Financial Performance - In 2024, the company achieved a revenue of 79.024 billion yuan, a year-on-year increase of 2.22% [2] - The net profit attributable to shareholders was 1.572 billion yuan, a decrease of 5.31% compared to 2023 [2] - Operating cash flow improved significantly, reaching 2.441 billion yuan [2] Subsidiary Performance - Subsidiary Xinhua San reported a revenue of 55.074 billion yuan in 2024, up 6.04% year-on-year [3] - Domestic enterprise business revenue was 44.239 billion yuan, a growth of 10.96% [3] - International business revenue reached 2.916 billion yuan, a significant increase of 32.44% [3] Strategic Initiatives - The company is focusing on "computing power x connectivity" strategy to drive industry application demands [2] - Launched the Lingxi intelligent computing solution, which includes a full-stack capability for large model deployment [4] - Introduced the G7 series heterogeneous computing servers to support large model training [5] Market Expansion - The company established five new subsidiaries in 2024, expanding its global presence to 22 branches [8] - Released 147 new products for overseas markets, achieving multiple global certifications [8] Product Development - Released the LinSeer Cube large model all-in-one machine, covering models from 14B to 671B [9] - The company is actively promoting domestic products and solutions in key industries [7] Financial Challenges - Increased financial expenses due to bank loans taken for the acquisition of a 30% stake in Xinhua San [11] - Inventory levels rose significantly due to increased raw material and stock demands driven by AI market growth [11] Future Plans - The company aims to issue H shares and list on the Hong Kong Stock Exchange to enhance R&D investment and international brand presence [12][13]

[Table_Title] AI 深度融合，聚焦"算力+联接" 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title2] 紫光股份(000938) [Table_Summary] 1、事件 公司 2024 年实现营业收入 790.24 亿元，同比增长 2.22%；利润总额达到 22.27 亿元，同比减少 40.78%；实现 归母净利润 15.72 亿元，同比减少 25.23%；扣非归母净利润 14.56 亿元，同比减少 13.06%。 2025Q1 实现总营业收入 207.90 亿元，同比增长 22.25%；利润总额达到 4.19 亿元，同比减少 45.34%；实现归 母净利润 3.49 亿元，同比减少 15.75%。 2、新华三营收 551 亿元，AI 推动政企业务增长， 2024 年，公司控股子公司新华三营业收入达到 550.74 亿元，同比增长 6.04%。其中， 国内政企业务收入 442.39 亿元，同比增长 10.96%，在数字政府、智慧企业、数字金融、智慧医疗、智慧交 通和智慧能源领域持续落地行业数字化应用。 国内运营商业务收入 79.1 ...

Core Viewpoint - The company, Unisplendour Corporation Limited, reported a revenue of 79.024 billion yuan for 2024, marking a year-on-year increase of 2.22%, with a net profit attributable to shareholders of 1.572 billion yuan [6][7]. Company Overview - Unisplendour operates in the next-generation information and communication technology (ICT) sector, providing a full-stack intelligent ICT infrastructure and cloud solutions [4][5]. - The company’s main products include network devices, servers, storage products, cloud and intelligent solutions, active security products, and smart terminals [4][5]. Business Performance - In 2024, the company focused on a "computing power x connectivity" strategy, achieving a revenue of 79.024 billion yuan, with the ICT infrastructure and services segment contributing 54.459 billion yuan, a 5.73% increase year-on-year [6][7]. - The company’s R&D investment reached 5.102 billion yuan, reflecting a commitment to innovation in network, security, computing, storage, cloud computing, and AI [6]. Market Position - Unisplendour's subsidiary, H3C Group, reported a revenue of 55.074 billion yuan in 2024, with significant growth in domestic and international markets [7]. - The company maintained leading market shares in various segments, including 38.2% in the enterprise campus switch market and 54.4% in the blade server market in China [7]. Financial Highlights - The company proposed a cash dividend of 0.75 yuan per share for 2024, based on a total share capital of 2.860 billion shares, totaling approximately 214.51 million yuan [3][29]. - The net profit for 2024 was reported at 1.572 billion yuan, with a decrease in operating expenses by 7.17% year-on-year [6]. Important Transactions - In 2024, the company completed the acquisition of a 30% stake in H3C Group for approximately 2.143 billion USD, increasing its ownership from 51% to 81% [9]. - The company has future arrangements for the remaining 19% stake in H3C, including options for purchase and sale [10][11]. H-Share Listing Plans - The company plans to issue H-shares and list on the Hong Kong Stock Exchange, with preliminary preparations already underway [13][52].

登录新浪财经APP 搜索【信披】查看更多考评等级 股票简称：紫光股份股票代码：000938 公告编号：2025－026 紫光股份有限公司 关于修订公司章程及其附件的公告 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"）于2025年4月28日召开第九届董事会第十二次会议、第九届监事 会第六次会议，审议通过了《关于修订<公司章程>及其附件的议案》，本议案尚需提交股东大会审 议，现将有关情况公告如下： 一、修订《公司章程》及其附件的原因及依据 根据《中华人民共和国公司法（2023年修订）》《上市公司章程指引》《深圳证券交易所股票上市规 则》《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》等法律、法规的相关 规定，结合公司实际情况，公司对《紫光股份有限公司章程》及其附件《紫光股份有限公司股东会议事 规则》《紫光股份有限公司董事会议事规则》中相关条款作出相应修订。 二、《公司章程》的修订情况 2、本次修订后的《公司章程》及其附件全文详见同日披露于巨潮资讯网(http://www.cninfo.com.cn)的相 关 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 注1：紫光供应链、数码岳阳和其控股股东苏州紫光数码将分别为公司本次担保提供全额连带责任反担 保。 注2：紫光晓通和其控股股东苏州紫光数码将分别为公司本次担保提供全额连带责任反担保。紫光晓通 的其他股东未按持股比例提供反担保。 ■ 注3：紫光晓通、紫光晓通（香港）和其控股股东苏州紫光数码将分别为公司本次担保提供全额连带责 任反担保。紫光晓通的其他股东未按持股比例提供反担保。 待上述相关担保协议签署生效后，公司2021年第四次临时股东大会审议通过的为苏州紫光数码向橄榄石 商业保理（中国）有限公司申请的人民币4.5亿元厂商授信额度担保相应终止。 待上述相关担保协议签署生效后，公司2022年第八届董事会第十四次会议审议通过的为苏州紫光数码向 惠普贸易（上海）有限公司和惠普（重庆）有限公司申请的厂商授信额度提供不超过人民币6亿元厂商 授信额度担保相应终止。 待上述相关担保协议签署生效后，公司2023年第三次临时股东大会审议通过的公司为紫光晓通、数码岳 阳向联想凌拓科技有限公司及其关联方提供合计不超过人民币4,000万元厂商授信额度担保相应终止。 待上述相关担保协议签署生 ...

Core Insights - Unisoc is leveraging AI computing infrastructure to drive dual growth in government and enterprise markets as well as overseas expansion [1] Group 1: Financial Performance - In 2024, Unisoc's subsidiary, H3C, achieved domestic government and enterprise revenue of 44.239 billion yuan, a year-on-year increase of 10.96% [2] - Overseas revenue reached 2.916 billion yuan, growing by 32.44%, with significant growth in self-owned brand revenue [2] Group 2: Technological Advancements - Unisoc has developed the S12500AI series switches based on DDC architecture, supporting high-speed lossless computing cluster interconnection with a bandwidth utilization increase of 107% [2] - The company introduced G-Flow single-phase immersion cooling solutions and phase change immersion cooling technology, addressing the critical heat dissipation issues in high-density computing deployments [3] - The M9000-X firewall features 8 Tbps protection capability and 5 microseconds latency, with AI-driven security strategies improving threat assessment accuracy by 70% [3] Group 3: Market Applications - The DeepSeek model integration machine, LinSeer Cube, supports various applications including urban traffic prediction and government efficiency improvements [4] - The "Turing Town" model has been replicated in six cities, creating a complete closed loop from computing power construction to operational services [4] Group 4: Global Expansion - In 2024, Unisoc established five new overseas subsidiaries, increasing its total to 22, with a service network covering 181 countries and regions [5] - The company launched 147 customized products for international markets, achieving a 69.35% year-on-year increase in overseas self-owned brand revenue [5] - Unisoc's strategy includes a steady expansion approach, adding 874 overseas certified partners, enhancing channel density in emerging markets [5] Group 5: Strategic Outlook - Unisoc's 2024 report reflects a technology-driven evolution, balancing technological investment with commercial returns amid pressures from domestic substitution and global expansion [6] - The dual support of technological dividends and scale effects remains a significant advantage for the company in navigating market changes [6]

Regulatory Developments - The China Securities Association is seeking opinions on guidelines aimed at preventing securities practitioners from engaging in illegal trading activities, including insider trading and market manipulation [1] - The guidelines are intended to strengthen the management of industry personnel and promote a culture of compliance within the financial sector [1] Macro News - The Chinese Foreign Ministry confirmed that there have been no recent communications between the leaders of China and the United States, contradicting claims made by former President Trump [2] Industry Dynamics - The Ministry of Industry and Information Technology released key points for automotive standardization work for 2025, focusing on advanced technology standards and new areas such as artificial intelligence and solid-state batteries [3] - The National Medical Products Administration issued quality management regulations for online sales of medical devices, effective from October 1, 2025, to enhance industry accountability [5] Company News - Zhengzhou Coal Machine Company plans to change its name to "Zhongchuang Zhiling (Zhengzhou) Industrial Technology Group Co., Ltd." to better reflect its strategic direction [6] - Seres plans to go public in Hong Kong with a projected revenue of 145.1 billion yuan for 2024, a year-on-year increase of 305.5%, and aims to become a leading luxury electric vehicle brand [6] - Unigroup plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - Saitex New Materials announced that its chairman will voluntarily forgo salary, and several executives will reduce their salaries by 20% for the remainder of 2025 [7] - Jiayuan Technology's chairman is under investigation, and the company has arranged for the vice chairman to assume responsibilities during this period [7] - Lifan Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [8] - Baidu's stock will be suspended for one day and will be renamed "*ST Baidu" due to negative net profit for 2024 [9] - Nanchuan Co. will also change its stock name to "ST Nanchuan" following a negative audit report [10] - Weitai will change its stock name to "*ST Weitai" and suspend trading for one day due to risk warnings [11] - ST Xinchao expects to miss the deadline for its annual report, which may lead to trading suspension [12] - XCMG plans to repurchase shares worth between 300 million and 600 million yuan [14] - SF Holding intends to repurchase shares worth between 500 million and 1 billion yuan [15] - Midea Group received a commitment from China Bank for a stock repurchase loan of up to 1 billion yuan [15] - Yitu Co. plans to repurchase up to 10% of its H-shares [16] - Beiqi Blue Valley reported a net loss of 953 million yuan in Q1 2025, despite a 150.75% increase in revenue [17] - Zhonggang Luoyang reported a 117% increase in net profit in Q1 2025, driven by revenue growth [18] - Yanghe Distillery's Q1 2025 net profit decreased by 39.93% due to market conditions [19] - CICC reported a 65% increase in net profit in Q1 2025, attributed to increased investment income [20] - WuXi AppTec's Q1 2025 net profit increased by 89.06% [21] - Lao Fengxiang's Q1 2025 net profit decreased by 24% due to declining sales [22]

Group 1: Poly Developments - Poly Developments reported a net profit of 5 billion yuan for 2024, a decrease of 58.6% year-on-year [1] - The company achieved total revenue of 311.67 billion yuan in 2024, down 10% from the previous year [2] - The gross profit margin for settlements was 14%, a decline of 2 percentage points compared to the same period last year [1][2] - The company signed a total area of 17.9661 million square meters, a decrease of 24.7% year-on-year, while sales contracts amounted to 323.029 billion yuan, down 23.5% [2] - The company maintained a cash balance of 134.2 billion yuan at the end of the year, with a net cash flow from operating activities of 6.257 billion yuan [3] Group 2: Mindray Medical - Mindray Medical reported a revenue of 36.726 billion yuan for 2024, an increase of 5.14% year-on-year [5][6] - The net profit attributable to shareholders was 11.668 billion yuan, a slight increase of 0.74% compared to the previous year [5][6] - The company's cash flow from operating activities was not disclosed in the provided data [6] Group 3: Unisplendour - Unisplendour announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - The company achieved a revenue of 79.024 billion yuan in 2024, a growth of 2.22% year-on-year [10] - The net profit attributable to shareholders was 1.572 billion yuan, a decrease of 25.23% compared to the previous year [10] Group 4: SF Holding - SF Holding reported a revenue of 69.849 billion yuan for the first quarter, an increase of 6.9% year-on-year [17][18] - The net profit attributable to shareholders was 2.234 billion yuan, reflecting a growth of 16.9% compared to the same period last year [17][18] - The company plans to repurchase shares worth between 500 million and 1 billion yuan [17] Group 5: Qingdao Beer - Qingdao Beer reported a revenue of 10.445 billion yuan for the first quarter, a growth of 2.91% year-on-year [20][21] - The net profit attributable to shareholders was 1.710 billion yuan, an increase of 7.08% compared to the previous year [20][21] Group 6: China State Construction - China State Construction reported a revenue of 555.3 billion yuan for the first quarter, a growth of 1.1% year-on-year [23] - The net profit attributable to shareholders was 15.01 billion yuan, reflecting a growth of 0.6% compared to the same period last year [23] Group 7: WuXi AppTec - WuXi AppTec reported a revenue of 9.655 billion yuan for the first quarter, a growth of 20.96% year-on-year [24] - The net profit attributable to shareholders was 3.672 billion yuan, a significant increase of 89.06% compared to the previous year [24] Group 8: China Nuclear Power - China Nuclear Power reported a revenue of 20.273 billion yuan for the first quarter, a growth of 12.7% year-on-year [25] - The net profit attributable to shareholders was 3.137 billion yuan, reflecting a growth of 2.55% compared to the same period last year [25] Group 9: Haitian Flavoring - Haitian Flavoring reported a revenue of 8.315 billion yuan for the first quarter, a growth of 8.08% year-on-year [26] - The net profit attributable to shareholders was 2.202 billion yuan, an increase of 14.77% compared to the previous year [26] Group 10: Yunnan Baiyao - Yunnan Baiyao reported a revenue of 10.841 billion yuan for the first quarter, a growth of 0.62% year-on-year [27] - The net profit attributable to shareholders was 1.935 billion yuan, reflecting a growth of 13.67% compared to the same period last year [27]

（经 2025 年 4 月 28 日公司第九届董事会第十二次会议审议通过） 第一章 总 则 第一条 为了加强紫光股份有限公司（以下简称"公司"）与投资者和潜在投 资者（以下简称"投资者"）之间的信息沟通，促进投资者对公司的了解和认同， 倡导理性投资，提高公司在投资者中的诚信度，实现公司价值最大化和股东利益 最大化，根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券 交易所股票上市规则》《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》等有关法律、法规和规范性文件、公司股票上市地证券监管 规则和《紫光股份有限公司章程》的规定，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过充分的信息披露，运用金融和市场营 销的方法，加强公司与投资者之间的沟通，增进投资者对公司的了解和认同，维 护股东利益，提升公司治理水平，以实现公司价值最大化和股东利益最大化的战 略管理行为。 第三条 投资者关系管理的基本原则 （一）充分披露信息原则：公司应充分披露投资者关心的与公司相关的信息。 （二）合规披露信息原则：公司应遵守国家法律、法规及证券监管部门、证 券交易所对上市公司信息披露的 ...

紫光股份有限公司 独立董事制度 （已经公司第九届董事会第十二次会议审议通过，尚需提交公司股东会审议） 第一章 总 则 第一条 为了进一步完善公司治理结构，促进公司规范运作，更好地维护公司及 投资者的利益，根据《中华人民共和国公司法》（以下简称《公司法》）《上市公司治 理准则》《上市公司独立董事管理办法》（以下简称《独立董事管理办法》）《深圳证 券交易所股票上市规则》《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》《紫光股份有限公司章程》（以下简称《公司章程》）、公司股票 上市地证券监管规则及其他相关法律、法规的规定，紫光股份有限公司（以下简称 "公司"）特制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公司主要 股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观 判断关系的董事。 第三条 独立董事对公司及公司全体股东负有忠实与勤勉的义务，应按照相关法 律、行政法规、中国证券监督管理委员会（以下简称"中国证监会"）、证券交易所业 务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与决策、监督制衡、 专业咨询作用，维护公司整体利 ...