Group 1 - The core point of the article is the establishment of a new company, Xiechuang Yingzhou Zhichain Technology (Shenzhen) Co., Ltd., with a registered capital of 480 million yuan [1] - The new company is wholly owned by Xiechuang Data (300857) [1] - The business scope of the new company includes cloud computing equipment manufacturing, sales, network technology services, intelligent control system integration, and information security equipment manufacturing [1]

Group 1 - The establishment of Xiechuang Yingzhou Zhichain Technology (Shenzhen) Co., Ltd. has been recently reported, with a registered capital of 480 million yuan [1] - The company's business scope includes cloud computing equipment manufacturing, cloud computing equipment sales, network technology services, intelligent control system integration, and information security equipment manufacturing [1] - Xiechuang Yingzhou is fully owned by Xiechuang Data according to the equity penetration information [1]

证券代码：300857 证券简称：协创数据 公告编号：2025-113 协创数据技术股份有限公司 关于公司为全资子公司提供担保的进展公告 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： 协创数据技术股份有限公司（以下简称"公司"）对外提供担保 总额超过公司最近一期经审计净资产的 100%，前述担保均为对合并 报表范围内单位提供的担保，处于公司可控范围内，敬请广大投资者 充分关注并注意投资风险。 一、担保情况概述 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《关于公司及 子公司 2025 年度向银行等金融机构申请综合授信暨有关担保的议 案》，同意公司及合并报表范围内子公司向银行等金融机构申请总计 不超过人民币 1,250,000 万元或等值外币的授信额度。授信额度期限 为自公司2024年度股东会审议通过之日起至2025年度股东会召开之 日止（授信银行、授信额度及授信期限将以最终银行等金融机构实际 审批为准），该授信项下额度可循环使用，公司在该授信额度内同意 ...

证券日报网讯 9月1日晚间，协创数据发布公告称，公司2025年第五次临时股东会于2025年9月1日召 开，审议通过了《关于变更注册资本、修订并授权办理工商变更登记的议案》。 （文章来源：证券日报） ...

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： 本次股东会无否决议案的情形。 本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 证券代码：300857 证券简称：协创数据 公告编号：2025-112 协创数据技术股份有限公司 2025 年第五次临时股东会决议公告 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2025年9月1日（星期一）14:30 （2）网络投票起止时间：2025年9月1日 其中，通过深圳证券交易所交易系统网络投票的具体时间为2025 年9月1日9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统进行投票的具体时间为：2025年9月1日9:15至 15:00期间的任意时间。 2、现场会议召开地点：广东省深圳市福田区深南大道6023号耀 华创建大厦1座12层1209号房会议室。 3、会议召开方式：现场表决和网络投票相结合。 4、会议召集人：公司第四届董事会。 5、会议主持人：董事长耿康铭先生。 6、本次会议的召开符合《中华人民共和国公司法》（以下简称"《 ...

广东信达律师事务所 股东会法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 11&12F.,TAIPINGFINANCETOWER,YITIANROAD6001,FUTIAN,SHENZHEN,CHINA 电话(Tel.)：(0755)88265288 邮政编码：518038 网址(Website)：www.sundiallawfirm.com 传真(Fax.)：(0755)88265537 广东信达律师事务所 关于协创数据技术股份有限公司 2025年第五次临时股东会 法律意见书 信达会字（2025）第258号 致：协创数据技术股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）《上市公司股东会规则》 （下称"《股东会规则》"）等法律、法规、规范性文件及现行有效的《协创数据技术股 份有限公司章程》（下称"《公司章程》"）的规定，广东信达律师事务所（下称"信达"） 接受贵公司的委托，指派万威世律师、赖凌云律师（下称"信达律师"）出席贵公 司 2025年第五次临时股东会（下称"本次股东会"），在进行必要验证工作的基础 上，对贵公司本次股东会的召集、召开程序、出席会议人员和召集人 ...

Market Overview - On September 1, the consumer electronics sector rose by 1.53%, with Zhishang Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Consumer Electronics - Zhishang Technology (301486) closed at 104.13, up 14.90% with a trading volume of 180,700 shares [1] - Jingyan Technology (300709) closed at 57.71, up 9.20% with a trading volume of 259,500 shares [1] - Boshuo Technology (300951) closed at 43.15, up 8.69% with a trading volume of 137,300 shares [1] - Yunzhu Technology (688260) closed at 34.82, up 6.84% with a trading volume of 152,500 shares [1] - Jingxing Technology (300256) closed at 4.99, up 5.72% with a trading volume of 1,931,400 shares [1] Top Losers in Consumer Electronics - Mengsheng Electronics (838701) closed at 22.53, down 5.73% with a trading volume of 55,900 shares [2] - Yidong Electronics (301123) closed at 46.10, down 3.84% with a trading volume of 175,500 shares [2] - Suzhou Tianmai (301626) closed at 146.00, down 3.38% with a trading volume of 19,600 shares [2] Capital Flow Analysis - On the same day, the consumer electronics sector experienced a net outflow of 2.519 billion yuan from institutional investors, while retail investors saw a net inflow of 2.572 billion yuan [2][3] - The top stocks with significant net inflows from retail investors included Lansi Technology (300433) and Xiechuang Data (300857) [3] Individual Stock Capital Flow - Lansi Technology (300433) had a net inflow of 2.92 billion yuan from institutional investors, while retail investors had a net outflow of 1.48 billion yuan [3] - Xiechuang Data (300857) saw a net inflow of 1.45 billion yuan from institutional investors, with retail investors experiencing a net outflow of 636.39 million yuan [3] - Victory Precision (002426) had a net inflow of 1.40 billion yuan from institutional investors, while retail investors faced a net outflow of 1.31 billion yuan [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][21]. Core Views - The company reported a revenue of 4.944 billion yuan for the first half of 2025, representing a year-on-year increase of 38.18%. The net profit attributable to shareholders was 432 million yuan, up 20.76% year-on-year [6][7]. - The company's strategy focuses on a three-pronged approach: "computing power foundation + cloud services + smart terminals," aiming for a global layout [6][7]. - The rapid growth in computing power demand is highlighted, with China becoming the largest single incremental market globally, driven by a 43% year-on-year increase in intelligent computing power [6][7]. Financial Summary - For the first half of 2025, the company achieved a revenue of 4.944 billion yuan, with a net profit of 432 million yuan, and a non-recurring net profit of 420 million yuan [6]. - The company forecasts total revenue of 10.43 billion yuan for 2025, with a year-on-year growth rate of 40.8% [6][7]. - The projected net profit for 2025 is adjusted to 1.018 billion yuan, reflecting a growth rate of 47.2% [6][7]. Business Segments - The server remanufacturing and intelligent computing services are experiencing high growth, with server remanufacturing revenue reaching 835 million yuan, a year-on-year increase of 119.49% [6][7]. - The intelligent computing products and services segment generated 1.221 billion yuan in revenue, with a gross margin of 20.60% [6][7]. Market Positioning - The company is expanding its smart manufacturing capabilities in Southeast Asia and North America, focusing on integrating industrial IoT with AI algorithms [6][7]. - The report emphasizes the importance of data and system integration for efficient operations and decision-making [6][7]. Price Target - The target price for the company's stock is set at 139.86 yuan, based on a valuation of comparable companies [6][7].

Core Viewpoint - The recent financial report of Xichuang Data (300857) shows significant revenue growth, but also raises concerns regarding cash flow and accounts receivable management [1][2]. Financial Performance - The total revenue for the first half of 2025 reached 4.944 billion yuan, a year-on-year increase of 38.18% [1]. - The net profit attributable to shareholders was 432 million yuan, up 20.76% year-on-year [1]. - In Q2 2025, total revenue was 2.867 billion yuan, reflecting a 57.58% increase year-on-year [1]. - The net profit for Q2 was 263 million yuan, a 34.42% increase year-on-year [1]. - The gross margin was 17.61%, up 0.88% year-on-year, while the net margin decreased by 14.52% to 8.53% [1]. - Total expenses (selling, administrative, and financial) amounted to 165 million yuan, representing 3.34% of revenue, a 91.24% increase year-on-year [1]. - Earnings per share (EPS) was 1.26 yuan, a 20.0% increase year-on-year [1]. Cash Flow and Debt Management - The company's cash flow situation is concerning, with operating cash flow per share at -4.54 yuan, a decrease of 294.27% year-on-year [1][2]. - The ratio of cash and cash equivalents to current liabilities is only 22.64%, and the average operating cash flow over the past three years is just 0.5% of current liabilities [2]. - The interest-bearing debt ratio has reached 53.23%, and the total interest-bearing debt to average operating cash flow ratio is 226.34% [2]. Accounts Receivable - Accounts receivable increased significantly, with a year-on-year growth rate of 62.31% [1]. - The ratio of accounts receivable to profit has reached 354.14% [2]. Business Model and Growth Drivers - The company's return on invested capital (ROIC) was 16.29% last year, indicating strong capital returns [2]. - The business relies heavily on capital expenditures, necessitating careful evaluation of capital projects [2]. - Key growth factors include advancements in cloud services, smart home products, and server remanufacturing, alongside cost control measures through automation [5]. Market Sentiment and Future Expectations - Analysts project a net profit of 1.162 billion yuan for 2025, with an average EPS forecast of 3.36 yuan [3]. - Several funds have increased their holdings in Xichuang Data, indicating positive market sentiment [4].

Group 1 - The company is actively focusing on the development of short drama business and has established a dedicated team to advance this initiative [2] - The company will proceed with the short drama business according to its established plans and arrangements, indicating a structured approach to this new venture [2] - Investors are encouraged to pay attention to the company's future official announcements regarding the short drama business [2]