FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 浪潮數字企業技術有限公司 呈交日期： 2025年9月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | | 00596 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | | ...

消息面上，浪潮数字企业此前发布中期业绩，营业额43.43亿元人民币，同比增长4.9%；公司拥有人应 占溢利1.83亿元，同比增长73.3%。报告期利润有大幅增加，主要原因为：云服务业务由亏转盈；管理 软件业务分部经营利润较去年同期增长6.22%。 第一上海发布研报称，上半年浪潮数字企业云服务业务增长势头显著，实现收入12.7亿元，同比增幅 30%。云业务在营业收入中的占比已连续4年提升，今年中期首次突破50%，达到52%，且其增速始终稳 定在30%以上。展望未来3-5年，该业务预计将保持20%以上的增长态势。结合公司国资背景的天然优 势、云服务借国内信创推进利润释放的潜力，以及未来有望纳入港股通带来的估值提升预期。给予目标 价14.8港元，给予"买入"评级。 浪潮数字企业(00596)再涨超5%，截至发稿，涨4.57%，报10.98港元，成交额4288.45万港元。 ...

Core Viewpoint - Inspur Digital Enterprise (00596) has shown significant growth in its mid-term performance, with a notable increase in both revenue and profit, driven primarily by its cloud services business [1] Financial Performance - The company reported a revenue of 4.343 billion RMB, representing a year-on-year growth of 4.9% [1] - Profit attributable to shareholders reached 183 million RMB, marking a substantial increase of 73.3% compared to the previous year [1] - The cloud services segment turned from a loss to profitability, contributing significantly to the overall profit increase [1] Business Segments - The cloud services business achieved a revenue of 1.27 billion RMB, with a year-on-year growth rate of 30% [1] - The management software segment also saw an operating profit increase of 6.22% compared to the same period last year [1] Market Position and Future Outlook - The cloud services revenue now accounts for 52% of total revenue, marking the first time it has surpassed 50% and reflecting a consistent growth trend over the past four years [1] - The company is expected to maintain a growth rate of over 20% in its cloud services over the next 3-5 years, supported by its state-owned background and the potential for profit release driven by domestic innovation [1] - First Shanghai has set a target price of 14.8 HKD for the stock, with a "buy" rating based on the anticipated valuation uplift from potential inclusion in the Hong Kong Stock Connect [1]

Market Overview - The US non-farm employment data has been significantly revised downwards, leading to sustained expectations for interest rate cuts. The Hong Kong stock market has risen again, with the Hang Seng Index breaking the 26,000 mark, reaching a nearly four-year high. The index closed up 1.01% or 262.13 points at 26,200.26, with a total turnover of HKD 288.21 billion [1] Blue Chip Performance - Lenovo Group (00992) led the blue-chip stocks, rising 4.63% to HKD 11.31, contributing 5.88 points to the Hang Seng Index. Huatai Securities expects Lenovo to benefit from strong demand for AI products in the second half of the year, maintaining a buy rating with a target price of HKD 16 [2] - Other notable blue-chip performances include JD Logistics (02618) up 4.45%, Sun Hung Kai Properties (00016) up 4.28%, while Xinyi Solar (00968) and Xiaomi Group-W (01810) saw declines of 2.77% and 2.22%, respectively [2] Sector Highlights - Large technology stocks performed well, with Bilibili rising over 7% and JD up over 3%. Cloud computing stocks also saw gains, with Kingsoft Cloud rising nearly 9% [3] - Oracle's cloud business showed strong performance, with cloud revenue growing 28% year-on-year and cloud infrastructure revenue increasing 55%. The company expects cloud infrastructure revenue to reach USD 18 billion in FY2026, a 77% increase from FY2025 [4] Real Estate Sector - Hong Kong real estate stocks generally rose, with Sun Hung Kai Properties up 4.28% and Hang Lung Properties (00101) up 2.79% [4] - The Hong Kong government is set to release its 2025 policy address, with expectations of further reductions in property stamp duties and measures to attract more mainland visitors [5] Lithium Sector - Lithium stocks faced significant declines, with Ganfeng Lithium (01772) down 7.02% and Tianqi Lithium (09696) down 7.97%. The price of lithium carbonate is expected to fall below RMB 70,000 per ton due to a resurgence of supply surplus [6][5] Popular Stocks - Yunfeng Financial (00376) surged 27.83% after receiving approval to upgrade its securities license to offer virtual asset trading services [7] - Yaojie Ankang-B (02617) reached a new high, rising 27.57% after being included in the Hong Kong Stock Connect list [8] - Longfor Group (03380) rose 9.47% after reaching a revised agreement with creditors regarding offshore debt restructuring [9] - Shandong Molong (00568) increased by 7.92% amid rising oil prices due to geopolitical tensions in the Middle East [10]

开源证券表示，自公司实行"AI First"战略以来，AI业务发展已出具成效，目前公司海岳商业AI已覆盖 10+领域，具备100+开箱即用的智能体，入选IDC工业、财务、人力、企业级AI Agent代表厂商，并已 经落地如智能招采、财务共享中心、医药行业智能化升级、盐化工智控等标杆项目，落地场景较年初更 为丰富。与友商相比，该行认为浪潮的优势在于聚焦垂类agent，中大型国央企市场尽管项目制居多， 但亦可根据垂类数据进行更深度的模型训练与应用，实现数据的飞轮效应。 第一上海发布研报称，浪潮数字科技2025上半年实现收入43.4亿元，同比增长4.9%。毛利率23.4%，同 比上升1.4个百分点。归母净利润为1.83亿元，同比增长73.3%，主要是由于云服务业务由亏转盈，以及 软件业务分部经营利润较去年同期增长6.22%2025年上半年，云服务业务增长势头显著，实现收入12.7 亿元，同比增幅30%。云业务在营业收入中的占比已连续4年提升，今年中期首次突破50%，达到52%， 且其增速始终稳定在30%以上。展望未来3-5年，该业务预计将保持20%以上的增长态势。 智通财经APP获悉，浪潮数字科技(00596)涨近 ...

云服务业务增长显著，传统业务规模保持稳定：2025 年上半年，云服务业务增长势头显著，实现收入 12.7 亿元，同比增幅30%。云业务在营业收入中的占比已连续4 年提升，今年中期首次突破50%，达到 52%，且其增速始终稳定在30%以上。展望未来3-5 年，该业务预计将保持20%以上的增长态势。盈利 表现方面，今年中期首次盈利，分部利润近2 亿元，分部利润率为1.6%（去年同期：-7%）。随着规模 效应的持续释放，预计其利润率将逐年稳步提升。管理软件和物联网解决方案业务规模保持稳定，上半 年管理软件收入近12.0 亿元，同比基本持平，分部利润率15.4%，同比增长0.9 个百分点；低利润的物 联网解决方案收入18.7 亿元，同比减少4.5%，分部利润率1%，同比持平。 机构：第一上海 研究员：陈晓霞 利润大幅增长：公司2025 上半年实现收入43.4 亿元，同比增长4.9%。毛利率23.4%，同比上升1.4 个百 分点。归母净利润为1.83 亿元，同比增长73.3%，主要是由于云服务业务由亏转盈，以及软件业务分部 经营利润较去年同期增长6.22% 巩固原有客户基础上，进一步发力中小企业与海外市场：公司业务以央 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 14.8, representing a potential upside of 51.6% from the current price of HKD 9.76 [2][6]. Core Insights - The company's cloud service business has shown significant growth, with a revenue increase of 30% year-on-year, and it now accounts for 52% of total revenue. The cloud business is expected to maintain a growth rate of over 20% in the next 3-5 years [6]. - The company has transitioned from a loss to profitability in its cloud services segment, achieving a profit of nearly RMB 200 million in the first half of 2025, with a profit margin of 1.6% [6]. - The company is focusing on expanding its customer base by targeting small and medium-sized enterprises (SMEs) and overseas markets, with a particular emphasis on Southeast Asia [6]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 8.29 billion, a year-on-year increase of 19.1%. The net profit attributable to shareholders was RMB 201.63 million, reflecting a growth of 69.9% [3][8]. - The earnings per share (EPS) for 2025 is projected to be RMB 0.46, with a forecasted net profit of RMB 522.37 million [3][8]. - The company’s financial metrics indicate a projected price-to-earnings (P/E) ratio of 21.4 for 2025, decreasing to 12.9 by 2027, suggesting improving valuation over time [3][8].

Core Viewpoint - The company is experiencing steady growth in cloud transformation and AI project implementation, with expectations for significant valuation elasticity driven by potential inclusion in the Hong Kong Stock Connect [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 4.34 billion, a year-on-year increase of 4.9%, and a net profit attributable to shareholders of 183 million, a year-on-year increase of 73.3% [1] - The company's gross margin improved to 23.4%, up 1.4 percentage points year-on-year, while R&D, management, and sales expense ratios decreased by 1.4, 0.3, and remained flat percentage points respectively [1] - The cloud business turned profitable for the first time in H1, reflecting a significant improvement in profitability across various segments [1] Group 2: AI and Cloud Business Growth - The company has implemented an "AI First" strategy, resulting in the development of AI applications across over 10 fields, with more than 100 ready-to-use intelligent agents [2] - The AI projects have been successfully deployed in benchmark projects such as intelligent procurement and financial shared services, enhancing the company's growth sustainability [2] - The focus on vertical agents allows for deeper model training and application, leveraging data for enhanced business outcomes [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][13]. Core Views - The company is expected to experience robust growth driven by its cloud transformation and AI project implementations, with an upward revision of net profit estimates for 2025-2027 to 550 million, 730 million, and 890 million RMB, reflecting year-on-year growth of 43%, 32%, and 22% respectively [6][8]. - The current stock price corresponds to a PE valuation of 17.7, 13.4, and 10.9 times for 2025-2027, indicating potential for valuation elasticity as the company is expected to be included in the Hong Kong Stock Connect [6][8]. Financial Performance - For the first half of 2025, the company achieved revenue of 4.34 billion RMB, a year-on-year increase of 4.9%, and a net profit of 183 million RMB, up 73.3% [7]. - The gross margin improved to 23.4%, an increase of 1.4 percentage points, with reductions in R&D, management, and sales expense ratios contributing to profit margin enhancement [7]. - The cloud business turned profitable for the first time in the first half of the year, reflecting a positive trend in the company's financial health [7]. AI and Cloud Business Growth - The company has successfully implemented its "AI First" strategy, with AI applications now covering over 10 fields and more than 100 ready-to-use intelligent agents [8]. - The continuous expansion of AI project scenarios is expected to enhance the sustainability of growth in the cloud business, particularly in the context of digital transformation driven by government policies [8].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浪潮數字企業技術有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00596 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊 ...