北京市重光律师事务所 关于紫光股份有限公司 2023 年度股东大会 法律意见书 致：紫光股份有限公司 北京市重光律师事务所（以下简称"本所"）接受公司的委托，指派李静律师和唐琼 律师（以下简称"本所律师"）出席会议，并依据《中华人民共和国证券法》（以下简称 "《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管理 委员会《上市公司股东大会规则》（以下简称"《股东大会规则》"）和《紫光股份有限公 司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师依法对公司 2023 年度股东大会召集、召开程序是否合法及是否符合《公 司章程》、召集人资格及出席会议人员资格的合法有效性和股东大会表决程序、表决结 果的合法有效性予以见证并发表法律意见，本所律师同意将本法律意见书作为公司 2023 年度股东大会的必备文件公告，本所律师确认法律意见书中不存在虚假、严重误导性陈 述及重大遗漏，否则愿意承担相应的法律责任。 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，本所律师对公司本次股 东大会的相关文件和有关事实进行了核查和验证，现就本次股东大会的如下问题发表法 律意见： 一、本次股东大 ...

紫光股份有限公司章程 紫光股份有限公司 章 程 （经 2024 年 5 月 28 日 2023 年度股东大会修订） 紫光股份有限公司章程 目 录 第五章 董事会 第七章 监事会 第九章 公司债券 I 第一章 总 则 第二章 经营宗旨和范围 第三章 股 份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会 第三节 股东大会提案 第四节 股东大会的召开 第五节 股东大会决议 第一节 董事 第二节 董事会 第六章 总裁和其他高级管理人员 第一节 监事 第二节 监事会 第三节 监事会决议 第八章 党组织 第一节 公司债券的发行 第二节 公司债券的转让、质押和继承 第二节 解散和清算 第十四章 修改章程 第十五章 附 则 II 第三节 公司债券的回购 第十章 公司劳动人事制度和工会 第十一章 公司财务会计制度和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第十二章 通知与公告 第一节 通知 第二节 公告 第十三章 公司合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资、减资 紫光股份有限公司章程 第一章 总 则 第一 ...

股票简称：紫光股份 股票代码：000938 公告编号：2024—033 紫光股份有限公司 第九届监事会第一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、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"）第九届监事会第一次会议，于 2024 年 5 月 17 日以书面方式发出通知，于 2024 年 5 月 28 日在紫光大楼四层会议室召开。 会议由监事章晓钟先生主持，会议应到监事 3 名实到 3 名，符合《紫光股份有限公 司章程》的规定。 经审议、表决，会议做出如下决议：通过关于选举公司第九届监事会主席的议案。 选举章晓钟先生为公司第九届监事会主席，任期自本次监事会决议通过之日起 至第九届监事会任期届满日止。 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 紫光股份有限公司 监 事 会 2024 年 5 月 29 日 ...

王竑弢先生、秦蓬先生和张蔚女士符合《中华人民共和国公司法》等法律、法规 及《紫光股份有限公司章程》中有关高级管理人员任职资格的规定，任职资格合法。 我们一致同意聘任王竑弢先生为公司总裁；聘任秦蓬先生和张蔚女士为公司副总裁， 其中秦蓬先生兼任公司财务总监；聘任张蔚女士为公司董事会秘书；并提交公司第九 届董事会第一次会议审议。 独立董事： 徐经长 周绍朋 徐猛 2024 年 5 月 28 日 紫光股份有限公司（以下简称"公司"）2024 年第五次独立董事专门会议，于 2024 年 5 月 28 日在紫光大楼四层会议室召开。会议由独立董事徐经长先生主持，会 议应到独立董事 3 名实到 3 名。本次会议的召集、召开和表决程序符合《中华人民 共和国公司法》《上市公司独立董事管理办法》和《紫光股份有限公司章程》的有关 规定。 本着认真、负责的态度，基于独立、审慎、客观的立场，经审阅公司提交的相关 资料，全体独立董事对拟提交公司第九届董事会第一次会议审议的《关于聘任公司总 裁的议案》《关于聘任公司副总裁的议案》《关于聘任公司董事会秘书的议案》进行 了审核并发表审核意见。 经审阅王竑弢先生、秦蓬先生和张蔚女士的个人履历等相关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][20]. Core Views - The acquisition of 30% equity in New H3C Group is expected to significantly enhance the net profit attributable to the parent company, with projections of 2.103 billion yuan in 2023 and 3.411 billion yuan from New H3C [4][7]. - The company's core competitiveness is anticipated to improve further, benefiting from the global AI development, as New H3C is a leading player in the domestic ICT sector [4][14]. - The company's earnings per share (EPS) is expected to increase, with a shareholder return plan that guarantees a cash distribution of no less than 10% of the annual distributable profits [15]. Summary by Sections Acquisition Details - The company announced on May 24 that it adjusted its acquisition of New H3C from 49% to 30%, with a transaction price of approximately 1.517 billion yuan [3][6]. - The completion date for the acquisition is expected no later than August 31, 2024, with a grace period until October 21, 2024 [3][6]. Financial Projections - The company maintains its profit forecast, expecting net profits of 2.3 billion, 2.7 billion, and 3.0 billion yuan for 2024-2026, respectively [15]. - The current stock price corresponds to a PE ratio of 28, 24, and 21 for the years 2024-2026 [15]. Market Position - New H3C holds significant market shares in various ICT segments, including 32.9% in Ethernet switches and 27.4% in enterprise WLAN, maintaining a leading position in the market [8][9]. - The government is increasingly supporting AI development, which is expected to drive demand for computing power and enhance the company's strategic positioning in the digital economy [14][12].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The acquisition of a 30% minority stake in Xinhua San is expected to enhance profits significantly. The transaction is valued at approximately $2.143 billion (RMB 15.18 billion) [3]. - The company is focusing on increasing its stake in Xinhua San from 51% to 81%, which will optimize its overall business layout and significantly increase earnings per share [3][4]. - The company plans to strengthen its cash dividend policy, committing to distribute at least 10% of the annual distributable profits in cash, barring special circumstances [3]. Summary by Sections Event - The company announced a major asset purchase plan to acquire a 30% stake in Xinhua San, adjusting from a previous plan to acquire 49%. The total transaction price is set at $2.143 billion [3]. - The company has terminated its plan for a private placement to raise up to RMB 12 billion for this acquisition [3]. Financial Forecast - Revenue projections for 2024-2026 are maintained at RMB 831.0 billion, RMB 901.5 billion, and RMB 987.0 billion respectively. Net profit estimates have been adjusted to RMB 26.8 billion, RMB 38.6 billion, and RMB 45.3 billion for the same period [4]. - Earnings per share are forecasted to be RMB 0.94, RMB 1.35, and RMB 1.58 for 2024, 2025, and 2026 respectively [4]. Strategic Initiatives - The company is investing in AI and cloud-native digital platforms, implementing an "AI in ALL" strategy to support the comprehensive application of AI technology [3]. - The acquisition of Xinhua San is expected to leverage ICT synergies, enhancing the company's profitability and accelerating technological innovation [3]. Shareholder Returns - A three-year shareholder return plan (2024-2026) has been announced, focusing on cash and stock dividends [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.18 CNY per share based on a 40x PE ratio for 2024 [4][20]. Core Views - The company plans to acquire a 30% stake in New H3C for 2.14 billion USD, which will increase its indirect ownership to 81% and significantly enhance its profitability and business synergy [2][8]. - New H3C is a major profit contributor, with the acquisition expected to add approximately 1.02 billion CNY to the company's net profit [2][9]. - The market has not fully recognized New H3C's competitive advantages in AI computing and infrastructure, which are expected to strengthen post-acquisition [2][13]. Financial Summary - Revenue for 2023 is reported at 77.31 billion CNY, with a projected growth rate of 4.4% [3][24]. - The company's net profit for 2023 is 2.10 billion CNY, with an expected increase to 2.30 billion CNY in 2024 [3][24]. - Earnings per share (EPS) are forecasted to be 0.80, 0.90, and 1.04 CNY for 2024, 2025, and 2026 respectively [3][20]. Acquisition Details - The acquisition will be financed through self-owned funds and bank loans, with a loan application of up to 10 billion CNY planned [8][9]. - The valuation for New H3C's 100% equity is assessed at 51.683 billion CNY, translating to a PE ratio of 15.15 for the acquisition [9][10]. Market Position - New H3C holds a strong market position in network equipment, maintaining significant market shares in various segments, including Ethernet switches and enterprise WLAN [14][15]. - The company is also competitive in the AI server market, with a notable share in GPU servers [16][17]. Future Outlook - The report anticipates a positive growth trajectory for the company, driven by the acquisition and the increasing demand for AI computing solutions [2][20].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The acquisition of a minority stake in New H3C is expected to enhance the parent company's net profit, with the purchase ratio adjusted from 49% to 30% and the payment amount reduced from $3.5 billion to $2.143 billion [3][4] - New H3C holds a leading position in the domestic ICT infrastructure market, ranking first in several categories such as enterprise WLAN and IT unified operation software [2] - The acquisition is anticipated to strengthen market position and improve profitability without diluting equity [4] Financial Projections - Revenue projections for 2024-2026 are estimated at 85.433 billion, 93.211 billion, and 100.606 billion yuan, with year-on-year growth rates of 10.51%, 9.10%, and 7.93% respectively [5] - The parent company's net profit is projected to be 2.564 billion, 3.014 billion, and 3.628 billion yuan for the same period, with growth rates of 21.92%, 17.56%, and 20.37% respectively [5] - Earnings per share (EPS) are expected to be 0.90, 1.05, and 1.27 yuan for 2024, 2025, and 2026, respectively, indicating a 3-year CAGR of 19.94% [5] Valuation - The target price for the company is set at 27.79 yuan, based on a 31x PE ratio for 2024 [5]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company plans to acquire 30% of H3C's equity through its wholly-owned subsidiary, Unisplendour International, using cash and bank loans, with a transaction value of approximately RMB 15.18 billion [3] - The acquisition is expected to enhance profits and reduce valuation levels without diluting equity [3] - The company retains the option to purchase the remaining 19% of H3C's equity under specific conditions [4] - H3C, as a leading ICT company, is expected to significantly boost profits post-acquisition, with projected revenue growth of 10%, 18%, and 19% for 2024-2026, respectively [4] - The company is actively participating in the AIGC wave, with a comprehensive solution covering data governance, model training, and application deployment [6] Financial Performance - In 2023, the company reported revenue of RMB 77.308 billion, a 4.39% YoY increase, and a net profit of RMB 2.103 billion, a 2.54% YoY decrease [6] - For 2024-2026, the company forecasts revenue of RMB 86.484 billion, RMB 98.077 billion, and RMB 111.459 billion, with net profits of RMB 2.512 billion, RMB 2.979 billion, and RMB 3.523 billion, respectively [5][7] - The gross margin is expected to improve slightly from 19.6% in 2023 to 20.2% in 2026 [5] Business Segments - IT services contributed RMB 51.5 billion in revenue in 2023, with a gross margin of 25.6%, while IT distribution revenue was RMB 29.1 billion, with a gross margin of 6.4% [6] - H3C's domestic enterprise business generated RMB 39.868 billion in revenue, with a 1.86% YoY increase, while its international business grew by 19.70% YoY to RMB 2.202 billion [6] Market Position - The company holds significant market shares in various ICT infrastructure markets, including 32.9% in Ethernet switches, 34.2% in enterprise network switches, and 19.7% in GPU servers [6] - The company is ranked second in several key markets, including UTM firewalls and hyper-converged infrastructure [6] Valuation and Forecast - The report provides a 2024 PE range of 30-35x, with a fair value range of RMB 26.35-30.74 per share [7] - The company's EPS is projected to grow from RMB 0.74 in 2023 to RMB 1.23 in 2026 [5][7]

股票简称：紫光股份 股票代码：000938 公告编号：2024－028 为满足本次交易的资金需求，紫光国际拟向银行申请不超过 100 亿元人民币或 等值的美元借款，用于支付本次交易的交易对价；公司和紫光国际拟为上述借款提供 担保，担保方式包括但不限于股权质押、信用保证、融资性保函、银行账户质押等方 式，担保范围为借款本金、利息、罚息、违约金、手续费、为实现债权而支出的费用 等。 同时，公司董事会提请股东大会授权公司管理层根据本次交易需要，在不超过 100 亿元人民币或等值美元的借款额度及担保范围内，决定具体合作银行、借款金额、 借款期限、借款利率、借款币种、每笔担保的具体内容等事项；并提请股东大会授权 公司管理层签署相关协议及法律文件和办理相关的各项事宜。 上述担保事项已经公司第八届董事会第三十八次会议审议通过，尚需经公司股 东大会审议通过后方可执行。 紫光股份有限公司 关于子公司申请银行借款及担保情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、申请银行借款及担保情况概述 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 ...