华泰联合证券有限责任公司 关于神州数码集团股份有限公司 2024 年度保荐工作报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：神州数码 | | --- | --- | | 保荐代表人姓名：崔彬彬 | 联系电话：010-56839300 | | 保荐代表人姓名：李威 | 联系电话：010-56839300 | | 项目 | 工作内容 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | （1）向深圳证券交易所报告的次数 | 无 | | | | | | | | （2）报告事项的主要内容 | 不适用 | | | | | | | | （3）报告事项的进展或者整改情况 | 不适用 | | | | | | | | 8.关注职责的履行情况 | | | | | | | | | （1）是否存在需要关注的事项 | 无 | | | | | | | | （2）关注事项的主要内容 | 不适用 | | | | | | | | （3）关注事项的进展或者整改情况 | 不适用 | | | | | | | | 9.保荐业务工作底稿记录、保管是否合规 ...

现场检查报告 华泰联合证券有限责任公司 关于神州数码集团股份有限公司 2024 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为神州数码集团股份有限公司（以下简称"神州数码"或"公 司"）向不特定对象发行可转换公司债券的保荐人，于 2025 年 3 月 27 日至 3 月 28 日对神州数码集团股份有限公司 2024 年有关情况进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：神州数码 | | | --- | --- | | 保荐代表人姓名：崔彬彬 联系电话：010-56839300 | | | 保荐代表人姓名：李威 联系电话：010-56839300 | | | 现场检查人员姓名：崔彬彬 | | | 现场检查对应期间：2024 年 1 月 1 日至 2024 年 12 月 31 日 | | | 现场检查时间：2025 年 3 月 27 日至 2025 年 3 月 28 日 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 ...

数据、算力、Agent协同 面对深圳商报记者关于"如何破解AI离人很近，离企业很远"的提问，郭为坦言两大痛点：第一，数据鸿 沟。企业90%的非结构化数据无法直接喂养模型，需通过"数据合成+知识萃取"预处理；第二，智能体 协同。未来企业需要数千个Agent并行，就像福特工厂的流水线工位各司其职。 对此，郭为提出，神州数码将打造"哑铃状"AI业务布局，以"神州问学"平台为核心枢纽，一端连接业务 咨询与数据资产化服务，通过行业洞察帮助企业流程再造；另一端提供AI运营全栈服务，涵盖算力优 化、模型训练及业务部署等增值环节，形成"数据-模型-流程"的闭环。 在AI技术狂飙突进的2025年，企业如何跨越"离人很近，离企业很远"的应用鸿沟？在神州数码日前举办 的2024年度业绩说明会上，神州数码董事长郭为提出"AI for Process"（流程人工智能化）的破局之道， 详解AI如何重塑企业竞争力。 用AI重构流程 "现在企业买大模型就像1980年代买电脑——机器进了门，却不知道能干什么。"郭为以四通打字机的兴 衰史类比当前AI应用困境。他指出，通用大模型虽在问答场景表现惊艳，但企业需要的是"通专融合"的 解决方案：既要D ...

| | | 债券代码：127100 债券简称：神码转债 神州数码集团股份有限公司 关于"神码转债"摘牌的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、"神码转债"赎回日：2025 年 3 月 28 日 2、"神码转债"摘牌日：2025 年 4 月 8 日 3、"神码转债"摘牌原因：存续期内可转换公司债券全部赎回 一、 可转换公司债券基本情况 根据中国证券监督管理委员会出具的《关于同意神州数码集团股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕2536 号），神 州数码集团股份有限公司（以下简称"公司"）于 2023 年 12 月 21 日向不特定对 象发行了 1,338.9990 万张可转换公司债券，发行价格为每张人民币 100 元，募 集资金总额为人民币 133,899.90 万元，扣除各项发行费用后，实际募集资金净 额为 132,770.37 万元。经深圳证券交易所同意，上述 1,338.9990 万张可转换公 司债券于 2024 年 1 月 19 日起在深圳证券交易所挂牌交易，债券简称"神码转 债"，债 ...

| | | 债券代码：127100 债券简称：神码转债 神州数码集团股份有限公司 关于"神码转债"赎回结果的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、 可转换公司债券基本情况 根据中国证券监督管理委员会出具的《关于同意神州数码集团股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕2536 号），神 州数码集团股份有限公司（以下简称"公司"）于 2023 年 12 月 21 日向不特定对 象发行了 1,338.9990 万张可转换公司债券，发行价格为每张人民币 100 元，募 集资金总额为人民币 133,899.90 万元，扣除各项发行费用后，实际募集资金净 额为 132,770.37 万元。经深圳证券交易所同意，上述 1,338.9990 万张可转换公 司债券于 2024 年 1 月 19 日起在深圳证券交易所挂牌交易，债券简称"神码转 债"，债券代码"127100"。根据相关法律法规和《募集说明书》的有关规定，"神 码转债"自 2024 年 6 月 27 日起可转换为公司股份，初始转股价格为 32.51 元/ 股。 ...

| 证券代码：000034 | 证券简称：神州数码 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：127100 | 债券简称：神码转债 | | 神州数码集团股份有限公司 关于持股 5%以上股东协议转让公司部分股份完成过户登记 及相关股份解除质押暨权益变动的公告 公司股东中国希格玛有限公司及一致行动人王晓岩保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 神州数码集团股份有限公司（以下简称"公司"）于近日收到公司股东中国 希格玛有限公司（以下简称"希格玛"）通知，获悉其向中国新纪元有限公司（以 下简称"新纪元"）协议转让 33,500,000 股股份事宜，已在中国证券登记结算 有限责任公司办理完成过户登记手续，具体情况如下： 一、本次权益变动情况概述 公司股东中国希格玛有限公司与中国新纪元有限公司于 2024 年 12 月 17 日 签署了《股份转让协议》，希格玛拟通过协议转让的方式向新纪元转让其持有的 公司股份合计 33,500,000 股无限售流通股，占公司总股本 ...

Group 1 - The core viewpoint of the news is that Shenzhou Digital Group has achieved significant growth in revenue and net asset scale, with a focus on artificial intelligence applications and a commitment to digital transformation for enterprises [1][2]. - In 2024, Shenzhou Digital's operating revenue reached 128.166 billion yuan, a year-on-year increase of 7.14%, marking a five-year high [1]. - The company's R&D investment for 2024 is approximately 410 million yuan, with a five-year compound annual growth rate of 22% [1]. Group 2 - Shenzhou Digital is developing an AI-native empowerment platform called "Shenzhou Wenxue," which integrates computing power support, model training, data governance, and scenario applications [1][2]. - The company has established partnerships with over 100 leading enterprises in sectors such as retail, finance, and automotive to accelerate the implementation and value release of AI technology [1][2]. - The company emphasizes the importance of intelligent transformation of business processes and aims to create a complete product system for AI applications [2][3]. Group 3 - Shenzhou Digital has identified three major challenges for enterprise clients: data mismatch, business logic gaps, and deployment environment barriers [3]. - To address these challenges, the company offers a clear AI strategy, a comprehensive AI tool platform, and professional AI application services [3]. - The "Shenzhou Wenxue" platform has launched various versions, including an agile version, a platform version, and a local deployment version, to support full-stack AI services [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates overall operational resilience, with stable performance in its proprietary brand business [1] - The company's revenue for 2024 was 128.166 billion yuan, reflecting a year-on-year growth of 7.14%, while the net profit attributable to the parent company was 753 million yuan, a decrease of 35.77% year-on-year [6] - The company has optimized its operational quality, achieving a gross margin of 4.21%, an increase of 0.22 percentage points year-on-year [6] - The proprietary brand product business has shown continuous breakthroughs, with revenue reaching 4.581 billion yuan, a year-on-year increase of 20.25% [6] - The AI-enabled cloud services and software segment achieved revenue of 2.965 billion yuan, growing by 18.75% year-on-year [6] - The company has improved its cash flow management, with a net cash inflow from operating activities of 2.5 billion yuan [6] - The report suggests an upward revision of revenue forecasts for 2025-2026, with expected revenues of 134.986 billion yuan and 142.524 billion yuan respectively [6] Financial Data and Profit Forecast - Total revenue forecast for 2023 is 119.624 billion yuan, with a year-on-year growth rate of 3.2% [5] - The forecasted net profit attributable to the parent company for 2025 is 788 million yuan, with a year-on-year growth rate of 4.8% [5] - The forecasted earnings per share for 2025 is 1.18 yuan [5] - The company's return on equity (ROE) for 2025 is projected to be 8.0% [5] - The price-to-earnings (PE) ratio for 2025 is estimated at 36x [5]

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Viewpoints - The emphasis on "technology domestic demand" is highlighted, with a focus on self-reliance and control as a core theme in the context of major power competition [3][10][22] - The report suggests that the domestic computing demand and self-reliance will be the main drivers for investment opportunities in the technology sector [3][22] - The report identifies key areas of focus including domestic AI computing, national software innovation (信创), military information technology, and the Harmony OS ecosystem [3][22] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.37%, the SME Index by 2.93%, and the ChiNext Index by 2.95% during the week of March 31 to April 3 [30] Industry News - The report discusses the release of the national measurement list which is expected to accelerate the domestic innovation industry [14] - It notes the importance of the Harmony OS as a significant new player in the domestic operating system market, particularly in PCs [15] Company Dynamics - Highwei Technology plans to reduce its shareholding by up to 4,400,000 shares, accounting for 1% of the total share capital [27] - The report mentions that Lai Si Information has completed the registration and filing procedures for changing its legal representative [27] Investment Suggestions - The report recommends focusing on companies involved in domestic AI computing, national software innovation, military information technology, and key players in the Harmony OS ecosystem [22] - Specific companies highlighted include Haiguang Information, Cambrian, Inspur Information, China Software, and others across various segments [22][21]

Core Insights - DeepSeek has sparked widespread discussions across various industries regarding the "AI+" movement since the beginning of this year [1] - Digital China (000034) reported a revenue of 29.65 billion yuan from its cloud services and software business, driven by AI, marking an 18.75% year-on-year increase [2] - The overall revenue for Digital China in 2024 reached 128.166 billion yuan, a 7.14% increase, achieving a five-year high [2] Financial Performance - Digital China's net profit decreased by 35.57% to 777 million yuan due to asset impairment related to the International Innovation Center (IIC) [3] - Excluding the negative impact from IIC, the net profit was 1.305 billion yuan, showing positive growth [3] - Revenue from traditional IT distribution and value-added services was 124.451 billion yuan, up 6.84% year-on-year [4] AI Strategy and Developments - AI has become the core of Digital China's cloud integration strategy, with significant investments in AI capabilities [4] - The company launched the Shenzhou KunTai AI-native empowerment platform, reinforcing its position in the AI application sector [5] - Digital China is focusing on process re-engineering and optimization through AI to drive continuous innovation and breakthroughs for enterprises [2][6] Market Trends and Future Outlook - The current phase of AI application is described as the "beginning," with many enterprises yet to fully leverage AI's potential [6] - The integration of AI into business processes is expected to redefine core competitiveness, transitioning from traditional static operations to dynamic systems centered around intelligent agents [6][7] - Future AI applications for enterprises will likely involve heterogeneous computing and the integration of various models, supported by extensive internal data [7]