Analysis Report on the Proposal for Issuing A Shares to Specific Objects for the Year 2026
Table of Contents
Definitions
| Term | Meaning |
|---|---|
| Company, Co-Creation Data | Co-Creation Data Technology Co., Ltd. |
| Board of Directors | Board of Directors of Co-Creation Data Technology Co., Ltd. |
| Shareholders' Meeting | Shareholders' Meeting of Co-Creation Data Technology Co., Ltd. |
| This Report | "Analysis Report on the Proposal for Issuing A Shares to Specific Objects for the Year 2026 by Co-Creation Data Technology Co., Ltd." |
| This Issuance | The act of Co-Creation Data issuing RMB common stock (A shares) to specific objects. |
| CSRC | China Securities Regulatory Commission |
| SZSE | Shenzhen Stock Exchange |
| Controlling Shareholder, Co-Creation Intelligence | Co-Creation Intelligence Technology Co., Ltd. |
| RMB, Ten Thousand RMB | Renminbi Yuan, Ten Thousand Renminbi Yuan |
| "Company Law" | "Company Law of the People's Republic of China" |
| "Securities Law" | "Securities Law of the People's Republic of China" |
| "Registration Management Measures" | "Measures for the Administration of Securities Issuance Registration by Listed Companies" |
| "Listing Rules" | "Shenzhen Stock Exchange GEM Stock Listing Rules" |
Note: If the sum of individual items does not match the total, it is due to rounding.
I. Background and Objectives of This Issuance
(I) Background of This Issuance
- Accelerated Implementation of AI Industry and Rising Demand for Smart Computing Power
Currently, artificial intelligence is rapidly transitioning from technological breakthroughs to industry applications. The training of large models, inference, and various AI application scenarios increasingly rely on computing power, making computing resources the critical foundation for AI technology iteration and commercialization. As model parameter scales leap from hundreds of billions to trillions, and application scenarios expand from cloud to edge and edge, the market's demand for high-performance, high-reliability smart computing power services is growing rapidly. Concurrently, the supply structure of computing resources is undergoing profound changes, with smart computing power's share continuously increasing, presenting a clear market opportunity for computing service providers with large-scale deployment capabilities and professional operation and maintenance services.
- National Strategy Continues to Promote the Layout of Computing Infrastructure
In recent years, the country has introduced a series of supportive policies for the digital economy and the cultivation of the artificial intelligence industry. In 2024, the Ministry of Industry and Information Technology and eleven other departments jointly issued the "Notice on Promoting the Coordinated Development of New Information Infrastructure," emphasizing optimized layout of computing infrastructure and guiding the deployment of large and ultra-large data centers, intelligent computing centers, and supercomputing centers that serve national and regional needs at hub nodes, gradually increasing the proportion of intelligent computing power. Developed regions in the east are piloting new models for 5G-A and AI construction and applications, while regions in the west are rationally deploying major computing facilities in areas with significant cost advantages, exploring the construction of ultra-large-scale AI training computing facilities. In 2025, the National Development and Reform Commission, the National Data Administration, and the Ministry of Industry and Information Technology jointly issued the "Guiding Principles for the Construction of National Data Infrastructure," outlining construction directions from computing power, network support, and data circulation. Concurrently, the State Council issued the "Opinions on Deepening the Implementation of the 'Artificial Intelligence+' Action," emphasizing the strengthening of computing power, algorithms, and data supply. In 2026, the "15th Five-Year Plan" explicitly calls for "moderately advanced construction of new infrastructure," requiring accelerated construction of smart computing infrastructure systems. The dense issuance of these policies provides a favorable institutional environment and clear market expectations for the expansion of the company's smart computing centers and data storage businesses.