本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 鉴于本次交易中客户名称等信息涉及商业秘密，按照规则披露将导致违约或可能引致不当竞争，损害 公司及投资者利益，因此公司对本次交易的部分信息进行了豁免披露。 ● 合同履约风险：本次合同整体期限较长，在履行过程中如遇到不可预计或不可抗力等因素的影响，有 可能会导致合同无法全部履行或终止的风险。 ● 对公司业绩影响存在不确定性：本次合同整体期限较长（6+1+1），后续营业收入将根据实际上架情 况分摊在整个合作期内。另外，根据目前合同约定，弹性锁定部分甲方（即"X公司"，下同）应至2027 年6月30日前完成下单，并需双方另行签署协议。因此该部分对应的最终交付期间及费用结算尚未具体 约定，以双方另行签署协议为准，对公司未来业绩影响存在不确定性。 ● 违约条款对交易对手方约束力较弱：根据行业惯例，合同中的违约条款主要针对乙方（即"城地香江 （上海）云计算有限公司"，下同）设置，对甲方约束力较弱，如遇甲方违约的情况，可能导致公司承 受较大损失。 ● 存在额外的业务承诺的违约 ...

Core Viewpoint - The company has entered into a long-term contract with a client for data center services, with potential risks related to contract fulfillment and revenue uncertainty due to the lengthy contract duration [1][2][11]. Group 1: Project Overview - The project is named "Hutai Smart Cloud Valley Digital Technology Industrial Park - Data Center Project" and involves a contract with a client referred to as Company X [2]. - The contract duration is set for 6 years, starting from November 1, 2026, and can be extended for up to 2 additional years [2][3]. - The first phase includes the delivery of approximately 1,100 high-power cabinets by October 30, 2026, with a second phase involving an additional 2,200 cabinets [4][5]. Group 2: Financial Aspects - The estimated contract value for the first phase is up to 903 million yuan, while the second phase is expected to reach up to 1.806 billion yuan, with revenue recognized based on actual deployment over the contract period [6][11]. - Payment terms stipulate that Company X will pay on a monthly basis, contingent upon the receipt of valid invoices from the company [6]. Group 3: Risks and Commitments - There is a risk of contract non-fulfillment due to unforeseen circumstances, which could impact the company's ability to meet its obligations [1][11]. - The company has made additional commitments to reserve 50 MW of data center resources for Company X by June 30, 2027, with penalties for non-compliance amounting to 80 million yuan [10][12]. - As of now, a formal contract has not been signed, and the finalization of the agreement remains uncertain [12]. Group 4: Counterparty Information - Company X is a limited liability company with a good credit standing and operational capacity, and there are no related party transactions between the company and Company X [8][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 33.14 [6][4]. Core Views - The company achieved a revenue of RMB 811 million in the first half of 2025, representing a year-on-year growth of 4.13%, and a net profit attributable to shareholders of RMB 85 million, up 20.37%, slightly exceeding previous expectations [1]. - The growth is primarily driven by the acceleration of the domestic AI industry, which has enhanced demand and improved the operational efficiency of the company's data centers [1][2]. - The report anticipates that the ongoing expansion of AI demand will continue to create new growth opportunities for the data center industry, benefiting the company as a leading player in the sector [2][4]. Summary by Sections Business Development - The company is actively expanding its business scale, having established 35 data centers across key regions such as Ulaanqab, Zhangbei, and Guangdong [2]. - The construction of key projects, including the Langfang project, is progressing as planned, which will strengthen the company's computing power supply capabilities in core areas [2]. Financial Performance - The gross margin for the first half of 2025 was 28.99%, a slight decrease of 0.39 percentage points year-on-year, mainly due to increased depreciation expenses from new projects [3]. - The company has effectively controlled its expenses, with sales, management, R&D, and financial expense ratios showing favorable trends [3]. Profitability Forecast - The report projects the company's EBITDA for 2025 to be RMB 1.066 billion, with expected growth continuing through 2027 [4][9]. - The target valuation is based on an EV/EBITDA multiple of 23 times for 2025, reflecting the positive industry outlook driven by AI demand [4][19].

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 ...

Core Viewpoint - Bain Capital is planning to sell its Chinese operations of data center operator WinTriX DC Group, with an estimated valuation exceeding $4 billion, potentially marking one of the largest digital infrastructure asset disposals in Asia in recent years [1][3]. Group 1 - The sale of WinTriX's Chinese business is expected to yield an EBITDA close to RMB 4 billion by 2025 [3]. - WinTriX was formed from the merger of Qinhuai Data, acquired by Bain Capital in 2019, and Southeast Asian operator Bridge Data Centres, followed by privatization and restructuring [3]. - WinTriX operates not only in China but also has data center projects in overseas markets such as India and Malaysia [3]. Group 2 - Despite the sale of the Chinese business, Bain Capital will retain control over Bridge Data Centres, maintaining its operations in Southeast Asia [3]. - Bridge Data Centres has secured $2.8 billion in bank financing to support further expansion of its data centers [3].