（股份代號：596） 延遲寄發通函 (I) 有關二零二五年框架金融服務協議的 主要交易及持續關連交易 (II) 有關就重續現有持續關連交易及 修訂年度上限訂立框架協議的 持續關連交易 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） 進行的採購交易、供應交易及銷售代理交易以及二零二五年框架金融服務協議項下 擬進行的交易致獨立董事委員會及獨立股東的意見函件；及(v)股東特別大會通告 的通函（「通函」）預計將於二零二五年一月二十日或之前寄發予股東。 由於需要額外時間編製及最終落實通函的內容，故通函的寄發日期將延遲至二零 二五年二月二十八日或之前的日期。 茲提述浪潮數字企業技術有限公司（「本公司」）日期為二零二四年十二月二十七日的 公佈，內容有關（其中包括）框架協議項下的採購交易、供應交易及銷售代理交易以 及二零 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） （股份代號：596） 有 關 二零二五年框架金融服務協議的 主要交易及持續關連交易 及 有 關 (I) 就重續現有持續關連交易及 修訂年度上限訂立框架協議 及 ( II ) 就延長期限及修訂年度上限訂立 二零二五年差旅服務框架協議的 持續關連交易 獨立董事委員會及 獨立股東之獨立財務顧問 有關訂立框架協議的持續關連交易 由於供應交易、採購交易、公用服務交易、銷售代理交易及北京租賃連同其各 自的年度上限將分別於二零二四年十二月三十一日屆滿，於二零二四年十二月 二十七日（聯交所交易時段後），本公司及浪潮集團有限公司就將相關交易進一步 重續三年及修訂上述擬訂的相關年度上限訂立框架協議，以（其中包括）規管本集 團與浪潮集團有限公司的持續關連交易的條款及條件。此外，由 ...

Investment Rating - The report does not provide a specific investment rating for Inspur Digital Enterprise (0596 HK) [7] Core Business Analysis - Inspur Digital Enterprise's core business revolves around three major segments: cloud services, management software, and IoT solutions, which drive enterprise digital transformation [7] - Cloud services is the fastest-growing segment, with H1 2024 revenue reaching RMB 980 million, a 36% YoY increase, accounting for 45% of total revenue [7] - Management software provides stable support, generating RMB 1 202 billion in revenue, a 7 4% YoY growth, playing a key role in digital management scenarios such as finance, HR, and supply chain [7] - IoT solutions contributed RMB 1 959 billion, nearly 50% of total revenue, despite a 13% YoY decline, maintaining strategic importance in smart manufacturing and industrial IoT scenarios [7] Client Base and Market Position - Inspur Digital Enterprise serves 79 central state-owned enterprises, 29 Fortune 500 companies, and 190 China 500 companies across key industries such as energy, manufacturing, and transportation [7] - Representative clients include TBEA, CRRC Industrial, Shanshui Group in smart manufacturing, and Shandong Port Group, Shandong Expressway in data asset innovation [7] - The company has established a leading position in large enterprise client groups through customized digital solutions [7] Competitive Advantages - Inspur Digital Enterprise has built competitive barriers through its proprietary technology system, Haiyue PaaS platform, and intelligent ERP products [7] - The company differentiates itself through deep customization services and multi-scenario solutions, competing against domestic players like Yonyou and Kingdee, and international giants like Alibaba Cloud, Tencent Cloud, SAP, and Oracle [7] Market Outlook and Growth Potential - The "Digital China" strategy drives rapid growth in cloud computing, IoT, and smart manufacturing demand [7] - Cloud services maintain 36% high growth rate, accounting for 45% of revenue, expected to benefit from AI and cloud technology adoption [7] - Smart manufacturing upgrades and IoT applications provide growth opportunities for IoT solutions [7] - National policies supporting data assetization and domestic technology substitution create further market expansion potential [7] Future Strategy - Cloud services are expected to further expand market share, benefiting from AI and large model adoption [7] - Smart manufacturing and industrial IoT applications will open new market spaces for IoT solutions [7] - The company aims to consolidate its industry position through proprietary technology, innovative platforms, and differentiated products [7] - Inspur Digital Enterprise plans to expand its core client base, particularly in central state-owned enterprises and Fortune 500 companies [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） （股份代號：596） 關連交易 視作出售一間附屬公司股權 補充公佈 茲提述浪潮數字企業技術有限公司（「本公司」）日期為二零二四年十月三十一日的公 佈（「該公佈」），內容有關構成視作出售本公司一間附屬公司股權的增資。除文義另 有所指外，本公佈所用詞彙與該公佈所界定者具有相同涵義。 董事會希望為股東及潛在投資者提供有關增資的額外資料。 誠如該公佈所披露，估值師採納的估值方法為收入法項下的折現現金流量法，及資 產評估報告的估值基準日為二零二三年十月三十一日。資產評估報告中採納的估值 方法及假設構成上市規則第14.61條項下之盈利預測，因此適用上市規則第 14.60A 條規定。 除該公佈所披露「4.本交易的評估與定價」一節外，董事會希望補充以下資料：－ 目標公司折現 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） （股份代號：596） 關連交易 視作出售一間附屬公司股權 於增資完成後，目標公司註冊資本將由人民幣16,000萬元增加至約人民幣17,264 萬元。浪潮（山東）電子、浪潮通用軟件及投資者於目標公司所持股權將分別約為 83.41%、9.27%及7.32%。本公司將繼續為目標公司之控股股東且目標公司財務業 績將繼續併入本公司財務業績。 目標公司計劃引進一名戰略投資者提高本公司的市場認可度及價值，增強資本實 力以促進業務發展，以及改善企業管治以實現資源及金融資本雙賦能。浪潮（山 東）電子及浪潮通用軟件擬與目標公司及投資者訂立增資協議，內容有關增資人民 幣4,000萬元，其中約人民幣1,264萬元將支付至註冊資本及約人民幣2,736萬元 將支付至資本儲備。 2. 本 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 5.50, which represents a potential upside from the current price of HKD 3.28 [34]. Core Insights - The company is positioned to benefit from the acceleration of domestic ERP (Enterprise Resource Planning) software adoption, driven by national policies promoting digital transformation and the replacement of imported software with domestic alternatives [2][13]. - Cloud services have become a significant growth driver, with revenue from this segment growing at a compound annual growth rate (CAGR) of 50.7% from 2019 to 2023, and expected to continue increasing [10][18]. - The company’s revenue is projected to grow by 20.7% in FY24 and 20.1% in FY25, with net profit expected to increase by 77.0% and 45.0% respectively during the same periods [2][18]. Summary by Sections Investment Highlights - Cloud service revenue has significantly increased, from RMB 390 million in 2019 to RMB 2 billion in 2023, with its share of total revenue rising from 13.4% to 24.1% [10][11]. - The company’s management software revenue has also grown, albeit at a slower pace, indicating a shift towards cloud-based solutions [10]. - The company is leveraging synergies with its parent company, Inspur Group, to enhance its market position in the domestic ERP sector [2][13]. Industry Context - The domestic ERP market has a market share of nearly 70%, with major players including Yonyou, Inspur, and Kingdee, while high-end segments remain dominated by foreign firms [15]. - Recent government policies have accelerated the push for domestic software solutions, with a target for state-owned enterprises to fully transition to domestic products by 2027 [2][13]. Financial Projections and Valuation - Revenue is expected to reach RMB 10 billion in FY24, with cloud services projected to contribute significantly to this growth [18]. - The company’s gross margin is anticipated to improve from 23.1% in FY23 to 26.4% by FY26, driven by the scaling of cloud services [18][31]. - The net profit is forecasted to grow from RMB 357 million in FY24 to RMB 702 million by FY26, reflecting a robust growth trajectory [19][31]. Company Background - The company, established in 2003 and listed on the Hong Kong Stock Exchange, has transitioned from hardware to software, focusing on ERP solutions and cloud services [21]. - It operates under the auspices of Inspur Group, which holds a significant stake, providing it with a strong resource base and market credibility [21][22].

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call [1] Core Points and Arguments - The document does not provide any core points or arguments from the conference call [1] Other Important but Possibly Overlooked Content - The document only contains a brief introduction thanking participants for attending the meeting and indicating that the meeting will begin shortly [1]

Financial Performance - For the six months ended June 30, 2024, the group's revenue was RMB 4,141,171,000, representing a year-on-year increase of 1.09% compared to RMB 4,096,650,000 in the same period last year[10]. - The gross profit for the same period was RMB 911,681,000, an increase of 8.71% from RMB 838,615,000 year-on-year, with an overall gross margin of 22.02%, up 1.55 percentage points from 20.47%[11]. - The pre-tax profit for the period was RMB 106,708,000, significantly up from RMB 48,611,000 in the previous year, largely due to a 19.29% increase in operating profit from the management software segment[15]. - The profit attributable to the owners of the company was RMB 105,702,000, compared to RMB 49,241,000 in the same period last year, with basic and diluted earnings per share at RMB 0.0926[16]. - The company reported a net profit of RMB 105,702 thousand for the six months ended June 30, 2024, compared to RMB 48,611 thousand for the same period in 2023, representing a significant increase[60]. - The net profit attributable to the company's owners was RMB 105,702 thousand, significantly increasing by 114.4% from RMB 49,241 thousand in the previous year[50]. Revenue Breakdown - Revenue from software and cloud services was RMB 2,182,093,000, a growth of 18.63% year-on-year, with cloud services contributing RMB 980,201,000, up 36.01% from RMB 720,677,000[10]. - The cloud services business achieved revenue of RMB 980,201,000, representing a year-on-year growth of 36.0% compared to RMB 720,677,000 in the same period last year[25]. - The management software business recorded revenue of RMB 1,201,892,000, representing a year-on-year growth of 7.4% compared to RMB 1,118,811,000 in the same period last year[30]. - The IoT solutions business generated revenue of RMB 1,959,078,000, showing a decline of 13.2% from RMB 2,257,162,000 in the previous year[32]. Expenses and Costs - Administrative expenses increased by 0.80% to RMB 200,318,000, while R&D expenses rose by 5.18% to RMB 435,791,000, driven by increased investment in cloud services[12]. - The cost of goods sold for the period was RMB 1,834,047 thousand, down from RMB 2,098,102 thousand in the previous year, indicating a decrease of 12.6%[67]. Assets and Liabilities - As of June 30, 2024, current assets were RMB 4,594,429,000, with current liabilities at RMB 3,865,910,000, resulting in a current ratio of 1.19[17]. - The debt-to-equity ratio as of June 30, 2024, was 1.9, down from 2.0 in 2023[18]. - The company's total assets as of June 30, 2024, were RMB 4,594,429 thousand, slightly up from RMB 4,565,601 thousand at the end of 2023[52]. - The company’s total liabilities increased to RMB 1,921,103 thousand as of June 30, 2024, from RMB 1,877,967 thousand as of January 1, 2024[54]. - Current liabilities decreased to RMB 3,865,910 thousand from RMB 3,915,078 thousand, a reduction of 1.3%[53]. Strategic Initiatives - The company launched 6 new products and made breakthroughs in 9 new technologies, enhancing its core product competitiveness[23]. - The company has signed strategic partnerships with over 200 new partners in the first half of the year, focusing on enhancing customer acquisition and delivery capabilities[29]. - The launch of the iGIX7.0 PaaS platform aims to drive intelligent transformation across seven sub-platforms, enhancing smart operations and automation capabilities[27]. - The company is actively serving major state-owned enterprises, assisting them in digital transformation, including partnerships with Dongfang Electric and China National Power[23]. - The company has established strategic collaborations with major banks to support their digital transformation efforts[29]. Research and Development - Research and development expenses totaled RMB 435,791 thousand, an increase of 5.2% from RMB 414,333 thousand in the previous year[50]. - The company applied for 658 patents and was granted 131, further strengthening its core competitiveness[23]. Market Presence and Recognition - The company has served over 120,000 enterprises, including 79 central enterprises and 190 of China's top 500 companies, in their digital transformation efforts[34]. - The company has been recognized as a leading contributor to the software industry in China over the past 40 years[23]. - The digital supply chain has covered over 1,200 business scenarios across various industries, maintaining the second position in the SCM software market nationally and first among domestic vendors[31]. Cash Flow and Financing - Cash flow from operating activities was negative RMB 742,252 thousand for the six months ended June 30, 2024, compared to negative RMB 588,991 thousand for the same period in 2023[55]. - The company’s financing activities generated cash inflow of RMB 10,722 thousand for the six months ended June 30, 2024, down from RMB 97,738 thousand for the same period in 2023[55]. Stock Options and Share Capital - The company has a total of 621,679,686 shares, with 37.50% owned by Inspur Group Co., Ltd. and 16.94% by Inspur Qilu Overseas Investment Development Co., Ltd.[39]. - The company granted 30 million stock options under the 2008 stock option plan at an exercise price of HKD 3.16 per share, with no options exercised during the reporting period[43]. - A total of 33.88 million stock options were granted, with 31.81 million remaining unexercised as of June 30, 2024[44]. - The company has not set any performance targets for the stock options granted, which may lead to automatic expiration if targets are not met[46]. Compliance and Governance - The company has adhered to the corporate governance code as of June 30, 2024, confirming compliance with the relevant regulations[49].

Investment Rating - Maintains an "Overweight" rating with a target price of HKD 4.41 [2] Core Views - The company's overall revenue remains stable, with net profit doubling year-over-year [2] - Cloud services have become the primary growth driver, with significant contributions to revenue and profit [2] - Intelligent upgrades are expected to drive business development beyond expectations [2] Financial Performance - Revenue for H1 2024 reached RMB 4.165 billion, a 1.03% YoY increase [2] - Net profit attributable to shareholders surged to RMB 106 million, a 114.66% YoY growth [2] - Cloud services revenue grew 36.01% YoY to RMB 980 million, accounting for 23.67% of total revenue [2] - Enterprise management software revenue increased 7.43% YoY to RMB 1.202 billion, representing 29.02% of total revenue [2] - IoT business revenue declined 13.21% YoY to RMB 1.959 billion [2] - Gross margin improved to 22.02%, up 1.55 percentage points YoY [2] Business Development - The company has made significant investments in intelligent ERP and PaaS platform products [2] - Launched 6 new products and achieved breakthroughs in 9 new technologies [2] - Introduced the iGIX7.0 PaaS platform and the Haoyue Large Model 2.0, enhancing product automation capabilities [2] Market Data - Current stock price: HKD 2.75 [4] - 52-week price range: HKD 1.67 - 4.36 [4] - Current market capitalization: HKD 3.14 billion [4] Financial Projections - Revenue for 2024E is projected at RMB 10.005 billion, a 20.57% YoY increase [3] - Net profit for 2024E is expected to reach RMB 337.53 million, a 67.40% YoY increase [3] - PE ratio for 2024E is estimated at 10.57 [3]

Financial Performance - Revenue for the six months ended June 30, 2024, increased by 1.09% to RMB 4,141,171,000 compared to RMB 4,096,650,000 for the same period in 2023[2] - Profit attributable to owners of the company for the period was RMB 105,702,000, up from RMB 49,241,000 in the same period last year[3] - Basic earnings per share for the period was RMB 9.26, compared to RMB 4.31 for the same period in 2023[3] - Gross profit for the six months ended June 30, 2024, was RMB 911,681,000, an increase from RMB 838,615,000 in the previous year[3] - The company reported a total comprehensive income of RMB 105,752,000 for the period, compared to RMB 46,530,000 in the same period last year[4] - The company reported a net profit attributable to owners of RMB 105,702 thousand for the six months ended June 30, 2024, compared to RMB 49,241 thousand for the same period in 2023, reflecting a growth of 114.4%[20] - The gross profit margin for the cloud services segment was negative, with a loss of RMB 108,997 thousand, while the IoT solutions segment achieved a profit of RMB 145,825 thousand[16] Revenue Breakdown - For the six months ended June 30, 2024, total revenue reached RMB 4,141,171 thousand, with cloud services contributing RMB 980,201 thousand, management software RMB 1,201,892 thousand, and IoT solutions RMB 1,959,078 thousand[14] - Software and cloud services revenue reached RMB 2,182,093,000, growing by 18.63% from RMB 1,839,488,000, with cloud services contributing RMB 980,201,000, a 36.01% increase year-on-year[39] - The IoT solutions business revenue decreased by 13.21% to RMB 1,959,078,000 from RMB 2,257,162,000 year-on-year[39] - The management software business recorded revenue of RMB 1,201,892,000, representing a year-on-year growth of 7.4% compared to RMB 1,118,811,000 in the same period last year[57] Expenses and Liabilities - Research and development expenses for the period were RMB 435,791,000, compared to RMB 414,333,000 in the same period last year[3] - Current liabilities increased to RMB 3,865,910,000 from RMB 3,915,078,000 at the end of the previous year[6] - The company’s total liabilities as of June 30, 2024, included significant financial expenses amounting to RMB 3,199 thousand[14] - Administrative expenses were RMB 200,318,000, a slight increase of 0.80% from RMB 198,725,000, mainly due to rising personnel costs[41] Cash Flow and Assets - Cash flow from operating activities for the six months ended June 30, 2024, was a negative RMB 742,252 thousand, compared to a negative RMB 588,991 thousand for the same period in 2023[8] - The net cash flow from financing activities was RMB 10,722 thousand for the six months ended June 30, 2024, a significant decrease from RMB 97,738 thousand in the previous year[8] - The company’s cash and cash equivalents decreased to RMB 528,702,000 from RMB 1,264,504,000 at the end of the previous year[5] - As of June 30, 2024, current assets amounted to RMB 4,594,429,000, with current liabilities at RMB 3,865,910,000, resulting in a current ratio of 1.19, up from 1.17 on December 31, 2023[46] Investments and Innovations - The company has established a financial services framework agreement with Inspur Financial Company, allowing for deposits and loans up to RMB 500,000,000, with outstanding loans totaling RMB 83,704,000 as of June 30, 2024[37] - The company launched 6 new products and achieved breakthroughs in 9 new technologies, enhancing its core product competitiveness[51] - The company has applied for 658 patents, with 131 granted, to strengthen its core competitiveness[51] - The company is focusing on digital transformation opportunities in state-owned enterprises, assisting major groups like Dongfang Electric and Datang Group[51] Strategic Partnerships and Market Expansion - The company signed strategic partnerships with major banks, including Postal Savings Bank and China CITIC Bank, to support digital transformation in the financial sector[56] - The company is focusing on expanding its overseas market presence, signing key projects in countries such as Saudi Arabia and Indonesia[61] - The company has served over 120,000 enterprises, including 79 central enterprises and 190 of China's top 500 companies, in their digital transformation efforts[62] Awards and Recognition - The company has received over 10 national and provincial awards for its achievements in the computing network and AI capabilities[59] - The company is enhancing its data asset valuation service capabilities, recognized as a leading service provider in Shandong Province[58] Future Outlook - The company plans to continue expanding its cloud services and IoT solutions, focusing on enhancing product offerings and market reach[9] - The company is committed to innovation-driven growth, aiming to accelerate digital transformation with advanced technologies and comprehensive applications[62]