Hydropower Station, with a total dynamic investment of 33.394 billion yuan, including capital of 6.679 billion yuan. Raytron released an earnings forecast, expecting first-half net profit of 1.2 billion to 1.3 billion yuan, a year-on-year increase of 242% to 270%, mainly benefiting from high industry prosperity and capacity release. Raycus Laser's earnings flash report shows first-half net profit attributable to the parent company of 158 million yuan, up 116.73% year-on-year. In addition, several companies disclosed large contracts and share buyback or increase plans: Guoke Tiancheng signed a sales contract for uncooled infrared detectors and thermal imagers worth no less than 630 million yuan, Yangdian Technology's wholly-owned subsidiary signed an 860 million yuan computing power service contract, and Yushun Electronics' wholly-owned subsidiary signed a 731 million yuan computing power server leasing agreement. Huayou Cobalt plans to repurchase shares for 600 million to 1 billion yuan, Sany Heavy Industry's chairman proposed a share buyback of 400 million to 800 million yuan, and China State Construction's controlling shareholder plans to increase its shareholding by 500 million to 1 billion yuan. Hangdian Cable plans a private placement to raise no more than 2.88 billion yuan for projects such as high-end electronic circuit copper foil, and Donghua Software plans a private placement to raise no more than 2.029 billion yuan for projects including intelligent computing center construction. Sinocera announced a price increase for zirconia powder sales effective July 27, with an increase of about 10% to 40%. Jiuri New Materials' wholly-owned subsidiary Shandong Jiuri Chemical's ACMO Phase I project has entered trial production, with a total designed capacity of 1,500 tons per year, and the first phase of 500 tons per year has been put into production.

Yangdian Technology's wholly-owned subsidiary, Sichuan Hanyang Intelligent Technology, recently signed a Computing Power Service Contract with a well-known enterprise in China's intelligent driving sector. The total contract value, including tax, is as high as 860 million yuan, with a service period of 60 months. Hanyang Intelligent was established on December 26, 2025, and has been operating for just over half a year. It will provide the client with up to 128 computing nodes and supporting intelligent computing operation and maintenance services. The actual settlement amount will be dynamically calculated based on the number of delivered nodes, with the first batch of 32 computing nodes required to be delivered and accepted by August 31, 2026. The contract amount exceeds 67.22 percent of Yangdian Technology's total 2025 annual revenue of 1.279 billion yuan. The company stated it will leverage this to accumulate experience in computing power services for intelligent driving scenarios and promote a transformation toward a dual-drive model of power plus computing power. The announcement also highlighted multiple risks, including that the computing power business team and operational system are still being cultivated, equipment procurement funds rely on self-owned capital and bank credit, the high-end GPU supply chain is constrained by international trade, and changes in the macroeconomic environment and industry demand during the five-year ultra-long contract period may affect contract execution.