安徽天禾律师事务所 关于四创电子股份有限公司 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 之法律意见书 地址：中国合肥濉溪路 278 号财富广场 B 座东 16 楼 电话：（0551）62642792 传真：（0551）62620450 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 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 之法律意见书 天律意 2025 第 01009 号 致：四创电子股份有限公司 安徽天禾律师事务所（以下简称"本所"）接受四创电子股份有限公司（以 下简称"四创电子"或"公司"）的委托，担任长期股权激励计划暨首期实施方 案（以下简称"本激励计划"）的专项法律顾问。本所律师根据《中华人民共和 国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称 "《证券法》"）《上市公司股权激励管理办法》（以下简称"《管理办法》"） 《国有控股上市公司（境内）实施股权激励试行办法》（以下简称"《试行办法》"） 《中央企业控股上市公司实施股权激励工作指引》（以下简称"《工作指引》"） 等有关法律、 ...

Investment Rating - The report maintains a "Positive" investment rating for the electrical equipment industry [10]. Core Insights - Recent advancements in nuclear fusion technology have garnered significant attention from the capital markets, driven by breakthroughs such as China's "East Super Ring" achieving high-confinement plasma operation and substantial increases in industry capital expenditures [4][7]. - Major countries have introduced supportive policies, leading to a surge in social capital inflow, indicating that the nuclear fusion sector is approaching a pivotal point [4][30]. - The value proportion of power supply equipment is high, with significant technical barriers, particularly in magnet power supply parameters and converters being core devices [4][8]. Summary by Sections Nuclear Fusion Progress and Commercialization - The nuclear fusion sector is witnessing positive developments, with commercial viability becoming increasingly attainable. Key milestones include the successful operation of high-confinement plasma and increased capital expenditures in the industry [7][26]. - The plasma physics research institutes have reported a significant year-on-year increase in contract amounts since 2024, indicating a robust growth trajectory [29]. Importance of Power Supply in Fusion - Achieving a certain threshold in fusion triple product is crucial for effective power output, highlighting the importance of providing sufficient energy input [8]. - The power supply for tokamak devices is categorized into pulsed and steady-state loads, with pulsed loads having higher value proportions and technical requirements [8]. Competitive Landscape and Early Mover Advantage - The nuclear fusion development is still exploratory, with no unified standards for power supply parameters, creating high technical barriers [9]. - Companies that have been deeply involved in this field for years are likely to benefit from their early mover advantages as more capital flows into the nuclear fusion sector [9][30]. Investment Trends and Policy Support - The investment in nuclear fusion has seen a turning point since 2020, with the U.S. leading globally, followed closely by China. The cumulative investment in private fusion companies has surged from €1.5 billion to €9.9 billion [35]. - Various countries, including the U.S., Germany, the U.K., and China, have launched initiatives to support nuclear fusion technology development, reflecting a global commitment to advancing this field [30][31]. Focus on High-Value Equipment - The report emphasizes the need to focus on high-value equipment in the nuclear fusion sector, particularly in the context of the ITER project, where core equipment constitutes a significant portion of the investment cost structure [47][48].

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, suggesting a focus on the expansion of capital expenditures and the associated opportunities in the power supply systems for FRC and Z-pinch devices [2]. Core Insights - The power supply is deemed the "lifeline" of controllable nuclear fusion devices, with a significant value contribution. The report highlights that the power supply systems for nuclear fusion devices require high capacity (around 100MW), high voltage (up to 1MV), and high current (up to 100kA), with low ripple (1%-2%), indicating a higher complexity compared to traditional industrial power supplies [4][18]. - The report emphasizes the expected release of multiple orders due to the expansion of capital expenditures in the controllable nuclear fusion sector, driven by the construction of Tokamak and Z-pinch devices, as well as the commercial development of FRC devices [4][21]. Summary by Sections Section 1: Power Supply as the Lifeline of Controllable Nuclear Fusion Devices - The report categorizes nuclear fusion technology into magnetic confinement, inertial confinement, and magneto-inertial confinement, with Tokamak being the mainstream approach [12][14]. - The power supply system is identified as a core component of nuclear fusion devices, with a high value contribution, particularly in Tokamak systems where the power supply accounts for approximately 15% of the total value [18][23]. Section 2: Tokamak Requires Long Pulse Operation, Core is Pulse Power Supply - The Tokamak pulse power supply consists of magnet power supply, auxiliary heating power supply, and reactive power compensation systems, which are critical for plasma formation and maintenance [27]. - The report details the technical requirements for the magnet power supply, including high current, low ripple, and fast response times, indicating significant technical barriers [30][37]. Section 3: High Value Contribution of FRC and Z-Pinch Power Supply, Focus on Core Components - The FRC device is noted for its simplicity and lower costs, with expectations for early commercialization, while the Z-pinch approach has a high value contribution from its driver components [4][21]. - The report highlights the importance of fast control switches and pulse capacitors in the power supply for both FRC and Z-pinch devices, indicating a growing market opportunity [4][21]. Section 4: Investment Recommendations - Specific companies are highlighted for their potential in the nuclear fusion power supply market, including Xuguang Electronics, Wangzi New Materials, Guoli Co., and others, which are positioned to benefit from the expanding demand in this sector [4][22].

Core Viewpoint - The performance of low-altitude economy companies in the first half of 2025 shows mixed results, with 12 companies reporting profits and 12 companies experiencing losses [3][5]. Group 1: Performance Overview - As of July 14, 2025, 24 companies in the low-altitude economy index disclosed their performance forecasts, revealing a split between profitable and loss-making entities [3]. - Among the 24 companies, 12 reported profits while the other 12 faced losses [3]. - Four companies are expected to see profit increases of over 50%: Zongshen Power (001696.SZ), Longxin General (603766.SH), Huijia Times (603101.SH), and Changyuan Donggu (603950.SH) [6]. Group 2: Profit and Loss Analysis - Companies such as Aerospace Development (000547.SZ) and Aerospace Rainbow (002389.SZ) reported losses, with the latter citing delays in delivery due to user demand plans [8]. - Aerospace Power (600893.SH) and Aerospace Electric (002025.SZ) achieved profitability but saw a decline in net profit compared to the previous year [6]. - North Navigation (600435.SH) turned a profit, expecting a net profit of 105 million to 120 million yuan in the first half of 2025 [7]. Group 3: Industry Challenges - Many companies in the low-altitude economy sector, particularly those in the aviation industry and low-altitude mainframe manufacturers, reported losses [5][8]. - The losses were attributed to various factors, including market environment impacts, product transformation challenges, and increased operational costs [9]. - Despite ongoing losses, some companies like Chuan University Zhisheng (002253.SZ) are actively pursuing low-altitude economy projects, indicating a commitment to future growth [9].

[Performance Forecast and Period-on-Period Comparison](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20%26%20II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) The company expects a slight year-on-year increase in net loss attributable to shareholders for H1 2025, projected to be between RMB 40 million and RMB 50 million; however, core operating loss, excluding non-recurring items, is expected to narrow Key Financial Metrics Comparison | Metric (RMB) | H1 2025 (Estimated) | H1 2024 (Prior Period) | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | -RMB 40 million to -RMB 50 million | -RMB 38.9539 million | | Net Profit Excluding Non-Recurring Gains/Losses | -RMB 42 million to -RMB 53 million | -RMB 58.5733 million | [Analysis of Performance Pre-Loss Reasons](index=1&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Pre-Loss) The core reason for the current period's pre-loss is insufficient operating revenue to cover costs and the absence of a significant non-recurring gain from property disposal compared to the prior period - Although the company's operating revenue slightly increased, its scale has not yet reached the breakeven point, which is the primary operational reason for the sustained losses[6](index=6&type=chunk) - Compared to the prior period, the current period lacked **RMB 12.9385 million** in non-recurring gains/losses from the disposal of a subsidiary's property, which negatively impacted the year-on-year performance of net profit attributable to shareholders[6](index=6&type=chunk)[7](index=7&type=chunk) [Risk Warning and Other Explanations](index=2&type=section&id=IV.%20Risk%20Warning%20%26%20V.%20Other%20Explanations) The company confirms no other significant uncertainties affect the accuracy of this performance forecast and advises investors that final financial data will be based on the officially released 2025 semi-annual report - The company confirms there are no other significant uncertainties that could affect the accuracy of this performance forecast content[8](index=8&type=chunk) - The data in this announcement is a preliminary calculation result; the final accurate data will be subject to the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[9](index=9&type=chunk)

Investment Rating - The report maintains a "Recommended" investment rating for the low-altitude economy sector [7] Core Insights - The low-altitude economy market in China is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 30% from a current size of 505.95 billion yuan in 2023, which represents a growth rate of 33.8% [1][37] - The low-altitude economy encompasses various sectors, including aircraft manufacturing and operational services, which account for 55% of the market, while supply chain, consumption, and transportation contribute 40% [1] - The Chinese drone industry is leading globally, with significant players like DJI and EHang, and the commercialization of eVTOL (electric Vertical Take-Off and Landing) is accelerating [1] Summary by Sections 1. Low-altitude Economy Emergence - The low-altitude economy integrates low-altitude flight activities with various industries, primarily involving drones, eVTOLs, and helicopters, operating below 1,000 meters [13] 2. Policy and Capital Driving Growth - The government has initiated a "safe and regulated development" strategy for the low-altitude economy, with significant investments and pilot projects across multiple cities [2] - In 2024, financing in the eVTOL sector exceeded 6.5 billion yuan, with various specialized funds being established to support the industry [2] 3. Technological Advancements and Application Scenarios - Key technologies in the sector include drones and eVTOLs, with ongoing innovations in automation and intelligence [3] - Core application areas are expanding to include logistics, urban transportation, and emergency rescue [3] 4. Regional Development Dynamics - The Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing regions are emerging as key players in the low-altitude economy, with cities like Shanghai and Shenzhen leading in infrastructure and regulatory frameworks [4] 5. Investment Recommendations - The report suggests focusing on companies involved in aviation batteries and core components, low-altitude security and air traffic management systems, eVTOL and drone manufacturing, and infrastructure development [5]

New Stock Issuance - Huadian New Energy (证券代码: 730930) issued shares at a price of 3.18 on July 7, 2025[1] - Jichuan Pharmaceutical (证券代码: 600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (证券代码: 603389) has a tender offer period from June 10 to July 9, 2025[1] Trading Alerts - The last trading day for TSM Jinguang (证券代码: 600190) is in 9 trading days[1] - The last trading day for TSM Jinyou (证券代码: 600462) is in 5 trading days[1] - The last trading day for TSM Gongzhi (证券代码: 000584) is in 3 trading days[1] Abnormal Fluctuations - Northern Long (证券代码: 301357) is experiencing severe abnormal fluctuations[1] - ST Dongjing (证券代码: 002199) reported abnormal fluctuations[3] - ST Yunchuang (证券代码: 835305) reported abnormal fluctuations on July 4, 2025[3]

Summary of the Conference Call for Sichuang Electronics Industry and Company Overview - Sichuang Electronics is actively involved in the low-altitude economy, particularly focusing on the construction of pilot cities, with a specific emphasis on Hefei's project timelines and industrialization paths [2][4] - The company has established a demonstration site in Shuxihui Lake, Anhui, which has received recognition from relevant authorities [2] Core Insights and Arguments - **Subsidy and Funding**: Sichuang Electronics has received 90 million yuan in special funding from the Science and Technology Department for its low-altitude projects [4] - **Market Opportunities**: The company is pursuing various projects in the low-altitude sector, including radar systems for drone defense, with significant market potential anticipated in the anti-drone market [4][10] - **Competitive Landscape**: Sichuang Electronics holds a substantial market share in the BEST power supply sector, primarily competing with Anhui Jinyi, while also facing competition from other regional firms [2][7] - **Challenges in Expansion**: The company plans to expand to other cities like Chengdu and Shenzhen but faces challenges related to local policy environments, market acceptance, and supply chain integration [8][9] Financial and Operational Highlights - **Traditional Business Performance**: The traditional business segments, including perception products and applications, are expected to show stable growth, particularly in radar products and military supplies [10] - **Production Timeline**: Two models from the subsidiary are expected to enter mass production by the second half of 2025 or 2026 [10] - **Investment Expectations**: The government is expected to invest in low-altitude projects, potentially through bond issuance, although specific scales remain uncertain [14][15] Additional Important Points - **Product Development**: Sichuang Electronics has developed various integrated solutions for anti-drone and low-altitude monitoring, including radar and optical devices, with applications in different monitoring ranges [3][11][12] - **Collaboration within the Group**: The company emphasizes collaboration with other units within the group, particularly in the low-altitude air traffic management system [16] - **Military Involvement**: Both Sichuang Electronics and its subsidiary, 38 Institute, are involved in military anti-drone operations, albeit with different focuses [17] - **Future Planning**: The company is in the process of formulating its "14th Five-Year Plan," with a focus on urban air traffic and low-altitude applications [18]

New Stock Offerings - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - *ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - Zhongcheng Tui (300208) has 11 trading days remaining until the last trading day[1] Delisting and Trading Reminders - Tui Shi Jin Gang (600190) has 11 trading days remaining until the last trading day[1] - Hengli Tui (000622) is in the delisting arrangement period with 8 trading days remaining[1] - Tui Shi Jiu You (600462) has 7 trading days remaining until the last trading day[1] Market Volatility - Beifang Changlong (301357) reported severe abnormal fluctuations[1] - Multiple companies, including Jichuan Pharmaceutical and *ST Yazhen, are under scrutiny for trading anomalies[1]

证券代码：600990 股票简称：四创电子 编号：临 2025-017 四创电子股份有限公司 股票交易异常波动公告 四创电子股份有限公司(以下简称"公司")股票于 2025 年 6 月 27 日、6 月 30 日、 7 月 1 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6月27日、6月30日、7月1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。 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： 露的信息外，不存在其他涉及本公司应披露而未披露的重大信息，包括 ...