证券代码：600353 证券简称：旭光电子 公告编号：2025-051 成都旭光电子股份有限公司 2025年第三次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 审议结果：通过 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 840 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 352,070,162 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 42.4193 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长刘卫东主持会议，采用现场记名投 票和网络投票相结合，表决方式符合《公司法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 (一)股东大会召开的时间：20 ...

北京市天元（成都）律师事务所 关于成都旭光电子股份有限公司 2025 年第三次临时股东大会的法律意见 （2025）天（蓉）意字第 40 号 致：成都旭光电子股份有限公司 成都旭光电子股份有限公司（以下简称"公司"）2025 年第三次临时股东大 会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会 议于 2025 年 11 月 17 日（星期一）14:30 于四川省成都市新都区新工大道 318 号旭 光电子办公楼三楼会议室召开。北京市天元（成都）律师事务所（以下简称"本所"） 接受公司聘任，指派律师参加本次股东大会现场会议，并根据《中华人民共和国公 司法》《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东 会规则》（以下简称"《股东会规则》"）以及《成都旭光电子股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，就本次股东大会的召集、召开程序、 出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本法 律意见。 为出具本法律意见，本所律师审查了《成都旭光电子股份有限公司第十一届董 事会第十四次会议决议公告》《成都旭光电子股份有限公司第十一届监事会第八次 ...

Market Overview - On November 13, the other electronics sector rose by 0.25% compared to the previous trading day, with ST Xin Ya leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - ST Xin Ya (002388) closed at 6.49, with a gain of 4.51% and a trading volume of 243,300 shares, amounting to a transaction value of 156 million yuan [1] - Other notable performers included: - Shi Shi (001287) at 26.50, up 4.00%, with a trading volume of 574,100 shares and a transaction value of 1.533 billion yuan [1] - Xu Guang Electronics (600353) at 15.59, up 2.63%, with a trading volume of 248,300 shares and a transaction value of 387 million yuan [1] - Zhongrong Electric (301031) at 106.30, up 1.93%, with a trading volume of 27,500 shares and a transaction value of 290 million yuan [1] Capital Flow - The other electronics sector experienced a net outflow of 1.526 billion yuan from institutional investors, while retail investors saw a net inflow of 1.116 billion yuan [2] - Notable capital flows included: - Xu Guang Electronics (600353) with a net inflow of 47.2845 million yuan from institutional investors [3] - ST Xin Ya (002388) with a net inflow of 31.2511 million yuan from institutional investors [3] - Ke Li Ke (002782) with a net inflow of 21.8314 million yuan from institutional investors [3]

Core Viewpoint - As of November 7, 2025, the stock price of Xuguang Electronics (600353) has decreased by 6.02% from the previous week, closing at 15.92 yuan, with a total market capitalization of 13.213 billion yuan [1] Company Announcements - Xuguang Electronics plans to transfer its 32.55% stake in Chengdu Chuhan Technology Co., Ltd. to Zhongji Xuchuang Co., Ltd. for a price of 100 million yuan [1] - The transaction is based on an assessed value of 307.576 million yuan for the total equity of Chuhan Technology, determined through mutual agreement and asset-based valuation [1] - Following the completion of this transaction, Xuguang Electronics will no longer hold any equity in Chuhan Technology, which will not affect its consolidated financial statements or its main business operations [1]

2025 年 11 月 旭光电子 2025 年第三次临时股东大会会议资料 成都旭光电子股份有限公司股东大会 会议须知 为了保障公司股东的利益，确保公司2025年第三次临时股东大会的正常有序 召开，根据《公司法》、《上市公司股东大会规则》等法律法规和《公司章程》 等相关规定，现就会议须知通知如下： 一、公司证券投资部具体负责股东大会有关程序和秩序方面的事宜。 二、董事会在股东大会召开过程中，应当认真履行法定职责，维护股东合法 权益。 三、股东参加股东大会，依法享有《公司章程》规定的各项权利，并认真履 行法定义务，确保会议正常进行。 成都旭光电子股份有限公司 2025年第三次临时股东大会会议资料 四、与会人员应听从大会工作人员指引，遵守会议规则，维护会议秩序。 五、拟发言股东须在会议召开以前在会议秘书处办理发言登记手续，由会议 主持人根据会议程序和时间条件按照登记顺序安排发言。每位发言人发言不超过 五分钟，发言主题应与本次股东大会的表决事项相关。 六、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或代理人） 的合法权益，除出席会议的股东（或代理人）、公司董事、监事、董事会秘书、 高级管理人员、见证律师及董事 ...

Core Viewpoint - The company plans to divest its 32.55% stake in Shuhang Technology for 100 million yuan to Zhongji Xuchuang, focusing on its core business [1] Group 1: Transaction Details - The transaction will result in the company no longer holding shares in Shuhang Technology after completion [1] - Shuhang Technology is projected to have a revenue of 479 million yuan and a net loss of 45.47 million yuan in 2024 [1] - The pricing of the transaction is based on asset-based valuation and was mutually agreed upon by both parties [1] Group 2: Payment Structure - The payment will be made in two installments: 50 million yuan within 10 working days after the agreement takes effect, and another 50 million yuan within 10 working days after the completion of board member changes [1] Group 3: Governance - The proposal has been approved by the board of directors and will be submitted for shareholder approval at the meeting scheduled for November 17, 2025 [1]

Core Viewpoint - As of November 4, 2023, Xuguang Electronics experienced a decline of 5.05%, trading at 15.99 CNY per share with a total market capitalization of 13.271 billion CNY [1] Company Overview - Chengdu Xuguang Electronics Co., Ltd. was established on February 28, 1994, and listed on November 20, 2002. The company is located at 318 Xinguang Avenue, Xindu District, Chengdu, Sichuan Province [1] - The main business areas include metal ceramic electric vacuum devices, high and low voltage power distribution equipment, and optoelectronic devices. The revenue composition is as follows: - Vacuum arc extinguishing chamber (core component of power switch equipment) 44.56% - Others (supplementary) 18.09% - Precision structural components for aerospace vehicles 13.28% - Intelligent embedded computers 8.63% - New power and renewable energy equipment 6.78% - Nitride electronic materials for semiconductor packaging and thermal management 5.15% - High-power laser RF electronic tubes 3.03% - Others 0.47% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under China Merchants Fund has a significant position in Xuguang Electronics. The "China Merchants Heyue Balanced Pension Three-Year Holding Period Mixed Initiation Fund (FOF) A" (007660) held 58,000 shares in the third quarter, accounting for 0.4% of the fund's net value, ranking as the ninth largest holding. The estimated floating loss today is approximately 49,300 CNY [2] - The fund was established on December 3, 2019, with a current scale of 162 million CNY. Year-to-date returns are 15.62%, ranking 509 out of 1,043 in its category; the one-year return is 16.28%, ranking 489 out of 1,013; and since inception, the return is 41.56% [2] Fund Manager Information - The fund manager of "China Merchants Heyue Balanced Pension Three-Year Holding Period Mixed Initiation Fund (FOF) A" is Zhang Gewu. As of the report date, Zhang has been in the position for 6 years and 195 days, managing total assets of 1.508 billion CNY. The best fund return during the tenure is 43.02%, while the worst return is -34.2% [3]

Investment Rating - The report maintains an investment rating of "Recommended" for the controllable nuclear fusion industry [2][3]. Core Insights - The controllable nuclear fusion industry is accelerating its industrialization process, transitioning from experimental validation to engineering demonstration, with a focus on key suppliers and core component manufacturers that have achieved domestic substitution [2]. - The overall domestic production rate of key nuclear fusion equipment exceeds 96%, with significant advancements in materials performance being a core bottleneck for the feasibility of the technology route [2]. - The industry is entering a new phase characterized by "multiple routes racing + capital resonance," with significant milestones expected, such as the BEST device demonstrating power generation by 2027 [2]. Industry Scale - The industry comprises 118 listed companies, with a total market capitalization of 2114.6 billion and a circulating market capitalization of 1755.9 billion [3]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 27.0%, and 26.1% respectively, while the relative performance is -0.5%, 2.4%, and 6.9% [5]. Key Companies and Financial Indicators - Notable companies include: - Xibu Superconductor (688122.SH) with a market cap of 50.1 billion and a strong recommendation [7]. - Antai Technology (000969.SZ) also strongly recommended with a market cap of 22.3 billion [7]. - Jiu Li Special Materials (002318.SZ) with a market cap of 25.0 billion and a strong recommendation [7]. - Other companies such as Guoguang Electric (688776.SH), Hezhu Intelligent (603011.SH), and Lianchuang Optoelectronics (600363.SH) are also highlighted, though they do not have specific investment ratings [7]. Material Innovation - Material innovation is identified as the current core bottleneck and breakthrough point for industrialization, with extreme operational environments requiring materials with high melting points, radiation resistance, and thermal fatigue performance [6]. - Domestic companies like Antai Technology and West Superconductor have made breakthroughs in tungsten-copper filters and superconducting materials, overcoming foreign monopolies [6]. Market Opportunities - The industry chain is witnessing incremental market growth across multiple segments, with energy equipment leaders establishing significant layouts and core component manufacturers benefiting from clear development paths [6]. - Companies such as Guoguang Electric, Hezhu Intelligent, and Lianchuang Optoelectronics are positioned to benefit significantly from local support [6].

Core Viewpoint - The company reported a steady growth in performance for the first three quarters of 2025, with revenue reaching 1.181 billion yuan, a year-on-year increase of 5.57%, and a net profit attributable to shareholders of 101 million yuan, up 25.04% [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.181 billion yuan (+5.57%) and a net profit of 101 million yuan (+25.04%), with a non-recurring net profit of 97 million yuan (+37.81%) [2]. - In Q3 2025, the company recorded revenue of 396 million yuan, showing a year-on-year increase of 17.37% but a quarter-on-quarter decrease of 10.21%. The net profit for the quarter was 37 million yuan, reflecting a year-on-year increase of 51.39% and a quarter-on-quarter increase of 10.51% [2]. - The gross profit margin for the first three quarters of 2025 was 24.12% (+1.94 percentage points), and the net profit margin was 8.10% (+1.81 percentage points) [2]. Business Segments - **Power Equipment Business**: The company focuses on the operation and expansion of electric vacuum devices, with key products including vacuum circuit breakers and high-power laser RF electronic tubes. It has established a complete industrial chain for vacuum circuit breakers and is one of the largest manufacturers in China, with an annual production capacity exceeding 1.2 million units [3]. - **Military Industry Business**: The company has built a comprehensive product layout in the military sector, covering missiles, aircraft, and ships. It has a rich customer base, including major military groups and research institutes in China, with products such as missile detonation devices and precision components for aerospace [3]. - **Electronic Materials Business**: The company specializes in the design, research, and production of ceramic vacuum devices, with a focus on ceramic metallization technology. It has achieved an annual production capacity of 500 tons for aluminum nitride powder and developed high thermal conductivity substrates, becoming a leading supplier in China [4]. Profit Forecast - The company forecasts net profits attributable to shareholders of 154 million yuan, 222 million yuan, and 306 million yuan for 2025, 2026, and 2027, respectively. Corresponding EPS is expected to be 0.19 yuan, 0.27 yuan, and 0.37 yuan, with PE ratios of 91.17, 63.31, and 45.97 times [4].

Core Viewpoint - Xuguang Electronics, a leading supplier of vacuum circuit breakers in China, has shown promising growth in its recent financial performance, particularly in the nuclear fusion and smart inspection sectors, while facing challenges in overall industry ranking and shareholder dynamics [2][6]. Financial Performance - In Q3 2025, Xuguang Electronics achieved a revenue of 1.181 billion yuan, ranking 22nd out of 33 in the industry, significantly lower than the top competitor, China Electric Power, which reported 50.598 billion yuan [2]. - The net profit for the same period was 95.6261 million yuan, placing the company 15th in the industry, again trailing behind leaders like Wolong Nuclear Materials [2]. - The main business segment, vacuum circuit breakers, generated 350 million yuan, accounting for 44.56% of total revenue [2]. Profitability and Debt Ratios - As of Q3 2025, the asset-liability ratio for Xuguang Electronics was 44.68%, slightly below the industry average of 44.96% [3]. - The gross profit margin stood at 24.12%, higher than the industry average of 21.49%, indicating strong profitability [3]. Executive Compensation - The chairman, Liu Weidong, received a salary of 652,000 yuan in 2024, a decrease of 24,000 yuan from the previous year [4]. - The general manager, Zhang Chun, also earned 652,000 yuan, reflecting the same reduction [4]. Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 9.61% to 67,600, while the average number of shares held per shareholder increased by 10.63% to 12,300 [5]. - New shareholders included several mutual funds, while one fund exited the top ten list of shareholders [5]. Business Highlights - Xuguang Electronics is a key player in the nuclear fusion sector, providing products for fast control switches, and has applications in various high-power electronic fields [6]. - The company is also focusing on smart inspection services aimed at smart transportation and is a leading supplier in the vacuum circuit breaker market [6]. - The subsidiary, Xuci New Materials, is recognized as a leader in aluminum nitride materials, benefiting from domestic substitution trends [6]. - The military sector is another area of growth, with the company expanding its presence in missile, aircraft, and ship applications, supported by increasing defense budgets [6]. Future Projections - Revenue forecasts for Xuguang Electronics are projected at 1.95 billion yuan in 2025, 2.39 billion yuan in 2026, and 3.03 billion yuan in 2027, with a CAGR of 24% from 2024 to 2027 [6]. - Net profit estimates for the same period are 170 million yuan, 210 million yuan, and 270 million yuan, with a CAGR of 39% [6].