首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688227 证券简称：品高股份 公告编号：2025-042 广州市品高软件股份有限公司 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 48,958,494股。 本次股票上市流通总数为48,958,494股。 本次股票上市流通日期为2025 年 11 月 20 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2021 年 11 月 11 日出具的《关于同意广州市 品高软件股份有限公司首次公开发行股票注册的批复》（证监许可[2021]3592 号）， 同意公司首次公开发行股票的注册申请。公司首次向社会公众公开发行人民币普 通股（A 股）股票 2,826.3819 万股，并于 2021 年 12 月 30 日在上海证券交易所科 创板上市，发行完成后总股本为 11,305.5275 万股，其中有限售条件流通股 8,819.5164 万股，无限售条件流通股 2,486.0111 万股。 ...

Market Overview - The IT services sector increased by 2.28% on November 17, with Haixia Innovation leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Top Performers - Haixia Innovation (300300) closed at 18.24, up 20.00% with a trading volume of 1.8143 million shares and a transaction value of 3.13 billion [1] - Blog Data (688229) also rose by 20.00%, closing at 70.39 with a trading volume of 43,700 shares and a transaction value of 288 million [1] - Other notable gainers include: - Dongfang Guoxin (300166): up 12.89%, closing at 11.30 [1] - Pinggao Co. (688227): up 11.61%, closing at 43.17 [1] - Jiechuang Intelligent (301248): up 10.20%, closing at 27.66 [1] Underperformers - Lian Di Information (920790) decreased by 3.52%, closing at 37.01 with a trading volume of 14,500 shares [2] - Huichen Co. (688500) fell by 2.64%, closing at 69.03 with a trading volume of 20,400 shares [2] - Other notable decliners include: - Jiahua Technology (688051): down 1.30%, closing at 47.03 [2] - Luqiao Information (920748): down 1.30%, closing at 61.72 [2] Capital Flow - The IT services sector saw a net inflow of 2.838 billion in main funds, while retail investors experienced a net outflow of 1.632 billion [2][3] - Major stocks with significant capital inflow include: - Huasheng Tiancai (600410): net inflow of 1.226 billion, accounting for 46.01% of total inflow [3] - Langchao Software (600756): net inflow of 262 million, accounting for 39.16% [3] - Rongmu Software (002474): net inflow of 236 million, accounting for 34.05% [3]

Group 1 - The core viewpoint of the news is that Huawei is set to release a groundbreaking AI technology on November 21, which aims to significantly enhance the utilization rate of computing resources, increasing it from the industry average of 30%-40% to 70% [1] - The technology will unify resource management and utilization across various computing hardware, including GPUs and NPUs, thereby improving efficiency for AI training and inference [1] - The domestic demand for computing power is expected to strengthen, with analysts optimistic about investment opportunities in domestic computing power under the backdrop of improving supply and demand [1] Group 2 - The Xinchuang ETF (562570) tracks the CSI Information Technology Application Innovation Industry Index, focusing on leading companies in autonomous and controllable sectors, including AI, data computing, industrial software, and information security [2] - The Xinchuang ETF is the largest ETF tracking this index, with Haiguang Information being one of its top ten weighted stocks [2]

Core Insights - Pingao Co., Ltd. (stock code: sh688227) reached its daily limit up on November 17, 2025, with a closing price of 46.42 yuan, representing a 14.63% increase and a total market capitalization of 5.013 billion yuan [1] Group 1: Governance and Management - The company has recently revised 28 governance policies, eliminating the supervisory board and enhancing the audit committee's role, which improves operational standards and simplifies governance structure, aligning with modern corporate management trends [2] - Although there may be short-term execution costs, these changes are expected to benefit the company's long-term development [2] Group 2: AI Development - Pingao Co., Ltd. is actively expanding in the AI sector, launching products like BingoAIStack and collaborating with Jiangyuan Technology to introduce the "Pinyuan AI Integrated Machine," contributing to the domestic computing power ecosystem [2] - The current enthusiasm in the AI industry has attracted market attention, and the company's initiatives align with this trend [2] Group 3: Financial Performance - In the first half of 2025, the company's losses narrowed by 36.91% year-on-year, and the net cash flow from operating activities improved by 84.72%, indicating a positive trend [2] - The cloud computing and AI-related sectors have shown active performance recently, with significant capital inflows observed on November 17, particularly in related stocks [2] Group 4: Technical Analysis - Technical indicators such as MACD and BOLL channel breakouts may attract more investor interest, with significant net inflows from large orders indicating strong attention from major funds [2]

Core Viewpoint - The A-share market has experienced a surge in military stocks, with several companies reaching their daily limit up [1] Group 1: Stock Performance - Hongxiang Co., Zhongfutong, and Jianglong Shipbuilding all hit the 20% daily limit up [1] - Morningstar Aviation and Beifang Changlong increased by over 15% [1] - Guoan Da and Tianhe Defense rose by over 13% [1] - Pinggao Group saw an increase of over 12% [1] - Qifeng Precision gained over 11% [1] - Jieqiang Equipment and Tianhai Defense both increased by over 10% [1] - Furui Co., Longzhou Co., Huasheng Tiancai, Great Wall Military Industry, Tongyi Co., and Aerospace Development all reached the 10% daily limit up [1]

Meeting Overview - The first extraordinary general meeting of shareholders was held on November 13, 2025, at the company's headquarters in Guangzhou [2] - The meeting was convened by the board of directors and chaired by Mr. Huang Hai, the chairman [2][3] - The voting method combined on-site and online voting, complying with relevant laws and regulations [2] Attendance - All six current directors attended the meeting, with Mr. Huang Hai and Mr. Liu Xin present on-site, while others attended via communication [3] - All three current supervisors were present, with two attending on-site and one via communication [4] Resolutions Passed - The proposal to abolish the supervisory board and amend the Articles of Association was approved [5] - Multiple governance-related proposals were passed, including amendments to the rules for shareholder meetings, board meetings, and various management systems [6][7] - All 12 sub-proposals under the governance amendments were approved [8] Legal Verification - The meeting was witnessed by Beijing Zhonglun (Guangzhou) Law Firm, confirming that the meeting's procedures and voting were in compliance with legal and regulatory requirements [8]

北京市中伦（广州）律师事务所 关于广州市品高软件股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年十一月 北京市中伦（广州）律师事务所 关于广州市品高软件股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：广州市品高软件股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）接受广州市品高软件 股份有限公司（以下简称"公司"）委托，指派章小炎律师和曾道扬律师（以下 简称"本所律师"）对公司 2025 年第一次临时股东大会（以下简称"本次股东大 会"）的合法性进行见证并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规 则（试行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、《证 ...

证券代码：688227 证券简称：品高股份 公告编号：2025-041 广州市品高软件股份有限公司 2025年第一次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 13 日 （二） 股东大会召开的地点：广州市天河区思成路 45 号品高大厦会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 33 | | --- | --- | | 普通股股东人数 | 33 | | 2、出席会议的股东所持有的表决权数量 | 50,558,822 | | 普通股股东所持有表决权数量 | 50,558,822 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 45.4771 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 45.4771 | （四） 表决 ...

Core Insights - Jiangyuan Technology launched the D20 acceleration card, marking it as the first domestically produced inference acceleration card for computing centers in China, integrating two self-developed AI chips and achieving full localization in design, manufacturing, and packaging [1] - The D20 acceleration card supports advanced large models with over 100 billion parameters and follows the successful mass production of the D10 acceleration card [1] - Pingao Co., Ltd. has strategically invested in Jiangyuan Technology and collaborated on the "Pingyuan AI Integrated Machine" series, which won the "2025 Annual Artificial Intelligence Innovation Product" award [1] Product Features - The D20 acceleration card boasts over 30% improvement in computing efficiency and cross-scenario adaptability compared to its predecessor, with performance comparable to domestic 7nm competitors [2] - It supports a maximum of 256GB memory per card and can expand to 4TB in a single server, catering to various cloud inference needs across multiple sectors [2] - The new Pingyuan AI Integrated Machine can house 16 D20 chips in a 4U chassis, achieving 5P computing power and up to 4TB memory, effectively replacing mainstream inference chips like NVIDIA T4 and H20 [2] Market Potential - The AI chip market in China is projected to reach 141.2 billion yuan in 2024, with the inference chip segment expected to grow to 1,383 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 53.4% [2]

Group 1: Company Overview - Pingao Co., Ltd. is a professional cloud computing and industry information service provider based in Guangzhou, China, established on January 1, 2003, and listed on December 30, 2021 [2] - The company offers a full-stack enterprise-level cloud platform and information services across various industries, including transportation, government, telecommunications, public security, automotive, finance, education, and military [2] - Key products include BingoCloudOS, BingoFuse, BingoInsight, and BingoLink, all centered around cloud computing [2] Group 2: Financial Performance - For the period from January to September 2025, Pingao Co., Ltd. achieved a revenue of 223 million yuan, representing a year-on-year growth of 12.77% [2] - The company reported a net profit attributable to shareholders of -32.84 million yuan, which is a year-on-year increase of 29.63% [2] Group 3: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 7,277, up by 23.21% from the previous period, while the average circulating shares per person decreased by 18.84% to 8,808 shares [2] - The company has distributed a total of 30.86 million yuan in dividends since its A-share listing, with 14.13 million yuan distributed over the past three years [3] - As of November 11, 2023, the financing balance for Pingao Co., Ltd. was 141 million yuan, accounting for 6.27% of its market capitalization, indicating a low financing level compared to the past year [1]