北京德恒律师事务所 关于天津七一二通信广播股份有限公司 2025 年第二次临时股东会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 致：天津七一二通信广播股份有限公司 北京德恒律师事务所（以下简称"本所"）接受天津七一二通信广播股份有 限公司（以下简称"七一二"或"公司"）的委托，指派侯慧杰律师、高悦律师 （以下简称"本所律师"）出席公司 2025 年第二次临时股东会（以下简称"本 次股东会"），并对本次股东会的合法性进行见证并出具法律意见。 北京德恒律师事务所 关于天津七一二通信广播股份有限公司 2025 年第二次临时股东会的法律意见 北京德恒律师事务所 关于天津七一二通信广播股份有限公司 2025 年第二次临时股东会的 法律意见 德恒 01G20210136-13 号 本法律意见根据《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》"）、《上市公司股东会规 则》等法律、法规、规范性文件以及《天津七一二通信广播股份有限公司章程》 （以下简称"《公司章程》 ...

证券代码：603712 证券简称：七一二 公告编号：临 2025-045 天津七一二通信广播股份有限公司 2025年第二次临时股东会决议公告 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)股东会召开的时间：2025 年 11 月 14 日 (二)股东会召开的地点：天津开发区西区北大街 141 号公司会议室 (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 | 494 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 426,509,153 | | 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 | 55.2472 | | 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，股东会主持情况等。 本次股东会由公司董事会召集，公司董事长庞辉先生主持，会议以现场投票 与网络投票相结合的方式进行表决。会议召集、召开及表决方式等事宜符 ...

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is focused on expanding its revenue streams while deepening its existing market presence. It is actively exploring new growth avenues, particularly in military communication and civilian communication sectors [2][12] - The company reported a total revenue of 1.192 billion yuan for the first three quarters of 2025, a year-on-year decrease of 25.92%, with a net loss attributable to shareholders of 206 million yuan. In Q3 alone, revenue reached 561 million yuan, reflecting a year-on-year growth of 37.65, although it still reported a net loss of 92 million yuan [6][12] Summary by Sections Military Communication - The company has successfully secured bulk orders for a new platform's comprehensive communication navigation recognition system and has entered the product delivery phase. Additionally, a collaborative data link product has opened up the market with increasing customer orders. The company is also expanding into the unmanned field, signing contracts for differential takeoff and landing guidance equipment [2][12] Civilian Communication - In the railway communication sector, the company maintains its market leadership and is actively involved in the urban rail transit market, focusing on maintenance and renovation projects. It has reached agreements for trial use of its self-branded TAU in various projects and is accelerating the application of new 5G products in urban rail systems [12] Financial Projections - The company forecasts net profits attributable to shareholders of 88 million yuan, 198 million yuan, and 314 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 178, 79, and 50 [12]

天津七一二通信广播股份有限公司 2025年第二次临时股东会 天津七一二通信广播股份有限公司 2025 年第二次临时股东会 会议资料 二〇二五年十一月十四日 天津七一二通信广播股份有限公司 2025年第二次临时股东会 天津七一二通信广播股份有限公司 2025 年第二次临时股东会 天津七一二通信广播股份有限公司 2025年第二次临时股东会 目 录 | 天津七一二通信广播股份有限公司 2025 年第二次临时股东会会议议程 1 | | --- | | 议案一：关于续聘立信会计师事务所（特殊普通合伙）为公司 2025 年度审计机构的议案 3 | | 议案二：关于制定、修订部分公司治理制度的议案 4 | 会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据中国证券监督管理委员会《上市公司股东会规则》、《天津七 一二通信广播股份有限公司章程》的有关规定，特制定会议须知如下，望出席股 东会的全体人员遵守执行： 一、股东参加股东会，应当认真履行其法定义务，不得侵犯其他股东的权益； 二、股东会期间，全体出席人员应以维护股东的合法权益、确保会议正常秩 序和议事效率为原则，认真履行法定职责 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][40]. Core Insights - Nvidia's GTC event provided a significant CAPEX guidance of $500 billion for the Blackwell-Rubin series, with North American CSPs showing a clear upward trend in capital expenditures for Q3 2025 [4][16]. - The report highlights a strong growth trend in AI infrastructure investments, with North American CSPs' capital expenditures reaching a total of $113.3 billion in Q3, marking a 75% year-on-year increase [5][17]. - The A-share communication industry is experiencing high growth in AI computing performance, although there is a mismatch between high short-term expectations and actual performance releases [5][17]. Summary by Sections Industry Dynamics - Nvidia's guidance for North American CSPs suggests CAPEX could reach $443 billion, $549 billion, and $632 billion from 2025 to 2027, with GPU shipments expected to total 20 million units [4][16]. - The report emphasizes the stability of capital markets regarding concerns over "AI bubble" investments, with Nvidia's roadmap enhancing investment certainty in areas like 1.6T optical modules and quantum computing [4][16]. A-Share Communication Industry Overview - The report notes that leading companies in optical modules, such as Zhongji Xuchuang and Xinyi Technology, continue to expand production, with stable gross margin trends despite short-term performance fluctuations [5][17]. - The bottleneck effects in core materials like optical chips are becoming more pronounced, with domestic chip manufacturers expected to gain market share as overseas giants slow down production [5][17]. Market Performance - The overall market showed mixed performance during the week of October 27 to October 31, 2025, with the Shenzhen Component Index rising by 0.67% and the communication index declining by 3.59% [11][20]. - The report identifies cloud computing as the leading sector with a weekly increase of 22.48%, followed by IDC and equipment manufacturers [11][20]. Recommended Companies - The report suggests focusing on companies in various segments, including optical devices (e.g., Guangke Technology, Shijia Photon) and AIOT solutions (e.g., Rockchip, Yiyuan Communication) [20].

Core Insights - The event "China Shipbuilding Group Intelligent Leading Deep Blue" showcased the innovative capabilities of the China Shipbuilding Group's 712 Research Institute, emphasizing its advancements in green intelligent ships, urban rail transit, and hydrogen energy applications [4][5]. Group 1: Green Intelligent Ships - The 712 Research Institute is a leader in green intelligent ship technology, having pioneered the all-electric ship concept and developed a comprehensive technical system for power system research, core component production, and system integration [6]. - The institute's delivered new energy power systems account for over 50% of the national market, maintaining a leading position [6]. - Notable projects include the Wuhan "Junlv No. 1," the first pure electric passenger ship certified by CCS, and the "Three Gorges Hydrogen Ship No. 1," which has replaced 108 tons of fuel and reduced CO2 emissions by 360 tons [7]. Group 2: Hydrogen Energy Applications - Hydrogen energy is a key focus area, with the institute achieving significant advancements in fuel cell technology, including a domestic production line for membrane electrodes and bipolar plates [8]. - The hydrogen fuel cell system developed for ships has a power output efficiency of 50%-60% and features a multi-level safety protection system certified by CCS [8][9]. - The "Hydrogen Electric Tug No. 1" is the first zero-emission hydrogen tugboat in China, capable of reducing CO2 emissions by approximately 1,500 tons annually [9]. Group 3: Urban Rail Transit - The 712 Research Institute is the only domestic entity with complete proprietary intellectual property for direct current traction power supply systems, covering 20 cities and 52 rail transit lines [11]. - The institute's products dominate the market in metro power supply systems, with a market share of over 95% in the non-ferrous metal smelting sector [11]. - The institute has developed a comprehensive research and production capacity, with an annual output value of 500 million yuan, supporting the high-quality development of urban rail transit [11]. Group 4: Innovative Application Scenarios - The event featured innovative applications such as the smart ship cockpit, which integrates AI and human-centered design to enhance navigation safety and efficiency [12]. - The smart kitchen research platform utilizes automated cooking and food preparation systems, allowing real-time feedback from employees to improve product development [13].

Core Insights - The Tianjin state-owned enterprise reform sector saw a slight increase of 0.2% on October 31, with Haitai Development leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance Summary - Haitai Development (600082) closed at 4.72, up 6.07% with a trading volume of 399,300 shares and a turnover of 185 million yuan [1] - Guifaxiang (002820) closed at 12.80, up 3.90% with a trading volume of 137,100 shares and a turnover of 174 million yuan [1] - Tianbao Infrastructure (000965) closed at 4.38, up 2.10% with a trading volume of 861,500 shares and a turnover of 380 million yuan [1] - Other notable stocks include Jinmeng Technology (300334) at 7.50 (+1.90%), Bohai Chemical (600800) at 3.83 (+1.86%), and Jintou City Development (600322) at 2.51 (+1.21%) [1] Capital Flow Analysis - The Tianjin state-owned enterprise reform sector experienced a net inflow of 67.98 million yuan from institutional investors, while retail investors saw a net outflow of 84.03 million yuan [2][3] - The main capital inflow was observed in Tianbao Infrastructure (000965) with a net inflow of 49.38 million yuan, while Jin Kai New Energy (600821) faced a significant net outflow of 66.21 million yuan [3]

Core Insights - Company reported a total revenue of 1.192 billion yuan for Q3 2025, ranking 17th among peers, which is a decrease of 417 million yuan or 25.92% year-on-year [1] - The net profit attributable to shareholders was -206 million yuan, ranking 54th among peers, a decline of 179 million yuan compared to the same period last year [1] - The net cash flow from operating activities was -480 million yuan, ranking 51st among peers, a decrease of 9.5772 million yuan year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 52.01%, ranking 47th among peers, an increase of 1.52 percentage points from the previous quarter and 3.73 percentage points from the same period last year [3] - The latest gross profit margin is 32.10%, ranking 32nd among peers, a decrease of 1.78 percentage points from the previous quarter and 1.82 percentage points year-on-year [3] - The latest return on equity (ROE) is -4.94%, ranking 44th among peers, a decrease of 4.34 percentage points from the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.27 yuan, ranking 46th among peers, a decrease of 0.23 yuan compared to the same period last year [3] - The latest total asset turnover ratio is 0.13 times, ranking 37th among peers, a decrease of 0.04 times or 22.22% year-on-year [3] - The latest inventory turnover ratio is 0.31 times, ranking 52nd among peers, a decrease of 0.06 times or 16.52% year-on-year [3] Shareholder Information - The number of shareholders is 49,400, with the top ten shareholders holding 430 million shares, accounting for 55.73% of the total share capital [3] - The largest shareholder is Tianjin Zhibo Intelligent Technology Development Co., Ltd., holding 48.3 million shares [3]

天津七一二通信广播股份有限公司 借贷管理制度 第一章 总 则 第一条 为规范天津七一二通信广播股份有限公司（以下简称"公司"）的 借贷行为，使公司借贷行为规范化、制度化、科学化，规避和减少决策风险，维 护公司和全体股东合法权益，根据有关法律、法规、规范性文件及《天津七一二 通信广播股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制 度。 第二条 列入公司年度生产经营计划中的借贷行为按决策权限分别经董事 会或股东会审议批准后，可以授权总经理直接组织实施。 第三条 本制度的决策行为应遵循以下基本原则： （一）遵守国家法律、法规及《公司章程》的有关规定； （二）维护公司和全体股东利益，争取效益最大化； （三）符合公司发展战略，符合国家产业政策，发挥和加强公司的竞争优势； （四）采取审慎态度，规模适度，量力而行，对实施过程进行相关的风险管 理，兼顾风险和收益的平衡； （五）规范化、制度化、科学化，必要时咨询外部专业机构。 第二章 借贷行为 第七条 公司股东会、董事会、管理层有关借款事项的审批权限如下： （一）单项金额超过公司最近一期经审计的总资产的40%的借款事项，由股 东会审议批准； 第四条 本制度规范 ...