证券代码：300383 证券简称：光环新网 公告编号：2025-044 北京光环新网科技股份有限公司 关于部分董事和高级管理人员减持计划实施完成的公告 本公司董事兼副总裁袁丁、董事李超、董事会秘书兼副总裁高宏、 副总裁陈浩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。 北京光环新网科技股份有限公司（以下简称"公司"）董事兼副总裁袁丁、 董事李超、董事会秘书兼副总裁高宏、副总裁陈浩计划在 2025 年 7 月 29 日至 2025 年 10 月 28 日以集中竞价交易方式减持本公司股份合计不超过 720,476 股，占公 司总股本比例不超过 0.04%，具体内容详见公司 2025 年 7 月 7 日于巨潮资讯网 （http://www.cninfo.com.cn）上披露的《关于部分董事和高级管理人员减持股 份预披露公告》（公告编号：2025-037）。 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。 公司于近日收到上述人员出具的《关于股份减持计划实施情况的告知函》， 本次股份减持计划已实施完毕，现将有关事项公告如下： 一、股东减持情况 | 股东名称 | ...

Group 1 - The A-share market is experiencing a surge in sectors such as memory, AI computing power, and optical module CPO, with the ChiNext AI Index rising over 4% at one point, driven by stocks like Allwinner Technology and Dongtu Technology [1] - Alibaba's latest financial report reveals a record high capital expenditure of 38.6 billion yuan in Q2, with cloud revenue growth accelerating to 26% and AI-related product revenue achieving triple-digit year-on-year growth for eight consecutive quarters [1] - Guosheng Securities indicates that Alibaba has established a comprehensive AI technology capability, with ongoing global expansion of Alibaba Cloud's infrastructure and significant achievements in AI model innovation and applications [1] Group 2 - The domestic major players are accelerating their computing power expenditures, providing a significant catalyst for the industry chain [2] - The Huaxia AI ETF (159381) tracks the ChiNext AI Index and focuses on leading companies in the AI industry chain, capturing the AI theme market effectively, with a low comprehensive fee rate of 0.20% [2] - The tracked ChiNext AI Index has seen a cumulative increase of over 80% this year, significantly outperforming other similar AI indices [2]

Summary of Conference Call Notes Industry Overview - The focus is on the **China/Southeast Asia Data Center** industry, particularly companies **GDS Holdings** and **VNET Group**. - The data center market is experiencing a divergence between operators capturing AI/cloud demand and those reliant on traditional retail demand. Key Points on GDS Holdings - GDS reported **40MW** hyperscale orders in 2Q25, down from **152MW** in 1Q25, indicating a supply bottleneck in AI demand [1] - GDS delivered above-expected revenue and EBITDA, attributed to solid customer move-in pace and resilient pricing [1] - Management's tone has shifted from deleveraging to growth-oriented, with plans for more active capex spending [3] - GDS aims to reduce net debt/adj. EBITDA to **5.7x** after the C-REIT listing [3] - The target price for GDS has been raised to **US$42/HK$41**, reflecting a **25.5%** upside potential [10] Key Points on VNET Group - VNET reported **20MW** wholesale orders in 2Q25, down from **123MW** in 1Q25, also indicating a supply bottleneck [1] - VNET's management remains optimistic about order intake in 2H25, especially from September onward [60] - The target price for VNET has been raised to **US$13**, indicating a **52.4%** upside potential [59] DayOne Performance - DayOne, partially owned by GDS, reported a **144%** year-over-year revenue increase and a **156%** increase in adjusted EBITDA [4] - DayOne has become the largest data center operator in the SIJORI region with **224MW** live capacity [4] - DayOne's total committed capacity reached **783MW**, approaching AirTrunk's **800MW+** level [8] - DayOne's profitability is improving, but it still lags behind peers like NEXTDC in terms of EBITDA margins [44] Market Dynamics and Risks - There are policy uncertainties, such as new power tariffs in Malaysia, and rising competition in the APAC region [9] - The potential approval of Nvidia's Blackwell-based products for sale in China could lead to increased order volumes by late 2025 or early 2026 [2] - Risks include below-expected move-in demand, slower overseas revenue ramp-up, and customer churn [56] Financial Metrics - GDS's revenue forecast for 2025 is **Rmb11,545.4 million**, with an EBITDA of **Rmb5,135 million** [15] - VNET's revenue forecast for 2025 is **Rmb9,745.1 million**, with an EBITDA of **Rmb2,921.8 million** [59] Conclusion - The data center industry in China and Southeast Asia is poised for growth, particularly for companies like GDS and VNET, driven by AI demand and strategic expansions. However, challenges such as supply bottlenecks and competitive pressures remain significant.

Investment Rating - The investment rating for the company is maintained at "Buy" [1][4]. Core Views - The company experienced a slight decline in revenue and a significant drop in net profit in the first half of 2025, primarily due to the expiration of specific operational assets related to Amazon Cloud and adjustments in client strategies [1][2]. - New data center projects in Tianjin and Shanghai are progressing well, and the company is actively investing in intelligent computing centers in Inner Mongolia, which are expected to contribute positively to future earnings [1][3]. - The company is embracing opportunities in the AI sector, having signed a strategic cooperation agreement to enhance its capabilities in AI applications [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 3.716 billion RMB, a year-on-year decrease of 5.15%, and a net profit of 115 million RMB, down 57.01% [1]. - The data center business generated revenue of 1.071 billion RMB, a decline of 2.08%, while the cloud computing segment reported revenue of 2.57 billion RMB, down 7.67% [2]. Profitability - The gross margin for the first half of 2025 was 15.16%, a decrease of 1.50 percentage points, attributed to the reduction in cloud computing revenue and increased depreciation expenses [3]. - Future profitability is expected to improve as new data center projects are delivered and operational [3]. Valuation and Forecast - The estimated EBITDA for 2025 to 2027 is projected to be 1.415 billion, 1.648 billion, and 1.882 billion RMB, respectively [4]. - The target price for the company's stock is set at 18.87 RMB, based on an EV/EBITDA multiple of 25.5x for 2025 [4].

Core Viewpoint - The company is expected to benefit from the AIGC wave despite a decline in revenue and profit in the first half of 2025, maintaining a "buy" rating based on future growth potential in the IDC and cloud computing sectors [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, primarily due to intensified competition in the IDC market and client adjustments [1]. - The company reported a net profit attributable to shareholders of 115 million yuan and a non-deductible net profit of 112 million yuan for the first half of 2025 [1]. - For Q2 2025, the company generated revenue of 1.884 billion yuan, with a net profit attributable to shareholders of 46 million yuan and a non-deductible net profit of 51 million yuan [1]. Group 2: IDC and Cloud Business - The IDC business generated revenue of 1.071 billion yuan in the first half of 2025, a decline of 2.08% year-on-year, influenced by client onboarding speed and some client withdrawals [2]. - The cloud computing business reported revenue of 2.570 billion yuan, down 7.67% year-on-year, mainly due to client structure optimization and the expiration of operational assets related to public cloud services [2]. - The company has deployed over 72,000 cabinets, with a national plan for over 230,000 cabinets, indicating a potential for revenue growth in the IDC business as AIGC development drives demand for computing power [1][2]. Group 3: Project Development - As of August 2025, the company's computing power business has exceeded 4,000P, with ongoing IDC project construction in multiple locations including Inner Mongolia, Tianjin, Shanghai, and Malaysia [3]. - The company plans to start civil construction work for the Inner Mongolia and Hohhot computing power base within the year, and the Tianjin Baodi Phase III project construction has already commenced [3]. - The Shanghai Jiading Phase I project has been fully sold and launched, with Phase II expected to be delivered in early 2025 [3].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to increased competition in the IDC market and adjustments in client strategies [1] Financial Performance - In 1H25, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15% [1] - The net profit attributable to shareholders was 115 million yuan, down 57.01% year-on-year [1] - The non-recurring net profit was 112 million yuan, a decline of 53.70% year-on-year, which was below previous expectations [1] - For Q2 2025, revenue was 1.884 billion yuan, a year-on-year decrease of 2.84%, and net profit was 46 million yuan, down 55.73% year-on-year [1] Business Trends - The IDC business and its value-added services generated revenue of 1.071 billion yuan in 1H25, a decline of 2.08% year-on-year [2] - The gross margin for the IDC business decreased by 1.80 percentage points to 32.71% due to intensified competition and increased cabinet deployment [2] - The company has accelerated its data center deployment, with over 72,000 cabinets in operation and plans for more than 230,000 cabinets nationwide [2] - Major projects in Tianjin and Shanghai are underway, with expected revenue and profit contributions becoming more apparent in 2026 as clients gradually onboard [2] Profit Forecast and Valuation - The net profit forecast for 2025 has been revised down by 58% to 324 million yuan, with a new forecast for 2026 set at 399 million yuan [3] - The EBITDA for 2025 has been adjusted down by 26% to 1.415 billion yuan, with a first-time forecast for 2026 at 1.659 billion yuan [3] - The current stock price corresponds to 24.0 times and 21.1 times EV/EBITDA for 2025 and 2026, respectively [3] - The target price has been raised by 78% to 18.38 yuan, indicating a 10% upside potential from the current stock price, based on a 23 times EV/EBITDA for 2026 [3]

Core Viewpoint - The financial performance of Guanghuan Xinnet (300383) for the first half of 2025 shows a significant decline in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 3.716 billion yuan, a decrease of 5.15% year-on-year [1]. - Net profit attributable to shareholders was 115 million yuan, down 57.01% year-on-year [1]. - The gross profit margin was 15.16%, a decline of 8.98% compared to the previous year [1]. - The net profit margin was 3.22%, down 52.76% year-on-year [1]. - Total accounts receivable increased to 2.431 billion yuan, representing a 14.28% increase [1]. - The ratio of accounts receivable to net profit reached 637.44%, indicating a high level of receivables relative to profit [1]. Cash Flow and Debt Analysis - Cash flow from operating activities per share was 0.33 yuan, a decrease of 17.34% year-on-year [1]. - The company’s interest-bearing debt increased by 65.52% to 5.587 billion yuan [1]. - The net cash flow from investment activities decreased by 53.62%, attributed to increased capital expenditures on data centers [5]. - The net increase in cash and cash equivalents rose by 164.09%, primarily due to increased borrowings [5]. Business Model and Operational Insights - The company's performance is heavily reliant on research and capital expenditures, necessitating careful evaluation of the profitability of these investments [6]. - The return on invested capital (ROIC) for the previous year was 2.53%, indicating weak capital returns [5]. - The company has experienced cyclical performance, with a historical median ROIC of 7.43% over the past decade [5]. Fund Holdings and Market Sentiment - The most significant fund holding Guanghuan Xinnet is the E Fund Supply-side Reform Mixed Fund, managed by Yang Zongchang, who has recently increased his position in the company [8]. - Analysts expect the company's performance for 2025 to be around 349 million yuan, with an average earnings per share of 0.2 yuan [7]. Regional Performance Insights - The decline in gross margin in the Beijing region was attributed to client strategy adjustments leading to reduced rental income, while margins improved in Shanghai and Hebei due to increased data center occupancy rates [9].

Group 1: Financial Performance - The company's IDC business in Beijing experienced a decline in gross margin due to client strategy adjustments, leading to lease terminations and price reductions during renewals [2][3] - The gross margin improved in Shanghai and Hebei due to increased data center occupancy rates [3] - The asset disposal related to public cloud services is expected to reduce cloud computing revenue by approximately CNY 100 million in 2025, with quarterly variations in revenue recognition [5] Group 2: Project Developments - The company is expanding into overseas markets, specifically in Malaysia, with project approvals completed and currently in the planning stage [3] - The Tianjin Baodi project has completed the first phase and part of the second phase, with deliveries scheduled as per client demand [3][4] - The Inner Mongolia project is progressing with energy consumption indicator approvals, and the company is actively pushing forward with project timelines [4] Group 3: Market Outlook - The pricing trends for data centers in the Beijing area are uncertain, influenced by supply and demand dynamics, with stricter energy consumption approvals affecting supply growth [4] - The demand for data centers is primarily driven by the internet and cloud computing sectors, with increasing requirements for computing power due to advancements in artificial intelligence [4] - The company is monitoring the differences in policy incentives and electricity pricing between projects in Hohhot and Helinger, with both requiring formal energy consumption approvals [4][5]

Summary of the Conference Call for Guanghuan New Network Company Overview - **Company**: Guanghuan New Network - **Industry**: Data Center and Cloud Computing Key Points and Arguments Financial Performance - In the first half of 2025, Guanghuan New Network reported a net profit attributable to shareholders of 115 million RMB, a year-on-year decline of 57.01% [3] - Revenue for the same period was 3.716 billion RMB, down 5.15% year-on-year [3] - Operating cash flow decreased by 17.34%, amounting to 600 million RMB [3] - The decline in profits was primarily due to a decrease in revenue from IDC and cloud computing services, with IDC revenue down 2.08% and cloud computing revenue down 7.67% [2] Business Segment Performance - IDC business revenue was 1.07 billion RMB, slightly down by 2.08% [5] - Cloud computing revenue was 2.57 billion RMB, down 7.67%, with significant declines noted in Amazon Web Services (AWS) and Wushuang Technology [5] Profit Margins - IDC business gross margin was 32.7%, a decrease of 1.8% year-on-year [6] - Cloud computing and related business gross margin was 7.76%, down 1.69% [6] - Margins in Beijing decreased due to client relocations and increased operational costs, while margins in Shanghai and Hebei improved due to better resource utilization [11] Project Developments - The company plans to scale its cabinet capacity to 230,000 units, with over 72,000 already in operation and 16,000 added in the first half of 2025 [7] - The Tianjin Baodi project has completed its first phase and is in the process of delivering the second phase, while the third phase has been initiated [7] - The Shanghai Jiading project has sold out its first phase and is gradually increasing its cabinet utilization [7] Challenges and Market Conditions - The H20 ban has limited GPU card supply, affecting the deployment pace of the Tianjin Baodi project [4] - The ITC pricing in the Beijing area is influenced by supply-demand dynamics, with operators competing for market share in resource-limited areas [4][19] - The company remains optimistic about future IDC demand despite short-term supply constraints for GPU servers [27] International Expansion - Attempts to expand overseas have faced challenges, particularly in Malaysia due to changes in power and water resource availability and U.S. GPU policy shifts [2][14] - The company is actively seeking new international projects but has not yet finalized any [14] Environmental Initiatives - Guanghuan New Network has engaged in green electricity trading, achieving a reduction of 130,000 tons of CO2 emissions and saving 30 million kWh of electricity [8] - Solar power systems have been installed in several data centers, generating an annual output of 4 million kWh [8] Strategic Partnerships - A strategic cooperation agreement was signed with Green Deep Vision to integrate AI into various sectors, leveraging Guanghuan's infrastructure and Green Deep Vision's AI models [10] Future Outlook - The company maintains a positive outlook on IDC demand driven by rapid AI infrastructure development and increasing data usage [27] - The asset revenue recognition schedule is expected to stabilize, with an estimated annual revenue of approximately 100 million RMB [27] Additional Important Information - The company is exploring liquid cooling technology to meet increasing IT capacity demands, with a projected increase in the adoption rate [23] - The company has two projects planned in Inner Mongolia for 2025, with a total capacity of 400 MW [25]

2025半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：北京光环新网科技股份有限公司 金额单位：人民币万元 | 非经营性资 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算 | 2025年初占用资金 | 2025半年度 占用累计发 | 2025半年度 占用资金 | 2025半年度 偿还累计发 | 2025年6月30日 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金占用 | | 的关联关系 | 的会计科目 | 余额 | 生金额（不 含利息） | 的利息 （如有） | 生额 | 占用资金余额 | | | | 现大股东及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小 计 | —— | —— | —— | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | —— | —— | | 前大股东及 | | | | | | | | | | | | 其附属企业 | | | | | | | | ...