Financial Performance - Company reported total revenue of approximately 14.97 billion yuan for 2025, representing a year-on-year increase of 13.86% [1][9] - Net profit attributable to shareholders was 2.113 billion yuan, up 10.54% year-on-year, while the net profit excluding non-recurring items was approximately 1.785 billion yuan, showing a growth of 30.17% [1][9] - The fourth quarter net profit was approximately 1.147 billion yuan, a significant increase of 384% compared to the third quarter [3][11] Earnings Forecast and Market Expectations - The reported net profit of 2.113 billion yuan fell short of the consensus forecast from 14 institutions, which estimated around 2.47 billion yuan [5][13] - The annual net profit is noted to be the highest since the company began disclosing financial data in 2011 [3][11] Asset Impairment and Financial Adjustments - The company plans to recognize an asset impairment provision totaling approximately 329 million yuan for 2025, which will reduce the net profit by about 269 million yuan [7][15] - The impairment provisions include approximately 158 million yuan for accounts receivable and other receivables, 74.29 million yuan for inventory, and 61.61 million yuan for goodwill [7][15] Financing and Strategic Initiatives - The company announced plans to issue up to 8 billion yuan in convertible bonds, with a six-year term, to fund three major AI computing projects [7][15] - This financing initiative aims to support the company's business layout in intelligent computing centers and related hardware, responding to the growing market demand for smart computing infrastructure [8][16]

Core Viewpoint - Zhongke Shuguang (603019.SH) announced a significant financing plan to issue convertible bonds of up to 8 billion RMB, aimed at advancing its artificial intelligence capabilities and enhancing its competitive edge in the computing power sector [1][2]. Financing Plan - The company plans to raise funds through the issuance of convertible bonds, with a maximum amount of 8 billion RMB, allocated to three key projects: 3.5 billion RMB for advanced computing power cluster systems, 2.5 billion RMB for next-generation high-performance AI training and inference machines, and 2 billion RMB for domestic advanced storage systems [2][4]. - The advanced computing power cluster system project is the largest investment, focusing on high-performance computing architecture and key technologies to enhance overall system performance [2][4]. Company Background - Zhongke Shuguang is a leading player in the high-performance computing sector in China, involved in the development and manufacturing of high-end computers, storage, security, and data center products [6]. - The company has consistently increased its net profit for 11 consecutive years since its listing in 2014, with revenue growing from 2.797 billion RMB to 13.148 billion RMB over the past decade [7]. Research and Development - The company has invested heavily in R&D, with a total expenditure of 6.405 billion RMB from 2020 to 2024, reflecting its commitment to technological advancement [7][8]. - In the first three quarters of 2025, Zhongke Shuguang reported a revenue of 8.82 billion RMB, a year-on-year increase of 9.68%, and a net profit of 966 million RMB, up 25.55% [7]. Strategic Initiatives - In August 2025, Zhongke Shuguang launched the first domestic AI computing open architecture, aiming to break through computing power bottlenecks and support a multi-brand AI acceleration ecosystem [8]. - The company has also developed the ScaleX 640 super node, which features a high-speed interconnect and is designed to support a wide range of software ecosystems, significantly lowering the barriers for developers [8].

2026 年 2 月 10 日，曙光信息产业股份有限公司发布《第五届董事会第二十七次会议决议公告》。 会议审议通过《关于曙光信息产业股份有限公司符合向不特定对象发行可转换公司债券条件的议案》。 本次向不特定对象发行可转债拟募集资金总额不超过人民币 800,000.00 万元（含本数）。 募集资金总额扣除发行费用后用于以下项目： 一、面向人工智能的先进算力集群系统项目 二、下一代高性能 AI 训推一体机项目 三、国产化先进存储系统项目 2025 年前三个季度营收 80.2 亿，同比增长 9.68%；净利润 9.66 亿。 | | | | 早1/： 九 | 中神: 八代中 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 本报告期 比上年同 | | 年初至报告期 末比上年同期 | | | | | 年初至报告期末 | | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 2, 970, 259, 205. 60 | 27.51 | 8, 820, 220, 222. 94 | 9.68 | | 利润总额 | ...

2月9日晚间，中科曙光发布公告，宣布拟向不特定对象发行可转换公司债券，募集资金总额不超过80亿 元，分别投入面向人工智能的先进算力集群系统项目、下一代高性能AI训推一体机项目和国产化先进 存储系统项目，进一步巩固公司在高端计算与人工智能领域的布局。 对于本次发行的影响，中科曙光表示，公司将丰富产品矩阵，强化从硬件设备到软件平台、从基础设施 到运营服务的全栈能力，助力公司在智能算力、国产化存储等高附加值领域抢占市场先机。 值得一提的是，本次募资前，中科曙光已在算力领域持续发力。2月5日，公司提供的3套万卡超集群系 统在国家超算互联网郑州核心节点同时上线试运行，建成国内最大国产AI算力池，可覆盖万亿参数模 型训练等多类AI计算场景。 在AI爆发式增长的推动下，中科曙光的业绩也开始释放。2023年，公司营业总收入达143.53亿元，归母 净利润18.36亿元，经营活动现金流净额大幅增长212.02%；2024年，公司全年实现营业总收入131.48亿 元，归母净利润19.11亿元。2025年前三季度，实现营业收入88.2亿元，同比增长9.68%；归母净利润 9.66亿元，同比增长25.55%。 下一代高性能AI训推一 ...

从这笔资金的投向，或可"管窥"当前的算力市场正在发生什 么。 作者：郑晨烨 封图：图虫创意 2月9日晚间，超算龙头中科曙光（603019.SH）披露《向不特定对象发行可转换公司债券预 案》，拟募集资金总额不超过80亿元。 从这笔资金的投向，或可"管窥"当前的算力市场正在发生什么。 80亿元资金投向 根据预案，本次募集资金在扣除发行费用后，将用于三个核心项目：面向人工智能的先进算力集群 系统项目（拟投入35亿元）、下一代高性能AI训推一体机项目（拟投入25亿元），以及国产化先 进存储系统项目（拟投入20亿元）。 其中，拟投入资金最多的是"面向人工智能的先进算力集群系统项目"，占总募资额的43.75%。 那么，这笔资金具体将投向何处？2月5日在郑州上线的国家超算互联网核心节点提供了一个具体 的参照。 经济观察报记者在采访中了解到，该核心节点上线的3套scaleX万卡超集群由中科曙光提供，是目 前接入国家超算互联网的最大单体国产AI算力资源池。该集群可全面覆盖万亿参数模型训练、高通 量推理以及AI for Science（科学智能）等大规模场景。 从该节点的情况看，在高密度计算环境下，除了芯片本身的支出之外，冷却、 ...

| 序号 | 项目名称 | 投资总额 | 拟投入募集资金 | | --- | --- | --- | --- | | | 面向人工智能的先进算力集群系统项目 | 350,000.00 | 350,000.00 | | 2 | 下一代高性能 AI 训推一体机项目 | 250,000.00 | 250,000.00 | | 3 | 国产化先进存储系统项目 | 200,000.00 | 200,000.00 | | | 合计 | 800,000.00 | 800,000.00 | 2月9日，上交所宣布，进一步支持优质上市公司创新发展。对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融资审核， 进一步提高再融资效率。过程中，将坚持优中选优、宁缺毋滥。支持优质上市公司将募集资金用于与主营业务有协同整合效应的新产业、新业态、新技 术领域，投向第二增长曲线业务，同时严防盲目跨界投资、多元化投资。 （文章来源：中国经营报） 2026年2月9日，上交所宣布推出优化再融资一揽子举措，进一步提高灵活性和便利度，更好服务科技创新和新质生产力发展。 当日晚间，中科曙光披露《向不特定对象发行可转换公司债券预案》。本 ...

| 序号 | 项目名称 | 投资总额 | 拟投入募集资金 | | --- | --- | --- | --- | | | 面向人工智能的先进算力集群系统项目 | 350,000.00 | 350,000.00 | | 7 | 下一代高性能 AI 训推一体机项目 | 250,000.00 | 250,000.00 | | 3 | 国产化先进存储系统项目 | 200,000.00 | 200,000.00 | | | 合计 | 800,000.00 | 800,000.00 | 中国经济网北京2月10日讯中科曙光（603019）(603019.SH)昨晚披露向不特定对象发行可转换公司债券 预案，本次发行证券的品种为向不特定对象发行可转换为公司A股股票的可转债。该等可转债及未来转 换的A股股票将在上海证券交易所上市。本次发行的可转债每张面值为人民币100.00元，按面值发行。 本次发行的可转债期限为自发行之日起六年。 本次发行的可转债票面利率的确定方式及每一计息年度的最终利率水平，由公司股东会授权公司董事会 (或由董事会授权人士)在发行前根据国家政策、市场状况和公司具体情况与保荐人(主承销商)协商确 定。本次可转债 ...

Core Viewpoint - The company, Zhongke Shuguang, has announced a significant refinancing plan to raise up to 8 billion yuan through convertible bonds, aimed at expanding its capabilities in artificial intelligence and advanced computing systems [1][2]. Group 1: Financing Plan - Zhongke Shuguang plans to issue convertible bonds to raise a total of no more than 8 billion yuan, marking a rare large-scale financing since its listing [1][2]. - The funds will be allocated to three major projects: advanced computing cluster systems for AI, next-generation high-performance AI training and inference machines, and domestically produced advanced storage systems [1][3]. Group 2: Project Details - The largest portion of the funds, 3.5 billion yuan, will be directed towards the advanced computing cluster system project, which aims to develop key technologies such as super-node hardware systems and high-speed interconnect systems [2]. - The next-generation AI training and inference machine project will receive 2.5 billion yuan, focusing on overcoming technical barriers and cost control through a comprehensive hardware and software solution [3]. - The domestically produced advanced storage system project will be allocated 2 billion yuan, designed to enhance the processing capabilities of computing chips and support the storage needs of AI applications [3]. Group 3: Market Context and Financial Performance - The global AI computing server market is projected to grow from approximately 125.1 billion USD in 2024 to 158.7 billion USD in 2025, reaching an estimated 222.7 billion USD by 2028, indicating a significant market opportunity for Zhongke Shuguang [2]. - Despite maintaining a continuous growth in net profit over the past three years, the company's revenue is expected to decline by 8.4% in 2024, attributed to intensified market competition and a strategic reduction in low-margin projects [4][5]. - The company reported a negative net cash flow from operating activities of 1.296 billion yuan for the first nine months of 2025, raising concerns about its ability to manage the substantial capital expenditure associated with the new projects [5][6]. Group 4: Strategic Considerations - Zhongke Shuguang emphasizes the importance of "self-controllable" and "domestic substitution" in its strategic planning, aiming to establish a technological barrier through the integration of chips, algorithms, and complete machines [7]. - The success of the 8 billion yuan investment will depend on the company's ability to effectively implement these projects and achieve the anticipated returns [7].

Core Viewpoint - The leading supercomputer company, Zhongke Shuguang, plans to raise up to 8 billion yuan through a convertible bond issuance to invest in advanced computing projects, reflecting significant changes in the computing power market [2][3]. Funding Allocation - The raised funds will be allocated to three main projects: - 3.5 billion yuan for an advanced computing cluster system project focused on artificial intelligence, accounting for 43.75% of the total funds [4]. - 2.5 billion yuan for the next-generation high-performance AI training and inference machine project [4]. - 2 billion yuan for a domestic advanced storage system project [4]. Market Trends - The investment in the next-generation AI training and inference machine project indicates a shift in the computing power market from pure model training to inference applications [8]. - Industry insiders suggest that the competition for user traffic in the domestic large model market is intensifying, which will reshape AI interaction modes and drive explosive growth in inference-side computing power demand [9]. Technological Challenges - The advanced computing cluster system project will address complex engineering challenges, including cooling and power supply in high-density computing environments, which require interdisciplinary knowledge [5][6]. - The project has achieved a 20-fold increase in computing density through innovative designs, emphasizing the need for a systematic approach to tackle technical challenges [6]. Company Performance - In the first three quarters of 2025, Zhongke Shuguang reported a revenue of 8.82 billion yuan, a year-on-year increase of 9.68%, and a net profit of 966 million yuan, up 25.55% year-on-year [11].

再融资新政后沪市首单可转债预案出炉。 2月9日，沪深北交易所宣布优化再融资一揽子措施。同日晚间，曙光信息产业股份有限公司(以下简 称"中科曙光（603019）")公告称，向不特定对象发行可转换公司债券，拟募集资金总额不超过80亿 元。 中科曙光作为沪市主板上市公司，此次可转债预案的顺利推进对后续再融资新政落地具有示范意义。 业内人士认为，近年来，主板公司主动跟进前沿科技研发，产业不断转型升级，从目前主板上市公司行 业分布来看，涉及新一代信息技术、高端装备制造、生物医药、新材料等战略性新兴产业领域，已集聚 一批具有核心技术能力的上市公司。此类公司具有固定资产占比较低，无形资产比重较高，研发费用持 续投入且占营业收入比例显著高于行业平均水平等特征，其经营发展、转型升级与技术迭代、产品创新 密切相关，需要长期、大量、稳定的资金支持以满足研发需求。 此外，上交所推出一揽子改革举措，在提升制度包容性、适应性的同时，也对加强再融资全流程监管做 了安排。在前端，加强预案把关，上市公司存在财务造假、资金占用等重大违法行为或公司治理出现重 大异常，影响发行条件的，禁止披露再融资预案，旨在进一步提高上市公司违法违规的成本，减少" ...