（文章来源：证券日报） 证券日报网讯 12月11日，南网数字在互动平台回答投资者提问时表示，公司暂未直接涉及通用量子计 算机的研发或技术输出。目前公司量子技术应用聚焦电力能源行业特定需求，公司已掌握电力量子传感 器的设计制造与应用关键技术。公司主营业务包括电网数字化、企业数字化和数字基础设施三大业务体 系，其中数字基础设施业务类别中的数据中心（IDC）业务包含算力投资、建设、运营服务，具体情况 参见公司招股说明书。 ...

格隆汇12月11日丨南网数字(301638.SZ)在投资者互动平台表示，公司暂未直接涉及通用量子计算机的 研发或技术输出。目前公司量子技术应用聚焦电力能源行业特定需求，公司已掌握电力量子传感器的设 计制造与应用关键技术。公司主营业务包括电网数字化、企业数字化和数字基础设施三大业务体系，其 中数字基础设施业务类别中的数据中心（IDC）业务包含算力投资、建设、运营服务，具体情况参见公 司招股说明书。 ...

每经AI快讯，南网数字（SZ 301638，收盘价：21.26元）12月9日晚间发布公告称，公司2025年第十二 次董事会会议于2025年12月9日在公司会议室以现场和通讯表决相结合的方式召开。会议审议了《关于 聘用南网数研院2025年度财务决算审计会计师事务所的议案》等文件。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 王瀚黎） 2025年1至6月份，南网数字的营业收入构成为：数字电网智能运行系统占比18.11%，企业运营管理系 统占比15.76%，云数一体的基础平台占比13.48%，智能网关业务-配电智能网关业务占比12.03%，数据 中心（IDC）业务占比11.33%，企业资产管理系统占比10.54%，数字电网物联感知设备-传感器业务占 比8.67%，数字电网物联感知设备-其他业务占比5.22%。 截至发稿，南网数字市值为676亿元。 ...

Core Viewpoint - The rapid development of the digital power energy market in China is driven by the construction of a "new power system," with the market expected to reach 315 billion yuan by 2024, and the upcoming IPO of Southern Power Grid Digital Network Research Institute Co., Ltd. (referred to as "Southern Network Digital") on the Shenzhen Stock Exchange [1][4]. Company Overview - Southern Network Digital provides comprehensive digital construction solutions for clients in the power energy sector, with projected revenue exceeding 6 billion yuan in 2024 [1][5]. - The company has a high proportion of related sales to Southern Power Grid, which poses a risk if the latter's digital construction pace slows down [5][6]. Business Segments - The company focuses on three main business systems: digital grid, enterprise digitalization, and digital infrastructure [2][4]. - Digital grid business includes intelligent operation systems and IoT sensing devices, while enterprise digitalization offers customized solutions for large enterprises [2][4]. - Digital infrastructure supports the other two segments with a flexible architecture and includes data center services [2][4]. Financial Performance - Revenue figures for Southern Network Digital during the reporting period are approximately 5.686 billion yuan (2022), 4.234 billion yuan (2023), and projected 6.09 billion yuan (2024) [6][7]. - The company has experienced revenue fluctuations, with a net profit of approximately 653 million yuan (2022) and a projected net profit of 572 million to 600 million yuan for 2025 [6][7]. Market Competition - The digital power energy sector is becoming increasingly competitive, with major players including state-owned enterprises and smaller companies focusing on niche markets [4][5]. - Southern Network Digital's competitors in the digital infrastructure space include major telecom operators and software companies [4][5]. Inventory and Risk Factors - The company faces risks related to high inventory levels, with inventory values increasing from approximately 1.269 billion yuan in 2022 to 2.827 billion yuan in 2025 [10]. - The gross profit margin for Southern Network Digital is lower than the industry average, with margins of 30.59% (2022), 30.06% (2023), and 33.18% (2025) [8][9]. IPO and Fundraising - Southern Network Digital plans to raise approximately 2.554 billion yuan through its IPO, with funds allocated to various projects including intelligent digital twin platforms and advanced AI systems [15][16].

Core Viewpoint - The rapid development of the digital power energy market in China is driven by the construction of a "new power system," with the market size expected to reach 315 billion yuan in 2024. Southern Power Grid Digital Network Research Institute Co., Ltd. (referred to as "Southern Network Digital") is set to launch its IPO on the Shenzhen Stock Exchange, backed by China Merchants Securities [1][17]. Group 1: Business Overview - Southern Network Digital provides comprehensive digital construction solutions for clients in the power energy sector, with expected revenue exceeding 6 billion yuan in 2024. Major clients include Southern Power Grid, State Grid, China Huaneng, and China General Nuclear Power [1][3]. - The company focuses on three main business systems: digital grid, enterprise digitalization, and digital infrastructure, utilizing AI and big data technologies to enhance operational efficiency [3][4]. - The revenue share from digital grid business has shown an upward trend, while the share from enterprise digitalization has slightly declined during the reporting period [3][4]. Group 2: Financial Performance - Southern Network Digital's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 5.686 billion yuan, 4.234 billion yuan, 6.09 billion yuan, and 1.558 billion yuan, respectively. Corresponding net profits are about 653 million yuan, 377 million yuan, 574 million yuan, and 15 million yuan [8][9]. - The company anticipates a revenue growth of 5.1% to 10.02% for 2025, projecting revenues between 6.4 billion yuan and 6.7 billion yuan [8]. Group 3: Market Competition - The digital power energy sector is experiencing intensified competition, with major players including state-owned enterprises and smaller firms focusing on niche markets. Competitors in the digital infrastructure space include major telecom operators and software companies [5][6]. - Southern Network Digital's sales to related parties, particularly Southern Power Grid, account for a significant portion of its revenue, raising concerns about dependency on a limited client base [6][12]. Group 4: Investment and Future Plans - The company plans to raise approximately 2.554 billion yuan through its IPO to fund various projects, including the development of intelligent digital twin platforms and advanced AI systems for the energy sector [18][19]. - The digitalization market in China is projected to grow, with the digital service market expected to reach 311 billion yuan by 2025, indicating a favorable environment for Southern Network Digital's growth [12].