Financial Performance - Total revenue for Q1 2025 reached RMB 2,586,233,304.50, an increase of 4.34% compared to RMB 2,478,641,535.71 in the same period last year [5] - Net profit attributable to shareholders was RMB 184,675,971.65, reflecting a growth rate of 29.53% from RMB 142,577,605.46 year-on-year [5] - Net profit excluding non-recurring gains and losses was RMB 111,130,508.79, showing a significant increase of 96.28% compared to RMB 56,619,262.75 in the previous year [5] - Basic earnings per share increased to 0.127, up 29.59% from 0.098 in the same quarter last year [5] - The company achieved an operating profit of RMB 234,546,502.96, representing an increase of 11.71% from RMB 209,966,959.86 year-on-year [5] Assets and Equity - Total assets at the end of the reporting period were RMB 35,929,432,160.04, a decrease of 1.88% from RMB 36,617,491,563.87 at the beginning of the period [5] - Shareholders' equity attributable to the company was RMB 20,203,767,985.58, down 0.97% from RMB 20,402,094,556.36 at the start of the period [5] Operational Efficiency - The weighted average return on net assets improved to 0.90%, up from 0.76% in the previous year [5] - The company continues to optimize product structure and enhance operational efficiency, contributing to the growth in performance [7] Financial Data Disclaimer - Investors are advised that the financial data presented is preliminary and subject to potential adjustments, with expected discrepancies not exceeding 20% [8]

Group 1 - The core index of the China Securities Artificial Intelligence Industry Index rose by 0.4% to 1327.8 points, with a trading volume of 38.506 billion yuan [1] - Over the past month, the index has decreased by 6.35%, while it has increased by 4.67% over the past three months and year-to-date [2] - The index is constructed from 50 representative listed companies that provide foundational resources, technology, and application support for artificial intelligence, reflecting the overall performance of AI-related securities [2] Group 2 - The top ten weighted companies in the index include Zhongke Shuguang (6.35%), Han's Robotics (6.24%), Weir Shares (6.2%), and others, indicating a concentration in a few key players [2] - The index's holdings are primarily from the Shenzhen Stock Exchange (53.77%) and the Shanghai Stock Exchange (46.23%) [2] - The industry composition of the index shows that information technology accounts for 72.85%, communication services for 19.78%, consumer discretionary for 6.61%, and industrials for 0.75% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Public funds tracking the artificial intelligence index include Hua Fu CSI Artificial Intelligence Industry ETF Link A, Hua Fu CSI Artificial Intelligence Industry ETF Link C, and Hua Fu CSI Artificial Intelligence Industry ETF [3]

证券代码：603019 证券简称：中科曙光 公告编号：2025-028 曙光信息产业股份有限公司 关于回购注销部分限制性股票的债权人通知公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、通知债权人原因 公司于 2025 年 3 月 31 日召开 2024 年度股东大会，审议通过了《关于回购 注销部分限制性股票的议案》，鉴于公司《2021 年限制性股票激励计划（草案）》 （以下简称"本激励计划"、"激励计划"）中的部分激励对象未达 100%解除限售 标准，公司决定对以上人员持有的已获授但不符合解除限售标准的限制性股票予 以回购注销。 公司本次回购的限制性股票股数为 88,000 股，占本次回购实施前公司总股 本的 0.006%。根据公司激励计划的规定，激励对象获授的限制性股票完成股份 登记后，公司有资本公积转增股本、派送股票红利、股份拆细、配股、缩股等影 响公司股本总额或公司股票价格事项的，公司应对尚未解除限售的限制性股票的 回购价格做相应的调整。公司将根据本年度权益分派实施情况调整回购价格。 本次限制性股票回购注 ...

证券代码：603019 证券简称：中科曙光 公告编号：2025-027 曙光信息产业股份有限公司 2024 年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 3 月 31 日 (二) 股东大会召开的地点：北京市海淀区中关村软件园 36 号楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 5,313 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 505,723,917 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 34.5813 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议由董事、总裁历军先生主持，会议采用现 场投票与网络投票相结合的表决方式，大会的通知、召开、表决方式 ...

北京市中伦律师事务所 关于曙光信息产业股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年三月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于曙光信息产业股份有限公司 2024 年年度股东大会的 法律意见书 致：曙光信息产业股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受曙光信息产业股份有限公 司（以下简称"公司"）委托，指派本所律师对公司 2024 年年度股东大会进行 见证，并出具《北京市中伦律师事务所关于曙光信息产业股份有限公司 2024 年 年度 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is constructing a complete domestic computing power ecosystem, continuously enhancing its profitability [4] - In the AI computing era, the company is deepening its full-stack intelligent computing capabilities [4] - The company is positioned to benefit significantly from the growth in AI computing power, domestic innovation, and liquid cooling technology [4] Summary by Sections 1. Building a Complete Domestic Computing Power Ecosystem - The company has grown into a leading domestic high-performance computing enterprise, achieving a complete layout of the computing power industry chain from chips to cloud services [10] - The company's profitability has shown resilience, with a sales gross margin of 29.16% in 2024, an increase of 2.90 percentage points year-on-year, and a net profit margin of 15.16%, up 2.08 percentage points year-on-year [22][24] 2. AI Computing Era, Deepening Full-Stack Intelligent Computing Capabilities - The intelligent computing industry is rapidly developing under dual drives of industry and policy, with the company actively laying out the AI computing power industry chain [4] - The company has launched the DeepSeek-R1 model, which significantly enhances AI model inference capabilities and lowers usage barriers [30] - The company is enhancing its AI service offerings, including the release of the DeepAI intelligent engine and the establishment of a national integrated computing power service platform [4] 3. Liquid Cooling Technology Welcomes Development Opportunities - The global demand for computing power is rapidly increasing, leading to a rise in chip power consumption and data center power density, making liquid cooling a preferred solution [4] - The company's subsidiary, Shuguang Shuchuang, is a leader in domestic liquid cooling technology, with its third-generation C8000 immersion liquid cooling solution achieving a power density of over 750 kW [4] - The company has secured international projects, laying a foundation for future growth in overseas markets [4] 4. Investment Strategy - The report suggests maintaining a "Buy" rating, as the company is well-positioned to benefit from the AI infrastructure boom and the development of liquid cooling technology [4] - The expected earnings per share (EPS) for 2025-2027 are projected to be 1.57, 1.88, and 2.26 yuan, with corresponding price-to-earnings (PE) ratios of 42, 35, and 29 times [4]

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the Shanghai Small and Medium Cap Index increasing by 0.08% to 4325.51 points and a trading volume of 170.192 billion yuan [1] - Over the past month, the Shanghai Small and Medium Cap Index has decreased by 0.82%, down 1.57% over the last three months, but has increased by 0.42% year-to-date [1] - The index categorizes listed companies in the Shanghai market into different sizes based on market capitalization and trading volume, reflecting the overall performance of various scales of listed companies [1] Group 2 - The top ten weighted stocks in the Shanghai Small and Medium Cap Index include Guotai Junan (1.96%), Jiangsu Bank (1.45%), Pudong Development Bank (1.28%), Minsheng Bank (1.04%), Zhongke Shuguang (1.0%), Shanghai Bank (0.98%), Fuyao Glass (0.96%), Huatai Securities (0.94%), Beijing Bank (0.94%), and Lanke Technology (0.89%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1] Group 3 - In terms of industry composition, the financial sector accounts for 23.27%, industrial sector for 21.91%, information technology for 14.94%, materials for 12.17%, consumer discretionary for 7.14%, healthcare for 6.55%, utilities for 4.25%, consumer staples for 3.41%, energy for 2.97%, telecommunications for 2.45%, and real estate for 0.95% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, typically not exceeding 10% of the sample [2] - Special circumstances may lead to temporary adjustments to the index, such as delisting of sample companies or corporate actions like mergers and acquisitions [2]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][4] Core Views - The company is actively extending its layout in the computing ecosystem by launching products and solutions in storage, cybersecurity, big data, and cloud computing, achieving a full industry chain layout [2] - The company has invested in several quality assets, forming comprehensive coverage of the computing power industry chain, from upstream chips and server hardware to downstream cloud service providers [2] - With the expansion of capital expenditure by downstream customers and continuous optimization of products for generative AI scenarios, the company is expected to enhance its competitive advantage and accelerate the commercialization of new-generation products [2] Financial Performance Summary - In 2024, the company achieved operating revenue of 13.148 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 1.911 billion yuan, a year-on-year increase of 4% [1][4] - For Q4 2024, the company reported operating revenue of 5.106 billion yuan, a year-on-year decrease of 23%, and a net profit attributable to shareholders of 1.142 billion yuan, a year-on-year increase of 5% [1][4] - The direct sales model generated revenue of 12.191 billion yuan, down 12% year-on-year, with a gross margin of 29.60%, up 0.93 percentage points from 2023 [1] - The distribution model generated revenue of 910 million yuan, down 16% year-on-year, with a gross margin of 22.25%, up 0.07 percentage points from 2023 [1] - The company effectively controlled accounts receivable, which amounted to 2.268 billion yuan at the end of 2024, a year-on-year decrease of 10% [1] Future Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 2.805 billion yuan, 3.489 billion yuan, and 3.996 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 46.8%, 24.4%, and 14.5% [2][3]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's profitability has significantly improved, and its AI ecosystem layout is accelerating [1][4] - In 2024, the company achieved a revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 19.11 billion yuan, a year-on-year increase of 4.10% [2][3] - The company is focusing on high-value-added products and services, which has led to an increase in gross margin to 29.16%, up by 2.90 percentage points from the previous year [3][4] Financial Performance - In Q4 2024, the company reported a revenue of 51.06 billion yuan, a year-on-year decrease of 22.57%, but the net profit attributable to shareholders was 11.42 billion yuan, a year-on-year increase of 5.16% [2][3] - The company's IT equipment business generated revenue of 117.06 billion yuan in 2024, down 8.40% year-on-year, while software development and system integration services brought in 13.95 billion yuan, down 10.94% [3] - The net profit margin improved from 13.08% in 2023 to 15.16% in 2024 due to strategic transformation and management optimization [3] Future Projections - The company expects EPS for 2025, 2026, and 2027 to be 1.53, 1.81, and 2.04 respectively, with corresponding PE ratios of 46.52, 39.23, and 34.78 [6][7] - Revenue projections for 2025, 2026, and 2027 are 146.46 billion yuan, 164.99 billion yuan, and 182.99 billion yuan, respectively, indicating a recovery and growth trajectory [7][10]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's profitability has significantly improved, and its AI ecosystem layout is accelerating [1][4] - In 2024, the company achieved a revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 19.11 billion yuan, a year-on-year increase of 4.10% [2][3] Financial Performance Summary - In 2024, the company's IT equipment business generated revenue of 117.06 billion yuan, down 8.40% year-on-year, while software development, system integration, and technical services generated 13.95 billion yuan, down 10.94% year-on-year [3] - The company's gross margin increased to 29.16%, up 2.90 percentage points from the previous year, due to a strategic shift towards high-value-added products and services [3] - The net profit margin improved from 13.08% in 2023 to 15.16% in 2024 [3] Future Earnings Estimates - The company is expected to achieve EPS of 1.53, 1.81, and 2.04 for the years 2025, 2026, and 2027, respectively [6] - Corresponding P/E ratios for these years are projected to be 46.52, 39.23, and 34.78 [6] AI Ecosystem Development - The company has accelerated its AI ecosystem layout with the launch of products like DeepAI and DeepSeek, enhancing its competitive position in the domestic computing power market [4][5]