Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company experienced accelerated revenue growth and significant reduction in losses in Q1 2025, driven by cloud services, international expansion, and cost efficiency [7]. - The AI wave is expected to be a core growth driver, with the company's cloud products poised for rapid expansion due to increased demand for private deployment of AI models [7]. - The company reported a 21.91% year-over-year increase in revenue for Q1 2025, reaching 1.262 billion yuan, while the net profit attributable to shareholders was a loss of 250 million yuan, but this represented a 48.93% improvement year-over-year [7]. Financial Data and Valuation - Total revenue projections for 2025-2027 are 8.558 billion yuan, 9.820 billion yuan, and 11.046 billion yuan, reflecting year-over-year growth rates of 14%, 15%, and 12% respectively [2][7]. - The net profit attributable to shareholders is expected to reach 336 million yuan, 427 million yuan, and 530 million yuan for the same period, with growth rates of 71%, 27%, and 24% respectively [2][7]. - The company's current price-to-earnings (PE) ratio is 111.5 for 2025, decreasing to 70.8 by 2027, indicating improving valuation metrics over time [2][14]. Operational Efficiency - The company has successfully reduced its operating expenses, with significant decreases in sales, management, and R&D expense ratios, leading to a combined reduction of 29.47 percentage points [7]. - The gross margin for Q1 2025 was reported at 60.38%, showing an improvement of approximately 2.2 percentage points year-over-year, indicating a recovery in profitability [7]. Market Position - The company has achieved a market share of 20.2% in the hyper-converged infrastructure segment, ranking first in the domestic market for 2024 [7]. - International orders have seen a growth rate exceeding 50%, reflecting successful market expansion efforts [7].

Financial Performance - The company reported a basic earnings per share of -0.5900 yuan for Q1 2025, an improvement of 49.14% compared to -1.1600 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -2.5 billion yuan, showing a 48.88% reduction from -4.89 billion yuan in Q1 2024 [1] - The operating revenue increased by 21.93% to 12.62 billion yuan in Q1 2025, compared to 10.35 billion yuan in Q1 2024 [1] - The return on equity was -2.75% in Q1 2025, an improvement from -5.70% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 98.67 million shares, accounting for 35.48% of the circulating shares, with an increase of 5.55 million shares compared to the previous period [2] - Notable shareholders include He Chaoxi with 21.06 million shares (7.57%), and Xiong Wu with 18.25 million shares (6.56%), both remaining unchanged [3] - Hong Kong Central Clearing Limited increased its holdings by 9.58 million shares to 16.02 million shares (5.76%) [3] Dividend Policy - The company has decided not to distribute or transfer any dividends this time [4]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于续聘 2025 年度审计机构的公告 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。 深信服科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开公 司第三届董事会第二十八次会议，审议通过了《关于续聘 2025 年度审计机构的 议案》，同意续聘安永华明会计师事务所（特殊普通合伙）（以下简称"安永华 明"）担任公司 2025 年度财务报告和内部控制审计机构，聘期一年，自 2024 年 年度股东会审议通过之日起生效。现将具体情况公告如下： 一、 拟续聘会计师事务所的基本情况 (一)机构信息 1.基本信息： （1）机构名称：安永华明会计师事务所（特殊普通合伙） （2）成立日期：1992 年 9 月（2012 年 8 月完成本土化转制） （3）组织形式：特殊普通合伙，安永华明总部设在北京 （4）注册地址：北京市东城区东长安街 1 号东方广场 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于调整募集资金投资项目 实施期限的公告 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。 深信服科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第三 届董事会第二十八次会议及第三届监事会第二十二次会议，审议通过了《关于调 整募集资金投资项目实施期限的议案》，同意公司将"深信服长沙网络安全与云 计算研发基地建设项目"（以下简称"长沙研发基地项目"）延期，现对有关事项 说明如下： 一、募集资金投资项目的概述 (一) 募集资金基本情况 经中国证券监督管理委员会《关于同意深信服科技股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1428 号）批复同意，公 司向不特定对象发行可转换公司债券数量 1,214.7560 万张，每张面值 100.00 元， 募集资金总额为人民币 1,214,756,000.00 元 ...

目 录 CONTENT 报告编制说明 01 | 01 | | | --- | --- | | 关于深信服 | 03 | | 公司概况 | 03 | | 荣誉及奖项 | 04 | | 公司大事记 | 05 | ESG 管理篇 07 ESG 管理架构 双重重要性分析 02 07 08 03 | 环境篇： | | | --- | --- | | 绿色守护，生态共建 | 16 | | 应对气候变化 | 16 | | 绿色办公运营 | 18 | 04 | 社会篇： | | | --- | --- | | 共创价值，共享繁荣 | 21 | | 产品和服务安全与质量 | 21 | | 科技创新 | 26 | | 知识产权保护 | 28 | | 信息安全与客户隐私保护 | 30 | | 推动行业发展 | 33 | | 员工管理 | 35 | | 供应链管理 | 40 | | 社会贡献与乡村振兴 | 42 | 治理篇： 05 | 稳健治理，持续发展 | 44 | | --- | --- | | 治理实践 | 44 | | 合规风控 | 46 | | 商业道德 | 50 | | ESG | 数据表及附注 | 54 | | --- ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于召开 2024 年年度股东会的通知 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。 一、 召开会议的基本情况 1、股东会届次：2024 年年度股东会 2、股东会会议召集人：深信服科技股份有限公司（以下简称"公司"）董事会 3、会议召开的合法、合规性： （1）本次股东会召开符合《公司法》《证券法》《上市公司股东会规则》 等相关法律、法规和《公司章程》的有关规定。 （2）公司第三届董事会第二十八次会议审议通过了《关于召开 2024 年年度 股东会的议案》。 4、股东会现场会议召开时间： （1）现场会议：2025 年 5 月 15 日（星期四）下午 15:00（参加现场会议的 股东请于会前 15 分钟到达开会地点，办理登记手续）。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 5 月 15 日上午 9：15-9：2 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 第三届监事会第二十二次会议决议公告 本公司及监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。 一、监事会会议召开情况 深信服科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日以电子邮 件等方式发出通知，于 2025 年 4 月 23 日在公司会议室以现场及通讯方式召开第 三届监事会第二十二次会议。本次会议应出席监事 3 名，实际出席监事 3 名。本 次监事会会议由监事会主席郝丹女士主持。本次会议的召集和召开符合《公司法》 等法律、法规以及《公司章程》的规定。 二、监事会会议审议情况 经与会监事审议，以投票表决方式通过了以下决议： (一)审议通过《关于公司<2025 年第一季度报告>的议案》 (二)审议通过《关于调整募集资金投资项目实施期限的议案》 经审核，监事会认为：公司本次对"深信服长沙网络安全与云计算研发基地 建设项目"（以下简称"长沙研发 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 第三届董事会第二十八次会议决议公告 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。 一、 董事会会议召开情况 深信服科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日以电子 邮件等方式发出通知，于 2025 年 4 月 23 日在公司会议室以现场及通讯方式召开 第三届董事会第二十八次会议。本次会议应出席董事 6 名，实际出席董事 6 名。 本次董事会会议由董事长何朝曦先生主持。本次会议的召集和召开符合《公司法》 等法律、法规以及《公司章程》的规定。 二、 董事会会议审议情况 经与会董事审议，以投票表决方式通过了以下决议： (一) 审议通过《关于公司<2025 年第一季度报告>的议案》 全体董事审议认为，2025 年第一季度报告真实、准确、完整地反映了公司 2025 年第一季度的财务状况和经营成果，不存在虚假记载、误导性陈述和重大 遗漏 ...

中信建投证券股份有限公司 注：（1）以上已投入募集资金金额未经审计； 关于深信服科技股份有限公司 调整募集资金投资项目实施期限的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作为深信 服科技股份有限公司（以下简称"深信服"或"公司"）向不特定对象发行可转换公司 债券并上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》等有关规定，对公司调整募集资金投资项目实施期限事项进行了核 查，具体情况如下： 一、募集资金投资项目的概述 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意深信服科技股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1428 号）批复同意，公司 向不特定对象发行可转换公司债券数量 1,214.7560 万张，每张面值 100.00 元，募 集资金总额为人民币 1,214,756,000.00 元，扣除发行费用人民币 9,036,166.38 元后， ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,261,856,703.33, representing a 21.91% increase compared to ¥1,035,080,040.95 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥249,624,825.26, an improvement of 48.93% from a loss of ¥488,764,945.10 in the previous year[5] - Basic and diluted earnings per share improved to -¥0.59, a 49.14% increase from -¥1.16 in the same period last year[5] - The company reported a net loss of approximately ¥249.62 million for the current period, compared to a net loss of ¥488.94 million in the previous period, indicating an improvement of about 48.9%[25] - Operating profit for the current period was a loss of ¥252.78 million, an improvement from a loss of ¥491.24 million in the previous period[25] - The company reported a total comprehensive loss of approximately ¥206.28 million for the current period, compared to a loss of ¥425.97 million in the previous period[25] Cash Flow - The net cash flow from operating activities improved to -¥831,097,831.88, a 28.00% reduction in cash outflow compared to -¥1,154,245,182.65 last year[5] - The net cash flow from operating activities for the current period was -831,097,831.88, an improvement of 28.00% compared to -1,154,245,182.65 in the previous period, primarily due to increased cash received from sales[12] - The company generated ¥1.51 billion in cash from sales of goods and services, an increase from ¥1.41 billion in the previous period[28] - Cash flow from operating activities showed a net outflow of ¥831.10 million, an improvement from a net outflow of ¥1.15 billion in the previous period[28] - The net cash flow from investing activities increased by 38.26% to 1,129,409,988.13, up from 816,875,259.53, mainly due to cash received from the sale of equity in other companies and the redemption of financial products[12] - Investment activities generated a net cash inflow of approximately ¥1.13 billion, compared to ¥816.88 million in the previous period, reflecting a significant increase[28] - The company received cash inflows from investment activities totaling approximately ¥3.14 billion, compared to ¥2.09 billion in the previous period[28] - The net cash flow from financing activities decreased significantly by 140.65% to -236,832,653.31, attributed to a substantial reduction in new bank loans compared to the same period last year[12] Assets and Liabilities - Total assets decreased by 10.06% to ¥13,690,782,206.75 from ¥15,222,417,503.15 at the end of the previous year[5] - Total current assets decreased to ¥6,006,239,875.00 from ¥6,904,082,920.30, a decline of 13.0%[21] - Total liabilities decreased to ¥4,688,198,618.02 from ¥6,054,321,999.31, representing a reduction of 22.5%[22] - The company's total equity attributable to shareholders decreased to ¥9,002,583,588.73 from ¥9,168,095,503.84, a decrease of 1.8%[22] - Long-term equity investments were reported at ¥469,829,705.38, slightly down from ¥473,520,460.82[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,110[14] - The top three shareholders hold significant stakes: He Chaoxi at 19.97% (84,240,000 shares), Xiong Wu at 17.31% (73,008,000 shares), and Feng Yi at 7.99% (33,696,000 shares)[14] - The company has repurchased a total of 364,900 shares at a total cost of 19,938,676.00 RMB, with a maximum price of 55.00 RMB per share[18] - The company approved a stock incentive plan granting 35 million restricted shares, with an initial grant of 28 million shares to 4,177 incentive targets[19] - The company plans to use between 100 million and 200 million RMB for share repurchase to implement employee stock ownership plans or equity incentive plans[18] - The company’s top ten shareholders include both individual and institutional investors, with no significant changes reported in their shareholding status[16] Operating Costs and Expenses - Operating costs increased by 15.49% to ¥499,922,501.48, driven by revenue growth[11] - Total operating costs decreased to ¥1,618,089,727.34 from ¥1,647,465,796.14, reflecting a reduction of 1.9%[24] - Research and development expenses decreased by 8.29% to ¥487,626,740.71 compared to ¥531,679,629.74 in the previous year[11] - Research and development expenses amounted to ¥487,626,740.71, down from ¥531,679,629.74, indicating a decrease of 8.3%[24] Other Income and Financials - The company reported a significant increase in other income, which rose by 121.34% to ¥4,123,456.40 due to higher penalties received compared to the previous year[11] - The company reported a financial income of ¥65,524,415.42, compared to ¥73,340,055.16 in the previous period, reflecting a decrease of 10.0%[24] - Cash and cash equivalents at the end of the period were ¥560,223,734.97, up from ¥525,277,088.65 at the beginning of the period, showing an increase of 6.5%[20] - Total cash and cash equivalents at the end of the period amounted to ¥519.10 million, down from ¥904.32 million at the end of the previous period[29] - The company experienced a foreign exchange loss affecting cash and cash equivalents of approximately ¥1.53 million, compared to a loss of ¥614,267.41 in the previous period[29]