ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHOＢ座 20 层 邮编：100073 电话：(010)51423818 传真：(010)51423816 关于对江苏永鼎股份有限公司 2023年度财务报表出具非标准审计意见审计报告 所涉及事项在2024年度消除情况的专项说明 中兴华会计师事务所(特殊普通合伙) 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地址（ l o c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号 丽 泽 S O H O B 座 2 0 层 2 0 /F,To wer B, Lize S O H O, 2 0 Lize Ro ad ,F en g tai District,Beijin g P R Ch in a 电话（ t e l ）： 0 1 0 - 5 1 4 2 3 8 1 8 传真 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, highlighting its potential as a strategic choice for achieving carbon neutrality goals [4]. Core Insights - Controlled nuclear fusion is seen as a revolutionary energy solution due to its abundant energy, zero emissions, and high safety [4]. - The industry is entering a critical phase with multiple technological pathways, primarily magnetic confinement and inertial confinement, both of which are advancing towards engineering validation [4]. - The development of the industry chain is emphasized, with a focus on materials and equipment as core challenges [4]. - Support from policies and capital is accelerating the commercialization process, with significant investments from both domestic and international entities [4]. Summary by Sections 1. Multiple Technological Pathways: Magnetic Confinement and Inertial Confinement as Mainstream - The report discusses the two main approaches to fusion research: magnetic confinement (e.g., Tokamak, stellarator) and inertial confinement (e.g., NIF in the US) [4][11]. - Both technologies are progressing towards engineering applications, with magnetic confinement focusing on steady-state operation and inertial confinement aiming for ignition efficiency [4]. 2. Collaborative Development of the Industry Chain: Focus on Materials and Equipment - The industry chain includes upstream superconducting materials and radiation-resistant tungsten alloys, midstream equipment for ITER and domestic experimental reactors, and downstream applications led by companies like China National Nuclear Corporation [4][5]. - Key companies in the upstream include Jingda Co., Yongding Co., and West Superconducting [5]. 3. Policy and Capital Support: Future Extension Space is Promising - China's 14th Five-Year Plan explicitly supports nuclear fusion research, with significant investments from state-owned enterprises and research institutions [4][29]. - International investments have exceeded $6.2 billion, indicating strong global interest in fusion technology [4]. 4. Beneficiary Companies in the Industry Chain: Focus on Long-Term Growth Potential - The report identifies several companies with long-term growth potential, including West Superconducting, Lianchuang Optoelectronics, and Yongding Co., which are involved in key materials and equipment for fusion projects [5][49][54]. - The report highlights the importance of these companies in advancing fusion technology and their roles in major projects like the "Spark One" hybrid reactor [4][5].

Industry Overview - The optical fiber amplifier is a core component in optical fiber communication, primarily used to enhance optical signals for high-quality, long-distance transmission [1][14] - The demand for optical fiber amplifiers in China is increasing due to the implementation of the "Broadband China" strategy and the rapid development of 5G networks and data centers [1][14] - The market size for optical fiber amplifiers in China is projected to reach approximately 19.387 billion yuan by 2024 [1][14] Market Dynamics - Government investments in communication infrastructure are driving the growth of the optical fiber amplifier market, facilitating the widespread adoption of broadband internet and 5G networks [1][14] - There is a growing consumer demand for high-speed, stable, and secure network services, prompting operators and manufacturers to enhance research and development of optical fiber amplifiers [1][14] Industry Development History - The optical fiber amplifier industry in China started relatively late, initially relying on foreign technology until the successful development of the Erbium-Doped Fiber Amplifier (EDFA) in 1987 [6] - Domestic companies like Yifang Communication and Huawei have made significant advancements in EDFA technology, achieving performance levels close to international standards [6][7] Industry Chain - The upstream of the optical fiber amplifier industry chain includes raw materials such as specialty optical fibers, pump sources, optical components, and electronic components [9] - The midstream involves the manufacturing of optical fiber amplifiers, while the downstream applications span communication networks, data centers, broadcasting networks, military, aerospace, and industrial lasers [9] Key Companies - Major companies in the optical fiber amplifier industry include Huawei, ZTE, and Yifang Communication, which leverage technological innovation and product development to capture significant market shares [17][18] - ZTE reported a projected revenue of 121.3 billion yuan in the telecommunications equipment manufacturing sector for 2024 [19] - Yifang Communication is recognized as a leading supplier in the optical communication device market, with a focus on maintaining competitive advantages through high R&D investment [21] Future Trends - The optical fiber amplifier industry is expected to focus on high-performance and low-noise technology breakthroughs to meet the demands of long-distance transmission and high-speed communication [24] - The integration of AI for real-time monitoring and adaptive control of optical signals is anticipated to become mainstream, enhancing network performance and operational efficiency [25] - The industry is also moving towards miniaturization and energy efficiency, with advancements in silicon photonics technology driving the development of compact amplifier modules [27] - Emerging applications in quantum communication, laser radar, and medical optics are expected to expand the role of optical fiber amplifiers beyond traditional telecommunications [28]

Investment Rating - The report maintains a "Positive" investment rating for the superconducting materials industry [3]. Core Insights - The superconducting materials industry is experiencing a tight supply-demand situation, driven by the acceleration of nuclear fusion projects, which significantly increases the demand for superconducting materials [7][85]. - Superconductors are critical for generating strong magnetic fields necessary for maintaining and controlling high-temperature plasma in nuclear fusion devices, thus enhancing energy efficiency and reducing energy consumption [44][59]. Summary by Sections Section 1: Superconducting Materials - Diverse Types and Wide Applications - Superconducting materials are categorized into low-temperature superconductors (LTS) and high-temperature superconductors (HTS) based on their critical temperature [16]. - LTS materials include NbTi and Nb3Sn, while HTS materials include YBCO and BSCCO, which have practical applications in various fields [22][24]. - The report highlights the unique properties of superconductors, such as zero electrical resistance and complete diamagnetism, which are essential for their applications in advanced technologies [11][12]. Section 2: Superconductors as Key Technologies in Accelerating Nuclear Fusion - Superconducting magnets are essential components of Tokamak devices, used to create the strong magnetic fields required for plasma confinement [38][44]. - The ITER project exemplifies the application of LTS materials in its magnet systems, which account for approximately 28% of the total cost of the device [44]. - The report discusses the potential of HTS materials to improve efficiency and reduce operational costs in next-generation fusion devices like SPARC [59][62]. Section 3: Tight Supply-Demand Dynamics in the Industry Chain - The supply of superconducting materials, particularly in the form of wires and tapes, is currently tight due to the increasing demand from nuclear fusion projects [85]. - Key companies in the superconducting materials sector include Shanghai Superconductor Technology Co., Ltd., which specializes in the production of high-temperature superconducting tapes, and other firms like YD and Lianchuang Optoelectronics, which are involved in various aspects of superconducting technology [85].

Core Viewpoint - The regular adjustment of A-share index samples has been implemented, reflecting a structural transformation in China's economy from "quantity" to "quality" and focusing on high-growth sectors such as information technology, advanced manufacturing, biomedicine, and new energy [3][5]. Group 1: Index Sample Adjustments - The adjustments affect major indices including the Shanghai Composite, Shenzhen Component, ChiNext, and various cross-market indices, with the changes officially taking effect on June 16 [4][5]. - The newly included companies predominantly belong to sectors that align with China's economic transformation, emphasizing the importance of capital market support for new productive forces [3][5]. Group 2: Investor Implications - The adjustment of index samples typically leads to increased attention and capital inflow towards newly included stocks, while index funds and passive investment strategies will realign their portfolios accordingly [6]. - Investors are advised to consider fundamental factors, industry trends, and market conditions rather than following short-term market movements blindly [6]. Group 3: Market Trends and Predictions - Analysts suggest that the market is shifting focus from geopolitical events to industry trends, with sectors like wind power equipment and computing gaining strength [7]. - Historical patterns indicate that the market may experience key turning points around mid to late June, particularly with expectations for strong performance in the computing supply chain [7][8]. - A report from CITIC Securities forecasts that the A-share market will gradually rise in the second half of 2025, driven by supportive policies and improved liquidity, with a focus on sectors such as innovative pharmaceuticals and AI applications [7].

Market Overview - The Shanghai Composite Index rose by 0.52% on June 11, with 28 out of the 31 sectors experiencing gains. The top-performing sectors were non-ferrous metals and agriculture, forestry, animal husbandry, and fishery, with increases of 2.21% and 2.02% respectively [1] - Conversely, the sectors that saw declines included pharmaceuticals and biotechnology, telecommunications, and beauty care, with decreases of 0.41%, 0.28%, and 0.10% respectively. The telecommunications sector ranked second in terms of decline [1] Capital Flow Analysis - The net inflow of capital in the two markets was 1.506 billion yuan, with 14 sectors experiencing net inflows. The non-bank financial sector led with a net inflow of 4.469 billion yuan and a rise of 1.90%, followed by the automotive sector, which saw a 1.70% increase and a net inflow of 2.750 billion yuan [1] - In contrast, 17 sectors experienced net outflows, with the pharmaceuticals and biotechnology sector leading with a net outflow of 2.629 billion yuan. The basic chemicals sector followed with a net outflow of 1.909 billion yuan, along with significant outflows in telecommunications, electric equipment, and banking sectors [1] Telecommunications Sector Performance - The telecommunications sector declined by 0.28%, with a total net outflow of 1.359 billion yuan. Out of 127 stocks in this sector, 52 rose, including one that hit the daily limit, while 66 fell [2] - Notably, the stocks with the highest net inflows included Chutianlong, with a net inflow of 255 million yuan, followed by Hengbao and Yitong Century, with inflows of 116 million yuan and 44.586 million yuan respectively [2] - The stocks with the highest net outflows included Xinyi Sheng, with a net outflow of 435.88 million yuan, China Unicom with 174.598 million yuan, and Yongding with 120.577 million yuan [3]

Market Performance - The controllable nuclear fusion concept declined by 0.80%, ranking among the top declines in the concept sector, with notable declines in stocks such as Baile Electric, Shun Sodium, and Xue Ren [1] - In contrast, 23 stocks within the sector experienced price increases, with Pan-Asia Micro-Transparent, Xuguang Electronics, and Chujian New Materials leading the gains at 6.13%, 5.12%, and 3.62% respectively [1] Capital Flow - The controllable nuclear fusion concept saw a net outflow of 1.297 billion yuan, with 43 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan [2] - Baile Electric led the net outflow with 414.37 million yuan, followed by Xue Ren, Yongding, and Shun Sodium with net outflows of 136.02 million yuan, 120.57 million yuan, and 87.58 million yuan respectively [2] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept included stocks like Xiamen Tungsten, Xuguang Electronics, and Guoguang Electric, with net inflows of 82.02 million yuan, 33.49 million yuan, and 28.84 million yuan respectively [2][4] - The stocks with the largest declines included Baile Electric at -9.87%, Xue Ren at -6.96%, and Shun Sodium at -8.93% [2][3]

重要内容提示: 江苏永鼎股份有限公司关于 为子公司申请年度银行授信提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：600105 证券简称:永鼎股份 公告编号：临 2025-035 ●被担保人名称及是否为上市公司关联人：武汉永鼎光电子技术有限公司（以下 简称"武汉光电子"）、苏州永鼎国际贸易有限公司（以下简称"国际贸易"）、金 亭汽车线束（苏州）有限公司（以下简称"苏州金亭"）、上海永鼎光电子技术有限 公司（以下简称"上海光电子"）为上市公司合并报表范围内子公司，不存在其他关 联关系。 ●本次担保金额及已实际为其提供担保的余额： 1、本次为控股子公司武汉光电子申请银行授信提供担保，担保额为人民币 1,000.00 万元，本公司已实际为其提供担保的余额 2,500.00 万元人民币<含本次>。 2、本次为控股子公司国际贸易申请银行授信提供担保，担保额为人民币 800.00 万元，本公司已实际为其提供担保的余额 800.00 万元人民币<含本次>。 3、本次为全资子公司苏州金亭申请银行授信提供担保 ...

Summary of Yongding Co., Ltd. Conference Call Company Overview - **Company**: Yongding Co., Ltd. - **Date**: June 10, 2025 Industry Focus - **Key Industries**: Superconducting wire materials, optical chips, traditional optical products, and overseas power engineering projects Core Insights and Arguments 1. **Expansion in Superconducting Wire Materials**: Yongding is actively expanding its superconducting wire materials business, establishing partnerships with various enterprises and research institutions. The market demand is rapidly increasing, particularly in the controlled nuclear fusion sector, with plans to expand production capacity to 20,000 kilometers to meet this demand [2][7][13] 2. **Optical Chip Factory Completion**: The optical chip factory was completed in June 2023, and the company has established connections with leading domestic manufacturers. Sales are expected to see breakthroughs in the second half of this year and next year [4][2] 3. **Stable Traditional Business**: The traditional business segments, including optical rods, fibers, and cables, are maintaining stability. Overseas projects, such as the Bangladesh power grid renovation project valued at $1.14 billion, are expected to contribute to sales [6][2] 4. **Broad Market Prospects for Superconducting Materials**: The superconducting wire market has vast potential, with applications in controlled nuclear fusion, maglev transportation, MRI medical technology, and military sectors. However, domestic production capacity is currently insufficient [7][2] 5. **High Technical Barriers**: The technical barriers in superconducting materials are significant, primarily due to R&D investment and intellectual property accumulation. Yongding has invested heavily and developed core processes, making it one of the few manufacturers capable of large-scale production globally [10][2] 6. **Future Development Strategy**: The company plans to accelerate capacity expansion to meet growing market demand while continuing to push for technological advancements. The focus will be on developing optical chips and superconducting wire materials [8][9][2] Additional Important Points 1. **Market Demand Growth**: The demand for superconducting wire materials in the controlled nuclear fusion field has significantly increased, with requirements growing from several kilometers to potentially hundreds of kilometers in the coming years [3][2] 2. **Challenges in Material Development**: The compact design of devices poses challenges for internal materials, and while the issue of quenching has not been fully resolved, existing superconducting materials meet current design requirements [12][2] 3. **Production Capacity and Profitability**: Yongding aims to achieve a production capacity of 5,000 kilometers by the end of 2025, with current capacity exceeding 2,000 kilometers. The company plans to rapidly expand to 18,000 to 20,000 kilometers by 2026 [13][2] 4. **Diverse Applications Beyond Fusion**: The company is also making significant progress in various superconducting applications, including magnetic levitation technology and military applications, while also planning to promote superconducting cables and power applications [14][2] 5. **Strategic Layout in Optical and Electrical Fields**: Yongding's strategic layout focuses on enhancing its supply chain in both optical and electrical fields, with an integrated solution in the optical sector and increased investment in electric vehicle wiring and superconducting power [15][2]