证券代码：603039 证券简称：泛微网络（维权） 公告编号：2026-001 泛微网络科技股份有限公司 关于以集中竞价交易方式首次出售已回购股份的公告 本公司董事会、全体董事及相关股东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： ● 回购股份的基本情况 为维护公司价值及股东权益，泛微网络科技股份有限公司（以下简称"公司"）于2024年2月7日至2024年 5月6日期间累计回购公司股份2,544,250股，占公司当前总股本的0.98%，具体内容详见公司于2024年5 月8日披露的《泛微网络关于股份回购进展及实施结果暨股份变动公告》（公告编号：2024-030）。上 述回购的股份将于回购实施结果暨股份变动公告披露十二个月后采用集中竞价交易方式出售，并在回购 实施结果暨股份变动公告披露三年内完成出售，若公司未能在上述期限内完成出售，未实施出售部分股 份将履行相关程序予以注销。 ● 出售计划的进展情况 公司于2025年12月4日召开第五届董事会第十六次会议，审议并通过《关于出售2024年度已回购股份的 议案》，同意公司根据《回购报告书》 ...

证券代码：603039 证券简称：泛微网络 公告编号：2026-001 泛微网络科技股份有限公司 关于以集中竞价交易方式首次出售已回购股份的公告 本公司董事会、全体董事及相关股东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： 回购股份的基本情况 为维护公司价值及股东权益，泛微网络科技股份有限公司（以下简称"公司"） 于 2024 年 2 月 7 日至 2024 年 5 月 6 日期间累计回购公司股份 2,544,250 股，占 公司当前总股本的 0.98%，具体内容详见公司于 2024 年 5 月 8 日披露的《泛微 网络关于股份回购进展及实施结果暨股份变动公告》（公告编号：2024-030）。上 述回购的股份将于回购实施结果暨股份变动公告披露十二个月后采用集中竞价 交易方式出售，并在回购实施结果暨股份变动公告披露三年内完成出售，若公司 未能在上述期限内完成出售，未实施出售部分股份将履行相关程序予以注销。 出售计划的进展情况 公司于 2025 年 12 月 4 日召开第五届董事会第十六次会议，审议并通过《关 于出售 2024 年度已 ...

Group 1 - The core viewpoint of the news is that Panwei Network has experienced a significant stock price increase, rising 5.3% on January 5, with a total market capitalization of 14.693 billion yuan and a cumulative increase of 8.38% over four consecutive days [1] - Panwei Network, established on March 14, 2001, specializes in the research, development, and sales of collaborative management software products, with its main revenue sources being technical services (63.11%), software income from e.cology (31.55%), third-party products (3.66%), software income from e.office (1.54%), and other sources (0.14%) [1] - The stock trading volume for Panwei Network on January 5 was 1.93 billion yuan, with a turnover rate of 1.35% [1] Group 2 - Yongying Fund holds a significant position in Panwei Network, with its fund "Yongying Information Industry Smart Selection Mixed Fund A" (023753) owning 830,800 shares, accounting for 5.56% of the fund's net value, making it the ninth-largest holding [2] - The fund has generated a floating profit of approximately 2.3595 million yuan today and a total of 3.4395 million yuan during the four-day price increase [2] - The fund manager, Wang Wenlong, has been in position for 2 years and 272 days, with the fund's total asset size at 5.087 billion yuan and a best return of 65.84% during his tenure [2]

Core Viewpoint - The AI computing power sector is experiencing significant growth, driven by government initiatives and increasing demand for domestic AI chips, particularly the H200 chip, which is set to be delivered to Chinese customers soon [3][4][5]. Group 1: Market Performance - On the last trading day of 2025, AI computing stocks saw a strong afternoon rally, with the cloud computing ETF (159890) rising over 1% and achieving a six-day winning streak [1]. - Notable stock performances included a rise of 11.46% for Yidian Tianxia, over 8% for Hand Information, and more than 4% for companies like Zhongke Xingtai and Wanxing Technology [1]. Group 2: Policy and Industry Developments - A key government official announced the implementation of the "AI+" initiative, which aims to create extensive application scenarios for AI computing power chips, leading to rapid growth in demand and innovation within the sector [3]. - The conditional opening of the H200 chip to China is seen as a positive development, with major tech companies like Alibaba and ByteDance planning significant purchases to enhance their AI capabilities [4]. Group 3: Domestic Chip Strategy - Domestic companies are adopting varied strategies in response to the H200 chip's availability, with Alibaba and ByteDance pursuing large-scale purchases, while Baidu focuses on self-developed Kunlun AI chips to reduce reliance on external suppliers [4]. - Tencent is exploring indirect methods to acquire advanced computing power, aiming to secure over $1.2 billion in usage rights for the latest B200/B300 chips [4]. Group 4: Growth Projections - According to IDC and Inspur, China's intelligent computing power is projected to reach 1,037.3 EFLOPS by 2025, with a compound annual growth rate of 46.2% from 2023 to 2028 [6]. - The general computing power in China is expected to grow to 85.8 EFLOPS by 2025, with a compound annual growth rate of 18.8% during the same period [6]. Group 5: Investment Opportunities - The current landscape of the AI computing market presents numerous opportunities for investment, with a focus on domestic chip development and technological innovation [5][6]. - The cloud computing ETF (159890) tracks a diverse range of companies involved in AI infrastructure and applications, indicating a comprehensive approach to the AI computing era [6].

Core Insights - The Chinese SaaS industry is at a critical juncture in 2025, facing a dual challenge of stringent profitability scrutiny post-capital withdrawal and the technological surge driven by generative AI [1] - The market is shifting focus from flashy AI features to tangible cost savings and incremental value generation [1] - The actual annual recurring revenue (ARR) from AI SaaS remains below 15% of the overall market, indicating that many AI functionalities are still in demo stages and not translating into real business value [1] Industry Overview: Structural Crisis Amidst Growth Achievements: AI-Driven Product Paradigm Shift - The most significant breakthrough in 2025 is the evolution of SaaS from "digital record systems" to "intelligent decision systems" [2] - For instance, Beisen's AI recruitment agent has reduced the average hiring cycle from 28 days to 17 days, improving efficiency by nearly 40% [2] - The policy environment is supportive, with initiatives like the "14th Five-Year Plan" promoting AI applications in various sectors [2] Failures: Three Fatal Traps Under AI Hype - Many companies are falling into "pseudo-innovation" traps, such as: - Trap 1: AI functionalities are often superficial, lacking core capabilities, with over 60% of SaaS vendors merely repackaging existing models without deep training [3] - Trap 2: Misalignment of profit models, where high R&D costs for AI are not matched by revenue, leading to a low return on investment [3] - Trap 3: Organizational capability gaps hinder effective AI implementation, with many companies struggling to recruit the necessary talent [4] Company Deep Dives: Innovation vs. Conceptual Hype Beisen (HKEX: 9680): The "AI Star" in HR SaaS - Successfully built a "talent data flywheel" with over 50 million assessment data points, achieving a resume parsing accuracy of 98.7% [6] - Launched an AI Talent OS that integrates multiple agents, improving key position fill rates by 35% [7] - Demonstrated a net revenue retention rate exceeding 110% for three consecutive years, with ARR surpassing 1.2 billion [8] - However, it faces challenges in penetrating the SME market and has a vague AI pricing model [9][10] Yonyou Network (SHSE: 600588): Struggling Giant - Captured over 40% market share in government and state-owned enterprise ERP replacement projects, leveraging policy benefits [11] - Achieved a milestone with cloud service revenue exceeding 50% of total revenue [13] - However, AI functionalities are not fully integrated with core systems, leading to inefficiencies [14] - High R&D costs with low patent conversion rates have raised concerns about profitability [16] Kingdee International (HKEX: 0268): The Cost of Aggression - Committed to a cloud-native strategy, with cloud revenue accounting for 67.4% of total revenue [17] - Developed a "modular AI" architecture allowing clients to customize AI components [18] - However, the company reported a net loss of 210 million, primarily due to high AI development costs [21] - Experienced a 21% customer attrition rate in the SME market, indicating a loss of competitive edge [22] Fanwei Network (SHSE: 603039): OA Leader in AI Dilemma - Attempted to pivot with "AI office" solutions but faced significant challenges [23] - Product architecture is outdated, leading to performance issues with AI functionalities [24] - Revenue growth is sluggish, with cloud revenue only at 29% of total [25] Zhiyuan Interconnect (SHSE: 688369): The Pragmatic Survivor - Focused on high-barrier markets, with 58% of revenue from government and public sector [26] - Maintained a stable net profit margin of 15.2% through controlled R&D spending [28] - However, lacks innovative AI cases and faces limitations in market expansion [28] Fundamental Restructuring of SaaS by AI: Five Trends - The shift from "feature stacking" to "intelligent agent collaboration" is redefining product logic [29] - The competitive moat is transitioning from algorithms to data, emphasizing the importance of vertical data ecosystems [30] - A revolution in profit models is emerging, with a shift towards performance-based pricing [31] - Customer success roles are evolving into "AI usage coaches," requiring a blend of business and AI expertise [32] - Ecosystem competition is replacing solitary efforts, with companies forming partnerships to enhance capabilities [32] Final Thoughts - The SaaS industry is undergoing a rigorous evaluation of AI's impact, with a clear divide between genuine innovators and those merely rebranding existing products [33] - The next three years will see a consolidation in the market, with companies needing to demonstrate quantifiable business value from AI to survive [33]

Major Announcements - Victory Energy has clarified that it does not engage in robotics-related business and has no asset restructuring plans for the next twelve months, despite its stock experiencing an 8-day trading limit increase of 114.44% since December 12 [1] - Aerospace Engineering confirmed that its main business does not involve commercial aerospace, with a current rolling P/E ratio of 76.85, significantly higher than the industry average [2] - ST Songfa's subsidiary, Hengli Shipbuilding, signed contracts for the construction of 8 vessels, with a total contract value estimated between 500 million to 800 million USD [3] - Libet has stated it does not engage in controllable nuclear fusion business, with its nuclear power-related contracts amounting to 226 million CNY, representing 6.48% of its audited revenue for 2024 [4] - Zhuhai Mian Group has completed the 100% equity transfer of Gree Real Estate for a transaction price of 5.518 billion CNY [5] Investments and Projects - Ningbo Huaxiang's subsidiary has signed a contract for the production of robot joints, which is expected to positively impact future performance starting January 2026 [6][7] - Haibo Shichuang plans to invest 2 billion CNY to build a smart green energy storage factory, expected to be completed by December 2028 [8] - Zhenyu Technology's subsidiaries plan to invest at least 1 billion CNY each in projects related to humanoid robots and core components for electric vehicle drive systems [10] Corporate Actions - ST Lian Stone has completed its restructuring plan and will have its delisting risk warning lifted on December 25, 2025 [9] - Huaxin Building Materials' major shareholder plans to increase its stake by 200 million to 400 million CNY [11] - Nova Star Cloud has secured a loan commitment of up to 135 million CNY for share repurchase [13] - Fanwei Network intends to repurchase and cancel 4.2371 million shares, representing 1.63% of its total share capital [14] - Dong'a Ejiao has conducted its first share repurchase, totaling approximately 19.9976 million CNY [15] Stock Trading and Resumption - ST Xinyan's stock will resume trading on December 24, 2025, following a capital increase from 1.496 billion shares to 3.29 billion shares [16]

Group 1 - The core point of the article is that Panwei Network announced the approval of a proposal to repurchase and cancel shares related to the 2023 employee stock ownership plan during its second extraordinary general meeting of shareholders in 2025 [2] Group 2 - The company held its second extraordinary general meeting of shareholders on December 23 [2] - The proposal regarding the repurchase and cancellation of shares was specifically related to the 2023 employee stock ownership plan [2]

二、需债权人知晓的相关信息 证券代码：603039 证券简称：泛微网络 公告编号：2025-034 泛微网络科技股份有限公司 关于回购注销 2023 年员工持股计划股票并减少注册 资本暨通知债权人的公告 本公司董事会、全体董事及相关股东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。 一、通知债权人的原因 泛微网络科技股份有限公司（以下简称"公司"或"泛微网络"）分别于 2025 年 12 月 4 日、2025 年 12 月 23 日召开第五届董事会第十六次会议、2025 年第二次临时股东会，审议通过了《关于回购注销 2023 年员工持股计划股票的 议案》。鉴于 2023 年员工持股计划已终止实施，根据《关于上市公司实施员工 持股计划试点的指导意见》、《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》、公司《2023 年员工持股计划》等有关规定，公司拟回购注销本 员工持股计划证券账户所持有的全部股票 4,237,118 股，占公司当前总股本的 1.63%。本次回购注销完成后，公司股份总数将由 260,603,073 股减少至 256,36 ...

证券代码：603039 证券简称：泛微网络 公告编号：2025-033 泛微网络科技股份有限公司 2025年第二次临时股东会决议公告 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 | 1、出席会议的股东和代理人人数 | 185 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 88,219,956 | | 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 | 33.8522 | | 份总数的比例（%） | | | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例（%） | 票数 | 比例（%） | | A 股 | 87,406,255 | 99.8864 | 70,120 | 0.0801 | 29,200 | 0.0335 | 2、 议案名称：《关于减少注册资本并修订<公 ...

北京德恒（杭州）律师事务所 法律意见书 杭州市上城区新业路 200 号华峰国际商务大厦 10-11 楼 电话:0571-86508080 传真:0571-87357755 邮编:310020 北京德恒（杭州）律师事务所 关于泛微网络科技股份有限公司 2025 年第二次临时股东会的法律意见书 北京德恒（杭州）律师事务所 关于 泛微网络科技股份有限公司 2025 年第二次临时股东会的 关于 泛微网络科技股份有限公司 2025 年第二次临时股东会的 法律意见书 德恒【杭】书（2025）第 12047 号 致：泛微网络科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）和中国证券监督管理委员会 《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其 他有关规范性文件的要求，北京德恒（杭州）律师事务所（以下简称"本所"） 接受泛微网络科技股份有限公司（以下简称"泛微网络"或"公司"）的委托， 指派律师参加泛微网络 2025 年第二次临时股东会（以下简称"本次股东会"）。 本所律师根据相关法律法规及《泛微网络科技股份有限公司章程》（以 ...