申万宏源证券承销保荐有限责任公司 关于 调整 2024 年限制性股票激励计划回购价格 并回购注销部分限制性股票事项 之 独立财务顾问报告 二〇二五年十二月 | 一、释义 | 2 | | --- | --- | | 二、声明 | 3 | | 三、基本假设 | 4 | | 四、限制性股票激励计划已履行的相关审议程序 | 5 | | 五、独立财务顾问意见 | 7 | | （一）本次回购注销限制性股票的相关情况 | 7 | | （二）本次回购注销后公司股本结构的变动情况 | 8 | | （三）本次调整回购价格及回购注销部分限制性股票对公司的影响 8 | | | （四）结论性意见 | 8 | 一、释义 江苏亨通光电股份有限公司 本文中若出现总数与各分项值之和尾数不符的情况，均为四舍五入原因造成。 2 除非另有说明，以下词语在本文中具有如下含义： 亨通光电、公司、上市公司 指 江苏亨通光电股份有限公司 本计划 指 江苏亨通光电股份有限公司 2024 年限制性股票激励 计划（草案） 独立财务顾问报告、本报告 指 申万宏源证券承销保荐有限责任公司关于江苏亨通光 电股份有限公司调整 2024 年限制性股票激励计划回 购价格并回 ...

安徽承义律师事务所 法律意见书 安徽承义律师事务所 关于江苏亨通光电股份有限公司 调整 2024 年限制性股票激励计划回购价格 并回购注销部分限制性股票事项 的法律意见书 安徽承义律师事务所 中国.合肥市政务区怀宁路 200 号相悦中心 5 楼 邮编: 230022 电话（Tel）: （86-551）65609815 传真（Fax）: （86-551）65608051 网址（Website）: www.chengyi-law.com 电子信箱(E-mail):chengyilawyer@163.com 安徽承义律师事务所 法律意见书 释 义 | 本所 | 指 | 安徽承义律师事务所 | | --- | --- | --- | | 本律师 | 指 | 本所为本激励计划指派的经办律师,即在本法律意见书签署 | | | | 页"经办律师"一栏中签名的律师 | | 亨通光电/上市公司/公司 | 指 | 江苏亨通光电股份有限公司 | | 本激励计划/本计划 | 뷰 | 江苏享通光电股份有限公司 2024年限制性股票激励计划 | | 限制性股票 | 指 | 公司按照本计划规定的条件和价格授予激励对象一定数量的 | | | ...

江苏亨通光电股份有限公司独立董事专门会议 对第九届董事会第十二次会议相关事项的审核意见 2、公司与亨通财务有限公司的关联交易定价公允，不会构成对公司及中小 股东利益的损害。 三、转让子公司部分股权的关联交易 本次交易的转让价格系以具有合法评估资质的机构出具的、以评估基准日的 《资产评估报告》所载标的公司股东全部权益评估价值为定价依据，具有合理性。 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）等相关制度的要求和《江苏 亨通光电股份有限公司章程》（以下简称《公司章程》）的有关规定，江苏亨通 光电股份有限公司（以下简称"公司"）第九届董事会独立董事专门会议于2025 年12月11日召开，对拟提交公司第九届董事会第十二次会议审议的关于《预计公 司2026年度发生的日常关联交易》等事项进行了审核，会议审核意见如下： 一、预计公司2026年度发生的日常关联交易 1、2025 年公司与控股股东及其关联方、联营企业等之间发生的日常关联交 易的资金往来均为公司在日常销售、购买商品和接 ...

Company Overview - Hengtong Optic-Electric (SH 600487) announced its 12th meeting of the 9th Board of Directors on December 11, 2025, which was conducted both in-person and via communication voting [1] - The meeting reviewed documents including the "Expected Daily Related Transactions for 2026" [1] Financial Performance - For the year 2024, Hengtong Optic-Electric's revenue composition is as follows: manufacturing accounts for 97.47%, services for 1.64%, and other businesses for 0.88% [1] - As of the report date, Hengtong Optic-Electric has a market capitalization of 51.6 billion yuan [1]

证券代码：600487 证券简称：亨通光电 公告编号：2025-061 江苏亨通光电股份有限公司 关于与亨通财务有限公司签署金融服务框架协议 暨日常关联交易的公告 本公司董事会、全体董事及相关股东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： 本次交易简要内容 为优化财务管理，提高资金使用效率、降低资金使用成本，江苏亨通光电股 份有限公司（以下简称"公司"）拟与亨通财务有限公司（以下简称"财务公司"） 签署《金融服务框架协议》，财务公司依据协议向公司及其各级附属公司提供存 款、贷款及其他金融服务。 本次交易构成关联交易 本次交易尚需提交股东会审议 一、关联交易概述 本次日常关联交易预计金额和类别 交易限额 每日最高存款余额 320,000 万元（含美元存款） 每日最高贷款余额 500,000 万元 协议有效期 1 年 存款利率范围 不低于同期境内商业银行的存款利率，同时不低于财 务公司方吸收其他成员单位同种类存款所定的利率。 贷款利率范围 不高于中国人民银行有关规定，同时不高于财务公司 发放其他成员单位同种类贷款所定的利率。 公司对 ...

Core Insights - The article discusses the transformation of the electric grid as a strategic asset in the context of increasing electricity demand driven by AI and renewable energy integration [2][3][4] Group 1: Electric Grid Development - The China Electric Grid Equipment Theme Index has seen a significant increase, rising from a low of 1762.54 points in June to 2702.89 points, marking an approximate 40% increase as of December 9 [2] - The unique ETF focused on electric grid equipment has experienced substantial net inflows, with a recent five-day net inflow of 413 million yuan, growing from under 100 million yuan at the end of September to 2.585 billion yuan by December 9, representing over a 20-fold increase [2][8] Group 2: Electricity Demand and Supply - In July and August, China's monthly electricity consumption exceeded 1 trillion kilowatt-hours, equivalent to Japan's annual consumption, largely due to the implementation of ultra-high voltage transmission lines [3] - The global demand for electricity is at a 30-year high, with AI's exponential growth in computing power contributing to this surge, as training a large AI model can consume over 100 million kilowatt-hours annually [4][5] Group 3: Global Context and Opportunities - Many countries in Europe and North America are facing electricity shortages due to extreme weather and aging infrastructure, while China's electric grid construction is leading globally [4] - The global investment in electric grids is projected to exceed 400 billion USD, with AI significantly driving the growth in electricity demand and related electrical equipment needs [5][11] Group 4: Technological and Policy Drivers - Key drivers for the new electric power system include policy support for renewable energy, technological breakthroughs in energy transmission, and the need for smart grid upgrades to manage the variability of renewable sources [11][12] - The penetration of smart meters in North America and Northern Europe exceeds 60%, while other regions are just beginning to adopt these technologies, presenting opportunities for Chinese companies [6][11] Group 5: Investment Opportunities - The electric grid equipment ETF is positioned as a vital investment vehicle for participating in the energy transition, focusing on ultra-high voltage and smart grid construction [12] - The ETF tracks a precise index of 80 listed companies involved in the electric grid equipment sector, with the top ten companies accounting for 54% of the index weight [9]

Core Viewpoint - CPO (Chip-Package-Optical) technology is emerging as a key direction for high-speed optical modules, leveraging the advantages of "chip and optical engine co-packaging" to become a core area for next-generation optical communication devices [1] Company Highlights - **特发信息 (Tefa Information, 000070.SZ)**: Latest stock price at 14.85 CNY, with a daily increase of +10.00%. The subsidiary has CPO platform design capabilities and high-precision packaging technology applicable for CPO packaging [1] - **联特科技 (Liante Technology, 301205.SZ)**: Latest stock price at 143.60 CNY, with a daily increase of +7.24%. Focused on optical communication transceiver modules, mastering design and manufacturing capabilities from optical chips to optical modules [1] - **长芯博创 (Changxin Bochuang, 300548.SZ)**: Latest stock price at 143.82 CNY, with a daily increase of +7.09%. An integrated circuit electronic device company that has released external light source modules for CPO and is developing photonic technology-related products [1] - **德科立 (Dekeli, 688205.SH)**: Latest stock price at 172.90 CNY, with a daily increase of +4.78%. A light transmission company with R&D plans covering 800G and CPO high-speed miniaturized optical transceiver module technology solutions [1] - **华工科技 (Huagong Technology, 000988.SZ)**: Latest stock price at 83.20 CNY, with a daily increase of +3.53%. A photonics company with vertical integration capabilities, establishing a research institute to focus on CPO and LPO technologies [1] - **光迅科技 (Guangxun Technology, 002281.SZ)**: Latest stock price at 68.55 CNY, with a daily increase of +3.24%. A global supplier of photonic devices that has already laid out CPO technology and completed silicon photonic integration packaging technology development [1] - **新易盛 (Xinyi Sheng, 300502.SZ)**: Latest stock price at 432.26 CNY, with a daily increase of +3.13% [1] - **中天科技 (Zhongtian Technology, 600522.SH)**: Latest stock price at 17.22 CNY, with a daily increase of +2.99%. Advancing CPO co-packaging optical technology and has mastered high-speed optical module packaging capabilities [2] - **炬光科技 (Juguang Technology, 688167.SS)**: Latest stock price at 170.89 CNY, with a daily increase of +2.45%. Acquired SMO technology applicable for efficient collimation and coupling of laser light sources in CPO [2] - **源杰科技 (Yuanjie Technology, 688498.SH)**: Latest stock price at 691.66 CNY, with a daily increase of +2.39%. Has laser product reserves for CPO, with CW high-power laser technology applicable in the CPO field [2] - **光库科技 (Guangku Technology, 300620.SZ)**: Latest stock price at 172.58 CNY, with a daily increase of +2.20%. Launched high-density, high polarization-maintaining fiber array collimators for CPO applications [2] - **仕佳光子 (Shijia Photonics, 688313.SH)**: Latest stock price at 96.10 CNY, with a daily increase of +2.13%. Products like high-power laser chips can be used for CPO packaging [2] - **亨通光电 (Hengtong Optic-Electric, 600487.SH)**: Latest stock price at 20.75 CNY, with a daily increase of +1.72%. One of the earliest companies to layout CPO optoelectronic co-packaging, previously launched a 3.2T CPO working prototype [2] - **聚飞光电 (Jufei Optoelectronics, 300303.SZ)**: Latest stock price at 7.12 CNY, with a daily increase of +1.71%. The company's invested subsidiary has silicon optical chips applicable for CPO [2] - **中际旭创 (Zhongji Xuchuang, 300308.SZ)**: Latest stock price at 616.00 CNY, with a daily increase of +1.65%. A leading optical module company, with CPO as one of its key evolution directions, already has R&D and layout in place [3]

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]

Group 1 - On December 8, a total of 12 companies were investigated by institutions, with 10 of them being surveyed by funds, highlighting a significant interest in Hengtong Optic-Electric, which attracted 12 fund participants [1] - The surveyed companies included 2 from the main board of the Shenzhen Stock Exchange, 6 from the ChiNext board, and 2 from the main board of the Shanghai Stock Exchange, indicating a diverse representation across different market segments [1] - The companies under investigation spanned 7 industries, with the electronics, machinery equipment, and pharmaceutical sectors having the highest representation, each featuring 2 stocks [1] Group 2 - Among the surveyed companies, 2 had a total market capitalization exceeding 50 billion yuan, while 7 had a market capitalization below 10 billion yuan, including companies like Yingli Co., Ltd., Yalian Machinery, and Taili Technology [1] - In terms of market performance, 4 out of the surveyed stocks increased in value over the past 5 days, with the highest gains seen in Boin Special Welding (26.53%), Chaojie Co., Ltd. (17.69%), and Taili Technology (1.68%); conversely, 6 stocks experienced declines, with the largest drops in China Merchants Energy (-13.66%), Zhongsheng Pharmaceutical (-9.67%), and Yingli Co., Ltd. (-2.72%) [1]

来源：江苏金融圈 12月8日，江苏上市公司亨通光电（600487）连续发布多个董事、高管变动事项。 履历显示，孙中林1978年12月出生，现任亨通电力产业集团总裁；田国才1975年9月出生，现任江苏亨 通光纤科技首席技术官；孙建锋1985 年3月出生，任亨通光电审计部经理。 另外在高管团队中，亨通光电原董事会秘书顾怡倩辞去职务，改任公司合规总监；新任董秘由王僚俊接 任，他同时还兼任公司副总经理。 履历显示，顾怡倩是1982年1月出生，此前由较长时间的董秘任职经历，多次荣获"金牌董秘""金牛董 秘""优秀董秘""百佳董秘" "最佳董秘"等称号。 王僚俊则出生于1988年2月，拥有丰富的券商投行任职经验，曾担任过多家公司上市保荐代表人，负责 过多家A股企业首发上市、再融资、并购重组及财务顾问业务。 在来亨通之前，他是国内头部券商中金公司投行部投行部副总经理。此前亨通仅有专职董秘，而王僚俊 则是兼任公司副总经理。 公司董事鲍继聪、尹纪成、李自为因工作调整同步递交辞呈，这距离他们2027年5月30日的任期届满， 还有足足一年半时间。 履历显示，这三位前董事均是亨通体系内部的"老兵"。 其中鲍继聪现任控股股东亨通集团副 ...