Key Points - The company adjusted the maximum repurchase price from RMB 22.00 per share to RMB 21.70 per share, effective from July 25, 2025 [1][3] - The total amount for the share repurchase plan is set between RMB 200 million and RMB 400 million, with a duration of 12 months from the board's approval [1][3] - The company will distribute a cash dividend of RMB 3.00 per 10 shares, totaling approximately RMB 1.018 billion, based on a total share capital of 3,394,039,552 shares [2][3] - The adjustment in the repurchase price is due to the cash dividend distribution, which results in a per-share cash dividend of approximately RMB 0.29834 [3][4] - The repurchase quantity is estimated to be around 1.843 million shares at the upper limit of the repurchase amount, accounting for approximately 0.54% of the total share capital [3][4] - The company will continue to implement the repurchase plan based on market conditions and will fulfill information disclosure obligations as required by laws and regulations [4]

证券代码：600522 证券简称：中天科技 公告编号：临 2025-051 江苏中天科技股份有限公司 关于 2024 年度权益分派实施后调整回购价格上限的公告 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 一、回购股份基本情况 1 2025-050）。 根据本次股份回购方案，如公司在回购股份期限内实施了送股、资本公积转 增股本、现金分红、配股等其他除权除息事项，自股价除权、除息之日起，按照 中国证监会及上海证券交易所的相关规定相应调整回购股份数量、价格上限。 三、回购价格上限的调整 本次回购股份价格上限由不超过人民币 22.00 元/股（含）调整为不超过人 民币 21.70 元/股（含），具体的价格调整公式如下： 2024 年 11 月 5 日，江苏中天科技股份有限公司（以下简称"公司"）第八 届董事会第二十七次会议审议通过了《关于第五期以集中竞价交易方式回购公司 股份方案的议案》，同意公司使用自有资金和自筹资金以集中竞价交易方式回购 公司股份，拟回购公司股份的资金总额不低于人民币 20,000 万元（含），不 ...

江苏中天科技股份有限公司 差异化权益分派事项的 法律意见书 北京市环球律师事务所上海分所 关于 致：江苏中天科技股份有限公司 北京市环球律师事务所上海分所（以下称"本所"）接受江苏中天科技股份 有限公司（以下称"公司"或"中天科技"）的委托，根据《中华人民共和国公司 法》（以下称"《公司法》"）、《中华人民共和国证券法》（以下称"《证券 法》"）、中国证券监督管理委员会（以下称"中国证监会"）发布的《上市公司 股份回购规则》（以下称"《回购规则》"）、上海证券交易所（以下称"上交 所"）发布的《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 （以下称"《自律监管指引第 7 号》"）等有关法律、法规和规范性文件及《江 苏中天科技股份有限公司章程》（以下称"《公司章程》"）的相关规定，就公 司 2024 年度利润分配所涉及的差异化权益分派（以下称"本次差异化权益分派"） 相关事项出具本法律意见书。 北京市环球律师事务所上海分所 关于江苏中天科技股份有限公司 差异化权益分派事项的 法律意见书 GLO2025SH（法）字第 06111 号 为出具本法律意见书之目的，本所经办律师（以下称"本所律师"）对中天 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-050 江苏中天科技股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.30元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/24 | － | 2025/7/25 | 2025/7/25 | 差异化分红送转： 是 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 6 月 11 日的2024年年度股东大会审议通过。 二、分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公 司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 公司股票回购专用账户所持有的公司股份不参与本次利润分配。 3. 差异化分红送转方案： （ ...

江苏中天科技股份有限公司 关于调整 2024 年度利润分配现金分红总额的公告 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 现金分红总额调整：公司 2024 年度利润分配方案现金分红总额由 1,019,271,765.60 元调整为 1,018,211,865.60 元。每 10 股派发现金红利 3.00 元（含税）维持不变。 调整原因：自 2024 年年度利润分配方案披露之日起至本公告披露日，公 司回购股份 3,533,000 股，致使可参与权益分派的总股本发生变动。因此，公司 实际参与利润分配的股本总数由 3,397,572,552 股调整为 3,394,039,552 股。公 司将维持每股分配比例不变，相应调整分配总额。 一、调整前利润分配方案 江苏中天科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开 第八届董事会第三十二次会议、第八届监事会第二十六次会议，于 2025 年 6 月 11 日召开 2024 年年度股东大会，审议通过了《江苏中天科技股份有限公司 2024 年度利润分 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as the main investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain. The year 2025 is anticipated to be a pivotal year for domestic AI infrastructure competition and application development [4][22]. - The report emphasizes the importance of "AI + overseas expansion + satellite" core investment opportunities, highlighting areas such as optical modules, liquid cooling, and domestic computing power lines. The report also notes the recovery of the offshore wind industry and the promising developments in the satellite internet sector [5][23]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [6]. - Switch server PCB: Key recommendations include Huadian Co., ZTE, and Unisplendour [6]. - Low valuation, high dividend, and cloud computing IDC resource reassessment: China Mobile, China Telecom, and China Unicom [6]. - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [6]. - AIGC applications / edge computing: Key recommendations include Yiyuan Communication, Guanghetong, and Meige Intelligent [6]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Offshore wind and submarine cables: Key recommendations include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [7]. - Recovery of overseas expansion & concentration on leading companies: Key recommendations include Huace Navigation, Weisheng Information, and Tuobang Co. [7]. - Intelligent driving: Suggested focus on modules & terminals, sensors, connectors, and structural components [7]. 3. Satellite Internet & Low Altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy: Key recommendations include Huace Navigation and Haige Communication [8]. - Suggested focus on companies like Chengchang Technology, Zhenlei Technology, and Shenglu Communication [8]. 4. Market Performance Review - The communication sector rose by 7.02% during the week of July 14-18, outperforming the CSI 300 index by 5.93 percentage points. The communication equipment manufacturing sector increased by 9.80% [29][31].

Core Viewpoint - The China Securities Index for Communication Equipment has shown significant growth, with a 18.77% increase over the past month and a 38.19% increase over the past three months, indicating a strong performance in the communication equipment sector [1][2]. Group 1: Index Performance - The China Securities Index for Communication Equipment opened at 7873.26 points with a trading volume of 73.569 billion yuan [1]. - Year-to-date, the index has risen by 14.73% [1]. - The index is based on companies involved in the communication equipment sector, reflecting the overall performance of these listed companies [1]. Group 2: Index Composition - The top ten weighted companies in the index include: - Xinyi Technology (15.08%) - Zhongji Xuchuang (13.59%) - ZTE Corporation (9.59%) - Industrial Fulian (9.5%) - Tianfu Communication (3.77%) - Zhongtian Technology (3.42%) - Chuan Yin Holdings (3.02%) - Hengtong Optic-Electric (2.71%) - Wentai Technology (2.69%) - Haige Communication (2.22%) [1]. - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (66.81%) and the Shanghai Stock Exchange (33.19%) [1]. Group 3: Industry Breakdown - The index sample shows that communication services account for 82.08% and information technology accounts for 17.92% [2]. - The index samples are adjusted biannually, with adjustments occurring on the second Friday of June and December [2]. - Public funds tracking the communication equipment index include various ETFs and index funds from Guotai, Bosera, and Tianhong [2].

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) has commenced with the theme "Linking the World, Creating the Future," featuring over 230 first-time exhibitors and a 35% share of foreign exhibitors, an increase of 3 percentage points from last year [2] - More than 650 domestic and foreign enterprises and institutions are participating, representing 75 countries and regions, with over 65% of the exhibitors being Fortune Global 500 and industry leaders [2] - Notable multinational companies such as Nvidia, Schneider, L'Oreal, Louis Dreyfus, and Medtronic are making their debut at the Chain Expo, with over 100 foreign delegations attending for exchanges [2] Group 2 - The Chain Expo has introduced an Innovation Chain Zone, showcasing a full chain process from basic research to market feedback, emphasizing the importance of innovation in the event [3] - The event features three main sections: institutional guarantees, carrier support, and service collaboration, aimed at breaking information barriers and promoting international certification cooperation [3] - The ideal collaboration model within the industrial chain ecosystem is described as "leading enterprises driving collaboration with small and medium-sized enterprises," with a focus on long-term mutually beneficial cooperation rather than short-term sales [4] Group 3 - The Chain Expo aims to connect global enterprises and promote the stability of global supply chains while facilitating digital and green transformations [4] - The event is seen as a trust vote for both the Chain Expo and China's economic development, highlighting the importance of maintaining resilience and stability in global industrial and supply chains [4]

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is expected to see significant growth in 2024, with a notable increase in bidding volumes for wind projects. Although there may be a slight slowdown in onshore wind power at the beginning of 2025, acceleration is anticipated in the second half of the year. [1][3] - Offshore wind power is projected to double its installed capacity by 2025, driven by expedited project approvals. Future focus will be on deep-sea development. [1][4] Key Insights - **Onshore Wind Power**: - Installed capacity is expected to exceed 100GW in 2025, with a year-on-year growth of 25%-30%. This growth is primarily due to a 70%-80% increase in bidding volumes in 2024. [3] - The impact of policy document 136 is expected to cause a temporary decline in bidding in early 2025, but project initiation is expected to accelerate later in the year. [3][10] - **Offshore Wind Power**: - Expected installed capacity for 2025 is between 8-10GW, representing over 100% year-on-year growth. [4] - The approval of offshore wind projects is progressing well, particularly in Jiangsu and Guangdong provinces. [12] - **European Market Opportunities**: - The European offshore wind market presents significant opportunities for Chinese companies, with a 46% year-on-year increase in auction volumes for 2024. [5] - New emerging markets for onshore wind power are also opening up due to declining prices, providing further opportunities for Chinese enterprises. [5] Industry Segments - **Submarine Cables and Towers**: - The submarine cable sector is performing well, with high profit margins maintained. Chinese companies are actively expanding into the European market and securing orders. [1][6] - Tower manufacturing companies, such as Daikin Heavy Industries, are achieving significant profit increases by entering the European market. [2][6][17] - **Wind Turbine Manufacturing**: - Profitability in wind turbine manufacturing is improving due to stabilized domestic prices and high margins in overseas and deep-sea projects. [7] - The overall outlook for profitability in this sector is positive for the coming years. [7] - **Components Sector**: - The components sector is closely tied to onshore projects, with strong performance this year but potential pressure on growth next year due to price increases and market dynamics. [8][22] Challenges and Opportunities - Wind turbine companies face pressure on revenue from the implementation of policy document 136, which may lead to lower electricity prices affecting wind farm revenues. [9][20] - Despite these challenges, companies are increasing their market share overseas, which presents a promising growth avenue. [9][20] Market Trends - The submarine cable market is expected to maintain a compound annual growth rate of 20% from 2025 to 2030, with leading companies strengthening their market positions. [15] - The tower and monopile sectors are seeing significant growth, with overseas unit profitability significantly higher than domestic levels. [17][18] Recommendations - The focus should be on deep-sea and European offshore wind trends, with strong recommendations for companies like Dongfang Cable and Zhongtian Technology due to their expected benefits from high and low voltage cable penetration and overseas orders. [23] - In the onshore wind segment, companies such as Goldwind, Sany, Mingyang, and Yunda are recommended based on domestic and international market dynamics. [23]

Group 1 - Jiangdong Technology Co., Ltd., Zhongtian Technology Fiber Co., Ltd., and Jiangsu Zhongtian Technology Co., Ltd. have obtained a patent for a "fiber optic positioning device" with the authorization announcement number CN223087755U, applied on September 2024 [1] - The patent addresses issues in fiber optic production, specifically the damage caused to the fiber coating layer by dual twisting devices and the risk of fiber breakage due to shear forces in single twisting devices [1] - The new device includes a positioning wheel and a main traction device, which allows for fiber positioning and twisting while reducing additional stress on the fiber, thus minimizing polarization mode dispersion [1] Group 2 - Jiangdong Technology Co., Ltd. was established in 2015, located in Nantong, with a registered capital of 450 million RMB, and has participated in 350 bidding projects and holds 173 patents [2] - Zhongtian Technology Fiber Co., Ltd. was founded in 2002, also in Nantong, with a registered capital of 412.32 million RMB, having participated in 1,836 bidding projects and holding 337 patents [2] - Jiangsu Zhongtian Technology Co., Ltd. was established in 1996, located in Nantong, with a registered capital of approximately 3.41 billion RMB, having invested in 58 companies, participated in 5,000 bidding projects, and holds 1,830 patents [2]