北京德恒律师事务所 关于 网宿科技股份有限公司 调整 2025 年限制性股票激励计划 限制性股票授予价格之 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于网宿科技股份有限公司调整 2025 年限制性 股票激励计划限制性股票授予价格之法律意见 释 义 在本法律意见中，除非文义另有所指，下列词语具有下述含义： | 德恒/本所 | 指 | 北京德恒律师事务所 | | --- | --- | --- | | 公司/网宿科技 | 指 | 网宿科技股份有限公司 | | 《股权激励计划》/本次激励 | 指 | 《网宿科技股份有限公司 年限制性股票激 2025 | | 计划 | | 励计划》 | | 《考核管理办法》 | 指 | 《网宿科技股份有限公司 年限制性股票激 2025 | | | | 励计划实施考核管理办法》 | | 本次调整事项 | 指 | 公司 年限制性股票激励计划中，限制性股 2025 | | | | 票的授予价格由 5.71 元调整为 5.46 元之事项 | | 《公司法》 | 指 ...

证券代码：300017 证券简称：网宿科技 公告编号：2025-051 网宿科技股份有限公司 第六届董事会第二十六次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 网宿科技股份有限公司（以下简称"公司"）第六届董事会第二十六次会议通 知于2025年6月24日以电子邮件方式发出，会议于2025年6月27日下午1:00以通讯 方式召开。本次会议应到董事7人，实到董事7人。本次会议的召集、召开程序符 合《公司法》和《公司章程》的有关规定。本次会议由董事长李伯洋先生主持， 与会董事对议案进行了审议，形成如下决议： 一、审议并通过《关于注销公司<2020 年股票期权与限制性股票激励计划> 第四个行权期已到期未行权股票期权的议案》 截至公司《2020 年股票期权与限制性股票激励计划》（以下简称"2020 年 激励计划"）授予的股票期权第四个行权期行权截止日，2020 年激励计划第四 个行权期尚有 74,000 份股票期权份额未行权,涉及 4 名激励对象。根据《上 市公司股权激励管理办法》的相关规定，股票期权各行权期结束后，激励对象未 行权的当期股票期权应当终止行权 ...

北京德恒律师事务所 关于 网宿科技股份有限公司 注销 2020 年股票期权与限制性股票激励计划 第四个行权期已到期未行权股票期权之 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于网宿科技股份有限公司注销 2020 年股票期权与限制性 股票激励计划第四个行权期已到期未行权股票期权之法律意见 释 义 在本法律意见中，除非文义另有所指，下列词语具有下述含义： | 德恒/本所 | 指 | 北京德恒律师事务所 | | --- | --- | --- | | 公司/网宿科技 | 指 | 网宿科技股份有限公司 | | 本次股权激励计划/ | 指 | 公司实施 2020 年股票期权与限制性股票激励计划的 | | 本激励计划/本计划 | | 行为 | | 《股权激励计划》 | 指 | 《网宿科技股份有限公司 2020 年股票期权与限制性 | | | | 股票激励计划》 | | 《考核管理办法》 | 指 | 《网宿科技股份有限公司 2020 年股票期权与限制性 | | | | 股票激励计划考核管理办法》 ...

北京德恒律师事务所 关于 网宿科技股份有限公司 调整公司 2023 年限制性股票激励计划 限制性股票授予/归属价格之 法律意见 北京德恒律师事务所 关于网宿科技股份有限公司调整 2023 年限制性股 票激励计划限制性股票授予/归属价格之法律意见 释 义 在本法律意见中，除非文义另有所指，下列词语具有下述含义： | 德恒/本所 | 指 | 北京德恒律师事务所 | | --- | --- | --- | | 公司/网宿科技 | 指 | 网宿科技股份有限公司 | | 《股权激励计划》/本次激励 | 指 | 《网宿科技股份有限公司 2023 年限制性股票激 | | 计划 | | 励计划》 | | 《考核管理办法》 | 指 | 《网宿科技股份有限公司 2023 年限制性股票激 | | | | 励计划实施考核管理办法》 | | 本次调整事项 | | 公司 2023 年限制性股票激励计划中，限制性股 | | | 指 | 票的授予/归属价格由3.12元调整为2.87元之事 | | | | 项 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《管理办法 ...

网宿科技（300017）公告，公司持股5%以上股东、第一大股东陈宝珍女士计划在2025年7月17日至2025 年10月16日期间，以集中竞价交易方式或大宗交易方式减持不超过1221.98万股，占公司总股本比例的 0.50%，占剔除回购专户股份数后总股本比例的0.50%。陈宝珍女士目前持有公司股份2.61亿股，占公司 总股本比例的10.67%，占剔除回购专户股份数后总股本比例的10.68%。减持原因系个人资金需求，减 持价格将根据市场价格及交易方式确定。陈宝珍女士将根据市场情况、公司股价等决定是否实施减持计 划，存在不确定性。 ...

证券代码：300017 证券简称：网宿科技 公告编号：2025-050 网宿科技股份有限公司 关于第一大股东减持股份的预披露公告 公司持股5%以上股东、第一大股东陈宝珍女士保证向本公司提供的信息内 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： 公司持股5%以上股东、第一大股东陈宝珍女士（持有公司股份261,062,924 股，占公司总股本比例的10.67%，占剔除回购专户股份数后总股本比例的10.68%） 计划在本公告披露之日起十五个交易日后的三个月内（2025年7月17日至2025年 10月16日）以集中竞价交易方式、大宗交易方式减持本公司股份不超过 12,219,769股（占公司总股本比例的0.50%，占剔除回购专户股份数后总股本比 例的0.50%）。 网宿科技股份有限公司（以下简称"公司"）于2025年6月25日收到公司持 股5%以上股东、第一大股东陈宝珍女士发来的《股份减持计划告知函》。现将有 关内容公告如下： 一、计划减持股东的持股情况 截至本公告披露日，陈宝珍女士持有公司股份的情况如下： | 股东名称 | ...

Group 1 - The core viewpoint of the news is the performance of the CSI 500 Communication Services Index, which shows a recent increase of 6.57% over the past month, a decrease of 6.16% over the past three months, and an increase of 9.73% year-to-date [2] - The CSI 500 Communication Services Index is composed of various industry companies classified into 11 primary industries, 35 secondary industries, and over 90 tertiary industries, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the CSI 500 Communication Services Index include Light Media (6.7%), Kaiying Network (6.3%), Yanshan Technology (6.27%), Hengtong Optic-Electric (6.18%), Giant Network (5.86%), Haige Communication (5.42%), Wangsu Technology (5.2%), BlueFocus Communication Group (4.9%), Shenzhou Taiyue (4.64%), and Guangxun Technology (4.47%) [2] Group 2 - The market share of the CSI 500 Communication Services Index is dominated by the Shenzhen Stock Exchange at 65.69%, while the Shanghai Stock Exchange accounts for 34.31% [2] - The industry composition of the CSI 500 Communication Services Index shows that cultural entertainment accounts for 45.44%, communication equipment for 31.52%, data centers for 9.58%, digital media for 8.56%, and marketing and advertising for 4.90% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December [3]

Financial Performance - Oracle reported a total revenue of $57.4 billion for the fiscal year 2025, with a net profit of $12.4 billion. The fourth quarter revenue reached $15.9 billion, marking an 11% year-over-year increase [2] - Adobe's Q2 revenue was $5.87 billion, up 11% year-over-year, exceeding analyst expectations. Adjusted EPS was $5.06, a 13% increase, but investor concerns about future competition in AI remain [3] Company Changes - ByteDance's AI Lab head, Li Hang, has officially stepped down, transitioning to a consultant role. This change follows the integration of the AI Lab into the Seed team led by former Google DeepMind VP Wu Yonghui [3][5] - Kingsoft Cloud announced the resignation of CFO He Haijian, effective June 30, 2025, due to personal reasons [6] AI Talent Acquisition - Baidu launched its largest AI talent recruitment initiative, expanding job openings by over 60% compared to last year, focusing on cutting-edge AI fields [6] AI Product Developments - ByteDance's self-developed AI IDE "TRAE" has surpassed 1 million monthly active users, with over 80% of internal engineers utilizing it for development [7] - Volcano Engine released version 1.6 of its Doubao large model, introducing a pricing model based on input length, significantly reducing costs [9] - Alibaba's Tongyi Qianwen 3 model achieved over 12.5 million downloads in its first month, with over 130,000 derivative models created [10] Corporate Investments - Amazon plans to invest AUD 20 billion in expanding its data center infrastructure in Australia from 2025 to 2029, marking the largest global tech investment in the country [18] - Meta announced the acquisition of a 49% stake in Scale AI for $14.8 billion to enhance its AI capabilities [22][23] Market Trends - IDC forecasts that the Chinese graph database market will reach RMB 644 million in 2024, growing 17% year-over-year, with major players including Huawei Cloud and Ant Group [24] - The Ministry of Transport emphasized the need for collaboration in technology transfer within the transportation sector to enhance AI applications [27]

Core Viewpoint - The importance of data centers is increasing globally due to digital and intelligent transformation, with liquid cooling technology emerging as a necessary trend despite leakage risks hindering its widespread adoption [1][2]. Group 1: Liquid Cooling Technology - Liquid cooling technology has transitioned from an optional solution to a necessity due to the explosive growth of AI models and high-performance computing, which has led to increased power density in data center cabinets [2]. - Traditional air cooling methods are being replaced by liquid cooling, which significantly enhances cooling efficiency and reduces Power Usage Effectiveness (PUE) [2]. Group 2: Leakage Risks - Leakage risks in liquid cooling systems arise from various components such as water-cooled plates, pipelines, and connectors, where any failure can lead to leaks [2]. - Common water-based coolants can corrode metal parts over time, leading to costly repairs and potential equipment damage due to leaks [2][3]. Group 3: Green Cloud's Solution - Green Cloud Technology has introduced the "Hurricane Waterless" cold plate solution, which utilizes a self-developed non-water-based non-conductive medium to mitigate leakage risks while enhancing heat exchange capabilities [1][3]. - The solution is designed to ensure that even in the event of a liquid leak, server integrity is maintained, thus improving the system's tolerance to liquid cooling failures [3]. Group 4: Innovative Design - The "Hurricane Waterless" solution features an innovative architecture that includes redundant airflow designs and a multifunctional integrated chamber to optimize cooling efficiency and space utilization [5]. - The design allows for online hot-swapping of power and fans, ensuring zero downtime for maintenance and continuous business operations [6]. Group 5: Industry Impact - The new solution has undergone rigorous testing and has been successfully implemented in collaboration with Guojijiang Precision Engineering Group, resulting in improved energy consumption, stability, and noise levels in the data center [6]. - The company aims to continue innovating and providing advanced liquid cooling solutions to support the sustainable development of global digital transformation [6].

Group 1: Global AI Outlook - The report highlights a new paradigm in AI development characterized by new scaling, new architecture, and new total addressable market (TAM) opportunities [1] - The demand for computing power is expected to rise due to advancements in both training and inference processes, potentially unlocking new TAMs [1][3] - The report maintains a positive outlook on AI industry investments, anticipating that global AI applications will enter a performance harvesting phase [1] Group 2: Model Development - The pre-training scaling law is anticipated to open a new starting point for model development, with significant innovations in architecture being explored [2][23] - The report notes that the classic transformer architecture has reached a parameter scale bottleneck, with existing public data nearly exhausted [2][20] - Major tech companies are experimenting with new architectures, such as Tencent's Hunyuan TurboS and Google's Gemini Diffusion, which may accelerate scaling law advancements [23][24] Group 3: Computing Power Demand - The report identifies a clear long-term upward trend in computing power demand, driven by both training and inference needs [3][32] - New scaling paths are emerging in the post-training phase, with ongoing exploration of new architectures that may reignite pre-training demand narratives [3][33] - The deployment of large-scale computing clusters, such as OpenAI's StarGate, is expected to support the exploration of pre-training [38] Group 4: Application Development - The report indicates that the rapid advancement of agent applications is leading to a performance harvesting phase for global AI applications [4][67] - The commercialization of agent products is accelerating, with domestic AI applications quickly iterating and entering the market [4][67] - The report emphasizes that agent applications are evolving from simple tools to complex solutions, with significant growth expected in various sectors [5][68] Group 5: Business Model Transformation - The shift from traditional software delivery to outcome-based delivery is highlighted as a key trend, with quantifiable ROI accelerating the adoption of agent applications [5] - Specific sectors such as consumer-facing scenarios (advertising, e-commerce) and AI in marketing/sales are expected to lead in commercialization due to their inherent advantages [5][67] - The report notes that AI applications in HR are transitioning from efficiency tools to strategic hubs, indicating a broader transformation in business models [5][67]