上海市广发律师事务所 关于苏州赛伍应用技术股份有限公司 2024 年年度股东大会的法律意见书 致：苏州赛伍应用技术股份有限公司 苏州赛伍应用技术股份有限公司（以下简称"公司"）2024 年年度股东大会 于 2025 年 5 月 20 日在苏州市吴江区江陵街道兴瑞路 699 号苏州赛伍应用技术股 份有限公司九龙厂区三楼大会议室召开。上海市广发律师事务所经公司聘请，委 派黎沁菲律师、吉喆律师出席现场会议，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》"）等法 律法规、其他规范性文件以及《苏州赛伍应用技术股份有限公司章程》（以下简 称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、召集人及出席 会议人员的资格、会议议案、表决方式和表决程序、表决结果和会议决议等出具 本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺，公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的，有关原件及其上面的签字和印章是真实的，且一 ...

Core Viewpoint - The 2024 annual shareholder meeting of Suzhou Saiwu Application Technology Co., Ltd. will address the company's operational challenges, including a significant revenue decline and a net loss for the first time, while also discussing governance and future plans [3][4][23]. Meeting Details - The meeting is scheduled for May 20, 2025, at 14:00, located at the company's headquarters in Suzhou [2][3]. - The chairman, Mr. Wu Xiaoping, will host the meeting, which will include the introduction of attendees and the reading of meeting guidelines [3][4]. Financial Performance - The company reported a revenue of 3.004 billion yuan in 2024, a decrease of 27.89% year-on-year, primarily due to falling prices of solar back sheets and films [3][4]. - The net profit attributable to shareholders was -285 million yuan, marking the first loss in the company's history, attributed to increased competition and price declines in the photovoltaic industry [3][4][23]. - Operating cash flow was reported at 365 million yuan, a significant increase of 1381.36%, indicating healthy cash flow management despite the overall loss [3][4]. Governance and Decision-Making - The board of directors emphasized compliance with legal regulations and the importance of maintaining shareholder rights during the meeting [2][4]. - Various proposals will be presented for approval, including the 2024 annual report, financial statements, and the decision not to distribute dividends due to the net loss [23][24]. Future Outlook - The board plans to enhance governance structures and investor relations, focusing on long-term development and maintaining stable cash flow [14][20]. - The company aims to provide guarantees for its subsidiaries to support their operational needs, with a proposed guarantee amount of up to 1.8 billion yuan for 2025 [25].

2024年年度股东大会 会 议 资 料 苏州赛伍应用技术股份有限公司 二〇二五年五月 | 2024 年年度股东大会会议议程 | 4 | | --- | --- | | 年年度股东大会会议资料 2024 | 5 | | 议案一：2024 年度董事会工作报告 | 5 | | 议案二：2024 年度监事会工作报告 | 12 | | 议案三：关于 2024 年年度报告及摘要的议案 15 | | | 议案四：关于 年度财务决算报告的议案 16 2024 | | | 议案五：关于 2024 年年度利润分配方案的议案 19 | | | 议案六：关于确认公司董事、监事 年度薪酬的议案 20 2024 | | | 议案七：关于公司 2025 年度为控股子公司提供担保的议案 21 | | | 议案八：关于公司 年度向银行申请授信额度的议案 27 2025 | | | 议案九：关于公司续聘会计师事务所的议案 28 | | | 听取：苏州赛伍应用技术股份有限公司 年度独立董事述职报告（王德瑞） 2024 | 31 | | 听取：苏州赛伍应用技术股份有限公司 2024 年度独立董事述职报告（梁振东） | 36 | | 听取：苏州赛伍应 ...

Core Viewpoint - The photovoltaic industry is facing significant challenges, particularly in the encapsulation material market, leading to a harsh reshuffling of the market landscape and declining performance for key players [3][4][5]. Group 1: Industry Performance - The photovoltaic encapsulation material market is experiencing a downturn, with major companies like Foster, Haiyou New Materials, and Saiwu Technology reporting substantial declines in revenue and profit [3][4]. - Foster's 2024 revenue was 19.147 billion yuan, a decrease of 15.23% year-on-year, while net profit fell by 29.33% to 1.308 billion yuan [4]. - The overall market environment is complex and severe, with global photovoltaic market growth expected to slow down significantly by 2025, creating uncertainty for encapsulation material companies [3][6]. Group 2: Competitive Landscape - The competitive landscape for photovoltaic encapsulation materials is undergoing a transformation, with varying shipment scales among companies based on their competitive strength and strategic choices [3][8]. - In 2024, Foster maintained its position as the market leader with a 50% market share, while competitors like Swick and Haiyou New Materials are in the second tier with over 10% market share [8][9]. - The shipment volume for Foster in 2024 was 2.811 billion square meters, significantly higher than Swick's 0.655 billion square meters, highlighting the disparity in market presence [8]. Group 3: Financial Struggles - Many second and third-tier companies are facing severe financial difficulties, with losses reported by Haiyou New Materials, Saiwu Technology, and Tianyang New Materials in both 2024 and the first quarter of 2025 [5][6]. - Haiyou New Materials reported losses of 558 million yuan in 2024 and 57 million yuan in Q1 2025, while Saiwu Technology reported losses of 285 million yuan and 33 million yuan, respectively [5]. - The decline in sales prices due to intensified competition and high production costs has led to reduced profitability across the industry [5][6]. Group 4: Future Outlook - The profitability recovery for 2025 remains uncertain, influenced by domestic electricity market policies and changes in U.S. tariff regulations, with a projected 10% growth in the global photovoltaic market [6][7]. - Companies are exploring new growth avenues, such as electronic materials, to mitigate the impact of declining encapsulation material prices [6][7]. - The relationship between companies like Bai Jia Nian and Tianyang New Materials is evolving, raising questions about future market dynamics and potential mergers or acquisitions [10][11].

Investment Rating - The report has downgraded the investment rating to "Recommended" due to ongoing pressure on profitability in the photovoltaic industry [3][5]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with a revenue drop of 27.89% year-on-year to 3.004 billion and a net loss of 284.93 million [1][4]. - The decline in profitability is attributed to reduced prices for back sheets and films, which fell by 24.92% and 32.86% respectively, alongside a 35.37% decrease in back sheet shipment volume [1][2]. - The company is focusing on optimizing its product structure to enhance competitiveness in the photovoltaic sector, leveraging advancements in battery technologies and new manufacturing processes [2]. Financial Performance Summary - In 2024, the company reported a total revenue of 3.004 billion, a decrease of 27.89% from the previous year, and a net profit of -284.93 million, marking a 375% decline [4]. - For Q1 2025, the revenue was 643 million, down 27.35% year-on-year, with a net loss of 33 million, a 216.13% decline [1]. - The forecast for net profit from 2025 to 2027 is projected to be -69.86 million, 87.61 million, and 126.88 million respectively, with corresponding EPS of -0.16, 0.20, and 0.29 [3][4]. Emerging Business Segments - The emerging business segments accounted for 21.57% of total revenue in 2024, an increase of 8.53 percentage points year-on-year, with notable growth in photovoltaic operation materials, lithium batteries, and semiconductor materials [2]. - The company plans to increase investment in research and development for new energy vehicles, consumer electronics, and semiconductor materials to further enhance its product matrix and customer coverage [2].

Investment Rating - The report has downgraded the investment rating to "Recommended" due to ongoing pressure on profitability in the photovoltaic industry [3][5]. Core Viewpoints - The company experienced a significant decline in revenue and net profit in 2024, with a revenue drop of 27.89% to 3.004 billion and a net loss of 284.93 million [1][4]. - The decline in profitability is attributed to reduced prices for back sheets and encapsulants, which fell by 24.92% and 32.86% respectively, alongside a 35.37% decrease in back sheet shipment volume [1][2]. - The company is focusing on optimizing its product structure to enhance competitiveness in the photovoltaic sector, leveraging advancements in battery technologies and new manufacturing processes [2]. Financial Performance Summary - In 2024, the company reported a revenue of 3.004 billion, a decrease of 27.89% from the previous year, and a net loss of 284.93 million, marking a 375% decline [1][4]. - For Q1 2025, the revenue was 643 million, down 27.35% year-on-year, with a net loss of 33 million, a 216.13% decline [1]. - The forecast for net profit from 2025 to 2027 is projected to be -69.86 million, 87.61 million, and 126.88 million respectively, with corresponding EPS of -0.16, 0.20, and 0.29 [3][4]. Emerging Business Segments - The emerging business segments accounted for 21.57% of total revenue in 2024, an increase of 8.53 percentage points year-on-year, with notable growth in photovoltaic operation materials, lithium batteries, and semiconductor materials [2]. - The company plans to increase investment in research and development for new energy vehicles, consumer electronics, and semiconductor materials to further enhance its product matrix and customer coverage [2].

Core Viewpoint - Saiwu Technology (603212.SH) reported a significant decline in revenue and net profit for the fiscal year 2024, indicating financial challenges faced by the company [1][2][3]. Financial Performance Summary - For the year 2024, the company achieved operating revenue of 3.004 billion yuan, a decrease of 27.89% compared to the previous year [2][3]. - The net profit attributable to shareholders was -284.93 million yuan, a decline from a profit of 103.61 million yuan in the previous year, representing a 375% decrease [2][3]. - The net profit after excluding non-recurring gains and losses was -286.14 million yuan, down from 87.96 million yuan, marking a 425.29% decline [2][3]. - The net cash flow from operating activities was 365.04 million yuan, showing a substantial increase of 1,381.36% year-on-year [2][3]. Q1 2025 Performance Summary - In the first quarter of 2025, the company reported operating revenue of 643.20 million yuan, a decrease of 27.35% year-on-year [3]. - The net profit attributable to shareholders for Q1 2025 was -33.15 million yuan, compared to a profit of 28.55 million yuan in the same period last year, reflecting a 216.13% decline [3]. - The net profit after excluding non-recurring gains and losses was -36.33 million yuan, down from 27.98 million yuan, indicating a 229.83% decrease [3]. - The net cash flow from operating activities was -9.28 million yuan, an improvement of 63.17% compared to -25.20 million yuan in the previous year [3]. Dividend Policy - The company plans not to distribute cash dividends or increase share capital from reserves for the fiscal year 2024 [1].

Group 1 - The core viewpoint of the news is that Saiwu Technology (603212.SH) reported its Q1 2025 results, highlighting the institutional investor holdings and changes in share ownership [1] - As of April 30, 2025, a total of 9 institutional investors disclosed holdings in Saiwu Technology, with a combined shareholding of 208 million shares, accounting for 47.43% of the total share capital [1] - The institutional investor shareholding decreased by 1.81 percentage points compared to the previous quarter [1] Group 2 - In terms of public funds, 15 public funds were disclosed this period, including Wanji Zhongzheng 1000 Index Enhanced A and Penghua Shanghua One-Year Holding Period Mixed A, which were not disclosed in the previous quarter [1] - Regarding foreign investment, one foreign fund, SILVER GLOW INVESTMENTS LIMITED, reduced its holdings by 1.88% compared to the previous quarter [2] - Two new foreign institutions were disclosed this period, including Hong Kong Central Clearing Limited and Goldman Sachs International - Proprietary Funds [2]

苏州赛伍应用技术股份有限公司 关于 2024 年度计提信用减值准备和资产减值准备的公告 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个别及连带责任。 证券代码：603212 证券简称：赛伍技术 公告编号：2025-011 经测试，2024 年度公司拟计提信用减值准备和资产减值准备合计 19,948.60 万元，对公司合并报表利润总额影响数为 19,948.60 万元。具体情况如下： 单位：万元 苏州赛伍应用技术股份有限公司（以下简称"公司"）于2025年4月28日召 开第三届董事会第十四次会议和第三届监事会第十次会议，审议通过了《关于 2024年度计提信用减值准备和资产减值准备的议案》，现将具体情况公告如下： | | 项目 | 年 2024 1-12 （收益以"-"号填列） | 月计提金额 | | --- | --- | --- | --- | | 信用减值损失 | 应收票据坏账准备 | | 676.52 | | | 应收账款坏账准备 | | 10,307.79 | | | 其他应收款坏账准备 | | 193.15 | | | 小计 ...

证券代码：603212 证券简称：赛伍技术 公告编号：2025-021 苏州赛伍应用技术股份有限公司 2024 年度募集资金存放与使用情况的专项报告 经中国证券监督管理委员会出具的《关于核准苏州赛伍应用技术股份有限公司首次 公开发行股票的批复》(证监许可〔2020〕505 号)，公司向社会公开发行人民币普通股 （A 股）4,001 万股，每股发行价格为人民币 10.46 元，募集资金总额为人民币 418,504,600.00 元，扣除各项发行费用（不含增值税）51,952,367.92 元后，实际募集 资金净额为人民币 366,552,232.08 元。上述募集资金已于 2020 年 4 月 24 日存入公司 募集资金专用账户，天衡会计师事务所（特殊普通合伙）已对本次发行的募集资金到位 情况进行审验，并出具了天衡验字（2020）00031 号《验资报告》。 （二）2020 年首次公开发行股票募集资金使用和结余情况 截至 2024 年 12 月 31 日，本公司首次公开发行股票募集资金 2024 年度使用和结余 情况如下： 单位：人民币万元 | | 项 目 | 金 额 | | --- | --- | --- | ...