Super Fusion: It is expected that future downstream customers will continue to maintain a strong demand for server purchases.

On July 17th, Super Fusion and intermediary institutions replied to the inquiry letter. It was mentioned that the company's downstream customers mainly belong to the internet, telecommunications, finance, and government-enterprise industries. The company's order backlog includes contracts and orders with clearly defined quantities and amounts, but does not include those that have been awarded the bid and signed framework agreements but have not yet placed orders, as well as potential customer demands. As of December 31, 2025, the total amount of orders in hand for the company is 22.685 billion yuan, with sufficient order reserves. It is estimated that most of these orders will be completed within one year. Starting from 2026, in addition to the aforementioned orders in hand being continuously converted into revenue, the continuous growth of post-period revenue will be brought by new procurement orders signed based on framework agreements and new customer procurement demands. Considering the trend and structural changes in capital expenditures of customers in industries such as internet and telecommunications, it is expected that downstream customers will continue to have strong demand for server purchases, and the company's revenue scale is expected to maintain a steady growth trend.