2025年10月10日深夜，神州数码（000034.SZ）发布公告，披露了公司控股股东、实际控制人郭为 离婚案的一审判决结果："2025 年 9 月 30 日，北京市海淀区人民法院作出判决，判决郭为与郭郑 俐离婚。" 但一审判决并未明确财产分割方案，只表示将"继续审理，再行裁判"。 神州数码在公告中同时披露，郭为所持有的部分公司股份已被北京市海淀区人民法院司法冻结，而 根据神州数码2025年半年度报告，截至6月30日，郭为名下被司法冻结的股份数量，为77,388,902 股。 这个数字，占到郭为个人总持股的一半，以及神州数码公司总股本的约10.75%。 "由于上述诉讼判决为一审先行判决，目前无法预计最终诉讼结果，公司实际控制权是否发生变动 存在不确定性。"关于公司控制权的变动情况，神州数码在公告中如是强调。 而这件关于创始人"家事"的公告，恰好出现在一个公司经营的特殊节点上。 就在一个多月前，神州数码交出了自己的半年度成绩单：营业收入715.9亿元，同比增长14.4%， 看起来不错。但另一边，归属于上市公司股东的净利润（下称"归母净利润"）只有4.26亿元，同比 下降了16.3%。 一个关于公司实际控制权的重 ...

而这件关于创始人"家事"的公告，恰好出现在一个公司经营的特殊节点上。 就在一个多月前，神州数码交出了自己的半年度成绩单：营业收入715.9亿元，同比增长14.4%，看起来不错。但另一边，归属于上市公司股东的净利润（下 称"归母净利润"）只有4.26亿元，同比下降了16.3%。 对于增收不增利的原因，公司在财报和业绩说明会上的解释很一致：为了抓住人工智能的机会，正在加大研发等方面的投入。 但在这个节骨眼上，一个关于公司实际控制权的重大问题，就这样悬在了头顶，它会如何作用于神州数码这场需要持续投入且已让利润承压的转型？ 经济观察报记者 郑晨烨 2025年10月10日深夜，神州数码（000034.SZ）发布公告，披露了公司控股股东、实际控制人郭为离婚案的一审判决结果："2025 年 9 月 30 日，北京市海淀 区人民法院作出判决，判决郭为与郭郑俐离婚。" 但一审判决并未明确财产分割方案，只表示将"继续审理，再行裁判"。 神州数码在公告中同时披露，郭为所持有的部分公司股份已被北京市海淀区人民法院司法冻结，而根据神州数码2025年半年度报告，截至6月30日，郭为名 下被司法冻结的股份数量，为77,388,902股。 ...

报告中称，中国信创市场规模持续稳步增长，未来增速有望进一步加快。大模型技术的迭代升级，持续 推动AI市场规模扩容;端侧AI市场也保持高速增长，且多样化应用场景不断拓展着市场潜力。另外，云 计算千亿市场正加速裂变，AIIaaS成为其中的主力引擎。中国IT分销市场维持着稳健增长的态势，东南 亚经济高速增长，IT及分销相关需求快速扩张，吸引了全球科技巨头积极布局该市场。 智通财经APP获悉，中信建投发布研报称，首次覆盖伟仕佳杰(00856)，给予"买入"评级，预计2025- 2026年公司总收入分别为1029.01亿港元和1164.62亿港元，同比增长15.5%和13.2%，其中企业系统收入 增速分别为18.5%和17.0%，消费电子收入增速分别为6.0%和5.5%，云计算收入增速分别为55%和18%。 预计2025-2026年公司归母净利润分别为12.86亿港元和14.82亿港元，同比增长22.24%和15.28%。 该行指，AI浪潮驱动公司云计算业务爆发，东南亚出海引领二次增长。依托广阔的渠道网络，公司成 功构建竞争壁垒;同时，消费电子与金融科技的协同布局，正持续释放业务联动效应。公司全面布局人 工智能产业链， ...

Core Viewpoint - The company released its 2025 mid-term report, showing steady revenue growth while profits are under short-term pressure. The distribution business benefited from the trade-in policy, achieving the highest revenue growth in nearly three years, with the microelectronics distribution segment performing exceptionally well. The AI-driven cloud integration strategy is steadily growing, improving profitability and providing AI capabilities for enterprises and individuals. The proprietary brand business also saw improved profitability, with after-tax net profit nearly doubling year-on-year, continuously providing products and services to leading clients in sectors such as telecommunications and finance. The company maintains its previous profit forecast, expecting revenues of 137.776 billion, 148.318 billion, and 159.917 billion yuan for 2025-2027, with year-on-year growth of 7.50%, 7.65%, and 7.82% respectively; net profit attributable to shareholders is expected to be 1.205 billion, 1.469 billion, and 1.874 billion yuan, with year-on-year growth of 60.10%, 21.89%, and 27.56% respectively, corresponding to PE ratios of 28, 23, and 18, maintaining a "buy" rating [1][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 71.586 billion yuan (+14.42%) and a net profit attributable to shareholders of 426 million yuan (-16.29%), with a non-recurring net profit of 436 million yuan (-4.07%). In the second quarter of 2025, the company achieved operating revenue of 39.807 billion yuan (+19.57%) and a net profit attributable to shareholders of 209 million yuan (-23.80%), with a non-recurring net profit of 212 million yuan (-15.72%) [2]. Business Segments - The IT distribution and value-added services benefited from the trade-in policy, achieving revenue of 68.39 billion yuan in the first half of 2025, a year-on-year growth of 14.3%, marking the highest growth rate in nearly three years. Supported by the national trade-in policy and the company's efficient nationwide channel and supply chain capabilities, the distribution business experienced good growth. Additionally, the microelectronics distribution segment achieved over 30% revenue growth in the first half of 2025, increasing its focus on domestic semiconductor layout and introducing leading domestic brands to support the local ecosystem [3]. - The AI-enabled cloud service and software business achieved revenue of 1.64 billion yuan in the first half of 2025, a year-on-year growth of 14.1%, with gross margin increasing by 2.3 percentage points to 21.4%. The company's self-developed AI native empowerment platform "Shenzhou Wenxue" has been fully upgraded to an enterprise-level agent platform, integrating computing power, models, knowledge, and applications to provide enterprises with intelligent production lines, with benchmark cases implemented in manufacturing, retail, and healthcare sectors. Furthermore, the company extended its enterprise-level AI capabilities to personal PC applications, launching the Aiwenxue Beta to assist individual clients in building and utilizing proprietary large models in local environments, unleashing broad innovation potential [3][4]. - The proprietary brand business achieved revenue of 3.1 billion yuan in the first half of 2025, a year-on-year growth of 16.6%, with after-tax net profit reaching 59.57 million yuan, a year-on-year increase of 90.5%. The company is building enterprise-level AI privatization deployment capabilities, launching the Shenzhou Kuntai Wenxue integrated machine and the enterprise-level AI privatization deployment product KunTai Cube "Zhihui Mofang," providing efficient, secure, and controllable intelligent upgrade solutions for enterprises. The company continues to make breakthroughs in sectors such as telecommunications and finance, with the Shenzhou Kuntai intelligent computing server assisting China Mobile in building a network cloud resource pool and supporting China Life in creating a distributed cloud-based active data center [4].

Core Viewpoint - Zhejiang Merchants Bank initiates coverage on Weishi Jiajie (00856.HK) with a "Buy" rating and a target price of HKD 9.9 [1] Business Overview - The company's main revenue sources are its enterprise systems and consumer electronics businesses, providing stable cash flow. It is a leading IT distributor in the Asia-Pacific region, focusing on IT equipment distribution and solution integration across four core areas: hardware, software, application software, and information security. The consumer electronics segment covers a wide range of products, including computers, mobile phones, drones, smartwatches, and VR devices. The overall revenue is projected to reach HKD 89 billion in 2024, with industry-leading revenue scale and profitability [2] Innovation and Growth - The company is leveraging cloud distribution and its own cloud brand, Jiajie Cloud Star, to capitalize on growth opportunities in the cloud computing market. It has established deep partnerships with major cloud providers like Alibaba Cloud and Huawei Cloud to offer comprehensive cloud services. Additionally, the company is proactively developing capabilities in AI, including computing resource scheduling and large model services, managing around 40 next-generation national intelligent computing centers across the country [3] Market Expansion - The company holds a leading position in the Southeast Asian IT distribution market, with revenue from this region expected to account for 34% of total revenue in 2024. As the company deepens its market penetration in Southeast Asia, this region is anticipated to become a key driver of overall revenue growth [4] Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are HKD 102.37 billion, HKD 116.94 billion, and HKD 132.27 billion, respectively. Net profit attributable to shareholders is expected to be HKD 1.18 billion, HKD 1.41 billion, and HKD 1.60 billion for the same period. A relative valuation method is used, with a target market value of HKD 15.6 billion and a target price of HKD 9.9, applying a 13x PE ratio for 2025. The initial coverage is rated as "Buy" [5]

Group 1 - The company reported Q1 2025 performance exceeding expectations, with revenue growth of 16-17% year-on-year, gross profit growth of 20-21%, and net profit attributable to shareholders increasing by 28-29% [1] - The increase in market share for domestic brands is expected to continue, driven by AI demand and the optimization of distribution business structure, with leading companies like Huawei and Haiguang maintaining high growth rates [1] - The demand for AI computing power is driving the release of network and storage products, supported by the "national subsidy" policy since Q4 2024, which has led to early procurement in Q1 [1] Group 2 - The company has established a broad product ecosystem through deepening partnerships with global brands such as Huawei, Alibaba, Tencent, and others, enhancing its coverage in the core IT product distribution market [2] - The diverse product portfolio helps improve customer stickiness and supports stable revenue sources across different economic cycles, contributing to the company's risk resilience [2] - The company is a leading technology service platform in the Asia-Pacific region, benefiting from the AI wave and digital transformation, with adjusted net profit forecasts for 2025, 2026, and 2027 showing growth of 12.0%, 11.6%, and 8.7% respectively [2]