Summary of Data Port Conference Call Company Overview - Data Port primarily operates on a custom wholesale model, with retail accounting for a small proportion of its business. The company has a ten-year long-term lease model for customer orders. [2][3] Financial Performance - In Q1 2024, Data Port reported a net profit and operational growth, with gross profit and net profit increasing by approximately 5% year-on-year. [2][3] - The company's asset-liability ratio is around 55%, which is lower than the industry average of 60-70%. [2][8] Project Updates - The Langfang project is currently under construction and is expected to be delivered in Q3 2025, but revenue from this project may not be significant in that year due to potential rent-free periods. [2][5] - Major projects signed between 2018 and 2021 will begin to expire in 2026, with the earliest being a 20 MW project. [2][6] Business Segments - The IDC solutions business is expected to shrink in 2024 due to a decrease in projects outside of the Langfang project. Future growth will depend on customer technology upgrade demands, which do not follow a consistent growth logic. [2][6] - The gross margin for cloud sales has decreased due to the amortization of platform costs, and it is not expected to maintain high margins in the future. [2][7] Industry Insights - The current industry pricing is at a bottom stage with no clear upward trend. Future price increases may be triggered by significant demand growth or explosive applications. [4][12] - Data Port is focusing on mature projects like Greenland Zhongyan and plans to build data centers based on next year's demand. [4][13] Equipment and Depreciation - Data Port has a high level of depreciation due to a large amount of fixed assets, including data centers and equipment, which require long-term depreciation. The average lifespan of IDC equipment is 13 to 14 years, but it is typically depreciated over ten years. [2][9][10] Strategic Partnerships and Market Position - Data Port maintains strong strategic partnerships with major clients, which is a significant advantage. The company has a zero downtime record and a highly skilled operations team. [18] - The company is considering building a computing power pool to support AI servers but is currently in the team-building phase. [20] Regulatory Environment - New energy consumption approval requirements will impact operations, and the company will adjust to meet these standards. [21] - Policies are implemented regionally, affecting the supply of IDC services, with some areas like Hebei halting data center construction due to local government assessments. [22] Future Outlook - Data Port plans to continue focusing on wholesale rather than retail, as the retail market is underperforming. [23][24]

本报讯 （记者金婉霞）为贯彻落实中国证监会《上市公司监管指引第10号——市值管理》、上海市国资委《关于加强我市 国有控股上市公司市值管理工作的若干意见》等文件精神，推动上海市国有控股上市公司在做强做优做大、提升内在价值的同 时，进一步强化投资者关系管理、提高信息透明度、增进市场认同，上海市国资委联合上交所，于2025年5月9日下午共同举办 上海国有控股上市公司2024年度集体业绩说明会。 本次会议汇聚了包括上海国际港务（集团）股份有限公司、上海华谊集团股份有限公司、 关于股东回报规划及落地保障，财务总监李静强调公司十分重视股东回报，将严格落实相关规则要求，制定利润分配政 策，积极实施利润分配。未来，公司将持续依据相关规则，做优做强主业，推动积极、稳健的股东回报政策。 数据港发言环节，总裁王信菁回顾了数据港十五年的发展历程，表示公司在上海市区两级国资委、上交所及广大投资者的 支持与呵护下，逐渐从一家初创企业成长为行业领先的第三方数据中心服务商。"保持战略定力、胸怀创业梦想、坚持实干笃 行"是数据港持续发展的关键要素，王信菁指出，未来数据港将继续着眼国家数字经济战略和国企改革顶层布局，勇担"双百企 业"发展重任， ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 35.04 RMB, compared to the current price of 33.52 RMB [4][9]. Core Insights - The company is expected to benefit significantly from major clients, with a clear trend of accelerating revenue and profit. Projected revenues for 2025-2027 are 1.81 billion, 1.97 billion, and 2.01 billion RMB, representing year-on-year growth of 4.97%, 8.95%, and 1.99% respectively [9]. - The net profit attributable to shareholders is projected to grow significantly, with estimates of 173 million, 196 million, and 216 million RMB for 2025-2027, reflecting growth rates of 30.6%, 13.5%, and 10.0% respectively [3][9]. - The company’s EBITDA is expected to reach 1.26 billion, 1.31 billion, and 1.33 billion RMB for 2025-2027, with growth rates of 11.06%, 3.71%, and 1.11% respectively [9]. Financial Summary - For 2023, the company reported a revenue of 1,542 million RMB, with a growth of 6.0%. The net profit for the same year was 123 million RMB, reflecting a growth of 4.6% [3]. - In 2024, the company is projected to achieve a revenue of approximately 1,721 million RMB, up 11.57% year-on-year, and a net profit of about 132 million RMB, up 7.49% year-on-year [9]. - The gross profit margin for IDC services improved to 32.12% in 2024, an increase of 3.09 percentage points year-on-year [9]. Market Position and Client Dependency - The company has a high dependency on a major internet client, which accounted for 92.46% of its main business revenue in early 2020, and this client is expected to remain the largest end customer for the foreseeable future [9]. - The company is currently fulfilling a contract for a project with an internet client, with a total investment of 1.5 billion RMB and an internal rate of return (IRR) of around 10% [9]. Valuation Metrics - The report assigns a forward EV/EBITDA multiple of 19x for 2025, valuing the company at approximately 20.98 billion RMB [9]. - The current price-to-earnings (P/E) ratio is noted at 116.25 for 2025, with a projected price-to-book (P/B) ratio of 6.00 [3][9].

Group 1 - The core viewpoint of the news is that the Shanghai State-owned Assets Supervision and Administration Commission and the Shanghai Stock Exchange held a performance briefing for state-controlled listed companies, focusing on their operational performance and future strategic planning [1] - DataPort's President emphasized the importance of maintaining strategic determination and practical execution for sustainable development, aligning with national digital economy strategies and state-owned enterprise reforms [1] - DataPort's management highlighted significant improvements in operational performance, management quality, and operational efficiency for 2024, driven by the implementation of intelligent management platforms [1] Group 2 - In response to being recognized as a "Double Hundred Enterprise," DataPort plans to propose multiple reform measures focusing on strategic customer foundations and innovative development solutions [2] - DataPort's financial director stated that the company prioritizes shareholder returns and will implement a profit distribution policy in accordance with relevant regulations [2] - The company aims to deepen its integration into the national digital economy strategy, capitalizing on the growing demand for data centers driven by the rise of generative artificial intelligence [2]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 35.04 RMB, indicating a potential upside from the current price of 33.52 RMB [4][9]. Core Insights - The company is expected to benefit significantly as a core data center service provider for large internet companies, with a clear trend of accelerating revenue and profit from major clients [5][9]. - Revenue projections for 2025-2027 are set at 1.81 billion RMB, 1.97 billion RMB, and 2.01 billion RMB, reflecting year-on-year growth rates of 4.97%, 8.95%, and 1.99% respectively [5][9]. - The net profit attributable to shareholders is projected to grow significantly, with estimates of 173 million RMB, 196 million RMB, and 216 million RMB for 2025, 2026, and 2027 respectively, indicating a growth rate of 30.6%, 13.5%, and 10.0% [3][5]. Financial Summary - The company achieved a revenue of approximately 1.72 billion RMB in 2024, representing an 11.57% year-on-year increase, while the net profit attributable to shareholders was about 132 million RMB, up 7.49% year-on-year [5][9]. - The gross profit margin for IDC services improved to 32.12%, an increase of 3.09 percentage points year-on-year [5][9]. - In Q1 2025, the company reported a revenue of 395 million RMB, a 3.57% increase year-on-year, and a net profit of 44.06 million RMB, which is a 23.22% increase year-on-year [5][9]. Valuation Metrics - The report assigns a forward EV/EBITDA multiple of 19x for 2025, valuing the company at approximately 20.98 billion RMB [5][9]. - The company’s current P/E ratio is noted at 116.25 for 2025, with a projected decrease to 93.04 by 2027 [3][5].

上海数据港股份有限公司 二Ｏ二五年五月二十日 目 录 议案八：审议《关于为公司董事、监事、高级管理人员购买责任保险的议案》 ........ 39 上海数据港股份有限公司 会议召开时间：2025 年 5 月 20 日（星期二）下午 14:00 会议方式：本次会议采用现场投票和网络投票相结合的表决方式。社会公众 股股东可以在交易时间内通过上海证券交易所的交易系统或互联网投票平台行 使表决权。 会议召开地点：上海市静安区江场三路 238 号一楼会议室。 网络投票时间：2025 年 5 月 20 日（星期二），通过交易系统投票平台的投 票 时 间 为 股 东 大 会 召 开 当 日 的 交 易 时 间 段 ， 即 9:15-9:25,9:30-11:30 ， 股东大会召开当日的 9:15-15:00。 一、宣读大会须知 二、会议事项 除上述议案外，本次会议还将听取独立董事年度述职报告。 上海数据港股份有限公司 为确保上海数据港股份有限公司（以下简称"公司""本公司"或"数据港"） 股东大会的顺利召开，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《上海数据港股份有限公司章程》（以下简称"《公司章程》"）以 ...

上海数据港股份有限公司 2024 年年度股东大会会议资料 二Ｏ二五年五月二十日 | | | | 2024 年年度股东大会会议议程 | | 2 | | | --- | --- | --- | --- | | 2024 年年度股东大会须知 | | 4 | | | 2024 年年度股东大会现场表决办法 | | 6 | | | 审议事项 | | | 7 | | 议案一：审议《公司 2024 | | 年年度董事会工作报告》 | 7 | | 议案二：审议《公司 2024 | | 年年度监事会工作报告》 | 18 | | 议案三：审议《公司 2024 | | 年年度报告》及其摘要 | 23 | | 议案四：审议《关于 2024 年度财务决算和 | | 2025 年度财务预算报告的议案》 | 24 | | 议案五：审议《关于公司 2024 | | 年度利润分配预案》 | 33 | | 议案六：审议《关于为下属子公司提供担保的议案》 | | | 34 | | 议案七：审议《关于 2024 | | 年度董事、监事薪酬的议案》 | 37 | | 议案八：审议《关于为公司董事、监事、高级管理人员购买责任保险的议案》 | | | 39 ...

展望未来，各家公司如何维持盈利水平，有哪些新的增长点？亦是业绩会上的热门话题。 例如，上港集团投资者向管理层抛出疑问：在人工、能源成本上升压力下，如何通过自动化码头推广和 供应链优化维持盈利水平？ 近日，上海国有控股上市公司2024年度集体业绩说明会于上证路演中心举行，上港集团（600018）、华 谊集团（600623）、上海医药（601607）、浦发银行（600000）、中国太保（601601）、数据港 （603881）等6家上市公司参加了本次集体业绩说明会。 在国企改革背景下，如何做好市值管理、如何规划未来发展战略、如何提高盈利水平等是本场业绩会上 投资者颇为关注的话题。 上海医药总裁沈波在回复投资者有关市值管理的提问时阐述，公司始终将市值管理作为长期战略的重要 组成部分，多措并举加强市场沟通，注重股东回报，已连续十几年保持每年30%以上的分红比例。近 期，公司已经出台市值管理制度。未来，公司将持续通过优化资本运作机制、聚焦核心价值创造、构建 良性互动机制等方式维护投资者利益与市场信心，为股东创造长期稳健回报。 谈及未来发展战略，沈波介绍，公司持续优化体系，打造创新生态。在创新体系方面，公司持续夯实小 分 ...

Group 1 - The State Council has approved the draft of the "Regulations on Government Data Sharing," aiming to break down data barriers while ensuring data security, promoting more inclusive and convenient public services [1] - The National Development and Reform Commission has released the "China Business Environment Development Report (2025)," highlighting that data is a core driver of continuous economic innovation and is crucial for improving operational efficiency [1] - With the advancement of government data sharing, data governance service providers and privacy computing technology companies are expected to see growth opportunities, benefiting cloud computing, big data platforms, and data security technology companies [1] Group 2 - Huatai Securities emphasizes the importance of a data circulation infrastructure that connects multiple parties to realize shared data resources, which is essential for building a unified national data market [2] - The director of the China Academy of Information and Communications Technology stated that government data involves key areas such as national economic operation and public welfare, and that data sharing must prioritize data security and personal information protection [2] Group 3 - Aofei Data is a professional data center operator and telecommunications service provider, having built multiple self-owned data centers in South China and operating numerous high-standard data centers nationwide [3] - Data Harbor offers customized planning, design, system integration, and operational management services to meet unique data center service needs, achieving superior energy efficiency compared to traditional data centers [3] - Inspur Information has developed a product portfolio that includes general servers, AI servers, edge servers, storage, and switches, focusing on both centralized and distributed server applications to enhance industry chain collaboration [3]

Core Viewpoint - The article emphasizes the importance of enhancing the quality of listed companies in Shanghai, focusing on cultivating high-performing, innovative, and well-governed firms that are recognized in the market [1][2]. Group 1: Shanghai State-owned Enterprises Performance - As of the end of 2024, the total market value of 94 state-owned listed companies in Shanghai reached 2.78 trillion yuan, an increase of 617.74 billion yuan, or 28.52% from the beginning of the year [1]. - The Shanghai Municipal State-owned Assets Supervision and Administration Commission aims to complete high-quality reforms and enhance the market value performance of state-owned listed companies [2]. Group 2: Company Highlights Shanghai Port Group - In 2024, Shanghai Port Group achieved a container throughput of 51.506 million TEUs, a year-on-year increase of 4.8%, maintaining its position as the world's largest port for 15 consecutive years [3]. - The company's net profit attributable to shareholders reached 14.95 billion yuan, a growth of 13.3% year-on-year [3]. Huayi Group - Huayi Group reported a revenue of 44.6 billion yuan in 2024, a 9.3% increase year-on-year, with a net profit of 0.91 billion yuan, up 5.8% [5]. - The company applied for 151 patents, receiving 134 authorizations, and is focusing on strategic emerging sectors [5][6]. Shanghai Pharmaceuticals - Shanghai Pharmaceuticals achieved a revenue of 275.251 billion yuan, a 5.75% increase, and a net profit of 4.553 billion yuan, up 20.82% [6][7]. - The company is optimizing its R&D system and has established a new innovation center to enhance its open innovation ecosystem [7]. Pudong Development Bank - Pudong Development Bank reported a net profit of 45.3 billion yuan in 2024, a 23.31% increase, marking the highest growth in nearly 12 years [9]. - The bank is focusing on technology finance and has developed a comprehensive cross-border financial service system [10][11]. China Pacific Insurance - China Pacific Insurance reported a revenue of 404.089 billion yuan, a 24.7% increase, and a net profit of 44.96 billion yuan, up 64.9% [11][12]. - The company is enhancing its green insurance offerings and has provided coverage exceeding 147 trillion yuan in green insurance [13]. Data Harbor - Data Harbor achieved a revenue of approximately 1.721 billion yuan, an 11.57% increase, and a net profit of approximately 132 million yuan, up 7.49% [14][15]. - The company is focusing on IDC services and has been recognized as a top service provider in the industry [14].