Summary of Conference Call for Company and Industry Company Overview - **Company Name**: 华耀电子 (Huayao Electronics) - **Industry**: Controlled Nuclear Fusion and Low Altitude Economy Key Points and Arguments Industry and Market Position - Huayao Electronics is the first domestic company to provide megawatt-level power supplies for controlled nuclear fusion auxiliary heating systems, with applications in large scientific engineering devices and irradiation equipment [2][3] - The company became a member of the Fusion Industry Alliance in January 2023 and is involved in the construction of the BEST Tokamak device, with a projected procurement budget of 700-800 million yuan for power systems by 2025 [2][3][8] - The company sees significant potential in the low-altitude economy, supported by local governments through special bonds or treasury bonds, positioning itself competitively against other well-known enterprises [2][6] Product and Technology Development - Huayao Electronics has a strong advantage in high-voltage power supplies and military power supply businesses, having participated in the manufacturing of the world's first PSM high-voltage power supply system since before 2010 [2][9] - The PSM high-voltage heating power supply accounts for approximately 5% of the total nuclear fusion reactor system, providing energy for low-temperature superconducting plasma [11] - The company has developed low-altitude monitoring radars and anti-drone systems, winning a bid for the low-altitude intelligent infrastructure project in Anhui Province [4][19] Competitive Landscape - The market share and competitive landscape for Huayao Electronics show a balanced competition, with the company benefiting from state-owned enterprise backing and localized support services [13] - The company plans to expand its industry scale and improve intelligent production levels, anticipating growth from national debt projects and equipment replacements [4][23] Future Directions and Collaborations - Huayao Electronics is actively pursuing collaborations with domestic fusion projects, including state-owned and private startups, to expand its business [22] - The company is also focusing on low-altitude safety and monitoring systems, with plans to develop regional and urban-level protective measures [20] Financial Projections - The total procurement budget for power-related products in the PSC project is expected to be around 770 million yuan, with power products potentially accounting for 50% of the total project value [15] - The company has reported a positive outlook for future growth, despite having made some impairment provisions in the past two years [23][27] Investor Engagement - Huayao Electronics welcomes investors for on-site visits to better understand its operations and product offerings [28] Additional Important Information - The company has over 100 employees, including 13 industry-leading experts, and is involved in significant scientific and industrial projects [7] - The company is also exploring opportunities in the military trade sector, although this is primarily managed by its parent organization [24] - Huayao Electronics is optimistic about the market potential in both military and civilian sectors, particularly in low-altitude safety [25][26]

Core Viewpoint - The stock of Four Creation Electronics Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from May 27 to May 29, 2025 [2][3]. Group 1: Stock Trading Abnormality - The company's stock price deviation was noted as exceeding 20% over three consecutive trading days, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [2][3]. - The company conducted a self-examination and confirmed that there were no undisclosed significant information as of the announcement date [2][4]. Group 2: Company Operations and Major Events - The company reported that its production and operational activities are normal, with no significant changes in market conditions or industry policies, and no substantial fluctuations in production costs or sales [4]. - There are no undisclosed major events such as asset restructuring, share issuance, or significant business collaborations that could impact the company, as confirmed by the company and its controlling shareholders [5]. Group 3: Media and Market Rumors - The company found no media reports or market rumors that could significantly affect its stock price during the abnormal trading period [6]. - There were no other events identified that could have a major impact on the company's stock price [7]. Group 4: Board Statement - The board of directors confirmed that, apart from disclosed matters, there are no other undisclosed items that could significantly affect the stock price, and previous disclosures do not require correction or supplementation [9].

股票交易异常波动公告 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： 证券代码：600990 股票简称：四创电子 编号：临 2025-016 四创电子股份有限公司 四创电子股份有限公司(以下简称"公司")股票于 2025 年 5 月 27 日、5 月 28 日、 5 月 29 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交 易规则》的有关规定，属于股票交易异常波动情形。 经公司自查并向控股股东及实际控制人书面函询核实，截至本公告披露日，公司不 存在应披露而未披露的重大信息。 公司严格按照有关法律法规的规定和要求，认真履行信息披露义务，及时做好信息 披露工作，敬请广大投资者关注相关公告，理性投资，注意投资风险。 一、股票交易异常波动的具体情况 公司股票交易于2025年5月27日、5月28日、5月29日连续三个交易日内日收 盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对股票交易异常波动，公司董 ...

关于四创电子股份有限公司股票交易异常 波动情况的回函 四创电子股份有限公司: 特此回函! 你公司发来的《四创电子股份有限公司股票交易异常波动问询函》 已收悉。经认真自查核实，现就相关事项回复如下: 一、截至本回函出具日,本公司不存在涉及你公司的应披露而未 披露的重大信息,包括但不限于重大资产重组、股份发行、收购、债 务重组、业务重组、资产剥离、资产注入、股份回购、股权激励、破 产重整、重大业务合作、引进战略投资者等重大事项。 二、本公司确认,在股票交易异常波动期间(2025年5月27日、 28 日、29 日)，不存在买卖你公司股票的情形。 ...

Group 1 - The stock of Four Creation Electronics has experienced a significant increase, with three limit-up days recorded within six trading days, resulting in a cumulative increase of 40.85% and a turnover rate of 73.81% [2] - As of 14:28, the stock's trading volume reached 45.1869 million shares, with a transaction amount of 1.238 billion yuan and a turnover rate of 16.80% [2] - The latest total market capitalization of the A-shares is 7.953 billion yuan, while the circulating market capitalization is 7.828 billion yuan [2] Group 2 - According to margin trading data, as of May 28, the stock's latest margin balance is 358 million yuan, with a financing balance of 358 million yuan, which increased by 37.5944 million yuan from the previous trading day, reflecting a growth of 11.75% [2] - Over the past six days, the margin balance has cumulatively increased by 72.4599 million yuan, representing a growth of 25.41% [2] Group 3 - The company's Q1 report, released on April 30, indicates that the total operating revenue for the first quarter was 293 million yuan, a year-on-year decrease of 13.67%, and the net profit was -21 million yuan, a year-on-year decline of 178.96% [2] - Recent stock performance data shows fluctuations in daily price changes and turnover rates, with notable days including a 10% increase on May 27 and a 3.20% increase on May 28 [2]

Summary of the Conference Call for Sichuan Electronics Company Overview - Sichuan Electronics is a key player in the low-altitude economy, leveraging the strong background of the China Electronics Technology Group (CETC) to build a low-altitude safety assurance system, benefiting from the rapid development of the low-altitude economy [2][7][8]. Core Business Areas - **Controlled Nuclear Fusion**: The company, through its subsidiary Huayao Electronics, is involved in the ESTEC power module project, delivering power systems valued at 16 million yuan. There are expectations for further expansion in the BEAST project, which is anticipated to enter the bidding phase in the second half of 2025 [2][4]. - **Radar Business**: The radar segment, including military products, meteorological radar, and air traffic control radar, is showing positive growth. The meteorological radar market is projected to reach 7-8 billion yuan, while the air traffic control radar market is expected to grow to 15 billion yuan due to increased domestic production rates and airport construction [2][6]. Key Developments - **Low-altitude Safety Assurance**: Sichuan Electronics is focusing on safety system construction, providing low-altitude flight assurance and safety supervision products. The company has established a low-altitude meteorological service collaborative innovation center and launched the Micro Shield 1.0 system for all-weather meteorological flight forecasts and warnings [2][9]. - **Integration of Technologies**: The company has developed the Emperor Hong Xue Jiang system, which integrates radar and 5G technology for low-altitude regulation and anti-drone monitoring, creating a comprehensive protection network for both cooperative and non-cooperative targets [2][10]. Market Performance - Recent market performance has been driven by the military sector due to geopolitical tensions and increased interest in controlled nuclear fusion. The launch of new low-altitude security products at the 11th World Radar Conference has also contributed to the company's positive outlook [3][17]. Strategic Relationships - Sichuan Electronics is a subsidiary of CETC, with Zhongdian Bowei as the controlling shareholder. This relationship has enhanced the company's product line and profitability through strategic acquisitions [5]. Future Outlook - The low-altitude safety assurance sector is expected to grow significantly, especially post-2025, with a focus on infrastructure development in communication, navigation, and meteorological services. Sichuan Electronics aims to become a leading enterprise in this field [7][8]. - The company is also focusing on improving its financial situation, with a gradual reduction in asset impairment losses, indicating a positive trend for future growth [15][16]. Regional Development - Anhui Province is highlighted as a key area for development, with initiatives in low-altitude economy and collaboration with local institutions to promote industry growth. Sichuan Electronics is actively involved in establishing standards and partnerships to drive local development [12][13]. Conclusion - Sichuan Electronics is positioned well within the low-altitude economy and radar sectors, with strong backing from CETC and a clear strategy for future growth. The company's focus on safety systems, technological integration, and regional collaboration is expected to yield significant benefits in the coming years [2][4][7].

Core Points - The legal opinion letter confirms that the 2024 annual general meeting of shareholders for Sichuang Electronics Co., Ltd. was convened and conducted in accordance with relevant laws, regulations, and the company's articles of association [1][3][4] - The meeting was chaired by the chairman, Zhang Chengwei, and the actual time, location, and content of the meeting were consistent with the announcement [1][2] - A total of 246 shareholders participated in the meeting, with 115,246,277 shares represented, confirming the legitimacy of the attendees [2][3] - The voting process combined on-site and online voting, with results announced immediately after the votes were counted [3][4] - All resolutions listed in the meeting announcement were approved, including a special resolution that required more than two-thirds of the votes [4][5] Summary by Sections Meeting Convening Procedure - The meeting was convened by the board of directors, and the notice was issued in April 2025, complying with legal and regulatory requirements [1][2] Meeting Conduct Procedure - The meeting was hosted by the chairman, and all details matched the prior announcement [1][2] Attendance Qualification - The qualifications of the shareholders and their proxies were verified, confirming compliance with legal standards [2][3] Voting Procedure and Results - The voting was conducted through a combination of on-site and online methods, with results published immediately [3][4] - The resolutions were passed, including those requiring special approval [4][5] Conclusion - The legal opinion concludes that all procedures and resolutions of the meeting were lawful and valid [5]

证券代码：600990 股票简称：四创电子 编号：临 2025-015 四创电子股份有限公司 关于2021年限制性股票激励计划第二个解除限售期条 件未成就暨回购注销部分限制性股票通知债权人的公 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。 二、需债权人知晓的相关信息 1 公司本次回购注销部分限制性股票将导致注册资本减少，根据《中华人民共 和国公司法》(以下简称"《公司法》")等相关法律、法规的规定，公司债权人 自接到公司通知起 30 日内、未接到通知者自本公告披露之日起 45 日内，均有权 凭有效债权文件及相关凭证要求公司清偿债务或者提供相应担保。债权人如逾期 未向公司申报债权，不会因此影响其债权的有效性，相关债务将由公司根据原债 权文件的约定继续履行。债权人未在规定期限内行使上述权利的，本次回购注销 将按法定程序继续实施。公司各债权人如要求本公司清偿债务或提供相应担保 的，应根据《公司法》等法律、法规的有关规定向本公司提出书面要求，并随附 有关证明文件。具体申报要求如下： (一)债权人可采用现场、邮寄信函或电子邮件的方 ...

证券代码：600990 证券简称：四创电子 公告编号：2025-014 四创电子股份有限公司 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 (一)股东大会召开的时间：2025 年 5 月 28 日 (二)股东大会召开的地点：四创电子高新区会议室 (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 | 246 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 130,098,394 | | 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（%） | 47.6045 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司第八届董事会召集，会议由董事长张成伟先生主持，本次会议以 现场投票与网络投票相结合的方式进行表决，会议的召集、召开和表决方式符合 《公司法》《上市公司股东会 ...

股东大会法律意见书 安徽天禾律师事务所 关于四创电子股份有限公司 二○二四年年度股东大会的法律意见书 致：四创电子股份有限公司 依据《证券法》《公司法》《上市公司股东会规则》和《四创 电子股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，安徽天禾律师事务所接受四创电子股份有限公司（以下简称 "公司"）的委托，指派马慧、吴佳玥两位律师（以下简称"本所 律师"）就公司于 2025 年 5 月 28 日召开的 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。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责 精神，参与了本次股东大会，并对公司提供的有关文件和事实进行 了核查和验证，现出具法律意见如下： 一、本次股东大会的召集程序 本次股东大会由公司董事会召集。公司董事会于 2025 年 4 月 30 日在《上海证券报》和公司指定的信息披露网站上刊登了《关于 召开 2024 年年度股东大会的通知》。 本所律师认为，公司本次股东大会的召集程序符合法律、法规、 规范性文件和《公司章程》的规定。 二、本次股东大会的召开程序 1、本次股东大会于 2025 年 5 月 28 日下午 14： ...