Core Viewpoint - On September 24, 2025, Wangsu Technology Co., Ltd. announced the completion of the second vesting period of its 2023 restricted stock incentive plan, with the related shares set to be listed and circulated on the same day [1] Incentive Plan Overview - The 2023 restricted stock incentive plan was approved by the company's board and supervisory board on August 23, 2023, and subsequently by the shareholders on September 12, 2023 [2] - The plan involves granting a total of 32 million shares, accounting for 1.3129% of the company's total share capital, to 250 incentive recipients at a grant price of 3.37 yuan per share [2] - The plan has a maximum validity period of 36 months, divided into two vesting periods, each with a vesting ratio of 50% [2] - The company set a performance target of a cumulative net profit of no less than 610 million yuan for 2023 and 2024 [2] Adjustments to the Incentive Plan - The number of incentive recipients was adjusted from 250 to 245 due to personnel changes, and the total shares granted were reduced to 31.755 million [3] - The grant price was adjusted to 3.12 yuan per share following the 2023 annual equity distribution [3] - Further adjustments included the cancellation of stock options for individuals who did not meet performance criteria, leading to a final count of 231 eligible recipients and a total of 15.38 million shares available for vesting [3] Details of the Current Vesting - The shares from the current vesting will be listed on September 24, 2025, with a total of 15.38 million shares vesting, representing 0.6289% of the company's total share capital before vesting [4] - The vesting price is set at 2.87 yuan per share, with 231 recipients involved [4] - The funds raised from this vesting will be used to supplement the company's working capital, and the increase in registered capital will be 13.71721 million yuan [4] - The overall share distribution remains compliant with listing conditions, although it may dilute earnings per share and return on equity [4]

证券代码：300017 证券简称：网宿科技 公告编号：2025-079 网宿科技股份有限公司 关于公司《2023 年限制性股票激励计划》第二个归属期 限制性股票归属结果暨股份上市的公告（回购股份） 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。 重要内容提示： 1、本次归属的限制性股票上市流通日为2025年9月24日。 2、公司2023年限制性股票激励计划（以下简称"本激励计划"）第二个归 属期归属的限制性股票数量为15,380,000股，占归属完成前公司总股本的 0.6289%，涉及激励对象共计231人，归属价格为2.87元/股。其中，7名激励对象 使用公司从二级市场回购的A股普通股股票归属1,662,790股，225名激励对象使 用定向发行的公司人民币A股普通股股票归属13,717,210股（有1名激励对象的股 份同时来源于回购股份和定向发行的股份，与符合本激励计划第二个归属期对应 的激励对象总人数不冲突）。 3、本次归属的限制性股票除高管锁定股外无其他限售安排，股票上市后即 可流通。 网宿科技股份有限公司（以下简称"公司"）于2025年9月1日召开第六届董 事 ...

Core Insights - The Chinese edge cloud industry is experiencing rapid growth, with a market size projected to reach 12.87 billion yuan in 2024, representing a year-on-year increase of 19.61% [1][9] - This growth is primarily driven by the commercialization of 5G technology, the increasing number of IoT devices, and the acceleration of digital transformation [1][9] Industry Overview - Edge cloud is a distributed cloud computing architecture that deploys computing, storage, and network resources closer to data sources or end users, characterized by low latency, localized autonomy, and a distributed architecture [2] Industry Value Chain - The upstream of the edge cloud industry includes core components such as edge servers, gateways, AI chips, smart network cards, GPUs, and storage devices, while the midstream consists of edge cloud service providers and platform operators [4] - The downstream applications span various sectors including connected vehicles, smart transportation, industrial internet, smart security, healthcare, smart homes, and finance [4] Market Size - The edge cloud market in China is expected to grow significantly, with the 2024 market size estimated at 12.87 billion yuan, driven by 5G technology, IoT proliferation, and the need for efficient data processing [9] Key Companies and Competitive Landscape - The competitive landscape of the edge cloud industry is characterized by a collaborative competition model, with major players like Alibaba Cloud, Huawei Cloud, and Tencent Cloud leading the market [10] - Telecom operators such as China Mobile and China Unicom leverage their 5G networks to build edge nodes, while vertical service providers like Wangsu Technology focus on CDN and edge computing integration [10][11] Industry Development Trends 1. **Technological Integration**: The edge cloud will increasingly integrate with 5G-A/6G, AI models, and blockchain technologies to create a collaborative intelligent computing network [13] 2. **Vertical Scene Deepening**: Edge cloud applications will deepen in sectors like smart manufacturing and smart cities, expanding into emerging fields such as the metaverse and digital twins [14] 3. **Collaborative Development**: The edge cloud industry chain will form a collaborative ecosystem, accelerating globalization and enhancing China's technological competitiveness [16]

Summary of Key Points Core Viewpoint - On September 24, a total of 6 companies had their restricted shares unlocked, with a total unlock volume of 105 million shares, amounting to a market value of 3.32 billion yuan based on the latest closing price [1]. Company-Specific Summaries - **Unlock Volume Leaders**: The companies with the highest unlock volumes were Electric Science Digital (66.39 million shares), Xizhuang Co., Ltd. (20.25 million shares), and Wangsu Technology (13.72 million shares) [1]. - **Unlock Market Value Leaders**: In terms of market value, Electric Science Digital (1.919 billion yuan), Xizhuang Co., Ltd. (1.167 billion yuan), and Wangsu Technology (154 million yuan) led the list [1]. - **Unlock Ratio Leaders**: The companies with the highest percentage of total share capital unlocked were Xizhuang Co., Ltd. (18.33%), Electric Science Digital (9.76%), and Wuxi Jinghai (2.72%) [1].

Group 1 - On September 24, a total of 6 companies had their restricted shares unlocked, with a total unlocking volume of 105 million shares, equating to a market value of 3.32 billion yuan based on the latest closing price [1] - Three companies had unlocking volumes exceeding 10 million shares, with the highest being Electric Science Digital, Xizhuang Co., and Wangsu Technology, unlocking 66.39 million shares, 20.25 million shares, and 13.72 million shares respectively [1] - In terms of unlocking market value, three companies had values exceeding 100 million yuan, with Electric Science Digital, Xizhuang Co., and Wangsu Technology unlocking market values of 1.919 billion yuan, 1.167 billion yuan, and 154 million yuan respectively [1] Group 2 - One company had an unlocking ratio exceeding 10%, with Xizhuang Co., Electric Science Digital, and Wuxi Jinghai having unlocking ratios of 18.33%, 9.76%, and 2.72% respectively [1]

Core Viewpoint - Wangsu Technology (300017) is actively expanding its CDN and security services internationally, targeting industries such as live streaming, e-commerce, and gaming [1] Group 1: Company Overview - Wangsu Technology was established in January 2000 and aims to become a leading global IT infrastructure service provider [1] - The company leverages its core technologies and service capabilities in computing, storage, networking, and security to provide efficient, stable, and secure IT infrastructure and services [1] Group 2: Business Expansion - In the first half of the year, Wangsu Technology established a subsidiary in Dubai to better serve its overseas business [1] - The company is focused on enhancing its service offerings to international clients across various sectors [1]

Core Viewpoint - The company, Wangsu Technology, held an earnings presentation on September 19, 2025, discussing its business development, strategic layout, and market management with investors. The company reported a revenue of 2.35 billion yuan for the first half of 2025, a 2.19% year-on-year increase, and a net profit of 372.51 million yuan, up 25.33% year-on-year [1][2]. Group 1: Business Performance - In the first half of 2025, Wangsu Technology achieved a revenue of 235,056.97 thousand yuan, with security and value-added services contributing 64,671.22 thousand yuan, accounting for 27% of total revenue [1]. - The company reported a net profit attributable to shareholders of 37,250.57 thousand yuan, reflecting a year-on-year growth of 25.33% [1]. Group 2: Strategic Focus - The company is adjusting its business strategy to focus on core areas such as CDN (Content Delivery Network) and edge computing, while continuing to enhance operational efficiency [1][2]. - Wangsu Technology is committed to long-term sustainable growth through continuous innovation and strengthening core competitiveness [2]. Group 3: Investor Relations and Communication - The company aims to enhance communication with investors through various channels, including earnings presentations, strategy meetings, and investor surveys [2]. - As of September 10, 2025, the total number of shareholders was 176,822 [2]. Group 4: Market Expansion and Investments - Wangsu Technology is actively expanding its overseas market presence, particularly in Southeast Asia, and has established a subsidiary in Dubai [2]. - The company is focusing on strategic investments and mergers to align with its strategic direction and enhance its technology and product offerings [2][3]. Group 5: Technology and Product Development - The company is promoting its security services, which include WAAP (Web Application and API Protection) and SASE (Secure Access Service Edge) solutions, targeting various industries [3]. - Wangsu Technology holds a 29.43% stake in Green Cloud Map and is flexible in adjusting human resources based on business needs [3].

Core Viewpoint - The 22nd China Cybersecurity Conference emphasizes the need for a comprehensive cybersecurity framework that integrates system security, data security, content security, and new technology security to modernize the national cybersecurity system and capabilities [1] Group 1: AI and Cybersecurity - AI technology is transforming the cybersecurity landscape, making attacks more intelligent, automated, and specialized, particularly against cloud infrastructure and supply chains [2] - Companies need to upgrade their security operations to handle the massive volume of attacks and alerts generated by AI, utilizing AI for data fusion and anomaly detection [2][3] Group 2: Integrated Defense Strategies - A three-step approach is proposed for building an edge-intelligent security system, including the establishment of a global edge security network to enhance website availability and threat interception [2] - The development of an AI-driven intelligent security operations center is crucial for automating threat detection and response, significantly reducing response times from hours to seconds [2][3] - Transitioning from passive to proactive security measures is essential, integrating various security frameworks like zero trust and SASE to create a comprehensive defense chain [3] Group 3: Industry Leadership and Innovation - The capabilities of the company have been validated through successful implementations, such as creating an integrated security system for a leading global smart manufacturing client facing frequent cyberattacks [4] - The company has served thousands of clients across various sectors, receiving recognition from authoritative institutions in areas like WAAP, SASE, and zero trust [4] - Future plans include enhancing technological innovation and promoting collaborative development in the cybersecurity industry to contribute to national cybersecurity governance [4]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 235,056.97 million yuan, a year-on-year increase of 2.19% [2] - The net profit attributable to shareholders reached 37,250.57 million yuan, reflecting a year-on-year growth of 25.33% [3] - Revenue from security and value-added services accounted for 64,671.22 million yuan, representing 27% of total operating revenue [7] Group 2: Strategic Focus and Business Development - The company is focusing on core businesses, specifically CDN and edge computing, while promoting refined operations [2] - There are plans for strategic investments and mergers to enhance technology and product offerings [3] - The company is actively expanding its overseas market presence, particularly in Southeast Asia, in line with the Belt and Road Initiative [4] Group 3: Investor Relations and Communication - The company is committed to enhancing communication with investors through various channels, including performance briefings and investor surveys [3] - As of September 10, 2025, the total number of shareholders is 176,822 [3] - The company has no current plans for stock repurchase but will disclose any significant matters promptly [3] Group 4: Market and Competitive Landscape - The company is monitoring the growth of internet traffic in Southeast Asia, driven by increasing internet users and digital economy development [4] - The security business is marketed alongside CDN services, providing comprehensive security solutions [5] - The company is aware of the competitive landscape in the international market for its security services [5] Group 5: Challenges and Future Outlook - The company is focused on high-quality development and addressing potential risks as outlined in its annual report [6] - There is an emphasis on leveraging AI and technology advancements to capture industry opportunities [6] - The company is evaluating the impact of macroeconomic factors on its stock price and is committed to effective market management [6]

证券代码：300017 证券简称：网宿科技 公告编号：2025-078 网宿科技股份有限公司 关于公司《2023 年限制性股票激励计划》第二个归属期 限制性股票归属结果暨股份上市的公告（定增股份） 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。 重要内容提示： 1、本次归属的限制性股票上市流通日为2025年9月24日。 2、公司2023年限制性股票激励计划（以下简称"本激励计划"）第二个归 属期归属的限制性股票数量为15,380,000股，占目前公司总股本的0.6289%，涉 及激励对象共计231人，归属价格为2.87元/股。其中，7名激励对象使用公司从 二级市场回购的A股普通股股票归属1,662,790股，225名激励对象使用定向发行 的公司人民币A股普通股股票归属13,717,210股（有1名激励对象的股份同时来源 于回购股份和定向发行的股份，与符合本激励计划第二个归属期对应的激励对象 总人数不冲突）。 3、本次归属的限制性股票除高管锁定股外无其他限售安排，股票上市后即 可流通。 网宿科技股份有限公司（以下简称"公司"）于2025年9月1日召开第六届董 事会第二 ...