北京德和衡律师事务所 关于内蒙古第一机械集团股份有限公司 2024年年度股东会的 法律意见书 德和衡证见意见（2025）第00061号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话：(+8610)85407666 邮编：100022 网址：www.deheheng.com 中国北京市朝阳区建国门外大街 2 号北京银泰中心 C 座 11 层、12 层 Tel：(+8610)85407666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 德和衡证见意见（2025）第00061号 致：内蒙古第一机械集团股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受内蒙古第一机械集团股份 有限公司（以下简称"公司"）的委托，指派本所律师出席公司 2024 年年度股 东会（以下简称"本次股东会"），本所律师根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《内蒙古第一机械集团股份有限公司章程》（以下简称"《公司章程》"）以及 其他相关法律、法规、规范性文件，就本次股东会的有关事宜出具本法律意见书。 ...

证券代码：600967 证券简称：内蒙一机 公告编号：临 2025-017 号 内蒙古第一机械集团股份有限公司 2024年年度股东会决议公告 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 （一）股东会召开的时间：2025 年 5 月 16 日 （二）股东会召开的地点：内蒙古包头市青山区民主路公司二楼视频会议室 （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 | 785 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 1,041,130,618 | | 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 | 61.1783 | | 的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，会议由王永乐董事长主持，会议采取现场及网络相 结合的投票方式，符合《中华人民共和国公司法》及《公司章程 ...

Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The recent military conflict between India and Pakistan has highlighted the effectiveness of Chinese military equipment, particularly in the context of military exports [2][5] - The global arms trade is expected to enter a new cycle of prosperity due to increased demand driven by geopolitical tensions, with China's military exports likely to gain market share [3][4][26] Summary by Sections 1. Overview of the India-Pakistan Conflict - The conflict began with a terrorist attack in India, leading to India's "Operation Zhusha" and Pakistan's counteraction, showcasing the effectiveness of Chinese military equipment used by Pakistan [13][20] 2. Impact on the Military Industry - Global demand for military equipment is increasing, with military spending projected to reach $2.72 trillion in 2024, a 9.4% increase [23][26] - The arms trade saw a significant increase of 29% in 2022, with a projected export value of $28.938 billion TIV in 2024 [3][26] 3. China's Military Export Potential - China's military exports have surged from $1.358 billion TIV in 2021 to $2.982 billion TIV in 2023, with 45% of exports going to Pakistan [4][33] - The report emphasizes the transition of Chinese military equipment into a "DEEPSEEK" era, indicating advancements in technology and capabilities [42] 4. Investment Recommendations - The report suggests focusing on seven key areas for military trade-related investments: aviation equipment, missile systems, radar systems, drones, low-cost munitions, ground equipment, and communication data links [5][67]

Summary of Conference Call on Military Trade Investment Opportunities Amidst India-Pakistan Conflict Industry Overview - The conference discusses the military trade (military trade) industry, particularly focusing on China's military exports and the implications of the India-Pakistan conflict on military trade dynamics [1][2]. Key Points and Arguments - The India-Pakistan conflict highlights the practical capabilities of Chinese military products, potentially expanding the market for Chinese weapon systems and attracting more international customers [1]. - China's military exports are transitioning from single weapon systems to integrated combat equipment, such as armored brigade systems, which significantly enhances international competitiveness [1]. - In 2023, China's military export share reached 8.4%, indicating growth potential compared to companies like Lockheed Martin [1][13]. - The conflict may lead to increased demand for drones, with manufacturers like Aerospace Rainbow and Zhongyun Drone benefiting from potential high consumption rates [1][22]. - The military trade investment focus for 2025 includes restructuring, military trade, and new domains, with an emphasis on unmanned systems and long-range artillery [1][9]. Important but Overlooked Content - The military trade landscape is influenced by geopolitical tensions, with small nations relying on imports due to insufficient domestic capabilities, which may drive demand for Chinese military products [6][9]. - The importance of military technology dual-use (civilian and military applications) is emphasized as a long-term investment opportunity [3][17]. - The valuation of China's defense industry may improve due to increased military cooperation and exports, similar to the revenue models of major U.S. defense contractors [5][17]. - Challenges such as payment capabilities in regions like the Middle East and Africa may affect the sustainability of military trade orders [6]. - The comprehensive capabilities of Chinese military systems, including missiles, radars, and integrated systems, provide a competitive edge in the international market [3][8][18]. Notable Companies and Products - Key Chinese military companies mentioned include: - **Land Equipment**: Inner Mongolia First Machinery Group (tanks), Aerospace Rainbow (drones), and various aircraft manufacturers like Chengdu Aircraft Industry Group and Shenyang Aircraft Corporation [7][20]. - **Missile Systems**: China Aerospace Science and Industry Corporation (long-range artillery) and China North Industries Group Corporation [7][20]. - **Data Link Technology**: Companies like 712 Institute and Raytheon Power are highlighted for their contributions to integrated military systems [7][20]. Future Trends - The future of military trade will focus on integrated combat systems, with a significant emphasis on the export of comprehensive military capabilities rather than individual products [19]. - Drones are expected to become critical consumables in future conflicts, with manufacturers poised to benefit from increased demand [22]. - The military trade landscape is likely to evolve with changing geopolitical dynamics, impacting procurement decisions globally [10][11].

内蒙古第一机械集团股份有限公司 2024 年年度股东会 会议资料 二〇二五年五月 内蒙古第一机械集团股份有限公司 2024 年年度股东会会议须知 为维护股东合法权益，确保内蒙古第一机械集团股份有限 公司（以下简称"公司"）2024 年年度股东会（以下简称"本次 会议"）的正常秩序和议事效率，根据《公司法》《上市公司股 东会规则》等法律法规和《公司章程》的规定，现就会议须知 通知如下，望参加本次会议的全体人员遵守。 一、本次会议期间，全体参会人员应以维护股东的合法权 益、确保大会的正常秩序和议事效率为原则，自觉履行法定义 务。 二、为保证本次会议的严肃性和正常秩序，除出席会议的 股东及股东代理人（以下统称为"股东"）、董事、监事、董事 会秘书、高级管理人员、公司聘请的律师及公司董事会邀请的 人员以外，公司有权依法拒绝其他人员入场，对于干扰大会秩 序、寻衅滋事和侵犯其他股东合法权益的行为，公司有权予以 制止并及时报告有关部门查处。 三、公司证券与权益部负责本次会议的会务事宜。 四、为了能够及时、准确地统计出席本次会议的股东人数 及所代表的股份数，出席本次会议的各位股东请务必准时到达 会场。 五、股东到达会场后，请 ...

Stock Performance - Several stocks have shown significant gains, with notable performances including: - 恒天海龙 with a 10.07% increase over two days [2] - 晨曦航空 achieving a 19.96% rise on its first board [3] - 通易航天 with a remarkable 29.96% increase on its first board [3] - 新坐标 maintaining a 10.01% increase over four days [5] - 全筑股份 also showing a 10.00% increase over four days [9] Industry Trends - The robotics sector is gaining traction, with multiple companies experiencing stock price increases attributed to advancements in robotic technology and applications [4][5][7] - The AI computing industry is showing strong performance, as indicated by the positive financial results from companies in this sector, suggesting a sustained high level of industry activity [8] - The brain-computer interface (BCI) technology is gaining attention following FDA approval for Neuralink's device, which is aimed at aiding patients with severe communication disabilities [11] - The chemical industry is experiencing volatility in product prices, drawing market interest towards related companies [13] - The semiconductor industry is benefiting from increased investment and support for domestic high-end lithography machines, which is expected to boost the semiconductor equipment supply chain [16] - The real estate sector is reacting positively to the People's Bank of China's decision to lower housing loan interest rates, which is likely to stimulate market activity [18] Market Reactions - Stocks related to the ride-hailing industry are responding positively to the news of a partnership between autonomous driving company 小马智行 and Uber, with significant stock price increases observed [20][21] - The food and beverage sector is also seeing positive movements, influenced by the central bank's announcement of a new loan program aimed at boosting consumer spending [22][24] - The financial sector is reacting to the People's Bank of China's announcement of a series of monetary policy measures, including a reserve requirement ratio cut and interest rate adjustments [25][26]

Group 1: Social Security Fund Holdings - The Social Security Fund entered the top ten circulating shareholders of 215 A-share listed companies in the first quarter [1] - Zhongtong Bus had the highest number of new holdings by the Social Security Fund, with 3 new positions [1] - Other companies with 2 new holdings include Lens Technology, Inner Mongolia First Machinery, Anke Intelligent Electric, and several others [1] Group 2: Zhongtong Bus - Zhongtong Bus saw a new holding value of 137 million yuan from the Social Security Fund in Q1 [1] - The company reported a net profit of 76.51 million yuan in Q1, a year-on-year increase of 80.52% [2] - The company has ongoing international orders, including 895 electric buses for Chile, with 300 delivered and the rest expected in Q2 [2] Group 3: Lens Technology - Lens Technology had a new holding value of 1.088 billion yuan from the Social Security Fund in Q1 [3] - The company reported Q1 revenue of 17.063 billion yuan, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% [3] - Growth is expected from new product structures and increased demand in various sectors, including smartphones and electric vehicles [3] Group 4: Inner Mongolia First Machinery - Inner Mongolia First Machinery had a new holding value of 295 million yuan from the Social Security Fund in Q1 [4] - The company reported a net profit of 186 million yuan in Q1, a year-on-year increase of 11.03% [4] - The company is expanding its military trade product system and has developed new products for international markets [4] Group 5: Anke Intelligent Electric - Anke Intelligent Electric had a new holding value of 251 million yuan from the Social Security Fund in Q1 [4] - The company reported a net profit of 43.72 million yuan in Q1, a year-on-year decrease of 28.92% [4] - The company is actively pursuing international cooperation following discussions at the Dubai Power Exhibition [4]

Core Viewpoint - The article highlights the recent movements of social security funds in the A-share market, indicating a significant increase in holdings across various companies, with a focus on the newly added positions in the top ten circulating shareholders. Group 1: Social Security Fund Holdings - In the first quarter, social security funds entered the top ten circulating shareholders of 215 companies, with Zhongtong Bus having the highest number of new holdings at 3 [1] - Other companies with 2 new holdings each include Lens Technology, Inner Mongolia First Machinery, Anke Electric, Xueda Education, Focus Technology, Haixing Electric, Zhenhua Co., Juewei Food, Zhujiang Beer, Beidahuang, Anda Intelligent, *ST Songfa, Hehe Information, Aoshikang, and Limin Co. [1] Group 2: Company-Specific Insights - Zhongtong Bus saw a new holding value of 137 million yuan, with a net profit of 76.51 million yuan in Q1, representing a year-on-year increase of 80.52%. The company is expected to continue its upward profit trend due to strong overseas orders [2][3] - Lens Technology's new holding value reached 1.088 billion yuan, with Q1 revenue of 17.063 billion yuan, up 10.10% year-on-year, and a net profit of 429 million yuan, up 38.71% year-on-year, driven by growth in smartphone and computer-related businesses [3][4] - Inner Mongolia First Machinery's new holding value was 295 million yuan, with a Q1 net profit of 186 million yuan, reflecting an 11.03% year-on-year increase. The company is positioned to benefit from the global military trade market's upward cycle [4][5] - Anke Electric's new holding value was 251 million yuan, but it reported a net profit of 43.72 million yuan, down 28.92% year-on-year. The company is actively pursuing international collaborations following discussions at the Dubai Power Exhibition [5]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6] Core Views - The company is experiencing a rapid recovery in performance, driven by both domestic and foreign trade [1][5] - The revenue for Q1 2025 shows a year-on-year growth of 19.60%, indicating a strong recovery trend [4][5] Financial Performance Summary - For the year 2024, the company's revenue was 9.792 billion yuan, a decrease of 2.18% year-on-year, while the net profit attributable to shareholders was 500 million yuan, down 41.33% year-on-year [4] - In Q1 2025, the company reported a revenue of 2.731 billion yuan, up 19.60% year-on-year, and a net profit of 186 million yuan, an increase of 11.03% year-on-year [4][5] - The total liabilities decreased by 31.38% to 8.419 billion yuan in 2024, while cash and cash equivalents dropped by 49.25% to 2.551 billion yuan [4] Market Data - As of April 28, 2025, the closing price was 11.19 yuan, with a market capitalization of 19.043 billion yuan [3] - The stock has seen a yearly high of 13.40 yuan and a low of 6.39 yuan [3] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.42 yuan, 0.49 yuan, and 0.56 yuan respectively, with corresponding P/E ratios of 26.9, 22.9, and 19.9 [6][9]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company achieved significant revenue growth in Q1 2025, with a revenue of 2.731 billion yuan, representing a year-on-year increase of 19.6% and a quarter-on-quarter increase of 1.75% [2] - The company plans to achieve a main business revenue of 11 billion yuan in 2025, which is a 12.34% increase compared to 2024 [2] - The substantial increase in related party transactions, expected to reach 8.45 billion yuan in 2025, indicates a strong recovery in overall revenue [2] - The company is advancing in cutting-edge technologies such as unmanned systems and artificial intelligence, which is expected to enhance its growth trajectory [3] - The forecast for net profit attributable to the parent company for 2025 has been adjusted to 910.89 million yuan, reflecting a significant recovery from the previous year's decline [3] Financial Summary - In 2024, the company reported a revenue of 9.792 billion yuan, a decrease of 2.18% year-on-year, and a net profit of 499.51 million yuan, down 41.33% year-on-year [4] - The company’s EBITDA for 2024 is projected at 1.291 billion yuan, with a net profit margin of 5.10% [4] - The projected financials for 2025 include a revenue of 11.505 billion yuan, a net profit of 910.89 million yuan, and an EPS of 0.54 yuan [4] - The company’s P/E ratios for 2025, 2026, and 2027 are expected to be 20.61, 17.85, and 15.13 respectively [3][4]