北京市金杜（南京）律师事务所 关于苏美达股份有限公司 2024 年年度股东大会 之法律意见书 致：苏美达股份有限公司 北京市金杜（南京）律师事务所（以下简称本所）接受苏美达股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股 东会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之 目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现 行有效的法律、行政法规、规章和规范性文件和现行有效的公司章程有关规定， 指派律师出席了公司于 2025 年 5 月 13 日召开的 2024 年年度股东大会（以下 简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1.经公司 2023 年年度股东大会审议通过的《苏美达股份有限公司章程》（以 下简称《公司章程》）； 2.公司 2025 年 4 月 12 日刊登于上海证券交易所网站的《苏美达股份有限 公司 ...

苏美达股份有限公司 第十届董事会第十五次会议决议公告 苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2025-021 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。 苏美达股份有限公司（以下简称"公司"）第十届董事会第十五次会议通知 及相关资料于 2025 年 5 月 8 日分别以书面、电子邮件方式向全体董事发出，会 议于 2025 年 5 月 13 日下午在公司会议室以现场结合通讯方式召开。本次会议应 出席董事 7 人，实际出席董事 7 人（其中现场+视频方式出席董事 4 人，通讯方 式出席董事 3 人，无委托出席董事），公司部分监事及高级管理人员列席了会议。 本次会议的通知、召开及表决程序符合《中华人民共和国公司法》等有关法律、 行政法规、部门规章、规范性文件和《公司章程》的有关规定，决议合法有效。 苏美达股份有限公司董事会 2025 年 5 月 14 日 本次会议由公司董事长杨永清先生主持，审议通过了以下议案： 一、 关于调整董事会秘书的议案 1 本议案在董事会审议前已经公司董事会提名委员会审议 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].

苏美达股份有限公司 2024 年年度股东大会 会议材料 2025 年 5 月 2024 年年度股东大会议程 时 间：2025 年 5 月 13 日 15 点 00 分 地 点：南京市长江路 198 号苏美达大厦会议室 议 程： 一、主持人宣布会议开幕 二、相关人员介绍议案，与会股东审议 三、独立董事汇报年度述职报告 四、推举本次会议监票人、计票人 五、会议工作人员向与会股东及代理人发放现场表决票 六、与会股东及代理人现场投票表决 七、计票人统计现场表决，监票人监督（会间休息） 八、统计网络投票和现场投票合并结果 九、总监票人宣读投票表决结果 十、律师事务所发表法律意见 十一、形成大会决议 十二、主持人宣布会议闭幕 序号 议案名称 投票股东类型 A 股股东 非累积投票议案 1 关于《公司 2024 年年度报告及摘要》的议案 √ 2 关于《公司 2024 年度财务决算报告》的议案 √ 3 关于公司 2024 年度利润分配方案的议案 √ 4 关于为子公司提供 2025 年担保的议案 √ 5 关于申请注册中期票据额度的议案 √ 6 关于申请注册超短期融资券额度的议案 √ 7 关于 2025 年开展金融衍生品业务的议案 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company achieved a net profit of 1.148 billion RMB in 2024, representing a year-on-year increase of 11.69%, while total revenue decreased by 4.75% to 117.2 billion RMB [3][6] - The company plans to distribute a cash dividend of approximately 482 million RMB, which corresponds to a dividend yield of about 4.07% based on the stock price at the time of the report [3][6] - The company is positioned as a "organizer and integrator" of global supply chains and industrial chains, supported by its dual-driven strategy [6] Financial Summary - In 2024, the company reported total revenue of 117.2 billion RMB, a decrease of 4.75% year-on-year, with a net profit of 1.148 billion RMB, an increase of 11.69% [3][7] - The company’s main business segments include industrial chain and supply chain services, with the industrial chain segment generating revenue of 33.464 billion RMB, up 6.9% year-on-year, while the supply chain segment saw a revenue decline of 8.6% to 83.508 billion RMB [5][6] - The company’s diluted earnings per share for 2024 is projected to be 0.88 RMB, with a weighted ROE of 15.81% [3][7]

Core Viewpoint - The Shanghai Stock Exchange's main board companies have shown resilience and stability in their performance, supported by a series of incremental policies, reflecting a robust economic structure in China [1] Group 1: Export Market Diversification - In 2024, companies on the Shanghai main board achieved overseas revenue of 6.09 trillion yuan, a year-on-year increase of 7%, with non-US exports accounting for over 80% [2] - Key export destinations include ASEAN, Africa, and countries involved in the Belt and Road Initiative, with significant growth in sales for companies like SANY Heavy Industry and SAIC Motor [2] - Major construction state-owned enterprises have actively expanded overseas, signing new orders worth 1.87 trillion yuan, a year-on-year increase of 15% [2] Group 2: High-Tech Product Exports - High-tech products such as high-end equipment, integrated circuits, smart home appliances, and electric vehicles have accelerated exports, leading to revenue growth in related industries [3] - Companies like Oriental Cable and Zhaoyi Innovation have made significant strides in international markets, with Zhaoyi Innovation achieving record high shipments [3] - The rise of new business models like cross-border e-commerce has boosted overseas sales for various sectors, including light manufacturing and retail [3] Group 3: Mergers and Acquisitions Activity - From 2024 to the first quarter of 2025, over 1,500 new M&A transactions were recorded on the Shanghai main board, with a total transaction value exceeding 1.4 trillion yuan [4] - Notable M&A cases include Guotai Junan's acquisition of Haitong Securities and China Shipbuilding's proposed merger with China CSSC, each exceeding 100 billion yuan [4] - The trend of private acquisitions and the purchase of quality non-profitable assets has emerged, indicating a shift in M&A strategies [4][5] Group 4: Quality Improvement and Efficiency - By 2024, 946 companies on the Shanghai main board disclosed "quality improvement and efficiency return" action plans, with nearly 60% participation [6] - Among the companies that disclosed plans, nearly 90% achieved profitability, and almost 50% reported performance growth [6] - The total cash dividend announced by 1,259 companies reached 1.77 trillion yuan, a year-on-year increase of 6%, with a dividend payout ratio of 39% [7] Group 5: ESG Reporting and Progress - In 2024, 1,068 companies on the Shanghai main board disclosed ESG reports, achieving a disclosure rate of approximately 63%, an increase of 6 percentage points year-on-year [9] - The number of companies included in the MSCI ESG rating increased, with 90 companies receiving upgrades in their ratings [9] - Companies have actively engaged in social responsibility initiatives, contributing to employment and environmental sustainability [10] Group 6: Index Investment Growth - In 2024, net inflows into ETFs on the Shanghai main board reached nearly 840 billion yuan, with significant participation from foreign capital [11] - The trading volume of ETFs ranked first in Asia, with a total trading amount of nearly 30 trillion yuan [11] - Foreign investment preferences are concentrated in sectors such as banking, food and beverage, and public utilities, indicating a strategic focus on stable industries [12] Group 7: Exit Mechanisms and Risk Mitigation - Since 2025, 19 companies on the Shanghai main board have faced various forms of delisting, with a significant portion resulting from financial issues [13] - The introduction of diverse exit channels, including voluntary delisting and asset restructuring, has become more prominent [13] - Companies have actively taken measures to improve operations and mitigate risks, with several successfully lifting delisting warnings [13]

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, leading to a significant increase in computing power demand, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential for data centers, accounting for approximately 23% of supporting infrastructure costs and 6%-7% of total data center construction costs. The market for diesel generators in data centers is projected to grow from 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, with a compound annual growth rate (CAGR) of 24% [3][31]. - Domestic brands are expected to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Drives Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, significantly enhancing domestic AI application scenarios and driving up computing power demand [3][6]. - Major tech companies like Tencent and Alibaba are increasing capital expenditures for computing power infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [3][14]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets are critical backup power sources for data centers, complementing UPS systems to ensure continuous operation during power outages [22][24]. - The construction of data centers requires diesel generator sets, which are mandated for A and B level data centers as per national standards [24][26]. - The market for diesel generator sets in data centers is expected to reach 13.16 billion yuan by 2028, driven by the rapid growth of intelligent computing power [31][32]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The core components of diesel generator sets, particularly diesel engines, are dominated by foreign brands, which hold a 90% market share in 2024. However, domestic brands are gaining market share due to supply chain challenges faced by foreign manufacturers [3][47]. - Recent bidding results show that domestic manufacturers like Weichai Heavy Machinery have significantly increased their market share in high-pressure diesel generator sets [66][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as KOTAI Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, significantly increasing the demand for computing power, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential backup power sources for data centers, which are experiencing substantial capital expenditure growth due to rising computing power demands [3][5]. - Domestic brands are poised to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Boosts Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, enhancing the domestic AI application landscape and driving up computing power needs [6][14]. - Major tech companies like Tencent and Alibaba are significantly increasing their capital expenditures for computing infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [14][15]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets account for 23% of the supporting infrastructure costs in data centers, which are projected to grow from a market size of 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 24% [3][31]. - The demand for high-capacity diesel generators is expected to rise significantly due to the increasing construction of AI-related data centers, which require robust power backup systems [24][26]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The market for diesel engines in data centers is dominated by foreign brands, but domestic manufacturers are gaining market share due to supply chain challenges faced by foreign companies [3][47]. - Recent bidding results show that domestic brands like Weichai Heavy Machinery have significantly increased their market share, with Weichai's share rising to 40% in recent tenders [3][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as Keta Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

□ 南京日报/紫金山新闻记者 黄琳燕 "苏豪股份亮相2025年外贸优品中华行江苏站首场活动""快轮科技亮相外贸优品展，助力'江苏制造'拓内 需"……4月19日—20日，"外贸优品中华行江苏站"活动在南京国际展览中心举行。展会结束了，但参展 企业仍在通过官微等各种途径介绍自己的产品，助力外贸优品开拓内销市场"新"空间。 "外贸优品中华行江苏站"首场活动让"外贸优品"火了。记者在现场看到，外贸企业鼓足干劲开拓新市 场、寻找新商机。 南京快轮智能科技有限公司把直播间搬到了展会现场，不仅在现场卖货，还在直播间推广公司的产品。 现场工作人员告诉记者，公司产品主要出口到欧美、东南亚等地区，目前正在积极开拓国内市场。公司 和华为合作了一款电动滑板车，已经在天猫、京东等电商平台上线；新研发的一款可以自动吐泡泡的电 动儿童车也在抖音直播间开始销售。记者看到，很多人被现场展示的一辆造型很酷的电动自行车吸引。 工作人员介绍，这款车主打户外越野，主要销往欧洲市场。"这款车符合今年9月要实施的新国标，到时 候我们会在国内市场进行销售。" 除了拓展销售渠道，有些外贸企业已经开始研发新品以满足国内消费者的需求。"外贸优品中华行江苏 站"首 ...

Core Viewpoint - The company, Sumida Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial information presented, and confirming that the report has not been audited [1][5]. Financial Data - The company completed the acquisition of Shanghai Jirun Real Estate Co., Ltd. in October 2024, which has been included in the consolidated financial statements, leading to retrospective adjustments in previous financial data [1]. - The net profit of the acquired entity before the merger was reported as 0 yuan, consistent with the previous period [5]. Shareholder Information - The report indicates that there were no changes in the major shareholders or the top ten shareholders due to the transfer of shares for margin trading [4]. Meeting Resolutions - The board of directors held a meeting on April 22, 2025, where the first quarter report was approved unanimously with 7 votes in favor [9]. - The supervisory board also convened on the same day and approved the first quarter report, confirming that the report complied with all relevant regulations and accurately reflected the company's situation [14].