Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 6.81-8.33 billion yuan in 2024, representing a year-on-year growth of 137.16%-189.86% [1]. - The demand for AI applications is driving growth in data storage devices, with the company positioned to benefit from this trend through its comprehensive SSD product line [1][2]. - The server remanufacturing business is also expected to thrive due to the increasing focus on cloud computing, big data, and AI, with the company actively engaging in server recycling and remanufacturing in North America [2]. Financial Forecasts and Valuation - The company’s revenue is projected to grow significantly, with estimates of 7.54 billion yuan in 2024 and 10.01 billion yuan in 2025, reflecting growth rates of 61.90% and 32.69% respectively [4]. - The net profit forecast for 2024 is adjusted to 7.70 billion yuan, with further increases to 10.21 billion yuan in 2025 and 13.12 billion yuan in 2026, corresponding to P/E ratios of 37, 28, and 22 [3][4]. - The report highlights a robust long-term growth potential for the company, driven by AI demand and digital transformation initiatives [3].

证券代码：300857 证券简称：协创数据 公告编号：2025-007 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。 协创数据技术股份有限公司（以下简称"公司"）分别于 2024 年 3 月 22 日、2024 年 4 月 15 日召开第三届董事会第十九次会议、2023 年度股东大会，审议通过了《关于公司及子公司 2024 年度向银行申 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 向银行申请总计不超过人民币 650,000 万元或等值外币的授信额度。 授信额度期限为自 2023 年度股东大会审议通过之日起的十二个月内 （授信银行、授信额度及授信期限将以最终银行实际审批为准），该 授信项下额度可循环使用，公司在该授信额度内同意接受合并报表范 围内子公司为公司提供担保。 同时，为满足子公司的日常经营的需要，同意公司为全资子公司 安徽协创物联网技术有限公司（以下简称"安徽协创"）和协创数据 技术（香港）有限公司提供总额不超过人民币 175,000 万元或等值外 币（含）的连带责任担 ...

Core Viewpoint - The company, Xiechuang Data, is making significant strides in the AI and cloud services sector with the launch of its FCloud AI integrated platform, which aims to empower various industries and drive technological innovation in China [1][4]. Group 1: FCloud AI Integrated Platform - The FCloud platform includes a training and inference integration platform (TIC), a large model application development platform (ASD), and an AI computing power management and service operation platform (AIC), providing multi-level support for the AI ecosystem [2]. - FCloud allows for zero-code customization and rapid model selection, enabling users to manage resources efficiently and enhance decision-making processes [2]. - The integration of DeepSeek significantly improves the platform's intelligence level, optimizing training models and reducing operational costs while providing personalized services [2][3]. Group 2: Application and Efficiency - The Mimo Vision model, developed under the AI Smart Business Division, demonstrates the platform's efficiency by reducing training time from 60 days to 7 days, achieving an efficiency increase of over 88% [3]. - Mimo Vision also reduces the required workforce from five engineers to one, cutting labor costs by 80% [3]. - The model is currently applied in retail chain management, analyzing employee performance and store operations through detailed monitoring [3]. Group 3: Future Trends and Industry Impact - The FCloud platform is expected to spawn more specialized AI applications across various industries, leveraging a modular and customizable approach [4]. - The global demand for intelligent computing power is rising exponentially, driven by advancements in large model technology and AIGC [4]. - The company aims to enhance intelligent computing efficiency and ecosystem development, creating a comprehensive service capability from data storage to intelligent decision-making [4][5]. Group 4: Strategic Collaborations - The company has established deep collaborations with leading industry players to build a comprehensive computing power research and development system [5]. - The FCloud project will deploy next-generation intelligent computing infrastructure across multiple regions in China, aiming for a strategic breakthrough in the global AI industry [5].

证券代码：300857 证券简称：协创数据 公告编号：2025-006 协创数据技术股份有限公司 关于控股股东股份减持变动触及 1% 暨减持股份计划实施完毕的公告 公司控股股东协创智慧科技有限公司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。 协创数据技术股份有限公司（以下简称"公司"）于 2024 年 12 月 24 日披露了《关于控股股东股份减持计划的预披露公告》（公告 编号：2024-109），公司控股股东协创智慧科技有限公司（以下简称 "协创智慧"）计划以集中竞价交易或大宗交易方式减持公司股份合 计不超过 7,357,654 股，即不超过公司总股本的 3%。其中，如通过大 宗交易方式减持公司股份，将于上述减持计划公告披露之日起 15 个 交易日后的 3 个月内进行，且任意连续 90 日内通过大宗交易方式减 持不超过公司总股本 2%；如通过集中竞价交易方式减持公司股份，将 于上述减持计划公告披露之日起 15 个交易日后的 3 个月内进行，且 任意连续 90 日内通过集中竞价交易方式减持不超过公司总股本 ...

Summary of Conference Call Company Overview - The company discussed its recent performance and developments in AI, highlighting a projected net profit for 2024 between 680 million to 830 million, representing a year-over-year increase of over 150% [1][2][3] - The company emphasized its focus on AI and the integration of hardware and software solutions, particularly in the IoT and health sectors, which have shown steady growth [3][4] Key Points on AI Developments - The AI platform, referred to as the AI Intelligent Agent, is designed to provide a comprehensive solution for industry clients, integrating computing power, model access, tuning, and deployment [4][5] - The company has established a computing center in Zhangjiang, with plans to deploy over 2,000 units and handle 200 million tokens per second, marking a significant infrastructure investment [5][6] - The company is also expanding its services to include standardized AI solutions for various industries, such as healthcare and robotics, targeting mid-tier clients with tailored offerings [10][11][20] Financial Performance and Projections - The company expects substantial revenue growth driven by its server remanufacturing business, which has become a significant contributor to profit margins [7][8] - The overall revenue for 2024 is anticipated to show a significant increase compared to 2023, with a focus on maintaining stable growth in the server market [9][10] - The company aims to maintain a high growth rate in 2025, with expectations of nearly doubling its overseas business revenue [24][26] Market Trends and Strategic Focus - The company is optimistic about demand from leading internet firms and operators, which are seen as stable revenue sources [10][12] - The strategy includes deepening partnerships with technology parks and industry leaders to enhance product deployment and market penetration [12][22] - The company has received recognition as an NVIDIA Cloud Partner, which is expected to enhance its service offerings and client collaborations [13][22] Additional Insights - The company is exploring advancements in robotics, indicating a future focus on providing AI tools and platforms for robotic applications [20][21] - There is a recognition of the evolving landscape of AI models, with the company actively integrating various models into its platform to meet client needs [14][15] - The company acknowledges the competitive nature of the AI market but believes that advancements in computing power will continue to drive innovation [17][18] Conclusion - The conference highlighted the company's robust growth trajectory, strategic investments in AI and cloud services, and a commitment to expanding its market presence through innovative solutions and partnerships [26][27]

证券代码：300857 证券简称：协创数据 公告编号：2025-005 协创数据技术股份有限公司 关于控股股东股份减持变动触及 1%的公告 本次变动是 否为履行已 作出的承 诺、意向、 计划 是☑ 否□ 协创智慧的股份减持计划已进行了预先披露，本次减持股份 情况与此前已披露的减持意向、承诺及减持计划一致，前述减持 数量在已披露减持计划范围内。 具体内容详见公司于 2024 年 12 月 24 日在巨潮资讯网披露 的《关于控股股东股份减持计划的预披露公告》，截至本公告披 露之日，上述减持计划尚未履行完毕。 本次变动是 否存在违反 《证券法》 《上市公司 收购管理办 法》等法律、 行政法规、 部门规章、 规范性文件 和本所业务 规则等规定 的情况 是□ 否☑ 如是，请说明违规的具体情况、整改计划和处理措施。 5.被限制表决权的股份情况 按照《证券 法》第六十 三条的规 定，是否存 在不得行使 表决权的股 份 是□ 否☑ 如是，请说明对应股份数量占现有上市公司股本的比例。 6.备查文件 1．中国证券登记结算有限责任公司持股变动明细□ 2．相关书面承诺文件□ 3．律师的书面意见□ 4．本所要求的其他文件☑ 注：以上百 ...

Core Viewpoint - The collaboration between Xiechuang Data and its subsidiaries, along with Zhangjiang Group and Aofei Data, marks a significant advancement in the digital information industry, particularly in the development of AI and large model industries in Zhangjiang [1][2]. Group 1 - The FcloudAI intelligent training and推 platform was officially launched in Shanghai Zhangjiang, indicating a new phase in digital information industry upgrades [1]. - Xiechuang Data's chairman introduced that Fcloud obtained NVIDIA CLOUD PARTNER qualification in October 2024 and plans to build advanced intelligent training and推 platforms across multiple regions in China [1]. - The project aims to provide AI lifecycle services to enterprises in the Zhangjiang and Pudong New Districts [1]. Group 2 - The platform will offer customized training and推 services to various enterprises, from startups to industry leaders, enhancing their AI transformation and core competitiveness [2]. - Fcloud has already configured some computing power servers and plans to establish an intelligent computing center in the financial data port this year, with a target of over 2000 cards and 21,654.5 million Tokens/second [2]. - Xiechuang Data has signed cloud business cooperation agreements with several well-known companies, including Yubida and Yuwai Supercomputing, and has established a strategic cooperation framework with the Hefei Comprehensive National Science Center for AI Research [2]. Group 3 - The company's current computing card products focus on new computing servers, helping domestic cloud manufacturers and industry clients meet their computing needs [3]. - The recent collaborations and orders validate Xiechuang Data's technical strength and market competitiveness, with the launch of the Fcloud AI platform expected to boost future operating performance [3]. - Xiechuang Data anticipates a net profit of 681 million to 833 million yuan in 2024, representing a year-on-year growth of 137.16% to 189.86% [3].

Financial Projections - The estimated net profit for 2024 is projected to be between 681.33 million and 832.73 million CNY, representing a year-on-year growth of 137.16% to 189.86% compared to 287.29 million CNY in the previous year[3] - The estimated net profit after deducting non-recurring gains and losses is expected to be between 667.70 million and 819.11 million CNY, indicating a growth of 143.01% to 198.12% from 274.76 million CNY in the previous year[3] Business Focus and Development - The company continues to focus on the "cloud-edge-end" integrated smart storage and intelligent IoT system, enhancing revenue scale and profitability significantly compared to the previous period[5] - The company is increasing investment in AI research and development, enhancing capabilities in scene innovation, AI product and service implementation, and AI marketing solutions[5] - The smart storage business is actively entering the computing server storage and self-developed storage chip sectors, with increased investment in integrated software and hardware[5] Profitability and Cost Management - The overall gross margin is steadily improving due to the growth in the cloud video platform, overseas smart security, robotics, unmanned retail, and health sectors[5] - The server remanufacturing business maintains stable profitability, with rapid growth in the computing server remanufacturing sector[5] - The company is optimizing supply chain management to effectively reduce raw material costs and is enhancing automation in manufacturing to significantly lower production costs[5]

Group 1 - Shenzhen Xiechuang Baode Intelligent Computing System Co., Ltd. has been established with a registered capital of 50 million yuan [1] - The legal representative of the company is Pan Wenjun [1] - The business scope includes manufacturing of computer hardware and software, wholesale and retail of computer hardware and auxiliary equipment [1] Group 2 - The company is jointly held by Xiechuang Data and other shareholders [1]

协创数据技术股份有限公司 章 程 二○二五年一月 | | | | 第一章 | 总 则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东会 7 | | 第一节 | 股东 7 | | 第二节 | 股东会的一般规定 10 | | 第三节 | 股东会的召集 15 | | 第四节 | 股东会的提案与通知 16 | | 第五节 | 股东会的召开 18 | | 第六节 | 股东会的表决和决议 21 | | 第五章 | 董事会 26 | | 第一节 | 董事 26 | | 第二节 | 董事会 29 | | 第六章 | 经理及其他高级管理人员 34 | | 第七章 | 监事会 36 | | 第一节 | 监事 36 | | 第二节 | 监事会 37 | | 第八章 | 财务会计制度、利润分配和审计 39 | | 第一节 | 财务会计制度 39 | | 第二节 | 内部审计 43 | | 第三节 | 会计师事务所的聘任 43 | | 第九章 ...