Company Overview - Newland Digital Technology Co., Ltd. is a digital service provider established in Fuzhou, Fujian Province, listed on the Shenzhen Stock Exchange since 2000, focusing on intelligent terminals, big data processing, and data scenario operations [1][4] - In 2024, the company reported an annual revenue of RMB7.75 billion, a net profit of RMB1.01 billion, and a net cash flow from operating activities of RMB863 million, with a total dividend of RMB556 million [1][4] - The workforce consists of 6,703 employees, with a significant portion dedicated to R&D, accounting for 56.75% of the total workforce [10] Environmental Performance - The company achieved a total carbon emission of 15,485.28 tonnes of CO₂ equivalent in 2024, with direct GHG emissions at 775.30 tonnes and indirect emissions at 14,709.98 tonnes [24] - Newland conducted its first organizational carbon footprint accounting, obtaining ISO 14064 certification, and saved 1.2 million paper bills through digital management support [24] - The company reduced paper receipt consumption by over 500 tonnes annually and implemented various green procurement practices [24][8] Social Responsibility - Newland is committed to rural revitalization and educational philanthropy, achieving a 100% employee training coverage rate [4] - The company provided paired assistance to two villages and organized large-scale cultural and sports activities in 2024 [10] - Employee satisfaction reached 98.3 points, reflecting the company's focus on employee well-being and development [11] Innovation Performance - In 2024, R&D investment reached RMB664 million, accounting for 8.58% of total revenue, with a total of 3,804 R&D personnel [17] - The company filed 78 invention patent applications and held 230 valid invention patents, showcasing its commitment to technological innovation [18] - Newland led the formulation of 49 standards in areas such as IoT and AI, contributing to the digital transformation of various industries [18] Governance and Compliance - Newland integrates ESG governance into its strategic priorities, with special committees established under the Board of Directors to enhance compliance systems [4][12] - The company actively responds to the UN's 2030 Agenda for Sustainable Development, embedding 17 UN SDGs into its sustainability framework [13] - A systematic mechanism for risk identification and management has been established, supervised by the Board of Directors, to address sustainability-related risks and opportunities [14]

Overview - The company has approved a financing guarantee business for its subsidiary, Guangzhou Wangshang Financing Guarantee Co., Ltd., with a maximum guarantee amount of RMB 800 million [1][2][3] Guarantee Details - The company will provide a joint liability guarantee for the subsidiary's financing activities with Beijing Zhongguancun Bank, with the initial guarantee amount set at RMB 500 million, later increased to RMB 800 million [1][2] - The cooperation period has been extended to June 30, 2026, with the total guarantee amount not exceeding RMB 800 million [1][2] Financial Capacity - The company has a total guarantee capacity of up to RMB 3.41 billion for its subsidiaries in 2025, with specific limits based on the subsidiaries' debt-to-asset ratios [2][3] - The remaining unused guarantee capacity after this transaction will be RMB 850 million [3] Subsidiary Information - Guangzhou Wangshang Financing Guarantee Co., Ltd. is a wholly-owned subsidiary of the company, established on November 24, 2020, with a registered capital of RMB 180 million [4][5] - The subsidiary's total assets are RMB 212.44 million, with total liabilities of RMB 77.81 million, resulting in a net asset value of RMB 134.62 million [5] Guarantee Agreement - The guarantee includes a maximum principal amount of RMB 800 million, covering all loan principal, overdue interest, penalties, and related costs [6] - The guarantee will be effective upon signing by authorized representatives and will last for three years from the debt performance deadline [6] Board's Opinion - The board believes that providing this guarantee is essential for the subsidiary's operational needs and aligns with the company's strategy to upgrade its financial technology business [6][7] - The board asserts that the risks associated with this guarantee are manageable and will not adversely affect the company's operational capabilities or investor interests [6][7] Cumulative Guarantee Situation - As of June 30, 2025, the actual guarantee balance of the company and its subsidiaries is RMB 1.14 billion, representing 16.63% of the latest audited net assets [7] - The total effective guarantee amount after the board's approval is RMB 3.50 billion, which is 51.06% of the company's latest audited net assets [7]

Newland Environmental, Social and Governance Report 2024 CONTENTS Introduction About Newland Chairman's Message Executive Summary 003 006 007 Newland Environmental, Social and Governance Report 2024 Chapter III Environmental Performance | Carbon Neutrality and Climate Change Response | | --- | | Resource Recycling and Pollution Control | | Land Use and Ecological Conservation | Chapter V Governance Performance | Corporate Governance | 048 | | --- | --- | | Risk Management and Internal Control Compliance | 0 ...

证券代码：000997 证券简称：新大陆 公告编号：2025-047 新大陆数字技术股份有限公司 关于子公司网商融担公司开展融资担保业务 暨公司为子公司提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、担保情况概述 新大陆数字技术股份有限公司（以下简称"公司"）第九届董事会第十次会 议审议通过了《关于子公司网商融担公司开展融资担保业务暨公司为子公司提供 担保的议案》。具体担保事项如下： 2021 年 8 月 10 日，董事会同意公司全资子公司深圳洲联公司、全资子公司 网商融担公司与北京中关村银行股份有限公司（简称"中关村银行"）签订合作 协议，由深圳洲联公司向中关村银行推荐经审查合格的借款人，中关村银行经过 风控审批后向合格借款人发放经营性贷款，网商融担公司为合作协议项下中关村 银行的主债权开展融资担保业务。该合作业务规模上限为本金人民币 5.00 亿元， 合作期限为自协议签订之日起至 2022 年 6 月 30 日。公司为网商融担公司向中关 村银行提供连带责任保证担保，担保额度为不超过本金人民币 5.00 亿元（公告 编号：2021-075 ...

证券代码：000997 证券简称：新大陆 公告编号：2025-046 新大陆数字技术股份有限公司 董 事 会 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 2025 年 7 月 16 日 2025 年 7 月 4 日，新大陆数字技术股份有限公司（以下简称"公司"）董事 会以书面形式向各位董事发出召开公司第九届董事会第十次会议的通知，并于 2025 年 7 月 15 日在公司会议室以现场和通讯相结合的方式召开了此次会议。会议 应到董事 5 人（其中独立董事 2 名），实到 5 人。会议由董事长王晶女士主持，公 司监事及高级管理人员列席了此次会议。会议的召集和召开程序符合《公司法》和 《公司章程》的有关规定。 本次会议经过认真审议并通过如下决议： 一、审议通过《关于子公司网商融担公司开展融资担保业务暨公司为子公司 提供担保的议案》，表决结果为：同意5票，反对0票，弃权0票。 具体内容详见同日披露于《中国证券报》、《证券时报》、《上海证券报》和 巨潮资讯网的《关于子公司网商融担公司开展融资担保业务暨公司为子公司提供 担保的公告》（公告编号：2025-047）。 新 ...

Group 1: AI ASIC Market Insights - The AI ASIC market is experiencing rapid growth, with significant price and power consumption advantages over GPUs. The average price of GPUs is projected to be $8001 in 2024, while AI ASICs are expected to average $5236, highlighting a clear price advantage for AI ASICs [1][14][17] - The market size for AI ASICs is expected to grow from $14.8 billion in 2024 to $83.8 billion by 2030, with a CAGR of 33.5% from 2024 to 2030. In comparison, the GPU market is projected to grow from $70.1 billion to $326.3 billion during the same period, with a CAGR of 29.2% [1][20][18] - AI ASICs are anticipated to capture a larger market share in the training and inference sectors, with their growth rates outpacing those of GPUs [1][20] Group 2: Google TPU Development Trends - The development of Google's TPU has revealed three major trends: increasing specialization, enhanced computational power, and improved energy efficiency. The TPU v5 series includes TPU v5e for cost-effective training and inference, and TPU v5p focused on large model training [2][26][81] - The TPU architecture has evolved to support more complex tasks, with TPU v4 and v5 series demonstrating significant improvements in performance and energy efficiency, with TPU v5e achieving a 2.5 times increase in cost-effectiveness for inference tasks [2][57][76] - The latest TPU v7 (Ironwood) has shown a peak performance increase of 10 times compared to TPU v5p, with significant enhancements in HBM capacity and inter-chip bandwidth [2][76][78] Group 3: Stablecoin Regulatory Developments - The introduction of the Stablecoin Ordinance in Hong Kong aims to enhance transparency and reduce redemption risks in the stablecoin industry, providing a clear regulatory framework for compliant institutions [3][84] - Stablecoins are expected to improve cross-border payment efficiency, offering advantages over traditional systems by bypassing the inefficiencies of SWIFT [3][84] - The regulatory framework is anticipated to activate digital financial innovation, paving the way for the integration of stablecoins in various financial applications, including RWA (Real World Assets) [3][84]

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [37]. Core Viewpoints - The report highlights the positive outlook for financial IT and cross-border payment companies due to the recent policy developments in stablecoins, RDA, and CIPS, which are expected to enhance efficiency, reduce costs, and improve transparency in cross-border payments and settlements [1][4][21]. - The stablecoin market is diversifying, with various participants including fintech companies and traditional banks, which is likely to enhance the credibility and application scenarios of stablecoins [13][14]. Summary by Sections Industry Investment Rating - The industry is rated as "Outperform the Market," with expectations of better performance compared to the benchmark index [37]. Company Dynamics - Jiuyuan Yinhai expects to achieve revenue of 414-454 million yuan in the first half of 2025, a year-on-year increase of 5%-15%, with net profit expected to grow significantly by 130%-180% [3]. - Inspur Information plans to repurchase its A-shares with a total fund of no less than 200 million yuan and no more than 300 million yuan, with an expected repurchase price not exceeding 75.59 yuan per share [3]. Investment Recommendations - The report suggests focusing on companies such as Runhe Software, Nantian Information, Borui Data, Huichen Shares, Digital Government, and Jiuyuan Yinhai, which are expected to benefit from the developments in stablecoins and related technologies [4][21]. Policy Developments - Recent policies in regions like Hong Kong and Shanghai are aimed at promoting the development of stablecoins and their applications, including the issuance of tokenized government bonds and enhancing the management mechanisms for cross-border payment systems [15][18][21]. - The introduction of the RDA paradigm by the Shanghai Data Exchange emphasizes the importance of data in verifying the authenticity and enhancing the value of real-world assets [20][21]. Market Trends - The stablecoin market is expanding into real-world applications, particularly in cross-border payments, B2B payments, and asset tokenization, which are expected to grow rapidly [14][21]. - The report notes that the development of stablecoins will increase the demand for system upgrades and related services from financial IT companies [21].

Group 1: AI ASIC Market Insights - The AI ASIC market is experiencing rapid growth, with significant price and power consumption advantages over GPUs. The average price of GPUs is projected to be $8001 in 2024, while AI ASICs are expected to average $5236, highlighting a clear price advantage for AI ASICs [1][14] - The market size for AI ASICs is expected to grow from $14.8 billion in 2024 to $83.8 billion by 2030, with a compound annual growth rate (CAGR) of 33.5% from 2024 to 2030 [1][20] - AI ASICs are anticipated to capture a larger market share in the training and inference sectors, with their growth rates outpacing those of GPUs [1][20] Group 2: Google TPU Development Trends - The development of Google's TPU has revealed three major trends: increasing specialization, enhanced computational power, and improved energy efficiency. The TPU v5 series includes TPU v5e for cost-effective training and inference, and TPU v5p focused on large model training [2][81] - The TPU architecture has evolved to support higher performance and efficiency, with TPU v6 achieving near-linear scalability and significant improvements in training and inference speeds compared to previous generations [2][62] - The latest TPU v7, Ironwood, boasts a peak performance of 4614 TFLOPS and a significant increase in energy efficiency, being twice as efficient as the previous generation [2][76] Group 3: Stablecoin Regulatory Developments - The introduction of the Stablecoin Ordinance in Hong Kong aims to enhance transparency and reduce redemption risks in the stablecoin industry, providing a clear regulatory framework for compliant institutions [3][84] - Stablecoins are expected to improve cross-border payment efficiency, offering advantages over traditional systems by bypassing the inefficiencies of SWIFT [3][84] - The regulatory framework is anticipated to activate digital financial innovations and facilitate the global circulation of real-world assets (RWA) [3][84]

Core Insights - The Chinese cosmetics market has surpassed 1 trillion yuan for two consecutive years, with domestic brands holding a 55.2% market share over international brands [1][2] - The total retail scale of the Chinese cosmetics market is projected to reach 1,073.822 billion yuan in 2024, with the top 50 brands accounting for 21.74% of the market [1] - Despite the numerical advantage of domestic brands, their quality and pricing power remain significantly lower than that of international giants [2] Market Overview - The top 50 brands include 22 Chinese brands, averaging a retail scale of 4.116 billion yuan, while American brands average 5.619 billion yuan [1][2] - The market is highly fragmented, with the top 10 brands only accounting for 20.41% of the total market, indicating a competitive landscape where no single brand dominates [3] Challenges for Domestic Brands - The primary challenge for domestic cosmetics companies is achieving high-quality development and establishing high-end brands [2] - The reliance on quantity rather than quality for market share is evident, as the top 50 list shows that Chinese brands are not leading in sales volume among high-revenue categories [2] Innovation and Technology - Technological innovation is identified as a key competitive weapon for both domestic and international brands, with companies increasing investment in core materials and research [4] - Major companies like L'Oréal invest over 3% of their total revenue in R&D annually, emphasizing the importance of innovation in meeting consumer needs [4] Market Segmentation - The emergence of niche markets, such as the silver economy and male skincare, presents new opportunities for growth, with specific segments showing significant sales increases [5][6] - Brands focusing on extreme segmentation and targeted marketing are finding success in areas overlooked by larger competitors [6] Future Directions - The industry is urged to enhance R&D investment, explore cutting-edge technologies, and integrate cultural elements into product development to elevate brand value [6] - Emphasizing sustainable practices and consumer engagement in ESG initiatives is seen as crucial for the high-quality development of the cosmetics industry [6]