紫光股份有限公司（以下简称"公司"）全资子公司紫光国际信息技术有限 公司（以下简称"紫光国际"）以支付现金的方式向 H3C Holdings Limited 购买 所持有的新华三集团有限公司（以下简称"新华三"）29%股权，以支付现金的 方式向 Izar Holding Co 购买所持有的新华三 1%股权，合计以 2,142,834,885 美元 购买新华三 30%股权（以下简称"本次重大资产重组"）。本次重大资产重组已 于 2024 年 9 月实施完成，公司通过紫光国际持有的新华三股权比例由 51%增加 至 81%，具体内容详见公司于 2024 年 9 月 20 日披露的《关于重大资产购买之标 的资产完成过户的公告》（公告编号：2024-055）。 中信建投证券股份有限公司（以下简称"中信建投证券"）作为本次重大资 产重组独立财务顾问，持续督导期将于 2025 年 12 月 31 日届满。中信建投证券 原委派王志宇先生、崔登辉先生、王玉明先生三人担任独立财务顾问主办人。近 日，公司收到中信建投证券的通知，王志宇先生因工作变动不再担任本次重大资 产重组独立财务顾问主办人，由崔登辉先生、王玉明先生两人继续履行独 ...

Group 1 - The core viewpoint of the article highlights the robust demand in the internet industry, which has driven accelerated revenue growth for companies [1] - In Q2 2025, Unisplendour achieved operating revenue of 26.635 billion yuan, representing a year-on-year increase of 27.17% and a quarter-on-quarter increase of 28.12% [1] - The net profit attributable to the parent company for Unisplendour in Q2 2025 was 0.692 billion yuan, showing a year-on-year increase of 18.01% and a quarter-on-quarter increase of 98.64% [1] Group 2 - In H1 2025, New H3C achieved operating revenue of 36.404 billion yuan, with a year-on-year increase of 37.75% and a net profit of 1.851 billion yuan, reflecting a year-on-year increase of 2% [1] - The domestic government enterprise business revenue for New H3C was 31.035 billion yuan, marking a year-on-year increase of 53.55%, driven by the sustained growth in the internet industry and the company's comprehensive layout in internet vendors [1] - As of the end of H1 2025, inventory stood at 43.842 billion yuan, up 19.0% from the beginning of the year, while contract liabilities reached 15.912 billion yuan, an increase of 9.7% from the beginning of the year [1] Group 3 - The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for the company in H1 2025 were 4.03%, 1.06%, 5.16%, and 1.50%, respectively, showing year-on-year changes of -1.42 percentage points, -0.16 percentage points, -1.19 percentage points, and +0.91 percentage points [1] - Based on comparable company valuations, a PE of 35 times for 2026 is suggested (previously 35 times for 2025), corresponding to a target price of 33.21 yuan, reflecting a decrease of 4% [1] - The company maintains an "outperform the market" rating [1]

Core Viewpoint - The report from Haitong International indicates that strong demand in the internet industry is driving accelerated revenue growth for companies, particularly for Unisplendour and New H3C [1] Group 1: Company Performance - Unisplendour achieved operating revenue of 26.635 billion yuan in Q2 2025, representing a year-on-year increase of 27.17% and a quarter-on-quarter increase of 28.12% [1] - The net profit attributable to the parent company for Unisplendour in Q2 2025 was 0.692 billion yuan, reflecting a year-on-year increase of 18.01% and a quarter-on-quarter increase of 98.64% [1] - New H3C reported operating revenue of 36.404 billion yuan in H1 2025, with a year-on-year increase of 37.75% and a net profit of 1.851 billion yuan, showing a year-on-year increase of 2% [1] Group 2: Business Segments - Domestic government enterprise business revenue for New H3C reached 31.035 billion yuan in H1 2025, marking a year-on-year increase of 53.55%, driven by sustained growth in the internet industry and comprehensive layout among internet vendors [1] - Inventory and contract liabilities remain high, indicating a robust industry outlook, with inventory at 43.842 billion yuan at the end of H1 2025, up 19.0% from the beginning of the year, and contract liabilities at 15.912 billion yuan, up 9.7% [1] Group 3: Financial Ratios and Valuation - For H1 2025, the sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for the company were 4.03%, 1.06%, 5.16%, and 1.50%, respectively, with year-on-year changes of -1.42 percentage points, -0.16 percentage points, -1.19 percentage points, and +0.91 percentage points [1] - Based on comparable company valuations, a PE of 35 times for 2026 is suggested (previously 35 times for 2025), leading to a target price of 33.21 yuan, reflecting a decrease of 4%, while maintaining an "outperform the market" rating [1]

Investment Rating - The report maintains an "Outperform" rating for the company, projecting significant revenue and profit growth over the next few years [3][7]. Core Insights - The company is expected to achieve revenues of RMB 95.2 billion, RMB 114.7 billion, and RMB 136.2 billion for the years 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of RMB 2.04 billion, RMB 2.71 billion, and RMB 3.36 billion during the same period [3][7]. - The quarterly revenue has shown acceleration, with a 24.96% year-on-year increase in 2025H1, reaching RMB 47.43 billion [3][7]. - The growth in the internet business is significant, with a 37.75% increase in revenue for New H3C in 2025H1, driven by strong demand in the internet sector [3][7]. Financial Summary - The total revenue for 2023 is projected at RMB 77.31 billion, with a growth rate of 4.4%. By 2027, revenue is expected to reach RMB 136.23 billion, reflecting an 18.8% growth rate [2][4]. - Net profit attributable to shareholders is forecasted to decline to RMB 2.10 billion in 2023, but is expected to recover to RMB 3.36 billion by 2027, with corresponding EPS increasing from RMB 0.74 to RMB 1.17 [2][4]. - The gross profit margin for 2025H1 was reported at 15.24%, a decrease of 3.80 percentage points year-on-year [3][7]. Business Segments - The domestic government and enterprise revenue for New H3C reached RMB 31.04 billion in 2025H1, a 53.55% increase, while international revenue grew by 60.25% to RMB 1.92 billion [3][7]. - The ICT infrastructure and services revenue was RMB 36.04 billion in 2025H1, with a gross profit margin of 18.06%, down 6.32 percentage points year-on-year [3][7]. Inventory and Liabilities - As of the end of 2025H1, inventory stood at RMB 43.84 billion, up 19.0% from the beginning of the year, while contractual liabilities increased by 9.7% to RMB 15.91 billion [3][7].

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

Investment Rating - The industry investment rating is "Positive" [4][19] Core Views - The telecommunications industry is benefiting from the ongoing Digital China strategy, leading to stable growth in overall business for operators, with innovative services experiencing higher growth rates and increasing proportions [2] - The AI computing power sector continues to thrive globally, with significant investments from major companies, indicating a rapid growth period for domestic computing power targets [4] - New growth drivers such as satellite internet are injecting new momentum into the industry, providing additional performance elasticity [4] Summary by Relevant Sections Telecom Operators - China Mobile is expected to report Q3 revenue of CNY 245.1 billion to CNY 246 billion, a year-on-year growth of 0.2% to 0.5%, with net profit of CNY 32.1 billion to CNY 32.4 billion, a growth of 4.6% to 5.6% [2][16] - China Telecom is projected to achieve Q3 revenue of CNY 127.2 billion to CNY 128.5 billion, a growth of 1% to 2%, with net profit of CNY 7.75 billion to CNY 8.05 billion, a growth of 3.5% to 7.5% [2][16] - China Unicom's Q3 revenue is expected to be CNY 93.7 billion to CNY 94.6 billion, with a growth of 1% to 2%, and net profit of CNY 2.41 billion to CNY 2.49 billion, a growth of 4.8% to 8.3% [3][16] - China Tower is anticipated to report Q3 revenue of CNY 24.9 billion to CNY 25.2 billion, a growth of 2.9% to 4.1%, with net profit of CNY 2.97 billion to CNY 3.05 billion, a growth of 5.2% to 8% [3][16] AI and Network Connectivity - The AI optical module sector is experiencing significant growth, with companies like Zhongji Xuchuang expected to report Q3 revenue of CNY 8.9 billion to CNY 9.6 billion, a growth of 37% to 47%, and net profit of CNY 2.9 billion to CNY 3.2 billion, a growth of 108% to 130% [4][16] - Tianfu Communication is projected to achieve Q3 revenue of CNY 1.8 billion to CNY 2.1 billion, a growth of 115% to 150%, with net profit of CNY 650 million to CNY 750 million, a growth of 102% to 133% [5][16] AI Applications and Data Centers - AI server demand is rapidly increasing, with ZTE expected to report Q3 revenue of CNY 31 billion to CNY 32 billion, a growth of 12% to 16%, and net profit of CNY 1.95 billion to CNY 2.1 billion, a decrease of 3% to 10% [7][16] - The AIDC sector is also growing, with Keda Data expected to report Q3 revenue of CNY 24 billion to CNY 27 billion, a growth of 44% to 62%, and net profit of CNY 180 million to CNY 230 million, a growth of 1347% to 1748% [8][16] Satellite Internet and Military Communication - The military communication sector is expected to see increased investment due to regional tensions, with companies like Zhenlei Technology projected to report Q3 revenue of CNY 150 million to CNY 160 million, a growth of 125% to 141%, and net profit of CNY 45 million to CNY 50 million, a growth of 409% to 466% [10][16]

Core Insights - The Chinese accelerated server market is projected to reach $16 billion in the first half of 2025, more than doubling from the first half of 2024, with expectations to exceed $140 billion by 2029 [1] Market Overview - In terms of vendor sales, Inspur, H3C, and Lenovo occupy the top three positions, accounting for nearly 50% of the market share [1] - From the perspective of server shipment volume, Inspur, H3C, and Ningchang lead the market, holding approximately 43% of the market share [1] Industry Segmentation - The internet sector remains the largest purchasing industry, representing nearly 69% of the overall accelerated server market, with significant growth observed in finance, education, telecommunications, and healthcare sectors, all exceeding 100% growth [1] Chip Market Insights - The market for accelerated chips in China is expected to exceed 1.9 million units in the first half of 2025 [1] Competitive Landscape - The Chinese AI accelerated server market is currently undergoing a phase of scale expansion and domestic substitution, with a need for breakthroughs in high-end computing efficiency and ecosystem maturity [1] - Future competition will shift focus from single-chip performance to system efficiency, open ecosystem collaboration, and green computing cost control [1] - The industry is encouraged to avoid low-level redundant construction and enhance international competitiveness through technological collaboration and standard optimization [1]

Core Points - The company has approved changes to its business scope and corresponding amendments to its Articles of Association during the board meeting on August 29, 2025, and the temporary shareholders' meeting on September 16, 2025 [1] - The company has completed the registration of the business scope change and the filing of the amended Articles of Association, obtaining a new business license from the Haidian District Market Supervision Administration in Beijing [1] Business Scope Changes - The new business scope includes: - Technical services, development, consulting, exchange, transfer, and promotion - Retail and wholesale of computer hardware and software and auxiliary equipment - Manufacturing of computer hardware and software and peripheral devices - Sales of electronic products and components - Sales and manufacturing of communication equipment - Sales of broadcasting and film equipment - Sales of toys, instruments, stationery, and office supplies - Computer system services and maintenance - Data processing services - Software development, sales, and outsourcing services - Investment activities with self-owned funds - Non-residential real estate leasing and property management - Professional design services, conference and exhibition services, and import-export activities [1]

Core Points - The company has completed the registration of changes to its business scope and has obtained a new business license [1] - The changes were approved during the 13th meeting of the 9th Board of Directors and the third extraordinary shareholders' meeting held on September 16, 2025 [1] - The updated business scope includes various technology services, software development, and investment activities [1] Summary by Sections - **Company Overview** - Name: Unisplendour Corporation Limited - Unified Social Credit Code: 91110000700218641X - Registered Capital: 286,007.9874 million [1] - Type: Other Joint Stock Company (Listed) [1] - Established: March 18, 1999 [1] - Legal Representative: Yu Yingtao [1] - Address: Tsinghua University Unisplendour Building, Haidian District, Beijing [1] - **Business Scope Changes** - The company has revised its business scope to include: - Technology services, development, consulting, and transfer - Retail and wholesale of computer hardware and software - Manufacturing of electronic products and components - Sales of communication equipment and broadcasting equipment - Various retail and wholesale activities including office supplies and toys - Software development, sales, and outsourcing services - Investment activities with self-owned funds - Property management and non-residential real estate leasing [1]

紫光股份有限公司（以下简称"公司"）2025 年 8 月 29 日召开的第九届董事会 第十三次会议及 2025 年 9 月 16 日召开的 2025 年第三次临时股东会审议通过了《关 于变更公司经营范围及相应修订<公司章程>的议案》，同意公司变更经营范围并修订 《公司章程》的相应条款。具体内容详见公司于 2025 年 8 月 30 日在巨潮资讯网等 指定信息披露媒体发布的《关于变更公司经营范围及相应修订<公司章程>的公告》 （公告编号：2025-045）。 近日，公司已完成经营范围变更登记及《公司章程》备案手续，并取得北京市 海淀区市场监督管理局换发的《营业执照》，本次变更仅涉及经营范围变更，其他 事项不变，变更后的《营业执照》具体信息如下： 名称：紫光股份有限公司 经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、 技术推广；计算机软硬件及辅助设备零售；计算机软硬件及辅助设备批发；计算机 软硬件及外围设备制造；电子产品销售；电子元器件零售；电子元器件批发；通信 设备销售；通信设备制造；广播影视设备销售；玩具销售；仪器仪表销售；文具用 品零售；文具用品批发；办公设备销售；办公用品销售；文化 ...