Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in revenue and net profit for 1H2025, with revenue reaching 4.944 billion yuan, a year-on-year growth of 38.18%, and net profit of 457 million yuan, a year-on-year increase of 27.68% [7] - The company is preparing for a listing on the Hong Kong Stock Exchange to enhance its international strategy and financing capabilities, which is expected to improve its visibility and transparency [7] - The company is projected to achieve revenues of 11.007 billion yuan, 14.937 billion yuan, and 18.129 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.162 billion yuan, 1.860 billion yuan, and 2.369 billion yuan for the same years [7] Financial Performance - The company's revenue is forecasted to grow at rates of 47.95%, 59.08%, 48.54%, 35.70%, and 21.37% from 2023 to 2027 [6] - The net profit is expected to grow at rates of 119.46%, 140.80%, 67.90%, 60.10%, and 27.40% over the same period [6] - The earnings per share (EPS) is projected to increase from 1.23 yuan in 2023 to 6.84 yuan in 2027 [6] Market Performance - The company's stock has shown a market performance of -19% compared to the CSI 300 index, while the overall consumer electronics sector has seen a growth of 84% [4]

证券代码：300857 证券简称： 协创数据 公告编号：2025-093 协创数据技术股份有限公司 本公告所载2025年半年度的财务数据仅为初步核算数据，已经协 创数据技术股份有限公司（以下简称"公司"）内部审计部门审计， 未经会计师事务所审计，与公司2025年半年度报告中披露的最终数据 可能存在差异，请投资者注意投资风险。 一、 2025年半年度主要财务数据和指标 | | | | 单位：万元 | | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | | | | | （%） | | | 营业总收入 | 494,398.43 | 357,804.98 | 38.18 | | | 营业利润 | 49,495.88 | 40,902.53 | 21.01 | | | 利润总额 | 49,474.43 | 40,847.14 | 21.12 | | | 归属于上市公司股东的净利润 | | 45,680.75 | 35,778.02 | 27.68 | | 扣除非经常性损益后的归属于 | | | | | | 上市公司股东的净利润 | | | ...

来源：上海证券报·中国证券网 对于经营业绩提升的原因，协创数据认为主要得益于算力业务快速发展，公司在报告期内加大业务拓展 与研发布局，AI服务器及算力服务的发展带动了公司收入的显著提升。此外，协创数据在物联智能终 端方面的新产品上市及新业务模式发展，共同驱动收入增长。同时，得益于服务器再制造资源整合深 化，协创数据在服务器再制造方面的产业链资源持续扩大，推动该业务稳健增长。此外，受益于本报告 期内算力服务业务的发展，公司存储业务发挥了协同效应，保持稳定增长态势。（朱先妮） 上证报中国证券网讯 8月11日晚间，协创数据发布2025年半年度业绩快报。公司预计实现营业收入49.44 亿元，同比增长38.18%；归母净利润4.57亿元，同比增长27.68%；扣非净利润4.42亿元，同比增长 24.96%；基本每股收益1.33元，加权平均净资产收益率为13.18%。 ...

一、并购 1、九鼎投资：拟2.13亿元收购南京神源生智能科技53.29%股权，公司将切入机器人产业链关键环节 2、天孚通信：询价转让价格为88.55元/股。 3、长盛轴承：股东百盛投资、陆晓林以61.82元/股的价格询价转让2.64%公司股份。 三、日常经营、对外投资 1、长春高新：子公司卡麦角林片临床试验申请获批，目前国内尚无同品种产品上市。 2、华熙生物：发酵法软骨素钠完成医疗器械主文档登记。 2、煌上煌：受让福建立兴食品51%的股权，股权交易价格为4.95亿元。本次交易完成后，公司将拥有 立兴食品的控股权地位，立兴食品将成为公司控股子公司。 二、增持、股权转让 1、长安汽车：中国长安汽车现任全体董事、高管均拟增持公司股份。 6、湖北宜化：年产40万吨磷铵、20万吨硫基复合肥项目投产。 7、成都华微：公司发布超低功耗RISC-V MCU。 8、三星医疗：下属控股子公司FoxytechSp.zo.o签订波兰智能电表项目，合同金额总计9,389.66万波兰兹 罗提，约合1.85亿元。 9、东方国信：拟以1.33亿元收购视拓云33.3529%股权。 10、智光电气：子公司智光储能签订2.04亿元储能系统设备销售 ...

协创数据（SZ 300857，收盘价：76.97元）8月11日晚间发布2025年半年度报告业绩快报，营业收入约 49.44亿元，同比增加38.18%；归属于上市公司股东的净利润约4.57亿元，同比增加27.68%；基本每股 收益1.33元，同比增加26.67%。 （文章来源：每日经济新闻） ...

格隆汇8月11日丨协创数据(300857.SZ)公布2025年半年度报告业绩快报，上半年公司实现营业收入49.44 亿元，同比增长38.18%；利润总额4.95亿元，同比增长21.12%；归属于上市公司股东的净利润4.57亿 元，同比增长27.68%。 影响经营业绩的主要因素为：(1)算力业务快速发展：报告期内，公司加大业务拓展与研发布局，AI服 务器及算力服务的发展带动了公司在报告期内收入的显著提升；(2)物联智能终端新品与模式创新：报 告期内，公司在物联智能终端方面的新产品上市及新业务模式发展，共同驱动收入增长；(3)服务器再 制造资源整合深化：报告期内，公司在服务器再制造方面的产业链资源持续扩大，推动该业务稳健增 长；(4)存储业务协同效应：受益于报告期内算力服务业务的发展，存储业务发挥了协同效应，在报告 期内保持稳定增长态势。 ...

协创数据8月11日发布2025年上半年度业绩快报，报告期内实现营业收入49.44亿元，同比增长38.18%； 归属于上市公司股东的净利润4.57亿元，同比增长27.68%；基本每股收益1.33元。 ...

Core Insights - The company reported a revenue of 4.944 billion yuan for the first half of 2025, representing a year-on-year growth of 38.18% [1] - The net profit for the same period was 457 million yuan, showing a year-on-year increase of 27.68% [1] - The significant revenue growth was driven by the expansion of business and research efforts, particularly in AI servers and computing power services [1]

[Special Notice](index=1&type=section&id=Special%20Notice) Preliminary H1 2025 financial data are unaudited and subject to change, cautioning investors about potential investment risks - The financial data for the first half of 2025 contained in this announcement are preliminary and have been audited by the company's internal audit department but not by an accounting firm[3](index=3&type=chunk) - Preliminary data may differ from the final data disclosed in the company's 2025 semi-annual report, cautioning investors about investment risks[3](index=3&type=chunk) [Key Financial Data and Indicators](index=1&type=section&id=Key%20Financial%20Data%20and%20Indicators) This section presents the consolidated key financial data and indicators for the first half of 2025, summarizing the company's financial performance and position Key Financial Data and Indicators for H1 2025 (Consolidated Statement) | Item | Current Period (10,000 CNY) | Prior Period (10,000 CNY) | Change (%) | | :--- | :--- | :--- | :--- | | **Income Statement:** | | | | | Total Operating Revenue | 494,398.43 | 357,804.98 | 38.18 | | Operating Profit | 49,495.88 | 40,902.53 | 21.01 | | Total Profit | 49,474.43 | 40,847.14 | 21.12 | | Net Profit Attributable to Shareholders of Listed Company | 45,680.75 | 35,778.02 | 27.68 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 44,216.81 | 35,385.85 | 24.96 | | Basic Earnings Per Share (CNY) | 1.33 | 1.05 | 26.67 | | Weighted Average Return on Net Assets | 13.18% | 13.46% | -0.28 | | **Balance Sheet (Period End):** | Current Period End (10,000 CNY) | Beginning of Current Period (10,000 CNY) | Change (%) | | Total Assets | 1,504,357.42 | 730,450.16 | 105.95 | | Total Equity Attributable to Shareholders of Listed Company | 362,387.91 | 321,316.78 | 12.78 | | Share Capital (10,000 shares) | 34,335.72 | 24,525.51 | 40.00 | | Net Assets Per Share Attributable to Shareholders of Listed Company (CNY) | 10.55 | 9.36 | 12.71 | [Explanation of Operating Performance and Financial Position](index=2&type=section&id=Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) This section provides a detailed explanation of the company's operating performance and financial position during the reporting period, highlighting key drivers and changes [Operating Performance](index=2&type=section&id=Operating%20Performance) During the reporting period, the company's total operating revenue increased by 38.18% and net profit attributable to shareholders grew by 27.68%, driven by computing power business, IoT smart terminals, server remanufacturing, and storage business synergies - Total operating revenue reached **4,943.98 million CNY**, a **38.18% year-on-year increase**; net profit attributable to shareholders reached **456.81 million CNY**, a **27.68% year-on-year increase**[6](index=6&type=chunk) - Rapid development of computing power business: The growth of AI servers and computing power services significantly boosted the company's revenue[6](index=6&type=chunk) - New products and innovative models in IoT smart terminals: New product launches and business model developments jointly drove revenue growth[6](index=6&type=chunk) - Deepened integration of server remanufacturing resources: Continuous expansion of industry chain resources promoted steady growth in this business[6](index=6&type=chunk) - Synergistic effects in storage business: Benefiting from the development of computing power services, the storage business maintained stable growth[7](index=7&type=chunk) [Financial Position](index=3&type=section&id=Financial%20Position) At period-end, total assets significantly increased by 105.95% from the beginning of the period due to business expansion and increased investment in computing power; equity attributable to shareholders rose by 12.78%, and share capital grew by 40.00% from capital reserve capitalization - Total assets reached **15,043.57 million CNY**, a **105.95% increase** from the beginning of the period, primarily due to business expansion and increased investment in computing power business[8](index=8&type=chunk) - Total equity attributable to shareholders of the listed company was **3,623.88 million CNY**, a **12.78% increase** from the beginning of the period[8](index=8&type=chunk) - Share capital increased by **40.00%** from the beginning of the period, mainly due to the capitalization of capital reserves through equity distribution during the reporting period[8](index=8&type=chunk) [Other Explanations](index=3&type=section&id=Other%20Explanations) This section reiterates that the performance express data are preliminary and unaudited, advising investors to exercise caution due to potential differences from final reports - The performance express data are preliminary estimates by the company's finance department and have not been audited by an accounting firm[9](index=9&type=chunk) - Performance express data may differ from the final data disclosed in the company's 2025 semi-annual report, cautioning investors to make prudent decisions and be aware of investment risks[9](index=9&type=chunk) [Documents for Reference](index=3&type=section&id=Documents%20for%20Reference) This section lists the comparative balance sheets, income statements, internal audit report, and the board's explanation as documents available for inspection - Documents for reference include comparative balance sheets and income statements signed and sealed by the legal representative, chief financial officer, and head of the accounting department[10](index=10&type=chunk) - Documents for reference also include the internal audit report signed by the head of the internal audit department[10](index=10&type=chunk) - The board of directors' explanation regarding the 2025 semi-annual performance express is also available for reference[10](index=10&type=chunk)

Core Insights - The company, Qichuang Data (300857), has integrated its Omnibot platform with NVIDIA's technology stack, including IsaacSim, IsaacLab, Omniverse, GR00T, and Cosmos, positioning itself as an important partner for NVIDIA in robotic application scenarios [1] Group 1 - The Fcloud platform is designed for developers of embodied robots, providing an end-to-end development environment that includes simulation services, data services, training services, model services, and cloud storage services [1]