奥飞数据: 关于2025年度向特定对象发行A股股票方案的论证分析报告（二次修订稿）

Core Viewpoint - The company plans to raise up to 1.695 billion yuan through a private placement of A-shares to enhance its capital strength and profitability, with the funds allocated to a new generation cloud computing and artificial intelligence industrial park project [1][7][8]. Group 1: Background and Purpose of the Stock Issuance - The domestic data center industry is experiencing a new wave of development opportunities driven by the rapid advancements in artificial intelligence technology and the increasing demand for computing power [2][4]. - The Chinese intelligent computing power scale is projected to reach 1,037.3 EFLOPS by 2025, with a compound annual growth rate of 46.2% from 2023 to 2028, significantly boosting the IDC industry [2][3]. - Major cloud computing and internet companies are increasing investments in computing infrastructure, with Alibaba planning to invest at least 380 billion yuan over three years and Baidu committing 1.6 billion USD for its cloud and AI infrastructure [3][4]. Group 2: Industry Growth and Policy Support - The IDC industry is a crucial infrastructure for developing strategic emerging industries and implementing national big data strategies, with increasing government support for the sector [5][6]. - The Ministry of Industry and Information Technology aims to enhance the computing power infrastructure by 2025, with specific targets for 5G base stations and user penetration rates [3][5]. - The IDC industry is expected to enter a period of rapid growth, driven by high demand for data storage, processing, and transmission capabilities [4][6]. Group 3: Company Strategy and Financial Health - The company operates 14 self-built data centers across various cities and aims to expand its business scale and industry resources through the new industrial park project [6][7]. - The company's asset-liability ratio was 72.70% as of March 31, 2025, indicating a need for enhanced capital strength to support ongoing investments [8][9]. - The issuance of new shares is expected to improve the company's capital structure, reduce the asset-liability ratio, and support sustainable development [8][9]. Group 4: Issuance Details and Compliance - The company plans to issue A-shares with a par value of 1.00 yuan, targeting specific qualified investors, and the issuance will comply with relevant regulations [10][12]. - The pricing for the new shares will be set at no less than 80% of the average trading price over the previous 20 trading days [14][15]. - The issuance process has been approved by the board and shareholders, ensuring compliance with legal and regulatory requirements [16][17].