Group 1 - Southern Power Grid Digital Grid Research Institute Co., Ltd. (referred to as "Southern Grid Digital") was listed on the Shenzhen Stock Exchange's ChiNext board on November 18, issuing 47,694.7534 million A-shares at a price of 5.69 CNY, with the stock price surging by 261.51% on the opening day and reaching a total market value of 59.523 billion CNY [2] - The listing marks a significant breakthrough for Southern Power Grid in integrating into the capital market and indicates a new development stage in its comprehensive digital and intelligent transformation [2] - Southern Grid Digital's business encompasses three main areas: digitalization of the power grid, enterprise digitalization, and digital infrastructure [2] Group 2 - The chairman of Southern Power Grid stated that the company will implement the strategies of Digital China and Energy Power Nation, aiming to strengthen and expand the digital grid industry ecosystem to better support the intelligent, green, and integrated transformation of the energy and power industry [3] - Southern Grid Digital plans to use the funds raised from the IPO to invest in projects such as the construction of a spatial-temporal intelligent digital twin platform, a new generation of intelligent IoT perception and collaborative control systems, and advanced power artificial intelligence platforms [3] - The company aims to enhance its technological accumulation and industrialization in the digital grid field, positioning itself as a leading listed company in this sector [3]

Core Viewpoint - The company, Southern Power Grid Digital, has successfully completed its initial public offering (IPO), raising approximately 2.714 billion yuan through the issuance of 47.6947534 million shares at a price of 5.69 yuan per share, with a significant increase in stock price post-listing [4][5]. Group 1: Company Overview - Southern Power Grid Digital was established in 2017 and is based in Guangzhou, focusing on the software and information technology services industry [5]. - The company plays a crucial role in supporting the digital transformation strategy of the Southern Power Grid and is a key player in the construction of digital grids [5]. Group 2: Business Focus - The company aims to drive the digital transformation of the power energy sector, developing three main business systems: digital grid, enterprise digitalization, and digital infrastructure [5]. - The digital grid business includes intelligent operation systems and IoT sensing devices, utilizing a technology route that combines micro-sensing, edge computing, and data fusion [5]. - The enterprise digitalization business offers comprehensive services for large enterprises' digital transformation, integrating core technologies like artificial intelligence [5]. - The digital infrastructure business focuses on cloud-integrated platforms and data center services, providing computational power and technical support for the company's operations and clients [5]. Group 3: Financial Highlights - For the fiscal year 2024, the company is projected to achieve a revenue of 6.09 billion yuan and a net profit of approximately 570.31 million yuan [4]. - The total investment for the projects funded by the IPO proceeds amounts to approximately 25.544606 billion yuan, with specific allocations for various digital infrastructure projects [4].

Core Viewpoint - Southern Power Grid Digital Research Institute Co., Ltd. (referred to as "Southern Digital") has submitted its IPO registration for the ChiNext board, aiming to raise approximately 2.554 billion yuan for various digital infrastructure projects [1] Group 1: Company Overview - Southern Digital provides comprehensive digital construction solutions based on next-generation information technology for clients in the power energy sector [1] - The company is gradually expanding its products and services into other sectors, including transportation, water supply and gas, public administration, and urban construction [1] Group 2: IPO Details - The IPO application was accepted on June 27, 2025, entered the inquiry phase on July 6, 2025, and was approved on September 26, 2025 [1] - The funds raised will be allocated to several projects, including the construction of a spatial intelligent digital twin platform and a new generation intelligent IoT perception and collaborative control system [1][1]

Core Viewpoint - The Shenzhen Stock Exchange will hold its 22nd listing review committee meeting on September 26, 2025, to review the IPO application of Southern Power Grid Digital Grid Research Institute Co., Ltd. (referred to as "Southern Digital") [1] Fundraising Projects - Southern Digital plans to raise a total of 255,446.06 million yuan for various projects, including: - Construction of a spatiotemporal intelligent digital twin platform with an investment of 33,954.93 million yuan [2] - Development of a new generation intelligent IoT perception and collaborative control system with an investment of 41,064.26 million yuan [2] - Establishment of an advanced power artificial intelligence platform and smart production marketing application with an investment of 25,997.90 million yuan [2] - Creation of a new generation of domestic intelligent management systems with an investment of 50,724.52 million yuan [2] - Development of an energy industry data element circulation trading and service platform with an investment of 25,664.45 million yuan [2] - Construction of an advanced digital energy technology R&D base and technology delivery center in Shenzhen with an investment of 78,040.00 million yuan [2] Shareholding Structure - As of the signing date of the prospectus, Southern Power Grid Digital Grid Group Co., Ltd. holds 200,000.00 million shares, accounting for 74.00% of the total share capital, making it the controlling shareholder [2] - China Southern Power Grid Co., Ltd. indirectly controls 85.00% of the company through its subsidiaries, including Digital Group and various regional power grids [2] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council [2] Sponsorship - The sponsor for Southern Digital's IPO is China Merchants Securities Co., Ltd., with representatives Zhao Haiming and Chen Chunxin [3]