北 京 德 和 衡 律 师 事 务 所 B E I J I N G D H H L A W F I R M 北京德和衡（苏州）律师事务所 关于苏州德龙激光股份有限公司 2025 年第一次临时股东大会的 法律意见书 B E I J I N G D H H L A W F I R M 1．本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书 出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 2．在本法律意见书中，本所经办律师仅对本次股东大会的召集和召开程序、 出席会议人员的资格、召集人资格、会议表决程序及表决结果是否符合《公司法》 北京德和衡（苏州）律师事务所 关于苏州德龙激光股份有限公司 2025 年第一次临时股东大会的 法律意见书 德和衡证见意见（2025）第 00115 号 致：苏州德龙激光股份有限公司 北京德和衡（苏州）律师事务 ...

Market Overview - The automation equipment sector experienced a decline of 1.54% on November 14, with Bojie Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Top Performers - The top gainers in the automation equipment sector included: - **ZhiHua Co. (688589)**: Closed at 51.34, up 11.61% with a trading volume of 246,200 shares and a transaction value of 1.215 billion [1] - **Hongying Intelligent (001266)**: Closed at 36.27, up 10.01% with a trading volume of 126,800 shares and a transaction value of 454 million [1] - **Delong Laser (688170)**: Closed at 38.33, up 9.48% with a trading volume of 121,400 shares and a transaction value of 453 million [1] Underperformers - The notable decliners in the sector included: - **Bojie Co., Ltd. (002975)**: Closed at 73.70, down 5.73% with a trading volume of 70,400 shares and a transaction value of 523 million [2] - **Robot Technology (300757)**: Closed at 203.04, down 5.60% with a trading volume of 46,600 shares and a transaction value of 962 million [2] - **Buku Co. (688160)**: Closed at 87.70, down 4.24% with a trading volume of 10,500 shares and a transaction value of 93.3 million [2] Capital Flow - The automation equipment sector saw a net outflow of 1.074 billion from institutional investors, while retail investors contributed a net inflow of 859 million [2][3] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2][3] Individual Stock Capital Flow - Key individual stock capital flows included: - **Delong Laser (688170)**: Institutional net inflow of 37.56 million, retail net outflow of 32.20 million [3] - **Ruisheng Technology (688090)**: Institutional net inflow of 32.10 million, retail net outflow of 6.82 million [3] - **Hongying Intelligent (001266)**: Institutional net inflow of 25.55 million, retail net outflow of 14.83 million [3]

Core Viewpoint - Delong Laser has received orders for its storage chip invisible cutting equipment from leading customers, indicating a positive trend in the adoption of this technology within the industry [1] Group 1 - The company has successfully secured orders from top-tier clients for its storage chip invisible cutting equipment [1] - Other manufacturers are also advancing in this technology, suggesting a competitive landscape [1] - The successful application experiences from leading customers are expected to facilitate further promotion of the equipment [1] - Currently, the business segment related to this equipment remains relatively small in terms of overall contribution [1]

Core Viewpoint - Delong Laser (688170.SH) has received orders for its storage chip invisible cutting equipment from leading clients, which is expected to facilitate further promotion of the product despite its current small business share [1] Group 1 - The company has secured orders from top clients for its storage chip invisible cutting equipment [1] - Other manufacturers are also advancing in this area, indicating a competitive landscape [1] - Successful application experiences from leading clients are anticipated to benefit future promotions of the equipment [1] - The current business share of this equipment remains relatively small [1]

Core Insights - The perovskite solar cell sector has seen significant stock price increases, with companies like Zhonglai Co. rising by 20% and several others experiencing gains of over 10% due to advancements in perovskite solar technology [1][2]. Industry Developments - A research team from the Chinese Academy of Sciences has developed a perovskite solar cell prototype with a conversion efficiency of 27.2%, marking a critical step towards industrialization [2]. - The first GW-level perovskite photovoltaic module production line has commenced operations in Wuxi, Jiangsu, capable of producing approximately 1.8 million perovskite solar modules annually [2]. Market Trends - The perovskite solar cell technology is recognized as a potential next-generation photovoltaic technology due to its high theoretical conversion efficiency and low material costs [3]. - The industry is experiencing a shift towards supply chain autonomy and technological advancements, with significant milestones being achieved in production capabilities [4]. Investment Opportunities - Analysts suggest focusing on companies benefiting from supply-side reforms and technological upgrades, including Longi Green Energy, JA Solar, and JinkoSolar [4]. - The ongoing development of perovskite technology is expected to create long-term growth opportunities for firms like Maiwei Co. and Aisxu Co. [4].

Group 1 - The core point of the news is the performance and financial metrics of Delong Laser, which saw a stock price increase of 5.27% to 34.57 CNY per share, with a trading volume of 150 million CNY and a turnover rate of 4.29%, resulting in a total market capitalization of 3.573 billion CNY [1] - Delong Laser, established on April 4, 2005, and listed on April 29, 2022, is located in the Suzhou Free Trade Zone and specializes in the research, production, and sales of precision laser processing equipment and lasers, as well as providing laser processing services [1] - The revenue composition of Delong Laser includes: 72.10% from precision laser processing equipment, 10.22% from parts sales and maintenance, 8.18% from lasers, 7.28% from laser processing services, 1.59% from laser equipment leasing services, and 0.34% from other supplementary services [1] Group 2 - From the perspective of fund holdings, Huazhong Fund has a significant position in Delong Laser, with the Huazhong Innovation Mixed Fund (040001) holding 721,400 shares, accounting for 2.38% of the fund's net value, ranking as the tenth largest holding [2] - The Huazhong Innovation Mixed Fund (040001) has a total scale of 1.169 billion CNY and has achieved a year-to-date return of 26.55%, ranking 3528 out of 8147 in its category, with a one-year return of 17.4%, ranking 4139 out of 8056 [2]

Group 1 - The BC battery sector has shown strong performance, with companies like Xianggong Technology rising over 13% and GCL-Poly Energy increasing by more than 6% [1] - Other stocks in the sector, including Robotech, Weida Nami, Delong Laser, and Yubang New Materials, also experienced gains [1]

Core Insights - The company reported a revenue of 451 million yuan for the first three quarters of 2025, representing an 8% year-on-year increase, while the net profit attributable to shareholders was a loss of 17 million yuan, but this was a 21% improvement year-on-year [1] - The company launched a new ultra-thin laser dicing equipment, the LSD-6130, which is designed for 12-inch silicon storage chips and has already received its first mass production order from a leading domestic storage chip manufacturer [1][2] Financial Performance - For Q3 2025, the company achieved a revenue of 166 million yuan, a 20% year-on-year increase but an 11% decrease quarter-on-quarter [1] - The net profit attributable to shareholders for Q3 was a loss of 1 million yuan, which is an 88% year-on-year increase but a significant 240% decrease quarter-on-quarter [1] - The gross margin for Q3 was 41.31%, down 6 percentage points year-on-year and 2 percentage points quarter-on-quarter [1] Product Development and Market Position - The company’s solid-state battery equipment has gained recognition from major clients, with ongoing production and plans for further optimization and integration of processes [2] - The company is actively pursuing opportunities in the AI chip market and has successfully introduced FPC soft board drilling/cutting equipment to multiple industry clients [2] - The company is also expanding its product offerings in the PCB hard board sector, with plans to leverage the demand from data centers and AI chips for high-speed laser drilling [2] Future Projections - Revenue projections for 2025-2027 are estimated at 763 million, 883 million, and 1.052 billion yuan respectively, with net profits expected to be 1 million, 37 million, and 76 million yuan [3] - The company is focused on precision laser processing equipment across semiconductor, electronics, and new energy sectors, aiming to develop new products in collaboration with leading clients [3]

证券代码：688170 证券简称：德龙激光 苏州德龙激光股份有限公司 2025 年第一次临时股东大会会议资料目录 | 2025 | 年第一次临时股东大会会议须知 1 | | --- | --- | | 2025 | 年第一次临时股东大会会议议程 3 | | 2025 | 年第一次临时股东大会会议议案 5 | | | 议案一 关于取消监事会、修订《公司章程》的议案 5 | | | 议案二 关于制定、修订公司部分治理制度的议案 7 | | 议案二附件 | 1 苏州德龙激光股份有限公司对外担保管理制度 9 | | 议案二附件 | 2 苏州德龙激光股份有限公司控股子公司管理制度 14 | | 议案二附件 | 3 苏州德龙激光股份有限公司股东会网络投票实施细则 20 | | 议案二附件 | 4 苏州德龙激光股份有限公司累积投票制实施细则 26 | | 议案二附件 | 5 苏州德龙激光股份有限公司内幕信息知情人登记管理制度 30 | 苏州德龙激光股份有限公司 2025 年第一次临时股东大会会议须知 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，保证股东大会的顺 利进行，根据《公司法》《证券法》《上市公司股 ...

Core Viewpoint - Delong Laser is a leading provider of precision laser processing solutions in China, with a focus on the research, production, and sales of laser processing equipment and lasers, as well as offering laser processing services [1] Group 1: Business Performance - In Q3 2025, Delong Laser reported revenue of 451 million yuan, ranking 9th in the industry, significantly lower than the top competitor, Han's Laser, which had 12.71 billion yuan, and the second competitor, Huagong Technology, with 11.04 billion yuan [2] - The main business segment, precision laser processing equipment, generated revenue of 206 million yuan, accounting for 72.10% of total revenue [2] - The net profit for the same period was -16.86 million yuan, ranking 8th in the industry, while the industry leaders reported net profits of 1.31 billion yuan and 942 million yuan, respectively [2] Group 2: Financial Ratios - As of Q3 2025, Delong Laser's debt-to-asset ratio was 33.22%, an increase from 30.90% in the previous year, but still below the industry average of 46.31%, indicating relatively low debt pressure [3] - The gross profit margin for Q3 2025 was 42.54%, higher than the industry average of 30.30%, suggesting strong product profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 6.58% to 6,754, while the average number of circulating A-shares held per shareholder decreased by 6.17% to 15,300 [5] - New major shareholders include Yongying Technology Driven A, with 1.944 million shares, and others, ranking among the top ten circulating shareholders [5] Group 4: Executive Compensation - Zhao Yuxing, the chairman and general manager, received a salary of 1.0497 million yuan in 2024, a decrease of 154,800 yuan from 2023 [4]