| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 广东奥飞数据科技股份有限公司 第四届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 二、监事会会议审议情况 经与会监事认真审议，会议以记名投票表决方式通过了以下议案并形成如下 决议： （一）审议通过《关于控股子公司拟申请在新三板挂牌的议案》 公司监事会同意控股子公司广东奥飞新能源股份有限公司（以下简称"奥飞 新能源"）拟申请在全国中小企业股份转让系统（以下简称"新三板"）公开转 让并挂牌事宜，并授权公司及奥飞新能源管理层具体办理奥飞新能源新三板挂牌 相关事宜。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见刊登在中国证券监督管理委员会指定的创业板信息披露网站 巨潮资讯网（www.cninfo.com.cn）上的相关文件。 三、备查文件 （一）经与会监事签字确认的《广东奥飞数据科技股份有限公司第四届监事会 ...

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 | 证券代码：300738 | 证券简称：奥飞数据 公告编号：2025-070 | | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | 广东奥飞数据科技股份有限公司 第四届董事会第二十三次会议决议公告 一、董事会会议召开情况 广东奥飞数据科技股份有限公司（以下简称"公司"或"奥飞数据"）第四届董 事会第二十三次会议（以下简称"会议"）于 2025 年 7 月 30 日以现场与通讯相结 合的方式在公司会议室召开，以书面方式进行表决。本次会议为紧急会议，会议 通知已于 2025 年 7 月 29 日以电话通知、电子通讯通知、专人送达等方式发出。 应当参加会议董事 9 人，实际参加会议董事 9 人。经全体董事共同推举，会议由 公司董事黄展鹏先生主持，公司监事、高级管理人员列席会议。会议的召集、召 开程序以及表决程序符合《公司法》及《公司章程》等有关规定，形成的决议合 法有效。 二、董事会会议审议情况 经与会董事认真审议，会议以记名投票表决方式通过了以下议案并形成如下 决议： （一）审议 ...

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 广东奥飞数据科技股份有限公司 关于控股子公司拟申请在新三板挂牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 2025 年 7 月 30 日，广东奥飞数据科技股份有限公司（以下简称"公司"或"奥 飞数据"）召开第四届董事会第二十三次会议、第四届监事会第二十次会议并审 议通过《关于控股子公司拟申请在新三板挂牌的议案》，同意控股子公司广东奥 飞新能源股份有限公司（以下简称"奥飞新能源"）拟申请在全国中小企业股份 转让系统（以下简称"新三板"）公开转让并挂牌事宜，并授权公司及奥飞新能 源管理层具体办理奥飞新能源新三板挂牌相关事宜。该议案无须提交公司股东大 会审议。现将相关内容公告如下： 一、奥飞新能源基本情况 （一）基本情况 1、公司名称：广东奥飞新能源股份有限公司 2、统一社会信用代码：91440101MA9XTJPA4W 3、企业类型：其他股份有限公司（非上市） 4、 ...

| 证券代码：300738 | 证券简称：奥飞数据 公告编号：2025-071 | | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | 广东奥飞数据科技股份有限公司 （一）可转换公司债券发行情况 关于不提前赎回奥飞转债的公告 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。 特别提示： 1、自 2025 年 7 月 10 日至 2025 年 7 月 30 日，广东奥飞数据科技股份有限 公司（以下简称"公司"或"奥飞数据"）股票已有十五个交易日的收盘价不低于"奥 飞转债"当期转股价格（即 10.06 元/股）的 130%（即 13.078 元/股）。根据《广 东奥飞数据科技股份有限公司 2021 年度向不特定对象发行可转换公司债券并在 创业板上市募集说明书》（以下简称"《募集说明书》"）中有条件赎回条款的相 关规定，已触发了"奥飞转债"的有条件赎回条款（即：在转股期内，如果公司股 票在任何连续 30 个交易日中至少 15 个交易日的收盘价格不低于当期转股价格 的 130%（含 130%））。 2、2025 年 7 月 30 日，公司 ...

Market Overview - The Shanghai Composite Index rose by 0.12% on July 28, with 15 out of the 28 sectors experiencing gains, led by defense and non-bank financial sectors, which increased by 1.86% and 1.51% respectively [1] - The communication sector also saw an increase of 1.24% [1] - The coal and steel sectors faced the largest declines, with decreases of 2.60% and 1.41% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 18.575 billion yuan, with 8 sectors experiencing net inflows [1] - The electronic sector had the highest net inflow, totaling 3.655 billion yuan, followed by the communication sector with a net inflow of 2.848 billion yuan [1] - The computer sector had the largest net outflow, amounting to 6.892 billion yuan, followed by the non-ferrous metals sector with a net outflow of 3.254 billion yuan [1] Communication Sector Performance - The communication sector increased by 1.24%, with a total net inflow of 2.848 billion yuan, and 86 out of 125 stocks in this sector rose [2] - Notably, 3 stocks hit the daily limit up, while 36 stocks declined, with 1 stock hitting the daily limit down [2] - The top three stocks with the highest net inflow were Guangxun Technology (1.257 billion yuan), Xinyi Sheng (588 million yuan), and Zhongji Xuchuang (442 million yuan) [2] Communication Sector Capital Inflow - The top stocks in the communication sector by capital inflow included: - Guangxun Technology: +10.00%, turnover rate 14.12%, inflow 1.257 billion yuan - Xinyi Sheng: +2.79%, turnover rate 7.31%, inflow 588 million yuan - Zhongji Xuchuang: +3.59%, turnover rate 3.97%, inflow 442 million yuan [2] Communication Sector Capital Outflow - The top stocks in the communication sector by capital outflow included: - Aofei Data: -2.52%, turnover rate 5.17%, outflow -104.65 million yuan - Data Port: -0.52%, turnover rate 3.84%, outflow -96.10 million yuan - Guanghuan New Network: -2.17%, turnover rate 4.26%, outflow -89.18 million yuan [3]

Investment Rating - Industry rating: Recommended [4] Core Insights - The report emphasizes the importance of open and shared AI capabilities, highlighting the ongoing growth in the AI sector and the potential for significant investment opportunities in related companies [6][7] - The satellite internet sector is experiencing rapid development, with advancements in satellite constellations leading to increased communication capacity and reduced latency, alongside emerging applications in mobile broadband and intelligent driving systems [8][10] Summary by Sections AI and Computing Power - The AI sector is expected to maintain high growth due to strong overseas performance and elevated guidance, with short-term recommendations for companies benefiting from potential easing of chip bans, including Unisplendour, ZTE, and others [7][11] - Long-term growth in the computing power industry is anticipated, driven by advancements in inference computing and model upgrades, with key beneficiaries identified as NewEase, Zhongji Xuchuang, and Tianfu Communication [7][11] Satellite Internet Development - The report notes a significant service interruption of Starlink for approximately 2.5 hours, affecting tens of thousands of users globally, while also highlighting ongoing breakthroughs in domestic inter-satellite laser communication [8][10] - Continuous recommendations for companies like Haige Communication and related beneficiaries such as Zhenlei Technology and Shanghai Hanhua are made, reflecting the robust growth in the satellite internet market [8][10] Communication Infrastructure - The report identifies key players in the communication infrastructure sector, including major operators like China Mobile, China Telecom, and China Unicom, as well as equipment manufacturers such as ZTE and Unisplendour [11][12] - Recommendations extend to companies involved in optical network upgrades and edge computing, with specific mentions of optical module manufacturers and edge security firms [11][12]

Group 1 - The company, Guangdong Aofei Data Technology Co., Ltd., has seen its stock price from July 10, 2025, to July 23, 2025, close at or above 130% of the current conversion price of the convertible bond, indicating a potential trigger for the conditional redemption clause of the "Aofei Convertible Bond" [1][8] - The current conversion price of the "Aofei Convertible Bond" is 10.06 yuan per share, and the 130% threshold for triggering redemption is 13.078 yuan per share [1][8] - If the stock price continues to meet the threshold, the company's board has the authority to redeem all or part of the unconverted "Aofei Convertible Bonds" at face value plus accrued interest [1][8] Group 2 - The company issued 6.35 million convertible bonds with a total fundraising amount of 635 million yuan, with a face value of 100 yuan per bond [2] - The conversion period for the bonds is from June 9, 2021, to December 2, 2027 [2] - The bond's conversion price has been adjusted multiple times, with the latest adjustment bringing it down to 10.09 yuan per share [5][6] Group 3 - The bond has a tiered interest rate structure, starting at 0.5% in the first year and increasing to 2.8% in the sixth year [8] - The company has outlined specific conditions under which the bonds can be redeemed, including if the stock price remains above the conversion price for a specified period or if the unconverted bond balance falls below 30 million yuan [7][8]

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 广东奥飞数据科技股份有限公司 关于奥飞转债预计触发赎回条件的提示性公告 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。 特别提示： 广东奥飞数据科技股份有限公司（以下简称"公司"或"奥飞数据"）股票价格 自 2025 年 7 月 10 日至 2025 年 7 月 23 日已有十个交易日的收盘价不低于"奥飞 转债"当期转股价格的 130%。如后续公司股票收盘价格继续不低于当期转股价格 （即 10.06 元/股）的 130%（即 13.078 元/股），预计后续可能触发"奥飞转债"有 条件赎回条款。根据《广东奥飞数据科技股份有限公司 2021 年度向不特定对象 发行可转换公司债券并在创业板上市募集说明书》（以下简称"《募集说明书》"） 中有条件赎回条款的相关规定，届时公司董事会有权决定按照债券面值加当期应 计利息的价格赎回全部或部分未转股的"奥飞转债"。 敬请广大投资者详细了解可 ...

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 广东奥飞数据科技股份有限公司 关于全资子公司增资扩股引入投资者的进展 暨完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、本次交易基本情况 2025 年 5 月 20 日，广东奥飞数据科技股份有限公司（以下简称"公司"或 "奥飞数据"）召开第四届董事会第二十一次会议、第四届监事会第十八次会议 并审议通过《关于放弃子公司增资扩股的优先认购权暨关联交易的议案》，同意 全资子公司广州奥融科技有限公司（以下简称"奥融科技"）通过增资扩股的方 式引入投资方广州天泽奥融股权投资基金合伙企业（有限合伙）（以下简称"天 泽奥融"）。天泽奥融拟对奥融科技增资人民币 460,000,000 元，认购其新增注 册资本人民币 15,333,333 元，剩余部分计入资本公积，而公司放弃本次增资的优 先认购权。上述事项已经于 2025 年 6 月 6 日召开的 2025 年第 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The report discusses the IDC industry, focusing on demand measurement and valuation from a quantitative perspective, highlighting the importance of AI servers as core equipment in IDC [1][14] - It provides four methodologies for estimating IDC demand: capital expenditure perspective, application token call volume perspective, IDC vendor revenue perspective, and server shipment volume perspective [14][17] - The report emphasizes that EBITDA is a more accurate reflection of IDC companies' operational performance compared to net profit, advocating for the use of EV/EBITDA valuation method [22][32] Demand Measurement - The IDC industry in China generated revenue of 240.7 billion yuan in 2023, with a year-on-year growth of 26.68% and a compound annual growth rate of 17.07% over the past three years [13] - The number of operational data center racks in China reached 8.1 million in 2023, with an average power of 20.5 kW per rack, reflecting a 24.2% increase from 2022 [13] - The four demand measurement methodologies include: 1. Capital expenditure perspective: Estimating AI server demand based on capital expenditure plans from major companies [17] 2. Application token call volume perspective: Deriving IDC demand from token and FLOPS requirements [17] 3. IDC vendor revenue perspective: Predicting future IDC revenues of major listed companies to estimate market size [17] 4. Server shipment volume perspective: Tracking quarterly AI server shipments to infer IDC demand [15][21] Valuation of IDC Companies - IDC companies primarily use the EV/EBITDA valuation method, as EBITDA better reflects the actual operating conditions and industry characteristics [22][32] - The report highlights the significance of EBITDA rates in indicating the core competitiveness of IDC companies, influenced by client structure and contract terms [30][28] - North American IDC leader Equinix's transition to REITs is noted as a model for Chinese IDC companies, emphasizing the importance of expanding value-added services [42][45] Investment Recommendations - Short-term focus on the IDC industry is advised due to supply disruptions from high-end chip availability, with a recommendation to monitor new chip testing and bidding activities [3] - Long-term outlook remains positive, with a focus on financing costs, power supply optimization, and the expansion of value-added services [3] - Specific companies to watch include: 1. 万国数据 (GDS): Leading IDC company with significant overseas market expansion [46] 2. 润泽科技 (Runze Technology): Rapid capacity expansion and REITs issuance [64] 3. 世纪互联 (CenturyLink): Strong market presence with a dual focus on base and city-type IDC services [58]