Economic Information - In May, the national futures market recorded a trading volume of 678,609,037 contracts and a transaction value of 5,472.99 billion yuan, representing a year-on-year decline of 4.51% and 1.55% respectively [2] - From January to May, the cumulative trading volume reached 3,336,834,307 contracts, with a cumulative transaction value of 28,693.44 billion yuan, showing year-on-year growth of 15.61% and 21.33% [2] - As of June 11, the wholesale price of 25-year Flying Moutai (bulk) was 1,990 yuan per bottle, down 30 yuan from the previous day, while the price of 25-year Flying Moutai (original) remained at 2,080 yuan per bottle [2] Company Alerts - Industrial Securities has not received any information regarding a merger with Huafu Securities [3] - *ST Yazhen has been suspended from trading for verification due to multiple instances of abnormal trading fluctuations [6] - Several companies, including Chaojie Co., Aikelan, and Fengyuzhu, have announced plans for share reductions by their shareholders, with reductions not exceeding 3% of total shares [8] Overseas Alerts - The US stock market saw all three major indices close lower, with the Nasdaq down 0.5% and Intel dropping over 6%, marking its largest single-day decline in two months [4] - In London, most base metals declined, with LME nickel down 1.13% at $15,145.00 per ton and LME copper down 1.12% at $9,647.00 per ton [5] - Jeffrey Gundlach, head of DoubleLine Capital, indicated that the US debt burden and interest payments have become unsustainable, suggesting that long-term US Treasuries are no longer considered truly risk-free investments [4]

Acquisition Overview - The acquisition of Tian Di Xiang Yun by Kewha Data involved a two-step process, with the first step completed in November 2016 for 25% equity at a price of 90 million yuan [2][3] - The second step occurred in March 2017, acquiring 75% equity for a total price of 637.5 million yuan, with payments structured in three phases [3][4] Performance Guarantees and Compensation - The performance guarantees for the years 2017 to 2019 included net profit commitments of 50 million, 70 million, and 90 million yuan respectively, totaling 210 million yuan [5][6] - If the cumulative net profit fell below the promised total after three years, performance compensation would be required [7][8] - Compensation for underperformance would be calculated based on the acquisition price rather than profit shortfall [9] Control and Management - Post-acquisition, Kewha Data held 100% ownership of the target company, with the founding team transitioning to managerial roles [15][16] - The board consisted of three members, with Kewha Data appointing two and the founding team appointing one [17] Stock Unlocking Conditions - 70% of the acquisition payment was to be used for purchasing Kewha Data's stock, with unlocking conditions tied to performance metrics for each year [19][22] - The actual unlocking of stocks faced delays, leading to legal disputes [24][30] Legal Disputes and Outcomes - The founding team initiated multiple lawsuits against Kewha Data over stock unlocking issues, with the first lawsuit filed in July 2019 [37][38] - The courts ruled that Kewha Data was not obligated to unlock stocks unless requested by the management team [44][45] - The founding team faced significant legal costs, with outcomes often unfavorable, leading to financial losses [52][70] Performance Compensation Issues - Kewha Data claimed that the target company’s cumulative net profit was 190 million yuan, falling short of the promised 210 million yuan, resulting in a demand for compensation of 53.8 million yuan [53][54] - The founding team argued that management fees and stock incentive costs should not be included in the profit calculations, but the court upheld Kewha Data's position [59][62] Competition and Legal Restrictions - The agreement included non-compete clauses for the core team, but disputes over stock unlocking led to early departures and subsequent legal actions [71] - The court ruled that only one individual violated the non-compete agreement, resulting in minimal compensation awarded to Kewha Data [72] Stock Freezing and Compensation Claims - Kewha Data sought compensation for stock freezing, which was ultimately ruled against by the court, citing that stock price fluctuations are speculative [75] - The founding team later pursued compensation for losses incurred due to the freezing of stocks, but the court dismissed the claims [76] Key Takeaways for Founders - Founders should be cautious about performance guarantees and ensure clarity in contracts regarding stock unlocking and compensation mechanisms [79][84] - Legal disputes can lead to significant financial burdens, emphasizing the importance of professional legal and financial advice during acquisitions [88][90]

Core Viewpoint - The company has announced a change in the designated sponsor representatives for its ongoing supervision related to the issuance of convertible bonds, ensuring continuity in oversight despite personnel changes [1][2]. Group 1: Company Announcement - The company received a notification from GF Securities regarding the change of sponsor representatives for the ongoing supervision of its convertible bond issuance project [1]. - The original representatives, Li Xiaofang and Wang Zhenhua, were responsible for the supervision until December 31, 2024, but Li Xiaofang is unable to continue due to personal work changes [1]. - Chen Jian has been appointed as the new sponsor representative to replace Li Xiaofang, alongside Wang Zhenhua, to ensure orderly supervision [1]. Group 2: Acknowledgment of Previous Representative - The company expressed sincere gratitude for the work done by Li Xiaofang during the convertible bond project and the supervision period [2]. - Chen Jian, the new representative, has a background as a certified public accountant and has participated in various projects, indicating his experience in investment banking [2].

证券代码：002335 证券简称：科华数据 公告编号：2025-064 科华数据股份有限公司 关于公司部分董事、高级管理人员拟减持股份的 预披露公告 本次减持计划所有主体保证向公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 科华数据股份有限公司（以下简称"公司"）副董事长兼总裁陈四雄先生、财 务总监兼副总裁汤珊女士、副总裁林清民先生、董事会秘书林韬先生、副总裁崔剑 先生合计持有公司股份 1,997,180 股，占公司总股本的 0.3875% ，上述 5 名股东 计划在本公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 7 月 4 日至 2025 年 10 月 3 日，根据相关法律法规禁止减持的期间除外），以集中竞价或大 宗交易方式合计减持股份累计不超过 499,295 股，即不超过公司总股本比例 0.0969%。 注：上述减持人员无一致行动人；表格中所涉数据的尾数差异或不符系四舍五入所致。 二、本次减持计划的主要内容 （一）减持主体：副董事长兼总裁陈四雄先生、财务总监兼副总裁汤珊女士、 ...

证券代码：002335 证券简称：科华数据 公告编号：2025-065 科华数据股份有限公司 关于变更持续督导保荐代表人的公告 2025 年 6 月 12 日 1 原保荐代表人李晓芳女士由于个人工作变动原因，无法继续从事对公司的持 续督导工作。为保证持续督导工作的有序进行，广发证券现委派保荐代表人陈建 先生（简历详见附件）接替李晓芳女士继续履行持续督导工作。 本次变更后，公司向不特定对象发行可转换公司债券持续督导保荐代表人为 陈建先生和王振华先生。 公司对李晓芳女士在公司向不特定对象发行可转换公司债券项目及持续督 导期间所做的工作表示衷心感谢！ 特此公告。 科华数据股份有限公司 董 事 会 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的 虚假记载、误导性陈述或重大遗漏承担责任。 科华数据股份有限公司（以下简称"公司"）于近日收到广发证券股份有限 公司（以下简称"广发证券"）出具的《关于变更科华数据股份有限公司持续督 导保荐代表人的通知》，广发证券作为公司向不特定对象发行可转换公司债券的 保荐机构，原指派李晓芳女士、王振华先生为公司向不特定对象发行可转换公司 债券项目保荐代表人，负责持续督导 ...

Core Viewpoint - The company KWH Data (002335) announced that several key shareholders plan to reduce their holdings due to personal financial needs, without affecting the company's control [1] Group 1 - The Vice Chairman and President, along with four other executives, plan to reduce their holdings by a total of no more than 499,300 shares, which represents 0.0969% of the company's total share capital [1] - The reduction will take place within three months after the announcement, starting 15 trading days from the disclosure date [1] - The selling price will be determined based on market conditions, and the reduction plan is consistent with previous commitments made by the shareholders [1]

Group 1 - The core viewpoint of the news is that the CSI 1000 Industrial Index has shown mixed performance, with a slight increase over the past month but a decline over the last three months and a modest year-to-date gain [2] - The CSI 1000 Industrial Index reported a value of 5334.99 points, indicating a high opening followed by a decline [1] - The index has increased by 0.46% in the last month, decreased by 6.13% in the last three months, and has risen by 2.90% year-to-date [2] Group 2 - The top ten weighted stocks in the CSI 1000 Industrial Index include Huicheng Environmental Protection (1.44%), Hainan Huatie (0.96%), Kehua Data (0.94%), and others [2] - The market share of the CSI 1000 Industrial Index is divided between Shenzhen Stock Exchange (54.80%) and Shanghai Stock Exchange (45.20%) [2] - The industry composition of the CSI 1000 Industrial Index shows that machinery manufacturing accounts for 29.13%, power equipment for 27.37%, and transportation for 14.38% [2] Group 3 - The index samples are adjusted biannually, specifically on the second Friday of June and December, with provisions for temporary adjustments in special circumstances [3] - When a sample company is delisted, it is removed from the index, and any corporate actions such as mergers or splits are handled according to specific guidelines [3] - Adjustments to the CSI 1000 Index will also lead to corresponding changes in the CSI 1000 Industry Index samples [3]

Group 1 - The core viewpoint is that the cloud computing industry is experiencing significant growth, driven by advancements in AI technology and supportive government policies, with the market expected to exceed 1.17 trillion yuan by 2025, representing a year-on-year growth of 40.6% [2] - The recent surge in the cloud computing sector is reflected in the strong performance of the Zhongzheng Cloud Computing and Big Data Theme Index, which rose by 2.24%, with notable stocks like Kehua Data and Tuowei Information seeing substantial gains [1] - The Cloud Computing 50 ETF has shown impressive liquidity and scale growth, with a recent increase of 288.57 million yuan in size and 2 million shares added, ranking it among the top two in comparable funds [1][2] Group 2 - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan" to enhance the efficiency and service level of public computing resources [2] - The National Energy Administration has mandated the collaborative planning of computing and power projects in energy-rich areas, promoting a "green electricity aggregation supply" model to reduce electricity costs for computing centers [2] - The cloud computing sector is expected to transition from Infrastructure as a Service (IaaS) to Software as a Service (SaaS), with increasing demand for cloud services in critical infrastructure sectors such as government, finance, and transportation [2]

Group 1 - The core viewpoint of the news highlights the positive performance of the big data ETF (159739.SZ), which rose by 2.07%, driven by significant gains in key component stocks such as New Yisheng (up 5.16%), Zhongji Xuchuang (up 5.33%), and Kehua Data (up 10.00) [1] - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aimed at improving the efficiency and service level of public computing resources, which has led to a collective rise in computing power leasing concepts and hardware stocks [1] - The computing hardware stocks showed strong performance, with Shenghong Technology reaching a historical high, and the cloud computing index component stocks like Kehua Data hitting the daily limit, contributing to the overall increase of the big data ETF [1] Group 2 - According to research from Zheshang Securities, the Chinese public cloud market is expected to return to double-digit growth driven by generative AI, with a projected year-on-year growth of 15.8% in the second half of 2024 [2] - Alibaba Cloud leads the IaaS and PaaS markets with market shares of 26.1% and 24.4% respectively, showcasing a significant competitive advantage over peers [2] - The integration of cloud computing and AI is identified as a key trend in the industry, with cloud vendors leveraging infrastructure and large models to cover long-tail customers and enhance revenue [2]

Group 1 - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for indices such as the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index, effective June 16, 2025, with 20, 8, and 3 stocks being adjusted respectively [1] - Companies like Nanfang Glass (000012.SZ), Defang Nano (300769.SZ), and Mengguli (301487.SZ) from the new energy sector were removed from the Shenzhen Component Index, while Dongfang Risen (300118.SZ) was removed from the ChiNext Index [1][2] - The adjustment aims to include high-quality companies and remove underperforming ones, promoting market competition and ensuring index quality [2] Group 2 - KWH Data (002335.SZ) was included in the Shenzhen Component Index for the first time, focusing on data centers, high-end power supplies, and clean energy, with a strong growth in orders for intelligent computing center products [3] - Zhongtung High-tech (000657.SZ), a tungsten industry company under Minmetals Group, also joined the Shenzhen Component Index, benefiting from the increasing demand for tungsten in the photovoltaic industry [3]