北京市天元律师事务所 关于昆山国力电子科技股份有限公司 京天股字（2025）第 242 号 致：昆山国力电子科技股份有限公司 昆山国力电子科技股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，其中现场 会议于 2025 年 5 月 19 日在昆山开发区西湖路 28 号国力股份 1 号会议室召开。北 京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次 股东大会，并根据《中华人民共和国公司法》 《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》 （以下简称《股东会规则》）以及《昆山国力电子 科技股份有限公司章程》 （以下简称《公司章程》）等有关规定，就本次股东大会的 召集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结 果等事项出具本法律意见。 为出具本法律意见，本所律师审查了公司在指定媒体披露的《昆山国力电子科 技股份有限公司第三届董事会第十九次会议决议公告》《昆山国力电子科技股份有 限公司第三届监事会第十四次会议决议公告》《昆山国力电子科技股份有限公司关 于召开 2024 ...

北京市天元律师事务所 关于昆山国力电子科技股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 242 号 致：昆山国力电子科技股份有限公司 昆山国力电子科技股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，其中现场 会议于 2025 年 5 月 19 日在昆山开发区西湖路 28 号国力股份 1 号会议室召开。北 京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次 股东大会，并根据《中华人民共和国公司法》《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》（以下简称《股东会规则》）以及《昆山国力电子 科技股份有限公司章程》（以下简称《公司章程》）等有关规定，就本次股东大会的 召集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结 果等事项出具本法律意见。 本所及经办律师同意将本法律意见作为本次股东大会公告的法定文件，随同其 他公告文件一并提交上海证券交易所（以下简称"上交所"）予以审核公告，并依 法对出具的法律意见承担责任。 本所律师按照律师行业公认的业务标准 ...

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 | 证券代码：688103 | 证券简称：国力股份 | 公告编号：2025-027 | | --- | --- | --- | | 转债代码：118035 | 转债简称：国力转债 | | 昆山国力电子科技股份有限公司 2024年年度股东会决议公告 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：2025 年 5 月 19 日 （二） 股东会召开的地点：昆山开发区西湖路 28 号国力股份 1 号会议室 （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 | 23 | | --- | --- | | 普通股股东人数 | 23 | | 2、出席会议的股东所持有的表决权数量 | 38,930,410 | | 普通股股东所持有表决权数量 | 38,930,410 | | 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 | 40.8729 | | 例（ ...

Core Viewpoint - The high-voltage direct current relay market is experiencing significant growth driven by the increasing demand in the power industry, industrial automation, and the rapidly expanding electric vehicle sector. The market size in China is projected to reach approximately 3.288 billion yuan in 2024, with continued growth expected due to the development of renewable energy, smart grids, and electric vehicles [1][16]. Group 1: Industry Overview - High-voltage direct current relays are essential electrical devices used to control current in high-voltage direct current circuits, featuring advantages such as high voltage resistance and impact resistance. They are primarily applied in the power, industrial automation, and electric vehicle industries [3][11]. - The demand for high-voltage direct current relays is increasing due to the rapid growth of the electric vehicle industry, which requires these relays for battery management systems and motor control systems [1][11]. Group 2: Market Demand and Growth - The market for high-voltage direct current relays is projected to grow significantly, with the global market size expected to reach approximately 3.521 billion USD in 2024, driven by the increasing sales of electric vehicles [14]. - In China, the production and sales of new energy vehicles have seen substantial growth, with production increasing from 340,500 units in 2015 to 12.888 million units in 2024, reflecting a compound annual growth rate of 49.74% [11][14]. Group 3: Technical Requirements - High-voltage direct current relays used in electric vehicles must meet various technical requirements, including high voltage resistance, load endurance, impact resistance, strong arc extinguishing capability, and high breaking capacity [5][6]. - The relays must withstand high working voltages and currents, with electric vehicles typically requiring relays that can handle voltages significantly higher than traditional vehicles [5][6]. Group 4: Industry Chain and Key Materials - The upstream of the high-voltage direct current relay industry includes the supply of core raw materials and key components, such as precious metals for contacts and copper for coils, which are crucial for performance and manufacturing costs [7][9]. - The production of copper materials in China is projected to grow from 18.62 million tons in 2017 to 23.503 million tons in 2024, providing a solid raw material foundation for high-voltage direct current relays [9]. Group 5: Competitive Landscape - The global high-voltage direct current relay market exhibits an oligopolistic structure, with major players including Panasonic, Tyco, Gigavac, Omron, and Denso, while domestic manufacturers like Hongfa and Aerospace Electric hold significant market shares [18][20]. - In the domestic market, Hongfa Technology holds approximately 40% of the market share, with other players like BYD and Panasonic also contributing to the competitive landscape [18][20]. Group 6: Future Trends - The demand for high-voltage direct current relays is expected to grow due to the upgrade of high-voltage platforms in electric vehicles, requiring higher voltage ratings and safety standards [24]. - There is a trend towards lightweight design in high-voltage direct current relays, aiming to reduce weight by over 30% while maintaining performance, which is crucial for enhancing the range of electric vehicles [25]. - The integration of smart technologies in high-voltage direct current relays is anticipated to enhance safety and efficiency, with features like real-time monitoring and adaptive protection mechanisms [27][28].

Core Insights - The CT equipment market in China is projected to reach approximately 25.5 billion yuan in 2024, driven by increasing clinical demand due to an aging population and rising chronic disease prevalence [1][20] - The market is expected to maintain rapid growth as investments in healthcare increase and the implementation of hierarchical medical care continues [1][20] Industry Overview - CT, or computed tomography, is a medical imaging technology that utilizes X-rays to create detailed images of the body's internal structures, widely used for diagnosing various diseases [3][7] - The CT equipment industry is characterized by high technical barriers, requiring long-term technological accumulation for both core component development and complete device manufacturing [16] Market Dynamics - The demand for CT equipment is increasing due to the aging population and the growing need for medical examinations, with the number of CT devices in China expected to reach approximately 55,133 units by 2024 [21] - The domestic CT equipment market's localization rate is projected to be around 53% in 2024, with over 66% of sales coming from high-quality domestic brands [23] Competitive Landscape - The CT equipment industry in China exhibits a tiered competitive structure, with leading companies like GE Healthcare, United Imaging, and Siemens dominating the high-end market, while domestic firms are rapidly catching up through technological innovation [26][28] - Companies such as United Imaging and Wandong Medical are focusing on high-performance imaging equipment and innovative solutions to enhance their market presence [28][30] Policy Environment - The Chinese government has implemented strict regulatory frameworks for medical devices, promoting high-quality development and technological innovation in the CT equipment sector [9][11] - Recent policies aim to enhance the regulatory system for medical devices, ensuring safety and effectiveness while fostering innovation and competitiveness in the industry [9][11] Future Trends - The industry is witnessing a shift towards technological innovation and domestic substitution, with local manufacturers making significant strides in core component production and image quality [32] - The demand for CT equipment in grassroots medical institutions is expected to grow, driven by the hierarchical medical care policy and the increasing number of private hospitals [33] - The integration of AI and digital technologies in CT equipment is anticipated to enhance diagnostic capabilities and operational efficiency, aligning with the industry's move towards sustainability and environmental compliance [34]

昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料 昆山国力电子科技股份有限公司 证券代码：688103 证券简称：国力股份 二零二五年五月 昆山国力电子科技股份有限公 度股东大会会议资料 昆山国力电子科技股份有限公司 昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》(以下或简称《公司法》)、 六、股东及股东代理人要求发言或提问时，不得打断会议报告人的报告或其 昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料 他股东及股东代理人的发言。在股东大会进行表决时，股东及股东代理人不再进 行发言。股东及股东代理人违反上述规定，会议主持人有权加以拒绝或制止。 七、主持人可安排公司董事、监事、高级管理人员以及董事、监事候选人等 回答股东所提问题。对于可能将泄露公司商业秘密或内幕信息，损害公司、股东 共同利益的提问，主持人或其指定的有关人员有权拒绝回答。 八、出席股东大会的股东及股东代理人，应当对提交表决的议案发表如下意 见之一：同意、反对或弃权。现场出席的股东请务必在表 ...

昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料 昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688103 证券简称：国力股份 二零二五年五月 昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料 昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料目录 | 2024 年年度股东大会会议须知 2 | | | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 4 | | | 2024 | 年年度股东大会会议议案 6 | | | 议案一：《关于公司 | 年度董事会工作报告的议案》 6 | 2024 | | 议案二：《关于公司 | 年度监事会工作报告的议案》 7 | 2024 | | 议案三：《关于公司 2024 | 年度财务决算报告的议案》 8 | | | 议案四：《关于公司 2025 | 年度财务预算报告的议案》 9 | | | 议案五：《关于公司 2024 | 年年度报告及摘要的议案》 10 | | | 议案六：《关于公司 2024 | 年度利润分配方案的议案》 11 | | | 议案七：《关于公司 2025 | ...

Core Insights - The behavior of margin traders has attracted significant market attention, with investors hoping to capture investment opportunities from their activities [1] Group 1: Margin Trading Data - On May 8, a total of 3,663 stocks received margin buying funds, with the top three stocks being Xinyi Technology (¥1.425 billion), Zhongji Xuchuang (¥1.053 billion), and Shenghong Technology (¥807 million) [1] - The table lists stocks with the highest margin buying amounts, including Tiancheng Technology (¥15.75 million), Xingqiu Graphite (¥8.83 million), and Lianyu Co. (¥15.27 million), showing their respective transaction amounts and margin buying ratios [1] - Margin buying accounted for significant percentages of total transaction amounts for various stocks, with Tiancheng Technology at 28.65%, Xingqiu Graphite at 28.51%, and Lianyu Co. at 28.15% [1] Group 2: Stock Performance - The price changes of stocks with high margin buying varied, with some stocks experiencing gains, such as Tiancheng Technology (1.47%) and Xingqiu Graphite (2.39%), while others like Fuliwang saw a decline (-3.29%) [1][2] - The data indicates that margin buying can correlate with stock performance, as seen in the fluctuations of the stocks listed [1][2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to reach an inflection point in performance in 2025, with significant growth anticipated in its high-margin military and semiconductor businesses [3] - The company reported a revenue of 792 million yuan in 2024, a year-on-year increase of 14.46%, while the net profit attributable to shareholders decreased by 52.89% to 30 million yuan [2] - For Q1 2025, the company achieved a revenue of 230 million yuan, representing a year-on-year growth of 59.41%, and a net profit of 12 million yuan, up 183.46% year-on-year [2] Business Segment Summaries Military Segment - The military segment is experiencing a clear recovery in demand, with the company being an early entrant in the domestic military vacuum relay market and expanding into military DC contactors [4] - The company has completed the wireless integrated high-voltage control box project and is advancing the development of a new generation of high-power control boxes [4] - The delivery of special control box products began in June 2024, with optimistic customer demand across major business segments [4] Semiconductor Segment - The company is one of the early suppliers of semiconductor equipment electronic components in China, with products used in plasma etching and other equipment [5] - The successful development of high-voltage RF fast relays has led to small-batch production, and high-performance vacuum capacitors have gained recognition from high-end domestic semiconductor clients [7] New Energy Segment - The new energy segment is expected to benefit from both domestic and international demand, with the company developing new high-voltage DC contactors for electric vehicles and energy storage systems [8] - The company has received project notifications from a well-known foreign automotive manufacturer for supplying modular lightweight distribution devices, with a total contract value of approximately 160 million euros [8] Large Scientific Devices Segment - The company has signed a new order worth 566 million yuan for the procurement of high-power TWTs for large scientific devices, indicating a growing demand in this area [9][10] - The company has achieved import substitution for key components in large scientific devices, with its TWTs meeting international advanced standards [9] Financial Forecast and Valuation - The company is projected to achieve revenues of 1.173 billion yuan, 1.529 billion yuan, and 1.916 billion yuan for the years 2025, 2026, and 2027, respectively [11] - The net profit attributable to shareholders is expected to be 125 million yuan, 207 million yuan, and 302 million yuan for the same years [11] - The earnings per share (EPS) are forecasted to be 1.32 yuan, 2.17 yuan, and 3.17 yuan for 2025, 2026, and 2027, respectively [11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to reach an inflection point in performance in 2025, with significant growth anticipated in its high-margin military and semiconductor businesses [3] - The company reported a revenue of 792 million yuan in 2024, a year-on-year increase of 14.46%, while the net profit attributable to shareholders decreased by 52.89% to 30 million yuan [2] - For Q1 2025, the company achieved a revenue of 230 million yuan, representing a year-on-year growth of 59.41%, and a net profit of 12 million yuan, up 183.46% year-on-year [2] Business Segment Summaries Military Segment - The military segment is showing a clear recovery in demand, with the company being an early entrant in the domestic military vacuum relay market and expanding into military DC contactors [4] - The company has completed the wireless integrated high-voltage control box project and is progressing well with the high-power DC intelligent distribution system project [4] - The delivery of special control box products began in June 2024, with optimistic customer demand across major business segments [4] Semiconductor Segment - The company is one of the early suppliers of semiconductor equipment electronic components in China, with products used in plasma etching and other equipment [5] - The successful development of high-voltage RF fast relays and high-performance vacuum capacitors has led to batch deliveries to high-end domestic semiconductor customers [7] New Energy Segment - The company has developed a new generation of high-voltage DC contactors and has begun mass delivery in the new energy sector [8] - The company is actively expanding into the eVTOL market, which is expected to grow significantly, and has received project notifications from well-known foreign automotive manufacturers [8] Large Scientific Devices Segment - The company has signed a new order worth 566 million yuan for the procurement of high-power TWTs for large scientific devices, indicating a growing demand in this area [9][10] Financial Forecasts - The company is projected to achieve revenues of 1.173 billion yuan, 1.529 billion yuan, and 1.916 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 125 million yuan, 207 million yuan, and 302 million yuan [11][14] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.32 yuan, 2.17 yuan, and 3.17 yuan respectively [11][14]