证券代码：301396 证券简称：宏景科技 公告编号：2025-081 宏景科技股份有限公司 关于 5%以上股东权益变动暨持股比例降至 5%以下且触及 1%整数倍的提示性公告 3、本次权益变动不会导致公司控股股东及实际控制人发生变化，不会对公 司治理结构及持续经营产生重大影响。 宏景科技股份有限公司（以下简称"公司"）于2025年7月22日在巨潮资讯网 （http://www.cninfo.com.cn/）披露了《关于公司董事、高级管理人员减持股份预 披露公告》（公告编号：2025-045）。公司持股5%以上股东、董事、副总经理 许驰持有公司股份7,933,162股（占公司总股本的5.17%），计划于本减持计划预 披露公告之日起15个交易日后的3个月内通过大宗交易、集中竞价方式减持公司 股份不超过1,535,000股（不超过公司总股本的1.00%）。 近日，公司收到许驰女士出具的《关于减持股份触及1%及5%整数倍的告知 函》和《简式权益变动报告书》，获悉许驰女士于2025年9月24日至9月24日通过 集中竞价交易方式合计减持公司股份257,300股，占公司总股本的0.1676%。本次 权益变动后，许驰女士持有 ...

2025 年 9 月 24 日 1 宏景科技股份有限公司 简式权益变动报告书 上市公司名称：宏景科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：宏景科技 股票代码：301396 信息披露义务人：许驰 住所及通讯地址：广东省广州市天河区***** 股份变动性质：股份数量减少（股权比例下降至 5%以下） 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（简称"《证券法》"） 《上市公司收购管理办法》（简称"《收购办法》"）《公开发行证券公司信息 披露内容与格式准则第 15 号——权益变动报告书》及相关的法律、法规编制本 报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》《收购办法》规定，本报告书已全面披露了信息披露义 务人在宏景科技股份有限公司（以下简称"宏景科技"或"公司"）拥有权益的 股份变动情况。截至本报告书签署之日，除本报告书披露的信息外，信息披露义 务人没有通过任何其他方式增加或减少其在宏景科技拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。除本信息披露义务 人外，没有委托或者授权任何其他人提供未在本报告中列载的信息和对本 ...

Core Insights - The stock price of Hongjing Technology increased by 2.02% on September 24, reaching 76.60 CNY per share, with a trading volume of 334 million CNY and a turnover rate of 5.87%, resulting in a total market capitalization of 11.759 billion CNY [1] Financial Performance - Hongjing Technology reported a revenue of 1.188 billion CNY for the first half of 2025, representing a year-on-year growth of 567.14%, and a net profit attributable to shareholders of 60.28 million CNY, up 725.73% year-on-year [2] - The company has seen a stock price increase of 282.60% year-to-date, with a recent decline of 2.02% over the last five trading days and a 7.89% drop over the last 20 days [1] Shareholder Information - As of July 31, 2025, the number of shareholders for Hongjing Technology was 26,800, a decrease of 12.10% from the previous period, with an average of 2,842 circulating shares per shareholder, an increase of 13.77% [2] - The company has distributed a total of 49.34 million CNY in dividends since its A-share listing [3] Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Yongying Digital Economy Smart Selection Mixed Fund A, holding 2.7098 million shares, an increase of 1.8504 million shares from the previous period [3] - The third-largest circulating shareholder is Guangfa Technology Innovation Mixed Fund A, which is a new entrant with 2.5579 million shares [3]

Core Viewpoint - Hongjing Technology participated in the 2025 Guangdong Listed Companies Investor Online Reception Day, addressing investor inquiries regarding its computing power business, smart city projects, and profit distribution [1][2]. Group 1: Company Operations - The company is positioned as a self-research capable intelligent computing center and a comprehensive service provider for smart cities, focusing on the integration of artificial intelligence, big data, and intelligent computing technologies [1]. - Hongjing Technology aims to continuously promote the integration of smart city, computing power, and AGI (Artificial General Intelligence) technologies across various industry sectors and application scenarios [1]. - The company offers comprehensive AI solutions through its computing power equipment integration services, leveraging its innovative R&D team, technical accumulation, and a well-established computing power supply chain [1]. Group 2: Profit Distribution - The company announced a profit distribution plan of 0.5 yuan per 10 shares for the mid-term, which considers the company's operational development and investor interests [2]. - Future dividend policies will be based on implementation announcements, with a focus on creating more value for shareholders amid pressures from long-term order payments and cash flow reserves [2]. Group 3: Business Development - The customer structure for the computing power business is diverse, with strong partnerships with various excellent companies, and the company will actively pursue overseas business expansion [2]. - The construction and operation of the intelligent computing center are progressing in an orderly manner, with profitability to be reported periodically [2].

Group 1: Company Overview and Services - The company is a self-research capable intelligent computing center and a comprehensive service provider for smart cities, focusing on the integration of AI, big data, and intelligent computing technologies [2][6]. - It offers a full range of services including system design, equipment supply, installation, testing, and optimization, providing GPU hardware procurement and integrated solutions for computing network [3][6]. - The implementation cycle for computing equipment integration services varies from several months depending on the project [3]. Group 2: Financial Performance and Profit Distribution - The company’s mid-year profit distribution plan is to distribute 0.5 yuan for every 10 shares, with potential adjustments in the future as computing business profitability improves [4]. - The company aims to create more value for shareholders and promote high-quality development despite pressures on long-term order payments and cash flow reserves [4]. Group 3: Market Demand and Client Relationships - The company has seen significant growth in computing service revenue, with a diverse client structure and strong relationships with major companies [7][8]. - It actively follows market demands and is expanding overseas business, with future business conditions to be disclosed in upcoming announcements [7][8]. Group 4: Project Development and Profitability - The intelligent computing center construction project is progressing as planned, with expectations to reach operational status by December 31, 2025 [8]. - The profitability timeline post-operation will be reported in the company’s regular updates [8]. Group 5: Customer Retention and Contract Structure - The company’s computing operation contracts are primarily medium to long-term, with a balanced and diverse customer structure [8]. - The renewal rate for computing operation services is not specified but is implied to be stable due to the nature of the contracts [8].

Core Viewpoint - Hongjing Technology's stock price has shown significant growth this year, with a year-to-date increase of 275.21%, indicating strong market interest and performance [2]. Group 1: Stock Performance - As of September 19, Hongjing Technology's stock price was 75.12 CNY per share, with a market capitalization of 11.532 billion CNY [1]. - The stock has experienced a slight increase of 0.16% over the last five trading days, a 21.93% increase over the last 20 days, and an 18.73% increase over the last 60 days [2]. - The company has appeared on the trading leaderboard 25 times this year, with the most recent appearance on August 28, where it recorded a net buy of -135 million CNY [2]. Group 2: Financial Performance - For the first half of 2025, Hongjing Technology reported a revenue of 1.188 billion CNY, representing a year-on-year growth of 567.14%, and a net profit attributable to shareholders of 60.28 million CNY, up 725.73% year-on-year [3]. - The company has distributed a total of 49.3449 million CNY in dividends since its A-share listing [4]. Group 3: Shareholder and Institutional Holdings - As of July 31, the number of shareholders for Hongjing Technology was 26,800, a decrease of 12.10% from the previous period, while the average number of circulating shares per person increased by 13.77% to 2,842 shares [3]. - The top ten circulating shareholders include Yongying Digital Economy Mixed Fund, which increased its holdings by 1.8504 million shares, and Guangfa Technology Innovation Mixed Fund, which is a new shareholder [4].

证券代码：301396 证券简称：宏景科技 公告编号：2025-080 为进一步加强与投资者的互动交流，宏景科技股份有限公司（以下简称"公 司"）将参加由广东证监局、广东上市公司协会联合举办的"2025 广东上市公司 投资者关系管理月"活动，现将相关事项公告如下： 本次投资者网上集体接待日活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。 届时公司高级管理人员等有关负责人将在线就公司 2025 年半年度业绩、公 司治理、发展战略等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 资者踊跃参与！ 特此公告。 宏景科技股份有限公司董事会 2025 年 9 月 17 日 宏景科技股份有限公司 关于参加 2025 年广东上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 ...

Investment Rating - The report maintains a "Buy" rating for the power equipment sector [7][18]. Core Insights - The demand for overseas computing power has exceeded expectations, leading to a significant acceleration in the domestic ecosystem [5][6]. - The AI computing infrastructure is experiencing a dual resonance of supply and demand, with the liquid cooling server industry poised for a clear breakout point [15][16]. - Major cloud service providers are expected to invest heavily in liquid cooling technology due to the advanced process of the new generation of chips [5][15]. - The domestic AI industry chain is becoming increasingly competitive, with significant fundraising efforts by leading companies to enhance their capabilities [6][16]. Summary by Sections Investment Viewpoints - The report highlights strong AI beta resonance across various companies, from established overseas firms to domestic players [17]. - The power generation sector is identified as a logical area for growth, with specific recommendations for companies such as KOTAI Power and AIDC leasing firm Hongjing Technology [7][17]. Industry Dynamics - The report notes that the global capital expenditure for data center infrastructure is projected to reach $3-4 trillion over the next five years [15]. - Oracle's latest financial report anticipates a 77% surge in cloud infrastructure revenue, indicating robust market demand [5][15]. - The report also discusses the recent approval of large-scale fundraising by domestic AI companies, which is expected to enhance their competitive edge [6][16]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several companies in the power equipment sector, including: - KOTAI Power (Buy) - Yingweike (Buy) - Macromit (Buy) - Shunling Environment (Buy) - Hewei Electric (Buy) [10][20][19].

Core Viewpoint - The article discusses the recent surge in the A-share market, particularly focusing on the structural changes and opportunities within the data center and AI sectors, driven by significant capital expenditures from major companies like Tencent and Alibaba [5][9]. Group 1: Market Movements - A-share market has seen notable movements in the computing power concept stocks, with companies like Data Port and Ronglian Technology experiencing sharp increases, including a limit-up on Ronglian Technology [3][6]. - The computing power sector is compared to the previous liquid cooling sector, indicating it is on the verge of a breakout, with significant gains observed in related stocks [6]. Group 2: Capital Expenditure Trends - Major companies are ramping up capital expenditures, with Tencent and Alibaba reporting increases of 119% and 220% respectively in Q2 this year, and Alibaba planning to invest over 100 billion yuan in AI infrastructure and products [5][9]. - The report highlights that the capital expenditure (CAPEX) for major cloud service providers like Microsoft, Amazon, and Google is expected to grow significantly, with projected CAGR of 33.74% from 2021 to 2024 [9]. Group 3: AI and Data Center Dynamics - The rapid development of AI technology is reshaping the data center industry, with increasing demand for AI-driven services expected to be the main growth driver [6][9]. - The Chinese AI cloud market is projected to reach 22.3 billion yuan by the first half of 2025, supported by favorable policies aimed at avoiding redundant construction in the industry [7]. Group 4: Policy and Industry Outlook - The "East Data West Calculation" initiative is expected to provide a clear direction for the scalable and intensive development of data centers, combining low-cost resources in the west with high market demand in the east [9]. - The "dual carbon" policy context is pushing for a transformation in data centers towards greener practices, which may lead to increased capital expenditure pressures in the short term [10].

Core Viewpoint - The article discusses the recent surge in A-share computing power concept stocks, driven by significant capital expenditures from major domestic companies and the rapid development of AI technology, indicating a potential turning point for the data center sector [2][4][9]. Group 1: Market Movements - Afternoon trading saw notable movements in computing power concept stocks, with Data Port and Ronglian Technology hitting the daily limit, while Yitian Intelligent and Huichen shares also saw significant increases [2][6]. - By the end of trading, Yitian Intelligent rose by 11.02%, Ronglian Technology reached the daily limit, and Huichen shares increased by 7%, with several other stocks also showing gains of over 5% [6]. Group 2: Capital Expenditure Insights - Market rumors suggest that a major company's substantial capital expenditure guidance (up to 2030) is a key factor behind the stock price increases of related companies [4]. - In Q2 of this year, Tencent and Alibaba reported capital expenditure growth of 119% and 220%, respectively, with Alibaba investing over 100 billion yuan in AI infrastructure and products over the past four quarters, aiming for a total of 380 billion yuan in capital expenditures over three years [4]. Group 3: Industry Trends - Analysts believe that the data center sector is on the verge of a breakout, similar to the previous surge in the liquid cooling sector, with AI technology reshaping the industry landscape [6][9]. - The AI cloud market in China is projected to reach 22.3 billion yuan by the first half of 2025, supported by favorable policies aimed at avoiding redundant construction in the sector [7]. Group 4: Future Outlook - Tianfeng Securities indicates that AI development is driving upgrades in data centers, with increasing power demands and larger-scale deployments expected [9]. - The capital expenditure (CAPEX) of major overseas cloud providers like Microsoft, Amazon, Google, and Meta is showing strong growth, with projected compound annual growth rates (CAGR) of 33.74% to 26.13% from 2021 to 2024 [9]. - Domestic internet giants are also ramping up AI investments, with Tencent's capital expenditure expected to reach 96.05 billion yuan in 2024, reflecting a year-on-year growth of 102.6% [9]. Group 5: Regulatory Environment - The introduction of IDC industry policies is expected to support healthy and orderly development in the sector, with initiatives like "East Data West Calculation" providing clear directions for the scaling and intensive development of data centers [10].