湖北得伟君尚律师事务所 关于烽火通信科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 湖北得伟君尚律师事务所 DEWELL & PARTNERS 中国武汉中国湖北省武汉市江汉区建设大道 588 号 为出具本法律意见书，本律师对本次股东大会所涉及的有关事项进行了审查， 查阅了相关会议文件，并对有关问题进行了必要的核查和验证。本律师同意将本 法律意见书随贵公司本次股东大会决议一并公告，并依法对本法律意见书承担相 应的责任。 在本法律意见书中，本所律师仅对本次股东大会的召集人资格和召集、召开 程序、出席会议人员资格、表决程序和表决结果是否符合相关法律、法规、规范 性文件及《公司章程》的规定发表意见，不对会议审议的议案内容以及这些议案 所表述的事实或数据的真实性及准确性发表意见。 本律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 1、本次股东大会的召集 卓尔国际中心 20-21 楼 湖北得伟君尚律师事务所 关于烽火通信科技股份有限公司 2025 年第一次临时股东大会的法律意见书 （2025）得伟君尚 ...

近日，智利头部电信运营商Mundo携手烽火通信在首都圣地亚哥联合发布拉美地区首个50G PON技术方 案，标志着智利在下一代光纤接入技术领域跻身全球前沿，为拉美数字基础设施升级树立了新标杆。作 为拉美数字化转型的先行者，智利近年来通过"2035数字转型战略""智慧产业战略"等政策，将高速光纤 宽带网络列为支撑数字经济发展的核心底座。而随着企业云服务、远程办公、超高清直播、跨境电子商 务在当地快速渗透，现有网络在带宽、时延、连接密度上的瓶颈日益凸显，亟需下一代技术破局。50G PON作为当前先进的光纤接入技术之一，其超高带宽、超低时延、海量连接特性，既能满足当下高带宽 业务的即时需求，更能支撑智利中长期数字社会建设的未来需求，成为打通数字经济发展脉搏的关键。 （烽火通信） ...

Group 1 - The "Intelligent Gathering in Optics Valley: Co-initiating a New Journey" 2025 AI+ Industry Innovation Forum was held in Wuhan, focusing on AI technology innovation, industry development trends, and application experiences to promote high-quality development of the national AI industry [1][2] - The forum gathered elites from various sectors, including government, industry, research, education, finance, and service, to discuss the integration of AI with key industries such as optoelectronics, biomedicine, and high-end equipment manufacturing [1][3] - A joint initiative titled "Optics Valley in Action" was launched by 17 enterprises and research institutions in response to the national "AI+" strategy, highlighting the region's commitment to leading industry development and contributing to the construction of a digital China [1][2] Group 2 - The "AI+ Innovation Cooperation Plan" was officially launched by companies including Changjiang Computing, Zhidong Taichu, and Dameng Data, aiming to integrate technology and resources for collaborative innovation in the AI+ field [2] - The forum featured an exhibition area showcasing leading enterprises, innovative teams, and breakthrough technologies in the AI core fields of Optics Valley, emphasizing the region's strengths in AI applications [2][3] - The hosting company, FiberHome, provided end-to-end optical connection solutions and showcased the "Changjiang Computing-Zhidong Taichu Training and Pushing Integrated Machine," which is based on a multimodal large model with significant capabilities for rapid delivery and cost efficiency [2]

Core Insights - The A-share market saw a collective pullback in CPO concept stocks, with significant declines in several companies [1] Group 1: Market Performance - New Yi Sheng (300502) experienced a decline of 7.93%, with a total market capitalization of 319 billion and a year-to-date increase of 290.32% [2] - Tongfu Microelectronics (002156) fell by 7.45%, holding a market cap of 66 billion and a year-to-date increase of 47.36% [2] - Zhongji Xuchuang (300308) dropped by 6.61%, with a market value of 391.2 billion and a year-to-date increase of 186.48% [2] - Other notable declines include Hui Green Ecology (-5.89%), Jiepute (-5.34%), and Dekeli (-4.91%) [1][2] Group 2: Additional Company Performance - Lian Te Technology and Dekeli both saw declines of 4.91%, with market caps of 12.1 billion and 15.7 billion respectively [2] - Zhongtian Technology (600522) decreased by 4.18%, with a market capitalization of 61.9 billion and a year-to-date increase of 29.31% [2] - Cambridge Technology (603083) fell by 4.17%, with a market cap of 27.7 billion and a year-to-date increase of 155.76% [2]

Core Viewpoint - The CPO concept stocks in the A-share market experienced a collective decline, with several companies reporting significant drops in their stock prices as of the midday close on October 14 [1]. Group 1: Stock Performance - Xinyiseng (新易盛) saw a decline of 7.93%, with a total market capitalization of 319 billion and a year-to-date increase of 290.32% [2]. - Tongfu Microelectronics (通富微电) dropped by 7.45%, holding a market cap of 66 billion and a year-to-date increase of 47.36% [2]. - Zhongji Xuchuang (中际旭创) fell by 6.61%, with a market value of 391.2 billion and a year-to-date increase of 186.48% [2]. - Huilv Ecology (汇绿生态) decreased by 5.89%, with a market cap of 11.5 billion and a year-to-date increase of 93.43% [2]. - Jiepute (杰普特) experienced a decline of 5.34%, with a market capitalization of 12.8 billion and a year-to-date increase of 185.16% [2]. - Other notable declines include Dekeli (德科立) at -4.91%, Liantech (联特科技) at -4.91%, and Zhongtian Technology (中天科技) at -4.18% [2]. Group 2: Market Trends - The overall trend indicates a bearish sentiment in the CPO sector, with multiple stocks experiencing declines of over 4% [1]. - Despite the current downturn, some stocks have shown strong year-to-date performance, indicating potential resilience in the sector [2].

Group 1: Apple Product Launch - Apple plans to release multiple new products in October, including iPad Pro, Vision Pro, and a potential base model 14-inch MacBook Pro, all expected to feature the next-generation M5 chip for performance upgrades [2] Group 2: Smartphone Market Competition - The smartphone market is set for intense competition in October, with major brands like vivo, Honor, OPPO, iQOO, Red Magic, Realme, and Nubia launching several flagship models. The vivo X300 series will globally debut the latest MediaTek Dimensity 9500 flagship processor, built on the industry's leading third-generation 3nm process [3] Group 3: GEO Optimization and AI Integration - The GEO (Search Engine Optimization) industry is undergoing a significant transformation driven by AI technology. The integration of AIGEO is expected to enhance the efficiency of natural search rankings and enable businesses to achieve more precise marketing reach and higher commercial conversion rates. AI applications in the GEO field are projected to expand at a compound annual growth rate of 30% over the next three years [4] Group 4: Huawei Mate 80 Series and HarmonyOS 6 - The Huawei Mate 80 series has become a focal point this month, featuring the Kirin 9030 chip, which has caused a stir in the industry due to its performance leap achieved through architectural optimization and active cooling fan technology. Additionally, Huawei has launched HarmonyOS 6, upgrading its interaction logic from "command-driven" to "intention-driven" with the "Harmony Intelligent Body Framework" [5]

Core Viewpoint - The article highlights the significant role of financial services in supporting the high-quality development of the real economy, particularly in the context of technological innovation and the growth of small and medium-sized enterprises in Wuhan's East Lake High-tech Development Zone, known as "China's Optics Valley" [8][9]. Financial Support for Innovation - Financial institutions have provided substantial support to strategic emerging industries, with over 50 billion yuan in funding for companies like Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC) [13]. - The article emphasizes the importance of policy-driven financial support, such as the 47 million USD credit loan provided to YOFC to enhance its innovation capabilities [12][13]. Technological Advancements - YOFC has evolved from a joint venture with Philips to the world's largest supplier of optical fiber preforms, fibers, and cables, showcasing a successful transition from technology importation to independent innovation [12][13]. - The company has significantly reduced the price of its optical fibers to one-tenth of what it was 20 years ago, making high-quality products accessible to a broader audience [13]. Comprehensive Financial Services - The financial ecosystem in the Optics Valley includes over 1,100 various financial institutions, providing a full range of services such as credit, insurance, venture capital, and leasing [10][11]. - Companies like FiberHome Technologies Group have integrated financial services into their entire R&D process, demonstrating the seamless embedding of financial support in innovation [14][15]. Support for Small and Medium Enterprises - The article discusses the nurturing of 1,741 innovative SMEs and 808 specialized enterprises in the region, highlighting the tailored financial support they receive at different growth stages [16][17]. - Financial institutions have developed specialized products to meet the unique needs of these companies, such as knowledge value credit loans and technology innovation loans [19][20]. Collaborative Financial Initiatives - The establishment of a technology insurance community and various funds aims to enhance financial support for early-stage technology companies, fostering a collaborative environment for innovation [21]. - The article notes that the financial landscape in the Optics Valley is characterized by a strong synergy between finance, technology, and industry, creating a virtuous cycle of growth [22].

Core Viewpoint - The article highlights the significant role of financial support in fostering innovation and growth within the technology and semiconductor sectors in Wuhan's "Optics Valley," emphasizing the collaboration between financial institutions and tech companies to drive advancements and maintain competitive advantages. Group 1: Financial Support for Innovation - Financial institutions have provided substantial support to companies like Changfei Optical Fiber, with over 5 billion yuan in funding to enhance their technological capabilities and market position [7][17]. - The article mentions a specific case where a 47 million USD loan was granted to Changfei without collateral, showcasing the willingness of financial institutions to back innovative companies despite uncertainties [6][7]. - The financial ecosystem in Optics Valley includes over 1,100 tech financial institutions, offering a variety of services such as credit, insurance, and venture capital to support innovation [4][17]. Group 2: Technological Advancements and Market Position - Changfei Optical Fiber has become the world's largest supplier of optical fiber preforms, fibers, and cables, demonstrating the success of its innovation strategy supported by financial backing [6][7]. - The company has achieved significant cost reductions, with fiber prices dropping to one-tenth of their levels from 20 years ago, making high-quality domestic products accessible to a broader audience [7][17]. - The article notes that one optical fiber can support simultaneous calls for 1.128 billion people, highlighting the scale and impact of the technology developed in this sector [8]. Group 3: Comprehensive Financial Services - The financial services provided to companies in Optics Valley cover the entire lifecycle of innovation, from initial funding to advanced financial products tailored to specific needs [10][14]. - Institutions like Hankou Bank have established specialized teams and products to cater to the unique requirements of tech companies, facilitating their growth and development [15][16]. - The article emphasizes the importance of transforming intellectual property into financial assets, with banks offering loans based on patent evaluations to support tech firms [12][13]. Group 4: Collaborative Ecosystem - The collaboration between various financial institutions and tech companies has led to the establishment of a comprehensive financial service system that supports the entire innovation chain [9][10]. - The article describes initiatives such as the establishment of a technology insurance community and angel funds to further enhance financial support for startups and innovative projects [16][17]. - The financial landscape in Optics Valley is characterized by a focus on understanding the technology sector's needs, allowing for more effective financial solutions and partnerships [15][16].

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

Investment Rating - The report maintains an "Overweight" rating for the telecommunications industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][40]. Core Insights - The global telecommunications equipment market has shown signs of recovery in the first half of 2025 after two years of investment decline, with significant growth in mobile core networks, optical transmission, and service provider routers and switches [3][15]. - Huawei has maintained its position as the leading telecommunications equipment supplier, capturing 31% of the market share and continuing to expand its market advantage [3][36]. - The telecommunications industry is currently in a phase of technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors [3][36]. - The report suggests focusing on companies that align with the themes of "technology commercialization + policy catalysis + earnings certainty" [3][36]. Summary by Sections 1. Industry Market Review - The Shenyuan telecommunications sector index fell by 2.70% over the past two weeks (9/26-10/9), underperforming the CSI 300 index by 5.22 percentage points, ranking 29th among 31 sectors [11][12]. - Year-to-date, the telecommunications sector has risen by 63.39%, outperforming the CSI 300 index by 43.70 percentage points [11][12]. 2. Industry News - Dell'Oro Group reported a 4% year-on-year increase in global telecommunications equipment revenue in the first half of 2025, driven by various factors including a lower year-on-year base and stable inventory levels [15]. - LightCounting indicated that AI is taking a dominant role in the market [16]. - The 2025 World Intelligent Connected Vehicle Conference will be held in Beijing, focusing on AI and telecommunications applications in the automotive industry [20]. - The number of AI companies in China has exceeded 5,300, with the industry scale surpassing 900 billion yuan, growing by 24% year-on-year [21]. - The Ministry of Industry and Information Technology has granted China Mobile a license for satellite mobile communication services, enhancing communication capabilities in various scenarios [22]. 3. Company Announcements - Guanghe Communication has approved the global issuance and listing of H shares [23]. - Tianyi Co. signed a procurement framework agreement with China Telecom for dual-band broadband integrated terminals [24]. - Hainengda announced a share transfer agreement involving 5% of its equity [25]. 4. Industry Data Updates 4.1 Telecommunications User Scale Data - As of August 2025, the mobile phone user base reached approximately 1.819 billion, a year-on-year increase of 2.67% [26]. - The internet broadband access user base reached about 689 million, up 4.97% year-on-year [26]. 4.2 Optical Fiber and Cable Data - The length of optical cable lines reached approximately 73.77 million kilometers in Q2 2025, a year-on-year increase of 9.91% [28]. - The optical cable production in August 2025 was 20.44 million core kilometers, a decrease of 10.70% year-on-year [29]. 4.3 5G Development Status - By August 2025, the total number of 5G base stations reached 4.646 million, with a net increase of 395,000 from the end of the previous year [33]. 5. Investment Recommendations - The report recommends focusing on companies such as China Mobile, China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information, which are well-positioned to benefit from the current market dynamics [36].