北京德和衡律师事务所 关于青岛云路先进材料技术股份有限公司 2024年年度股东大会的 法律意见书 德和衡证见意见（2025）第41号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于青岛云路先进材料技术股份有限公司 2024年年度股东大会的 法律意见书 德和衡证见意见（2025）第41号 本法律意见书仅就本次股东大会的召集和召开程序、会议召集人和出席会议人员的资格、 会议表决程序和表决结果的合法有效性等发表意见，并不对本次股东大会所审议的议案内容和 该等议案中所表述的事实或数据的真实性和准确性发表意见。 本所及经办律师依据《律师事务所从事证券法律业务管理办法》等规定及本法律意见书出 具日以前已经发生或存在的事实，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。 本法律意见书仅供贵公司为本次股东大会之目 ...

Investment Rating - The industry rating is optimistic, indicating a positive outlook for the eVTOL sector in the coming months [53]. Core Insights - The eVTOL industry is rapidly developing due to intensive low-altitude policies and has significant future potential, particularly in the electric motor segment [8][26]. - eVTOL systems offer advantages in safety, environmental sustainability, and efficiency compared to traditional transportation methods [16][17][18]. - The market for eVTOL electric motors is projected to reach a substantial value, with a significant portion of the costs attributed to the power and energy systems [29][26]. Summary by Sections 1. Rapid Development of the eVTOL Industry - The eVTOL industry is experiencing swift growth driven by supportive government policies and technological advancements [8]. - The value contribution of eVTOL motors is high, indicating a large potential market space in the future [26]. 2. Diverse eVTOL Configurations and Power Solutions - eVTOL designs vary widely, with different manufacturers adopting unique propulsion systems, leading to diverse performance characteristics [30]. - The core barriers include high power density requirements for eVTOL motors and lengthy product development cycles [30][43]. 3. Technological Trends - The acceleration of power density improvements in eVTOL motors is driving advancements in materials and manufacturing processes [43]. - Innovations in high-performance magnetic and conductive materials are essential for enhancing motor efficiency and performance [44][45]. 4. Market Potential - The mid-term market potential for eVTOL motors is estimated at 107.9 billion yuan from 2025 to 2030, with power systems and energy systems accounting for 50% of costs [29]. - The operational costs of eVTOL are expected to drop significantly, potentially reaching one-fifth of helicopter costs, enhancing their competitiveness [23][24]. 5. Key Players and Configurations - Various eVTOL configurations include multi-rotor, lift and cruise, tilt-rotor, and tilt-duct types, each with distinct advantages and applications [30][31]. - The report highlights specific models and their respective configurations, showcasing the diversity in design and functionality [35][37].

证券代码：688190 证券简称：云路股份 青岛云路先进材料技术股份有限公司 青岛云路先进材料技术股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会 会议资料 二零二五年四月 1 | 2024 | 年年度股东大会会议须知 3 | | --- | --- | | 2024 | 年年度股东大会会议议程 5 | | 2024 | 年年度股东大会会议议案 7 | | 议案一：《关于公司 2024 | 年年度报告及年度报告摘要的议案》 7 | | 议案二：《关于 2024 | 年度董事会工作报告的议案》 8 | | 议案三：《关于公司独立董事 | 2024 年度述职报告的议案》 19 | | 议案四：《关于公司 2024 | 年度财务决算报告的议案》 20 | | 议案五：《关于公司 2024 | 年度利润分配预案的议案》 22 | | 议案六：《关于公司 2025 | 年度董事薪酬的议案》 23 | | 议案七：《关于 2024 | 年度监事会工作报告的议案》 24 | | 议案八：《关于公司监事 2025 | 年度薪酬的议案》 28 | 青岛云路先进材料技术股份有限公司 2024 年年度股东大 ...

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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 4 月 25 日（星期五）13:00-15:30 证券代码：688190 证券简称：云路股份 公告编号：2025-024 青岛云路先进材料技术股份有限公司 关于参加中国航空发动机集团有限公司所属上市公司 2024 年度业绩说明会的公告 会议召开地点：网络会议地点为上海证券交易所上证路演中心（网址： http: //roadshow.sseinfo.com/）；现场会议地点为四川省成都海湾酒店（四川 省成都市高新区天府大道南段 255 号远大购物广场） 会议召开方式：本次业绩说明会将采用网络文字互动与现场相结合的方 式举行。 青岛云路先进材料技术股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日在上海证券交易所网站（www.sse.com.cn）披露了《青岛云路先进材料 技术股份有限公司 2024 年年度报告》。为方便广大投资者更全面、深入地了解中 国航空发动机集团有限公司所属上市公司，充分展示公司的经营业绩、发展 ...

Summary of Conference Call Industry Overview - The focus of the conference call is on the flying electric motor industry, which is characterized as a disruptive innovation with wide-ranging applications across various sectors, including electric vehicles (EVs), home appliances, drones, and humanoid robots [1][2][3]. Key Points and Arguments - The flying electric motor is seen as a material-level disruptive innovation, with significant potential for application in the EV sector and beyond [1]. - The performance of the new electric motors is expected to achieve a 50 km increase in range and an energy conversion efficiency of 98.6% [2]. - The market for materials related to these motors is projected to be substantial, with estimates suggesting a potential market size of 20 billion for materials and 40 billion for electric motors [3]. - The flying electric motor can enhance energy and mechanical conversion efficiency by 2-3%, leading to a 9-15% increase in EV range, as well as reductions in weight and noise [3][5]. - The long-term market potential for flying electric motors is estimated to reach 300 billion, with specific materials contributing around 60 billion [3]. Industry Dynamics - The flying electric motor industry is divided into three segments: flying electric materials, stator cores, and electric motors, with the automotive market being the primary application area [9]. - The penetration rate of flying electric transformers in the domestic market has increased to nearly 20%, indicating rapid growth in this segment [10]. - Major players in the flying electric materials market include Yunlu, Hitachi Metals, and Antai Technology, which collectively hold about 70% of the global market share [10][11]. Competitive Landscape - Yunlu is highlighted as a leading domestic player with significant production capacity and a strong market position, expected to generate substantial profits in the coming years [17]. - Antai Technology is recognized for its long-standing research capabilities and partnerships with major automotive manufacturers, making it a noteworthy player in the industry [19]. - The conference emphasized the importance of technological advancements and cost reductions in driving the adoption of flying electric motors across various applications [18]. Emerging Applications - The flying electric motor is anticipated to play a crucial role in the development of humanoid robots and EVs, addressing current limitations in power density and operational efficiency [20]. - The potential for these motors to revolutionize the robotics industry is acknowledged, particularly in enhancing the operational capabilities of humanoid robots [20]. Market Potential - The overall market for flying electric motors is projected to reach trillions, driven by applications in EVs, industrial motors, and emerging technologies like humanoid robots [15][21]. - The call concluded with a strong recommendation for investors to consider the significant growth opportunities presented by the flying electric motor industry, which is still in its early stages [21].

Core Viewpoint - The report summarizes the continuous sponsorship and supervision of Qingdao Yunlu Advanced Materials Technology Co., Ltd. by Guotai Junan Securities Co., Ltd. following its initial public offering (IPO) on the Sci-Tech Innovation Board, highlighting the company's compliance with regulations and the status of its fundraising projects [1][2]. Group 1: Company Overview - The issuer, Qingdao Yunlu Advanced Materials Technology Co., Ltd., has a registered capital of RMB 120 million and was listed on November 26, 2021, with a stock code of 688190 [1][3]. - The actual controller of the company is China Aviation Engine Group Co., Ltd. [1]. Group 2: Sponsorship and Supervision - Guotai Junan Securities has committed to ensuring compliance with laws and regulations during the continuous supervision phase, which lasts until December 31, 2024 [1][2]. - The main responsibilities of the sponsor include overseeing corporate governance, ensuring compliance with internal control systems, and monitoring the use of raised funds [3][4]. Group 3: Fundraising and Project Status - The company raised a net amount of RMB 1,291.58 million from the IPO, with the funds allocated to various projects [1]. - There have been delays in some fundraising projects, specifically the "High-Performance Ultra-Thin Nano-Crystal Strip Material and Its Device Industrialization Project," which has been postponed to June 2025 [4][5]. Group 4: Compliance and Reporting - The company has adhered to information disclosure requirements and has cooperated with the sponsor during the due diligence and continuous supervision phases [6][7]. - The sponsor has reviewed the company's fundraising usage and confirmed compliance with relevant regulations, ensuring no misappropriation of funds [8]. Group 5: Remaining Funds - As of December 31, 2024, the company has a remaining balance of RMB 596.44 million in raised funds, which will continue to be monitored by the sponsor [8].

国泰君安证券股份有限公司 关于青岛云路先进材料技术股份有限公司 首次公开发行股票并在科创板上市持续督导保荐总结报告书 经中国证券监督管理委员会《关于同意青岛云路先进材料技术股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]3302 号）核准，公司 2021 年 11 月 于上海证券交易所向社会公众公开发行人民币普通股(A 股)3,000 万股，发行价为 46.63 元/股，募集资金总额为人民币 139,890.00 万元，扣除承销及保荐费用人民币 9,238.02 万元，余额为人民币 130,651.98 万元，另外扣除中介机构费和其他发行费 用人民币 1,493.52 万元，实际募集资金净额为人民币 129,158.46 万元。本次发行证 券已于 2021 年 11 月 26 日在上海证券交易所科创板上市。国泰君安证券股份有限 公司（以下简称"保荐机构"或"国泰君安"）担任其持续督导保荐机构，持续督 导期间为 2021 年 11 月 26 日至 2024 年 12 月 31 日。 2024 年 12 月 31 日，持续督导期已届满，国泰君安根据《证券发行上市保荐 业务管理办法》《上海证券交易所 ...

Core Viewpoint - The company achieved a revenue of 1.9 billion yuan in 2024, representing a year-on-year increase of 7.24%, with a net profit attributable to shareholders of 361 million yuan, up 8.73% year-on-year [2] Group 1: Financial Performance - The company reported a revenue of 512 million yuan in Q4 2024, reflecting a year-on-year growth of 9.16% and a quarter-on-quarter increase of 7.22% [2] - The company's gross profit margin for 2024 was 30.58%, an increase of 0.08 percentage points year-on-year, with the gross margin for non-crystalline products reaching 35.68%, the highest since its listing [4] - The company’s net profit for 2024 was 361 million yuan, with a non-recurring net profit of 344 million yuan, marking a year-on-year increase of 12.59% [2] Group 2: Product Performance - Revenue from non-crystalline alloy products was 1.42 billion yuan, with a sales volume of 96,200 tons, reflecting a year-on-year increase of 3.80% in revenue and 10.27% in sales volume, while the sales price decreased by 5.87% [3] - Revenue from nano-crystal products reached 305 million yuan, up 34.71% year-on-year, with sales volume increasing by 35.87% to 6,900 tons, while the sales price decreased by 0.85% [3] - Revenue from magnetic powder products was 142 million yuan, a slight decrease of 0.51% year-on-year, with sales volume increasing by 20.71% to 8,800 tons, and the sales price decreased by 17.58% [3] Group 3: Cost and Expenses - The company’s expense ratio for 2024 was 9.92%, the second-lowest level since 2018, with R&D expense ratio at 5.99%, management expense ratio at 1.92%, sales expense ratio at 2.37%, and financial expense ratio at -0.35% [5] Group 4: Capacity and Market Expansion - The company’s non-crystalline production capacity reached 105,000 tons in 2024, with plans to expand to 120,000 tons by 2027 [6] - The company is actively expanding its overseas market, with overseas revenue of 566 million yuan, a year-on-year decrease of 13.13%, while the overseas gross margin was 35.63%, an increase of 1.55 percentage points [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Insights - The company achieved a revenue of 1.9 billion yuan in 2024, representing a year-on-year growth of 7.24%, with a net profit of 361 million yuan, up 8.73% year-on-year [1][4]. - The gross margin for 2024 was reported at 30.58%, a slight increase of 0.08 percentage points year-on-year, with the highest gross margin for the amorphous alloy products reaching 35.68% [2][12]. - The company is expanding its production capacity for amorphous materials, reaching 105,000 tons in 2024, with plans to increase to 120,000 tons by 2027 [2][3]. Revenue and Profitability - The company's revenue from amorphous alloy products was 1.42 billion yuan, with a sales volume of 96,200 tons, reflecting a 3.80% increase in revenue year-on-year [1][4]. - The net profit forecast for 2025-2026 is set at 465 million yuan and 535 million yuan, respectively, with an additional forecast for 2027 at 613 million yuan [3][4]. Market Expansion - The company is actively pursuing overseas market expansion, with international sales contributing 566 million yuan, although this represents a decline of 13.13% year-on-year [3][4]. - The company has established a strong presence in markets such as India and South Korea, indicating potential for future growth in these regions [3]. Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 3.01 yuan, with a price-to-earnings (P/E) ratio of 33 [4][12]. - The return on equity (ROE) for 2024 is estimated at 14.41%, with a gradual increase expected in subsequent years [4][12].

证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 证券研究报告 有色金属 | 金属新材料 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 02 日 | 基本数据 | | 2025 | | 年 04 | | | 日 | 月 02 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 100.35 | | | | | | | 年 内 最 高 最 低 | / | | 131.50/58.18 | | | 一 | | | | （元） | | | | | ...