Introduction

Emdoor (001314.SZ) reported impressive 2025 results, with revenue growing 44.15% to 4.583 billion RMB and net profit attributable to the parent company rising 91.76% to 65.36 million RMB. This performance stands out significantly amid the consumer electronics sector's structural rebound.

However, what truly caught the market's attention was the rising star hidden within the "Other" product category: AI NAS. According to the annual report, this business segment generated 160 million RMB in revenue in 2025—a staggering year-on-year surge of 903.19%—making it the fastest-growing category across all of the company's business segments.

Redefining "Storage": From Static Warehouse to Intelligent Computing Hub

Traditional NAS focuses on data backup and sharing, acting as a passive "data warehouse." Emdoor Information is shifting the narrative by integrating AI inference into storage, transforming it into a "localized hub for intelligent data and computing."

According to the annual report, AI NAS is evolving from a mere "data warehouse" into a "localized hub for intelligent data and computing." This means a single AI NAS device can store data while simultaneously running local AI models for photo sorting, document analysis, and private model training, or act as an edge node for smart systems.

This approach tackles the primary obstacles to AI adoption: privacy concerns, latency, and high bandwidth costs associated with cloud AI. For sectors like finance and healthcare that demand high security, or for creators and small businesses handling large local datasets, the need for private, offline-ready AI infrastructure is critical. AI NAS provides exactly that solution.

The Data Strength Fueling an Outbreak in Growth

AI NAS Revenue: 160 million RMB (up 903.19% YoY).

Market Forecast: A CSC Financial report notes that while only 60,000 AI NAS units were sold globally in 2024, the market is expected to reach 6.69 million units by 2035. This represents a 54% CAGR, with the technology eventually achieving a market penetration rate of over 60%.

Product Matrix Synergy: Emdoor Information has constructed a full-scenario AI computing product line, spanning from low-power edge computing (MiniPC, AI NAS) to high-performance infrastructure (AI servers, AI workstations). Positioned at the "edge-terminal" juncture, AI NAS serves as a critical complement to both cloud and end-user devices.

The Client Landscape: Who is Investing in AI NAS?

With years of deep cultivation in intelligent hardware, Emdoor Information has cultivated a portfolio of top-tier clients who are now serving as "seed users" for the early implementation of AI NAS. According to the annual report, the company's top five customers accounted for a combined sales volume of 1.762 billion RMB, representing 38.46% of the total annual sales. This group specifically includes:

Among them, Lenovo and iSoftStone—both leaders in IT services and hardware—are key players here. With Lenovo’s aggressive push into AI PCs and iSoftStone’s deep roots in specialized industry solutions, both companies have an organic need for AI-driven storage. This positions them as ideal channel partners or direct buyers for AI NAS technology.

Furthermore, SMEs, creative studios, and home digital lifestyle enthusiasts represent significant potential users for AI NAS. A video studio, for instance, generates terabytes of 4K/8K footage daily; whereas traditional NAS only offers storage, AI NAS can automatically tag content, generate proxy files, and even perform preliminary editing inference locally—marking a distinct value proposition upgrade.

The Second Growth Engine: Will AI NAS Drive Future Gains?

To determine whether a business can anchor a "second growth curve," we typically examine three dimensions: market ceiling, competitive advantage, and financial contribution.

• Market Potential: A projected 54% CAGR signals a multi-billion dollar market. With current penetration at rock bottom, this is a quintessential "blue ocean" of incremental growth.

• Competitive Advantage: Emdoor possesses full-stack capabilities—from hardware design and manufacturing to its proprietary edge inference framework (AESOF)—enabling rapid response to custom demands. Compared to traditional NAS giants like Synology or QNAP, its AI software stack is more deeply integrated with China’s local AI ecosystem, including Alibaba Cloud and Volcano Engine.

• Financial Contribution: Classified under "Other" products, AI NAS boasts a gross margin of 18.79%, significantly outperforming smart hardware (9.76%) and rugged terminals (~14%). This superior profitability suggests that as the business scales, it could fundamentally enhance the company’s overall margin profile.

From these three perspectives, AI NAS undeniably possesses the potential to become a "second growth curve"—driven by a high-growth track, differentiated technology, and higher profit margins.

R&D and Technical Capability: Anchoring the Growth Momentum

AI NAS isn't just about putting an AI chip inside a hard drive box. The real edge comes from local inference efficiency, software ease of use, and integration with major AI models. Here is how Emdoor has positioned itself in these fields:

While absolute R&D spending increased, its revenue share and personnel numbers dipped slightly as rapid revenue growth outpaced investment scaling.

Emdoor is driving AI NAS adoption through "tech co-development and shared channels" to secure its second growth engine. Strategy highlights:

• IDEA Research Institute Partnership: Jointly running the "IDEA-Emdoor Edge Computing AI Lab" to commercialize edge AI models.

• Upstream Synergy: Maintaining deep R&D and market ties with giants like Intel, AMD, MediaTek, Qualcomm, Microsoft, and Google.

• OpenHarmony + AI: Developing domestic AI servers and OpenHarmony-based IoT terminals for the secure-tech market.

Summary

The explosive growth of AI NAS validates the feasibility of Emdoor Information’s "AI + Terminal" strategy and showcases the company's astute positioning within the edge intelligent computing sector. From product definition and technical reserves to industry trends, AI NAS indeed possesses the potential to become a second growth curve.

Note: This information is for reference only and not intended as investment advice. Investing carries risk; proceed with caution.