证券代码：300857 证券简称：协创数据 公告编号：2025-057 协创数据技术股份有限公司 5.直接持有公司 33,600 股股份的公司财务负责人瞿亚能先生拟 自本公告披露之日起 15 个交易日后的 3 个月内（窗口期不减持）以 大宗交易、集中竞价交易方式共计减持公司股份不超过 8,400 股，即 减持比例不超过公司总股本的 0.0024%（若减持期间公司有送股、资 本公积转增股本等股份变动事项，将对该减持股数进行相应调整）。 公司近日收到上述董事、高级管理人员出具的《关于减持所持协 创数据技术股份有限公司股份的减持计划告知函》。现将有关情况公 告如下： 一、董事、高级管理人员减持计划 关于部分董事、高级管理人员股份减持计划的预披露公告 公司董事及高级管理人员潘文俊，高级管理人员易洲、陈礼平、甘杏、瞿亚 能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。 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。 特别提示： 1.直接持有协创数据技术股份有限公司（以下简称"公司"） 567,000 股股份的公司董事、总经理潘文俊先生拟自本公告披露之日 起 15 ...

证券代码：300857 证券简称：协创数据 公告编号：2025-056 协创数据技术股份有限公司 关于参加深圳证券交易所"智脑赋能·逐梦新蓝海" 2024 年度集体业绩说明会的公告 4、公司出席人员：公司董事、总经理潘文俊先生，副总经理、董 事会秘书甘杏女士，财务负责人瞿亚能先生，独立董事胡琦先生，保 荐代表人何朝丹女士。 二、投资者问题征集方式 协创数据技术股份有限公司（以下简称"公司"）将于2025年5月 21日（星期三）15:00－17:00参加由深圳证券交易所组织召开的以"智 脑赋能·逐梦新蓝海"为主题的集体业绩说明会活动，现将有关事项 公告如下： 一、本次业绩说明会的安排 1、召开时间：2025年5月21日（星期三）15:00－17:00 2、召开地点：深圳证券交易所8楼上市大厅 3、召开方式：视频直播与图文转播 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可 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。 欢迎广大投资者积极参与本次业绩说明会。 特此公告。 协创数据技术股份有限 ...

证券代码：300857 证券简称：协创数据 公告编号：2025-055 协创数据技术股份有限公司 关于公司变更注册资本并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、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、具体情况概述 协创数据技术股份有限公司（以下简称"公司"）分别于2025年 3月28日、2025年4月21日召开第三届董事会第三十三次会议、2024年 度股东会，审议通过了《关于变更注册资本、修订<公司章程>并授权 办理工商变更登记的议案》，具体内容详见公司于2025年4月1日及 2025年4月21日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于 变更注册资本、修订<公司章程>并授权办理工商变更登记的公告》及 相关公告。 近日，公司完成了工商变更登记手续，并取得了深圳市市场监督 管理局下发的《登记通知书》，公司变更后的工商登记信息如下： 公司名称：协创数据技术股份有限公司 统一社会信用代码：914403007798542523 类型：股份有限公司（港澳台投资、上市） 住所：深圳市福田区深南大道耀华创建大厦1座12层1209号房 法定代表人：潘文俊 注 ...

Core Viewpoint - The company, Xiechuang Data, is actively expanding its capabilities in computing power and robotics, reporting significant revenue growth and strategic partnerships in these areas [1][2][3] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 2.077 billion yuan, representing an 18.11% year-on-year increase [1] - The net profit attributable to shareholders for Q1 2025 was 169 million yuan, showing a 4.29% year-on-year growth [1] - Total assets increased by 36.85% compared to the beginning of the year [1] Group 2: Business Development - The company has signed contracts with multiple leading enterprises in its computing power business, focusing on high-end computing and cloud services [3] - The company is enhancing its cloud computing, smart store, e-commerce SaaS, and server remanufacturing investments, with significant revenue growth in intelligent computing and cloud services [3] - The company launched the FCloud intelligent training platform on January 24, 2025, aimed at various sectors including robotics, biopharmaceuticals, and finance [3] Group 3: Strategic Initiatives - The company is committed to building a comprehensive intelligent computing ecosystem and aims to become a global leader in cloud services [2] - The company’s subsidiary, Aojia Software, obtained NVIDIA CLOUD PARTNER certification, indicating its capability in AI computing leasing and cloud services [2] - The company is actively developing a full-stack embodied intelligent robot development platform, which has recently gone live [1][3]

Investment Rating - The report assigns an "A" rating for the stocks of Zhongkong Technology (688777.SH) and Xiechuang Data (300857.SZ), indicating a "Buy" recommendation [3]. Core Insights - The human-shaped robot industry is transitioning from the technology validation phase to mass production, with significant advancements in algorithm models, which are considered the "brain" of robots [7]. - Major companies, including Tesla and 1X, are accelerating the development and deployment of humanoid robots, with Tesla aiming to produce 1 million Optimus robots within five years [5][6]. - Traditional manufacturing sectors, such as automotive and home appliances, are increasingly investing in humanoid robotics, exemplified by Chery and Midea's recent developments [6]. Summary by Sections Market Performance - The computer industry has shown notable market performance over the past year, with a focus on the humanoid robot sector [2]. Industry Trends - The report highlights the strengthening trends in the humanoid robot industry, with various exhibitions showcasing cutting-edge developments and expanding product influence [6]. Investment Opportunities - The report suggests focusing on companies with competitive advantages in humanoid robot algorithm models, such as iFlytek, CloudWalk Technology, and Shengtong Co., as well as hardware and software firms with deep industry experience [7].

Group 1: Business Performance and Financials - In Q1 2025, the company achieved revenue of 2,077.32 million yuan, a year-on-year increase of 18.11% [7] - The net profit attributable to shareholders in Q1 2025 was 169.21 million yuan, up 4.29% year-on-year [7] - Total assets as of March 31, 2025, reached 9,996.56 million yuan, reflecting a growth of 36.85% since the beginning of the year [7] Group 2: Strategic Initiatives and Market Position - The company plans to enhance its position in the AI and AGI sectors by increasing its investment in computing power services and cloud services [2] - The company has established a comprehensive platform for service robots, including advanced manufacturing capabilities such as robotic dogs and humanoid robots [2][4] - The company has obtained NVIDIA CLOUD PARTNER certification, indicating its capability in AI computing rental and cloud services [3] Group 3: Research and Development - R&D expenses have increased by 53.84%, with an expected revenue generation timeline of approximately 18 months from the start of investment [2] - The company is focusing on innovation and talent development, with increased investments in R&D and employee compensation [7] Group 4: Market Demand and Competition - The company is actively engaged in the computing power rental market, with a stable pricing strategy aimed at high-quality clients [8] - The expected return on investment for computing power rental services is reported to be between 28% and 35% [8] Group 5: Product Development and Future Outlook - The FCloud intelligent training platform was launched on January 24, 2025, and is expected to generate revenue in the future [9] - The company’s IoT smart terminal products achieved revenue of 2.259 billion yuan in 2024, marking a 60.82% year-on-year growth [9]

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant growth in revenue and net profit, driven by expansion in AI computing and leasing business [1][2] Financial Performance - Q1 2025 revenue reached 2.077 billion yuan, an increase of 18.11% year-on-year [1] - Net profit attributable to shareholders was 169 million yuan, up 4.29% year-on-year [1] - Non-recurring net profit was 165 million yuan, reflecting a year-on-year growth of 1.91% [1] Asset and Cash Position - Total assets as of Q1 2025 amounted to 9.997 billion yuan, representing a 36.85% increase year-on-year [1] - Cash and cash equivalents increased significantly, with monetary funds at 2.466 billion yuan, up 61.44% year-on-year [1] - Short-term borrowings rose to 1.974 billion yuan, a 51.64% increase, while long-term borrowings surged to 1.780 billion yuan, up 334.42% [1] Business Expansion - The company is heavily investing in server procurement, with prepayments for equipment reaching 559 million yuan, a 217.72% increase year-on-year [1] - Contract liabilities grew to 98 million yuan, reflecting a substantial increase of 364.8% year-on-year [1] - Inventory levels rose to 2.202 billion yuan, marking a 16.48% increase year-on-year [1] Operational Costs and Challenges - The increase in net profit was impacted by personnel expansion, with sales expenses rising to 13 million yuan, a 140.34% increase year-on-year [2] - Management expenses increased to 34 million yuan, up 20.84% due to higher stock incentive costs [2] - Credit impairment losses expanded to 39 million yuan, a 128.60% increase year-on-year, attributed to aging accounts [2] Future Outlook - The company is focusing on developing its AI computing center and leasing business, aiming to create a multi-level growth engine [2] - Revenue projections for 2025-2027 are estimated at 10.732 billion, 13.635 billion, and 16.946 billion yuan, respectively, with net profits expected to reach 1.108 billion, 1.629 billion, and 2.114 billion yuan [2]

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Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 133.3 CNY [1][6]. Core Views - The company has sufficient orders on hand and is experiencing steady growth in performance. In 2024, the company achieved a revenue of 74.10 billion CNY, representing a year-on-year increase of 59.08%, and a net profit attributable to shareholders of 6.92 billion CNY, up 140.80% year-on-year [6][7]. - The company continues to deepen its integrated "cloud-edge-end" smart storage and intelligent IoT system, focusing on smart storage, intelligent IoT, cloud services, computing servers, and server remanufacturing, driven by AI demand [6][7]. - The AI wave is driving demand for computing power, with significant growth in server remanufacturing and computing power leasing businesses [6][7]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of 10,430 million CNY in 2025, 13,369 million CNY in 2026, and 16,434 million CNY in 2027, with year-on-year growth rates of 40.8%, 28.2%, and 22.9% respectively [2][7]. - **Net Profit Forecast**: The net profit attributable to shareholders is expected to be 1,074 million CNY in 2025, 1,450 million CNY in 2026, and 1,891 million CNY in 2027, with growth rates of 55.3%, 35.0%, and 30.4% respectively [2][7]. - **Earnings Per Share (EPS)**: The EPS is projected to be 4.38 CNY in 2025, 5.91 CNY in 2026, and 7.71 CNY in 2027 [2][7]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 38 in 2024 to 14 in 2027, while the price-to-book (P/B) ratio is projected to decline from 8.1 to 3.6 over the same period [2][7]. Business Performance - The company's IoT intelligent terminal business generated revenue of 22.59 billion CNY in 2024, a year-on-year increase of 60.82%, primarily benefiting from overseas expansion in smart security and smart home sectors [6][7]. - The data storage equipment business achieved revenue of 44.57 billion CNY, up 54.98% year-on-year, due to continuous investment in data centers and cloud storage [6][7]. - In Q1 2025, the company reported revenue of 20.77 billion CNY, a year-on-year increase of 18.11%, and a net profit of 1.69 billion CNY, up 4.29% year-on-year [6][7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 133.3 CNY [1][6]. Core Insights - The company has sufficient orders on hand and is experiencing steady growth in performance. In 2024, the company achieved a revenue of 74.10 billion CNY, representing a year-on-year increase of 59.08%, and a net profit attributable to shareholders of 6.92 billion CNY, up 140.80% year-on-year [6][7]. - For Q1 2025, the company reported a revenue of 20.77 billion CNY, a year-on-year increase of 18.11%, and a net profit of 1.69 billion CNY, up 4.29% year-on-year [6][7]. - The company is focusing on deepening its "cloud-edge-end" integrated smart storage and intelligent IoT system, driven by AI demand, enhancing supply chain efficiency and cost control [6][7]. Financial Performance Summary - **Revenue Forecast**: - 2024: 7,410 million CNY - 2025: 10,430 million CNY - 2026: 13,369 million CNY - 2027: 16,434 million CNY - Year-on-year growth rates: 59.1% (2024), 40.8% (2025), 28.2% (2026), 22.9% (2027) [2][7]. - **Net Profit Forecast**: - 2024: 692 million CNY - 2025: 1,074 million CNY - 2026: 1,450 million CNY - 2027: 1,891 million CNY - Year-on-year growth rates: 140.8% (2024), 55.3% (2025), 35.0% (2026), 30.4% (2027) [2][7]. - **Earnings Per Share (EPS)**: - 2024: 2.82 CNY - 2025: 4.38 CNY - 2026: 5.91 CNY - 2027: 7.71 CNY [2][7]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 38 (2024), 24 (2025), 18 (2026), 14 (2027) - Price-to-Book (P/B) ratio: 8.1 (2024), 6.2 (2025), 4.7 (2026), 3.6 (2027) [2][7]. Business Segments Performance - The IoT intelligent terminal business generated revenue of 22.59 billion CNY, up 60.82% year-on-year, benefiting from overseas expansion in smart security and smart home sectors [6][7]. - The data storage equipment business achieved revenue of 44.57 billion CNY, a year-on-year increase of 54.98%, driven by continuous investment in data centers and cloud storage [6][7]. Investment Recommendation - Based on the latest financial reports and anticipated price declines in storage in the second half of 2024, the revenue projections for 2025-2027 have been adjusted to 104.30 billion CNY, 133.69 billion CNY, and 164.34 billion CNY respectively, with net profits of 10.74 billion CNY, 14.50 billion CNY, and 18.91 billion CNY [6][7].