截至2025年5月30日收盘，紫光股份（000938）报收于24.03元，较上周的23.7元上涨1.39%。本周，紫光股份5月27日盘中最高价报24.43元。5月28 日盘中最低价报23.69元。紫光股份当前最新总市值687.28亿元，在IT服务板块市值排名2/119，在两市A股市值排名199/5146。 本周关注点 公司公告汇总：紫光股份向香港联交所递交H股发行上市申请并刊发申请资料 公司公告汇总 紫光股份有限公司（股票代码：000938）于2025年5月29日向香港联合交易所有限公司递交了发行境外上市外资股（H股）并在香港联交所主板挂 牌上市的申请，并于同日在香港联交所网站刊登了本次发行并上市的申请资料。该申请资料为草拟版本，可能会适时作出更新和修订。本次发行 并上市的认购对象仅限于符合相关条件的境外投资者及依据中国相关法律法规有权进行境外证券投资的境内合格投资者。公司不会在境内证券交 易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但提供了在香港联交所网站的查询链接供查阅。本公告以及刊登于香港联交 所网站的申请资料均不构成也不得视作为对任何个人或实体收购、购买或认购公司本次发行的境外上市外资 ...

股票简称：紫光股份 股票代码：000938 公告编号：2025－039 紫光股份有限公司 关于向香港联交所递交境外上市外资股（H 股）发行上市的申请并 https://www1.hkexnews.hk/app/sehk/2025/107410/documents/sehk25052902113.pdf 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 紫光股份有限公司（以下简称"公司"）已于 2025 年 5 月 29 日向香港联合交易 所有限公司（以下简称"香港联交所"）递交了发行境外上市外资股（H 股）并在香 港联交所主板挂牌上市（以下简称"本次发行并上市"）的申请，并于同日在香港联 交所网站刊登了本次发行并上市的申请资料。该申请资料为公司按照香港证券及期 货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发，为 草拟版本，其所载资料可能会适时作出更新和修订。 鉴于本次发行并上市的认购对象仅限于符合相关条件的境外投资者及依据中国 相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券交 易所的网站和符合境内监管机构规定条件的 ...

据港交所5月29日披露，紫光股份（000938）有限公司(简称：紫光股份)(000938.SZ)向港交所主板递交 上市申请，中信建投（601066）国际、法国巴黎银行及招银国际为其联席保荐人。 据招股书，紫光股份是全球领先的数字化和人工智能解决方案提供者。该公司提供全栈智能ICT基础设 施产品，并辅以先进的云端智能平台。提供的解决方案能够帮助各行各业的客户加速其数字化和智能化 转型。 该公司不仅提供全品类ICT基础设施产品组合，更有相当大部分ICT基础设施产品在各自类别的市场份 额中占据领先地位。根据弗若斯特沙利文的资料，该公司： 于2024年在中国数字化基础设施市场收入排名第三，市场份额为8.6%; 于2024年在中国网络市场收入排名第二，市场份额为12.8%; 于2024年在中国计算及存储基础设施市场收入排名第二，市场份额为7.7%。 顺应人工智能技术的兴起，该公司精进了在交付人工智能应用定制化产品和解决方案方面的专业能力， 助力客户更轻松地实现其期望的人工智能成果。产品和解决方案涵盖ICT基础设施、云与数据平台及智 能平台，旨在实现彼此之间无缝集成，并在第三方环境中高效运行。该公司的高性能ICT基础设施 ...

Core Viewpoint - The CSI Computer Theme Index has shown a recent upward movement despite a decline over the past month and quarter, indicating potential volatility in the technology sector [1][2]. Group 1: Index Performance - The CSI Computer Theme Index increased by 1.21% to 6684.16 points with a trading volume of 22.82 billion yuan [1]. - Over the past month, the index has decreased by 2.83%, and it has fallen by 21.19% over the last three months, with a year-to-date decline of 4.08% [2]. Group 2: Index Composition - The index includes companies involved in information technology services, application software, system software, and computer hardware, reflecting the overall performance of computer-themed listed companies [2]. - The top ten weighted companies in the index are Hikvision (7.98%), Zhongke Shuguang (6.93%), Keda Xunfei (6.52%), Kingsoft Office (5.06%), Unisplendour (4.25%), Tonghuashun (4.12%), Inspur Information (3.94%), Runhe Software (3.15%), Hengsheng Electronics (2.97%), and 360 (2.7%) [2]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (67.75%) and the Shanghai Stock Exchange (32.25%) [2]. - The industry composition of the index shows that information technology accounts for 90.56%, while communication services make up 9.44% [3]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the CSI Computer Index include Tianhong CSI Computer Theme ETF Link A, Tianhong CSI Computer Theme ETF Link C, Guotai CSI Computer Theme ETF Link C, Tianhong CSI Computer Theme ETF, and Guotai CSI Computer Theme ETF Link A [3].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][8]. Core Views - The company reported a revenue of 79.02 billion yuan for 2024, a year-on-year increase of 2.22%, while the net profit attributable to shareholders decreased by 25.23% to 1.572 billion yuan [4][10]. - The company is experiencing a strong momentum in AI-related business, with significant growth in international operations and a focus on domestic AI server demand [6][8]. - The financial burden from the acquisition of a minority stake in Xinhua San has impacted short-term profits, but the company is optimizing its capital structure through a potential dual listing [5][8]. Financial Performance Summary - For 2024, the company achieved a revenue of 79.02 billion yuan, with a net profit of 1.572 billion yuan, reflecting a decline in profitability [4][10]. - In Q1 2025, the company reported a revenue of 20.79 billion yuan, a year-on-year increase of 22.25%, while the net profit was 349 million yuan, down 15.75% year-on-year [4][10]. - The company's gross margin for 2024 was 17.39%, influenced by changes in revenue structure and increased costs associated with AI server sales [5][10]. Business Growth and Market Position - The company’s revenue from the Xinhua San segment reached 55.074 billion yuan in 2024, a year-on-year increase of 6.04%, with international business growing by 32.44% [6][8]. - The company has expanded its global service coverage to 181 countries and regions, with over 2,900 certified overseas partners [6][8]. - The inventory value reached 43.7 billion yuan in Q1 2025, a year-on-year increase of 54.82%, indicating strong demand for AI servers [7][10]. Profitability Forecast and Valuation Analysis - The company is projected to achieve net profits of 1.812 billion yuan, 2.450 billion yuan, and 3.164 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 15.3%, 35.2%, and 29.2% [8][10]. - The estimated P/E ratios for the upcoming years are 38.0 for 2025, 28.1 for 2026, and 21.8 for 2027, reflecting a positive outlook on earnings growth [10][12].

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company reported a revenue of 79.02 billion yuan for 2024, a year-on-year increase of 2.22%, but a decline in net profit by 25.23% to 1.572 billion yuan. The first quarter of 2025 showed a revenue increase of 22.25% year-on-year to 20.79 billion yuan, while net profit decreased by 15.75% to 349 million yuan [4][6] - The company is experiencing increased financial expenses due to the acquisition of a 30% minority stake in Xinhua San, which has led to a rise in the debt ratio to 82.8% [5][6] - The company is focusing on optimizing its capital structure through a dual listing in Hong Kong, which is expected to alleviate debt burdens [5][6] Financial Performance - In 2024, the company achieved a gross margin of 17.39%, influenced by the rising share of AI server revenue and changes in revenue structure [5] - The company’s revenue from Xinhua San reached 55.074 billion yuan in 2024, a year-on-year increase of 6.04%, with international business revenue growing by 32.44% [6][7] - The company’s inventory value reached 43.7 billion yuan in Q1 2025, a year-on-year increase of 54.82%, indicating strong growth momentum in server revenue [7] Profit Forecast and Valuation Analysis - The company is expected to benefit from domestic computing power investments, with projected net profits of 1.812 billion yuan, 2.450 billion yuan, and 3.164 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 15.3%, 35.2%, and 29.2% [8][10] - The estimated revenue for 2025 is 89.081 billion yuan, with a year-on-year growth of 12.7% [10] - The company’s P/E ratio is projected to decrease from 38.0 in 2025 to 21.8 in 2027, indicating an improving valuation outlook [12]

Group 1 - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [1][2] - The registered capital of the company is RMB 28,600.79874 million [1] - The company was approved for its initial public offering of 40 million shares on November 4, 1999, and is listed on the Shenzhen Stock Exchange [1][3] Group 2 - The company's business purpose is to develop high-tech products with high added value, contributing to the overall level of domestic high-tech enterprises [4] - The company aims to create good economic returns for all shareholders while achieving positive social effects [4] Group 3 - The company’s shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice [5] - The total number of shares issued by the company is 2,860,079,874, all of which are ordinary shares denominated in RMB [5] Group 4 - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [6] - The company is prohibited from repurchasing its own shares except under specific circumstances [6] Group 5 - Shareholders have rights to dividends and other benefits proportional to their shareholdings [9] - Shareholders can request the convening of shareholder meetings and exercise their voting rights [9][10] Group 6 - The company must establish a shareholder register based on the securities registration and settlement institution's records [9] - The company is required to provide necessary conditions for the activities of the Communist Party organization within the company [3]

Core Viewpoint - The document outlines the external guarantee management system of Unisplendour Corporation, emphasizing the need for standardized procedures to mitigate risks associated with external guarantees and ensure asset safety [1][2]. Group 1: General Principles - The purpose of the external guarantee management system is to regulate the company's external guarantee activities and prevent risks [1]. - The system applies to the company and its subsidiaries included in the consolidated financial statements [2]. - External guarantees are defined as the company providing guarantees, mortgages, or pledges for third parties, with guarantees for subsidiaries treated as external guarantees [2][3]. Group 2: Approval Process - External guarantees require approval from the board of directors or shareholders, and no individual can sign guarantee contracts without such approval [4][5]. - The board must conduct thorough investigations into the creditworthiness and operational status of the guaranteed party before making decisions [3][6]. - Specific conditions must be met for the company to provide guarantees, including the financial stability of the applicant and compliance with laws and regulations [6][7]. Group 3: Risk Management - The company must ensure that guarantees are provided under principles of legality, prudence, mutual benefit, and safety [4]. - Guarantees for controlling shareholders or related parties require counter-guarantees to mitigate risks [4][5]. - The company must refuse guarantees if the applicant has a history of disputes or financial instability [7][8]. Group 4: Documentation and Compliance - A written guarantee contract must be established, detailing the type, amount, and duration of the guarantee [9][10]. - The company must maintain proper documentation and conduct regular audits of the guarantee contracts and related financial conditions [10][11]. - Any changes to the guarantee terms must undergo a new approval process [8][12]. Group 5: Information Disclosure - The company is obligated to disclose information regarding external guarantees in accordance with relevant laws and regulations [13][14]. - Timely disclosure is required if the guaranteed party fails to meet repayment obligations or faces bankruptcy [14][15]. Group 6: Responsibilities and Penalties - The board of directors is responsible for overseeing the external guarantee process and can impose penalties on individuals who violate the established procedures [15][16]. - Any unauthorized guarantees that result in losses will lead to accountability for the responsible parties [15][16].

Core Points - The document outlines the rules for the shareholders' meeting of Unisplendour Corporation, aiming to enhance operational efficiency and protect shareholders' rights [1][2][3]. Group 1: General Provisions - The rules are established to ensure the legality of meeting procedures and resolutions, in accordance with relevant laws and the company's articles of association [1]. - The shareholders' meeting is recognized as the company's authority, with specific powers including electing directors, approving financial reports, and making decisions on capital changes [1][2]. Group 2: Shareholders' Meeting Authority - The shareholders' meeting has the authority to approve significant transactions, including capital increases or decreases, bond issuance, and major asset purchases exceeding 30% of total assets [1][2]. - Any external guarantees exceeding 50% of the latest audited net assets must be approved by the shareholders' meeting [1][2]. Group 3: Types of Meetings - The company will hold an annual shareholders' meeting within six months after the end of the previous fiscal year [3]. - Temporary meetings can be convened under specific circumstances, such as when the number of directors falls below the legal minimum or when requested by shareholders holding more than 10% of shares [3][4]. Group 4: Meeting Procedures - The board of directors is responsible for convening meetings within the stipulated time frames and must provide written feedback on requests for temporary meetings within 10 days [2][3]. - Shareholders holding more than 10% of shares can request a temporary meeting and must receive a response from the board within the same timeframe [3][4]. Group 5: Proposals and Notifications - Proposals for the shareholders' meeting can be submitted by the board, shareholders with at least 1% of shares, or the audit committee [5][6]. - Notifications for annual meetings must be sent 20 days in advance, while notifications for temporary meetings must be sent 15 days prior [5][6]. Group 6: Voting and Resolutions - Each share carries one vote, and resolutions require a majority or two-thirds majority depending on the type of resolution [15][16]. - Special resolutions are required for significant corporate actions such as capital changes, mergers, and amendments to the articles of association [16][17]. Group 7: Meeting Records and Announcements - Meeting records must be maintained, detailing attendance, proposals, discussions, and voting results [23][24]. - Resolutions must be announced promptly, including details on attendance and voting outcomes [24][25].

股票简称：紫光股份 股票代码：000938 公告编号：2025－038 紫光股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1、 本次年度股东大会未出现否决提案的情形。 2、 本次年度股东大会不涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 1、召开时间： 现场会议召开日期和时间：2025 年 5 月 20 日（星期二）下午 14 时 30 分 网络投票时间：2025 年 5 月 20 日。其中，通过深圳证券交易所交易系统进行投 票的具体时间为：2025 年 5 月 20 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00 期间的任意时间；通过互联网投票系统进行网络投票的起止时间为 2025 年 5 月 20 日 9:15-15:00 期间的任意时间。 2、召开地点：北京市海淀区紫光大楼一层 118 会议室 3、召开方式：现场投票表决与网络投票相结合的方式 4、召集人：公司第九届董事会 5、主持人：董事长于英涛 6、 会议的召开符合有关法律、行政法规、部门规章、规 ...