Core Viewpoint - The strategic investment framework agreement between Shanghai Fengwang and Bianji Technology aims to enhance collaboration in the artificial intelligence computing power industry, with an investment of 300 million yuan expected to be completed within 30 days [2]. Group 1: Company Developments - Bianji Technology, established on July 1, 2020, is a leading AI computing power service provider in China, currently operating an AI computing power cluster of no less than 20,000 P and planning to expand to at least 50,000 P [2]. - Bianji Technology has the capability for full-scenario topology coverage and is steadily progressing towards managing a large-scale cluster [2]. - Shanghai Fengwang's subsidiary, Yushun Electronics, is undergoing a significant asset restructuring to acquire computing power center assets, with a cash payment of 3.3 billion yuan planned [4][5]. Group 2: Market Context - The AI computing center is recognized as a critical infrastructure in the smart era, currently experiencing a high-speed construction cycle driven by policy support and market demand [3]. - The Ministry of Industry and Information Technology has emphasized the need for a systematic and high-quality development of computing power networks, indicating a favorable environment for investments in computing centers [3]. Group 3: Financial Performance - The three companies from which Yushun Electronics plans to acquire data center assets reported revenues of 735 million yuan, 815 million yuan, and 218 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively, with net profits significantly exceeding Yushun Electronics' current performance [4][5]. - For instance, in 2024, Yushun Electronics' revenue was 220 million yuan, while the target companies' revenue was 3.7 times higher [5].

Core Viewpoint - The strategic cooperation between Shanghai Fengwang and Bianji Technology aims to strengthen the artificial intelligence computing power industry through close industrial and capital collaboration [1][3]. Group 1: Company Overview - Bianji Technology, established on July 1, 2020, is a leading AI computing power service provider in China, operating an AI computing power cluster of no less than 20,000 P and planning to expand to at least 50,000 P [1]. - Bianji Technology has achieved full-scenario topology coverage and is steadily progressing towards managing a ten-thousand-card cluster [1]. Group 2: Strategic Developments - Shanghai Fengwang's significant asset, Yushun Electronics, is also transitioning towards new productive forces, having announced a major asset restructuring in April to acquire a computing power center with 8,000 cabinets for 3.3 billion yuan [2]. - The three companies involved in the acquisition have reported revenues of 735 million yuan, 815 million yuan, and 218 million yuan for 2023, 2024, and the first quarter of 2025, respectively, with net profits significantly exceeding Yushun Electronics' current performance [2]. Group 3: Market Context - The AI computing center is recognized as a critical infrastructure in the smart era, with increasing demand for GPU computing power and a shortage of high-performance chips driving policy support for the sector [1]. - The investment in computing center assets is timely, aligning with national goals to accelerate the development of new productive forces [1].

Core Viewpoint - *ST Yushun is nearing the completion of a significant asset restructuring involving the acquisition of data center assets valued at 3.35 billion yuan, marking it as the largest transaction among ST companies in the A-share market [2][6]. Group 1: Asset Acquisition Details - The asset acquisition involves purchasing 100% equity of three companies that constitute the "Beijing Fangshan Zhong'en Cloud Data Center," with a total transaction value of 3.35 billion yuan [6]. - The acquisition will be financed through a two-phase cash payment plan, with the first phase being 10% (335 million yuan) and the second phase being 90% (3.015 billion yuan) [3][4]. Group 2: Funding Sources - The funding for the acquisition will come from two main sources: a loan from the controlling shareholder, Shanghai Fengwang Industrial Co., Ltd., amounting to 1.7 billion yuan, and a potential bank loan from Minsheng Bank not exceeding 2.76 billion yuan [4][5]. - The controlling shareholder has provided proof of sufficient funds, with a bank deposit of 1.753 billion yuan as of August 20, 2025, ensuring the ability to support the acquisition [4]. Group 3: Financial Performance of Target Assets - The target assets have shown strong financial performance, with net profits reaching nearly 200 million yuan in 2024, and revenues of 735 million yuan, 815 million yuan, and 218.1 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively [7]. - In contrast, *ST Yushun's revenue for 2024 was only 220 million yuan, highlighting the potential for growth through this acquisition [7]. Group 4: Strategic Importance - The acquisition aligns with *ST Yushun's strategic goal to expand its business into the data center sector, leveraging its financing capabilities to enhance the growth of the data center operations [7].

Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding a significant cash asset purchase, providing detailed explanations on various aspects such as operational management, cabinet charging, and financial indicators [1] Group 1: Impact of Personnel Changes and Financial Forecasts - The target company will implement a new management model starting July 1, 2025, transitioning 11 personnel from operational management services, which is not expected to significantly impact profitability or operational capacity [2] - The assessment of labor costs and management expense ratios has been deemed reasonable, taking into account historical wages, future personnel numbers, and expected salary increases [2] Group 2: Cabinet Charging Standards and Justification - The standard core cabinet charging rate for 2029 is set at 300 RMB/A/month (excluding tax), which is considered reasonable based on factors such as downstream demand, price stability, and supply constraints in the Beijing IDC market [3] - The assessment highlights that the supply of data centers in Beijing is limited due to land, electricity, and policy restrictions, which supports the pricing strategy [3] Group 3: Assumptions of Continuous Use in Asset Evaluation - The assumption of continuous use in asset evaluation is justified based on the contract with Client A, which extends until December 31, 2030, considering demand, pricing, supply, and equipment risks [4] Group 4: Considerations in Revenue Method Evaluation - The revenue method evaluation incorporates short-term operational optimizations for energy savings and anticipates long-term capital expenditures based on current conditions [5] - The evaluation assumes a high probability of achieving a 95% cabinet occupancy rate, supported by strong customer adherence and favorable location advantages [5] Group 5: Financial Metrics Comparison with Industry Peers - The target company's gross margin fluctuates from Q1 2023 to Q1 2025, showing reasonable differences compared to industry peers due to factors like scale effects and pricing methods [6] - The sales expense ratio is higher than industry average at 3.00%, attributed to professional sales service fees, while management expenses are elevated due to a fund operation model [6] - The transaction's asset valuation has a price-to-book ratio of 2.98, which is lower than the average and median values of comparable companies, indicating a cautious valuation approach [6]

Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. is responding to the Shenzhen Stock Exchange regarding its cash acquisition of a target company for 3.35 billion yuan, addressing funding sources, the target company's borrowings, and transaction impacts [1][2]. Group 1: Transaction Details - The acquisition price for the target company is set at 3.35 billion yuan, with funding sourced from loans from the controlling shareholder and financial institutions [1]. - The company plans to borrow 1.7 billion yuan from its controlling shareholder, with a loan term of 36 months at the prevailing LPR rate [1]. - Minsheng Bank has issued a loan intention letter for up to 2.76 billion yuan, covering no more than 60% of the acquisition price, with a maximum term of 7 years [1]. Group 2: Financial Implications - Post-transaction, the asset-liability ratio is projected to rise significantly from 38.15% to 91.55%, primarily due to non-current liabilities, indicating manageable short-term financial pressure [2]. - The estimated annual net cash flow from operating activities will cover the principal and interest payments on the new debt, ensuring the company can service its acquisition loans [2]. - The net profit of the listed company is expected to remain positive after the transaction, considering repayment plans and anticipated interest expenses [2]. Group 3: Structural and Client Considerations - The transaction will eliminate the existing VIE structure, which has been compliant with regulations and free from administrative penalties [2]. - The target company has a high customer concentration, primarily serving a single internet client, but this aligns with the characteristics of the wholesale data center industry, and there is a high likelihood of contract renewal [2]. - The company is well-equipped to expand its client base even if the current contract is not renewed [2]. Group 4: Professional Opinions - Independent financial advisors, lawyers, and accountants have reviewed the transaction and found the funding arrangements, borrowings, and personnel integration to be reasonable, with controllable impacts on profitability and operational capacity [3]. - The transaction pricing is deemed fair, and the company possesses the necessary capabilities for managing the target company's industry operations [3].

Group 1 - The company *ST Yushun (SZ 002289) held its 26th meeting of the sixth board of directors on September 12, 2025, to review various reports including the audit report and evaluation report [1] - For the first half of 2025, the company's revenue composition was 55.73% from other manufacturing and 44.27% from electronic components [1] - As of the report date, *ST Yushun's market capitalization was 8.9 billion yuan [1]

关于对《深圳市宇顺电子股份有限公司并购重组问询函》 的回复 深圳正一会计师事务所（特殊普通合伙） 关于对《深圳市宇顺电子股份有限公司并购重组问询函》 的回复 深圳证券交易所： 由深圳市宇顺电子股份有限公司（以下简称"公司"）转来的于近日收到 深圳证券交易所上市公司管理二部下发的《关于对深圳市宇顺电子股份有限公 司现金重大资产购买的问询函》（并购重组问询函〔2025〕第 12 号）（以下简 称"问询函"）已收悉，根据问询函的要求，现对问询函中要求我所核查并发 表明确意见的事项回复如下： 1.《报告书》显示，本次重组标的公司交易价格为 33.50 亿元，资金来源 为控股股东借款、上市公司自有资金或自筹资金。根据你公司《2025 年第一季 度报告》，截至 2025 年一季度末，你公司货币资金余额为 0.15 亿元。同时， 截至 2025 年一季度末，标的公司长期借款余额 16.55 亿元，一年内到期的非 流动负债 0.83 亿元。标的公司的全部股权已质押给中信银行股份有限公司北 京分行（以下简称中信银行北京分行），以担保其《固定资产贷款合同》（含 其相应修订）项下贷款。标的公司已取得中信银行北京分行关于配合解除股权 ...

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浙商证券股份有限公司 关于深圳证券交易所 《关于对深圳市宇顺电子股份有限公司的 现金重大资产购买的问询函》回复 之 专项核查意见 独立财务顾问 二〇二五年九月 1 深圳证券交易所上市公司管理二部： 根据贵部《关于对深圳市宇顺电子股份有限公司现金重大资产购买的问询函》 （并购重组问询函〔2025〕第 12 号）（以下简称"重组问询函"）的要求，本独 立财务顾问对回复中相关事项进行核查并发表财务顾问意见。 本独立财务顾问发表意见所依据的文件、资料及其他相关材料由宇顺电子及 其本次交易各交易标的、各交易对方提供，相关各方已向本独立财务顾问保证： 其为出具本核查意见所提供的所有文件和材料均真实、完整、准确，并对其真实 性、准确性、完整性承担责任。 除非文义另有所指，本问询函回复中的简称与《深圳市宇顺电子股份有限公 司重大资产购买报告书（草案）》（以下简称"报告书"）中的释义具有相同涵义。 本问询函回复部分表格中单项数据加总数与表格合计数可能存在微小差异， 均因计算过程中的四舍五入所形成。 本回复的字体说明如下： 4 你公司向中恩云科技提供借款或协调其他金融机构向中恩云科技提供授信放款， 如何保证相关款项专项用于提前清 ...