Group 1 - Agricultural Bank of Suzhou Branch is actively increasing stock repurchase and loan support to boost confidence in the capital market and ensure stable operations [1][2] - The stock repurchase and loan program was established in October last year to encourage financial institutions to provide loans to eligible listed companies and major shareholders for stock repurchase and increase [2] - As of April 15, the Agricultural Bank of Suzhou Branch has issued over 600 million yuan in special loans for stock repurchase and increase to listed companies [2] Group 2 - On April 15, the Agricultural Bank of Changshu Branch successfully provided 45 million yuan in credit to Jiangsu Changshu Automotive Trim Co., Ltd. to support the optimization of its equity structure and enhance market value [2] - The Agricultural Bank of Zhangjiagang Branch issued its first stock repurchase loan of 9 million yuan to Jiangsu Huasheng Lithium Battery Materials Co., Ltd., a leading company in the lithium-ion battery electrolyte additive sector [2] - The Agricultural Bank of Suzhou Demonstration Zone Branch provided an additional 1 billion yuan in special funding for stock increase to Hengtong Group, a top private enterprise in China, to help reduce financing costs and inject momentum into key areas of development [2]

证券代码：600487 证券简称：亨通光电 公告编号：2025-026 号 江苏亨通光电股份有限公司 2024年年度股东大会决议公告 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 程》的规定。 (五)公司董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)股东会召开的时间：2025 年 5 月 20 日 (二)股东会召开的地点：江苏省苏州市吴江区中山北路 2288 号 (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 | 39 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 754,409,867 | | 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（%） | 30.87 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东大会由董事会召集，采用现场投票和网络投票相结合的 ...

安徽承义律师事务所 关于 江苏亨通光电股份有限公司 召开 2024 年年度股东大会的 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 传真(Fax): (86-551) 65608051 电话（Tel）: （86-551）65609815 电子信箱(E-mail): chengyilawyer@163.com 网址(Website):www.chengyi-law.com 安徽承义律师事务所 关于江苏享通光电股份有限公司 召开2024年年度股东大会的法律意见书 (2025)承义法字第 00106 号 致:江苏亨通光电股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》等法律法规和其他规范性文件的要求,安徽承义律师事务所接受江苏亭 通光电股份有限公司(以下简称"亨通光电")的委托,指派司慧、万晓宇律师(以 下简称"本律师"）就亨通光电召开 2024年年度股东大会(以下简称"本次股东大 会")出具法律意见书。 一、本次股东大会召集人资格和召集、召开的程序 经核查,本次股东大会是由亨通光电第九届董事会召集,公司已于 2 ...

Core Insights - The 2025 MiaoSuan Technology and Hengtong New Product Launch Conference highlighted the importance of AI technology and liquid cooling innovations in enhancing computing power for green intelligent computing [1] - The Chinese AI computing power market is projected to reach $25.9 billion, reflecting a 36.2% growth from 2024 [1] - The new generation of immersion liquid cooling products was unveiled, marking a significant advancement in collaboration between MiaoSuan Technology and Hengtong [1] Group 1 - MiaoSuan Technology's new product features a single-layer immersion liquid cooling architecture, capable of deploying six 5U immersion liquid cooling servers within four hours, catering to the edge computing needs of small and medium enterprises [1][2] - The modular server design by Ruiqi allows for flexible assembly of CPU, storage, GPU, and power modules, optimizing cooling efficiency and energy consumption by over 30% [2][3] - The immersion cooling solution enhances energy utilization, achieving a Power Usage Effectiveness (PUE) as low as 1.15, with specific areas reaching 1.09 [3] Group 2 - MiaoSuan Technology aims to integrate energy-saving and full-stack operation and maintenance strategies to promote large-scale application of innovative immersion liquid cooling technology [3] - A strategic cooperation agreement was signed with Atec Innovations Sdn Bhd to collaborate on innovative liquid cooling technology development and ecosystem integration [5] - The conference included discussions on the liquid cooling industry's growth, technological advancements, and energy management to foster a thriving ecosystem and commercial viability [4]

Core Viewpoint - The launch of a new generation of immersion liquid cooling products by Miaosuan Technology and Hengtong Group aims to provide sustainable solutions for digital infrastructure development, emphasizing collaboration among industry partners [1] Group 1: Product Features and Innovations - The new product features a single-layer immersion liquid cooling architecture, capable of deploying six 5U immersion liquid cooling servers within four hours, catering to the needs of small and medium-sized enterprises for edge computing services [3] - The modular server design integrates computing, networking, storage, and management into a single unit, achieving over 30% energy consumption reduction, high-density deployment (100kW per square meter), ultra-quiet operation (40dB), and extended hardware lifespan by approximately 30% [3][4] - The innovative cooling system can achieve a Power Usage Effectiveness (PUE) as low as 1.15, with specific areas reaching 1.09, and enhances the utilization rate of data center space by nearly 90% [4] Group 2: Operational and Maintenance Support - Miaosuan Technology provides a comprehensive lifecycle service for liquid cooling technology, including cleaning agents and maintenance vehicles, ensuring ease of operation and maintenance [3][4] - The company aims to lower the entry barriers for liquid cooling technology, making initial investments comparable to air cooling, ultimately achieving parity in costs between liquid and air cooling solutions [4] Group 3: Strategic Collaborations and Industry Impact - A strategic cooperation agreement was signed between Miaosuan Technology and Atec Innovations Sdn Bhd to deepen collaboration in innovative liquid cooling technology development and ecosystem integration [7] - The event included a roundtable discussion on the liquid cooling industry's future, focusing on the synergy between computing power demands, technological advancements, and energy management [7] - The new generation of intelligent computing industry parks, exemplified by the Tujing Technology project, aims to support large-scale AI model training and inference with efficient cooling solutions [7]

Core Viewpoint - Jiangsu Hengtong Optic-Electric Co., Ltd. is focused on high-quality development and strategic investments in core industries such as communication and energy, leveraging opportunities in new infrastructure, carbon neutrality, and digital transformation to enhance its market competitiveness and operational efficiency [5][6][29]. Meeting Agenda - The company will hold its annual shareholder meeting on May 20, 2025, to discuss the reappointment of the external auditor, Lixin Certified Public Accountants [2][3]. Company Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, representing a year-on-year growth of 28.57% in net profit, amounting to 2.769 billion yuan [5][6]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 2.576 billion yuan, reflecting a growth of 26.74% [5]. Strategic Focus - The company is actively investing in the telecommunications and energy sectors, providing leading products and solutions in optical communication, smart grids, and marine energy [5][6]. - The company is enhancing its global industrial and marketing network, positioning itself as a leading provider of information and energy interconnection solutions [5][6]. Technological Advancements - The company has established a "world lighthouse factory" for intelligent manufacturing in the optical communication sector, integrating advanced technologies such as 5G and AI to optimize production processes [7][8]. - The company is focusing on the development of high-end optical fibers and special products, achieving significant advancements in low-loss optical fibers and marine optical fibers [8][9]. International Expansion - The company has expanded its presence in various regions, including Europe, South America, and Southeast Asia, through acquisitions and the establishment of production bases [9][24]. - The acquisition of j-fiber GmbH has strengthened the company's capabilities in special optical fiber production, enhancing its competitive edge in the global market [9][24]. Environmental Commitment - The company is committed to sustainable development and has implemented an ESG management system to promote green manufacturing and energy management [28][29]. - The company has received multiple awards for its efforts in environmental sustainability and corporate governance [28][29]. Future Outlook - The company aims to continue its strategic transformation towards becoming a global leader in marine energy interconnection solutions while expanding its market presence in telecommunications and energy sectors [15][24]. - The company plans to enhance its technological capabilities and maintain a strong focus on innovation to meet the growing demands of the digital economy [30][31].

2024 年年度股东大会会议材料 江苏亨通光电股份有限公司 2024 年年度股东大会 会 议 材 料 二○二五年五月二十日 2024 年年度股东大会会议材料 目 录 一、会议议程 二、会议须知 三、2024 年年度股东大会议案 | 序号 | | 议 案 名 称 | | --- | --- | --- | | 1 | 2024 | 年度董事会工作报告 | | 2 | 2024 | 年度监事会工作报告 | | 3 | 2024 | 年年度报告全文及摘要 | | 4 | 2024 | 年度财务决算报告 | | 5 | 2024 | 年度利润分配预案 | | 6 | 2024 | 年度独立董事述职报告 | | 7 | 2024 | 年度董事、监事、高级管理人员薪酬方案 | | 8 | | 关于续聘立信会计师事务所（特殊普通合伙）为公司 年度外部审计机构 2025 | | | 的议案 | | | 9 | 2024 | 年度奖励基金计提方案 | 2024 年年度股东大会会议材料 江苏亨通光电股份有限公司 2024 年年度股东大会议程 会议时间：现场会议：2025 年 5 月 20 日下午 14:00 网络投票：2025年 ...

Group 1 - The communication index has shown a strong increase of 1.23%, with notable stocks such as Qiyu Technology reaching the daily limit increase and Cambridge Technology rising by 7.18% [1] - The communication ETF has seen a weekly increase of 5.11%, ranking first among comparable funds [1] - The trading volume of the communication ETF was 4.34%, with a transaction value of 4.74 million yuan [3] Group 2 - The communication ETF has experienced a significant growth in scale, increasing by 2.26 million yuan over the past two weeks, leading among comparable funds [3] - The ETF's share count has grown by 22 million shares in the last three months, also ranking first among comparable funds [3] - Zhongji Xuchuang, a leading company in optical communication, reported a revenue of 23.862 billion yuan for 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [3] Group 3 - The first quarter of 2025 saw Zhongji Xuchuang achieve a revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [3] - Predictions indicate that global AI spending will reach 500 billion dollars in 2025, suggesting sustained high growth in revenue and profit for related companies [3] - Companies in the server and connector sectors are expected to perform well due to increased AI demand and capital expenditure growth from domestic and international internet firms [3] Group 4 - The top ten weighted stocks in the communication index account for 58.92% of the total, including major players like China Telecom, ZTE, and China Mobile [4] - Investors can access optical communication investment opportunities through the communication ETF linked fund [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a high double-digit growth in both revenue and performance in 2024, with significant contributions from the marine power communication business, and continued sequential growth in Q1 2025 [3][4]. - The company is positioned as a leader in the industry, capitalizing on the policy dividends of the deep-sea economy and the ongoing replacement phase of submarine cables, with expectations for increased cable shipments in Q2 [3][4]. Summary by Sections Revenue and Performance - In 2024, the company reported a revenue of 59.98 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 2.77 billion yuan, up 28.6% year-on-year. In Q1 2025, revenue was 13.27 billion yuan, a year-on-year increase of 12.6%, with a net profit of 560 million yuan, up 8.5% year-on-year and 22.7% quarter-on-quarter [3][4]. Business Segments - The marine power communication revenue in 2024 was 5.738 billion yuan, a significant increase of 69.6% year-on-year, while the optical communication revenue decreased by 11.0% to 6.562 billion yuan. The company also saw a 50.9% increase in copper conductor revenue [3][4]. Profitability and Cost Management - The company's gross margin for 2024 was 13.2%, a decrease of 2.1 percentage points year-on-year, while the net margin improved to 5.0%, an increase of 0.3 percentage points year-on-year. In Q1 2025, the gross margin was 13.6%, with a net margin of 4.5% [3][4]. Market Opportunities - The government has prioritized "deep-sea technology" in its future industrial development, and the company is enhancing its technological research and industrial layout in the marine communication sector. The company has secured multiple submarine cable projects and has a backlog of orders worth approximately 5.5 billion yuan [3][4]. Earnings Forecast - The company is expected to achieve net profits of 3.343 billion yuan, 3.824 billion yuan, and 4.266 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 21%, 14%, and 12% [3][4].

Core Viewpoint - The company achieved a revenue of 59.984 billion yuan in 2024, representing a year-on-year increase of 25.96%, and a net profit attributable to shareholders of 2.769 billion yuan, up 28.57% year-on-year, aligning with previous expectations [1] Revenue and Profit Analysis - In Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.58%, and a net profit of 557 million yuan, up 8.52% year-on-year, although lower than previous expectations due to a decrease in non-recurring gains [1] - The company's overseas business revenue exceeded 10 billion yuan for the first time in 2024, with a year-on-year growth of 38.86% [1][2] Business Segment Performance - The marine energy and communication business saw significant growth, while the smart grid and new energy sectors continued to expand. In 2024, smart grid revenue reached 22.184 billion yuan, up 14.68% year-on-year, and industrial and new energy smart revenue was 6.766 billion yuan, up 18.11% year-on-year [2] - The company supplied high-voltage cables to various electric vehicle manufacturers, including Chery, Xiaomi, and others [2] - Light communication revenue was 6.562 billion yuan, down 10.95% year-on-year, primarily due to lower-than-expected demand for ordinary optical cables from telecom operators [2] - The marine energy and communication revenue reached 5.738 billion yuan, a significant increase of 69.60% year-on-year, with a backlog of orders amounting to approximately 18 billion yuan for submarine cables and marine engineering products, and about 8 billion yuan for marine communication [2] Cost and Profitability Metrics - The company's overall gross margin for 2024 was 13.21%, a decrease of 2.01 percentage points year-on-year, mainly due to rising costs of copper and aluminum, as well as a decline in the gross margin of the light communication business [3] - The net profit margin attributable to shareholders was 4.62%, an increase of 0.09 percentage points year-on-year, benefiting from optimized expenses [3] - In Q1 2025, the overall gross margin was 13.62%, down 1.43 percentage points year-on-year, and the net profit margin was 4.20%, down 0.16 percentage points year-on-year [3] Profit Forecast and Valuation - Considering the decline in gross margin for the light communication business, the company is expected to achieve net profits attributable to shareholders of 3.350 billion yuan, 3.969 billion yuan, and 4.753 billion yuan for 2025-2027 [4] - The company is assigned a 15x PE valuation for 2025, leading to a target price of 20.37 yuan [4]