Revenue and Profit - Revenue for the reporting period increased by 16.05% to RMB 3,529,967,543.95 compared to the same period last year[2] - Net profit attributable to shareholders of the listed company was RMB -266,122,305.60 for the reporting period, showing a loss[2] - Revenue for the period reached 9,605,795,089.25 yuan, an increase from 8,053,684,683.32 yuan in the previous period[25] - Net profit for the period was -655,454,878.53 yuan, compared to -772,629,384.53 yuan in the previous period[25] - Total comprehensive income for the period was -649,996,883.23 yuan, compared to -765,141,764.39 yuan in the previous period[27] - Basic earnings per share were -0.213 yuan, compared to -0.258 yuan in the previous period[27] Assets and Liabilities - Total assets decreased by 0.57% to RMB 33,937,201,191.52 compared to the end of the previous year[2] - Short-term borrowings increased by 74.89% to RMB 2,625,708,692.80 due to adjustments in financing structure to take advantage of low-interest loan policies[5] - Prepayments decreased by 52.85% to RMB 687,714,846.50 as a result of settlement of prepaid goods by subsidiaries[4] - Other non-current financial assets decreased by 56.06% to RMB 287,689,689.57 due to the return of investment funds from divestments and settlement of non-short-term tradable financial assets[4] - The company's monetary funds increased to RMB 4.49 billion as of September 30, 2024, compared to RMB 4.31 billion at the beginning of the period[21] - Trade receivables rose to RMB 5.79 billion, up from RMB 5.25 billion at the start of the period[21] - Inventory increased significantly to RMB 7.77 billion from RMB 6.14 billion at the beginning of the period[21] - Total current assets amounted to RMB 20.75 billion, slightly up from RMB 20.47 billion at the start of the period[22] - Total non-current assets decreased to RMB 13.19 billion from RMB 13.66 billion at the beginning of the period[22] - Short-term borrowings increased to RMB 2.63 billion from RMB 1.50 billion at the start of the period[22] - Total liabilities stood at RMB 20.73 billion, up from RMB 20.25 billion at the beginning of the period[24] - Total equity decreased to RMB 13.20 billion from RMB 13.88 billion at the start of the period[24] Cash Flow - Net cash flow from financing activities was RMB -66,817,782.60, mainly due to the absence of cash dividends paid to shareholders compared to the previous year[5] - Net increase in cash and cash equivalents was RMB 142,227,497.13, driven by the return of investment funds from divestments[5] - Cash flow from operating activities was -871,429,348.28 yuan, compared to -709,548,184.43 yuan in the previous period[28] - Cash flow from investing activities was 1,079,185,539.51 yuan, an increase from 850,078,245.63 yuan in the previous period[29] - Cash flow from financing activities was -66,817,782.60 yuan, compared to -150,639,150.01 yuan in the previous period[29] - The company's cash and cash equivalents at the end of the period were 4,204,081,610.13 yuan, compared to 4,263,346,472.05 yuan in the previous period[29] Shareholders and Equity - The total number of ordinary shareholders at the end of the reporting period is 180,050[6] - China Electronics Limited holds 39.35% of the shares, totaling 1,269,203,475 shares[6] - Hong Kong Securities Clearing Company Limited holds 1.97% of the shares, totaling 63,636,962 shares[6] - Industrial Investment Fund Co., Ltd. holds 1.78% of the shares, totaling 57,306,590 shares[6] - Xu Gongrong holds 16,338,600 shares through both margin trading and ordinary accounts[7] - Xu Jiandong holds 15,000,583 shares through margin trading accounts[7] - Agricultural Bank of China - CSI 500 ETF holds 1.09% of the shares, totaling 35,043,186 shares[8] - Guohua Fund holds 0.93% of the shares, totaling 29,958,460 shares[8] Loans and Financing - The company plans to issue up to RMB 2 billion in technology innovation corporate bonds with a term of up to 5 years[12] - The company signed a comprehensive financial cooperation agreement with China Electronics Finance, obtaining a credit line of up to 8 billion RMB, with a maximum deposit balance of 8 billion RMB, valid for three years[14] - The company's deposits with China Electronics Finance increased by 23.66 billion RMB during the period, with a total interest income of 26.83 million RMB[15] - The company's loans from China Electronics Finance increased by 3.65 billion RMB, with a total interest payment of 38.66 million RMB[15] - The company obtained a 1.8 billion RMB working capital loan from China Electronics Finance on January 5, 2024, with a one-year term[15] - The company secured a 500 million RMB working capital loan from China Electronics Finance on March 8, 2024, with a three-year term[15] - The company received a 618 million RMB working capital loan from the China Development Bank Hunan Branch on March 13, 2024, with a one-year term[17] - The company's subsidiary, Hunan Great Wall, obtained a 50 million RMB working capital loan from the Bank of China Zhuzhou Branch on January 1, 2024, with a one-year term[17] - The company's subsidiary, Xiangji Haidun, secured a 180 million RMB comprehensive credit line from the Bank of China Changsha Kaifu Branch on April 11, 2024, with a one-year term[17] - The company's subsidiary, Changjiang Technology, obtained a 40 million RMB working capital loan from the Industrial and Commercial Bank of China Jiang'an Branch on September 26, 2024, with a three-year term[18] - The company obtained a working capital loan of RMB 20 million with a one-year term[20] - A fixed asset loan of RMB 350 million was secured, with an additional RMB 21.713 million drawn as of July 31, 2024, and a remaining balance of RMB 163 million as of September 30, 2024[20] Impairment and Provisions - Credit impairment losses amounted to RMB 59,323,908.61, a significant change from the previous year due to reduced bad debt provisions for receivables[5] - Asset impairment losses were RMB -72,525,290.21, primarily due to increased inventory write-down provisions compared to the previous year[5] R&D and Operating Costs - Operating costs increased to 10,157,684,971.87 yuan from 8,737,315,120.66 yuan in the previous period[25] - R&D expenses decreased to 829,023,920.21 yuan from 1,035,362,201.65 yuan in the previous period[25] Share Repurchase and Capital Reduction - The company repurchased 4,999,946 shares, accounting for 0.1550% of the total shares, with a total transaction amount of 44,290,135.50 RMB (excluding transaction fees)[14] - The company has completed the reduction of registered capital for the Xinchuang Community to RMB 920 million, with the company's investment adjusted to RMB 153,333,333.33[12]

证券代码：000066 证券简称：中国长城 公告编号：2024-074 中国长城科技集团股份有限公司 二 O 二四年十月三十一日 中国长城科技集团股份有限公司 董事会 一、2024 年第三季度报告（详见同日公告 2024-073 号《2024 年第三季度 报告》） 审议结果：表决票 8 票，同意 8 票，反对 0 票，弃权 0 票，表决通过。 二、关于利用自有闲置资金进行理财增效的议案 为提高公司资金使用效率，增加公司投资收益，在不影响公司日常业务经营 资金需求和有效控制投资风险的前提下，公司计划维持使用合计不超过人民币 12 亿元的自有闲置资金通过国家金融监督管理总局批准和监管的金融机构购买 理财产品进行理财；在前述额度范围内，资金可以循环使用，期限壹年。本次拟 进行理财的投资主体单位为公司子公司。 审议结果：表决票 8 票，同意 8 票，反对 0 票，弃权 0 票，表决通过。 第八届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中国长城科技集团股份有限公司第八届董事会第六次会议通知于 2024 年 10 月 28 日以电子邮件方 ...

中国长城资产首次通过共益债权形式盘活问题房地产项目 财联社10月24日电，据中国长城资产消息， 中国长城资产广西分公司为北海湾春投资开发有限公司提供共益债资金近日完成出资，该笔资金将用 于"北海东盟国际商贸城"工程建设，这是公司首次通过共益债权形式盘活问题房地产项目。 北海湾春公司债权是广西分公司在收购农信社不良债权资产包取得，该贷款主要用于"北海东盟国际商 贸城"工程建设。 债权收购前，北海湾春公司已破产并进入破产重整阶段，"北海东盟国际商贸城项目"于2014年资金链断 裂，经多次救援无果至2019年全部停工。 由于项目长期停工，业主买房多年无法办证、商铺从未收到租金、消防无法验收。 随着共益债资金顺利完成出资，预计在1-2年内，项目能够完成竣工验收、实现交付。 ...

根据《上市公司股份回购规则（2023 年修订）》《深圳证券交易所上市公 司自律监管指引第 9 号——回购股份（2023 年修订）》等相关规定，在回购股 份期间，公司应当在每个月的前三个交易日内公告截至上月末的回购进展情况， 现将公司回购股份的进展情况公告如下： 中国长城科技集团股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：000066 证券简称：中国长城 公告编号：2024- 中国长城科技集团股份有限公司（以下简称"公司"）于 2023 年 12 月 1 日召开第七届董事会第一百次会议，审议通过了《关于以集中竞价交易方式回购 公司股份的议案》，同意公司使用自有资金以集中竞价交易方式回购部分已发行 A 股股份，用于实施股权激励。本次回购资金总额不超过 3 亿元，回购价格不高 于 13.02 元/股，回购数量不低于 1,600 万股，不超过 2,300 万股，占公司目前 总股本的 0.50%-0.71%。回购股份期限为自董事会审议通过回购股份方案之日起 不超过 12 个月。具体内容请参阅公司于《中国证券报》《证 ...

广东信达律师事务所 股东大会法律意见书 中国 深圳 福田区益田路 6001 号太平金融大厦 11、12 楼 邮政编码：518038 11,12/F, TaiPing Finance Tower,Yitian Road 6001,Futian District, ShenZhen, P. R. China 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755)88265537 网址(Website)：https://www.sundiallawfirm.com 广东信达律师事务所 关于中国长城科技集团股份有限公司 2024年度第四次临时股东大会的 法律意见书 信达会字[2024]第264号 致：中国长城科技集团股份有限公司（下称"贵公司"） 广东信达律师事务所接受贵公司的委托，指派周蒴婷律师及陈梦馨律师（下 称"本所律师"）参加了贵公司2024年度第四次临时股东大会（下称"本次股东 大会"），并进行了必要的验证工作。现根据《中华人民共和国公司法》（下称 "《公司法》"）、《上市公司股东大会规则》（下称"《股东大会规则》"）、 《深圳证券交易所上市公司股东大会网络投票实施细则》（下称"《 ...

证券代码：000066 证券简称：中国长城 公告编号：2024-071 二、会议召开和出席情况 （一）会议召开的情况 1．会议时间： 现场会议召开的时间：2024 年 9 月 20 日下午 14:30 网络投票的时间：2024 年 9 月 20 日 中国长城科技集团股份有限公司 2024年度第四次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、特别提示 1．本次股东大会没有出现否决议案的情形； 2．本次股东大会无涉及变更前次股东大会决议的情形。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 9 月 20 日交易时间即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2024 年 9 月 20 日上午 9:15－下午 15:00 期间的任意时间。 2．现场会议召开地点：深圳市南山区科技园科发路 3 号中电长城大厦 A 座 24 楼 3．召开方式：采用现场投票和网络投票相结合的方式 4．召 集 人：公司董事会 5．主 持 人：董事郭涵冰先生 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 10.42 CNY per share [4]. Core Views - The company is experiencing a gradual recovery in performance, with a focus on operational management and market expansion showing positive results. The revenue for the first half of 2024 reached 6.076 billion CNY, a year-on-year increase of 21.23%, while the net profit attributable to shareholders improved by 33.37% to a loss of 422 million CNY [1][2]. - The company is collaborating with Feiteng to develop a domestic computing industry, enhancing its technology and product supply capabilities. Feiteng's revenue for the first half of 2024 was 608 million CNY, reflecting a year-on-year growth of 22.58% [3][7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 6.076 billion CNY, with quarterly growth rates of 21.13% and 21.30% for Q1 and Q2 respectively. The net profit showed improvements of 18.15% and 47.56% in the same quarters, indicating a trend of narrowing losses [2][10]. - The company has applied for a total bank credit limit of approximately 24.45 billion CNY to support its ongoing operations and projects [1]. Market Strategy - The company has established a direct sales system and a comprehensive distribution system to enhance market reach, achieving 100% coverage of domestic counties. It has also expanded its distribution network globally, covering regions such as the US, Europe, and Southeast Asia [2][7]. Collaboration and Product Development - The partnership with Feiteng is aimed at creating high-performance, low-power general-purpose computing microprocessors. The company holds a 28.04% stake in Feiteng, which has shown significant growth in revenue [3][9]. - The company is focusing on developing a complete product line for various applications, including AI PCs and secure computing products, to strengthen its position in the domestic market [7][10]. Valuation - The estimated total market value for the company in 2024 is projected to be 33.6 billion CNY, combining the valuations of its core product business and its stake in Feiteng [10].

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in H1 2024 showed recovery, with revenue from Feiteng increasing by 23% YoY [1] - The company's H1 2024 revenue reached approximately 6.08 billion yuan, with a net loss of 296 million yuan [2] - The company's H1 2024 operating income was about 6.08 billion yuan, a YoY increase of 21.23%, and the net profit attributable to the parent company improved by 33.37% [3] - The company's gross profit margin in H1 2024 was 17.18%, a YoY decrease of 4.66 percentage points, but the net profit margin improved, indicating effective cost control [4] - The company is expected to benefit from the deep development of the domestic IT industry, with projected revenues of 15.55 billion yuan, 18.79 billion yuan, and 21.65 billion yuan for 2024-2026, and net profits of 102 million yuan, 329 million yuan, and 550 million yuan, respectively [6] Business Segments Computing Industry - Revenue in H1 2024 was 4.70 billion yuan, a YoY increase of 37.04%, with a gross margin of 14.41%, a YoY decrease of 3.04 percentage points [2] - The company has made breakthroughs in financial, insurance, and transportation sectors, and has established partnerships with several well-known foreign brands [2] - The company has a leading position in the domestic AI server power supply market [2] System Equipment - Revenue in H1 2024 was 985 million yuan, a YoY decrease of 18.02%, with a gross margin of 22.33%, a YoY decrease of 7.67 percentage points [2] - Traditional business orders declined due to policy changes, but new business orders in marine informatization and special computing increased significantly [2] Feiteng - Revenue in H1 2024 was 608 million yuan, a YoY increase of 23%, with a net loss of 296 million yuan [2] - Feiteng has developed over 10 high-performance CPUs since 2014, with cumulative applications exceeding 8.5 million units [2] - Feiteng is accelerating the development of intelligent computing processors, aiming to create a "CPU+XPU" combination [2] Financial Performance - H1 2024 operating income was 6.08 billion yuan, a YoY increase of 21.23%, with a net profit attributable to the parent company of -422 million yuan, a YoY improvement of 33.37% [3] - Q2 2024 operating income was 3.41 billion yuan, a YoY increase of 21.30%, with a net profit attributable to the parent company of -172 million yuan, a YoY improvement of 47.56% [3] - The company's sales expense ratio, management expense ratio, and R&D expense ratio in H1 2024 were 3.60%, 7.00%, and 9.05%, respectively, showing significant reductions [4] Market Data - The company's current stock price is 8.04 yuan, with a 52-week price range of 7.25-12.65 yuan [4] - The company's total market capitalization is 25.94 billion yuan, with a circulating market capitalization of 25.30 billion yuan [4] - The company's average daily trading volume in the past month was 129.86 million yuan, with a turnover rate of 0.65% [2] Industry Outlook - The domestic IT industry is entering a deep development phase, with significant growth potential in the domestic server market [6] - Feiteng's ecosystem has over 6,500 partners, supporting more than 4,900 Feiteng platform devices and over 66,000 software adaptations [6] - Feiteng's products, including the S5000C, E2000, and D3000 CPUs, have been selected for the national IT security testing list, indicating strong market potential [6] Financial Projections - The company's revenue is projected to be 15.55 billion yuan, 18.79 billion yuan, and 21.65 billion yuan for 2024-2026, with net profits of 102 million yuan, 329 million yuan, and 550 million yuan, respectively [6] - The company's EPS is projected to be 0.03 yuan, 0.10 yuan, and 0.17 yuan for 2024-2026, with P/E ratios of 255.36, 78.77, and 47.15, respectively [7]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a total revenue of 6.076 billion yuan for the first half of 2024, representing a year-on-year growth of 21.23%. The net loss attributable to shareholders was 422 million yuan, an improvement from a loss of 633 million yuan in the same period last year [2]. - In Q2 2024, the company achieved a revenue growth rate of 21% year-on-year, with a significant reduction in net loss, indicating a clear recovery trend [2]. - The company is focusing on enhancing its technological capabilities and has launched several products in the domestic computing sector, including AI servers and a new AI PC, which are gaining traction in various government and industry applications [2]. - The investment suggestion highlights the company's role as a key player in China's computing industry, aiming for high-quality development in the context of domestic technology substitution [2]. Financial Performance Summary - For the first half of 2024, the company achieved a total revenue of 6.076 billion yuan, with a year-on-year growth of 21.23%. The net loss attributable to shareholders was 422 million yuan, improving from a loss of 633 million yuan in the previous year [2][3]. - The projected net profits for 2024, 2025, and 2026 are estimated to be 125 million yuan, 201 million yuan, and 348 million yuan respectively, with corresponding PE ratios of 208X, 129X, and 75X [2][3]. - The company’s revenue is expected to grow from 13.42 billion yuan in 2023 to 24.339 billion yuan by 2026, reflecting a compound annual growth rate of approximately 20% [6][7].