一、2025 年年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 882,349,516.85 | 506,251,725.60 | 74.29% | | 利润总额 | 36,671,223.19 | 68,007,001.77 | -46.08% | | 归属于上市公司股东的净利润 | 36,459,682.98 | 61,424,446.37 | -40.64% | | 归属于上市公司股东的扣除非经常性损益 | 31,817,679.90 | 21,692,804.13 | 46.67% | | 的净利润 | | | | | 基本每股收益 | 0.18 | 0.31 | -41.94% | | 加权平均净资产收益率%（扣非前） | 4.94% | 8.77% | - | | 加权平均净资产收益率%（扣非后） | 4.32% | 3.10% | - | | --- | --- | --- | --- | | 项目 | 本报告期末 | 本报告期初 | 变动比例% | | 总资产 | 1,887,24 ...

Core Viewpoint - The AI industry is experiencing a surge in activity with major companies like ByteDance, Alibaba, and others releasing flagship models, indicating a competitive landscape and potential investment opportunities in AI applications and related sectors [3][6]. Group 1: Industry Performance - On the last trading day before the Year of the Snake, the film and media, as well as semiconductor equipment sectors, saw significant gains, with the Seedance video model index rising against the trend [4]. - Companies such as iReader Technology and Light Media reached their daily limit up, while semiconductor stocks like Deep Technology and North Huachuang also surged [4]. - In the Hong Kong market, AI leaders MiniMax and Zhiyu both saw their market values exceed HKD 200 billion [4]. Group 2: AI Model Developments - ByteDance's Seedance 2.0 model has achieved four key breakthroughs, including multi-modal input support and a significant reduction in video production costs, with costs dropping to between 4.5-9 yuan per 15-second 1080P video [6][7]. - Zhiyu AI launched its flagship model GLM-5, enhancing programming capabilities, while MiniMax introduced its new text model MiniMax M2.5 [7]. - The rapid release of flagship models in the AI sector is noted as unprecedented, with a shift towards converting technological advancements into consumer products [7]. Group 3: Market Trends and Investment Insights - The AI sector is witnessing a surge in ETF investments, with several thematic ETFs showing over 20% gains this year [6]. - Analysts caution that the current enthusiasm in the AI sector may lead to overvaluation, with some stocks already reflecting optimistic future earnings [9]. - Investment opportunities are seen in areas with high certainty, such as computing infrastructure and content production, while risks remain due to high valuations and market volatility [9][10]. Group 4: Future Outlook - The AI commercialization path is expected to focus on user subscriptions and enterprise applications, with internet tech companies poised to benefit from advertising and value-added services [10]. - Market sentiment is anticipated to improve post-Spring Festival, with analysts expressing a relatively optimistic outlook for the A-share market [10].

Core Insights - The development of data center infrastructure is driven by the rapid growth of data centers, influenced by national policies promoting intelligent computing centers and AI industry upgrades, as well as the increasing demand for digital transformation across various sectors [1][4] - The market size of China's data center is projected to grow from 87.8 billion yuan in 2019 to 318.2 billion yuan by 2025, while the data center infrastructure market is expected to increase from 16.19 billion yuan to 46.12 billion yuan during the same period [1][4] Group 1: Industry Definition and Structure - Data center infrastructure refers to facilities that provide operational support for electronic information equipment within data centers, including cooling, power distribution, cabinets, wiring, and monitoring systems [2] - The main cooling methods for data center infrastructure are air cooling and liquid cooling, with liquid cooling being a newer technology developed to meet the increasing heat dissipation demands of data centers [2][3] Group 2: Market Growth and Trends - The market for data center infrastructure is expected to grow from 16.19 billion yuan in 2019 to approximately 35.6 billion yuan in 2024, and reach about 46.12 billion yuan by 2025 [4] - The energy consumption of cooling systems is the highest among all data center infrastructure modules, making the improvement of cooling technology a key focus for future development [4] Group 3: Policy Environment - The industry benefits from strong national policy support aimed at promoting green and high-quality development of new infrastructure, including data centers and 5G technology, as part of China's carbon peak and carbon neutrality goals [5] Group 4: Competitive Landscape - The data center infrastructure industry is characterized by intense competition, particularly in air cooling technology, while liquid cooling technology is more capital and research-intensive, with key players including Huawei, Alibaba, Lenovo, Inspur, and Dell China [6] - Shuguang Data Innovation Technology Co., Ltd. specializes in high-efficiency cooling technologies for data centers, focusing on immersion phase change liquid cooling and modular data center products [6][7] Group 5: Future Development Trends - The future of data center infrastructure is expected to focus on prefabrication, intelligence, and low carbon emissions, driven by the rapid growth of new data centers and the need for improved performance metrics such as lower PUE and higher power density [6][10]

Market Overview - The computer equipment sector experienced a decline of 1.1% on January 29, with ZhenTong Electronics leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers in the computer equipment sector included: - RuiMing Technology (002970) with a closing price of 60.91, up 10.01% and a trading volume of 171,800 shares, totaling 1.044 billion yuan [1] - MeiAnSen (300275) closed at 13.69, up 3.79% with a trading volume of 243,300 shares, totaling 330 million yuan [1] - Major decliners included: - ZhenTong Electronics (002197) closed at 8.70, down 6.25% with a trading volume of 300,200 shares, totaling 270 million yuan [2] - YuTong Optics (300790) closed at 27.05, down 6.08% with a trading volume of 184,400 shares, totaling 510 million yuan [2] Capital Flow - The computer equipment sector saw a net outflow of 1.766 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.293 billion yuan [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - RuiMing Technology (002970) had a net inflow from institutional investors of 1.75 billion yuan, while retail investors saw a net outflow of 34.85 million yuan [3] - New大陆 (000997) experienced a net inflow of 68.71 million yuan from institutional investors, but a significant outflow of 648.16 million yuan from retail investors [3] - MeiAnSen (300275) had a net inflow of 30.47 million yuan from institutional investors, with a slight net inflow from retail investors of 51,370 yuan [3]

曙光数据基础设施创新技术（北京）股份有限公司 第五届董事会专门委员会换届公告 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。 根据《中华人民共和国公司法》《上市公司独立董事管理办法》及《公司章 程》《董事会议事规则》《董事会审计委员会工作细则》等法律法规、部门规 章、规范性文件的有关规定，为保证董事会审计委员会的正常运作，公司于 2026 年 1 月 22 日召开第五届董事会第一次会议，审议通过了《关于选举公司第 五届董事会审计委员会委员》的议案。现将具体情况公告如下： 一、换届基本情况 证券代码：920808 证券简称：曙光数创 公告编号：2026-010 二、换届对公司的影响 本次换届为董事会审计委员会任期届满的正常换届，符合《公司法》等法律 法规及《公司章程》的相关规定，不会对公司生产经营活动产生不利影响。 三、备查文件目录 《公司第五届董事会第一次会议决议》 曙光数据基础设施创新技术（北京）股份有限公司 董事会 2026 年 1 月 26 日 董事会审计委员会成员由 3 名董事组成，独立董事 2 ...

证券代码：920808 证券简称：曙光数创 公告编号：2026-011 曙光数据基础设施创新技术（北京）股份有限公司 董事长、高级管理人员换届公告 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、董事长、高级管理人员换届的基本情况 根据《公司法》及公司章程的有关规定，公司董事会于 2026 年 1 月 22 日审议并通 过： 选举任京暘先生为公司董事长，任职期限三年，自 2026 年 1 月 22 日起生效。该人 员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对象。 聘任张鹏先生为公司副总经理，任职期限三年，自 2026 年 1 月 22 日起生效。该人 员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对象。 聘任姚勇先生为公司副总经理，任职期限三年，自 2026 年 1 月 22 日起生效。该人 员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对象。 聘任张卫平女士为公司副总经理，任职期限三年，自 2026 年 1 月 22 日起生效。该 人员持有公司股份 2, ...

证券代码：920808 证券简称：曙光数创 公告编号：2026-008 曙光数据基础设施创新技术（北京）股份有限公司 2026 年第一次临时股东会决议公告 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。 1.会议召开时间：2026 年 1 月 22 日 2.会议召开地点：北京市海淀区东北旺西路 8 号中关村软件园一期 27 号楼 C 座 3 层 301 公司会议室 3.会议召开方式：现场投票、网络投票 4.会议召集人：董事会 5.会议主持人：任京暘 6.召开情况合法合规的说明： 本次股东会的召开符合《公司法》等有关法律、法规及《公司章程》的规定。 一、会议召开和出席情况 （一）会议召开情况 二、议案审议情况 （一）累积投票议案表决情况 | 议案 | 议案名称 | 得票数 | 得票数占出席会议 | 是否当选 | | --- | --- | --- | --- | --- | | 序号 | | | 有效表决权的比例 | | | 1.01 | 非独立董事任京暘 | 131,134,568 | 100.005% ...

第五届董事会第一次会议决议公告 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：2026 年 1 月 22 日 2.会议召开地点：公司会议室 证券代码：920808 证券简称：曙光数创 公告编号：2026-009 曙光数据基础设施创新技术（北京）股份有限公司 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：2026 年 1 月 19 日以邮件方式发出 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。 二、议案审议情况 （一）审议通过《关于选举公司第五届董事会董事长》的议案 1.议案内容： 根据《公司法》《公司章程》及《董事会议事规则》相关规定，现选举任京 暘先生担任公司第五届董事会董事长，任期三年，任职期限自本次董事会审议通 过之日起至第五届董事会任期届 ...

北京植德律师事务所 关于 曙光数据基础设施创新技术（北京）股份有限公司 2026 年第一次临时股东会 法律意见书 植德京(会)字[2026]0011 号 二〇二六年一月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 植德京（会）字[2026]0011 号 致：曙光数据基础设施创新技术（北京）股份有限公司 北京植德律师事务所（以下简称"本所"）接受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"）的委托，指派律师出席并见证公司 2026 年第一次临时股东会（以下简称"本次股东会"）。 北京植德律师事务所 关于曙光数据基础设施创新技术（北京）股份有限公司 2026 年第一次临时股东会 法律意见书 1. 本所 ...

Group 1 - The financing balance of the North Exchange is approximately one-third of that of the ChiNext, indicating lower investor sentiment and market activity [1][11] - The North Exchange's financing balance reached a historical high of 92.85 billion yuan as of January 14, 2026, with a financing balance of 92.84 billion yuan [11][12] - The North Exchange's financing balance as a percentage of market capitalization was 1.25% in 2025, significantly lower than the ChiNext (3.57%) and the Sci-Tech Innovation Board (2.97%) [15][18] Group 2 - The North Exchange 50 Index reported 1,548.33 points, with a P/E ratio of 64.92X, while the North Exchange specialized and new index reached 2,666.88 points with a P/E ratio of 83.81X [2][32] - The average P/E ratios for key sectors in the North Exchange are as follows: high-end equipment (42.38X), information technology (96.48X), new chemical materials (47.82X), consumer services (49.03X), and biomedicine (37.32X) [39][44] - The North Exchange has seen a significant increase in daily trading volume, with an average of 409.81 billion yuan, up 55.52% from the previous week [31][33] Group 3 - The report recommends focusing on high-performing stocks within the North Exchange 50 and technology growth companies, particularly those with strong new production capabilities and scarcity attributes [46] - Recent IPOs have shown strong performance, with the first new stock of 2026, Kema Materials, experiencing a first-day increase of 371.27% [2][24] - The report highlights the active trading of North Exchange 50 constituent stocks, which generally show higher activity levels in financing and margin trading compared to non-constituent stocks [19][20]