本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 润泽智算科技集团股份有限公司（简称"公司"或"上市公司"）于2025 年4月22日召开第四届董事会第二十九次会议、第四届监事会第二十二次会议， 审议通过了《关于重大资产重组业绩承诺实现情况、业绩承诺期满减值测试结果 及业绩补偿方案暨拟回购注销对应补偿股份的议案》，同时收到控股股东及其他 业绩补偿义务人《关于积极履行业绩补偿方案的承诺》，现将相关事项公告如下： 一、重大资产重组情况 公司于2020年11月11日召开第三届董事会第二十九次会议、2021年4月20日 召开第三届董事会第三十五次会议以及2021年6月28日召开2021年第一次临时股 东大会，审议通过了《关于本次重大资产置换、发行股份购买资产并募集配套资 金暨关联交易具体方案的议案》，公司向京津冀润泽（廊坊）数字信息有限公司 （简称"京津冀润泽"）、北京天星汇市政工程有限公司（简称"北京天星汇"）、 润惠（廊坊）企业管理合伙企业（有限合伙）（简称"润惠合伙"）和共青城润 湘投资合伙企业（有限合伙）（简称"润湘投资"）等14名交易对方购买其持有 的润泽科技发 ...

润泽智算科技集团股份有限公司 2024 年度内部控制自我评价报告 润泽智算科技集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（简称"企业内部控制规范体系"），结合润泽智算科技集团股份有限公司（简 称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础 上，我们对公司 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控制有 效性进行了评价。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 3 日，公司不存在非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内 部控制有效性评价结论的因素。 一、重要声明 按照企业内部控制规范体系的规定，建立健全并有效实施内部控制，评价其 有效性且如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立 和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任 何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性 承担个别及连带法律责任。 ...

Investment Rating - The report maintains a positive outlook on the AI industry and the computer sector, suggesting to watch specific companies such as Huada Jiutian, Dameng Database, Kingsoft Office, Newland, Tongxingbao, Saiyi Information, Hongquan IoT, and Runze Technology [3][5]. Core Insights - The AI industry is progressing with both foundational technology and commercial applications, with no signs of stagnation. The penetration of various AI applications is expected to accelerate [3][5]. - OpenAI has recently released several new models, including GPT-4.1, GPT-4.1 mini, and GPT-4.1 nano, which show significant improvements in programming and instruction execution capabilities [3][5]. - Major AI companies are entering the Model Context Protocol (MCP) space, which is anticipated to accelerate the development of AI Agents. Alibaba Cloud has launched a full lifecycle MCP service, significantly lowering development barriers [3][5]. - NVIDIA's CEO has expressed a commitment to serving the Chinese market, despite export license requirements for certain chips, indicating a positive outlook on China's economic prospects [3][5]. Summary by Sections Investment Recommendations - The report suggests a focus on companies such as Huada Jiutian, Dameng Database, Kingsoft Office, Newland, Tongxingbao, Saiyi Information, Hongquan IoT, and Runze Technology due to their potential in the AI sector [3][5]. Recent Developments - OpenAI's new models, including o3 and o4-mini, are defined as "visual reasoning models" and have enhanced capabilities for image processing and tool access [3][5]. - The launch of Alibaba's MCP services and the entry of other AI giants like OpenAI, Microsoft, Google, and Baidu into the MCP space are expected to foster growth in AI Agents [3][5]. Market Position - NVIDIA's CEO has reaffirmed the company's dedication to the Chinese market, highlighting the importance of regulatory compliance and collaboration with Chinese officials to optimize product offerings [3][5].

Core Viewpoint - The article discusses the significant downturn in the computing power infrastructure sector, driven by AI technology iterations and reduced capital expenditures from major players, leading to a supply-demand imbalance in the industry [2][3][5]. Group 1: Industry Trends - Several companies, including Feilixin, Lianhua Holdings, and Jinjis Co., have terminated multi-million yuan computing power leasing contracts, indicating a broader trend of supply-demand imbalance in the industry [3]. - IDC companies like GDS Holdings and Runze Technology are facing a "prisoner's dilemma," with many top firms' debt ratios exceeding the 65% warning line [4]. - Recent regulatory scrutiny of IDC industry REITs reflects concerns about the quality of underlying assets and growth expectations in the sector [5][27]. Group 2: Market Dynamics - The global market is undergoing a paradigm shift in computing power development, with companies like Microsoft scaling back their AI data center investments [8]. - High-frequency trading reports indicate a systematic revaluation of the AI infrastructure sector, with a notable decline in the "Energy + AI" investment portfolio since January [9]. - The anticipated peak in global data center capacity has been moved up to 2025, with supply-demand dynamics expected to improve between 2024 and 2027, although average utilization rates will remain above historical averages [10]. Group 3: Operational Challenges - In China, the computing power scale reached 246 EFLOPS by mid-2024, with intelligent computing power applications growing over 65% year-on-year, yet the average cabinet utilization remains low at 20%-30% [11]. - Many companies that ventured into computing power leasing in 2023 have since reversed course, with significant contract terminations reported [14][15]. - The low utilization rates and declining rental prices have led to many intelligent computing centers struggling to cover operational costs, with little hope for investment returns [16]. Group 4: Regulatory Environment - Recent government-led initiatives aim to assess computing power resources, targeting the chaotic expansion of data centers [6][17]. - The regulatory focus on the industry highlights structural issues such as supply-demand imbalances and resource misallocation, suggesting a shift towards quality improvement in infrastructure construction [18][19]. Group 5: Financial Risks - The high debt levels in the IDC sector are concerning, with companies like GDS Holdings and Runze Technology reporting debt ratios of 67.86% and 66.02%, respectively [23]. - The reliance on debt financing for expansion poses significant risks, especially with long project payback periods and imbalances between short-term debt pressures and long-term cash flow generation [24]. - Regulatory feedback on REIT projects indicates a cautious approach towards growth expectations in the data center industry, emphasizing the need for sustainable cash flow and operational stability [28]. Group 6: Future Outlook - The industry faces a dual pressure of supply-demand dynamics and stringent regulatory scrutiny, making it crucial for IDC companies to balance short-term survival with long-term growth [30]. - There are mixed opinions on whether the industry will see a reversal in growth trends, with some experts noting strong customer loyalty and ongoing demand, while others remain concerned about excess computing power and resource constraints [31][32]. - Overall, the narrative of high growth in the computing power sector is retreating, but the long-term outlook may lead to a healthier supply-demand balance if companies can find equilibrium between financial stability and technological advancement [33].

Summary of the Conference Call for Runze Technology Industry Overview - The domestic IDC market is showing an upward trend in retail prices, with wholesale customer prices expected to rise in the second half of 2025, similar to trends observed in the U.S. market over the past three years, driven by demand from cloud vendors like Alibaba and Tencent [2][4] - The demand from cloud vendors is currently on the rise, particularly in inference applications, with major cloud vendors exceeding expectations in their operational timelines [3] Company Insights - Runze Technology is a leading third-party IDC provider, focusing on high-standard IDC construction, with data center designs approaching T4 standards and a power capacity of 400 megawatts in its Langfang park [2][7] - The chairman of Runze Technology, Zhou Taonan, holds over 60% of the shares, which enhances decision-making efficiency and long-term strategic implementation [2][8] - Runze Technology has a deep partnership with ByteDance, with over 60% of its revenue from this collaboration, benefiting from a prime location near Beijing's backbone network [2][10][12] Financial Performance and Growth Strategy - Runze Technology has strict cost control measures, utilizing high-standard equipment to improve safety and redundancy, successfully meeting performance commitments from 2021 to 2024, totaling a net profit of 5.6 billion yuan [2][9] - The company is expanding into regions like the Yangtze River Delta and the Bay Area, optimizing its customer structure and enhancing scalability to meet future demand [4][13] - Runze Technology's revenue and performance growth are closely tied to its collaboration with ByteDance, which has remained strong despite challenges in the IDC industry [10] Technological Advancements - The Huawei 910C chip has a single-card performance of 0.8P, five times that of the H20 chip, significantly enhancing cluster computing power due to advancements in domestic chip production [2][6] Market Position and Competitive Advantage - Runze Technology's geographical advantage, being close to key internet nodes, and its high-standard data center construction attract large internet companies [12][14] - The company has established long-term contracts with cloud vendors, ensuring stable revenue streams and improving return on equity [15] Future Outlook - Runze Technology plans to deliver an additional 460 megawatts in 2025, equivalent to the total output of the past 15 years, with a projected 50% growth target for the year [19][20] - The company is also developing its AIDC business, which includes server leasing, further enhancing profitability [18] Risk Management - Collaborating with operators to shorten payment cycles from 8 months to 2 months helps mitigate financial risks and improve overall profitability [16][17] This summary encapsulates the key points from the conference call, highlighting the strategic direction, financial performance, and market positioning of Runze Technology within the IDC industry.

长沙晚报掌上长沙4月11日讯（全媒体记者 范宏欢）为贯彻落实湖南省支持大学生创业"七个一"行动和长沙打造 全球研发中心城市等重点工作部署，切实发挥金融对科技创新和产业发展的支持作用，促进金融资本投早、投 小、投长期、投硬科技，为大学生创新创业提供金融保障，4月11日，长沙市科技型企业与大学生创新创业项目融 资路演暨"上市苗圃贷"发布活动在长沙举行。 推动科技与金融双向奔赴 作为2025年长沙金融服务实体经济系列主题活动的首场活动，本次创新性地采用了信贷+股权、线下+线上相结合 的形式，吸引了全市80多家企业及投资机构、各区县（市）金融事务中心负责人以及省内高校代表等近150人参 加。 活动现场，建设银行湖南省分行发布"上市苗圃贷"（建苗贷）产品，针对全市上市后备库企业集中批量授信。该 产品旨在助力企业在技术研发、市场拓展等关键环节实现质的飞跃，秉持"见苗就贷，逢苗必贷"原则，切实加大 对上市后备企业的资金支持力度，全力帮助企业破除发展瓶颈，推动金融服务实体经济取得显著成效。 在"星城投融荟"投融资路演环节，来自人工智能、智能制造、电子科技、新能源等领域的15个优质项目精彩亮 相。各创业团队通过详细阐述科技创新 ...

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]

| 公司简称 | 回购或增持 | 公告内容 | | --- | --- | --- | | 中国中铁 | 回頃 | 董事长提议回购8亿元-16亿元公司A股股份 将用于该少注册资本 | | 歌尔股份 | 回收 | 拟回购5亿元至10亿元公司股份 | | 润泽科技 | 回收 | 董事长提议以5亿元-10亿元回购公司股份 | | 卫星化学 | 回收 | 拟2亿元-4亿元回购公司股份 | | 盈峰环境 | 回购 | 拟2亿元-3亿元回购公司股份 | | 天山铝业 | 回购 | 拟2亿元-3亿元回购公司股份 | | 上海电气 | 回购 | 拟1.5亿元-3亿元回购A股股份用于减少注册资本 | | 三环集团 | 回购 | 拟1.5亿至2亿元回购公司股份 | | 锡业股份 | 回购 | 股东提议1亿元-2亿元回购股份用于减少注册资本 | | 浪潮信息 | 回购+增持 | 董事长提议回购2亿元-3亿元公司股份 浪潮集团拟增持1亿元-2亿元公 司股份 | | 新凤鸣 | 壇持 | 控股股东拟2亿元-3亿元增持公司股份 | | 宝钛胶份 | 壇持 | 控股股东拟增持1.5亿元-3亿元 | | 安徽合力 | 壇持 | 控股股东拟增 ...

Group 1 - A batch of A-share listed companies announced share buybacks and increases in holdings, with companies accelerating their actions [1] - GoerTek's controlling shareholder completed the share increase plan, with a total expenditure of approximately 1 billion yuan [2] - Daqin Railway received a stake increase from CITIC Financial Assets, reaching a holding ratio of 5% [2] Group 2 - New Fengming plans to increase its shareholding by 200 million to 300 million yuan [1] - Baotai shares plans to increase its shareholding by 150 million to 300 million yuan [1] - Junsheng Electronics plans to increase its shareholding by 50 million to 100 million yuan [1] Group 3 - China Railway proposed a share buyback of 800 million to 1.6 billion yuan to reduce registered capital [1] - Sichuan Jiuzhou proposed a share buyback of 100 million to 200 million yuan for the same purpose [1] - Energy National Zhen proposed a share buyback of 50 million to 100 million yuan [1]

证券代码：300442 证券简称：润泽科技 公告编号：2025-003 润泽智算科技集团股份有限公司 关于董事长提议回购公司部分股份的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 润泽智算科技集团股份有限公司（简称"公司"）董事会于 2025 年 4 月 10 日收到公司董事长周超男女士（简称"提议人"）《关于提议润泽智算科技集团 股份有限公司回购部分股份的函》，具体内容如下： 一、 提议人的基本情况及提议时间 （一）提议人：公司董事长周超男女士。 （二）提议时间：2025 年 4 月 10 日。 （三）是否享有提案权：是 （一）回购股份的种类：公司发行的人民币普通股（A 股）。 （二）回购股份的用途：用于股权激励或员工持股计划或用于转换上市公司 发行的可转换为股票的公司债券。公司在股份回购完成之后 36 个月内未能实施 1 上述用途，或所回购的股份未全部用于上述用途，未使用的部分将履行相关程序 予以注销。 （三）回购股份的方式：通过深圳证券交易所交易系统以集中竞价交易方式 进行股份回购。 （四）回购股份的价格：不高于公司董事会审议通过回购股份方 ...