大信验字[2025]第 2-00004 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 关于天风证券股份有限公司 向特定对象发行 A 股股票的实收情况 验 资 报 告 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants LLP. Room2206 22/F,Xueyuan International Tower No.1 ZhichunRoad,Haidian Dist. Beijing,China,100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 验 资 报 告 大信验字[2025]第 2-00004 号 国泰海通证券股份有限公司： 我们接受委托，对截至 2025 年 6 月 12 日国泰海通证券股份有限公司（以下简称主承销 商）承销的天风证券股份有限公司（以下简称"天风证券"）向特 ...

北京市东城区金宝街 89 号金宝大厦 11 层 邮政编码：100005 电话：（8610）66523388 传真：（8610）66523399 11F, Jinbao Tower, 89 Jinbao Street, Dongcheng District, Beijing 100005, P.R.C. Tel：（8610）66523388 / Fax：（8610）66523399 签署稿 法律意见 释义 除非本法律意见另有说明或指明，或上下文义另有所指，本法律意见中所使用 的下列词汇应具有下列特定之含义： 北京市君泽君律师事务所 关于天风证券股份有限公司向特定对象发行 A 股股票 发行过程和认购对象合规性的 见证法律意见 1 法律意见 北京市东城区金宝街 89 号金宝大厦 11 层 邮政编码：100005 电话：（8610）66523388 传真：（8610）66523399 11F, Jinbao Tower, 89 Jinbao Street, Dongcheng District, Beijing 100005, P.R.C. Tel：（8610）66523388 / Fax：（8610）6652339 ...

天风证券股份有限公司向特定 对象发行 A 股股票募集资金到位情况 验 资 报 告 WUYIGE Certified Public Accountants LLP. Room2206 22/F,Xueyuan International Tower No.1 ZhichunRoad,Haidian Dist. Beijing,China,100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 验 资 报 告 大信验字[2025]第 2-00005 号 大信验字[2025]第 2-00005 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 天风证券股份有限公司： 我们接受委托，审验了天风证券股份有限公司（以下简称"天风证券"）截至 2025 年 6 月 12 日止新增注册资本实收情况。按照国家相关法律、法规的规定和 ...

国泰海通证券股份有限公司关于 天风证券股份有限公司 向特定对象发行 A 股股票 发行过程和认购对象合规性的报告 保荐人（主承销商） 二零二五年六月 证券简称：天风证券 证券代码：601162 上海证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意天风证券 股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1164号）批 复，同意天风证券股份有限公司（以下简称"天风证券"、"发行人"或"公司"）向 特定对象发行股票的注册申请。 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人（主承销商）" 或"主承销商"）作为发行人本次向特定对象发行股票的保荐人（主承销商），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》"）《证券发行与承销管理办法》（以下简称"《承销管理 办法》"）《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）《上 海证券交易所上市公司证券发行与承销业务实施细则》（以下简称"《实施细则》"） 等相关法律、法规、规章制度和规范性文件的要求以及天风证券关于本次发行的 相关董事会和股东大会会议决 ...

Core Viewpoint - Zhongheng Electric (002364) is positioned to benefit from the increasing computing power in AIDC, with a focus on high-frequency switching power systems and a strong market presence in the communication power sector [1][2]. Group 1: Company Overview - Zhongheng Electric has been dedicated to power supply for 29 years, focusing on the research, production, sales, and service of high-frequency switching power systems [2]. - The company operates in two main segments: power electronics manufacturing and power digitalization, with power system business being the primary revenue driver [2]. Group 2: Industry Trends - The global and Chinese computing power scale is experiencing rapid growth, with a CAGR of 46.5% from 2020 to 2023, reaching 1369 EFLOPS [3]. - China's intelligent computing power is expected to grow significantly, with projections indicating that by 2025, it will account for 35% of the total computing power [3]. - The electricity consumption of data centers is projected to grow at an average annual rate of 20% from 2024 to 2030, significantly outpacing the overall electricity consumption growth [3]. Group 3: Technological Advancements - HVDC technology is gaining traction in data centers due to its advantages in energy efficiency and power supply reliability compared to traditional UPS systems [3]. - Zhongheng Electric is a pioneer in providing HVDC green power solutions for data centers, leveraging its first-mover advantage [3]. Group 4: Communication Power Sector - The construction of 5G base stations in China is progressing steadily, with the total number expected to reach 4.251 million by the end of 2024, reflecting a CAGR of 53.24% since 2020 [3]. - The power consumption of 5G base stations is significantly higher than that of 4G, necessitating a comprehensive upgrade of power systems [4]. Group 5: Renewable Energy and Electric Vehicles - In 2024, China's new energy installation capacity is projected to reach a record high, with a total of 358 million kW of new wind and solar installations, accounting for 40% of the global total [5]. - The demand for charging stations is expected to rise due to a 51.49% year-on-year increase in newly registered electric vehicles in 2024, with a penetration rate exceeding 40% [5]. - Zhongheng Electric has established itself as one of the earliest companies in the development and production of electric vehicle charging stations, benefiting from its early market entry [5]. Group 6: Financial Projections - Revenue forecasts for Zhongheng Electric indicate total revenues of 2.847 billion, 3.891 billion, and 4.796 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 45.1%, 36.7%, and 23.3% [5]. - Projected net profits for the same years are 157 million, 213 million, and 276 million yuan, with year-on-year growth rates of 43.2%, 36.0%, and 29.5% [5].

证券代码：601162 证券简称：天风证券 公告编号：2025-028号 重要内容提示： 会议召开时间：2025 年 06 月 20 日（星期五）14:00-15:00； 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）； 天风证券股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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。 会议召开方式：上证路演中心网络互动； 投资者可于 2025 年 06 月 13 日（星期五）至 06 月 19 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过天风证券股份 有限公司（以下简称"公司"）邮箱（dongban@tfzq.com）进行提问。公司 将在说明会上对投资者普遍关注的问题进行回答。 公司已于 2025 年 4 月 30 日发布公司 2024 年年度报告、2025 年第一季度报 告，为便于广大投资者更全面深入地了解公司 ...

Core Viewpoint - The company has decided to postpone the expected completion date of the "Shenzhen R&D Center Construction Project" from March 2026 to June 2027 due to various uncontrollable factors affecting the project's progress [4][5][6] Fundraising Overview - The company raised a total of RMB 718,794,995.20 by issuing 37,243,264 shares at an issue price of RMB 19.30 per share, with a net amount of RMB 709,250,948.10 after deducting issuance costs [1][2] - The raised funds are stored in a special account approved by the board of directors, and a tripartite supervision agreement has been signed with the sponsor and the commercial bank [2] Project Status and Fund Usage - As of March 31, 2025, the company has allocated funds for various projects, with a total investment amount of RMB 919,410,600, of which RMB 709,250,948.10 has been invested [3][4] - The company has adjusted the expected completion date for the Shenzhen R&D Center project without changing the investment purpose, location, or total investment amount [5][6] Reasons for Delay - The delay is attributed to several uncontrollable factors, including issues with land approval, construction planning, and coordination with multiple parties, which have impacted the project's progress [4][5] - The construction efficiency has also been affected by site constraints and other limitations [4] Impact of Delay - The postponement does not alter the project's funding purpose or other key aspects, ensuring that shareholder interests remain protected [5][6] - The company aims to enhance the efficiency of fund usage while closely monitoring the project's progress [5] Measures for Timely Completion - The company will implement a structured plan to monitor and advance the project, ensuring effective collaboration among all parties involved [5] - Continuous attention will be given to macroeconomic and market changes to facilitate the smooth execution of the project [5] Approval Process - The board of directors has approved the delay, which falls within its authority and does not require shareholder meeting approval [6]

Group 1 - Tianfeng Securities maintains the profit forecast for Blokko, expecting net profits of 960 million, 1.48 billion, and 2.08 billion yuan for 2025-2027, with corresponding PE ratios of 50, 32, and 23 [1] - The company has launched 9 new products in May, indicating a strong growth momentum expected to continue into Q2 [1] - Blokko's global strategy has led to breakthroughs in Southeast Asia, Europe, North America, and Latin America, driven by innovation, diverse product offerings, and effective marketing [1][3] Group 2 - The launch of the Minions product line features 6 popular characters with 11 points of articulation, enhancing user interaction and brand image through a 5-month, 6-city tour [2] - Blokko showcased various global IPs at the CCXP Mexico event, reinforcing its commitment to deepening its presence in the Latin American market [3] - The BFC creation competition has gained significant traction, with nearly 8,000 events held across 120 cities, and a projected 20,000 events planned for 2025 [4]

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Blucor (00325) and forecasts net profits of 960 million, 1.48 billion, and 2.08 billion yuan for 2025-2027, with corresponding PE ratios of 50, 32, and 23 [1] Group 1: Product Launch and Market Strategy - In May, Blucor launched 9 new products, indicating a strong growth momentum expected to continue into Q2 [1] - The introduction of the Minions product line features interactive elements and a 6-city tour to enhance user engagement and brand image [2] - Blucor's global strategy is advancing, with a significant presence at the CCXP Mexico event, showcasing products from various well-known IPs to penetrate the Latin American market [3] Group 2: Community Engagement and Events - Since the announcement of the BFC creation competition in March, nearly 8,000 events have been held across 120 cities, with participation increasing significantly in Q2 [4] - The company plans to expand the BFC competition to 20,000 events in 150 cities by 2025, utilizing a tiered approach for urban and suburban areas [4]

Group 1 - The core viewpoint of Guotai Junan Securities indicates that the pattern of the "transformation bull market" in the Chinese stock market is becoming increasingly clear, with a strategic bullish outlook for 2025 [1] - After traversing shocks and adjustments, investors' understanding of the economic situation has become sufficient, reducing the marginal impact of valuation contraction [1] - The main contradiction in future expectations has shifted from economic cycle fluctuations to a decline in discount rates, particularly the systematic reduction of risk awareness and risk-free interest rates [1] Group 2 - Tianfeng Securities emphasizes a defensive strategy in June, categorizing investment themes into three directions: breakthroughs in AI technology, valuation recovery in consumer stocks, and the continued rise of undervalued dividends [2] - The progress of the AI industry trend is crucial for the height of undervalued dividends, which often retract when strong industrial trends emerge [2] Group 3 - Guotai Junan Securities reports that new consumption and value growth are progressing in parallel, with differentiation in targets and valuation increases [3] - Structural dividends in new consumption are driven by innovations in new channels and product categories, particularly in snacks, health products, and food additives [3] - Traditional food and beverage leaders are achieving stable growth through strong product innovation and channel expansion, particularly in the beer and beverage sectors [3]