Summary of Data Port Conference Call Company Overview - Data Port reported a revenue of 810 million yuan for the first half of 2025, representing a year-on-year growth of 4.13% [2] - The net profit for the same period was 85 million yuan, up 20.37% year-on-year, while the net profit attributable to the parent company, excluding non-recurring gains and losses, was 70 million yuan, reflecting a 9.9% increase [2] - Cash flow has improved, with cash reserves reaching 2.4 billion yuan, providing financial support for future expansion [2] Industry Insights - Industry demand is expected to increase starting from the second half of 2024, despite initial impacts from the H20 ban on large manufacturers' capital expenditures [2][6] - The lifting of the H20 ban is anticipated to positively affect the AI industry chain and the IDC market [7] - Supply-side regulatory management is expected to promote healthier industry development, although short-term prices have not yet rebounded [6][7] Business Development - Data Port is focusing on small to medium-sized acquisition projects, targeting capacities between 10 MW to 80 MW, to expand its strategic customer base and increase revenue [2][10] - The company has a total capacity of approximately 371 MW as of mid-2025, with expectations for growth due to new customer orders [3] - The company is actively monitoring the first-tier market for price recovery, which has returned to acceptable levels [10] Regional Performance - The gross profit margin in East China has been affected by the handling of old data centers, while North China faced challenges due to project impacts from heavy rainfall [11] - The Midwest region is supportive of data center construction, offering policy incentives and stable green electricity supply [12] - Land acquisition costs in the West are lower than in the East, providing a cost advantage for future projects [14][15] Project Updates - The Langfang project has a 100% order signing rate, with the first building expected to be delivered by the end of September 2025 [16] - The design of the Langfang project primarily utilizes air cooling, with future adoption of liquid cooling dependent on power demand changes [18] Technology and Market Trends - Rapid development of liquid cooling technology is noted, with potential impacts on IDC layout strategies [4][17] - The demand for high-power cabinets has been expressed by some customers, but the volume remains low [20] Regulatory Environment - The National Development and Reform Commission (NDRC) has strict energy consumption audits for large IDC projects, affecting project approvals [21][22] - Wholesale IDC prices have stabilized without significant fluctuations [23] Pricing Strategy - Data Port does not have annual price adjustment clauses in contracts with major clients; pricing varies based on the speed of deployment [24] - The pricing model incentivizes faster deployment with lower unit prices [25]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 33.14 [6][4]. Core Views - The company achieved a revenue of RMB 811 million in the first half of 2025, representing a year-on-year growth of 4.13%, and a net profit attributable to shareholders of RMB 85 million, up 20.37%, slightly exceeding previous expectations [1]. - The growth is primarily driven by the acceleration of the domestic AI industry, which has enhanced demand and improved the operational efficiency of the company's data centers [1][2]. - The report anticipates that the ongoing expansion of AI demand will continue to create new growth opportunities for the data center industry, benefiting the company as a leading player in the sector [2][4]. Summary by Sections Business Development - The company is actively expanding its business scale, having established 35 data centers across key regions such as Ulaanqab, Zhangbei, and Guangdong [2]. - The construction of key projects, including the Langfang project, is progressing as planned, which will strengthen the company's computing power supply capabilities in core areas [2]. Financial Performance - The gross margin for the first half of 2025 was 28.99%, a slight decrease of 0.39 percentage points year-on-year, mainly due to increased depreciation expenses from new projects [3]. - The company has effectively controlled its expenses, with sales, management, R&D, and financial expense ratios showing favorable trends [3]. Profitability Forecast - The report projects the company's EBITDA for 2025 to be RMB 1.066 billion, with expected growth continuing through 2027 [4][9]. - The target valuation is based on an EV/EBITDA multiple of 23 times for 2025, reflecting the positive industry outlook driven by AI demand [4][19].

Financial Performance - The company reported a total revenue of 811 million yuan for the first half of 2025, representing a year-on-year increase of 4.13% [1] - The net profit attributable to shareholders reached 84.96 million yuan, up 20.37% year-on-year [1] - In Q2 2025, the revenue was 415 million yuan, with a year-on-year growth of 4.66%, and the net profit was 40.90 million yuan, increasing by 17.45% year-on-year [1] - The gross margin improved to 28.99%, reflecting a year-on-year increase of 6.35%, while the net margin rose to 10.47%, up 15.56% year-on-year [1] Cost Management - Total selling, administrative, and financial expenses amounted to 76.31 million yuan, accounting for 9.42% of revenue, which is a decrease of 14.2% year-on-year [1] - The company reported a decrease in net asset per share to 4.57 yuan, down 13.87% year-on-year, and operating cash flow per share decreased to 0.57 yuan, down 12.0% year-on-year [1] Financial Changes - Cash and cash equivalents increased by 61.23% due to higher collections during the reporting period [2] - Prepayments decreased by 58.53% as a result of reduced advance payments for electricity [2] - The company saw a significant increase in investment income by 219.94%, attributed to higher amounts invested in structured deposit products [3] Debt and Receivables - The company has a healthy cash asset position, but the interest-bearing debt ratio has reached 33.98% [5][6] - Accounts receivable have reached 135.08% of profit, indicating a potential concern regarding collection efficiency [6] Market Position - The company’s return on invested capital (ROIC) was reported at 3.53%, which is below the historical median of 10.59% since its listing [4] - Analysts expect the company's performance for 2025 to reach 158 million yuan, with an average earnings per share of 0.22 yuan [6] Fund Holdings - The largest fund holding the company’s shares is the Huashang Computer Industry Quantitative Stock Fund, with 324,100 shares and a recent net value of 1.2791 [7] - The fund has seen a significant increase of 72.18% over the past year [7]

Group 1 - The 2025 Financial AI Inference Application Landing and Development Forum was held at the Financial Data Port AI Innovation Center on August 12, with key figures from China UnionPay and Huawei in attendance [1] - Huawei's Vice President and President of the Data Storage Product Line, Dr. Zhou Yuefeng, introduced the AI inference innovation technology called UCM Inference Memory Data Manager at the forum [3] - China UnionPay plans to leverage the National Artificial Intelligence Application Pilot Base to collaborate with Huawei and other ecosystem partners to build "AI + Finance" demonstration applications, transitioning technology results from "laboratory validation" to "large-scale application" [5] Group 2 - Huawei and China UnionPay jointly released the application results of the Smart Financial AI Inference Acceleration Program during the forum [3][5]

Core Insights - Shanghai Data Port Co., Ltd. reported a revenue of approximately 810 million yuan for the first half of 2025, representing a year-on-year growth of 4.13% [1] - The net profit attributable to shareholders reached approximately 84.96 million yuan, marking a year-on-year increase of 20.37% [1] Business Overview - The company's main business segments include IDC (Internet Data Center) services, IDC solutions, and cloud service sales [1] - As of the first half of 2025, the company has established 35 data centers, strategically positioned in key regions such as the Beijing-Tianjin-Hebei area, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [1] - The company is aligned with the national "East Data West Computing" initiative, ensuring a forward-looking strategic layout for data centers [1] Technological Advancements - The company has developed and continuously optimized an intelligent operation and maintenance management platform, which enhances real-time data monitoring, intelligent warning analysis, and automated process scheduling [1] - This platform has effectively reduced manual intervention costs and improved the efficiency of problem resolution [1] Management Efficiency - The company is advancing the development of a business-finance integration platform, breaking down information barriers between business and financial data [2] - This integration allows for real-time data synchronization and automated process connections, enhancing decision-making accuracy and management efficiency [2] - The overall management efficiency has significantly improved, transitioning from retrospective management to real-time control [2]

Core Insights - Data Port (603881.SH) reported a total operating revenue of 811 million yuan for the first half of 2025, an increase of 32.12 million yuan compared to the same period last year, marking a 4.13% year-on-year growth and achieving five consecutive years of revenue increase [1] - The net profit attributable to shareholders reached 84.96 million yuan, up by 14.38 million yuan from the same period last year, reflecting a year-on-year increase of 20.37% and three consecutive years of profit growth [1] - The net cash inflow from operating activities was 40.7 million yuan, an increase of 21.56 million yuan year-on-year, representing a 5.60% growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 58.15% [2] - The gross profit margin is 28.99%, which is an increase of 1.73 percentage points compared to the same period last year [2] - The return on equity (ROE) is 2.59%, up by 0.37 percentage points year-on-year [2] - The diluted earnings per share (EPS) is 0.12 yuan, an increase of 0.02 yuan, reflecting a 20.00% year-on-year growth [2] - The total asset turnover ratio is 0.11 times, and the inventory turnover ratio is 2.49 times [2] Shareholder Structure - The number of shareholders is 115,100, with the top ten shareholders holding a total of 366 million shares, accounting for 50.95% of the total share capital [3] - The largest shareholder is Shanghai Beigao New (Group) Co., Ltd., holding 32.9% of the shares [3] - Other notable shareholders include Ningbo Ruixin Venture Capital Partnership (Limited Partnership) with 14.6% and Hong Kong Central Clearing Limited with 0.98% [3]

Core Points - The Shanghai Data Port Co., Ltd. held its seventh meeting of the fourth Supervisory Board, where all five supervisors were present, ensuring compliance with legal and regulatory requirements [1] - The Supervisory Board approved the 2025 semi-annual report and its summary, affirming that the report accurately reflects the company's operational management and financial status [1][2] - The company proposed a mid-year profit distribution plan for 2025, which received unanimous approval from the Supervisory Board, and is set to be submitted for shareholder meeting review [2][3] Summary by Sections Meeting Details - The meeting was convened by the chairwoman, Ms. Zhang Songyan, and complied with the company's articles of association and relevant laws [1] 2025 Semi-Annual Report - The Supervisory Board provided a written review of the 2025 semi-annual report, confirming that it meets internal management regulations and accurately reflects the company's status [1][2] Profit Distribution Plan - The proposed profit distribution plan aligns with regulatory requirements for cash dividends and considers shareholder returns, profitability, cash flow, and future development needs [2]

证券代码：603881 证券简称：数据港 公告编号：2025-032 号 上海数据港股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 股东大会召开日期：2025年9月24日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 至2025 年 9 月 24 日 (一) 股东大会类型和届次 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 24 日 14 点 00 分 召开地点：上海市静安区江场三路 238 号一楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 大会召开当日的交易时间段，即 9:1 ...

为持续重视投资者中长期回报，适配行业新的发展格局，并着力提高上市公 司质量，实现公司主营业务的稳健发展。公司拟定 2025 年半年度利润分配方案 具体如下： 公司拟以实施权益分派股权登记日登记的总股本为基数，公司拟向全体股东 —1— 每股派发现金红利人民币 0.024 元（含税）。截至 2025 年 6 月 30 日，公司总股 本 718,376,999 股，以此计算合计拟派发现金红利 17,241,047.98 元（含税）， 占 2025 年半年度归属于母公司所有者的净利润的 20.29%，剩余 948,030,715.20 元滚存下一报告期未分配利润。不进行资本公积转增股本，不送红股。 证券代码：603881 股票简称：数据港 编号：2025-031 号 上海数据港股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据公司 2025 年半年度报告（未经审计），公司 2025 年半年度归属于母公 司所有者的净利润为 84,958,577.73 元，母公司实现净利润 7,551,460.26 元， ...

证券代码：603881 股票简称：数据港 公告编号：2025-029 号 上海数据港股份有限公司 第四届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海数据港股份有限公司（以下简称"公司"或"数据港"）第四届董事会 第七次会议于 2025 年 8 月 3 日以电子邮件方式发出会议通知，并于 2025 年 8 二、《公司 2025 年中期利润分配方案的议案》（该项议案同意票 9 票，反 对票 0 票，弃权票 0 票） 公司 2025 年中期利润分配方案符合监管部门对现金分红、资本充足的监管 要求，同时综合考虑了股东回报、公司盈利情况、现金流状况以及未来发展需要 等因素，相关决策程序符合法律、法规和《公司章程》规定。 本议案已经公司第四届董事会审计委员会第七次会议及第四届董事会独立 董事第五次专门会议审议通过。 本议案尚需提交股东大会审议。 具 体 内 容 详 见 公 司 于 2025 年 8 月 15 日 在 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）披露的《 ...