Group 1 - The "2025 Digital Ecosystem Development Conference and 'Foundation Building Plan' Mid-Year Meeting" was held in Beijing, showcasing the release of the "Panorama of High-Quality Digital Transformation Products and Services (First Half of 2025)" [1] - Huibo Yuntong was recognized for its technological capabilities in multiple fields including artificial intelligence, AI large models, fintech, and data analysis, successfully making the list of outstanding enterprises and products in digital transformation [2][5] - The "Foundation Building Plan," initiated by the China Academy of Information and Communications Technology in 2022, aims to promote high-quality development in enterprise digital transformation [2] Group 2 - Huibo Yuntong's Executive Vice President Zhang Yanpeng was appointed as a technical expert for the "Foundation Building Plan," contributing to the formulation and implementation of technical standards [2] - The "Panorama" highlights exemplary enterprises and products in various digital sub-markets, showcasing impactful and commercially valuable cases in digital transformation [2] - Huibo Yuntong's products, including the "Enterprise-level AI Intelligent Agent Solution," "Post-loan Risk Warning System," and "Digital Workbench," were selected, reflecting the company's leading strength in AI, big data, and fintech [2][5] Group 3 - In recent years, Huibo Yuntong has been advancing its "2+3" development strategy, focusing on TMT and finance sectors, and building a technology capability system in AI, big data, and fintech [3] - The company is transitioning from technology delivery services to customized software development and platform solutions to meet diverse enterprise needs in digitalization [3][5] - The recognition from the "Panorama" serves as authoritative acknowledgment of Huibo Yuntong's technological strength and industry contributions, motivating the company to continue innovating in fintech, big data, and AI [5]

Core Insights - The China Academy of Information and Communications Technology (CAICT) hosted the "2025 Digital Ecosystem Development Conference and 'Foundation Building Plan' Mid-Year Meeting" in Beijing, where the "Panorama of High-Quality Digital Transformation Products and Services (First Half of 2025)" was released [1] - Huibo Yuntong (301316) was recognized for its capabilities in artificial intelligence, AI large models, intelligent agents, financial technology, and data analysis, being included in the "Panorama" [1] - The "Foundation Building Plan," initiated by CAICT in 2022, aims to promote digital transformation and high-quality development in digital construction [1] Company Highlights - Huibo Yuntong's enterprise-level AI intelligent agent solution, post-loan risk warning system, and digital workspace were successfully listed in the "Panorama" [1] - The company’s AI knowledge assistant "Xiaoyun Classmate" was included in the "2025 Annual High-Quality Digital Transformation Case Collection," showcasing its technical strength in digital transformation [2] - The recognition reflects Huibo Yuntong's contributions to promoting high-quality development in the industry [2] Strategic Focus - With the rapid development of the digital economy, digital transformation has become a key path for companies to enhance competitiveness [2] - Huibo Yuntong is advancing its "2+3" development strategy, focusing on the TMT and financial sectors, and building capabilities in artificial intelligence, big data, and financial technology [2] - The company is transitioning from technical delivery services to customized software development and platform solutions, aiming to meet clients' evolving needs in information and digital construction [2] Future Outlook - Huibo Yuntong aims to become a global, professional, and innovative comprehensive digital technology service provider [2] - The company will continue to deepen its focus on financial technology, big data, and artificial intelligence, driven by technological innovation [2] - The goal is to enhance its technical strength and service level, assisting more enterprises in achieving digital transformation and high-quality development [2]

华泰联合证券有限责任公司 关于慧博云通科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：慧博云通 | | --- | --- | | 保荐代表人姓名：李世静 | 联系电话：010-56839300 | | 保荐代表人姓名：耿玉龙 | 联系电话：010-56839300 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 0 次（募集资金专户已于 2024 年内注销） | | （2）公司募集资 ...

Core Viewpoint - The acquisition plan of Huibo Yuntong is ongoing, with its affiliates and Zhejiang State-owned Assets Supervision and Administration Commission planning to acquire a 32.09% stake in Baode Computer, which is seen as a strategic move to mitigate investment risks and address funding issues of Baode's major shareholder [1][3][7]. Group 1: Acquisition Details - Huibo Yuntong's affiliates, including Beijing Shenhui Jinwei and Hangzhou Chuantou, will acquire a total of 32.09% of Baode Computer's shares, with a cash investment of approximately 14.44 billion yuan, based on Baode's overall valuation of 4.5 billion yuan [4][6]. - The affiliates will contribute 9.94 billion yuan and 4.50 billion yuan respectively for the acquisition [4][5]. Group 2: Financial Performance - Huibo Yuntong's net profit has significantly declined, with a drop of over 20% expected in 2024 and a 78% decrease in the first half of 2025, indicating a substantial profit pressure despite revenue growth [1][10]. - The company reported a net profit of 0.66 billion yuan in 2020, which fell to 0.66 billion yuan in 2024, returning to 2020 levels [9][10]. Group 3: Industry Context - Baode Computer is a leading provider of information technology infrastructure in China, with annual revenues exceeding 10 billion yuan, and has shown profitability with net profits of 2.01 billion yuan and 2.35 billion yuan in 2023 and 2024 respectively [2][10]. - The acquisition is intended to help Huibo Yuntong transition from software services to a more integrated hardware-software business model, thereby expanding its business scope and improving its industry chain layout [10].

Core Viewpoint - The acquisition plan by Huibo Yuntong is seen as a strategic move to address its declining profits and enhance its business operations through the purchase of a significant stake in Baode Computer [1][2]. Group 1: Acquisition Details - Huibo Yuntong's affiliates and Zhejiang State-owned Assets Supervision and Administration Commission plan to jointly acquire 32.09% of Baode Computer's shares, with the company’s affiliate contributing 994 million yuan [1][3]. - The acquisition is based on an overall valuation of Baode Computer at 4.5 billion yuan, with the total investment from the affiliates amounting to approximately 1.444 billion yuan [3][4]. - The acquisition aims to resolve the financial issues of Baode Computer's major shareholder and reduce investment risks for Huibo Yuntong [1][6]. Group 2: Financial Performance - Huibo Yuntong's net profit has seen a significant decline, with a drop of over 20% expected in 2024 and a staggering 78% decrease in the first half of 2025, amounting to 5.6477 million yuan [1][9]. - Despite continuous revenue growth from 688 million yuan in 2020 to 1.743 billion yuan in 2024, the company's net profit has faced pressure, indicating a disconnect between revenue and profitability [9][10]. - Baode Computer, on the other hand, reported revenues exceeding 10 billion yuan in 2023 and 2024, with net profits of 201 million yuan and 235 million yuan respectively, showcasing its strong financial health [10]. Group 3: Strategic Implications - The acquisition is viewed as a critical step for Huibo Yuntong to transition from software services to a more integrated hardware-software business model, thereby expanding its operational scope and improving its industry positioning [10][11]. - The involvement of affiliates in the acquisition is seen as a strategy to mitigate risks associated with the investment in Baode Computer, which has been identified as having certain operational flaws [6][8].

Core Viewpoint - Huibo Yuntong (301316.SZ) is advancing its major asset restructuring by acquiring a controlling stake in Baode Computer Systems Co., Ltd. through a cash transaction involving its controlling shareholder's affiliates and Zhejiang state-owned assets [2][3][4]. Group 1: Acquisition Details - Huibo Yuntong's controlling shareholder's affiliate, Beijing Shenhui Jinwei Yuan Information Industry Partnership, plans to acquire 22.0875% of Baode Computer for approximately 9.93 billion cash, gaining control [2][3]. - Zhejiang state-owned assets will simultaneously acquire 10% of Baode Computer for 4.5 billion cash, bringing the total transaction value to about 14.4 billion based on Baode's 45 billion valuation [3][4]. Group 2: Strategic Implications - The acquisition addresses concerns regarding Huibo Yuntong's previous restructuring plan, which lacked the involvement of Baode's major shareholder, leading to fears of "paper control" [4][5]. - The new acquisition structure allows Huibo Yuntong to set performance commitments with Baode's major shareholders, ensuring that net profits for 2026-2028 meet projected values, with penalties for non-compliance [7][8]. Group 3: Financial Support and Risk Mitigation - The total cash from the affiliates and Zhejiang state-owned assets will be used to resolve Baode's previous financial issues, thereby reducing investment risks for Huibo Yuntong [7][8]. - The involvement of multiple state-owned entities in the acquisition signals strong backing for Huibo Yuntong's restructuring efforts, enhancing market confidence [8][9]. Group 4: Future Expectations - The collaboration among various parties suggests an expectation that Huibo Yuntong will ultimately acquire 100% of Baode Computer, with strategic partnerships in place to support this goal [8][9]. - The restructuring plan also includes strategic investors like Changjiang Industrial Investment Group, further solidifying the financial foundation for the acquisition [9][10].

Core Viewpoint - The acquisition of 32.0875% of Baode Computing by Huibo Yuntong's controlling shareholder and a local state-owned enterprise marks a strategic shift in the approach to the deal, aiming to address historical issues and enhance future capital operations [2][3]. Group 1: Acquisition Details - Huibo Yuntong announced a joint acquisition of Baode Computing's shares by its controlling shareholder, Shenhui Holdings, and Hangzhou Chuantou, a local state-owned enterprise, breaking the original plan for direct acquisition by the listed company [2][5]. - The transaction values Baode Computing at 4.5 billion yuan, with Shenhui Jinwu acquiring 22.0875% for approximately 994 million yuan and Hangzhou Chuantou acquiring 10% for 450 million yuan, totaling 1.444 billion yuan [6][10]. - The funds from the acquisition will be used to address historical financial issues within Baode Computing, which has faced challenges in its IPO process due to overlapping business scopes and capital occupation [7][10]. Group 2: Strategic Implications - The acquisition reflects the urgent trend of "soft and hard collaboration" in the domestic computing power industry, as Huibo Yuntong seeks to enhance its hardware capabilities to complement its software services [2][11]. - The deal is seen as a strategic move for Huibo Yuntong to overcome performance bottlenecks, with the company experiencing revenue growth but declining profitability [10][11]. - The integration of Baode Computing's AI hardware capabilities is expected to provide Huibo Yuntong with a competitive edge in delivering comprehensive solutions to clients [11][12]. Group 3: Market Context - The acquisition aligns with the broader industry trend where hardware and software companies are increasingly collaborating to enhance their market positions amid intensifying competition in AI computing [11][12]. - The deal is positioned as a critical case for observing industry consolidation, particularly in the context of China's push for self-reliance in AI technology [3][12].

华泰联合证券有限责任公司 关于慧博云通科技股份有限公司 与关联方共同投资暨关联交易的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐机构"）作 为慧博云通科技股份有限公司（以下简称"慧博云通"、"公司"）首次公开发行 股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》、《深 圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》、《深圳证券交易所上市公司自律监管指引第 13 号 ——保荐业务》等相关法律法规和规范性文件的规定，在持续督导期内，对慧博 云通与关联方共同投资暨关联交易的事项进行了审慎核查，并发表如下意见： 一、关联交易概况 公司控股股东深圳申晖控股有限公司（以下简称"申晖控股"）控制的关联 方北京申晖金婺信息产业合伙企业（有限合伙）（以下简称"申晖金婺"）和浙江 省人民政府国有资产监督管理委员会（以下简称"浙江省国资委"）控制的杭州 产投致兴股权投资合伙企业（有限合伙）（以下简称"产投致兴"）与宝德计算机 系统股份有限公司（以下简称"宝德计算"）控股股东霍尔果斯宝德创业投资有 限公司（以下简称"霍尔果斯宝德"）、 ...

Group 1 - The core point of the article is that Huibo Yuntong (301316) announced a significant investment and related party transaction involving the acquisition of shares in Baode Computing by its controlling shareholder and related parties [1] - Huibo Yuntong's controlling shareholder, Shenhui Holdings, through its related party Shenhui Jinwu, plans to acquire a total of 22.0875% of Baode Computing's shares from Huolguosi Baode and Baode Research Institute for cash [1] - Additionally, Hangzhou Chantuo, controlled by the Zhejiang Provincial State-owned Assets Supervision and Administration Commission, intends to acquire 10% of Baode Computing's shares from Huolguosi Baode for cash [1] Group 2 - Following the completion of this transaction, Shenhui Jinwu will hold 22.0875% of Baode Computing's shares, thereby gaining control over the company [1] - As of the announcement date, Shenhui Holdings holds 21.16% of Huibo Yuntong, confirming its status as the controlling shareholder [1] - Shenhui Jinwu is identified as a related party controlled by the company's controlling shareholder, Shenhui Holdings, which acts as the executing partner in this transaction [1]

Core Viewpoint - Huibo Yuntong (301316.SZ) announced a joint investment and related party transaction involving the acquisition of 32.0875% of Baode Computer by its controlling shareholder Shenzhen Shenhui Holdings and Zhejiang Provincial State-owned Assets Supervision and Administration Commission [1][2]. Group 1: Transaction Details - Shenhui Holdings, which holds 21.16% of Huibo Yuntong, will acquire 22.0875% of Baode Computer, gaining control over it [2][6]. - The total valuation for Baode Computer is set at 4.5 billion yuan, with the share price for the transaction calculated at 6.7365 yuan per share, totaling approximately 1.443 billion yuan [3][4]. - The transaction involves cash payments from Shenhui Jinwei and Hangzhou Chantu to the sellers, with specific share allocations and corresponding prices detailed [3][4]. Group 2: Financial Performance - For the first half of 2025, Huibo Yuntong reported revenue of 1.0258754 billion yuan, a year-on-year increase of 33.50%, but a net profit attributable to shareholders of only 5.6477 million yuan, down 78.37% [4]. - The company also reported a negative net cash flow from operating activities of -118.3085 million yuan, compared to -45.6583 million yuan in the same period last year [4]. - Baode Computer is projected to achieve revenues of 9.2700421 billion yuan and 10.0077561 billion yuan in 2023 and 2024, respectively, with net profits of 200.7744 million yuan and 235.1358 million yuan [6][7]. Group 3: Future Commitments - The sellers, Horquos Baode and Baode Research Institute, have committed to ensuring that Baode Computer's audited net profit for 2025 meets or exceeds the forecasted figures in the evaluation report [3][4]. - If the actual net profit falls short, the sellers will compensate Shenhui Holdings for the difference [4].