Dianguang Explosion-proof Technology Co., Ltd. (hereinafter referred to as "Dianguang Technology," "the Company," or "the listed company") is a company listed on the main board of the Shenzhen Stock Exchange. To meet the capital needs of the Company's business development, optimize its capital structure, and enhance its overall competitiveness and risk resistance capabilities, in accordance with the "Company Law of the People's Republic of China" (hereinafter referred to as the "Company Law"), the "Securities Law of the People's Republic of China" (hereinafter referred to as the "Securities Law"), the "Administrative Measures for the Registration of Securities Issuance by Listed Companies" (hereinafter referred to as the "Registration Measures"), and other relevant laws, administrative regulations, departmental rules, or normative documents, the Company has compiled the Argumentation Analysis Report on the Plan for Issuing A Shares to Specific Objects in 2026.
Unless otherwise specified in this Argumentation Analysis Report, the terms used herein have the same meanings as in the "Pre-plan for Dianguang Explosion-proof Technology Co., Ltd. to Issue A Shares to Specific Objects in 2026."
I. Background and Objectives of the Current Issuance of Shares to Specific Objects
(I) Background of the Current Issuance
- National Policy Guidance, Opportunities for Infrastructure Construction of Data Computing Capabilities
In recent years, the National Development and Reform Commission, the National Data Administration, the National Energy Administration, and other relevant ministries and commissions have successively issued a series of policies such as the "Three-Year Action Plan for the Development of New Data Centers (2021-2023)," the "New Generation Artificial Intelligence Development Plan," and the "Overall Layout Plan for Building a Digital China." They have also coordinated the promotion of the "East Data West Computing" major project, clearly proposing to build a reasonably distributed, green, and intensive integrated big data center system and a national integrated data computing network, and to continuously optimize the infrastructure layout, promoting efficient complementarity and coordinated linkage of data services between the east and west regions. At the same time, the relevant implementation opinions issued by the General Office of the State Council and the annual "Government Work Reports" have consistently emphasized the need to fully leverage China's advantages of a super-large market and rich application scenarios, accelerate the cultivation and opening up of high-value application scenarios in areas such as the digital economy and artificial intelligence, and adhere to moderately advanced construction of digital infrastructure, accelerating the formation of a national integrated data computing network. With the synergistic efforts of this series of top-level designs, China's data infrastructure construction has entered a new round of important development cycles, laying a solid foundation for the sustained and healthy development of the digital economy, and also laying a solid policy foundation for the current issuance.
- Industrial Transformation and Upgrading, Structural Optimization of the Data Computing Capability Industry Ecosystem
Currently, the data computing service industry is accelerating its structural adjustment and transformation and upgrading with a focus on intensification, service orientation, and integration. This transformation is driven by the overall strategy and policy empowerment of national "East Data West Computing" and "New Infrastructure." The traditional extensive development model, which is primarily hardware-driven, can no longer adapt to the diversified market demands. The industry's service operation model is accelerating its upgrade to a dual-track approach of "standardized inclusive services + in-depth customized services."