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： ...

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 ...

Core Viewpoint - The company is a leading radar enterprise in China, focusing on low-altitude economy and safety, with a comprehensive product and system solution in the low-altitude security field [1][2][4] Group 1: Company Overview - Established in 2000, the company is the first listed company in China primarily focused on radar technology [1] - The company operates under the China Electronics Technology Group, with three main business segments: perception products, perception infrastructure, and perception applications [1] - The company is positioned as a core unit for low-altitude economy in Anhui Province, focusing on low-altitude flight security and regulation [1][2] Group 2: Product Development - The company has developed a range of products including low-altitude monitoring radar, safety control systems, and flight assurance systems [2] - New solutions introduced include UAM low-altitude navigation systems, "Wukong" low-altitude models, and "Weishield" low-altitude micro-meteorological systems [2] - The company aims to create a full-chain solution capability covering communication, navigation, monitoring, and meteorology for low-altitude air traffic management [2] Group 3: Strategic Initiatives - The company is involved in national planning and has led the first provincial-level low-altitude intelligent infrastructure work plan in Anhui [2] - It has successfully applied for over 100 million yuan in funding from various national and provincial projects [2] - The company has signed strategic cooperation agreements with five entities, enhancing its position in the low-altitude economy [2] Group 4: Market Outlook - 2025 is anticipated to be a pivotal year for the low-altitude economy, with Anhui Province expected to issue the first eVTOL operating license [2] - The government has allowed new industries, including low-altitude economy, to be included in special bond financing, ensuring financial support [2] - The company is expected to benefit significantly from the ongoing reforms in state-owned enterprises and the transition of low-altitude economy from planning to large-scale implementation [4][5] Group 5: Financial Projections - Revenue projections for the company are estimated at 1.671 billion yuan, 2.109 billion yuan, and 2.693 billion yuan for the years 2025, 2026, and 2027 respectively [5] - Expected net profit for the same years is projected to be -91 million yuan, 144 million yuan, and 219 million yuan [5]

Summary of the Conference Call for SiChuang Electronics Company Overview - SiChuang Electronics Co., Ltd. was established in August 2000 and listed on the Shanghai Stock Exchange in May 2004 with stock code 600990. The company focuses on electromagnetic sensing technology and products, particularly in meteorological radar, air traffic control radar, low-altitude monitoring radar, special vehicle modifications, printed circuit boards, power supplies, microwave devices, security information systems, emergency civil defense, and grain information systems [3][7] Key Financial Performance - For the fiscal year 2024, SiChuang Electronics reported a revenue of 1.603 billion yuan and a net profit attributable to shareholders of -245.88 million yuan. The revenue breakdown includes: - Headquarters: 958 million yuan - Huayao Electronics: 250 million yuan - Bowei Chang'an: 433 million yuan - Revenue by business segment: - Sensing products: 677 million yuan - Sensing infrastructure: 492 million yuan - Sensing applications: 421 million yuan [9] Industry Developments - The company is actively pursuing government demands in the low-altitude economy sector and plans to launch new products at the Radar Expo [10] - The 11th World Radar Expo was held on May 17, 2025, showcasing SiChuang's innovations in radar technology and attracting top global enterprises and research institutions [12] Product Innovations - At the Radar Expo, SiChuang presented over 50 projects, including: - Movable X-band phased array weather radar - Air traffic control primary and secondary radars - Various microwave components and systems - The company launched three new low-altitude systems: - UAM Low Altitude Navigation System Solution - SiChuang "Wukong" Low Altitude Model - "Weishield" Low Altitude Micro-Meteorological System [13][14] Strategic Collaborations - SiChuang signed strategic cooperation agreements with five organizations, including Anhui University and Hefei Meteorological Bureau, to explore innovative applications in the low-altitude economy [14] Future Market Opportunities - Huayao Electronics, a subsidiary, has secured a project for the EAST controlled nuclear fusion device power module, with a market potential expected to grow as the project transitions from experimental to commercial phases [17][18] - The company is also involved in the BEST project, which is expected to enter the bidding phase between 2025 and 2026 [19] Additional Applications - Huayao Electronics has a strong foothold in high-voltage power supply technology, with applications extending to various fields, including space exploration and medical sterilization [20] Conclusion - SiChuang Electronics is positioned as a leader in the radar and sensing technology sector, with a focus on innovation and strategic partnerships to drive growth in emerging markets such as low-altitude economy and nuclear fusion technology. The company aims to enhance its product offerings and expand its market presence through ongoing research and development initiatives.

Group 1 - Satellite navigation concept stocks surged, with China Great Wall (000066) hitting the daily limit up [1] - Four Creation Electronics (600990) and Fenghuo Electronics (000561) previously reached the daily limit up, while Aerospace Zhizhuang (300455) rose over 10% [1] - Other companies such as China Satellite (600118), Haige Communication (002465), and Hezhong Shizhuang (002383) also experienced gains [1]

Group 1 - The aerospace ETF (159227) experienced fluctuations, initially declining but later recovering, with a narrowed drop of 0.51% as of the report, while stocks like Four Creation Electronics hit the limit up [1] - Pacific Securities anticipates a recovery in the defense and military industry by 2025, marking a turning point after two years of stagnation, with a focus on sectors such as advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology [1] - AVIC Securities notes that themes like low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence have been highly active since the beginning of the year, suggesting a sustained recovery in the military industry [1] Group 2 - The aerospace ETF (159227) tracks the National Aerospace Index, focusing on the aerospace sector within the military industry, with a 99.2% share of the military sector in the index, indicating a higher concentration compared to other indices [2] - The National Aerospace Index has a significant weight in aerospace equipment, with 73% allocated to aerospace and aviation equipment, surpassing the weights in the CSI Military (40%) and CSI Defense Index (53%) [2]

Group 1 - The military information technology sector rose by 0.14%, ranking fifth among concept sectors, with 32 stocks increasing in value [1][2] - Notable gainers included Wangzi New Materials, Fenghuo Electronics, and Sichuan Jiuzhou, which reached their daily limit, with respective increases of 10.02%, 9.99%, and 2.46% [1][3] - The sector saw a net inflow of 766 million yuan from main funds, with 45 stocks receiving net inflows, and six stocks exceeding 100 million yuan in net inflow [2][3] Group 2 - The top net inflow stock was Wangzi New Materials, attracting 298 million yuan, followed by Galaxy Electronics and Guorui Technology with net inflows of 256 million yuan and 182 million yuan, respectively [2][3] - The net inflow ratios for Fenghuo Electronics, Sichuan Jiuzhou, and Galaxy Electronics were 59.54%, 40.83%, and 14.18% respectively, indicating strong investor interest [3][4] - The military information technology sector's performance was contrasted with other sectors, such as epoxy propylene and transgenic concepts, which experienced declines of -3.41% and -2.81% respectively [2]

Group 1 - The Terahertz concept sector increased by 0.32%, ranking second among concept sectors in terms of growth, with seven stocks rising, including Four Creation Electronics and Hitec High-New reaching the daily limit [1][2] - The leading stocks in the Terahertz sector include Hitec High-New, Four Creation Electronics, and Yaguang Technology, with respective increases of 10.01%, 10.02%, and 2.73% [2][3] - The sector attracted a net inflow of 1.23 billion yuan from main funds, with 14 stocks receiving net inflows, and eight stocks exceeding 10 million yuan in net inflow [2][3] Group 2 - The top three stocks by net inflow are Hitec High-New with 200 million yuan, Four Creation Electronics with 129 million yuan, and Aerospace Electronics with 27.5 million yuan [2][3] - The net inflow ratios for Four Creation Electronics, Hitec High-New, and Jiuzhiyang are 42.92%, 35.21%, and 11.02% respectively, indicating strong investor interest [3][4] - The stocks with the largest declines include Juguang Technology, Hige Communication, and Chuangyuan Xinke, with respective decreases of 3.06%, 2.77%, and 2.22% [1][4]

Core Viewpoint - The article highlights the active performance of the defense and military industry, with significant stock price increases in related companies, driven by geopolitical tensions and government policies supporting military spending [20][21]. Defense and Military Industry - The defense and military sector showed strong performance, with stocks like Guoke Tiancai rising by 20%, and several others reaching their daily limit [4][7]. - The U.S. announcement of a $175 billion investment in missile defense systems has raised concerns about escalating military competition, which may benefit the defense sector in China [19]. - China's recent white paper on national security emphasizes the importance of maintaining territorial integrity and enhancing military capabilities, which supports the growth of the defense industry [20]. Banking Sector - The banking sector experienced a collective rise, with banks like Qingdao Bank and Shanghai Bank reaching new all-time highs [23][24]. - Recent adjustments in the Loan Prime Rate (LPR) and deposit rates are expected to impact the banking sector positively, with a focus on stabilizing growth and improving asset quality [26]. - Analysts predict that the banking sector will benefit from a series of financial policies aimed at supporting economic recovery, leading to a potential performance turnaround [26].

Market Overview - Aerospace and military sectors are experiencing strong gains, with companies like SiChuang Electronics hitting the daily limit up [3][6] - The semiconductor industry chain is also performing well, with several stocks showing significant increases [7][8] - New consumption concept stocks, such as pet economy and beauty care, are seeing rapid declines [3] Aerospace and Military Sector - The aerospace and military sector has shown robust growth, with SiChuang Electronics (600990) reaching the daily limit up, and other companies like HaiTe GaoKe and GuoRui Technology also hitting the limit up [6] - Global geopolitical changes, including the Ukraine crisis and increased defense budgets in Europe, are driving demand in the military trade market [6] Semiconductor Industry - The semiconductor industry chain is gaining strength, with HaiTe GaoKe (002023) hitting the daily limit up and other companies like PaiRui Co. and FuLeDe seeing increases of over 5% [7][8] - Analysts predict optimistic growth for the global semiconductor market through 2025, driven by AI and ongoing domestic replacement efforts [8] Individual Company Performance - XPeng Motors saw a significant increase, with shares rising over 10% and achieving a revenue of 15.81 billion yuan in Q1 2025, a 141.5% year-on-year growth [9]