Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang aims to create a powerful entity in the AI chip and server market, marking a significant step in China's domestic computing power landscape [2][6]. Group 1: Merger Details - Haiguang Information will absorb Zhongke Shuguang through a share swap at a ratio of 0.5525:1, with a total transaction value of 115.967 billion yuan [3][5][12]. - This merger is notable as it is the first instance of a "child swallowing mother" merger in the A-share market, with the combined entity's market value exceeding 400 billion yuan [3][6]. - Following the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, and operations of Zhongke Shuguang [6][7]. Group 2: Strategic Implications - The merger is expected to create a closed-loop ecosystem from high-end chip design to complete system solutions, enhancing competitiveness in the AI and computing sectors [3][13]. - The combined entity will address challenges in the domestic chip market, such as the lack of market presence for advanced technologies and the need for integrated solutions in server manufacturing [13][14]. - The strategic integration aims to improve R&D capabilities and operational performance, with combined annual R&D investments around 50 billion yuan [14]. Group 3: Market Reaction - Following the announcement of the merger, Zhongke Shuguang's stock hit the daily limit up, while Haiguang Information's stock rose by 4.30% [4][7]. - The merger is anticipated to enhance the competitive edge and profitability of the surviving entity, driven by increased scale and reduced costs [15].

证券代码：688041 证券简称：海光信息 公告编号：2025-026 海光信息技术股份有限公司 关于召开重大资产重组事项投资者说明会的公告 本次投资者说明会以网络互动形式召开，公司将针对本次交易的相关事项与 投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题 进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 6 月 11 日下午（星期三）14:00-15:30 重要内容提示： 会议召开时间：2025 年 6 月 11 日（星期三）14:00-15:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 6 月 11 日（星期三）14:00 前登录上证路演中心网站 首页点击"提问预征集"栏目或通过公司邮箱 investor@hygon.cn 进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 海光信息技术股份有限公司（以下简称"公司"或"海光信息"）于 2025 年 6 月 6 日召开第 ...

Summary of the Conference Call Company and Industry Involved - The conference call discusses the merger between **Haiguang** and **Shuguang**, focusing on the semiconductor and AI chip industry in China [2][3][7]. Core Points and Arguments - **Merger Details**: Shuguang is acquiring Haiguang at a 10% premium, with a reference to the price-to-earnings ratio for valuation. The pre-suspension market value of Shuguang was 90.5 billion yuan, which was considered undervalued [2][5]. - **Strategic Goals**: The merger aims to leverage the integration of chips, software, and systems to become a leading domestic computing power supplier, particularly in the AI chip sector, enhancing market share and shareholder returns [2][7]. - **Financial Performance**: Haiguang has benefited from AMD's authorization, with a revenue and profit compound annual growth rate exceeding 50%. The core growth drivers are CPU and DCU chip designs [2][7]. - **Market Position**: Shuguang leads in liquid cooling technology with over 60% market share and a low PUE value of 1.04. The merger is expected to create a complete industrial chain [2][3]. - **Valuation Post-Merger**: The overall valuation of the merged entity is expected to be more reasonable, with Haiguang maintaining rapid growth in the CPU sector and significant potential in domestic chip replacement [9]. Additional Important Content - **Market Trends**: There is a noticeable trend of mergers and acquisitions in the software, operating systems, and industrial software sectors, indicating a consolidation in the domestic computing power market [4][10]. - **Future Outlook**: The merged company is projected to achieve a profit scale of 10 billion yuan within three to five years, with stock prices expected to respond positively to investor expectations [9]. - **Industry Integration**: The merger reflects a broader trend of integration within the CPU computing power sector, with various architectures and chip manufacturers collaborating to enhance the industry landscape [10][12]. - **Investment Opportunities**: The call highlights potential investment opportunities in the semiconductor and AI sectors, driven by ongoing consolidation and technological advancements [11][13][14].

Group 1 - Vanke A announced the sale of 22 million A-share treasury stocks for a total of 146 million yuan, representing 0.18% of the company's total share capital, aimed at supplementing liquidity without impacting current profits [1] - Tencent Music plans to acquire 100% of Himalaya for a total consideration of $1.26 billion, which includes cash and shares, to expand its audio content ecosystem [1] - Dongfang Electric Heat signed a strategic cooperation agreement with Xiaomi's subsidiary to develop robotic electronic skin, focusing on flexible fabric pressure sensing applications [3] Group 2 - Chengdu Huamei launched a 4-channel, 12-bit, 16G high-precision RF direct sampling ADC chip, marking a significant breakthrough in high-speed data conversion technology [4] - Jinshi Technology clarified that it has not engaged in any business related to stablecoins, despite recent market interest, and noted a significant stock price increase of 76.51% over six trading days [5] - Xiantan Co. reported a 14.22% year-on-year increase in chicken product sales revenue for May, amounting to 469 million yuan [7]

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang aims to create a leading entity in the domestic computing power sector, with a projected total market value exceeding 400 billion yuan, positioning it as a "carrier-level" enterprise in the industry [1][10]. Group 1: Merger Details - Haiguang Information and Zhongke Shuguang announced a strategic merger after a 10-day trading suspension, with both companies resuming trading on June 10 [1]. - The merger involves a share exchange where Haiguang Information will issue approximately 808 million new shares at a swap ratio of 1:0.5525 [7]. - The cash option for dissenting shareholders is set between 78% to 95% of the swap price, effectively guiding shareholders towards choosing shares over cash [6][5]. Group 2: Company Profiles - Haiguang Information specializes in high-end processor design for servers and storage devices, while Zhongke Shuguang is a leader in high-end computing, storage, and data center products [2]. - Zhongke Shuguang holds a 27.96% stake in Haiguang Information, making it the largest shareholder prior to the merger [2]. Group 3: Shareholder Structure Post-Merger - Post-merger, the major shareholders of Haiguang Information will include Haifu Tianding Partnership (10.12%), Chengdu State-owned Assets (15.91% combined), and employee stock ownership plans [7][8]. - The new shareholder structure will consist of a diverse mix of stakeholders, including "Chinese Academy of Sciences" entities, Chengdu state-owned assets, and market investors, which is expected to enhance both technological and capital market synergies [9][10]. Group 4: Strategic Implications - The merger is anticipated to enhance technological collaboration and strengthen the competitive position within the information industry, potentially reshaping the market landscape [2][10]. - The combined entity will cover the entire industry chain from chip design to cloud computing services, increasing its competitive capabilities [11].

海光信息技术股份有限公司 关于召开重大资产重组事项投资者说明会的公告 证券代码：688041 证券简称：海光信息 公告编号：2025-026 本公司董事会及全体董事保证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、准确性和完整性依法承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 6 月 11 日（星期三）14:00-15:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 6 月 11 日（星期三）14:00 前登录上证路演中心网站 首页点击"提问预征集"栏目或通过公司邮箱 investor@hygon.cn 进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 海光信息技术股份有限公司（以下简称"公司"或"海光信息"）于 2025 年 6 月 6 日召开第二届董事会第十二次会议，审议通过了《关于<海光信息技术 股份有限公司换股吸收合并曙光信息产业股份有限公司并募集配套资金暨关联 交易 ...

智通财经6月10日电，海光信息公告，公司计划于2025年6月11日14:00-15:30举行重大资产重组事项投资 者说明会，就投资者关心的问题进行交流。 海光信息：召开重大资产重组事项投资者说明会 ...

Investment Rating - The report maintains a "Recommendation" rating for Haiguang Information, with a target price of 177 CNY [2][8]. Core Views - The merger between Haiguang Information and Zhongke Shuguang is expected to create a "computing power aircraft carrier," enhancing competitiveness across the entire industry chain from chip design to cloud computing services [2][8]. - The merger is the first major asset restructuring case following the revision of the "Major Asset Restructuring Management Measures for Listed Companies," indicating strong governmental support for technology enterprises [8]. - Haiguang Information's Q1 2025 revenue reached 2.4 billion CNY, a year-on-year increase of 50.76%, with a net profit of 506 million CNY, reflecting a significant growth trajectory [8]. - The combined entity is projected to have a total market value exceeding 400 billion CNY, positioning it as a leading player in the domestic computing power sector [8]. Financial Summary - Total revenue projections for Haiguang Information are 9.162 billion CNY for 2024, 13.738 billion CNY for 2025, 19.503 billion CNY for 2026, and 26.327 billion CNY for 2027, with year-on-year growth rates of 52.4%, 49.9%, 42.0%, and 35.0% respectively [4][8]. - The net profit attributable to the parent company is expected to be 1.931 billion CNY in 2024, 2.902 billion CNY in 2025, 4.219 billion CNY in 2026, and 5.724 billion CNY in 2027, with corresponding growth rates of 52.9%, 50.3%, 45.4%, and 35.7% [4][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 164 in 2024 to 55 in 2027, indicating an improving valuation as earnings grow [4][8]. Market Position and Strategy - The merger aims to integrate various technological capabilities, enhancing the competitive edge against international giants like NVIDIA [8]. - The company is building a comprehensive ecosystem involving nearly 5,000 partners, covering chip design, system integration, and industry applications, thereby establishing a self-sustaining ecosystem [8]. - The report anticipates that the combined entity will benefit from synergies across the "chip-server-computing service" ecosystem, particularly with the expected surge in AI computing demand [8].

Market Overview - The two markets experienced a significant net outflow of 24.32 billion yuan, with 11 stocks seeing a net inflow exceeding 200 million yuan, led by Leshan Electric Power with a net inflow of 675 million yuan [1][2] - The Shanghai Composite Index closed down by 0.44%, with a total of 1,559 stocks seeing net inflows and 3,133 stocks seeing net outflows [1] Industry Analysis - Among the 6 industries with net inflows, the banking sector led with a net inflow of 882 million yuan, and its index rose by 0.48%. The public utilities sector followed with a slight decline of 0.04% and a net inflow of 809 million yuan [1] - A total of 25 industries experienced net outflows, with the electronics sector facing the largest outflow of 5.35 billion yuan, followed by the computer sector with an outflow of 3.87 billion yuan [1] Individual Stock Performance - The top 11 stocks with net inflows exceeding 200 million yuan included Leshan Electric Power (675 million yuan), Zhongwen Online (578 million yuan), and Huizhou Intelligent (539 million yuan). These stocks averaged a rise of 10.32%, outperforming the Shanghai Composite Index [2] - Stocks with the highest net outflows included Haiguang Information (-1.255 billion yuan), Dongfang Caifu (-706 million yuan), and Zhongji Xuchuang (-366 million yuan) [4] Detailed Stock Data - **Top Net Inflow Stocks**: - Leshan Electric Power: 6.75 billion yuan, 10.01% increase [2] - Zhongwen Online: 5.78 billion yuan, 13.19% increase [2] - Huizhou Intelligent: 5.39 billion yuan, 10.12% increase [2] - **Top Net Outflow Stocks**: - Haiguang Information: -1.255 billion yuan, 4.30% increase [4] - Dongfang Caifu: -706 million yuan, -2.28% decrease [4] - Zhongji Xuchuang: -366 million yuan, -0.72% decrease [4]

Market Overview - The Sci-Tech Innovation Board (STAR Market) index fell by 1.47%, closing at 982.90 points, with a total trading volume of 3.069 billion shares and a turnover of 108.844 billion yuan, resulting in a weighted average turnover rate of 1.79% [1] - Among the tradable stocks on the STAR Market, 100 stocks closed higher, with 2 stocks rising over 10% and 13 stocks rising between 5% and 10%. Conversely, 482 stocks closed lower [1] Turnover Rate Analysis - The distribution of turnover rates shows that 3 stocks had turnover rates exceeding 20%, 10 stocks had rates between 10% and 20%, and 52 stocks had rates between 5% and 10%. Additionally, 109 stocks had turnover rates between 3% and 5%, while 292 stocks had rates between 1% and 3%, and 121 stocks had rates below 1% [1] - The stock with the highest turnover rate was Xinyuren, which closed up by 5.18% with a turnover rate of 34.87% and a transaction amount of 448 million yuan. Qingyun Technology, which closed down by 4.51%, had a turnover rate of 23.06% and a transaction amount of 554 million yuan [1][2] Sector Performance - In terms of industry performance, the pharmaceutical and biotechnology sector had the most stocks with a turnover rate exceeding 5%, totaling 23 stocks. The electronics and machinery equipment sectors followed with 10 and 7 stocks, respectively [2] Capital Flow - Among the high turnover stocks, 26 stocks experienced net inflows of main funds, with the highest net inflows recorded for Haooubo, Zhongyou Technology, and Hecuan Technology, amounting to 47.1448 million yuan, 39.5533 million yuan, and 34.7068 million yuan, respectively. Conversely, Haiguang Information, Youkede, and Sruy New Materials saw significant net outflows of 1 billion yuan, 90.3113 million yuan, and 71.8562 million yuan, respectively [2] - Regarding leveraged funds, 48 stocks received net purchases of leveraged funds, with the largest increases in financing balances for Sruy New Materials, Maixinlin, and Shijia Photon, which increased by 119 million yuan, 104 million yuan, and 101 million yuan, respectively. The largest decreases were seen in Haiguang Information, Kain Technology, and Aerospace Nanhu, with reductions of 70.6408 million yuan, 26.4546 million yuan, and 21.9641 million yuan, respectively [2] Notable Stocks - The top stocks by turnover rate on June 10 included: - Xinyuren: Latest closing price 24.59 yuan, daily increase 5.18%, turnover rate 34.87%, net inflow 9.1262 million yuan [3] - Qingyun Technology: Latest closing price 65.41 yuan, daily decrease 4.51%, turnover rate 23.06%, net outflow 39.1331 million yuan [3] - Hanbang Technology: Latest closing price 48.14 yuan, daily decrease 3.35%, turnover rate 21.28%, net outflow 36.3401 million yuan [3] - Aerospace Nanhu: Latest closing price 33.85 yuan, daily decrease 6.05%, turnover rate 16.46%, net outflow 44.6000 million yuan [3]