Core Viewpoint - The company demonstrates strong revenue growth driven by its "AI in ALL" and "AI for ALL" strategies, with significant advancements in AI technology and market leadership in various sectors [2][3][4]. Financial Performance - In 2024, the company achieved a revenue of 79.024 billion yuan, a year-on-year increase of 2.22% - In Q1 2025, the revenue reached 20.790 billion yuan, showing a year-on-year growth of 22.25% - Subsidiary Xinhua San reported a revenue of 55.074 billion yuan in 2024, up 6.04% year-on-year, with Q1 2025 revenue at 15.295 billion yuan, reflecting a 26.07% increase [2]. Technological Advancements - The company continues to deepen its "AI in ALL" strategy, launching new products such as the S12500AI series and S9827 series, enhancing network performance and supporting high-performance AI computing [3]. - The introduction of the G7 series heterogeneous computing servers and the M9000-X firewall showcases the company's commitment to cutting-edge technology and security [3]. - The company has developed innovative cooling solutions to address high-power chip heat dissipation issues [3]. Market Position and Awards - Xinhua San has won two national science and technology progress awards, highlighting its technological leadership [4]. - The company maintains a strong market presence, leading in various segments such as enterprise WLAN and network routers for multiple consecutive years [4]. AI Application and Industry Integration - The company is focused on bridging the gap in AI application across various industries, launching the LinSeer Cube for end-to-end AI solutions [5]. - It has released several specialized AI models for sectors like healthcare and urban management, contributing to smart city initiatives [5]. Ecosystem Development - The company is actively building a computing power ecosystem, collaborating with partners to establish multiple computing centers across China [6]. - It has launched a new product line targeting small and medium-sized businesses, offering a diverse range of products to meet varied customer needs [6]. Global Expansion - The company is expanding its global footprint, with initiatives like the Turing Town project aimed at creating a comprehensive computing service platform [7]. - It aims to leverage its core technology and market experience to capitalize on AI opportunities and support digital transformation across industries [7].

紫光股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审核说明 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 一、专项说明 二、附表 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ l o c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号 丽 泽 S O H O B 座 2 0 层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing PR China 电 话 （ t e l ）： 0 1 0 - 5 1 4 2 3 8 1 8 传 真 （ f a x ）： 0 ...

紫光股份有限公司 2024年度合并及母公司财务报表 审计报告 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 三、审计报告附件 一、审计报告 二、审计报告附送 1. 合并资产负债表 2. 合并利润表 3. 合并现金流量表 4. 合并股东权益变动表 5. 母公司资产负债表 6. 母公司利润表 7. 母公司现金流量表 8. 母公司股东权益变动表 9. 财务报表附注 1. 中兴华会计师事务所（特殊普通合伙）营业执照复印件 2. 中兴华会计师事务所（特殊普通合伙）执业证书复印件 3. 注册会计师执业证书复印件 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ l o c a t i o ...

紧先股份有限公司 向部控制审计报告 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 S0H0 Ｂ座 20 层 邮编: 100073 电话:(010) 51423818 传真:(010) 51423816 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://xc.mof.gsrcn）"进行营销 " 录 E 一、内部控制审计报告 二、审计报告附送 紫光股份有限公司内部控制自我评价报告 三、审计报告附件 1. 中兴华会计师事务所（特殊普通合伙）营业执照复印件 2. 中兴华会计师事务所(特殊普通合伙)执业证书复印件 3. 注册会计师执业证书复印件 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址(location):北京市丰台区丽泽路20号丽泽 S0H0 B 座 20 层 20/F,Tower B,Lize SOHO, 20 Lize Road,Fengtai District,Beijing P ...

关于 紫光股份有限公司 中信建投证券股份有限公司 重大资产购买 之 2024 年度持续督导意见 独立财务顾问 二零二五年四月 独立财务顾问声明 中信建投证券股份有限公司接受委托，担任紫光股份有限公司重大资产购买 的独立财务顾问。 本持续督导意见是根据《公司法》《证券法》《重组管理办法》《上市公司并 购重组财务顾问业务管理办法》等法律、法规的有关规定，按照证券行业公认的 业务标准、道德规范和诚实信用、勤勉尽责精神，遵循客观、公正原则，在认真 审阅相关资料和充分了解本次交易实施情况的基础上，发表的独立财务顾问持续 督导意见。 本督导意见所依据的文件、书面资料、业务经营数据等由上市公司及相关当 事人提供并对其真实性、准确性和完整性承担全部责任。本独立财务顾问对本次 督导所发表意见的真实性、准确性和完整性负责。 本持续督导意见不构成对上市公司的任何投资建议。投资者根据本持续督导 意见所做出的投资决策而产生的相应风险，本独立财务顾问不承担任何责任。本 独立财务顾问未委托或授权其他任何机构或个人提供未在本报告中所列载的信 息和对本报告做任何解释或说明。 本持续督导意见中，除非文意另有所指，下列简称具有如下含义： | 公司 ...

中信建投证券股份有限公司 关于紫光股份有限公司 2024 年度内部控制评价报告的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"独立财务顾问"） 作为紫光股份有限公司（以下简称"紫光股份"、"上市公司"、"公司"）重大资 产购买（以下简称"本次交易"）的独立财务顾问，根据《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、法规的要求，对《紫光股份有限公司 2024 年度内部控制评价 报告》（以下简称"《内部控制评价报告》"）进行了审慎核查，核查意见如下： 一、独立财务顾问核查工作 独立财务顾问采取查阅公司内部控制相关制度、复核公司信息披露文件、 抽查内部控制过程记录文件等方式，结合日常的持续督导工作，在对公司内部 控制的完整性、合理性及有效性进行合理评价基础上，对公司出具的《内部控 制评价报告》进行了核查。 1 部门的要求，在所有重大方面保持了与公司业务经营及管理相关的有效的内部 控制。紫光股份 2024 年内部控制的自我评价真实、客观地反映了其内部控制制 度的建设及运行情况。 （以下无正文） 2 （本页无正文，为《中信建投证券股份 ...

智通财经4月28日电，紫光股份(000938.SZ)发布2025年第一季度报告，实现营业收入207.90亿元，同比 增长22.25%；归属于上市公司股东的净利润为3.49亿元，同比下降15.75%。 紫光股份：一季度净利润同比下降15.75% ...

Financial Performance - The company's revenue for Q1 2025 reached CNY 20.79 billion, representing a year-on-year increase of 22.25% compared to CNY 17.01 billion in the same period last year[4] - Net profit attributable to shareholders was CNY 348.55 million, a decrease of 15.75% from CNY 413.68 million in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 409.18 million, an increase of 19.30% from CNY 342.98 million year-on-year[4] - Total operating revenue for the current period reached ¥20,789,771,379.75, a 22.5% increase from ¥17,006,236,056.21 in the previous period[26] - Net profit for the current period was ¥392,902,731.92, a decrease of 43.7% compared to ¥698,960,004.33 in the previous period[27] - The total comprehensive income for the period was CNY 395,630,313.59, compared to CNY 699,614,777.89 in the previous period[28] - The company reported a basic and diluted earnings per share of CNY 0.1219, down from CNY 0.1446 in the previous period[28] Cash Flow - The net cash flow from operating activities improved significantly to -CNY 840.51 million, compared to -CNY 1.94 billion in the same period last year, marking a 56.63% improvement[4] - Net cash flow from operating activities increased by 56.63% to CNY -840,514,633.42, attributed to improved sales collections from subsidiaries[12] - Cash inflow from operating activities totaled CNY 32,482,743,472.20, up from CNY 22,426,392,651.18 year-over-year[31] - The net cash flow from financing activities increased by 376.56% to CNY 1,472,273,781.94, mainly due to increased borrowings from subsidiaries[12] - The company received CNY 3,035,566,811.32 in cash from borrowings, an increase from CNY 2,572,960,312.06 in the previous period[32] - The net cash flow from financing activities was CNY 1,472,273,781.94, significantly higher than CNY 308,940,275.82 in the previous period[32] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 95.99 billion, an increase of 8.09% from CNY 88.81 billion at the end of the previous year[5] - Total liabilities increased to ¥79,486,685,525.08 from ¥72,699,496,076.13, reflecting a growth of 9.8%[24] - The company's total assets amounted to ¥95,996,843,603.42, an increase from ¥88,814,023,840.88[23] - The total equity attributable to shareholders of the parent company was ¥13,682,743,730.90, an increase from ¥13,332,194,109.02[24] Subsidiary Performance - The subsidiary, H3C Group, achieved revenue of CNY 15.30 billion in Q1 2025, a year-on-year growth of 26.07%[6] - Domestic enterprise revenue for H3C was CNY 12.26 billion, reflecting a growth of 37.49% year-on-year[6] - International business revenue for H3C reached CNY 1.05 billion, showing a significant increase of 71.83% compared to the previous year[6] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 274,797[14] - The largest shareholder, Tibet Unicom Communication Technology Co., Ltd., holds 28.00% of the shares, totaling 800,870,734 shares[14] Strategic Initiatives - The company continues to focus on enhancing its AI capabilities and expanding its market presence through strategic initiatives[5] - The company plans to initiate the process for issuing H shares and listing on the Hong Kong Stock Exchange, with board approval obtained on March 7, 2025[17] - The company has approved the issuance of H shares and related fundraising plans, pending shareholder and regulatory approvals[18] Expenses and Impairments - Total operating costs increased to ¥20,317,528,059.40, up 24.5% from ¥16,287,409,718.48[26] - Research and development expenses for the current period were ¥1,160,107,949.48, down from ¥1,243,582,000.09, indicating a reduction of 6.7%[27] - Credit impairment losses decreased by 58.40% to CNY -31,838,260.57 compared to the same period last year, primarily due to reduced expected credit loss provisions from subsidiaries[12] - Income tax expenses decreased by 61.51% to CNY 25,840,847.57, mainly due to lower tax expenses from subsidiaries[12]

Dividend Distribution - The company plans to distribute a cash dividend of 0.75 RMB per 10 shares to all shareholders, based on a total share capital of 2,860,079,874 shares [4]. - The cash dividend distribution plan was approved at the shareholders' meeting held on May 28, 2024, with no stock dividends or capital reserve transfers planned for 2023 [166]. Business Operations and Strategy - The company has undergone significant changes in its major business operations since 2002, focusing on digital and AI solutions, providing full-stack intelligent ICT infrastructure and cloud platforms [15]. - The company has a strong focus on digital transformation and intelligent upgrades across various industries, positioning itself as a leading provider in the sector [15]. - The company is focusing on R&D in key areas such as cloud computing, AI, and big data, aiming to enhance its technological leadership and innovation capabilities [86]. - The company is actively exploring potential mergers and acquisitions to strengthen its market position [125]. - The company is committed to enhancing its core competitiveness through continuous innovation and development in digital technologies [35]. Financial Performance - The company's operating revenue for 2024 was ¥79,024,078,451.16, representing a 2.22% increase compared to ¥77,307,810,774.02 in 2023 [17]. - Net profit attributable to shareholders decreased by 25.23% to ¥1,572,434,477.25 in 2024 from ¥2,103,017,289.02 in 2023 [17]. - The total revenue for 2024 reached ¥79,024,078,451.16, representing a year-on-year increase of 2.22% compared to ¥77,307,810,774.02 in 2023 [73]. - The revenue from ICT infrastructure and services accounted for 68.91% of total revenue, amounting to ¥54,459,096,509.28, with a year-on-year growth of 5.73% [73]. - The gross profit margin for the information technology industry decreased to 17.39%, down by 2.21% from the previous year [75]. Assets and Liabilities - The total assets at the end of 2024 were ¥88,814,023,840.88, up 1.78% from ¥87,264,490,585.74 at the end of 2023 [17]. - The total equity attributable to the parent company decreased to CNY 13,332,194,109.02, down 23.89% from CNY 33,946,454,949.38 at the beginning of the year [99]. - Total liabilities increased significantly, with long-term borrowings rising to CNY 11,008,719,457.17, up from CNY 5,086,117,495.61, marking a growth of 6.57% [98]. Research and Development - The company has over 16,000 patent applications, with more than 90% being invention patents, reflecting its strong commitment to innovation and technology development [40]. - The company's R&D investment reached 5.102 billion yuan in 2024, reflecting a commitment to enhancing R&D efficiency and capabilities [45]. - The company is focusing on expanding its data asset management services for government and enterprise clients [90]. Market Position and Share - The company holds a leading market share in various sectors, including 38.2% in China's enterprise campus switch market, 31.1% in Ethernet switches, and 28.5% in enterprise WLAN, maintaining the top position for 16 consecutive years [37]. - The company serves over 90% of China's financial institutions and has implemented more than 100 financial cloud innovation practices, supporting over 1,000 financial applications [38]. Governance and Compliance - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with governance regulations [134]. - The company has maintained a high level of information disclosure quality, ensuring transparency and protecting the rights of minority investors [136]. - The company has established risk control measures for its foreign exchange hedging activities to mitigate potential losses from currency fluctuations [108]. Social Responsibility - The company actively supports local economic development and integrates social responsibility into its development strategy [180]. - A donation of 100,000 yuan was made to support education in Qingchuan County, Sichuan Province, as part of the company's social responsibility initiatives [183]. Employee Management - The company reported a total of 17,242 employees at the end of the reporting period, with 10,022 in technical roles and 5,234 in sales [162]. - The company has a performance-based compensation policy aimed at motivating employees and enhancing productivity [163]. - The company has a training program in place to enhance employee skills and support business development [164]. Risk Management - The company emphasizes the importance of risk awareness in its forward-looking statements regarding future plans and potential operational risks [4]. - The company faces risks related to macroeconomic fluctuations, technology and product development, operational costs, and human resources [121][123].

Investment Rating - The report maintains a "Neutral" rating for the computer industry [6] Core Insights - The computer sector's fund holding ratio has significantly decreased to approximately 1.52% in Q1 2025, down from previous quarters [10][19] - The number of computer companies among the top ten holdings has increased to 197 in Q1 2025, indicating a rise in concentration [11] - The top ten companies by fund holding market value include Kingsoft Office, iFlytek, Hikvision, and others, with notable changes in rankings compared to Q4 2024 [15][19] Summary by Sections Market Review - During the week of April 21-25, the CSI 300 index rose by 0.38%, while the computer sector (CITIC) increased by 0.8% [2][26] Industry News - Shanghai's Economic and Information Technology Commission announced a new initiative for AI innovation tasks [20] - The Ministry of Industry and Information Technology and the National Standardization Administration jointly issued guidelines for the construction of a national intelligent manufacturing standard system [21] Company News - Pingzhi Information plans to bid for a GPU computing power project with a total amount of approximately 246 million yuan [24] - Century Dingli has completed changes in its board and senior management [24] Weekly Insights - The fund holding ratio for the computer sector has decreased, indicating a historical low, while the concentration of holdings has increased [4][19] - The top ten holdings in the computer sector have changed, with notable entries and exits compared to the previous quarter [15][19]