证券代码：000034 证券简称：神州数码 公告编号：2025-193 神州数码集团股份有限公司 关于为子公司担保的进展公告 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。 神州数码集团股份有限公司（以下简称"公司"）2025 年 3 月 27 日召开的 第十一届董事会第十三次会议、2025 年 4 月 22 日召开的 2024 年年度股东大会 审议通过了《关于预计担保额度的议案》，同意公司和控股子公司向业务相关方 （包括但不限于银行、金融机构及供应商等）申请授信或其他履约义务，同意为 下属控股子公司提供担保或控股子公司之间提供担保。其中，为资产负债率低于 70%的控股子公司提供担保的额度不超过人民币 20 亿元，为资产负债率 70%以上 的控股子公司提供担保的额度不超过人民币 630 亿元，预计提供担保总额不超过 等额 650 亿元人民币，担保方式为保证担保、抵押担保、质押担保等，且任一时 点的担保余额不超过股东大会审议通过的额度。同时，在此担保额度范围内，公 司合并报表范围内控股子公司之间提供的担保，按照控股子公司的审议程序决定， 控股子公司在其履行审议程序 ...

山石网科公告称，公司预计2026年与神州数码相关方、三六零相关方日常关联交易分别不超3.74亿元、 1000万元。其中，向神州数码相关方销售3.61亿元、采购1300万元，向三六零相关方销售、采购均为 500万元。数据显示，2025年1-11月相关交易金额分别为1.97亿元、260万元。此次议案已获董事会通 过，尚需股东会审议。 ...

Summary of Conference Call Records Industry Overview - The conference call focuses on the domestic computing power industry, particularly the developments surrounding H Company and its supply chain partners, including companies like 华正新材 (Huazheng New Materials), 神州数码 (Digital China), and 杰华特 (Jiahua Technology) [1][2][3][4][5][6][7][8][9][10][11]. Key Points and Arguments H Company's Strategic Shift - H Company's strategic shift is expected to accelerate product iteration and increase the market share of Ascend series chips among major internet companies, potentially lowering supplier bargaining power and improving profitability [1][2]. - The adjustment aims to alleviate competition between H Company's cloud business and chip customers, enhancing the software ecosystem and GPU architecture transition speed [3][9]. Supply Chain Performance - The supply chain companies, including 华正新材, are experiencing significant growth due to rising copper prices and effective price transmission downstream, leading to improved profit margins [1][4]. - 华正新材 is expected to gain substantial market share with the upcoming launch of new products, benefiting from H Company's strategic shift [4]. - 神州数码 has secured large orders from top AI CSP clients, with a projected revenue growth of 20%-30% next year, indicating a positive development trend [5]. Domestic AI and Computing Power Demand - The demand for domestic computing power is rapidly increasing, as evidenced by large orders from domestic AI CSP clients, indicating a tight supply-demand balance in the intelligent computing card market [6][7]. - The introduction of new generation products in 2026 is anticipated to expand application scenarios and growth potential for domestic computing cards [8]. Market Performance and Future Outlook - Companies like 杰华特 are expected to see revenue growth of 30%-40% next year, driven by their adaptation to H Company's GPU and CPU scenarios [3][11]. - The semiconductor testing industry, particularly companies like 伟测科技 (Weicet Technology), is projected to benefit from H Company's incremental demand, with expectations of over 50% compound annual growth rate [10]. Communication Sector Insights - The communication sector is advised to focus on stable value contribution and profit release segments related to H chips, such as liquid cooling and server partnerships [9]. Additional Important Insights - The competitive landscape is shifting, with domestic companies poised to capture more market share as they adapt to technological advancements and strategic changes within H Company [2][3][6][11]. - The emphasis on domestic production and innovation in the semiconductor and computing power sectors reflects a broader trend towards self-sufficiency and competitiveness in the global market [1][8][10].

神州数码集团股份有限公司（以下简称"公司"或"神州数码"）2025年11 月13日第十一届董事会第二十一次会议、于2025年11月24日召开2025年第六次临 时股东大会，审议通过了《关于<神州数码集团股份有限公司2025年员工持股计 划（草案）及其摘要>的议案》《关于<神州数码集团股份有限公司2025年员工持 股计划管理办法>的议案》等内容，具体内容详见公司于2025年11月14日、11月 25日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 公司2025年员工持股计划（以下简称"本次员工持股计划"）的股份来源为 公司回购专用证券账户回购的神州数码A股普通股股票。2025年12月29日公司收 到中国证券登记结算有限责任公司深圳分公司出具的《证券过户登记确认书》， 根据《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易所上 市公司自律监管指引第1号——主板上市公司规范运作》的相关要求，现将本次 员工持股计划的实施进展情况公告如下： 一、本次员工持股计划非交易过户的股票来源及数量 本次员工持股计划股票来源为公司回购专用证券账户回购的公司普通股股 份。本次员工持股计划通过非交易过户 ...

Group 1 - The company, Digital China (000034.SZ), is an authorized distributor for NVIDIA and can engage in the distribution of various models, including the H200, under compliance conditions [1]

每经AI快讯，12月26日，神州数码（000034）在互动平台表示，公司是英伟达的代理商，在合规前提 下，可以开展包括H200在内的各种型号产品的经销。 ...

Core Viewpoint - The company, Digital China, confirmed that it is an authorized distributor of NVIDIA products, including the H200 model, under compliance regulations [1] Group 1 - Investors inquired about Digital China's status as an agent for NVIDIA's H200 [1] - Digital China responded affirmatively, stating it can distribute various models, including the H200, within compliance [1]

Group 1 - The company, Digital China, has stated on its interactive platform that it is an authorized distributor for NVIDIA and can engage in the distribution of various models, including the H200, under compliance conditions [1]

Group 1 - As of December 25, a total of 466 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest continuous net outflow is YunSai ZhiLian, with 23 days of outflows, followed by ZhiFei Bio with 20 days [1] - The largest total net outflow amount is from HeErTai, with a cumulative outflow of 5.034 billion yuan over 15 days [1] Group 2 - MoEr XianCheng-U follows with a net outflow of 4.095 billion yuan over 10 days [1] - The stock with the highest proportion of net outflow relative to trading volume is *ST BaoYing, which has seen a 6.31% decline over the past five days [1] - The cumulative decline in stock prices for HeErTai is 26.54%, while MoEr XianCheng-U has declined by 33.18% [1] Group 3 - Other notable stocks with significant net outflows include SaiWei Electronics (2.759 billion yuan), HangTian JiDian (1.928 billion yuan), and SanLiuLing (1.855 billion yuan) [1] - The data indicates a trend of sustained selling pressure in the market, particularly in the technology and healthcare sectors [1][2]

Core Viewpoint - The company is facing significant challenges due to its reliance on a low-margin, high-turnover business model, particularly in its IT distribution and real estate sectors, which has led to a decline in profitability despite revenue growth [2][5][7]. Group 1: Financial Assistance and Debt - The company announced a shareholder loan of up to 150 million yuan at an interest rate of 4.52% to its subsidiary, which has historically received annual loans since its establishment in 2016 [1]. - The total amount of external guarantees provided by the company and its subsidiaries has reached 65.245 billion yuan, with 60.5 billion yuan guaranteed for subsidiaries with over 70% debt-to-asset ratios [1]. Group 2: Business Model and Profitability - The company's traditional IT distribution business has a net profit margin consistently below 1%, indicating a clear trend of revenue growth without corresponding profit increases [3][5]. - Despite a significant increase in revenue from 40.531 billion yuan in 2016 to 128.166 billion yuan in 2024, the net profit has remained below 1 billion yuan for most years, with only slight increases in 2022 and 2023 [4][5]. Group 3: Inventory and Financing - The company's inventory has increased from 4.6 billion yuan to 17.3 billion yuan since its listing, leading to a significant rise in short-term liabilities, which have nearly tripled [5]. - The cash on hand is only 6.574 billion yuan, creating a substantial gap between cash and short-term debt [5]. Group 4: Real Estate Investment Impact - The company's investment in the Shenzhen Bay headquarters project, totaling over 7 billion yuan, has negatively impacted its financial statements, particularly with a fair value change of -386 million yuan in 2024 [6]. Group 5: Transition to New Business Models - The company is attempting to shift its business model by increasing R&D investments, which have grown at over 20% annually since 2019, and expanding its workforce in this area [8][9]. - The revenue contribution from self-branded and cloud services remains low, at around 7%, despite these segments showing high growth potential [9][10]. Group 6: Strategic Outlook - The management has identified key areas for growth, including the domestic PC market and AI applications, indicating a strategic pivot towards higher-margin business opportunities [10][11].