网宿科技股份有限公司 关于完成注册资本变更登记并换发营业执照的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：300017 证券简称：网宿科技 公告编号：2025-099 本次变更（备案）前：注册资本人民币244,573.2567万元整。 本次变更（备案）后：注册资本人民币245,944.9777万元整。 特此公告。 网宿科技股份有限公司董事会 2025年12月3日 网宿科技股份有限公司（以下简称"公司"）于2025年11月14日召开的2025 年第二次临时股东会审议通过了《关于变更公司注册资本并修订<公司章程>的议 案》，因公司2023年限制性股票激励计划第二个归属期内合计归属了限制性股票 15,380,000股，其中有13,717,210股来源于公司定向发行的人民币A股普通股股 票，公司对注册资本及股份总数相应进行调整，并修改《公司章程》。 具 体 修 改 内 容 详 见 公 司 于 2025 年 10 月 27 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）公告的《章程修订对照说明》。 近日，公司已完成上述事项 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 网宿科技股份有限公司（以下简称"公司"）第六届董事会第三十一次会议通 知于2025年11月28日以电子邮件方式发出，会议于2025年12月3日上午10:00以电 话会议方式召开。本次会议应到董事7人，实到董事7人。本次会议的召集、召开 程序符合《公司法》和《公司章程》的有关规定。本次会议由董事长李伯洋先生 主持，与会董事对议案进行了审议，形成如下决议： 一、审议并通过《关于公司募投项目结项并将节余募集资金永久补充流动 资金的议案》 网宿科技股份有限公司 第六届董事会第三十一次会议决议公告 证券代码：300017 证券简称：网宿科技 公告编号：2025-097 网宿科技股份有限公司董事会 2025 年 12 月 3 日 鉴于公司募投项目 "云安全平台升级项目" 已达到预定可使用状态，目前 公司非公开发行股票募集资金投资项目均已结项，公司决定将"云安全平台升级 项目"节余资金及部分募集资金账户的节余资金合计6,487,588.27元（含现金管 理收益及利息，最终金额以实际结转时募集资金专户余额为准）永久补充流动资 金，用于 ...

国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 网宿科技股份有限公司（以下简称"网宿科技"或"公司"）非公开发行股票的 的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管 规则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》等相关法律、法规和规范性文件的 规定，对网宿科技募投项目结项并将节余募集资金永久补充流动资金事项进行了 审慎核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2016]129 号文《关于核准网宿科技股 份有限公司非公开发行股票的批复》核准，公司向特定投资者非公开发行人民币 普通股（A 股）股票 81,218,421 股，每股面值为 1 元，发行价格为 43.95 元/ 股。募集资金总额为 3,569,549,602.95 元，扣除发行费用 22,420,820.55 元， 募集资金净额为 3,547,128,782.40 元。国泰海通作为公司本次非公开发行股票 的保荐机构。上述募集资金到位情况已经瑞华会计师事务所（特殊普通合伙）审 验并出具瑞华验字[2016 ...

Core Viewpoint - The report from Guotai Junan Securities indicates that Wangsu Technology achieved significant year-on-year and quarter-on-quarter growth in net profit attributable to the parent company in Q3 2025, driven by active expansion into overseas markets and a comprehensive product offering [1] Market Expansion - The company is actively exploring overseas markets, focusing on Southeast Asia and the Middle East for its product offerings [1] - Wangsu Technology is advancing its entire product line internationally, providing security services to local clients and companies venturing abroad [1] Product and Service Development - The company has launched a deep security assessment service for large models, offering a one-stop security solution for large language models and AI applications [1] - The service encompasses model output security, data security, algorithm security, and application security, aiding enterprises in building a secure and trustworthy AI application ecosystem [1] Valuation and Rating - Based on comparable company valuations, Wangsu Technology is assigned a 2025 price-to-earnings ratio of 42 times, leading to a target price of 14.02 yuan, with a maintained "Buy" rating [1]

Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Insights - The company achieved significant growth in net profit for Q3 2025, with a year-on-year increase of 84.77% and a quarter-on-quarter increase of 34.84% [4][10]. - The company is actively expanding into overseas markets, particularly in Southeast Asia and the Middle East, while continuing to promote its full range of products [4][8]. - The company has launched a comprehensive security assessment service for AI applications, enhancing its offerings in the security domain [4][8]. Financial Summary - For the first three quarters of 2025, the company reported total revenue of 3.49 billion RMB, a decrease of 3.27% year-on-year, and a net profit attributable to shareholders of 0.62 billion RMB, an increase of 43.60% year-on-year [4][8]. - The projected revenues for 2025-2027 are 4.83 billion RMB, 4.88 billion RMB, and 5.17 billion RMB, with net profits of 0.82 billion RMB, 0.71 billion RMB, and 0.74 billion RMB respectively [4][8]. - The earnings per share (EPS) are expected to be 0.33 RMB, 0.29 RMB, and 0.30 RMB for the years 2025, 2026, and 2027 [4][8]. Market Expansion and Product Development - The company is focusing on a wide range of security solutions, including website, application, API security, and zero-trust solutions, catering to various industries [4][8]. - The company has been recognized as a leader in the IDC MarketScape for intelligent security access service edge vendors in China [4][8]. - The upgrade of the next-generation edge AI platform aims to establish a comprehensive capability system for AI applications [4][8].

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price of 14.02 CNY [6][12]. Core Insights - The company achieved significant growth in net profit for Q3 2025, with a year-on-year increase of 84.77% and a quarter-on-quarter increase of 34.84%. The net profit attributable to the parent company reached 2.44 billion CNY [12][12]. - The company is actively expanding its overseas market presence, focusing on Southeast Asia and the Middle East, while continuing to promote its full range of products internationally [2][12]. - The report projects revenue for 2025-2027 to be 48.26 billion CNY, 48.75 billion CNY, and 51.70 billion CNY, respectively, with net profits of 8.21 billion CNY, 7.09 billion CNY, and 7.44 billion CNY [12][12]. Financial Summary - Total revenue for 2023 is projected at 4,705 million CNY, with a decrease of 7.4% year-on-year. The net profit attributable to the parent company is expected to be 613 million CNY, reflecting a substantial increase of 221.7% [4][12]. - The earnings per share (EPS) for 2025 is estimated at 0.33 CNY, with a projected price-to-earnings (PE) ratio of 42 times [12][14]. - The company reported a gross margin of 34.52% for the first three quarters of 2025, an increase of 4.07 percentage points year-on-year [12][12].

Core Viewpoint - The establishment of a high-quality backbone POP node by Wangsu Technology in São Paulo, Brazil, is a strategic move to enhance cross-border data connectivity for Chinese enterprises in the Latin American market, amidst the backdrop of digital transformation and deepening China-Brazil cooperation [1][3]. Group 1: Market Opportunity - Brazil is emerging as a "new hot land" for Chinese enterprises to expand overseas, given its significant influence in geography, economy, politics, and culture within Latin America [2]. - The digital landscape in Brazil is thriving, with over 200 million people and a continuously increasing internet penetration rate, leading to growing consumer activities online such as shopping, socializing, and entertainment [2]. - There are substantial opportunities for Chinese industries, including manufacturing, construction, technology, and internet sectors, in e-commerce, infrastructure, digital entertainment, and mobile payment in Brazil and the broader Latin American market [2]. Group 2: Network Challenges - Despite the booming digital economy, the network environment poses an invisible bottleneck for Chinese enterprises, with cross-border public network latency between China and Brazil exceeding 500 milliseconds, which is 2-3 times higher than that of Europe and the U.S. [2]. - The high latency affects the efficiency of technical collaboration for companies establishing branches in Latin America, particularly impacting digital businesses like gaming, e-commerce, and social entertainment, leading to slow website loading and frequent failures in mobile payments [2]. Group 3: Company Strategy - Wangsu Technology's new São Paulo POP node addresses the unique demands of the Brazilian market, enhancing local network service capabilities and infrastructure coverage, providing a stable foundation for cross-border business [3]. - The node connects directly to local ISP backbone networks and utilizes global intelligent scheduling, resulting in a significant improvement in network performance, with latency from South America to China reduced [3]. - This initiative is part of Wangsu Technology's global strategy to deepen regional presence and strengthen key hubs, positioning the company as a leading IT service provider globally [3]. - Wangsu Technology has deployed over 2,800 nodes worldwide, with more than 500 high-quality backbone POP nodes covering critical regions including Europe, North America, Asia-Pacific, the Middle East, Africa, and Latin America [3].

Core Viewpoint - Wangsu Technology's stock price has experienced a decline recently, with a current market value of 26.021 billion yuan and a year-to-date increase of only 2.52% [1] Group 1: Stock Performance - On November 20, Wangsu Technology's stock fell by 2.04%, trading at 10.58 yuan per share with a transaction volume of 317 million yuan [1] - The stock has decreased by 5.87% over the last five trading days, 4.08% over the last 20 days, and 13.56% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Wangsu Technology reported a revenue of 3.492 billion yuan, a year-on-year decrease of 3.27%, while the net profit attributable to shareholders increased by 43.60% to 616 million yuan [2] Group 3: Shareholder Information - As of November 10, the number of shareholders for Wangsu Technology was 173,300, a decrease of 1.64% from the previous period, with an average of 13,302 circulating shares per person, an increase of 1.67% [2] - The company has distributed a total of 2.169 billion yuan in dividends since its A-share listing, with 1.338 billion yuan distributed over the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, major shareholders include E Fund's ChiNext ETF, holding 44.1262 million shares, a decrease of 7.0387 million shares from the previous period [3] - Other significant shareholders include Southern CSI 500 ETF and Hong Kong Central Clearing Limited, both of which have also seen reductions in their holdings [3]

Group 1 - The 2025 World Internet Conference in Wuzhen highlighted a shift in focus from AI model performance to the practical, safe, and efficient implementation of AI in business [1] - The event featured 670 companies and institutions from 54 countries, showcasing innovations in AI technology empowering the real economy [1] Group 2 - AI applications are transitioning from exploratory phases to large-scale deployment across various sectors, including finance, smart transportation, and personalized education [2] - The centralized architecture of traditional AI deployments is increasingly inadequate for geographically dispersed business needs, leading to latency issues and challenges in real-time responses [2] Group 3 - Public cloud deployments, while convenient, struggle to meet the demands for low latency and stable scalability in high-interaction scenarios like online education and interactive entertainment [3] - Sensitive industries such as finance and healthcare prefer private deployments due to strict data privacy regulations, but face high costs for GPU hardware and specialized teams [3] Group 4 - Edge AI is emerging as a critical solution to address structural challenges by deploying computing power closer to data sources, creating a balance between public cloud and centralized private deployments [4] - The edge computing firm Wangsu Technology showcased a platform that enhances local data processing efficiency and reduces costs, achieving a 60% improvement in response speed for voice interactions [4] Group 5 - The widespread use of generative AI introduces new security risks, necessitating a comprehensive defense strategy that spans the entire lifecycle of AI applications [5] - Wangsu Technology's security division proposed a multi-layered defense system to address vulnerabilities at the application, model, and computing levels [5] Group 6 - The Wuzhen summit indicated a transition in the AI industry from model innovation to application implementation, with edge computing and security systems providing new deployment strategies [6] - The ongoing challenge remains to find a long-term balance between efficiency, cost, and security in AI applications [6]

Core Viewpoint - On November 14, the company announced the appointment of Ms. Zhou Liping as a member of the sixth board of directors' strategic committee [2] Group 1 - The company has agreed to add a new member to its strategic committee [2]