证券代码：600543 证券简称：莫高股份 公告编号：临2026-05 一、本次质量控制复核人变更基本情况 大信所为公司2025年度审计机构，原指派李洪先生作为质量控制复核人，为公司提供审计服务。因大信 所内部工作调整，现委派付勇先生担任公司2025年年报审计项目质量控制复核人。 二、变更后的质量控制复核人基本情况 1. 基本信息：付勇先生，2009年取得注册会计师执业资格，2015年开始从事上市公司审计工作，2014年 12月开始在大信所执业。承办过重庆港、远达环保等证券业务的审计工作。近三年复核过的上市公司包 括中设咨询。未在其他单位兼职。 甘肃莫高实业发展股份有限公司 关于2025年度审计机构变更项目质量控制复核人的公告 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。 甘肃莫高实业发展股份有限公司（以下简称"公司"）于2025年4月25日召开第十一届董事会第二次会 议，审议通过了《关于续聘会计师事务所的议案》，同意续聘大信会计师事务所（特殊普通合伙）（以 下简称"大信所"）为公司2025年度财务报告和内部控制的审计机构（ ...

Core Viewpoint - The company has responded to the Shanghai Stock Exchange's inquiry regarding its 2025 performance forecast, emphasizing compliance with revenue recognition policies and providing detailed information on its business segments and customer transactions [1][2]. Group 1: Revenue Recognition - The company reported that its revenue from flooring products for 2024 and 2025 was 258.53 million RMB and 264.68 million RMB, accounting for 79.59% and 75.58% of total revenue respectively, with a slight increase in sales but a decrease in percentage due to higher sales from its subsidiary [2][4]. - The revenue recognition policy has remained unchanged during the reporting period, adhering to the relevant accounting standards, and there are no indications of premature or deferred revenue recognition to avoid delisting risk [3][4]. Group 2: Major Customers - The company provided a list of its top ten customers across its business segments, including flooring, cabinetry, and wood finishes, detailing customer names, relationships, contract dates, and payment statuses [4][6]. - Notably, some customers are identified as related parties due to their connections with the company's former actual controller, which may influence the company's interests [4][5]. Group 3: Engineering Projects - The company categorized its engineering projects into those with and without installation agreements, specifying that revenue recognition for projects with agreements is based on obtaining acceptance documents [6][7]. - The company confirmed that there are no instances of premature or deferred revenue recognition in its engineering projects, with all transactions documented and compliant with accounting standards [11]. Group 4: Related Party Transactions - The company disclosed details of transactions with its former actual controller and related entities, ensuring that the pricing and revenue recognition policies for these transactions are consistent with non-related business transactions [9][11]. - The company is undergoing an audit to verify the fairness and commercial substance of these related party transactions, with no anomalies reported thus far [11][12]. Group 5: Revenue Deductions - The company reported a total of 5.1994 million RMB in revenue deductions, primarily from non-core business activities, confirming that all deductions were accurately accounted for and compliant with regulatory guidelines [13][14]. - The auditing process has not revealed any inaccuracies or omissions in the reported revenue deductions, with further verification planned [14].

Core Viewpoint - Hunan Warner Pharmaceutical Co., Ltd. has participated in the national organized procurement of drugs and has announced that several of its products are proposed to be selected for the continuation of procurement after the expiration of the previous agreement [1][3]. Group 1: Proposed Selected Products - The company has a total of 12 products proposed for selection in this procurement process [3]. - The procurement cycle for the selected products will last until December 31, 2028, starting from the actual execution date of the selection results [2]. Group 2: Financial Impact - The projected sales revenue from the selected products is estimated to be 176.18 million yuan for 2024, accounting for 12.47% of the company's total revenue for that year [3]. - For the period from January to September 2025, the expected sales revenue is 192.05 million yuan, representing 17.69% of the company's revenue for that period [3]. - The selected products are expected to enhance the company's market share and brand influence as medical institutions will prioritize these products during the procurement cycle [3].

Group 1 - The company held its sixth board meeting on October 10, 2025, where it approved the proposal for a simplified procedure to issue shares to specific targets for the year 2025 [2][10] - A revised proposal for the share issuance was approved in a subsequent board meeting on February 12, 2026, and the related documents were disclosed on the Shanghai Stock Exchange website [2][10] - The issuance plan does not imply any substantive judgment or approval from regulatory bodies, and its effectiveness is subject to approval from the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission [2][10] Group 2 - The company announced a change in its sponsor institution and representatives, appointing Guolian Minsheng Securities as the new sponsor for the 2025 share issuance [4][6] - The previous sponsor, Shenwan Hongyuan, will transfer its ongoing supervisory responsibilities to Guolian Minsheng due to the new appointment [6][7] - The company expressed gratitude to Shenwan Hongyuan and its representatives for their work during the supervision period [7] Group 3 - The company will hold its first extraordinary general meeting of 2026 on March 3, 2026, with both on-site and online voting options available for shareholders [11][14] - The meeting will discuss several proposals, including the revised plan for the share issuance and measures to mitigate the dilution of immediate returns for shareholders [14][45] - Shareholders must register to attend the meeting, and specific voting procedures are outlined for different types of shareholders [19][20]

Core Viewpoint - The article highlights the rapid development and competitive landscape of domestic AI chip companies in China, particularly focusing on the six emerging players in Shanghai, which are poised for significant growth and innovation in the AI sector [2][10]. Group 1: Company Developments - Hanbo Semiconductor has completed its guidance for an IPO on the Sci-Tech Innovation Board and is progressing steadily towards its public offering [2]. - Suiruan Technology's IPO application has been accepted, indicating a growing interest in AI chip companies [2]. - The six domestic AI chip companies, including Hanbo Semiconductor, are collectively referred to as the "Six Little Dragons," with a strong emphasis on technological advancements and product development [2][4]. Group 2: Market Position and Strategy - The "Six Little Dragons" are primarily cloud-based AI chip manufacturers, with five of them focusing on GPGPU architecture to compete with global giants like NVIDIA and AMD [2][4]. - Hanbo Semiconductor specializes in cloud AI inference and has achieved commercial success in both general AI and rendering applications, positioning itself as a leader in the domestic market [3][4]. - The companies are actively updating their technology and product lines, with significant launches such as the new GPU brand by Muxi Co., which aims to enhance scientific research capabilities [3][4]. Group 3: Financial Performance and Projections - Muxi Co. anticipates a revenue of 1.6 billion to 1.7 billion yuan in 2025, reflecting a year-on-year growth of 115.32% to 128.78% [9]. - Moer Thread expects a revenue of 1.45 billion to 1.52 billion yuan in 2025, with a projected year-on-year increase of 230.70% to 246.67% [9]. - The domestic general GPU market share is expected to rise from 8.3% in 2022 to over 50% by 2029, indicating a structural transformation in the market [10]. Group 4: Government and Investment Support - Shanghai has been proactive in nurturing the AI chip industry through financial support and favorable policies, positioning itself as a leader in the integrated circuit sector [5][7]. - The Shanghai Sci-Tech Innovation Fund has been involved in early-stage investments in companies like Muxi, demonstrating strong government backing for local tech firms [6]. - Hanbo Semiconductor has received significant investments from local state-owned enterprises, benefiting from various policy supports aimed at fostering high-quality development in the tech sector [7].

◎记者 王凯丰 临近春节，在逸豪新材无菌无尘的封闭式生产车间内，一条条自动化生产线正高速运转，工人们熟练地 操作着设备，开足马力完成订单。 "公司目前在手订单充足，铜箔产线持续处于满产状态。"逸豪新材总经理刘磊向上海证券报记者介绍， 公司是国内少数实现"铜箔—覆铜板—PCB"全产业链布局的企业，电解铜箔年产能位居行业前列。 近年来，随着AI服务器等应用领域的高速发展，铜箔下游需求稳步增长。刘磊表示，随着今年公司1万 吨高精度电解铜箔项目落地投产，公司将持续加码高端铜箔产能布局，充分发挥垂直一体化产业链的协 同效应，提升高附加值产品的比重，在新能源赛道加速卡位。 技术创新筑牢根基 产品矩阵适配市场需求 "当时全国铜箔企业不超过10家，逸豪新材便是其中之一。"刘磊介绍，成立于2003年的逸豪新材是国内 较早开展电子电路铜箔业务的企业，近年来构建起从电解铜箔、铝基覆铜板到印制电路板的全产业链布 局，并于2022年9月在创业板上市。 在高端铜箔领域，技术创新是企业核心竞争力的关键。作为行业内为数不多的具有PCB垂直一体化产业 链布局的企业，逸豪新材拥有电子电路铜箔、铝基覆铜板和PCB生产核心技术，形成了独特的技术协同 ...

Group 1: Core Insights - The rapid growth of AI applications is driving an increase in demand for computing power, providing cloud service providers with the justification to raise prices [1][4] - Multiple cloud computing service providers indicate that the price hikes are not temporary fluctuations but signify a structural turning point in the industry, with an impending wave of price increases across the sector [1][5] - The entire computing power industry is experiencing a high prosperity cycle, with related listed companies showing continuous growth in performance due to surging AI demand [1][4] Group 2: Price Increases and Market Reactions - On February 11, 2026, Youke De announced a price increase for all products and services starting March 1, 2026, citing significant and structural increases in infrastructure costs due to global supply chain disruptions [4][5] - Following the announcement, A-share computing power stocks surged, with significant increases in prices for CPOs and optical chips, indicating strong market reactions to the price hikes [4][5] - North American cloud computing leaders have already begun announcing price increases, with Amazon Web Services raising its EC2 machine learning capacity block prices by approximately 15% and Google Cloud planning increases of up to 100% [7] Group 3: Supply and Demand Dynamics - The surge in AI model training and inference demand is expected to increase global AI computing power demand to ten times that of 2025 by 2026, with significant increases in token consumption for single tasks [7] - Supply-side constraints, including skyrocketing storage and GPU hardware prices and extended delivery times for AI servers, are contributing to rising computing power costs [7] - The cloud computing rental service sector is entering a growth inflection point, driven by mismatched supply and demand alongside high energy costs [7] Group 4: Industry Outlook - The optical module sector is expected to remain a focal point in 2026, with strong demand, performance, and technological iterations supporting its growth [8] - The computing power industry chain consists of upstream core components like GPUs and high-performance CPUs, midstream data transmission and network-related components, and downstream computing service infrastructure [8] - Investment opportunities in the computing power industry are deemed significant, particularly in the midstream sector, as capital expenditures from major cloud providers continue to grow [8]

Core Viewpoint - The competitive landscape for domestic AI models is shifting, with companies like Zhiyu taking bold pricing actions due to strong market demand and technological advancements in their products [3][4]. Group 1: Market Dynamics - Zhiyu's stock surged over 40% intraday, closing with a 28% increase, reaching a market capitalization of 170 billion HKD, driven by a price increase announcement for its GLM Coding Plan due to rising user demand and usage [3]. - The company reported that its GLM Coding Plan was sold out immediately upon launch, indicating strong market interest in its AI programming model [3]. - In contrast, a price war is expected among major model vendors from late 2024 to early 2025, with significant price reductions already observed in the market [3]. Group 2: Technological Advancements - The price increase is supported by the launch of GLM-5, a new flagship model that has gained attention for its capabilities in complex system engineering and programming tasks, comparable to leading closed-source models [4]. - User feedback indicates that GLM-5's programming capabilities are on par with top models, although some performance issues were noted due to computational constraints [4]. Group 3: Strategic Focus - The industry is transitioning from a focus on customer acquisition to leveraging product quality and service to generate commercial value, particularly in the programming sector [4]. - Zhiyu's founder emphasized the importance of strategic focus on the coding domain, which is seen as a critical battleground for AI model companies [4]. Group 4: Future Outlook - By 2026, the application of large models in enterprises and the widespread adoption of AI programming tools are expected to make programming capabilities a key competitive factor for model vendors [5]. - The pricing strategies of large models, particularly those from leading companies like OpenAI, reflect their superior performance and the market's willingness to pay for high-quality outputs [5]. Group 5: Pricing Trends - Analysts suggest that Zhiyu's price increase may influence other domestic model providers to follow suit, as the intrinsic value of foundational models becomes more apparent in response to actual demand [6]. - The decision for other models to increase prices will depend on their competitive capabilities and the willingness of customers to invest in them [6].

2026年以来，上市房企融资活动显著升温。新城发展、中华企业、粤海置地、越秀地产、华发股份等多 家企业近日披露融资事宜，筹资规模可观，行业融资环境呈现积极转变。 业内人士表示，在房地产金融政策发力的背景下，房企融资环境持续改善，融资目的聚焦在建项目再投 资与债务偿付，核心在于保障项目交付及规避违约风险，与当前防风险政策基调高度契合。 ◎记者 张良 房企融资环境正逐步改善 值得一提的是，华发股份披露的定增预案是今年上市房企的首单定增案例。 预案显示，华发股份本次向特定对象发行A股股票募集资金总额预计不超过30亿元，扣除发行费用后的 募集资金净额将全部用于珠海华发城建国际海岸花园二期项目、绍兴金融活力城项目、成都阅天府项 目、杭州武御林宸院项目等9个项目。华发股份表示，通过此次定增可以增加公司的所有者权益，降低 资产负债率，改善财务结构，减少偿债风险，为后续债务融资提供空间和保障。 国盛证券认为，若本次定增成功实施，将改善华发股份资产负债结构，同时募投项目聚焦核心城市的保 交房与高品质住宅建设，助力巩固其在重点区域的市场竞争力。此次大股东的强力支持，有望增强债券 投资者的信心，进一步维护和夯实融资渠道。 房企融资 ...

Core Insights - The rapid iteration of AI technology is driving an increase in chip power consumption, leading to a surge in demand for cooling solutions, particularly liquid cooling technology [1] - Liquid cooling is becoming the preferred solution for AI data centers due to its superior heat exchange efficiency compared to traditional air cooling methods [2] Industry Trends - The demand for liquid cooling technology is expected to grow explosively, driven by the dual forces of AI computing power needs and the green transformation of intelligent computing centers [1][2] - Liquid cooling systems can reduce the Power Usage Effectiveness (PUE) of data centers to 1.05, approaching the theoretical limit [2] Market Dynamics - Major fluorochemical and organic silicon companies are entering the liquid cooling market, indicating a significant shift in the industry landscape [3] - Domestic companies are positioned to capture market share as foreign production capacity contracts, creating opportunities for local enterprises [2][3] Company Developments - New安股份 has launched a commercial immersion liquid cooling project in Hangzhou, demonstrating the reliability and economic viability of silicon-based cooling materials [5] - 永太科技 has established a foundation for its fluorinated cooling liquid business, with initial small-scale orders contributing to overall revenue [3] - 润禾材料 has achieved mass production of its silicon-based cooling liquid products, which are crucial for data centers and energy storage applications [4][5]