北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于云从科技集团股份有限公司 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《云从科技集团股份 有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召 集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； ...

Core Viewpoint - CloudWalk Technology experienced a decline of 1.33% on October 13, with a trading volume of 514 million yuan, indicating a potential concern in market sentiment towards the company [1]. Financing Summary - On October 13, CloudWalk Technology had a financing buy amount of 63.64 million yuan and a financing repayment of 53.66 million yuan, resulting in a net financing purchase of 9.98 million yuan [1]. - As of October 13, the total financing and securities lending balance for CloudWalk Technology was 968 million yuan, with the financing balance of 967 million yuan accounting for 7.13% of the circulating market value, indicating a high level compared to the past year [1]. - The company had a securities lending repayment of 2,511 shares on October 13, with no shares sold, resulting in a securities lending balance of 107,480 yuan, which is below the 10th percentile level over the past year, indicating a low level of short selling activity [1]. Business Performance Summary - As of June 30, the number of shareholders for CloudWalk Technology was 52,200, a decrease of 11.08% from the previous period, while the average circulating shares per person increased by 24.37% to 15,965 shares [2]. - For the first half of 2025, CloudWalk Technology reported a revenue of 169 million yuan, representing a year-on-year growth of 40.21%, while the net profit attributable to shareholders was -230 million yuan, showing a year-on-year increase of 35.51% in losses [2]. - The company primarily focuses on providing efficient human-machine collaboration operating systems and industry solutions, with its revenue composition being 75.55% from AI solutions, 24.19% from human-machine collaboration systems, and 0.25% from other sources [1].

Investment Rating - The report maintains a positive outlook for the computer industry, expecting a continued "scissor difference" in Q3 2025, indicating structural growth despite varying performance among companies [3][4][11]. Core Insights - The report predicts that 22% of the tracked companies will see net profit growth exceeding 50%, with notable performers including 深信服 (1528%), 卡莱特 (998%), and 新国都 (235%) [4][5]. - The report highlights a trend of cost reduction through layoffs and non-essential cost cuts, leading to improved efficiency and profitability across the industry [3][4]. - The report identifies key investment targets in various segments, including AIGC, digital economy leaders, and data innovation [3][4]. Summary by Sections Q3 2025 Performance Forecast - Among 54 tracked companies, 11 are expected to exceed 50% profit growth, while 9 will see growth between 30%-50% [4][5]. - 36% of companies are projected to have growth between 0%-30%, and 22% are expected to experience a decline [5][6]. Key Company Performances - 深信服 is projected to achieve a staggering 1528% profit growth, while 卡莱特 is expected to see 998% growth [4][5]. - Companies like 海康威视 and 金山办公 are expected to maintain stable growth rates of around 9% and 15%, respectively [8][10]. - 联想集团 is forecasted to face a significant decline of 99% in profit, indicating challenges in its operational strategy [6][10]. Investment Targets - The report categorizes investment targets into four segments: AIGC, digital economy leaders, data innovation, and AIGC computing power [3][4]. - Notable companies in the AIGC segment include 金山办公 and 道通科技, while 海光信息 and 软通动力 are highlighted in the data innovation category [3][4].

Core Viewpoint - The company is actively developing in the field of text-to-video and generative artificial intelligence (AIGC), focusing on AI-driven virtual digital human technology and platform construction [1] Group 1: Company Developments - The company has launched its digital human product "YunYue," which integrates self-developed language, vision, and cross-modal large model capabilities [1] - The application scenarios for the company's technology include virtual live streaming, intelligent customer service, animation content, and video creation [1] Group 2: Industry Trends - The company is monitoring breakthroughs in new video generation technologies like OpenAI's Sora and is exploring innovative integrations of multi-modal technologies in practical applications [1]

Core Viewpoint - The announcement details the public disclosure and verification of the first grant of the 2025 second phase restricted stock incentive plan by CloudWalk Technology Group Co., Ltd, ensuring compliance with relevant regulations and confirming the qualifications of the incentive recipients [1][4]. Disclosure and Verification Process - The company held meetings on September 27, 2025, to approve the incentive plan and subsequently disclosed the relevant documents on the Shanghai Stock Exchange website on September 29, 2025 [1][2]. - The public disclosure period lasted for 10 days, during which employees could raise objections regarding the proposed incentive recipients [2]. - The supervisory board verified the list of proposed incentive recipients, including their identification documents and employment contracts [3]. Supervisory Board's Verification Opinion - The supervisory board confirmed that the individuals included in the incentive plan met the qualifications as per the Company Law and relevant regulations [4]. - The proposed incentive recipients did not fall under any disqualifying conditions outlined in the management regulations, such as being deemed inappropriate candidates by the stock exchange or regulatory authorities within the last 12 months [5][6]. - The incentive recipients do not include independent directors, supervisors, major shareholders, or their immediate family members, ensuring compliance with the incentive plan's conditions [6].

证券代码：688327 证券简称：云从科技 公告编号：2025-046 云从科技集团股份有限公司监事会 关于公司 2025 年第二期限制性股票激励计划首次授予部分 激励对象名单的公示情况说明及核查意见 本公司监事会及全体监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。 云从科技集团股份有限公司（以下简称"公司"）于 2025 年 9 月 27 日召开 第二届董事会第三十次会议、第二届监事会第二十六次会议，审议通过了《关于 公司<2025 年第二期限制性股票激励计划（草案）>及其摘要的议案》等相关议 案。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）的相关规定， 公司对 2025 年第二期限制性股票激励计划（以下简称"本次激励计划"）首次 授予部分激励对象名单在公司内部进行了公示。公司监事会结合公示情况对拟首 次授予部分的激励对象进行了核查，相关公示情况及核查情况如下： 一、公示情况及核查方式 （一）对激励对象的公示情况 公司于 2025 年 9 月 29 日在上海 ...

Core Insights - The "Shanghai Virtual-Real Fusion Embodied Intelligence Training Ground Standardization Pilot" project has been officially announced, marking the first national-level standardization pilot in the field of embodied intelligence in China [1] - The project aims to accelerate the large-scale application of embodied intelligence technology through a collaborative network involving key partners like CloudWalk Technology, Huawei, and Shanghai AILab [1][2] - The pilot project is set to establish over 80 key standards across four main areas: physical entities, virtual training grounds, components, and application scenarios [1] Group 1 - The project features an innovative "1+N" main and sub-training ground linkage model, with the Shanghai main training ground serving as the "core hub" [2] - Nine sub-training grounds across various regions will validate standards based on local industrial characteristics, enhancing the iterative process of standards development [2] - CloudWalk Technology's expertise in smart finance and urban governance is leveraged to facilitate the dual empowerment of technology and application through this network [2] Group 2 - A "controllable training ground" has been established in Wuhan, in collaboration with Huawei, integrating trusted data spaces and AI security detection capabilities [2] - This platform provides a reliable computational foundation for various AI applications, including physical AI, and incorporates data processing and model optimization experiences from real-world scenarios [2] - The establishment of a national-level standardization pilot is seen as a critical turning point for the embodied intelligence industry in China, transitioning from "single-point innovation" to "systematic collaboration" [2]

Group 1 - The core point of the article is that CloudWalk Technology (688327.SH) has disclosed its second phase of the restricted stock incentive plan for 2025, proposing to grant a total of 3.6 million shares, with an initial grant of 3.08 million shares at a price of 8.65 yuan per share [1] - The total number of recipients for the initial grant is 99 individuals [1] - The validity period of this incentive plan lasts from the date of granting the restricted stock until all granted stocks are vested or become invalid, with a maximum duration of 72 months [1]

Core Viewpoint - CloudWalk Technology (688327.SH) has disclosed its second phase of the restricted stock incentive plan for 2025, aiming to enhance employee motivation and retention through stock ownership [1] Summary by Categories Incentive Plan Details - The company plans to grant a total of 3.6 million restricted shares, with an initial grant of 3.08 million shares [1] - The grant price, including the reserved portion, is set at 8.65 yuan per share [1] - A total of 99 individuals are targeted as recipients of the initial grant [1] Duration and Conditions - The incentive plan will be effective from the date of the restricted stock grant until all granted shares are vested or become invalid, with a maximum duration of 72 months [1]

证券代码：688327 证券简称：云从科技 公告编号：2025-043 云从科技集团股份有限公司 第二届监事会第二十六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 云从科技集团股份有限公司（以下简称"公司"）第二届监事会第二十六次 会议于 2025 年 9 月 27 日在上海市浦东新区川和路 55 弄张江人工智能岛 11 号楼 4 楼会议室以现场会议与通讯表决相结合的方式召开，本次会议通知及相关材料 已于 2025 年 9 月 25 日以电子邮件方式送达公司全体监事。 本次会议由监事会主席刘君先生主持，会议应出席监事 3 人，实际出席监事 3 人（其中监事周哲斯先生以通讯表决的方式出席）。本次会议的召集、召开和 表决程序符合《中华人民共和国公司法》等法律、法规以及《公司章程》的有关 规定。 二、监事会会议审议情况 经与会监事表决，审议通过以下议案： 1、《关于公司〈2025 年第二期限制性股票激励计划（草案）〉及其摘要的 议案》 监事会认为：公司《2025 年第二期限制性股票激励计划 ...