浙江六和律师事务所 关于苏州天准科技股份有限公司 2025年第一次临时股东大会的 法律意见书 浙六和法意（2025）第1491号 致：苏州天准科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共和 国证券法》（下称"《证券法》"）和中国证券监督管理委员会发布的《上市公 司股东会规则》（下称"《规则》"）等法律、法规、规范性文件以及《苏州天 准科技股份有限公司章程》（下称"《公司章程》"）的规定，浙江六和律师事 务所（下称"本所"）接受苏州天准科技股份有限公司（下称"公司"）董事会 的委托，指派高美娟律师、王成才律师（下称"本所律师"）出席公司2025年第 一次临时股东大会（下称"本次股东大会"），对本次股东大会的召集、召开程 序、出席会议人员资格、会议表决方式和程序以及会议决议的有效性等事宜出具 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，查阅了本所律师认为出具本法律意见书所必须的文件、资料，并对有关事实 进行了必要的核查和验证。 本所律师同意将本法律意见书随公司本次股东大会决议一并公告，并依法对 本法律意见书承担相应的责任。 本所律师 ...

Market Overview - The AI and robotics sectors experienced a strong rally, with the Huaxia Sci-Tech AI ETF (589010) closing up 1.20% and a 5-day increase of 6.14% [1] - Among the 30 component stocks, 28 saw gains, with Lanke Technology leading at 4.56% and Stone Technology rising 4.03% [1] - The Robotics ETF (562500) rose by 2.13%, with a significant increase in trading volume, totaling 1.695 billion yuan [1] - The latest scale of the Robotics ETF reached 17.078 billion yuan, setting a new record [1] Key Developments - The Zhiyuan Expedition A2 humanoid robot successfully completed a 24-hour live stream challenge in high temperatures, marking a global first for autonomous long-duration walking in such conditions [2] - The Shenzhou 20 crew utilized the "Wukong AI" model during a 6.5-hour extravehicular activity, enhancing operational support for astronauts [2] - The "Embodied Tiangong Ultra" robot won the championship in the 100-meter sprint at the first humanoid robot sports event, clocking in at 21.50 seconds [2] Institutional Insights - Guojin Securities anticipates a surge in applications for robots with simple movements but high flexibility in the third and fourth quarters of this year, with a gradual increase in efficiency expected through data and model optimization [3] - The logistics, apparel, and healthcare sectors are seeing increased participation from application enterprises, supported by favorable policies [3] Popular ETFs - The Robotics ETF (562500) is the only fund in the market with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Huaxia Sci-Tech AI ETF (589010) is positioned as the brain of robotics, capturing the "singularity moment" in the AI industry with a 20% fluctuation range and small-cap elasticity [4]

Core Viewpoint - The artificial intelligence sector in China is experiencing significant growth, as evidenced by the performance of the Sci-Tech Innovation Board AI Index and related ETFs, indicating strong investor interest and potential opportunities in this field [2][3]. Group 1: Market Performance - As of August 15, 2025, the Sci-Tech Innovation Board AI Index (950180) rose by 1.05%, with notable increases in constituent stocks such as Stone Technology (688169) up 4.06% and Lanke Technology (688008) up 3.98% [2]. - The Sci-Tech AI ETF (588790) increased by 1.21%, with a latest price of 0.67 yuan, and has shown a cumulative increase of 1.85% over the past week [2]. - The Sci-Tech AI ETF has seen a significant scale growth of 7.54 million yuan over the past two weeks, ranking first among comparable funds [3]. Group 2: Fund Flows and Leverage - The latest net outflow for the Sci-Tech AI ETF was 1.08 million yuan, but over the past 10 trading days, there were net inflows on 7 days, totaling 5.21 million yuan [4]. - The latest margin buying amount for the Sci-Tech AI ETF reached 21.95 million yuan, with a margin balance of 827 million yuan [5]. Group 3: Performance Metrics - As of August 14, 2025, the Sci-Tech AI ETF has achieved a net value increase of 7.54% over the past six months, ranking first among comparable funds [5]. - The ETF's highest single-month return since inception was 15.59%, with an average monthly return of 9.25% during rising months [5]. - The Sharpe ratio for the Sci-Tech AI ETF over the past month was 1.21, indicating strong risk-adjusted returns [6]. Group 4: Tracking and Composition - The Sci-Tech AI ETF closely tracks the Sci-Tech Innovation Board AI Index, which includes 30 large-cap companies providing foundational resources, technology, and application support for the AI industry [7]. - As of July 31, 2025, the top ten weighted stocks in the index accounted for 67.36% of the total index weight, highlighting the concentration in key players within the AI sector [9].

今日截至10点00，科创人工智能ETF华夏（589010）上涨0.34%。持仓股方面，30只成分股有25只 飘红，迎来普涨行情。澜起科技领涨2.97%，天准科技、凌云光双双上涨超2%，奥普特、石头科技等跟 涨。流动性方面，盘中换手6.04%，成交金额达450万元，量能释放节奏稳定。 消息方面，联想的三大主营业务集团都把握住了AI带来的结构性增长机遇：IDG智能设备业务集团 实现营收973亿元，同比增长17.8%，其中PC业务创下15个季度以来最快增速；ISG基础设施方案业务集 团营收实现35.8%的增长；SSG方案服务业务集团收入增长19.8%至163亿元，运营利润率达22.2%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 （责任编辑：董萍萍 ） 长城证券认为，AI大算力浪潮催生新动能，芯片国产替代坚定推进，重点关注AI产业链相关公司 及"龙头低估"&"困境反转"企业。1）国产AI服务 ...

Core Insights - The report highlights the growth potential in the chemical raw materials sector, particularly in new materials and carbon capture technologies, with a focus on domestic opportunities in adsorption materials and equipment [5][6][7] - The non-bank financial sector is experiencing a recovery, driven by new IPO pricing regulations in Hong Kong, which are expected to enhance market stability and attract more mainland companies to list [9] - Satellite Chemical is positioned for growth through its functional chemical products, with a significant increase in R&D investment aimed at high-end new materials [11][12] - Wanhua Chemical is maintaining stable operations in its polyurethane business while accelerating its new materials layout, despite facing challenges in its petrochemical segment [15][16] Industry Commentary - The new materials sector has shown resilience, with the new materials index rising by 2.57%, outperforming the ChiNext index by 2.09% [6] - Key price movements in the amino acids and biodegradable materials markets indicate a mixed trend, with some prices declining while others remain stable [6] - The DAC (Direct Air Capture) technology is gaining traction, with Western Oil's updates on project progress and partnerships indicating strong market demand for carbon removal technologies [6][7] Company Analysis - Satellite Chemical reported a 20.9% year-on-year increase in total revenue for H1 2025, driven by its functional chemicals segment, which saw a 32.1% revenue growth [14] - Wanhua Chemical's H1 2025 revenue decreased by 6.4% year-on-year, with a notable decline in net profit, but its polyurethane and fine chemicals segments showed resilience [16] - Tianzhun Technology has made significant strides in the semiconductor and intelligent control sectors, with substantial revenue growth in visual measurement and intelligent driving solutions [20][21]

Core Viewpoint - The rapid growth of AI applications in China is reflected in the significant increase in daily Token consumption, which has surged over 300 times in a year and a half, indicating a strong market demand for AI technologies [2] Group 1: Market Performance - As of August 14, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 0.57%, with notable increases in constituent stocks such as Cambricon (688256) up 11.87% and Aerospace Dongfang (688066) up 1.34% [2] - The Sci-Tech AI ETF (588790) has seen a 2.00% increase over the past week, ranking 2nd among comparable funds [2] - The Sci-Tech AI ETF's trading volume reached 4.46 billion yuan, with a turnover rate of 6.46% [2] Group 2: Fund Growth and Performance - The Sci-Tech AI ETF experienced a significant scale increase of 53.88 million yuan over the past week, ranking 3rd among comparable funds [3] - The fund's share count grew by 999 million shares in the last two weeks, placing it 1st among comparable funds [3] - The fund has seen a net inflow of 669 million yuan over the past 10 trading days, with 8 days of net inflow [3] Group 3: Historical Returns and Risk Metrics - As of August 13, 2025, the Sci-Tech AI ETF's net value increased by 9.54% over the past six months, ranking 1st among comparable funds [4] - The fund's highest single-month return since inception was 15.59%, with an average monthly return of 9.25% [4] - The fund's Sharpe ratio for the past month was 1.21, indicating strong risk-adjusted returns [5] Group 4: Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are relatively low compared to comparable funds [6] - The fund's tracking error over the past month was 0.008%, the highest tracking precision among comparable funds [6] - The index tracks 30 major companies in the AI sector, with the top ten stocks accounting for 67.36% of the index [6]

银河证券研报认为，建议仍聚焦人工智能主赛道，重点把握三条主线：1、硬核底座：国产算力底座、 高端芯片、基座大模型等自主可控环节核心标的；2.出海龙头：海外算力基础设施建设、海外产品及AI Agent订阅模式有望打开增量收入型企业；3.场景货币化能力预期兑现的AI+应用龙头公司：重点跟踪 AI+办公、AI+金融、智能网联车三条高付费场景龙头公司，以及关注AI+医疗龙头。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 科创板人工智能ETF（588930）紧密跟踪上证科创板人工智能指数（950180.CSI）。该指数从科创板市 场中选取30只市值较大且业务涉及为人工智能提供基础资源、技术以及应用支持的上市公司证券作为指 数样本，以反映科创板市场代表性人工智能产业上市公司证券的整体表现。 消息面上，据杭州日报，近日，位于杭州城西科创大走廊的浙江大学成果转化基地传出喜讯：作为基地 首批签约孵化项目之一，全国首台国产商业电子束光刻机"羲之"已进入应用测试，其精度比肩国际主流 设备，标志着量子芯片研发从此有了"中国刻刀"。 8月14日，三大指数集体高开，上证科创板人工智 ...

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company reported a revenue of 597 million yuan for the first half of 2025, representing a year-on-year growth of 10.32%. However, it incurred a net loss attributable to shareholders of 14.19 million yuan, an improvement from a loss of 26.24 million yuan in the same period last year [4] - The company's performance in the smart driving solutions, consumer electronics, and PCB sectors showed significant growth, with visual measurement equipment revenue increasing by 72.44% year-on-year [4][5] - The semiconductor sector has made significant breakthroughs, with the company’s joint venture achieving major progress in the field [5] Financial Performance - The company’s revenue for Q2 2025 was 378 million yuan, a year-on-year increase of 8.76%, with a net profit attributable to the parent company of 18 million yuan, up 54.07% year-on-year [4] - The company’s net profit forecast for 2025-2027 is expected to be 170 million yuan, 180 million yuan, and 200 million yuan respectively, with year-on-year growth rates of 32.8%, 11.0%, and 10.0% [7] - The earnings per share (EPS) for 2025 is projected to be 0.86 yuan, with a price-to-earnings (P/E) ratio of 60.8 based on the closing price of 52.00 yuan on August 13 [7] Business Segments - The company’s visual measurement equipment generated revenue of 226 million yuan, driven by growth in major consumer electronics clients [4] - The smart driving solutions segment saw a revenue increase of 125.39% year-on-year, attributed to growth in automotive smart driving and humanoid robot sectors [4][5] - The visual detection equipment revenue decreased by 70.81% due to a decline in the photovoltaic industry [4] Market Position - The company is recognized as a leading visual equipment platform in China, focusing on the integration of artificial intelligence technology to drive industrial digital transformation [6] - The company is expanding its business collaborations in the smart driving sector, particularly with major automotive manufacturers [5][6]

Core Insights - The company reported a revenue of 597 million yuan for the first half of 2025, representing a year-on-year increase of 10% [1] - The net loss attributable to shareholders was 14 million yuan, a reduction in loss by 46% year-on-year [1] - The gross margin was 34.81%, down by 4 percentage points year-on-year, while the net margin improved to -2.39%, narrowing by 2 percentage points year-on-year [1] Business Segment Performance - **Visual Measurement Equipment**: Revenue reached 226 million yuan, up 73% year-on-year, with a gross margin of 48.74%, down 7 percentage points [2] - **Visual Inspection Equipment**: Revenue fell to 65 million yuan, down 71% year-on-year, with a gross margin of 30%, down 9 percentage points, primarily due to the ongoing downturn in the photovoltaic sector [2] - **Visual Process Equipment**: Revenue was 241 million yuan, an increase of 52% year-on-year, with a gross margin of 24.55%, down 6 percentage points [2] - **Intelligent Connected Solutions**: Revenue was 65 million yuan, up 124% year-on-year, with a gross margin of 29.19%, an increase of 19 percentage points [3] Future Outlook - The company is projected to achieve revenues of 1.897 billion yuan, 2.249 billion yuan, and 2.426 billion yuan for the years 2025 to 2027, with net profits of 164 million yuan, 218 million yuan, and 253 million yuan respectively [3] - The company is expected to benefit from significant domestic replacement opportunities in PCB and wafer inspection equipment, as well as advancements in intelligent driving control and humanoid robot brain products [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 597 million yuan in the first half of 2025, representing a year-on-year increase of 10.32%, while the net profit attributable to shareholders was a loss of 14 million yuan, a reduction in loss by 12 million yuan [8] - The second quarter performance met expectations, with revenue of 378 million yuan, up 8.76% year-on-year, and a net profit of 18 million yuan, up 54.07% year-on-year [8] - The company has seen progress across multiple sectors, including PCB, semiconductor, and controllers, despite challenges in the photovoltaic sector [8] - The forecast for revenue from 2025 to 2027 is 1.817 billion yuan, 2.070 billion yuan, and 2.286 billion yuan respectively, with net profits of 178 million yuan, 234 million yuan, and 258 million yuan [8] Financial Performance Summary - Revenue for 2023 is projected at 1,648 million yuan, with a growth rate of 3.7%, while 2024 is expected to see a slight decline of 2.4% [7] - The net profit for 2023 is estimated at 215 million yuan, with a significant growth rate of 41.5% [7] - Earnings per share (EPS) for 2025 is projected to be 0.92 yuan, with a price-to-earnings (PE) ratio of 55.8 [7] - The return on equity (ROE) is expected to be 8.9% in 2025, increasing to 12.2% by 2027 [7] Market Performance - The company's stock has shown a performance of -8% over the last 12 months, compared to a 14% increase in the CSI 300 index [4]