Core Viewpoint - Shengyang Technology (603703) is actively expanding its satellite internet terminal business through strategic partnerships and product development, indicating a strong commitment to meeting both domestic and international market demands [1] Group 1: Strategic Partnerships - The company’s subsidiary FTA has established a strategic cooperation with Eutelsat, a European satellite communications company, and is looking to expand collaborations with other international satellite operators [1] Group 2: Product Development - Three satellite internet terminal devices have been developed and are in the small batch trial production phase, tailored to meet the diverse needs of international users [1] - The domestic 5G satellite television terminal has completed the entire R&D process and has officially entered the mass production phase, with production schedules and delivery plans being arranged based on customer orders [1] Group 3: Product Categories - In the area of shipborne satellite communication terminals, relevant products have completed R&D and testing phases and are now in the trial production stage, with plans for rapid delivery based on market orders [1] - Low Earth orbit satellite communication terminals are currently in the R&D planning stage, with the company set to advance product design and performance testing in line with domestic low Earth orbit satellite network progress and market demand [1]

Core Viewpoint - The company is actively expanding its partnerships with international satellite operators following a strategic collaboration with Eutelsat in satellite internet terminals [1] Group 1: Satellite Internet Terminals - The subsidiary FTA has completed the research and trial production of three satellite internet terminal devices tailored to different international user needs, now entering small batch trial production [1] - The company plans to initiate mass production based on market orders and customer demands [1] Group 2: Domestic 5G Satellite TV Terminals - The domestic 5G satellite TV terminal has completed the entire R&D process and has officially entered mass production [1] - The company will coordinate production scheduling and delivery plans based on customer order requirements to ensure market supply [1] Group 3: Shipborne Satellite Communication Terminals - Relevant products for shipborne satellite communication have completed R&D and testing phases, now entering trial production [1] - After small batch production and certification, the company will respond quickly to market orders [1] Group 4: Low Earth Orbit Satellite Communication Terminals - The low Earth orbit satellite communication terminal is currently in the R&D planning stage [1] - The company will steadily advance product design and performance testing in line with domestic low Earth orbit satellite network progress and market demand [1]

Summary of Shengyang Technology Conference Call Company Overview - Shengyang Technology focuses on wired, wireless, and satellite communication, with a dual-driven strategy emphasizing smart vehicle high-speed cables, high-performance data cables, and satellite communication terminals. The satellite communication business is expected to experience explosive growth by 2026 [2][21][26]. Key Points and Arguments Strategic Developments - The company has established a partnership with the Ministry of Transport to introduce strategic shareholders for the development of Beidou vehicle terminals, targeting the market for trucks over 12 tons, with large-scale production expected in 2026 [2][11]. - Collaboration with European satellite communication company UTELSAT aims to launch an integrated solution combining internet and satellite TV functionalities, with a market share target of 50% by 2026 [2][12]. - The 5G satellite TV terminal has received broadcasting qualifications and is expected to begin large-scale production in 2026, targeting approximately 50 million users in areas without fiber broadband coverage [2][14]. Financial Projections - Revenue from the satellite communication business is projected to grow significantly, with expectations of a 100% to 120% increase in overall revenue by 2026 compared to 2025 [19][26]. - The company anticipates a substantial increase in profit margins due to the scale effect as revenue grows, with historical profit levels expected to be surpassed [20]. Market Position and Competition - Shengyang Technology's vehicle high-speed cable business is expected to grow by over 90% in 2024, with a domestic market penetration rate projected to reach 22% by 2026, competing primarily with German company Leoni [4][30]. - The company has a balanced revenue distribution of approximately 50% from domestic and international markets, reflecting a global development strategy [23]. Product Development and Innovation - The company is actively developing high-performance data cables for data centers and industrial automation, with expected revenue growth in these areas [8][29]. - Shengyang is also focusing on emerging applications such as robotic cables and high-end medical equipment, indicating a diversification of product offerings [8][28]. International Collaboration - Shengyang has established partnerships with various international entities, including Inmarsat and other satellite operators, to enhance its satellite communication capabilities [6][36]. - The company is exploring opportunities in low Earth orbit satellite communication, with plans to launch related equipment by 2027 [15]. Additional Important Insights - The company has implemented an employee stock ownership plan to incentivize staff and support rapid growth, with a target of achieving significant revenue growth despite challenges faced in previous years [7][18]. - Shengyang's robust growth segments include LED display screens and 5G base station construction, contributing stable annual revenues of approximately 350 million yuan and 50 million yuan, respectively [16][17]. Conclusion - Shengyang Technology is positioned for significant growth in the satellite communication sector, with strategic partnerships, innovative product development, and a strong market presence. The company's focus on both domestic and international markets, along with a commitment to employee engagement, suggests a promising outlook for investors [37].

Core Insights - The company has sufficient orders on hand and is operating at full production capacity as it enters the peak sales season in the fourth quarter [1] - The overseas business focuses on two main sectors: satellite communication and data copper cables, with a gradual expansion into international markets [1] - The company is seeing a steady increase in overseas orders, particularly in high-speed data copper cables and coaxial cables [1]

Group 1 - The company announced the convening of the 2025 Sixth Session Fourth Workers' Representative Assembly on November 12, 2025 [1] - The assembly unanimously agreed to remove Mr. Fang Hongmin from his position as the employee representative supervisor of the fifth supervisory board [1] - Ms. Wu Qiuting was elected as the employee representative director of the fifth board of directors during this meeting [1]

证券代码：603703 证券简称：盛洋科技 公告编号：2025-042 浙江盛洋科技股份有限公司 关于公司非独立董事辞职暨选举职工代表董事的公告 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。 重要内容提示： 浙江盛洋科技股份有限公司（以下简称"公司"）董事会于近日收到非独 立董事吴秋婷女士提交的书面辞职报告。因公司治理结构调整，吴秋婷女士申请 辞去公司第五届董事会非独立董事职务。除辞任非独立董事职务外，吴秋婷女士 在公司担任的其他职务不变。 公司于2025年11月12日召开2025年六届四次职工代表大会第二次临时会 议，选举吴秋婷女士为公司第五届董事会职工代表董事，任期自本次职工代表大 会审议通过之日起至公司第五届董事会任期届满之日止。 一、董事离任情况 （一）提前离任的基本情况 | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | | 离任原因 | 是否继续在 上市公司及 其控股子公 | 具体职务（如适用） | 是否存在未 履行完毕的 公开承诺 | | --- | --- | --- | --- | --- ...

证券代码：603703 证券简称：盛洋科技 公告编号：2025-040 浙江盛洋科技股份有限公司 2025年第一次临时股东大会决议公告 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 11 月 12 日 （二）股东大会召开的地点：浙江盛洋科技股份有限公司（以下简称"公司"） 行政楼会议室（浙江省绍兴市越城区人民东路 1416 号） （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 | 200 | | --- | --- | | 2．出席会议的股东所持有表决权的股份总数（股） | 123,329,301 | | 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 | 30.2795 | | 份总数的比例（%） | | （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。 本次股东大会由公司董事会召集，董事长叶利明先生主持会议，会议采用现 场投票和网 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于浙江盛洋科技股份有限公司 2025 年第一次临时股东大会的 法 律 意 见 书 康达股会字【2025】第 0468 号 致：浙江盛洋科技股份有限公司 北京市康达律师事务所（以下简称"本所"）接受浙江盛洋科技股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2025 年第一次临时股东大会（以 下简称"本次会议"）。 （1）在本法律意见书中，本所及本所律师仅就本次会议的召集和召开程序、召 集人和出席人员的资格 ...

第五届董事会第十七次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 2025 年 11 月 12 日，浙江盛洋科技股份有限公司（以下简称"公司"）以现 场结合通讯表决方式召开了第五届董事会第十七次会议。有关会议召开的通知， 公司已于 11 月 7 日以专人和电话等方式送达各位董事。本次会议由公司董事长 叶利明先生主持，会议应出席董事 9 人，实际出席董事 9 人。本次会议的召集、 召开和表决程序符合《中华人民共和国公司法》《公司章程》及公司《董事会议 事规则》的有关规定，会议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于选举代表公司执行公司事务的董事的议案》 董事会同意选举叶利明先生为代表公司执行公司事务的董事，并担任公司法 定代表人，任期自本次董事会审议通过之日起至第五届董事会任期届满之日止。 表决结果：本议案以 9 票同意、0 票反对、0 票弃权获得通过。 证券代码：603703 证券简称：盛洋科技 公告编号：2025-041 浙江盛洋科技股份有限公司 根据《中华人民 ...

Core Insights - Shengyang Technology has successfully implemented a dual-driven strategy of "wired/wireless communication + satellite communication," becoming a top three global producer of high-speed copper cables and a core supplier of satellite communication broadcasting television terminals [1][2]. Group 1: High-Speed Copper Cable Production - Shengyang Technology has achieved a monthly production capacity of 30,000 kilometers of high-speed copper cables, ranking among the top three globally, alongside two German companies [2]. - The company has a clear product development strategy of "producing one generation, researching two generations, and discussing three generations," which has allowed it to capitalize on the growing demand for high-speed copper cables since last year [2]. - The company is currently experiencing a saturated order book and is focused on steady growth in performance, particularly in the fourth quarter, which is traditionally a peak sales season [2]. Group 2: Ethernet Cable Development - Ethernet cables are expected to have a higher value than high-speed copper cables, playing a crucial role in the transformation of automotive "neural networks" and driving the development of smart, connected, and software-driven vehicles [3]. - The demand for high-speed copper cables continues to grow, with industry standards for automotive high-speed copper cables being formulated, which is expected to benefit Shengyang Technology as a leading technology enterprise [3]. - Shengyang Technology is also developing high-end copper cables for Ethernet, with production nearing completion for both gigabit and 10-gigabit Ethernet cables [2][3]. Group 3: Satellite Communication Terminal Expansion - Shengyang Technology has positioned itself to benefit from the global shift from standard definition to high definition and ultra-high definition satellite communication, with an estimated demand for at least 15 million terminals over the next three years [4]. - The company has established a comprehensive industry chain for satellite communication, including hardware and software development, terminal production, and market expansion, following strategic acquisitions and partnerships [4][5]. - A collaboration with Eutelsat, the second-largest satellite communication provider, has been announced, focusing on the commercialization of the DVB-NIP hybrid broadcasting technology [5][6]. Group 4: Future Growth and Market Opportunities - The DVB-NIP technology allows for IP-based media distribution over satellite and terrestrial networks, creating a new market for Shengyang Technology's products and services [5][6]. - The company is actively seeking partnerships with other overseas satellite operators to expand its market reach and is expected to begin small-scale sales of its products by 2026 [6][7]. - The domestic satellite communication business is also progressing, with Shengyang Technology becoming a candidate for a key project in the national broadcasting and television public service system [7][8].