证券代码：688100 证券简称：威胜信息 公告编号：2026-009 威胜信息技术股份有限公司 2025年年度股东会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 3 月 20 日 （二） 股东会召开的地点：湖南长沙高新区桐梓坡西路 468 号威胜信息技术股 份有限公司行政楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 147 | | --- | --- | | 普通股股东人数 | 147 | | 2、出席会议的股东所持有的表决权数量 | 357,173,622 | | 普通股股东所持有表决权数量 | 357,173,622 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 73.6359% | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 73. ...

北京市金杜律师事务所 关于威胜信息技术股份有限公司 2025 年年度股东会 之法律意见书 致：威胜信息技术股份有限公司 北京市金杜律师事务所（以下简称本所）接受威胜信息技术股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华 人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公司 股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简称中国境 内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政区和 中国台湾省）现行有效的法律、行政法规、规章和规范性文件和现行有效的公司章 程有关规定，指派律师出席了公司于 2026 年 3 月 20 日召开的 2025 年年度股东 会（以下简称本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2025 年第二次临时股东大会审议通过的《威胜信息技术股份有限 公司章程》（以下简称《公司章程》）； 2. 公司 2026 年 2 月 28 日刊登于《中国证券报》《证券时报》《上海证券 报》《证券日报》及上海 ...

威胜信息技术股份有限公司 2025 年年度股东会会议资料 | 威胜信息技术股份有限公司 2025 | 年年度股东会会议须知 3 | | | | --- | --- | --- | --- | | 威胜信息技术股份有限公司 2025 | 年年度股东会会议议程 5 | | | | 关于《2025 年年度报告及摘要》的议案 | | | 7 | | 关于《2025 年度董事会工作报告》的议案 | | | 8 | | 关于《2025 年度独立董事述职报告》的议案 | | | 26 | | 关于《2025 年度利润分配方案》的议案 | | | 27 | | 关于续聘天健会计师事务所（特殊普通合伙）为公司外部审计机构的议案 | 29 | | | | 关于 2025 年度日常关联交易实施情况与 | 2026 年度日常关联交易预计的议案 | | ..30 | | 关于《2026 年度董事及高级管理人员薪酬方案》的议案 | | | 31 | | 关于提请股东会授权董事会制定并实施 | 2026 年度中期利润分配方案的议案 | | ...33 | 证券代码：688100 证券简称：威胜信息 2 2026 年 3 月 1 威胜信息技 ...

Macroeconomic Insights - The macroeconomic policy aims for a GDP growth target of 4.5%-5% for the year 2026, with a focus on active fiscal policies and revitalizing the private economy[5] - CPI shows a marginal decline while PPI surged significantly due to geopolitical influences, particularly in energy and chemical products[5] - The U.S. non-farm employment data for February showed a significant drop of 92,000 jobs, much lower than the expected increase of 55,000[14] Geopolitical Factors - The ongoing military conflict in the Middle East, particularly between the U.S. and Iran, continues to create uncertainty and volatility in asset prices[8] - The geopolitical situation is expected to maintain high volatility, impacting oil prices and inflation expectations, which could influence the Federal Reserve's interest rate decisions[15] Market Trends - Global stock markets experienced declines, with the Shanghai Composite Index down 0.93% and the S&P 500 down 2.02% during the week of March 2-8, 2026[9] - Commodity prices showed mixed results, with Brent crude oil futures rising by 28.68% while copper prices fell by 3.69%[9] Investment Strategies - Recommendations include overweighting A-shares and H-shares due to expected positive economic policies and stable capital market reforms[18] - The report suggests a focus on energy security and the development of a new energy system, particularly in light of geopolitical tensions affecting energy supplies[23] Sectoral Developments - The AI-driven pharmaceutical sector is witnessing significant advancements, with AI becoming a crucial infrastructure for drug development, enhancing efficiency and reducing timelines[36] - The telecommunications sector is preparing for the transition to 6G technology, with significant investments expected in satellite communication and high-frequency technologies[32]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 56.10 CNY [6]. Core Insights - The company is deeply engaged in the AI industry, creating an integrated technology solution of "terminal perception + edge computing + cloud AI" [2]. - The global expansion strategy is entering a harvest phase, with over 10 million overseas user connections [13]. Financial Summary - Total revenue is projected to grow from 2,745 million CNY in 2024 to 5,868 million CNY in 2028, reflecting a compound annual growth rate (CAGR) of approximately 25.5% [4]. - Net profit attributable to the parent company is expected to increase from 631 million CNY in 2024 to 1,312 million CNY in 2028, with a CAGR of 25.1% [4]. - Earnings per share (EPS) is forecasted to rise from 1.28 CNY in 2024 to 2.67 CNY in 2028 [4]. Business Strategy - The company's core AI products and solutions include intelligent monitoring, AI fault recovery, load forecasting, edge computing gateways, and distribution automation AI judgment software systems [13]. - The company aims to maintain its leading position in gateway and related distribution products while enhancing product value and competitiveness in domestic and international markets [13]. Global Expansion - The company’s Indonesian factory commenced operations in April 2025, serving as a core production base for Southeast Asia [13]. - A technical center in Saudi Arabia was initiated in September 2025, aimed at serving the Middle East region [13].

Investment Rating - The investment rating for the company is "Buy" with a target price of 56.10 CNY [6]. Core Insights - The company is deeply engaged in the AI industry, creating an integrated technology solution of "terminal perception + edge computing + cloud AI" [2]. - The global expansion of the company is entering a harvest period, with over 10 million overseas user connections [13]. Financial Summary - Total revenue is projected to grow from 2,745 million CNY in 2024 to 5,868 million CNY in 2028, reflecting a compound annual growth rate (CAGR) of approximately 25.5% [4]. - Net profit attributable to the parent company is expected to increase from 631 million CNY in 2024 to 1,312 million CNY in 2028, with a CAGR of 25.7% [4]. - Earnings per share (EPS) is forecasted to rise from 1.28 CNY in 2024 to 2.67 CNY in 2028 [4]. - The return on equity (ROE) is anticipated to improve from 18.8% in 2024 to 24.1% in 2028 [4]. Business Development - The company's core AI products and solutions include intelligent monitoring, AI fault recovery, load forecasting, edge computing gateways, and distribution automation AI software systems [13]. - The company is expected to see a recovery and increase in the bidding volume for gateways and related distribution products in 2026, supported by national grid bidding plans [13]. - The company has established a manufacturing base in Indonesia and a technical center in Saudi Arabia to enhance its service capabilities in Southeast Asia and the Middle East [13].

- The report introduces a quantitative timing model based on volume signals, referred to as the "Volume Timing Signal" model. The model evaluates market sentiment by analyzing the volume of major indices. As of March 6, 2026, the volume timing signals for all indices, including the Shanghai Composite Index, Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext Index, and Beijing 50, indicate a cautious outlook[23][24] - The "HS300 Rising Stock Proportion Sentiment Indicator" is introduced to assess market sentiment by calculating the proportion of stocks in the CSI 300 index with positive returns over a specific period (N days). The formula is: $ \text{HS300 N-day Rising Stock Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns over N days}}{\text{Total number of CSI 300 stocks}} $ This indicator is effective in capturing upward opportunities but has limitations in predicting market downturns. As of March 6, 2026, the indicator showed a slight increase, with the proportion of rising stocks exceeding 60%, indicating high market sentiment[24][25] - The "HS300 Rising Stock Proportion Timing Tracking" applies two different smoothing windows (N1=50 and N2=35) to the above sentiment indicator. When the short-term smoothed line (fast line) exceeds the long-term smoothed line (slow line), it signals a bullish market sentiment. As of March 6, 2026, both the fast and slow lines were rising, with the fast line above the slow line, suggesting a continued bullish outlook[26][28] - The "Moving Average Sentiment Indicator" is based on the eight-moving-average system, which uses the closing prices of the CSI 300 index and calculates moving averages with parameters 8, 13, 21, 34, 55, 89, 144, and 233. The indicator assigns values of -1, 0, or 1 based on the position of the current price relative to the moving averages. When the current price exceeds more than five of the moving averages, it signals a bullish sentiment. As of March 6, 2026, the CSI 300 index was in a non-prosperous sentiment zone[32][36] - The report also analyzes cross-sectional volatility and time-series volatility as indicators of short-term alpha opportunities. Cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 index components increased week-over-week, indicating an improved short-term alpha environment. Over the past quarter, cross-sectional volatility for CSI 300 and CSI 1000 was in the upper-middle percentile of the past six months, while CSI 500 was in the middle percentile. Time-series volatility for the same indices also increased week-over-week, with CSI 1000 in the upper-middle percentile of the past six months, indicating a favorable alpha environment[37][38][41]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Insights - The company reported a revenue of 2.978 billion yuan for 2025, an increase of 8.48% year-on-year, and a net profit of 666 million yuan, up 5.64% year-on-year [1][7] - The growth is primarily driven by the communication gateway segment, which accounted for 34.77% of total revenue, benefiting from new power system construction and overseas market expansion [6] - The company's AI initiatives are showing significant results, contributing 737 million yuan to revenue, representing 24% of the main business income [6] - The company has a robust order backlog of 4.059 billion yuan, supporting future performance growth [6] - A new dividend mechanism has been introduced, with a total proposed dividend of approximately 268 million yuan for 2025, alongside a share buyback of 449 million yuan [6] Financial Performance - The company achieved an EPS of 1.36 yuan for 2025, with projected revenues of 3.702 billion yuan for 2026, reflecting a 24% year-on-year growth [7][14] - The operating profit for 2025 is expected to be 779 million yuan, with a net profit of 666 million yuan, indicating a 6% growth compared to 2025 [7][14] - The company maintains a healthy ROE of 18.8% and a debt-to-asset ratio of 37.8% [2][14] Product Segmentation - In 2025, revenue from the perception layer reached 1.16 billion yuan, up 9.13% year-on-year, while the application layer saw a significant increase of 89.28% to 280 million yuan [6] - The network layer revenue slightly decreased by 0.48% to 1.516 billion yuan, but maintained a gross margin of 45.85% [6] Research and Development - The company invested 232 million yuan in R&D in 2025, maintaining a high R&D intensity of over 9% of revenue over the past five years [6][14] - The company is actively involved in AI applications within the power industry, collaborating with national laboratories to enhance its technological capabilities [6]

Summary of Conference Call Notes Company and Industry Overview - **Company**: 威胜信息 (Weisheng Information) - **Industry**: Power and Water Management, Smart City Solutions Key Points and Arguments Investment Trends - The State Grid and Southern Grid are expected to allocate 40%-45% of their investments to distribution networks over the next five years, with digital investments accounting for 10%-15% [2][3] - The total investment in distribution networks is projected to exceed 2 trillion yuan, with over 600 billion yuan dedicated to digital and intelligent upgrades [2][3] International Market Strategy - The company is focusing on high-value markets in Europe and North America, targeting advanced power terminals, low-carbon energy management solutions, and water management solutions [2][5] - North American technical certification is set to begin in October 2025, while European water management certification is expected to start in June 2025, with full product certification anticipated by mid-2026 [2][5] Product Development and Market Opportunities - The company is developing a comprehensive solution for AIDC (Artificial Intelligence Data Center) that includes intelligent PDU and AI server integration, with a planned value of approximately 5 billion yuan, representing about 5% of the market [2][7] - The company aims to capture over 5% market share in a target market estimated at 500 billion yuan, translating to an expansion opportunity of 40-50 billion yuan [4] Revenue Projections - The company anticipates a 33.98% year-on-year growth in overseas revenue by 2025, contributing approximately 19.6% to total revenue [5] - AI-related revenue is projected to reach 737 million yuan in 2025, marking an 89.7% increase, with expectations of similar growth in 2026 [3][14] Regional Market Developments - The Indonesian factory is expected to become the fastest-growing and largest market for the company by 2026, with a projected growth of at least 2.5 times compared to 2025 [9] - The Saudi technical center is set to launch a customized ultrasonic metering solution, with significant market potential in the region [9][10] Digital Transformation and AI Integration - The company is investing in AI-related solutions, including intelligent monitoring and AI fault recovery, which are expected to drive significant growth in the digital transformation of the power grid [3][14] - The integration of AI with traditional power management systems is seen as a key growth driver, with a focus on enhancing operational efficiency and monitoring capabilities [14] Future Outlook - The company aims for overall revenue growth of 20%-30% in 2026, with international business growth expected to exceed 100% [16] - The focus will be on new product development, international expansion, and leveraging data center opportunities to drive future growth [16] Chip Development - The company has made significant advancements in power MMI communication chips, with a focus on developing a SOC chip for sensing and communication integration by 2026 [17] Additional Important Information - The company has established seven overseas subsidiaries, covering Southeast Asia, the Middle East, and Africa, with a strong emphasis on localizing supply chains to enhance efficiency and cost-effectiveness [5] - The company is actively participating in the development of the "Electric Hong Operating System" in collaboration with Southern Grid, aiming to support the digital transformation of the power sector [12]

Core Insights - The company reported a revenue of 2.978 billion yuan for 2025, representing a year-on-year growth of 8.48%, and a net profit of 666 million yuan, up 5.64% year-on-year [1] - The company aims to focus on internationalization and innovation as core growth engines for 2026, with significant investments in AI data centers [1] Financial Performance - The operating cash flow for 2025 was 516 million yuan, improving by 8.91% year-on-year, indicating a synchronized growth in revenue, profit, and cash flow [2] - The company announced a total cash dividend of 268 million yuan for 2025, with a dividend payout ratio of 40.24% [2] - The company has a contract amount of 4.059 billion yuan at the end of 2025, providing a solid foundation for future performance [2] Shareholder Returns - Since its IPO, the company has returned a total of 1.529 billion yuan to shareholders through cash dividends and share buybacks, which is 250% of the net funds raised during the IPO [3] - The total shareholder return rate has reached 203.27% since the company went public [3] Market Positioning - The company ranked first in the bidding amounts for smart terminals and communication modules in major state grid projects in 2025 [4] - The company is expanding its business in the digital energy sector, focusing on core needs such as power distribution investment and renewable energy integration [4] International Expansion - The company achieved overseas revenue of 564 million yuan in 2025, a year-on-year increase of 33.98%, accounting for 19.06% of its main business revenue [4] - The company has established a presence in regions including Egypt, South Africa, the Middle East, North Africa, and Southeast Asia, with a factory in Indonesia and a technical service center in Saudi Arabia [4] AI Strategy - The company invested 232 million yuan in R&D in 2025, with an average R&D expenditure of over 9% of revenue over the past five years [5] - AI-related product revenue reached 737 million yuan, making up 24% of the main business revenue [5] - The company plans to focus on AI data centers as a core strategic area for growth in 2026 [5][6]