网址：www.grandwaylaw.com 北京市东城区建国门内大街 26 号新闻大厦 7-8 层 7-8/F News Plaza, No. 26, Jianguomennei Avenue, Dongcheng District, Beijing, 100005, China 电话：86 10 88004488, 6609 0088 传真：86 10 6609 0016 邮编：100005 北京 上海 深圳 成都 西安 杭州 南京 苏州 香港 北京国枫律师事务所 关于润建股份有限公司 2025 年第二次临时股东大会的 法律意见书 国枫律股字[2025] A0122 号 致：润建股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2025 年第二次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股 东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务 管理办法》"）、《律师事 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained) [4] Core Insights - Domestic computing power demand is surging, with a focus on computing power leasing and AI infrastructure investment opportunities [1][3] - The scale of domestic intelligent computing power is expected to grow significantly, from 259.9 EFLOPS in 2022 to 1117.4 EFLOPS by 2027, representing a compound annual growth rate (CAGR) of 33.9% [1][14] - The "East Data West Computing" project is accelerating the nationwide layout of computing power networks, with over 250 intelligent computing centers built or under construction as of mid-2024 [1][17] Summary by Sections 1. AI Applications Driving Demand for Computing Facilities - The demand for AI servers is rapidly increasing, with the market size expected to grow from 14.9 billion RMB in 2020 to 143.3 billion RMB by 2028 [10][14] - The cloud computing market reached 616.5 billion RMB in 2023, with a year-on-year growth of 35.5% [10] - Major cloud service providers hold 71.5% of the public cloud market share in China [10] 2. Scarcity of High-End Computing Resources and High Returns from Leasing - Computing power leasing is driven by a shortage of intelligent computing resources, particularly AI chips like GPUs [2][29] - A server equipped with 8 H100 GPUs can yield a net profit margin of 32% to 37% over five years, with a payback period of around three years [2][33] - Recommended stocks in the computing power leasing sector include Hainan Huatie and Gan Consulting, with a focus on investment opportunities in AI infrastructure [2][40] 3. Surge in Demand for Intelligent Computing Centers - The investment scale in the intelligent computing center sector reached 87.9 billion RMB in 2023, a year-on-year increase of over 90% [3][42] - The market size for intelligent computing centers is projected to exceed 288.6 billion RMB by 2028, with a CAGR of 26.8% from 2023 to 2028 [3][42] - The operational model of data centers is primarily divided into retail and wholesale types, with significant investments in AI-driven data centers [3][45]

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The ongoing tariff war between the US and China has intensified, with the US imposing a 34% tariff on Chinese imports, prompting China to respond with similar tariffs, which accelerates the domestic innovation and localization process in the technology sector [1][3][14] - The Chinese government emphasizes "technological self-reliance" as a core agenda, with policies aimed at enhancing key technology breakthroughs and increasing investment in basic research, which supports the growth of the domestic technology industry [2][26] - The tariff situation has led to significant market volatility, with the Chinese stock market experiencing a drop of over 7% in a single day, but state-owned enterprises have stepped in to stabilize the market through share buybacks and acquisitions [3][32] Summary by Sections 1. Changes in Foreign Tariff Policies - The US has implemented a "reciprocal tariff" policy, raising tariffs on Chinese goods, which has increased the cost of imported high-end components for the Chinese tech industry, particularly in hardware sectors like chips and servers [1][14][19] - The tariff war has created short-term challenges for the domestic innovation industry, but it also accelerates the push for domestic alternatives and self-sufficiency in technology [19][35] 2. Policy Promotion of Self-Reliance - The Chinese government has introduced measures to strengthen key technology research and optimize the layout of scientific research resources, aiming to create a trillion-level domestic innovation industry cluster by 2027 [2][28] - Local governments are also implementing supportive policies to promote domestic technology development, focusing on areas such as artificial intelligence and software ecosystems [28][30] 3. Corporate Actions and Domestic Tariff Responses - In response to the tariff war, state-owned enterprises have increased share buybacks to bolster market confidence, with 18 central enterprises taking action to stabilize the market [3][32] - The domestic chip market is benefiting from the increased prices of imported chips, highlighting the competitive advantage of domestic alternatives [3][31] 4. Investment Recommendations - Beneficial targets include core domestic innovation companies such as China Software, China Great Wall, and Dongfang Tong, as well as domestic computing and chip firms like Tuwei Information and Haiguang Information [4][39]

Group 1: Stock Suspension and Resumption - Beizhi Technology plans to acquire 100% of Suzhou Suike Intelligent Technology Co., Ltd., resulting in stock suspension [1] - Taihao Technology intends to issue shares to purchase 27.46% equity of Taihao Military Industry, leading to stock resumption. This acquisition is expected to strengthen the company's industrial layout in the military equipment sector [1] Group 2: Share Buyback - Wanhua Chemical's chairman proposed a share buyback plan ranging from 300 million to 500 million yuan [2] Group 3: Investment Cooperation and Operational Status - Guotai Junan has changed its A-share stock name to Guotai Haitong starting April 11 and has been approved to publicly issue company bonds not exceeding 60 billion yuan to professional investors [3] - Lizhong Group stated that the adjustment of U.S. tariffs will not significantly impact its production and operations [3] - Haoyang Co., Ltd. plans to invest no less than 603 million yuan in the construction of an entertainment equipment industrial base project [4] - Runjian Co., Ltd. is a candidate for the procurement project of comprehensive maintenance for Guangdong Unicom's 5G services, with a total bid scale of 179 million yuan [4] - Samsung Medical's wholly-owned subsidiary, Aix Smart Technology, won a transformer procurement framework project in Hungary, with a total contract amount of 23,840,958.10 euros, approximately 190 million yuan [4] - Nandu Property plans to increase its investment in Hangzhou Yunxiang Robot by 15 million yuan [5] Group 4: Performance Changes - Xiaogoods City reported a net profit of 803 million yuan in Q1, a year-on-year increase of 12.66%, mainly due to a 97 million yuan increase in gross profit from market operations and new businesses [6] - Kidswant expects a Q1 net profit between 29.1471 million and 38.4742 million yuan, a year-on-year increase of 150%-230%, driven by store upgrades, supply chain optimization, and AI development [6] - China CNR anticipates a Q1 net profit between 2.822 billion and 3.226 billion yuan, a year-on-year increase of 180%-220%, due to increased product sales [6] - Yonghe Co., Ltd. expects a Q1 net profit between 91 million and 103 million yuan, a year-on-year increase of 144.49% to 176.74%, attributed to strong demand for refrigerants and fluoropolymer materials [6] - Yinglian Co., Ltd. forecasts a Q1 net profit between 7.5 million and 11 million yuan, a year-on-year increase of 459.28%-720.28%, due to market expansion and improved gross margins [6] - Limin Co., Ltd. expects to achieve a net profit of 100 million to 120 million yuan in Q1 2025, turning a profit due to rising prices and increased sales of its main products [7] - China Aluminum anticipates a Q1 net profit between 3.4 billion and 3.6 billion yuan, a year-on-year increase of 53% to 63%, driven by increased production of major products [8] - Shandong Steel expects a total profit of approximately 15.3 million yuan in Q1 2025, with a net profit of around -1.45 million yuan, significantly reducing losses [8] - COSCO Shipping Holdings expects a Q1 net profit of 11.689 billion yuan, an increase of approximately 73.04% year-on-year [8] - Tiande Yu expects a Q1 net profit of 70.5681 million yuan, a year-on-year increase of 116.96%, driven by new product and market development [8] - Jinaobo expects a Q1 net profit between 33 million and 40 million yuan, a year-on-year increase of 128.18% to 176.59%, due to significant revenue growth in specialized equipment [8]

证券代码：002929 证券简称：润建股份 公告编号：2025-024 润建股份有限公司 关于中标候选人公示的提示性公告 本公司及董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、误导性陈述或者重大遗漏。 特别提示： 1、本项目公示期已满，公司能否取得《中标通知书》并最终签署正式合同， 存在一定的不确定性。 | 5、中标公示信息： | | --- | | 序号 | 中标省份 | 中标省内份额 | 预计中标规模 | | --- | --- | --- | --- | | | | | （万元/不含税） | | 1 | 广东 | 17.94% | 17,900 | | | 合计 | | 17,900 | 二、中标候选人公示内容 本 次 中 标 候 选 人 公 示 媒 体 是 中 国 联 通 采 购 与 招 标 网 （http://www.chinaunicombidding.cn/），本次招标人为中国联合网络通信有限公司 广东省分公司，承建区与非承建区的招标代理机构分别为河北通信工程招投标有 限公司、广东省电信规划设计院有限公司。公示期为2025年4月3日至2025年4月7 日，具体内容请查看相关网 ...

润建股份（002929.SZ）事件点评 开展资源池业务，助推算力业务加速拓展 2025 年 04 月 03 日 ➢ 事件：2025 年 3 月 31 日，公司发布公告，为满足公司算力网络等业务发 展的资金需求、提高资产使用效率、降低资金使用成本，公司及控股子公司拟与 商业银行开展总额度不超过 50 亿元的资产池业务。 ➢ 满足算力业务资金需求，有望推动业务加速拓展。 资产池业务：公司的融资和资产管理方式，即合作银行向公司提供的集融资与资 产管理等功能于一体的综合金融服务平台（资产池平台），并依托资产池平台对 公司开展质押融资及资产入池、出池等业务和服务。公司及控股子公司共享不超 过 50 亿元的资产池额度，上述额度在 12 个月内可循环滚动使用。资源池为算 力业务提供充足的资金支持，系统性盘活存量金融资产，提高资产使用效率。 ➢ 五象云谷：阿里核心合作伙伴，AIDC 发展前景广阔。 2023 年 11 月，控股子公司五象云谷与阿里云签订战略合作协议：双方将共同投 资打造 "中国 - 东盟智算云" 及 "数字经济创新中心"，充分发挥双方资源优势， 共同推进数据服务、云计算、AI 智能超算等领域的融合应用，面向国 ...

润建股份（002929.SZ）事件点评 开展资源池业务，助推算力业务加速拓展 2025 年 04 月 03 日 ➢ 五象云谷：阿里核心合作伙伴，AIDC 发展前景广阔。 2023 年 11 月，控股子公司五象云谷与阿里云签订战略合作协议：双方将共同投 资打造 "中国 - 东盟智算云" 及 "数字经济创新中心"，充分发挥双方资源优势， 共同推进数据服务、云计算、AI 智能超算等领域的融合应用，面向国内及东盟地 区打造具有国际影响力的人工智能超算中心，助力人工智能赋能千行百业，润建 股份成为阿里核心 AIDC 合作商，一期已投资建成 6000 个机柜规模，三期规划 建设 20000 个机柜。五象云谷（控股子公司）AI 智算产业园是广西最大算力基 地，规划建设中国—东盟万卡算力集群，向东盟提供 AI 算力及智算中心建设运 维服务，推动智能算力普惠输出。 ➢ 接入 DeepSeek 并积极开发智能体，助推行业场景落地。 润建股份曲尺平台升级部署 DeepSeek-R1（满血版，671B）及基于其蒸馏的 DeepSeek-R1-Distill-Qwen-32 模型，赋能公司内部数智化转型，助力 AI 应用 业务发展。公 ...

证券代码：002929 证券简称：润建股份 公告编号：2025-023 润建股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董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、误导性陈述或者重大遗漏。 润建股份有限公司（以下简称"公司"、"润建股份"）第五届董事会第二十次 会议决定于 2025 年 4 月 18 日（星期五）召开公司 2025 年第二次临时股东大会， 现将本次股东大会的有关事项通知如下： 一、会议召开的基本情况 第二十次会议审议通过了《关于召开 2025 年第二次临时股东大会的议案》。本 次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章 程》的有关规定。 （1）现场会议召开日期、时间：2025 年 4 月 18 日（星期五）下午 14:30 开 始； （2）网络投票日期、时间： ①通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票的具体 时间为：2025 年 4 月 18 日 9:15-9:25，9:30-11:30 和 13:00-15:00； ②通过深圳证券交易所互联网投票系统 http://wltp.cninfo.com ...

本公司及董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、误导性陈述或者重大遗漏。 润建股份有限公司（以下简称"公司"）于2025年3月31日召开第五届董事会 第二十次会议、第五届监事会第十八次会议，分别审议通过了《关于开展资产池 业务的议案》。为满足公司算力网络等业务发展的资金需求、提高资产使用效率、 降低资金使用成本，公司及控股子公司拟与商业银行开展总额度不超过人民币50 亿元的资产池业务，上述额度在业务期限内可循环滚动使用，具体每笔发生额提 请公司股东大会授权公司管理层根据公司及控股子公司的经营需要确定与执行。 本事项不构成关联交易及重大资产重组，根据相关法律及《公司章程》的规定， 该事项尚需提交公司股东大会审议。现将具体事项公告如下： 证券代码：002929 证券简称：润建股份 公告编号：2025-022 润建股份有限公司 关于开展资产池业务的公告 一、资产池业务情况概述 （一）业务概述 资产池业务是公司融资和资产管理方式之一。合作银行向公司提供的集融资 与资产管理等功能于一体的综合金融服务平台（资产池平台），并依托资产池平 台对公司开展质押融资及资产入池、出池等业务和服务。资产池入池 ...

证券代码：002929 证券简称：润建股份 公告编号：2025-023 润建股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董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、误导性陈述或者重大遗漏。 润建股份有限公司（以下简称"公司"、"润建股份"）第五届董事会第二十次 会议决定于 2025 年 4 月 18 日（星期五）召开公司 2025 年第二次临时股东大会， 现将本次股东大会的有关事项通知如下： 一、会议召开的基本情况 1、股东大会届次：2025 年第二次临时股东大会。 2、股东大会的召集人：公司第五届董事会。 3、会议召开的合法、合规性：公司于 2025 年 3 月 31 日召开第五届董事会 第二十次会议审议通过了《关于召开 2025 年第二次临时股东大会的议案》。本 次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章 程》的有关规定。 4、会议召开日期、时间： （1）现场会议召开日期、时间：2025 年 4 月 18 日（星期五）下午 14:30 开 始； （2）网络投票日期、时间： ①通过深圳证券交易所（以下简称"深交所"）交易系统进行网络 ...