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]

Investment Rating - The report maintains an "Outperform" rating for the company, projecting significant growth in cloud business revenue and overall profits [4][7]. Core Insights - The company's cloud business is experiencing rapid growth, significantly boosting profits. The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 522 million, 656 million, and 883 million RMB respectively, with EPS expected to be 0.46, 0.57, and 0.77 RMB [4][7]. - The overall revenue for 2024 is projected at 8.20 billion RMB, reflecting a slight decline of 1.1%. However, cloud services revenue is expected to grow by 38.1% to 2.76 billion RMB, while enterprise management software revenue is projected to increase by 3.7% to 2.56 billion RMB [8][9]. - The company is focusing on large enterprises and leveraging AI technology to enhance its product offerings, having enabled digital transformation for numerous central government-owned enterprises and top companies in China [9][10]. Financial Data and Forecast - Key financial metrics for the company include: - Revenue (in million RMB): 8,294 in 2023, projected to decline to 8,201 in 2024, then increase to 8,586 in 2025, 9,213 in 2026, and 10,291 in 2027 [3][6]. - Net profit (in million RMB): 1,918 in 2023, expected to rise to 2,208 in 2024, 2,447 in 2025, 2,718 in 2026, and 3,190 in 2027 [3][6]. - Gross profit margin is projected to improve from 26.9% in 2024 to 31.0% in 2027 [6]. - The company plans to continue returning value to shareholders with a proposed dividend of 0.08 HKD per share [8]. Market Position and Strategy - The company is deepening its presence in the large enterprise market and plans to release advanced AI-driven platforms in 2024, enhancing its competitive edge in the ERP sector [9][10]. - The introduction of foundation models is expected to improve the company's smart supply chain products, focusing on various industries such as pharmaceuticals and manufacturing [10].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][11][30]. Core Views - The company has shown significant improvement in net profit, with a year-on-year increase of 90.8% in 2024, despite a slight revenue decline of 1.62% [4][12]. - The cloud service business has been a key driver, achieving a revenue growth of 38.1% and turning a profit of 1.33 billion yuan [5][13]. - The overall financial outlook is positive, with projected revenue growth for 2025-2027 and a favorable price-to-earnings ratio [11][30]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 8.201 billion yuan, a decrease of 1.62% year-on-year, while net profit reached 385 million yuan, an increase of 90.8% [4][12]. - The adjusted net profit after excluding non-recurring items was 427 million yuan, reflecting a substantial growth of 632.47% [4][12]. Cloud Service Business - The cloud service segment generated revenues of 2.761 billion yuan, with a year-on-year growth of 38.1%, and achieved an operating profit of 1.33 billion yuan, recovering from a loss of 560 million yuan in the previous year [5][13]. - The management software and IoT solutions also contributed positively, with revenues of 2.556 billion yuan and 2.883 billion yuan, respectively [5][13]. Market Position and Strategy - The company is enhancing its cloud service offerings, integrating AI capabilities through platforms like the Haiyue model and DeepSeek, which have been successfully implemented in several large enterprises [6][23]. - It is also focusing on the small and medium-sized enterprise market, promoting integrated solutions and expanding its customer base in the financial sector [8][25]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 9.076 billion yuan, 10.022 billion yuan, and 10.996 billion yuan, respectively, with corresponding net profits of 520 million yuan, 695 million yuan, and 893 million yuan [11][30]. - The expected earnings per share (EPS) for the same period are projected to be 0.46 yuan, 0.61 yuan, and 0.78 yuan [11][30].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][13] Core Views - The company is expected to benefit from a market position upgrade and a continuous increase in net profit, driven by high-quality earnings in 2024 and significant valuation elasticity [4][6] - The company is the third-largest ERP industry leader in China, primarily serving large and medium-sized state-owned enterprises, with better growth potential and certainty compared to competitors [6][8] - The company's cloud business is expected to continue its rapid growth, contributing to double-digit revenue growth in core business [8] Financial Summary and Valuation Metrics - Revenue and net profit projections for 2025-2027 have been revised upwards, with expected net profits of 520 million, 679 million, and 849 million respectively, reflecting year-on-year growth rates of 35%, 30%, and 25% [6][9] - The company's revenue for 2024 is projected at 8,201 million, with a year-on-year growth of 0% [9] - The gross margin is expected to improve from 26.9% in 2024 to 31.1% in 2027, while the net profit margin is projected to increase from 4.7% to 7.7% over the same period [9]