证券代码：603881 股票简称：数据港 公告编号：2025-015 号 上海数据港股份有限公司 第四届董事会第五次会议决议公告 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 第五次会议于 2025 年 4 月 18 日以电子邮件方式发出会议通知，并于 2025 年 4 月 24 日采取现场结合通讯表决方式召开，应到董事 9 名，实到 9 名。 会议由董事长孙中峰先生召集并主持。会议召开符合有关法律、法规、规章 和《上海数据港股份有限公司章程》的规定。 会议审议并通过了以下事项： 一、《公司 2025 年第一季度报告》（该项议案同意票 9 票，反对票 0 票， 弃权票 0 票） 本议案已经公司审计委员会审议通过。 二、《关于召开 2024 年年度股东大会的议案》（该项议案同意票 9 票，反 对票 0 票，弃权票 0 票） 具 体 内 容 详 见 公 司 于 2025 年 4 月 26 日 在 上 海 证 券 交 易 所 网 站 （http://www.sse ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 395,019,997.46, representing a 3.57% increase compared to CNY 381,396,776.91 in the same period last year[4]. - Net profit attributable to shareholders was CNY 44,055,941.06, up 23.22% from CNY 35,753,890.21 year-on-year[4]. - Basic and diluted earnings per share were both CNY 0.07, reflecting a 16.67% increase from CNY 0.06 in the previous year[4]. - Operating profit increased to ¥63,264,479.62 in Q1 2025, compared to ¥48,575,190.55 in Q1 2024, marking a growth of 30.3%[20]. - Net profit for Q1 2025 was ¥44,022,169.58, up 23.4% from ¥35,736,366.65 in Q1 2024[21]. Cash Flow - The net cash flow from operating activities increased by 81.93%, reaching CNY 263,275,592.61, primarily due to increased IDC business collections[4][8]. - Cash flow from operating activities totaled ¥408,685,030.62, up from ¥310,422,039.21 in Q1 2024, reflecting improved operational performance[33]. - In Q1 2025, the net cash flow from operating activities was ¥102,612,410.46, a significant improvement from a net outflow of ¥210,804,936.15 in Q1 2024[33]. - Cash flow from financing activities generated a net inflow of ¥140,675,879.21 in Q1 2025, slightly lower than ¥148,615,096.75 in Q1 2024[25]. - The net cash flow from financing activities was ¥173,055,015.01, down from ¥406,044,029.49 in Q1 2024, reflecting a decrease in cash inflow from borrowings[33]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,537,927,945.90, a 2.19% increase from CNY 7,376,356,991.71 at the end of the previous year[4]. - Total liabilities stood at CNY 4,265,830,422.61, compared to CNY 4,148,281,638.00, marking an increase of around 2.83%[17]. - The company's current assets reached CNY 2,954,377,175.62, up from CNY 2,634,909,914.93, indicating an increase of about 12.16%[15][17]. - The total current liabilities rose to CNY 1,941,020,511.02 as of March 31, 2025, compared to CNY 1,655,463,394.43 at the end of 2024, an increase of 17.3%[27]. - The total liabilities to total assets ratio is approximately 56.6%, indicating a moderate level of leverage[17]. Equity - The total equity attributable to shareholders was CNY 3,268,551,071.87, up 1.37% from CNY 3,224,495,130.81[5]. - The weighted average return on equity rose to 1.36%, an increase of 0.23 percentage points from 1.13%[4]. - The total owner's equity as of March 31, 2025, was CNY 2,676,453,337.62, slightly up from CNY 2,673,389,268.15 at the end of 2024[28]. Investment and Expenses - The company reported non-recurring gains of CNY 3,666,718.26 after tax, which includes various non-operating income and expenses[8]. - Research and development expenses rose to ¥21,532,477.63 in Q1 2025, up from ¥19,167,899.17 in Q1 2024, indicating a growth of 12.3%[20]. - Financial expenses increased significantly to CNY 14,295,805.09 in Q1 2025 from CNY 9,982,415.84 in Q1 2024, reflecting a rise of 43.1%[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 147,970[10]. - The company received government subsidies amounting to CNY 1,046,010.24, which are closely related to its normal business operations[7].

数据港（603881）公告，2025年第一季度营收为3.95亿元，同比增长3.57%；净利润为4405.59万元，同 比增长23.22%。 ...

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

公司于 2025 年 3 月 22 日披露公司 2024 年年度报告，为便于广大投资者更 全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 4 月 30 日（星期三）下午 14:00-17:00 参加 2024 年度沪市主板人工智能专题集体业 绩说明会，在信息披露允许的范围内就投资者关心的问题进行交流。 一、说明会类型 — 1 — 证券代码：603881 股票简称：数据港 公告编号：2025-014 号 上海数据港股份有限公司关于参加 2024 年度沪市主板人工智能专题集体业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 4 月 30 日（星期三）下午 14:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）及上海证券报·中国证券网路演中心（网 址：https://roadshow.cnstock.com/） 会议召开 ...

Core Points - The CSI 1000 Quality Index has shown a decline of 8.35% over the past month, an increase of 1.30% over the last three months, and a year-to-date decrease of 1.62% [1] - The index is composed of 100 listed companies selected from the CSI 1000 Index based on their operational stability, profitability, and quality metrics [1] - The top ten weighted companies in the CSI 1000 Quality Index include Yuxin Technology (3.39%), Dataport (3.21%), Tonghua Jinma (3.11%), and others [1] Industry Composition - The industry distribution of the CSI 1000 Quality Index shows that the healthcare sector accounts for 24.45%, industrials for 18.35%, and information technology for 14.63% [2] - Other sectors include consumer discretionary (9.77%), financials (9.69%), communication services (8.13%), and materials (5.64%) [2] - The index undergoes semi-annual adjustments, with changes implemented on the next trading day following the second Friday of June and December [2]

本次会议为天风证券研究所闭门会议,仅限受邀嘉宾参会,未经天风证券研究所和演讲嘉宾书面许可 任何机构和个人不得联合形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为天风证券研究所保留追究相关方法律责任的权利好的谢谢会议秘书各位投资者朋友大家晚上好我是天风通信首席王一红 欢迎大家来参加数据杆的年报解读电话会议今天我们也是非常荣幸邀请到了公司的董秘易排总来跟我们做解读和交流那么今天这个电话会议的话是由我和我们组的洪浩共同主持那么今天这个电话会的话是分为三个环节 然后第一个环节是我简单的汇报一下我们的一个观点然后第二个环节是由公司来跟大家做分享和交流最后的话会有这个请问互动环节那么我这边的话主要简单是分享三个点那么第一个点的话就是 大家也知道我们在去年12月18号就在最底部发布了数据杆的深度报告然后做了我们想持续坚定的一轮的推荐因为当时的时候是看到我们讲数据杆的一个位置比较低EVB打那时候在启动的时候其实是在10倍不到的EVB打的一个 估值而且当时的时候的预期差是在整个市场都在关注字节的一个资本开支的时候我们明确的提出来就是说字节的这种豆包的一个免疫效应一定会去驱动BAT后续的一个资本开支的大 ...

Summary of the Conference Call Company and Industry - The conference call involved **DataPort**, a company in the **IDC (Internet Data Center)** industry, known for its long-term partnerships with major internet companies and rapid expansion since its IPO [2][3]. Key Points and Arguments 1. **Financial Performance**: - DataPort's revenue continues to grow, driven by natural business growth and one-time billing increases from contracts with 24 clients [3]. - Q4 showed significant revenue but lower profits due to an asset impairment of 80 million, attributed to a downturn in the leasing business [4]. - The company maintains a healthy balance sheet with a debt-to-asset ratio around 55% and sufficient cash reserves [4]. 2. **Project Pipeline and Capacity**: - Current capacity stands at 371 MW, with limited growth expected in 2025 and 2026 due to a lack of confirmed projects [5]. - The company is actively seeking new projects, particularly those over 50 MW, to enhance future growth [6]. 3. **Capital Expenditure (Capex)**: - Capex is expected to increase slightly due to ongoing projects, but overall growth in expenditure will be modest as many projects are already underway [7]. 4. **Profit Margins**: - The gross margin improved from 29% in 2023 to approximately 31% in 2024, primarily due to increased revenue from new contracts [8]. - Future margins may stabilize around 30%, but could decline if project costs rise significantly [9]. 5. **Tax Implications**: - Increased profits have led to higher income tax obligations, influenced by local government requirements for corporate contributions [10]. 6. **Market Demand**: - Demand from internet companies is uncertain, with expectations for growth tempered by previous overestimations [11]. - The company is observing a shift in demand dynamics, particularly in AI-related computing needs, although it does not currently engage in this segment [12]. 7. **Client Relationships**: - New contracts are being signed with major internet firms, although specific client identities are confidential [13]. - The company is cautious about project approvals and timelines, especially for larger investments that require extensive regulatory processes [19]. 8. **Future Directions**: - DataPort is exploring new business avenues, including potential investments in green energy solutions, but no immediate plans are in place due to cost concerns [20]. Other Important Content - The company emphasizes the importance of maintaining a stable dividend policy despite potential adjustments in capital allocation [11]. - The management is aware of the competitive landscape and is actively seeking to secure prime locations for future data centers [14]. - The call concluded with a note on the importance of confidentiality regarding client contracts and project details [21]. This summary encapsulates the critical insights from the conference call, highlighting DataPort's current financial health, strategic direction, and market challenges.

本次会议为天风政策研究所闭门会议,仅限受邀嘉宾参会,未经天风政策研究所和演讲嘉宾书面许可。 任何机构和个人不得任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为天峰证券研究所保留追究相关方法律责任的权利好的谢谢会议秘书各位投资者朋友大家晚上好我是天峰通信首席王一红 欢迎大家来参加数据港的年报解读电话会议今天我们也是非常荣幸邀请到了公司的董秘易排总来跟我们做这个解读和交流那么今天这个电话会议的话是由我和我们组的这个洪浩共同主持那么今天这个电话会的话是分为三个环节 然后第一个环节是我简单的汇报一下我们的一个观点然后第二个环节是由公司来跟大家做分享和交流最后的话会有这个请问互动环节那么我这边的话主要简单是分享三个点那么第一个点的话就是 大家也知道我们在去年12月18号就在最底部发布了数据杆的深度报告然后做了我们想持续坚定的一轮的推荐因为当时的时候是看到我们讲数据杆的一个位置比较低EVB打那时候在启动的时候其实是在10倍不到的EVB打的一个 估值而且当时时候的预期差是在整个市场都在关注字节的一个资本开支的时候我们明确的提出来就是说字节的这种豆包的一个免疫效应一定会去驱动BAT后续的一个资本 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained) [4] Core Insights - Domestic computing power demand is surging, with a focus on computing power leasing and AI infrastructure investment opportunities [1][3] - The scale of domestic intelligent computing power is expected to grow significantly, from 259.9 EFLOPS in 2022 to 1117.4 EFLOPS by 2027, representing a compound annual growth rate (CAGR) of 33.9% [1][14] - The "East Data West Computing" project is accelerating the nationwide layout of computing power networks, with over 250 intelligent computing centers built or under construction as of mid-2024 [1][17] Summary by Sections 1. AI Applications Driving Demand for Computing Facilities - The demand for AI servers is rapidly increasing, with the market size expected to grow from 14.9 billion RMB in 2020 to 143.3 billion RMB by 2028 [10][14] - The cloud computing market reached 616.5 billion RMB in 2023, with a year-on-year growth of 35.5% [10] - Major cloud service providers hold 71.5% of the public cloud market share in China [10] 2. Scarcity of High-End Computing Resources and High Returns from Leasing - Computing power leasing is driven by a shortage of intelligent computing resources, particularly AI chips like GPUs [2][29] - A server equipped with 8 H100 GPUs can yield a net profit margin of 32% to 37% over five years, with a payback period of around three years [2][33] - Recommended stocks in the computing power leasing sector include Hainan Huatie and Gan Consulting, with a focus on investment opportunities in AI infrastructure [2][40] 3. Surge in Demand for Intelligent Computing Centers - The investment scale in the intelligent computing center sector reached 87.9 billion RMB in 2023, a year-on-year increase of over 90% [3][42] - The market size for intelligent computing centers is projected to exceed 288.6 billion RMB by 2028, with a CAGR of 26.8% from 2023 to 2028 [3][42] - The operational model of data centers is primarily divided into retail and wholesale types, with significant investments in AI-driven data centers [3][45]