Group 1 - The CPO concept stocks in the A-share market experienced a significant decline, with major companies like Cambridge Technology and Kechuan Technology dropping over 8% and 7% respectively [1][2] - Other companies such as Tianfu Communication, Laimu Co., and Xinyi Sheng also saw declines exceeding 6%, indicating a widespread downturn in the sector [1][2] Group 2 - Cambridge Technology (stock code 603083) fell by 8.23%, with a total market capitalization of 35.2 billion and a year-to-date increase of 147.39% [2] - Kechuan Technology (stock code 603052) decreased by 7.42%, with a market cap of 5.5 billion and a year-to-date increase of 15.46% [2] - Tianfu Communication (stock code 300394) saw a decline of 6.88%, with a market cap of 115.9 billion and a year-to-date increase of 130.34% [2] - Laimu Co. (stock code 603633) dropped by 6.76%, with a market cap of 4.18 billion and a year-to-date increase of 20.28% [2] - Xinyi Sheng (stock code 300502) fell by 6.09%, with a market cap of 305.9 billion and a year-to-date increase of 274.32% [2] - Other notable declines include Shijia Photon (-5.86%), Jingwang Electronics (-5.58%), and Changfei Fiber (-5.51%) [2]

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "small giant" in data center cooling technology, with a revenue of 279 million yuan in Q1-Q3 2025, representing a year-on-year growth of 61% [5] - The company focuses on efficient cooling technology and provides a full lifecycle of services for data center infrastructure products, including immersion phase change liquid cooling and cold plate liquid cooling solutions [5][8] - The company aims to expand its market presence in Southeast Asia and has established a subsidiary in Singapore to explore overseas markets [8] Financial Performance - The company achieved a revenue of 506 million yuan in 2024 and a net profit of 61.42 million yuan [5] - Revenue projections for 2025 are estimated at 794 million yuan, with a net profit of 67 million yuan, reflecting a significant recovery from previous years [7] - The company has a market share of 61.30% in the liquid cooling infrastructure market, maintaining its leading position for three consecutive years [8] Product Development - The company has launched the C7000-F phase change cold plate liquid cooling solution, transitioning domestic liquid cooling from laboratory to production line [5] - The company is actively involved in setting industry standards, including the first national standard for green data centers and a general specification for quick connectors in liquid cooling data centers [5][6] Market Trends - The demand for liquid cooling solutions is driven by stricter energy efficiency requirements for data centers, with PUE values for cold plate liquid cooling dropping to a minimum of 1.15 [6] - The internet industry accounts for 46.3% of the domestic liquid cooling server market, indicating a strong demand for these technologies [5] Future Outlook - The company is expected to see a net profit of 67 million yuan in 2025, with projections of 151 million yuan and 201 million yuan for 2026 and 2027, respectively [7][8] - The company plans to enhance product value and profitability through R&D investments and the establishment of production bases [8]

Core Viewpoint - The merger between Zhongke Shuguang and Haiguang Information is a significant event in China's technology industry expected to occur by 2025 [1] Group 1: Merger Details - Zhongke Shuguang will be absorbed by Haiguang Information through a share swap, resulting in the indirect control of Shuguang Data Innovation (Beijing) Co., Ltd. being transferred from Zhongke Shuguang to Haiguang Information [1] - As of November 11, 2025, Shuguang Data Innovation is the only company in Beijing with a market capitalization exceeding 10 billion yuan listed on the Beijing Stock Exchange [1] Group 2: Impact on Shuguang Data Innovation - Shuguang Data Innovation has stated that the merger constitutes an indirect acquisition, requiring Haiguang Information to fulfill a comprehensive tender offer obligation [1] - The tender offer is legally mandated and does not aim to terminate the listing status of Shuguang Data Innovation, ensuring that the company's independent operational status remains unaffected post-merger [1]

曙光数据基础设施创新技术（北京）股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 带法律责任。 证券代码：920808 证券简称：曙光数创 公告编号：2025-092 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 11 月 10 日 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 活动地点：全景网"投资者关系互动平台"（https://ir.p5w.net） 参会单位及人员：通过网络方式参加公司 2025 年三季度报告业绩说明会的 投资者 上市公司接待人员：董事长任京暘先生，董事、总经理何继盛先生，财务总 监、董事会秘书崔鹏洋先生，保荐代表人张善国先生 三、 投资者关系活动主要内容 问题 1：目前大部分新建数据中心都采用冷板液冷，预计浸没相变液冷技术 会在什么时间成为主流散热技术？客户在选择数据中心液冷方案时，主要考虑成 本造价方面还是规划周期因素？ 回答：数据中心选择的冷却方式与单机柜功率有较大相关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a revenue of 279 million yuan for the first three quarters of 2025, representing a year-on-year increase of 61.01%. In Q3 alone, revenue reached 139 million yuan, up 84.04% year-on-year and 8.17% quarter-on-quarter. However, the net profit attributable to the parent company was -70 million yuan, a decrease of 0.65% year-on-year [2][3]. - The internet sector contributed approximately 50% to the cold plate liquid cooling revenue, with the company holding a significant market position in the immersion liquid cooling technology [2][6]. - The gross margin for Q3 2025 was 12.35%, down 11.89 percentage points year-on-year and 10.47 percentage points quarter-on-quarter, primarily due to a decrease in high-margin immersion liquid cooling revenue and an increase in lower-margin cold plate liquid cooling revenue [3][9]. - The company is actively exploring overseas markets, having established a wholly-owned subsidiary in Singapore and successfully launched three liquid cooling projects in Southeast Asia [6][7]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 139 million yuan, with a year-on-year growth of 84.04% and a quarter-on-quarter growth of 8.17%. The net profit attributable to the parent company was -29 million yuan, reflecting a year-on-year decrease of 0.30 million yuan [2][3]. - The total revenue for the first three quarters of 2025 was 279 million yuan, with a year-on-year increase of 61.01% [2]. Revenue Composition - The revenue from the internet sector accounted for about 50% of the cold plate liquid cooling income, with the company’s current orders indicating that immersion liquid cooling contributes around 40% and cold plate liquid cooling contributes about 50% [2][6]. Market Position and Strategy - The company is the only domestic enterprise to achieve large-scale commercial deployment of immersion phase change liquid cooling technology. It is expected that the penetration rate of immersion liquid cooling will significantly increase as server cabinet power consumption continues to rise [3][9]. - The company is also focusing on innovation, having launched a new product tailored for the Southeast Asian market, which is expected to enhance the adoption of liquid cooling technology in the region [6][7]. Future Projections - The company is projected to achieve revenues of 801 million yuan, 1.287 billion yuan, and 1.923 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to reach 90 million yuan, 143 million yuan, and 274 million yuan in the same years [8][9].

证券代码：920808 证券简称：曙光数创 公告编号：2025-091 曙光数据基础设施创新技术（北京）股份有限公司 2025 年三季度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 带法律责任。 一、 说明会类型 曙光数据基础设施创新技术（北京）股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日在北京证券交易所官方信息披露平台（www.bse.cn）发布了《曙光 数据基础设施创新技术（北京）股份有限公司 2025 年三季度报告》（公告编号： 2025-088），为方便广大投资者更深入了解公司 2025 年三季度经营业绩的具体情 况，加强与投资者的互动交流，公司拟召开 2025 年三季度报告业绩说明会。 （一）会议召开时间：2025 年 11 月 10 日 15:00-17:00。 （二）会议召开地点 本次三季度报告业绩说明会将采用网络远程的方式举行，投资者可登录全景 网"投资者关系互动平台"（https://ir.p5w.net）参与本次三季度报告业绩说明会。 三、 参加人 ...

Core Viewpoint - Shuguang Shuchuang (曙光数创) reported strong financial results for Q3 2025, with a revenue of 279 million yuan, marking a year-on-year increase of 61.01%, and a quarterly revenue of 139 million yuan, up 84.04% year-on-year, indicating accelerated growth in the company's performance [2] Financial Performance - The company achieved a total revenue of 279 million yuan for the reporting period, reflecting a significant year-on-year growth of 61.01% [2] - In Q3 alone, the revenue reached 139 million yuan, which is an impressive increase of 84.04% compared to the same quarter last year [2] Market Recognition - The latest quarterly report revealed the addition of prominent institutional investors such as Ge Weidong and his Chaos Investment, Xingquan Fund, and Jiashi Fund among the top ten unrestricted shareholders, showcasing strong market confidence in the company's core technology and future prospects [2] Industry Trends - The demand for liquid cooling systems is rapidly increasing due to the explosive growth in computing power driven by AI, with the global liquid cooling market expected to grow from 10% to 30% by 2028, and a CAGR exceeding 40% from 2024 to 2028 [3] - Liquid cooling systems, particularly cold plate liquid cooling, offer significant advantages over traditional air cooling, including lower PUE values, which support energy-saving goals for data centers [3] Technological Innovation - The company has successfully commercialized phase change cold plate liquid cooling technology, launching the C7000-F solution in June 2025, which enhances cooling efficiency by over 15% and reduces overall temperature by more than 5°C [4] - The new 400V high-voltage direct current (HVDC) AI efficient power supply system has been developed, achieving a 26% increase in rated power and a 49.5% improvement in power density compared to traditional systems [4] Global Expansion - The company is actively expanding its global footprint, starting with the Southeast Asian market, and has successfully implemented projects in Malaysia and Japan, with ongoing progress in key regions such as Europe, the Middle East, and South Korea [5] - The continued penetration of the liquid cooling industry, along with ongoing technological advancements and global expansion efforts, positions the company to benefit from dual opportunities in computing infrastructure and energy efficiency [5]

证券代码：920808 证券简称：曙光数创 公告编号：2025-089 曙光数据基础设施创新技术（北京）股份有限公司 第四届董事会第十四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 29 日 2.会议召开地点：公司会议室 3.会议召开方式：现场及通讯方式 4.发出董事会会议通知的时间和方式：2025 年 10 月 25 日以书面方式发出 5.会议主持人：任京暘 6.会议列席人员：公司高级管理人员 7.召开情况合法合规的说明： 本次会议的召开符合《公司法》和《公司章程》的有关规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事高志勇、郭帅因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司 2025 年三季度报告》的议案 1.议案内容： 公司已经编制完成 2025 年三季度报告。具体内容详见公司在北京证券交易 所官方披露平台（www.bse.cn） ...

证券代码：920808 证券简称：曙光数创 公告编号：2025-090 曙光数据基础设施创新技术（北京）股份有限公司 全资子公司购买资产的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 带法律责任。 一、交易概况 （一）基本情况 2020 年 8 月，曙光数据基础设施创新技术（北京）股份有限公司（以下简称 "公司"）及全资子公司曙光数创电子设备科技发展（青岛）有限公司（以下简 称"数创青岛"）与青岛昌阳建筑工程有限公司（以下简称"昌阳建筑"）、青岛 昌阳投资开发有限公司签订了关于曙光数创液冷产业创新基地《项目合作协议》。 根据协议约定，昌阳建筑作为项目建设单位进行厂房及相关配套设施的建设工 作，厂房及相关配套设施交付数创青岛后，数创青岛可以选择租赁或回购，租赁 期最长不超过 7 年。 截至目前，上述液冷产业基地已交付公司使用，数创青岛拟以人民币 1.4 亿 元购买位于山东省青岛市莱西市望城街道办事处北京东路东 29 号房产和土地 （以下称"标的资产"），该标的资产实际支付金额最终以签订的《收购协议》为准。 （二 ...

证券代码：920808 证券简称：曙光数创 公告编号：2025-087 曙光数据基础设施创新技术（北京）股份有限公司 关于要约收购事项的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 别及连带法律责任。 2025 年 10 月 29 日，公司收到海光信息技术股份有限公司发来的《关于要 约收购曙光数据基础设施创新技术（北京）股份有限公司进展情况的函》，现将 函件内容公告如下： "致曙光数据基础设施创新技术（北京）股份有限公司： 2025 年 6 月 6 日，海光信息技术股份有限公司（以下简称"海光信息"）与曙 光信息产业股份有限公司（以下简称"中科曙光"）签署《换股吸收合并协议》， 海光信息拟以向中科曙光全体换股股东发行 A 股股票的方式换股吸收合并中科 曙光。海光信息为合并方，中科曙光为被合并方，即海光信息向中科曙光的全 体换股股东发行 A 股股票，交换该等股东所持有的中科曙光股票。本次换股吸 收合并完成后，中科曙光将终止上市，海光信息将承继及承接中科曙光的全部 资产、负债、业务、人员、合同及其他一切权利与义务。 ...