According to the China Post Securities Research Report, Kehua Data's 2026H1 net profit reached 365-390 million yuan, an increase of 50%-60% over the previous year. The high performance increase was mainly driven by accelerated overseas market expansion and non-recurring income from the sale of 80% of Keyunchen Airlines shares. The two-round growth logic of intelligent calculation and energy storage continued to be implemented. The computing power layout is deep, and the technological ecosystem is driving growth; the full stack of AI computing and electric cooling has been implemented, and the business volume is accelerated. At the level of cold power collaboration, the company deeply integrates product-level intelligent control and platform-based centralized operation and maintenance to build a collaborative response system for power supply and cooling. The millisecond response of electricity accurately adapts to AI load shocks, and the cooling minute level scheduling enables on-demand cooling. The two are connected and operated collaboratively through the system management platform to ensure the stable operation of the GPU cluster while continuously optimizing the PUE level. Excluding the impact of these non-cash expenses, net profit attributable to mother for 2026/2027/2028 was $6.7/9.8/1.31 billion, respectively. First coverage, giving a “buy” rating.

According to the China Post Securities Research Report, Kehua Data's 2026H1 net profit reached 365-390 million yuan, an increase of 50%-60% over the previous year. The high performance increase was mainly driven by accelerated overseas market expansion and non-recurring income from the sale of 80% of Keyunchen Airlines shares. The two-round growth logic of intelligent calculation and energy storage continued to be implemented. The computing power layout is deep, and the technological ecosystem is driving growth; the full stack of AI computing and electric cooling has been implemented, and the business volume is accelerated. At the level of cold power collaboration, the company deeply integrates product-level intelligent control and platform-based centralized operation and maintenance to build a collaborative response system for power supply and cooling. The millisecond response of electricity accurately adapts to AI load shocks, and the cooling minute level scheduling enables on-demand cooling. The two are connected and operated collaboratively through the system management platform to ensure the stable operation of the GPU cluster while continuously optimizing the PUE level. Excluding the impact of these non-cash expenses, net profit attributable to mother for 2026/2027/2028 was $6.7/9.8/1.31 billion, respectively. First coverage, giving a “buy” rating.