Xiamen Kehua Hengsheng

Kehua Data released its 2026 interim report, with total operating revenue of 3.884 billion yuan, net profit attributable to the parent company of 396 million yuan, and net cash inflow from operating activities of 626 million yuan. The company's asset-liability ratio was 53.90%, gross margin was 24.35%, return on equity was 6.04%, and diluted earnings per share was 0.53 yuan. The number of shareholders was 145,000, and the top ten shareholders held 39.74% of the total share capital.

Kehua Data released its 2026 semi-annual report, achieving operating revenue of 3.884 billion yuan, up 4.05% year on year; net profit attributable to shareholders of the listed company was 396 million yuan, up 62.69% year on year. Among this, second-quarter net profit was 318 million yuan, exceeding the upper end of the previously forecast range of 287 million to 312 million yuan, and up 307% quarter on quarter.

Kehua Data announced that it plans to adjust the product structure and internal investment structure of the fundraising project "Intelligent Manufacturing Base Construction Project Phase One", adding liquid-cooled CDU and supporting products on top of the original low-power and high-power power supply products, to meet the development needs of intelligent computing centers. This adjustment does not change the total project investment or the direction of raised funds, and still needs to be submitted to the shareholders' meeting for review.

More than 5 trillion yuan of incremental grid investment during the 15th Five-Year Plan period has officially entered the implementation phase, with distribution network upgrades becoming the largest structural increment in this round of investment. Data from the National Energy Administration shows that grid investment in the first half of this year rose 13.5 percent year on year. State Grid completed fixed asset investment of more than 310 billion yuan, up 12.6 percent year on year, while China Southern Power Grid completed 89.262 billion yuan, up 14.79 percent, the highest level for the same period on record. The National Development and Reform Commission has made clear that it will plan and build a number of transmission corridors and inter-provincial power mutual support projects, and implement three major programs: upgrading urban distribution networks, renovating weak county-level grids, and addressing frequent power outages in rural grids. In the first quarter of 2026, State Grid invested 56.8 billion yuan in distribution networks, already accounting for as much as 55 percent of grid investment at all levels. According to estimates by the National Energy Administration, the 5 trillion yuan of investment will drive total upstream and downstream activity of more than 10 trillion yuan and directly create over one million jobs.

Kehua Data and Epoch Intelligent announced a deep collaboration during the 2026 World Artificial Intelligence Conference. The two parties will engage in comprehensive cooperation around the deep adaptation and integration of RISC-V AI computing chips and computing infrastructure, covering joint innovation in product technology, coordinated expansion of market channels, and co-building of the computing industry ecosystem. Kehua Data has deep expertise in high-end power supplies, precision temperature control, and full-lifecycle data center operations and management, while Epoch Intelligent is an innovative enterprise that has taken the lead in China in achieving mass production of RISC-V AI computing chips. Leveraging their respective technological strengths, the two sides will carry out joint innovation practices focused on high-density OAM server integrated machines with liquid cooling, jointly creating full-stack domestically produced high-density computing products, and collaboratively advancing integrated delivery standards and product solutions for chip plus liquid cooling PODs for next-generation intelligent computing centers. At the market level, the two parties will establish a deep market coordination mechanism to form a joint delivery force from chips to infrastructure. At the same time, Kehua Data's customer resources and channel networks in industries such as internet, telecom operators, government and enterprises, finance, and manufacturing will provide support for expanding broader market scenarios for Epoch's chips. Targeting the computing services market, the two sides will jointly build a domestic computing resource pool based on Epoch's chips, launch out-of-the-box domestic computing integrated machine solutions, and jointly introduce full-stack computing solutions from underlying chips to upper-layer model services for emerging tracks such as embodied intelligence.

Kehua Data and Haide Intelligent Computing have officially signed a strategic cooperation agreement. The two sides will carry out full-cycle cooperation on a high-altitude commercial intelligent computing center project and simultaneously completed an order signing. This cooperation centers on the Haide Intelligent Computing Delingha high-altitude intelligent computing center project, which will be advanced in two phases. Kehua Data will achieve on-site application verification of liquid cooling and power complete-set products under high-altitude operating conditions, providing key data support for the large-scale application of single-cabinet 135-kilowatt ultra-high-density liquid cooling micro-modules and CDU products in high-altitude areas. The project meets the conditions for applying for national-level scientific research projects and can optimize plateau heat dissipation and power supply technology solutions based on measured data, helping Kehua Data consolidate its technological leadership in the high-altitude intelligent computing field. In addition, China General Machinery Engineering Corporation, as a core partner, will undertake the construction of mechanical and electrical facilities. The three parties will leverage the synergistic advantages of central enterprise construction, private enterprise operation, and Kehua's technology.