1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes Shandong provincial state - owned capital investment and operation companies from four dimensions: establishment background and process, positioning and consolidated business directions, assets and profitability, and outstanding bonds and bond valuations [2]. - Shandong provincial state - owned capital investment and operation companies' construction process can be divided into three stages: transferring state - owned capital to the provincial social security fund (2014 - 2017), introducing Shandong Guohui and transferring 20% of social security funds to it (2018 - 2020), and restructuring the social security fund council into Caixin Company and reorganizing the provincial investment and operation platforms (2020 - present) [2][8][9]. - These companies can be classified into five types according to their functions and business directions: state - owned capital operation companies, diversified industrial investment companies, focused industrial investment companies, financial investment companies, and policy - oriented investment companies [3][15]. - The asset scale of 12 provincial state - owned capital investment and operation companies in Shandong is significantly differentiated, and the asset structure varies greatly due to different functional positioning and business segments. Their profitability is good but has been under pressure in recent years [4][31][43]. - The outstanding bonds are mainly public bonds, and the scale is also significantly differentiated. Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields [5][52]. 3. Summary According to the Directory 3.1 Emergence: Establishment of Shandong Provincial Investment and Operation Companies - In 2013, the Third Plenary Session of the 18th Central Committee proposed to reform the state - owned capital authorization and operation system. Shandong Province launched a new round of state - owned enterprise reform [6]. - In 2014, Shandong issued the "26 Articles on Shandong State - owned Enterprise Reform", and in 2015, it passed the "1 + 5" documents, which jointly formed the top - level design for the construction of Shandong's state - owned investment and operation platforms [7]. - The construction process of Shandong provincial state - owned capital investment and operation companies has three stages: transferring state - owned capital to the social security fund, introducing Shandong Guohui, and restructuring and integrating platforms [2][8][9]. 3.2 Anchoring Direction: Company Positioning and Consolidated Business Directions - Companies are divided into five types: state - owned capital operation companies (e.g., Shandong Guotou), diversified industrial investment companies (e.g., Hualu Group, Lushang Group, Shandong Guohui), focused industrial investment companies (e.g., Shandong Energy, Shandong Gold, Shandong High - speed, Shandong Steel Group), financial investment companies (e.g., Luxin Group), and policy - oriented investment companies (e.g., Shandong Land, Shandong Development, Shandong Finance) [3][15]. - Each type of company has its own core business and development strategy. For example, Shandong Guotou focuses on IT business, Hualu Group on high - end chemical industry, and Luxin Group on financial services [19][20][23]. 3.3 Financial Perspective: Company Assets and Profitability 3.3.1 Asset Dimension - Asset scale is significantly differentiated, divided into four echelons. Shandong High - speed and Shandong Energy have over - trillion - yuan asset scales, while Shandong Development has the smallest scale [31]. - Asset composition varies. There are four types based on the consolidated statements: assets mainly formed by industrial subsidiaries' businesses, financial assets and long - term equity investments in financial subsidiaries, assets mainly formed by equity investments, and assets mainly formed by government - function infrastructure and its investment and financing services [32][34][35]. 3.3.2 Profitability Dimension - The overall profitability of 12 companies is good but has been under pressure in recent years. Since 2022, the overall revenue growth has slowed down, and the net profit has declined [43]. - In terms of revenue structure, 7 companies have more retained operating profits, 4 companies' profits mainly come from investment income, and Shandong Steel's investment income is an important source of profit due to industry downturn [44]. 3.4 Bond Market: Outstanding Bonds and Bond Valuation Overview - Outstanding bonds are mainly public bonds, and the scale is significantly differentiated. Shandong High - speed has the highest outstanding bond scale, while Shandong Development and Hualu Group have the smallest [52]. - Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields, less than 2% [52].

Market Space and Transformation Demand - The demand for digital transformation in enterprises has significantly increased post-pandemic, with the core ERP market space exceeding 50 billion yuan and the broader ERP market space exceeding 100 billion yuan [1][10] - Large enterprises continue to release information technology needs in areas such as group finance, marketing, and supply chain, while medium-sized enterprises are upgrading from basic information technology to intelligent management [1][10] - There are nearly 400,000 industrial enterprises above a designated size in China, providing a substantial customer base for ERP software, with significant differences in customer unit prices across different enterprise sizes [1][10] Breakthroughs and Competitive Landscape of Domestic Vendors - The dual-channel drive of digital transformation and the "Xinchuang" policy has created significant opportunities for domestic vendors, particularly in state-owned enterprises [2][10] - Leading vendors such as Kingdee, Yonyou, and Inspur have established dominant market positions through cloud transformation and product line enhancements, with Kingdee's cloud business revenue accounting for 76% of total revenue, and Yonyou's cloud business revenue nearing 70% [2][10] - Market share is dominated by Yonyou and Kingdee, which together account for approximately 26%, while foreign vendors like SAP hold an 18% share [2][10] Technological Evolution and Application Scenario Innovation - AI technology is reshaping the application model of enterprise management software, with international vendors like Microsoft and Salesforce implementing low-code platforms combined with AI capabilities [3][10] - Domestic vendors are also leveraging AI, with Kingdee's cloud services implementing chatbots and visual recognition, while Yonyou's intelligent platform automates processes in finance, human resources, and procurement [3][10] - The combination of cloud computing and AI is lowering the barriers to software usage, with Kingdee's public cloud renewal rate reaching 90% [3][10] Xinchuang and Domestic Process - The Xinchuang policy is driving the localization of software from office applications to core business systems, with significant progress in the financial and telecommunications sectors [4][10] - State-owned enterprises have set clear digital transformation goals during the 14th Five-Year Plan, with notable increases in Xinchuang investment proportions [4][10] - Domestic vendors like Kingdee and Yonyou are gradually replacing foreign systems like SAP and Oracle in core systems of large enterprises [4][10] Future Trends - The enterprise management software market is expected to exhibit a threefold trend of "cloudification, localization, and intelligence," with cloud business revenue continuing to rise [5][10] - Driven by Xinchuang, domestic vendors are likely to increase their market share in large enterprises from the current 50% [5][10] - AI technology is anticipated to evolve from being an auxiliary tool to becoming a core productivity driver, ultimately achieving full-scenario coverage as "personal AI assistants" [5][10]

Group 1 - Cloud computing stocks have collectively risen, with notable increases in companies such as Inspur Digital Enterprise (+3.76%), China Software International (+3.53%), and Tencent Holdings (+2.18%) [1] - North American cloud service providers (CSPs) reported earnings that exceeded market expectations, with Microsoft, Meta, and Amazon highlighting the significant role of AI in their revenue growth [1] - Despite concerns over tariff policies affecting the macro outlook, the demand for AI remains unchanged, contributing to a positive cycle of capital expenditure expansion, commercialization, and performance realization [1] Group 2 - Domestic demand for computing power is expected to be boosted by accelerated local infrastructure development amid global geopolitical and trade uncertainties [2] - The cloud computing market is undergoing an irreversible trend as IT workloads shift to the cloud, with artificial intelligence identified as a key driver for renewed growth [2] - The development of large language models (LLM) and generative AI (GenAI) is still in its early stages, which will play a crucial role in accelerating growth for global and Chinese CSPs [2]

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。 進一步延遲寄發通函 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） (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 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 及二零二五年框架金融服務協議項下的存款服務及其他金融服務（「該公佈」），以及 本公司日期為二零二五年一月二十日、二零二五年二月二十八日及二零二五年三月 三十一日的公佈，內容有關延遲寄發通函（「延遲公佈」）。除另有界定者外，本公佈 所用詞彙與該公佈所界定者具有相同涵義。 承董事會命 浪潮數字企業技術有限公司 主席 趙震 香 ...

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） 股東週年大會通告 茲通告浪潮數字企業技術有限公司（「本公司」）謹訂於二零二五年六月十七日（星期二） 上午十時正假座香港九龍九龍灣宏光道1號億京中心A座30樓B&C室舉行股東週年大會 （「股東週年大會」），以處理下列事項： (b) 本決議案(a)段所述之批准將授權董事於有關期間（定義見下文）內作出或授出可能 須於有關期間終結後行使該等權力之售股建議、協議或購股權（包括附有權利以認 購或可轉換為股份之債券、認股權證、債權證、票據及其他證券）； (c) 董事根據本決議案(a)段所述之批准，配發及發行或有條件或無條件同意配發及發 行（不論根據購股權或其他方式）之股份總數，除因： (i) 供股（定義見下文）； (ii) 根據本公司發行之任何現有附 ...

此乃要件 請即處理 香港交易及結算所有限公司及聯交所對本通函之內容概不負責，對其準確性或完整性亦無 發表任何聲明，並明確表示不會就本通函全部或任何部份內容或因倚賴該等內容而引致之 任何損失承擔任何責任。 閣下對本通函任何內容或應採取的行動如有任何疑問，應諮詢持牌證券交易商、註冊證券 機構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有浪潮數字企業技術有限公司股份，應立即將本通函連同隨附 之代表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代理，以 便轉交買主或承讓人。 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） (1)授予發行新股份及 本公司購回本身股份之一般授權 (2)重選退任董事及繼續委任任職超過九年之 獨立非執行董事 (3)宣派末期股息 及 (4)股東週年大會通告 浪潮數字企業技術有限公司謹訂於二零二五年六月十七日（星期二）上午 10時正假座香港 九龍九龍灣宏光道1號億京中心A座30樓B&C室舉行股東週年大會（「股東週年大會」）， 召開 ...

浪潮數字企業技術有限公司 | 二零二四年環境、社會及管治報告 目錄 | 致利益相關者 | 2 | | --- | --- | | 關於本報告 | 4 | | 浪潮數字企業 | 6 | | 上篇 內在責任與企業發展 | 11 | | 築基固本，穩步發展 | 12 | | 董事會聲明 | 12 | | ESG管治 | 12 | | 公司治理 | 17 | | 數字創新，啟迪未來 | 21 | | 科技創新驅動 | 21 | | 產品管理優化 | 24 | | 客戶服務提升 | 26 | | 員工責任，築夢同行 | 28 | | 員工關懷成長 | 28 | | 健康安全管理 | 33 | | 下篇 外部責任與社會擔當 | 35 | | 綠色運營，護航家園 | 36 | | 資源高效利用 | 36 | | 包裝材料 | 38 | | 排放管控行動 | 39 | | 氣候變化應對 | 43 | | 攜手並肩，責任共擔 | 47 | | 合作共榮，開創未來 | 47 | | 社會公益，愛心傳遞 | 49 | | 未來展望 | 50 | | 附錄一：香港聯合交易所《主板上市規則》附錄C2《環境、社會及管治報告守則》內容索引 ...

Financial Performance - The company reported a revenue of RMB 8,200,805,000 for the year ending December 31, 2024, a decrease of 1.1% compared to RMB 8,294,446,000 in 2023[9]. - Cloud service revenue increased by 38.1% year-on-year, reaching RMB 2,761,458,000, accounting for 51.9% of the total revenue from software and cloud services[9]. - The gross profit for the reporting period was RMB 2,208,419,000, representing a 15.2% increase from RMB 1,917,802,000 in the previous year, with an overall gross margin of 26.9%[19]. - Profit before tax surged significantly to RMB 480,391,000, a substantial increase attributed to cloud services profitability of RMB 132,519,000, up 335.8%[23]. - Profit attributable to owners rose dramatically to RMB 384,705,000, with basic earnings per share increasing to RMB 0.3369 from RMB 0.1766[24]. Research and Development - Research and development expenses were RMB 864,719,000, a slight increase of 0.6% from RMB 859,197,000 in 2023, reflecting the company's ongoing cloud transformation efforts[20]. - The company plans to continue increasing R&D investment and expand its market presence, particularly in state-owned enterprises and small to medium-sized enterprises[13]. - The company aims to enhance its "AI First" strategy, focusing on AI model technology and digital transformation services for over 120,000 enterprises[10]. Cloud Services and Technology - The cloud services business experienced rapid revenue growth, supported by the launch of the Haiyue large model platform 2.0 and other new tools[35][36]. - The company has established a comprehensive enterprise-level AI model application solution, with over 40 intelligent application scenarios implemented in various projects[11]. - The company launched the Haiyue PaaS platform 7.0, which includes seven sub-platforms, enhancing intelligent operations and automation capabilities, and has been recognized with multiple awards, including the CCF Science and Technology Progress Award[39]. - The Haiyue ERP GS Cloud 7.0 was released, focusing on collaboration, intelligence, and high-quality goals, achieving the highest market share in China's group management software sector[40]. Market and Client Engagement - The company achieved significant breakthroughs in the central state-owned enterprise market, assisting over 79 central enterprises and 190 Fortune China 500 companies in digital transformation[34]. - The company has been recognized as a leader in the PaaS market and has assisted 43 benchmark clients in receiving awards, enhancing its industry influence[12]. - The company signed contracts with major clients such as China National Agricultural Development and Shandong Guotou for financial sharing projects, enhancing operational efficiency[45]. Corporate Governance - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[66]. - The independent non-executive directors account for over one-third of the board, ensuring strong independence[66]. - The company held seven board meetings and one shareholders' meeting in the fiscal year ending December 31, 2024[69]. - The board is committed to enhancing corporate governance standards and practices to ensure compliance with legal and professional standards[64]. Risk Management - The company has engaged external consultants to optimize its risk management system[108]. - The risk management framework is based on a "three lines of defense" model, ensuring effective internal controls[109]. - The company has identified ten categories of risks, which have been detailed in the report[113]. - The internal audit department conducts independent reviews of the company's major risk monitoring and regulatory procedures annually[115]. Shareholder Relations and Dividends - The company emphasizes maintaining investor relations through various channels, including investor meetings and conference calls[100]. - The group proposed a final dividend of HKD 0.08 per ordinary share for the year ending December 31, 2024, subject to shareholder approval[143]. - The board will consider various factors, including financial conditions and market conditions, when deciding on dividend payments[103]. Compliance and Legal Matters - The company has confirmed compliance with the securities trading standards set forth in the main board listing rules[89]. - The company has adopted and strives to comply with the corporate governance code as per the listing rules[63]. - The company has established a structured approach to managing related party transactions, ensuring fairness and compliance with regulations[149]. Environmental and Social Responsibility - The company emphasizes environmental compliance and has integrated environmental factors into investment decisions to manage procurement costs and emissions[137]. - The group is focused on developing energy-saving technologies and conducting environmental assessments to reduce risks and losses[137]. Employee and Operational Management - The company has implemented a performance evaluation system, including equity incentive mechanisms, to retain key employees and ensure service quality[121]. - The company is committed to ongoing training and awareness programs to strengthen confidentiality and data protection practices among employees[127]. - The company has established a disaster recovery plan and business continuity plan to address potential IT system failures, maintaining a low risk level[127].

Group 1 - The 2025 Wave Digital Enterprise Innovation Conference was held in Beijing with the theme "AI Towards New, Tides Surge Future," highlighting the rapid iteration of global AI technology as a core driver for enterprise digital transformation [1] - The conference emphasized the importance of leveraging AI to reshape core competitiveness and accelerate the implementation of high-value intelligent application scenarios [1] - Liu Jiyong, General Manager of Inspur Group, stated that AI has evolved from a technical concept to a core force driving new productive forces and restructuring the global competitive landscape [1] Group 2 - Li Yizhong, President of the China Industrial Economic Federation, stressed the need to accelerate the application of AIGC in manufacturing and develop AI large models and specialized models for various processes in production and operations [2] - The conference included various forums and events, such as a technology innovation conference and an ecological partner conference, focusing on topics like intelligent finance, smart human resources, decision intelligence, and intelligent manufacturing [2] - New AI achievements, including Inspur Haiyue Business AI, were announced during the conference [2]

Group 1 - The core viewpoint emphasizes the importance of both large and small models in the digital transformation of industrial enterprises, highlighting the integration of generative AI in five key areas: innovative design, industrial enhancement, quality reinforcement, service extension, and market expansion [1] - The conference, themed "AI Towards New, Tides Surge Future," gathered over a thousand participants, including academicians, industry leaders, and representatives from enterprises and authoritative institutions, to discuss AI models, commercial AI, industrial software, and global market expansion [1] - The general manager of Inspur Group stated that AI has evolved from a technical concept to a core driving force for enterprise development, reshaping global competitive dynamics and accelerating comprehensive transformations across various industries [1] Group 2 - The rapid adoption of AI, particularly large models, has created a widespread and urgent demand for digital transformation among enterprises [2] - Key strategies for accelerating the implementation of intelligent systems include recognizing AI's long-term value, understanding the current maturity stage of enterprises, planning AI application scenarios, and selecting suitable partners [2] - Inspur Digital Enterprises has outlined a four-step transition for digital transformation, which includes "Composite AI," "Data Foundation," "Tool Chain Supplement," and "Software Reconstruction," under its "AI First Strategy" [2] Group 3 - Inspur officially launched the Haiyue Commercial AI and Haiyue Model 3.0, targeting business pain points in enterprise management and production operations, aiming to bridge the "last mile" of intelligent implementation [3] - The conference also introduced a "Global Ecological Strategy" to assist Chinese enterprises in achieving global ecological collaborative value through technological symbiosis, market expansion, and standard co-construction [3] - Various specialized forums were held during the conference, covering topics such as intelligent finance, smart human resources, decision intelligence, and intelligent manufacturing, showcasing Inspur's product capabilities and industry practices [3]