Tongniu Information: A Pioneer in Sci-tech SOE Reform for the 15th Five-Year Plan
$铜牛信息(SZ300895)$
As the blueprint of the 15th Five-Year Plan unfolds and new productive forces emerge as the core engine of local development, a round of SOE reform that accurately aligns with national strategies has taken the lead in Beijing. As a rare sci-tech listed company under the supervision of Beijing Municipal State-owned Assets Supervision and Administration Commission, Tongniu Information (300895.SZ) has, through the dual reforms of equity restructuring and industrial focus, become the fastest-responding and most well-aligned benchmark for SOE reform among local enterprises after the release of the 15th Five-Year Plan. Its reform path not only demonstrates policy foresight but also unlocks a new paradigm for the high-quality development of sci-tech-oriented state-owned enterprises.
Policy Alignment: A Pioneer in Implementing the 15th Five-Year Strategy
The 15th Five-Year Plan clearly states the shift "from factor-driven growth to innovation-driven development" and identifies next-generation information technology, artificial intelligence, and commercial aerospace as core sectors. Meanwhile, Beijing's "Digital and Smart Beijing" initiative and the layout of high-end, sophisticated, and cutting-edge industries have further refined the implementation roadmap. The SOE reform of Tongniu Information is a precise response to this national strategy, serving as a first-mover initiative for local state-owned assets to optimize the layout of the sci-tech industry.
According to the special approval issued by Beijing Municipal State-owned Assets Supervision and Administration Commission, the company has completed equity structure optimization through a combination of non-public agreement transfer and free transfer. Beijing Data Group has become the new controlling shareholder with a 29.90% stake, and Beijing State-owned Assets Management Co., Ltd. has risen to the position of actual controller, marking a complete transformation from being controlled by a traditional fashion-oriented enterprise to being led by a professional digital industry group. This reform not only aligns with Beijing's plan to "expand the competitive edge of the next-generation information technology industrial cluster" but also precisely fits the China Securities Regulatory Commission's (CSRC) capital market reform direction of "fostering high-quality listed companies", creating a multiple resonance of policy dividends.
In the meantime, the company's business layout is highly consistent with the key sectors outlined in the 15th Five-Year Plan: as the core ground-based computing power supplier for the Three-Body Computing Constellation, it has built a closed-loop synergy between space-based and ground-based computing power, echoing the development policy of the commercial aerospace industry; the commissioning of the 500 PetaFLOPS intelligent computing capacity at Miyun Intelligent Computing Center and the implementation of the quantum communication private network project closely follow the orientation of "AI +" and future industry cultivation; its government cloud services cover over 1,000 government and enterprise clients, deeply integrating into the construction of Beijing National Data Exchange, making it a direct beneficiary of the "Data Elements ×" initiative.
Reform Benchmark: An Innovative Model for the Transformation of Sci-tech SOEs
Against the backdrop of the in-depth advancement of SOE reform, Tongniu Information's reform measures have set a model for the optimal allocation of local state-owned assets due to their pioneering nature and advancement. Its pioneering nature is reflected in breaking the industry affiliation barriers of traditional SOEs, being the first case among Beijing's municipal SOEs where control shifted from a non-sci-tech sector to a professional data industry group, providing a replicable template for the equity restructuring of similar sci-tech subsidiaries nationwide.
The advancement of the reform is further highlighted by three-fold innovations: first, equity model innovation. The combined approach of "market-oriented pricing transfer + core state-owned assets free transfer" not only realizes the market-oriented circulation of part of the equity at a price of RMB 46.01 per share but also ensures state-owned capital's control over key sci-tech fields through free transfer, balancing efficiency and compliance. Second, industrial synergy innovation. The new controlling shareholder, Beijing Data Group, will inject digital industry resources into the company, and coupled with the synergistic effects with leading enterprises such as Huawei Ascend and Tencent, it will accelerate the iteration of the "technology breakthrough - scenario verification - commercial application" cycle. Third, governance structure innovation. The introduction of new investors such as Guorui Kexin has formed a diversified equity structure, complying with the CSRC's requirements for the "new round of corporate governance special action" and injecting vitality into technological R&D and market expansion.
It is worth noting that the company's reform is in step with the 15th Five-Year Plan's requirement of "strengthening the transformation of scientific and technological achievements". By building an innovation system together with research institutions such as the Chinese Academy of Sciences (CAS), and laying out concept verification and pilot-scale testing platforms, it has promoted the implementation of technologies such as aerospace-grade SSD hard drives and quantum fusion computing architectures, overcoming the "valley of death" in the transformation of scientific and technological achievements, and becoming a forerunner in promoting the integration of industry, academia and research through equity reform among state-owned enterprises.
Promising Growth: Value Ascension Under Policy Dividends
As the implementation of the 15th Five-Year Plan enters a substantive stage, the reform dividends of Tongniu Information are being released at an accelerated pace. On the resource side, relying on the background of Beijing State-owned Assets Management Co., Ltd. and Beijing Data Group, the company is expected to deeply participate in the construction of Beijing's national integrated computing power network and capture a share of government procurement in the government cloud and commercial aerospace sectors. On the business side, the commissioning of Miyun Intelligent Computing Center and the expansion of Zhangjiakou Intelligent Computing Base will drive a substantial growth in intelligent computing business revenue, and the space computing power demand brought by the networking of the Three-Body Computing Constellation will further open up the growth ceiling. On the technology side, participation in the construction of the civil-military integration commercial aerospace standard system and the layout of cutting-edge fields such as quantum communication and embodied intelligence will build long-term competitive barriers.
In terms of performance, the company's 2025 Q3 financial report has shown a turning point signal, with net profit attributable to shareholders increasing by 8.86% year-on-year. With the volume growth of intelligent computing business and the continuous release of policy dividends, the compound annual growth rate of performance is expected to achieve high-speed growth in the next three years. As the "first stock" responding to the local implementation of the 15th Five-Year Plan, Tongniu Information's SOE reform has not only completed its own strategic transformation but also verified the core value of sci-tech SOEs in cultivating new productive forces. Its growth path deserves focused attention from the market.
In an era where innovation-driven development has become the core driving force of economic growth, Tongniu Information, through an SOE reform that accurately aligns with national strategies, has set a benchmark for the transformation of sci-tech-oriented state-owned enterprises. Looking ahead, with the deepening of capital market reform and the continuous release of 15th Five-Year Plan policy dividends, this sci-tech enterprise with state-owned background, technological barriers and scenario advantages is expected to achieve value ascension in the golden tracks of digital economy and commercial aerospace, becoming a dual model of local SOE reform and new productive forces cultivation.
Key Professional Term Translation Notes
1. 十五五规划 - the 15th Five-Year Plan（中国五年规划固定译法）
2. 国企改革 - SOE reform (State-owned Enterprise reform 缩写形式，财经领域通用)
3. 股权重构 - equity restructuring（证券行业标准表述）
4. 新质生产力 - new productive forces（官方权威译法）
5. 智算中心 - intelligent computing center（科技领域通用译法）
6. 数据要素× - Data Elements ×（保留政策表述特色，加注释说明内涵）
7. 归母净利润 - net profit attributable to shareholders（财报标准术语）
8. 复合增速 - compound annual growth rate (CAGR)（证券分析常用缩写）
9. 产学研融通 - integration of industry, academia and research（科技政策标准译法）
10. 算力协同闭环 - closed-loop synergy of computing power（算力领域专业表述）
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