上海良信电器股份有限公司（以下简称"公司"）于 2025 年 12 月 3 日召开 了第七届董事会第七次会议，审议通过《关于<2025 年奋斗者 3 号股票期权激励 计划（草案）>及其摘要的议案》等与公司拟实施股权激励计划相关的议案。 证券代码：002706 证券简称：良信股份 公告编号：2025-079 上海良信电器股份有限公司 董事会薪酬与考核委员会关于公司 2025 年奋斗者 3 号股票 期权激励计划激励对象名单的审核意见及公示情况说明 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，没有虚假记 载、误导性陈述或者重大遗漏。 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司股权激 励管理办法》（以下简称"《管理办法》"）和《深圳证券交易所股票上市规则》（以 下简称"《上市规则》"）的相关规定，公司将《2025 年奋斗者 3 号股票期权激励 计划激励对象名单》（以下简称"激励对象名单"）在公司内部进行了公示。公司 董事会薪酬与考核委员会结合公示情况对激励对象人员名单进行了核查，相关情 况如下： 一、公示情况说明及核查方式 1. 公示情况说明 公司于 2025 年 12 月 3 日至 ...

Core Insights - The 20th China IDC Industry Annual Conference (IDCC2025) and Digital Infrastructure Technology Expo (DITExpo) was held in Beijing, marking a significant milestone in the IDC industry, themed "Reshaping Computing Power, Breaking Boundaries" [1][3] - The IDC industry in China has evolved from a market size of 2.16 billion yuan in 2006 to approaching a trillion yuan, transitioning from basic server hosting to a comprehensive intelligent computing power hub covering AI training, inference, and cloud computing [3][8] - The event gathered thousands of representatives from government, academia, and industry to discuss the future of the computing power industry and its next golden decade [3][8] Event Highlights - The DITExpo was officially launched during the conference, attended by prominent figures from academia and industry, symbolizing a new development stage for China's digital infrastructure industry [7][10] - Huang Chao, CEO of China IDC Circle, highlighted the IDC industry's journey over the past 20 years, noting its growth from hundreds of millions to nearly a trillion yuan, and the impact of national strategies like "New Infrastructure" and "East Data West Computing" [8][10] - The conference featured various keynote speeches and discussions on topics such as AI model inference systems, green computing, and the collaboration between computing power and electricity [12][14][18] Industry Trends and Reports - A report presented at the conference indicated that the demand for intelligent computing power is expected to grow at a compound annual growth rate of 49% over the next three years, with the total scale of data centers in China projected to exceed 25 GW by 2025 [31][33] - The report also emphasized the importance of green computing as a core competitive factor, with new projects increasingly requiring green electricity ratios [33] - The issuance of public REITs by companies like GDS and Runze marks a significant breakthrough in the capital market for the data center industry, paving the way for the securitization of computing power infrastructure [33] Awards and Recognition - The conference included the 2025 China IDC Industry Annual Awards, recognizing outstanding contributions to the development of the computing power industry [34][36] - Awards were given in various categories, including AI+DC innovation practices and green computing centers, showcasing the highest standards of technological innovation in the IDC industry [34][36] Future Outlook - The next decade is anticipated to be a period of rapid development for intelligent computing, with data centers evolving towards large-scale, high-density, and green low-carbon models [44][48] - The industry is expected to focus on deep collaboration between computing power and electricity, as well as the service-oriented and asset-oriented evolution of computing power [48] - The China IDC Circle aims to continue its role as a builder of the digital infrastructure ecosystem, contributing to the development of the digital economy and the construction of a digital China [48]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include Luxshare Precision, Huichuan Technology, and Jerry Holdings [13][14] - In the last 5 days, the most researched companies include Jerry Holdings, Tianhua New Energy, and Sanxin Technology [15] - Among the top twenty companies in the last 30 days, 15 companies had 10 or more rating agencies involved, indicating strong institutional interest [13] Group 2: Major Shareholder Increase in A-Share Companies - From December 1 to December 5, 2025, five A-share companies announced significant shareholder increases, with Jiangsu Shentong and Hengyi Petrochemical planning increases that exceed 1% of their market value on the announcement date [20][21] - From January 1 to December 5, 2025, a total of 304 companies reported shareholder increases, with 76 having 10 or more rating agencies involved [22][23] Group 3: A-Share Company Buyback Situations - From December 1 to December 5, 2025, 163 companies announced buyback progress, with 46 having 10 or more rating agencies involved [26][27] - The companies with significant buyback plans include Jian Sheng Group, Liangxin Co., and Zhizhong Home, with buyback amounts exceeding 1% of their market value on the announcement date [26][27] - From January 1 to December 5, 2025, 1,822 companies reported buyback progress, with 353 having 10 or more rating agencies involved [28][29]

Core Insights - The overall judgment indicates that both domestic and overseas AI-driven demand will continue to grow, leading to stock price performance in the AIDC industry. The overseas market, particularly in the U.S., is experiencing tight supply and demand for power equipment, which presents opportunities for domestic supply chains to expand internationally. Additionally, domestic capital expenditure on power grids is steadily increasing [3]. AIDC Power Supply: Continuous Beta and Clear Industry Trends - The capital expenditure of major overseas cloud service providers (CSPs) is expected to continue increasing, driving high demand for AIDC. The total capital expenditure of the four major overseas CSPs (Amazon, Google, Microsoft, Meta) is projected to grow at rates of 34% in 2021, 20% in 2022, -7% in 2023, and 55% in 2024, with a significant increase of 71% in the first three quarters of 2025 [11]. - Domestic CSPs have also seen a resurgence in capital expenditure, with a staggering 184% year-on-year growth in 2024 and 87% in the first three quarters of 2025 [13]. - The power consumption of AI servers is expected to rise significantly, with cabinet power levels projected to exceed 200kW in the near future, indicating a need for technological upgrades in both internal and external power supplies [20][25]. - The transition from three-level to two-level voltage reduction in internal power supplies is anticipated, which will streamline power supply processes [28]. - External power supplies are shifting from UPS to HVDC and SST solutions, reflecting a clear trend towards direct current and medium voltage systems [32]. Power Equipment Export: Continuous High Demand - The U.S. has seen a rapid increase in new power installations since 2020, with growth rates of 1.20%, 2.42%, 0.98%, 2.14%, and 3.47% from 2020 to 2024, indicating a robust demand for power equipment [59]. - China's transformer exports reached 46.5 billion yuan in the first nine months of 2025, marking a 40.20% year-on-year increase, with other power equipment exports also showing significant growth [77]. Domestic Power Grid: Continued Investment and Recovery - The approval of ultra-high voltage direct current projects is progressing steadily, with a rich pipeline of projects expected to drive growth during the 14th Five-Year Plan [81]. - The total bidding amount for power grid projects has reached 78.7 billion yuan, reflecting a nearly 20% year-on-year increase, significantly surpassing the 7.61% growth rate of 2024 [84]. - The domestic smart meter replacement cycle is expected to smooth out, with a projected increase in bidding quantities in 2026-2027 as new standards are introduced [90].

Core Viewpoint - The company held its seventh board meeting on December 3, 2025, where several key proposals were approved, including changes to share repurchase purposes and the implementation of stock option and employee stock ownership plans aimed at enhancing long-term incentives and attracting talent [1][2][3]. Group 1: Share Repurchase and Incentive Plans - The board approved a proposal to change the purpose of share repurchase from maintaining company value to implementing employee stock ownership and stock option plans [2][39]. - The board also approved the "2025 Striver No. 3 Stock Option Incentive Plan (Draft)" to enhance the company's long-term incentive mechanisms and align interests among shareholders, the company, and core teams [3][15]. - The board agreed on the "2025 Striver No. 3 Employee Stock Ownership Plan (Draft)" to further attract and retain talent, ensuring a focus on the company's long-term development [14][15]. Group 2: Financial Management and Fund Utilization - The board approved the conclusion of certain fundraising projects and the permanent allocation of surplus funds to enhance liquidity, which is expected to improve operational efficiency [29][55]. - The company reported a total fundraising amount of approximately RMB 1.52 billion from a non-public offering, with net proceeds after expenses being around RMB 1.5 billion [50][51]. - The surplus funds from the concluded projects will be used for daily operations and business development, ensuring compliance with relevant regulations [55][59]. Group 3: Board and Committee Changes - The board approved the addition of employee representative director Wu Yu to the audit committee, ensuring compliance with legal requirements regarding board composition [28][48]. - The board's decisions regarding the stock option and employee stock ownership plans will be submitted for shareholder approval, reflecting a commitment to transparency and governance [5][18][31]. Group 4: Upcoming Shareholder Meeting - The company announced the third temporary shareholder meeting scheduled for December 19, 2025, to discuss and vote on the approved proposals [67][69]. - The meeting will include provisions for both in-person and online voting, ensuring broad participation from shareholders [70][72].

格隆汇12月3日丨良信股份(002706.SZ)公布2025年奋斗者3号股票期权激励计划，本激励计划拟授予激 励对象的权益总计776万份，约占本激励计划草案公布日公司股本总额112,312.5020万股的0.69%。本次 授予为一次性授予，无预留权益。股票来源为公司向激励对象定向发行的本公司人民币A股普通股股票 和/或从二级市场回购的公司A股普通股股票。本激励计划授予的股票期权的行权价格为8.22元/份。 ...

Core Viewpoint - The company, Liangxin Co., Ltd. (002706.SZ), has announced a stock option incentive plan for 2025, aiming to motivate its employees through equity participation [1] Group 1: Incentive Plan Details - The total number of stock options to be granted under the plan is 7.76 million, which accounts for approximately 0.69% of the company's total share capital as of the announcement date [1] - This grant will be a one-time allocation with no reserved rights [1] - The effective period of the incentive plan is from the date of stock option authorization until all granted stock options are exercised or canceled, with a maximum duration of 36 months [1]

证券代码：002706 证券简称：良信股份 公告编号：2025-074 上海良信电器股份有限公司 关于董事辞任暨选举职工代表董事的公告 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，没有虚假记 载、误导性陈述或者重大遗漏。 一、关于董事辞任的情况 上海良信电器股份有限公司（以下简称"公司"）收到非独立董事何斌先生 提交的书面辞职报告，因公司治理结构及内部工作调整，何斌先生申请辞去公司 第七届董事会非独立董事职务，辞任后将不再担任公司的任何职务。何斌先生的 辞任不会导致公司董事会成员低于法定最低人数，其辞任自公司收到辞职报告之 日生效。 截至本公告披露日，何斌先生未直接或间接持有公司股份，不存在应当履行 而未履行的承诺事项。何斌先生辞去公司董事职务后，将继续遵守《公司法》《上 市公司董事和高级管理人员所持本公司股份及其变动管理规则》《深圳证券交易 所股票上市规则》等法律法规及规范性文件的相关规定。 何斌先生在担任公司非独立董事期间勤勉尽责，恪尽职守，认真履行了各项 职责，为公司规范运作和健康发展发挥了积极的作用。公司董事会对何斌先生在 任职期间为公司发展所做出的贡献表示衷心感谢！ 二、关于选举职工代表董 ...

上海良信电器股份有限公司 2025 年奋斗者 3 号员工持股计划 （草案） 二〇二五年十二月 1 上海良信电器股份有限公司 2025 年奋斗者 3 号员工持股计划（草案） 上海良信电器股份有限公司 2025 年奋斗者 3 号员工持股计划（草案） 证券简称：良信股份 证券代码：002706 声明 本公司及董事会全体成员保证本次员工持股计划内容真实、准确和完整， 不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承 担个别和连带的法律责任。 2 上海良信电器股份有限公司 2025 年奋斗者 3 号员工持股计划（草案） 风险提示 一、上海良信电器股份有限公司（以下简称"良信股份"或"公司"）2025 年奋斗者 3 号员工持股计划（草案）（以下简称"本员工持股计划草案"）须经 公司股东会批准后方可实施，本员工持股计划草案能否获得公司股东会批准，尚 存在不确定性。 二、2025年奋斗者3号员工持股计划（以下简称"本员工持股计划"）设立 后将委托具备资产管理资质的专业机构进行管理，但能否达到计划规模存在不 确定性。 三、有关本员工持股计划的具体的资金来源、出资金额、预计规模和具体 实施方案等要素属初步结果 ...

证券代码：002706 证券简称：良信股份 公告编号：2025-077 上海良信电器股份有限公司 关于全资子公司完成增资并取得营业执照的公告 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，没有虚假记 载、误导性陈述或者重大遗漏。 二、备查文件 1、良信电器（海盐）有限公司营业执照。 特此公告! 上海良信电器股份有限公司 董事会 上海良信电器股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召 开了第七届董事会第六次会议，审议通过了《关于使用募集资金增资全资子公司 以实施募投项目的议案》，同意使用募集资金向全资子公司良信电器（海盐）有 限公司（以下简称"良信海盐"）进行增资。增资完成后，良信海盐注册资本由 150,000万元人民币增加到153,000万元人民币，公司仍持有良信海盐100%股权。 具体内容详见公司于 2025 年 10 月 25 日刊登于《证券时报》、《中国证券报》 和巨潮资讯网（http://www.cninfo.com.cn）《关于使用募集资金增资全资子公 司以实施募投项目的公告》（公告编号：2025-059）。 近日，全资子公司良信电器（海盐）有限公司完成了工商登记 ...