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） 董事會會議通告 浪潮數字企業技術有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二 零二五年三月三十一日（星期一）舉行董事會會議，藉以通過（其中包括）本公司及其 附屬公司（「本集團」）截至二零二四年十二月三十一日止年度已審核之全年業績及考 慮派發末期股息（如有）。 承董事會命 浪潮數字企業技術有限公司 主席 趙震 香港，二零二五年三月十八日 於本公佈日期，董事會成員包括執行董事趙震先生、王玉森先生及崔洪志先生、非執行董事李春香 女士先生及獨立非執行董事黃烈初先生、張瑞君女士及丁香乾先生。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.48, indicating a potential upside of 23% from the current price of HKD 6.10 [6][11]. Core Insights - The integration of the DeepSeek model into the company's cloud services is expected to enhance operational efficiency and product attractiveness, with a 20% improvement in content generation accuracy compared to other mainstream open-source models [1]. - The government's recent policy initiatives are set to foster a favorable environment for the digital transformation of traditional industries, which is anticipated to accelerate the growth of the intelligent software sector [2]. - The company's cloud service revenue is projected to grow at an annual rate of 30-40%, with revenue forecasts of RMB 100 billion for FY24E and RMB 120 billion for FY25E, alongside net profit estimates of RMB 3.6 billion and RMB 5.2 billion respectively [3]. Financial Summary - The company reported actual revenues of RMB 6,967 million in FY22, with projections of RMB 8,294 million in FY23, RMB 10,009 million in FY24, RMB 12,020 million in FY25, and RMB 14,301 million in FY26, reflecting a growth rate of 77.9% in FY22 and a forecasted growth rate of 19.0% in FY26 [5][9]. - Net profit increased from RMB 119 million in FY22 to a projected RMB 702 million in FY26, with a significant growth rate of 83.3% in FY22 and a forecasted 35.7% in FY26 [5][9]. - The company's diluted earnings per share are expected to rise from RMB 0.104 in FY22 to RMB 0.615 in FY26, with a net asset return rate projected to reach 22.4% by FY26 [5][9].

INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 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。 (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。 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） 進一步延遲寄發通函 誠如延遲公佈所載，一份載有（其中包括）(i)框架協議項下擬進行的採購交易、供應 交易及銷售代理交易（連 ...

Investment Rating - The report suggests a focus on the company with a dynamic PE of approximately 10 times for 2025, indicating a significant advantage compared to peers [3]. Core Insights - The integration of the DeepSeek model into the company's existing AI framework enhances performance across various applications, including natural language understanding, SQL generation, and chart interpretation [3]. - DeepSeek's low inference cost allows the company to reduce computational requirements during model training and inference, leading to cost savings and improved project profit margins [3]. - The transition from "AI integration" to "AI native" signifies the company's rapid internalization of large models into its product and technical capabilities, fostering a broader AI ecosystem and promoting collaboration and innovation among upstream and downstream enterprises [3]. Summary by Sections Event - The DeepSeek model was released on January 20, showcasing significant advancements in performance for complex tasks, while also reducing training and inference costs [1]. - The company's AI applications, such as ChatBI and intelligent document processing, can now seamlessly switch to the DeepSeek model, enhancing their capabilities [1]. Technical Performance - The integration of DeepSeek-R1 has led to a 20% improvement in content generation accuracy compared to other mainstream open-source models, with a result usability rate of 95% [1][3]. - The enhanced reasoning capabilities of DeepSeek provide deeper insights and more reliable decision support for users [1]. Cost Efficiency - The low inference cost of DeepSeek is expected to lower the computational demands of the company's models, directly benefiting profit margins [3].

（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].