Investment Rating - The report assigns an "Accumulate" rating for the company with a 6-month outlook [5] Core Viewpoints - The company aims to acquire Baode Computing to create a domestic intelligent digital benchmark, leveraging the AI wave [2] - The company has maintained rapid revenue growth over the past five years, with a year-on-year increase of 14.76% in 2023 and a 37.46% increase in Q1 2025 [1][27] - The company is focusing on a "2+3" development strategy, targeting the TMT and financial services sectors, and building capabilities in AI, big data, and financial technology [3][66] Summary by Sections Company Overview - Established in 2009, the company provides software technology outsourcing, professional technical services, and solutions, with operations in over 200 cities globally [1][12] - The company has formed partnerships with major international clients such as ByteDance and Xiaomi [1][12] Acquisition of Baode Computing - The company plans to acquire 67.91% of Baode Computing to enhance its software and hardware integration capabilities, creating a comprehensive solution ecosystem [2][73] - Baode Computing is a leading provider of computing solutions in China, particularly in AI servers and is positioned as a top player in the domestic market [2][73] Financial Performance and Projections - The company forecasts net profits of 100 million, 130 million, and 160 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 169, 131, and 104 [4] - Revenue is projected to grow from 1.36 billion yuan in 2023 to 3.64 billion yuan in 2027, with growth rates of 14.76%, 28.30%, 32.06%, 27.11%, and 24.46% for the respective years [4][27] Business Segmentation - The company’s revenue is derived from software technology outsourcing (61.62%), professional technical services (28.52%), and product solutions (8.47%) [29][30] - Professional technical services have shown significant growth, with a year-on-year increase of 58.69% in 2024 [29] Strategic Focus - The company is leveraging AI advancements to provide enterprise-level AI solutions, significantly reducing integration costs and deployment times by approximately 50% [3][72] - The company is positioned to benefit from the growing demand for computing infrastructure and digital transformation driven by AI [4][66]

证券代码：301316 证券简称：慧博云通 公告编号：2025-052 慧博云通科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 慧博云通科技股份有限公司 公 告 暨关联交易事项的进展公告 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。 重要风险提示： （一）慧博云通科技股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日披露 了《慧博云通科技股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交 易预案》（以下简称"重组预案"）及其摘要，并对本次交易涉及的有关风险因素及尚 需履行的审批程序进行了详细说明，提请广大投资者关注后续进展公告并注意投资风险。 （二）截至本公告披露日，除重组预案中披露的有关风险因素外，公司尚未发现可 能导致公司董事会或者交易对方撤销、中止本次交易或者对本次交易方案作出实质性变 更的相关事项，本次交易相关工作正在有序推进中。公司将根据相关事项的进展情况及 时履行信息披露义务。 一、本次交易概述 公司拟以发行股份及支付现金的方式购买乐山高新投资发展（集团）有限公司等 59 名交易对方合计持有的宝德计算机系 ...

Group 1: Industry Overview - The Chinese software industry has experienced significant growth and has become a leader in global software technology. The focus on software quality has become a key aspect of industry development, with software testing services playing a crucial role in ensuring quality [1] - Software testing services effectively identify and fix defects, enhance product stability and user experience, significantly reduce maintenance costs and risks, ensure data security and system reliability, and optimize development processes through continuous feedback, which is essential for gaining market competitiveness [1] Group 2: Company Expertise - Huibo Yuntong (301316) has over a decade of experience in the research and development of general intelligent terminals and mobile communication services. The company has established a professional testing service system and conducts mobile intelligent terminal testing in over 200 cities globally under various network environments [1] - The company specializes in full-stack testing, combining theory and practice to cover the entire product lifecycle. It provides comprehensive testing services including test planning, design, execution, management, and quality assessment across various industries such as telecommunications, internet, finance, and intelligent manufacturing [3] - Huibo Yuntong is committed to exploring and practicing automation testing technology, possessing various automation testing capabilities and rich R&D experience. The company has formed a specialized automation testing team that ensures smooth and efficient implementation across different testing frameworks and scenarios [4] Group 3: Field Testing Services - With over ten years of experience in field testing, Huibo Yuntong conducts on-site communication protocol and interoperability testing between communication terminals and network base stations in various global cities. This service confirms the communication functionality, performance, and network compatibility of terminals [5] - The company's field testing services include global operator certification testing, network compatibility testing, specialized testing, and localized testing services, ensuring stable operation of communication products worldwide. Huibo Yuntong has built long-term partnerships with major clients, including China Mobile (600941), Xiaomi, Samsung, and Huawei, providing professional testing services [5]

Market Overview - The Shanghai Composite Index rose by 0.39% on July 1, with 20 out of the 28 sectors experiencing gains, led by the comprehensive and pharmaceutical sectors, which increased by 2.60% and 1.80% respectively [1] - The computer industry was the biggest loser, declining by 1.18%, with a net outflow of 8.395 billion yuan in capital [1] Computer Industry Analysis - The computer sector had 336 stocks, with 78 rising and 256 falling; one stock hit the daily limit up while another hit the limit down [1] - Among the stocks with net inflows, 95 saw capital inflows, with five exceeding 50 million yuan; the top inflow was for Xuanji Information, which received 352 million yuan [1] - The top three stocks with the highest capital outflows included Sifang Precision, with an outflow of 731 million yuan, followed by Hengsheng Electronics and Guiding Compass, with outflows of 659 million yuan and 448 million yuan respectively [2] Capital Flow in Computer Sector Inflow Leaders - Xuanji Information: +20.00%, turnover rate 12.50%, net inflow 351.84 million yuan [1] - Changshan Beiming: +3.18%, turnover rate 7.63%, net inflow 107.51 million yuan [1] - Huibo Yuntong: +0.65%, turnover rate 14.50%, net inflow 85.95 million yuan [1] Outflow Leaders - Sifang Precision: -9.55%, turnover rate 25.04%, net outflow -730.62 million yuan [2] - Hengsheng Electronics: -4.32%, turnover rate 5.35%, net outflow -658.75 million yuan [2] - Guiding Compass: -3.45%, turnover rate 8.33%, net outflow -448.06 million yuan [2] ETF Performance - Food and Beverage ETF (Product Code: 515170): No change in the last five days, PE ratio 19.79, net outflow of 4.03 million yuan [4] - Gaming ETF (Product Code: 159869): Increased by 8.63% in the last five days, PE ratio 43.19, net outflow of 10.88 million yuan [4] - Semiconductor ETF (Product Code: 588170): Increased by 2.87% in the last five days, net inflow of 3.79 million yuan [5] - Cloud Computing ETF (Product Code: 516630): Increased by 4.46% in the last five days, PE ratio 102.69, net outflow of 0.41 million yuan [5]

Core Viewpoint - The announcement details the release of share pledges by the controlling shareholder of Huibo Yuntong Technology Co., Ltd., indicating a positive development in the company's financial stability and shareholder confidence [1][3]. Group 1: Share Pledge Release - The controlling shareholder, Beijing Shenhui Holdings Co., Ltd., has released 11,000,000 shares from pledge, which accounts for 12.87% of its holdings and 2.72% of the total shares of the company [1]. - The release date for the pledged shares is noted as March 14, 2025 [1]. Group 2: Cumulative Pledge Situation - As of the announcement date, the total pledged shares by the controlling shareholder and its concerted actions amount to 157,183,497 shares, representing 38.91% of the total shares [2][3]. - The cumulative pledged shares do not pose any risk of forced liquidation or transfer, ensuring that there will be no change in the actual control of the company [3]. Group 3: Additional Information - The company will continue to monitor the pledge situation and will disclose relevant information as required, urging investors to pay attention to investment risks [3].

慧博云通科技股份有限公司 关于控股股东部分股份解除质押的公告 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。 慧博云通科技股份有限公司（以下简称"公司"）于近日接到公司控股股东北京申 晖控股有限公司（以下简称"申晖控股"）的函告，获悉其将部分股份办理了解除质押， 具体情况如下： 慧博云通科技股份有限公司 公 告 证券代码：301316 证券简称：慧博云通 公告编号：2025-051 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 占其所 | 占公 | 情况 | | 情况 | | | 股东名称 | 持股数量 | 持股比 例 | 累计被质 押数量 | 持股份 | 司总 股本 | 已质押股 份限售和 | 占已 质押 | 未质押股 | 占未质押 | | | （股） | （%） | （股） | 比例 （%） | 比例 | 冻结、标 | 股份 | 份 ...

慧博云通科技股份有限公司 公 告 证券代码：301316 证券简称：慧博云通 公告编号：2025-050 慧博云通科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易事项的进展公告 1 （二）截至本公告披露日，除重组预案中披露的有关风险因素外，公司尚未发现可 能导致公司董事会或者交易对方撤销、中止本次交易或者对本次交易方案作出实质性变 更的相关事项，本次交易相关工作正在有序推进中。公司将根据相关事项的进展情况及 时履行信息披露义务。 一、本次交易概述 公司拟以发行股份及支付现金的方式购买乐山高新投资发展（集团）有限公司等 59 名交易对方合计持有的宝德计算机系统股份有限公司（以下简称"标的公司"）67.91% 股份（以下简称"标的资产"），并向实际控制人余浩先生及其控制的北京申晖控股有 限公司、战略投资者长江产业投资集团有限公司发行股份募集配套资金（以下简称"本 次交易"）。本次交易预计构成重大资产重组及关联交易，但不构成重组上市。 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。 二、本次交易的历史披露情况 重要风险提示： （一）公司因筹 ...

Overview of the Transaction - The company plans to acquire 67.91% of the shares of Baode Computer System Co., Ltd. from 59 counterparties through a combination of issuing shares and cash payments, while also raising supporting funds from strategic investors [1][2] - This transaction is expected to constitute a major asset restructuring and related party transaction, but it will not qualify as a restructuring listing [1] Historical Disclosure - The company applied for a trading suspension starting May 6, 2025, due to the planning of this transaction, with the suspension expected to last no more than 10 trading days [1] - During the suspension, the company fulfilled its information disclosure obligations and provided updates on the transaction's progress [1][2] Progress of the Transaction - Since the disclosure of the transaction plan, the company, along with the controlling shareholders and management team of the target company, has been advancing the transaction in an orderly and stable manner [2] - The company will convene a board meeting to review the transaction once the relevant auditing and evaluation work is completed, and will fulfill subsequent approval and disclosure obligations as required [2]

Core Viewpoint - The CSI 1000 Equal Weight Index has shown a recent upward trend, indicating potential investment opportunities in the underlying stocks despite some fluctuations over the past months [1][2]. Group 1: Index Performance - The CSI 1000 Equal Weight Index has increased by 2.78% over the past month, decreased by 1.25% over the last three months, and has risen by 3.18% year-to-date [2]. - The index is based on the same sample as the CSI 1000 Index but uses equal weighting, providing a more diversified representation of market performance [2]. Group 2: Index Holdings - The top ten holdings in the CSI 1000 Equal Weight Index include: Sanofi (0.27%), Yipinhong (0.25%), Zhongchong Co. (0.21%), Huibo Yuntong (0.21%), Chengfei Integration (0.20%), Huicheng Environmental (0.19%), Kehua Data (0.19%), Yanjinpuzi (0.18%), Guoguang Electric (0.18%), and Longxin General (0.18%) [2]. - The index's market distribution shows that 51.93% of the holdings are from the Shenzhen Stock Exchange, while 48.07% are from the Shanghai Stock Exchange [2]. Group 3: Industry Composition - The industry composition of the CSI 1000 Equal Weight Index is as follows: Industrial (26.49%), Information Technology (17.22%), Materials (13.38%), Healthcare (11.45%), Consumer Discretionary (9.00%), Communication Services (7.16%), Consumer Staples (6.42%), Utilities (3.02%), Financials (2.62%), Real Estate (1.87%), and Energy (1.38%) [3]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3].

Core Viewpoint - The acquisition of 67.91% stake in Baode Computer by Huibo Yuntong has sparked market enthusiasm, leading to a significant stock price increase, but underlying risks are accumulating rapidly [1][2]. Group 1: Financial Performance - Huibo Yuntong's projected revenue for 2024 is 1.743 billion yuan, while Baode Computer's revenue for the same period is expected to reach 10.01 billion yuan [1]. - Baode Computer's revenue for 2023 and 2024 is reported at 9.27 billion yuan and 10.01 billion yuan, respectively, with net profits of 200 million yuan and 235 million yuan, indicating low net profit margins of 2.16% and 2.35% [2][3]. - Huibo Yuntong's net profit margin has decreased from 9.63% in 2020 to 4.04% in 2024, with non-deductible net profits fluctuating between 60 million yuan and 79 million yuan [2]. Group 2: Acquisition Details - The acquisition is characterized as a "snake swallowing an elephant" transaction, with Huibo Yuntong's stock price experiencing a 93% increase over six trading days following the announcement [1]. - The acquisition does not include 32.09% of Baode Computer's shares held by its controlling shareholder, which may complicate future integration efforts [4]. - The estimated valuation of Baode Computer ranges from 5 billion yuan to 7 billion yuan, with corresponding transaction prices for Huibo Yuntong's 67.91% stake estimated at 3.396 billion yuan, 4.075 billion yuan, and 4.754 billion yuan [6][7]. Group 3: Compliance and Risks - Baode Computer has compliance issues, including special clauses in agreements with external investors and potential regulatory scrutiny due to past actions of former executives [4][5]. - The company has a high debt ratio, with liabilities reaching 61.5% and 71.36% at the end of 2023 and 2024, respectively [2]. - Two shareholders of Baode Computer have frozen equity amounts of 16.8 million yuan and 52.753 million yuan, which were not disclosed in the acquisition announcement [4][5]. Group 4: Market Valuation - Based on comparable companies, Baode Computer's estimated market value could be 7.47 billion yuan based on a static price-earnings ratio of 31.8 times [6]. - After the acquisition, Huibo Yuntong's static price-earnings ratio could reach 132.7 times, significantly exceeding that of comparable companies [9].