证券代码：300846 证券简称：首都在线 公告编号：2025-082 北京首都在线科技股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开第六届董事会第七次会议审议通过了《关于<北京首都在线科技股份有限 公司 2025 年限制性股票激励计划（草案）>及其摘要的议案》《关于制订<北京 首都在线科技股份有限公司 2025 年限制性股票激励计划实施考核管理办法>的 议 案 》 等 议 案 。 具 体 内 容 详 见 公 司 于 2025 年 8 月 22 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上披露的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深 圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深圳证 券交易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自 律监管指南第 1 号》"）和《北京首都在线科技股份有限公司章程》（以下简称 "《公司章程》"）的相关规定，公司对 2025 年限制性股票激励计划（以下简 称"本激励计划"）首次授予激励对象名单在公司内部进行了公示。公司薪酬与 考核委员会结合公示情况 ...

Summary of Capital Online's Conference Call Company Overview - Capital Online is one of the early players in the global cloud-network integrated service sector in China, transitioning from IDC resale to cloud computing operations and now to AI-driven intelligent computing. Currently, the intelligent computing cloud business accounts for 13% of total revenue with a high gross margin, driving revenue growth [2][6][21]. Key Insights and Arguments - The core executive team has a strong background in cloud computing, telecommunications, and computing industries, positioning the company as a third-party neutral operator with unique advantages in customer competition and global deployment [2][8]. - By 2025, domestic demand for inference technology resources is expected to grow significantly, while the overseas market has entered a monetization phase. The cost advantage in the domestic market will accelerate growth, benefiting Capital Online [2][10]. - The scale of intelligent computing in China is projected to reach 103.73 billion Flops by 2025 and 278.39 billion Flops by 2028, with a compound annual growth rate of 39.94%. The demand for computing power in the AI era exceeds expectations, favoring infrastructure providers like Capital Online [2][13]. - The IDC industry supply-demand relationship is gradually improving due to tightened approvals and increased demand for cloud inference, which will enhance overall industry profitability [2][14]. Industry Dynamics - Capital Online's unique advantage lies in its global ITC and cloud technology resources, particularly in North America and Southeast Asia, which strengthens its position in serving top domestic AI clients [3][8]. - The company has undergone a transformation from IDC resale to cloud computing and now focuses on AI-driven intelligent computing, enhancing its competitive edge through the Max platform and heterogeneous computing services [4][15]. - The governance structure has been adjusted to respond to industry changes, including the establishment of various business units to better meet future AI demands [7]. Future Outlook - The company is strategically positioned to benefit from the rapid growth of AI demand, with a revenue structure where traditional computing accounts for 28%, intelligent computing cloud for 13%, and HC services for 55%. The high gross margin of intelligent computing cloud is expected to improve profitability as its share increases [6][21]. - By 2025, the domestic market is anticipated to reach a tipping point for large-scale deployment, while the overseas market will shift from training to application inference [6][10]. - The deep integration of software and hardware is crucial for optimizing costs and enhancing competitive advantages in the AI era [16][17]. Additional Considerations - The global expansion of AI applications is vital, with domestic models expected to accelerate their international presence, creating significant market opportunities for Capital Online [18]. - The company’s ability to build and operate IT facilities independently, along with low debt levels, enhances its responsiveness to rapid demand expansion [19]. - Capital Online is transitioning towards PaaS and MaaS to improve competitiveness, focusing on cost control as a core capability [20]. Conclusion - Capital Online is viewed as a key beneficiary in the upcoming AI wave due to its historical performance, strategic global positioning, and enhanced software and supply chain integration capabilities [21].

证券代码：300846 证券简称：首都在线 公告编号：2025-081 关于 2023 年限制性股票激励计划预留授予部分 第一个归属期限制性股票归属结果暨股份上市公告 北京首都在线科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有虚 假记载、误导性陈述或重大遗漏。 一、本激励计划实施情况概要 （一）本激励计划简介 公司分别于 2023 年 12 月 6 日、2023 年 12 月 22 日召开第五届董事会第二十四 次会议、第五届监事会第二十四次会议及 2023 年第三次临时股东大会审议通过《关 于<北京首都在线科技股份有限公司 2023 年限制性股票激励计划（草案）>及其摘 要的议案》等相关议案，本激励计划的主要内容如下： 重要内容提示： 1.本次归属的激励对象人数：23 人； 2.本次归属股票数量：38.78 万股，占本次归属前公司总股本的比例约为 0.0773%； 3.本次归属股票来源：公司向激励对象定向发行公司 A 股普通股股票； 4.本次归属股票上市流通日：2025 年 9 月 1 日。 北京首都在线科技股份有限公司（以下简称"公司"）于2025年8月21日召开第 六届董 ...

Market Overview - The market experienced a significant drop, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing down by 1.76%, 1.43%, and 0.69% respectively, with over 4,700 stocks declining and only around 600 stocks rising [4] - Despite the indices showing a modest decline, the actual market impact was severe, indicating a split market where many stocks were falling while a few were driving index gains [5][6] Sector Performance - The computing power concept stocks saw a strong morning surge, with companies like Runjian Co., Meige Intelligent, and Dawang Technology hitting the daily limit, but faced significant sell-offs later [3] - The rare earth sector continued to perform well, with companies like Beikong Technology and Northern Rare Earth reaching their daily limit [3] - The CPO sector also experienced a notable rise, with Cambridge Technology achieving three consecutive limit-ups [3] Notable Stocks - Cambrian's stock price rose over 10% to exceed 1,460 yuan, surpassing Kweichow Moutai, which fell to 1,448 yuan, leading to discussions about Cambrian becoming the "new stock king" [11] - Alibaba-related computing power stocks initially surged but ultimately closed down by 1.81%, despite positive speculation about Alibaba's upcoming earnings report [14] - Zhouming Technology announced a partnership with Saudi Arabia's Al-Nassr Club, which initially boosted its stock price but ultimately closed down by 2% [16] Policy Impact - The Ministry of Commerce announced plans to introduce policies to promote service exports, which led to a temporary surge in Cross-Border Communication's stock price, although the connection to cross-border e-commerce remains tenuous [18]

Group 1 - The core viewpoint of the article highlights a significant surge in the computing power leasing sector, with several companies experiencing notable stock price increases [1] - Hongjing Technology saw its stock price rise over 10%, reaching a historical high [1] - Runjian Co., Ltd. hit the daily limit up, while Dataport approached the limit up, indicating strong market interest [1] Group 2 - Other companies in the sector, such as Dawi Technology, Yuke, Capital Online, and Chuling Information, also reported substantial gains in their stock prices [1]

Group 1 - The A-share market saw a collective surge in stocks related to the "East Data West Computing" initiative, with notable gains from companies such as TeFa Information and Zhongke Shuguang reaching the daily limit, while Data Port increased by over 9% [1] - The Ministry of Industry and Information Technology (MIIT) has announced plans to orderly guide the construction of computing power facilities, aiming to enhance the quality of computing resource supply and accelerate breakthroughs in key technologies such as GPU chips [1] Group 2 - TeFa Information (000070) experienced a 10.05% increase, with a total market value of 9.463 billion and a year-to-date increase of 82.78% [2] - Zhongke Shuguang (603019) rose by 10.00%, with a market capitalization of 133.3 billion and a year-to-date increase of 26.53% [2] - Data Port (603881) saw a 9.17% increase, with a market value of 22.8 billion and a year-to-date increase of 68.75% [2] - Other companies such as AoFei Data, Runze Technology, and Zhejiang University Network New also reported significant gains, with increases ranging from 4.05% to 8.11% [2]

Group 1 - The A-share market saw a collective surge in "East Data West Computing" concept stocks, with notable gains from companies such as TeFa Information and Zhongke Shuguang reaching the daily limit, while Data Port increased by over 9% [1] - The Ministry of Industry and Information Technology announced plans to orderly guide the construction of computing power facilities, aiming to enhance the quality of computing resource supply and accelerate breakthroughs in key core technologies like GPU chips [1] Group 2 - TeFa Information (code: 000070) experienced a 10.05% increase, with a total market value of 9.463 billion and a year-to-date increase of 82.78% [2] - Zhongke Shuguang (code: 603019) rose by 10.00%, with a market capitalization of 133.3 billion and a year-to-date increase of 26.53% [2] - Data Port (code: 603881) saw a 9.17% rise, with a market value of 2.28 billion and a year-to-date increase of 68.75% [2] - Other companies such as Aofei Data, Runze Technology, and Zhejiang University Network New also reported significant gains, with increases ranging from 4.05% to 8.11% [2]

Financial Performance - The company reported total revenue of 629 million yuan for the first half of 2025, a decrease of 11.82% year-on-year [1] - The net profit attributable to shareholders was -70.96 million yuan, an increase of 23.03% year-on-year [1] - The gross margin improved by 33.03% year-on-year, reaching 13.14%, while the net margin increased by 15.88% to -10.41% [1] Cash Flow and Financial Metrics - The net cash flow from operating activities decreased by 54.03%, attributed to delays in customer payment processes [2] - The net cash flow from investing activities increased by 77.86%, due to cash recovered from structured deposits and asset disposals [2] - The company’s cash and cash equivalents saw a significant increase of 276.82% [2] Business Evaluation - The company's historical return on invested capital (ROIC) has been relatively low, with a median of 14.85% since its listing, and a particularly poor ROIC of -18.36% in 2024 [4] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the effectiveness of these investments [4] - The company has experienced three years of losses since its IPO, indicating a fragile business model [4] Shareholder Information - The largest fund holding the company’s shares is the Jin Xin Quantitative Selected Mixed A Fund, which has reduced its holdings [4]

Group 1 - The IT service sector experienced a significant increase of 3.08% on August 22, with Yuntian Lifei leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up by 1.45%, while the Shenzhen Component Index closed at 12166.06, up by 2.07% [1] - Notable performers in the IT service sector included Yuntian Lifei, which surged by 20.00% to a closing price of 79.09, and Pinggao Co., which rose by 19.99% to 39.43 [1] Group 2 - The IT service sector saw a net inflow of 3.292 billion yuan from institutional funds, while retail investors experienced a net outflow of 1.683 billion yuan [2] - The top gainers in the IT service sector included Zhejiang University Network New, which increased by 10.04% to 11.95, and Tax Friend Co., which rose by 10.01% to 60.01 [1][2] - Conversely, some companies in the sector faced declines, such as Guoyuan Technology, which fell by 2.58% to 27.58, and Zhisheng Information, which decreased by 2.48% to 30.72 [2]

Core Viewpoint - Capital Online (300846) has shown a significant increase in stock price, closing at 23.98 yuan, up 9.0% as of August 22, 2025, indicating positive market sentiment towards the company [1]. Financial Performance - For the first half of 2025, Capital Online reported total revenue of 629 million yuan, a year-on-year decrease of 11.82% - The net profit attributable to shareholders was 70.96 million yuan, reflecting a year-on-year increase of 23.03% - The non-recurring net profit was 76.80 million yuan, up 15.57% year-on-year - The company's liquidity ratios are as follows: current ratio at 0.983, quick ratio at 0.982, and debt-to-asset ratio at 55.37% [1]. Market Activity - The trading volume for Capital Online was 1.3563 million hands, with a transaction amount of 3.181 billion yuan - The net inflow of main funds was 256 million yuan, accounting for 8.06% of the transaction amount - Large orders contributed a net inflow of 81.17 million yuan, while small orders saw a net outflow of 184.26 million yuan [1]. Company Background - Capital Online Technology Co., Ltd. was established in 2005 and is based in Beijing, primarily engaged in software and information technology services - The company has a registered capital of 5,019.08 million yuan and a paid-in capital of 5,004.62 million yuan - The legal representative of the company is Qu Ning [1][2]. Investment and Intellectual Property - Capital Online has made investments in 20 companies and participated in 66 bidding projects - The company holds 56 trademark registrations and 77 patents, along with 7 administrative licenses [2].