北京德恒（深圳）律师事务所 关于深圳天德钰科技股份有限公司 深圳市福田区金田路 4018 号安联大厦 B 座 11 层 电话:0755-88286488 传真:0755-88286499 邮编:518026 北京德恒(深圳)律师事务所 关于深圳天德钰科技股份有限公司 2025 年第一次临时股东会的法律意见 北京德恒（深圳）律师事务所 关于深圳天德钰科技股份有限公司 2025 年第一次临时股东会 的法律意见 德恒 06G20240482-00002 号 2025 年第一次临时股东会的 法律意见 北京德恒律师事务所 DeHeng Law Offices 致:深圳天德钰科技股份有限公司 深圳天德钰科技股份有限公司〈以下简称"公司"）2025 年第一次临时股 东会(以下简称"本次会议")于2025年9月17日(星期三)召开。北京德恒 (深圳)律师事务所(以下简称"德恒"或"本所")受公司委托,指派皇甫天 致律师、黄俐娜律师(以下简称"本所律师")出席了本次会议。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》（ ...

深圳天德钰科技股份有限公司 2025 年第一次临时股东会会议资料 证券代码：688252 证券简称：天德钰 深圳天德钰科技股份有限公司 2025 年第一次临时股东会会议资料 2025 年 9 月 深圳天德钰科技股份有限公司 2025 年第一次临时股东会会议资料 目录 | 2025 年第一次临时股东会会议须知 | 3 | | --- | --- | | 2025 年第一次临时股东会会议议程 | 5 | | 2025 年第一次临时股东会会议议案 | 7 | | | 关于使用部分超募资金永久补充流动资金的议案 7 | 深圳天德钰科技股份有限公司 2025 年第一次临时股东会会议资料 深圳天德钰科技股份有限公司 2025 年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保股东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》《中华人民共和国证券法》《上 市公司股东会规则》以及《深圳天德钰科技股份有限公司章程》《深圳天德钰科 技股份有限公司股东会议事规则》等相关规定，特制定深圳天德钰科技股份有限 公司（以下简称"公司"）2025年第一次临时股东会会议须知： 一、为确认出席会议的股东或其 ...

Group 1 - Chengdu Huamei, Yuanjie Technology, and Dongxin Co., Ltd. saw stock increases of over 10% [1] - Jiehuate, Tianyue Advanced, Minxin Co., Ltd., and Huafeng Measurement Control experienced stock rises of over 5% [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Insights - The company has demonstrated significant revenue growth in the first half of 2025, achieving a revenue of 1.208 billion yuan, a year-on-year increase of 43.35%, and a net profit of 152 million yuan, up 50.89% year-on-year [1][2]. - The growth is attributed to the strong performance of high-refresh-rate mobile display driver chips, increased shipments from brand clients in tablet display drivers, and a rise in market share for wearable display driver chips [2][4]. - The company is leading the global electronic price tag market, with a significant increase in market share and innovative product development, including a new four-color electronic paper driver IC [9]. Financial Performance Summary - Revenue projections show a steady increase from 1.209 billion yuan in 2023 to 4.475 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24% [1]. - Net profit is expected to grow from 113 million yuan in 2023 to 685 million yuan in 2027, reflecting a strong upward trend in profitability [1]. - The company's gross margin for the first half of 2025 was reported at 24.41%, an increase of 3.75 percentage points year-on-year, while the net margin was 12.61%, up 0.63 percentage points year-on-year [2]. Product Development and Market Position - The company is expanding its product matrix and increasing R&D investments to maintain technological leadership, with innovations in industrial control, wearable devices, and AMOLED technology [3]. - The electronic price tag market is projected to reach 15 billion yuan by 2025, with the company expected to maintain its leading position due to its early product launches and comprehensive market strategies [9].

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 1.208 billion yuan, representing a year-on-year growth of 43.35%, and a net profit attributable to the parent company of 152 million yuan, up 50.89% year-on-year [1] - The company is actively expanding into the industrial control and retail markets, leveraging its strong customer base and product lines, which include display driver chips and electronic shelf labels [2][3] - Due to the successful launch of new products, the forecast for net profit attributable to the parent company for 2025-2027 has been raised to 357 million, 424 million, and 496 million yuan respectively, with corresponding PE ratios of 33, 27, and 24 times [3] Financial Performance - In Q2 2025, the company reported revenue of 654 million yuan, a year-on-year increase of 31.43% and a quarter-on-quarter increase of 17.97% [1] - The gross profit margin improved by 3.7 percentage points to 24.41% in the first half of 2025, with R&D expenses increasing by 25.8% to 99 million yuan [1] - The company has a diversified product line that benefits from the trend of screen integration in consumer electronics, contributing to revenue growth [2] Customer Base and Market Expansion - The company has established a strong customer base, including major brands like Samsung, VIVO, and OPPO, and is expanding its presence in industrial control and retail sectors [3] - The electronic shelf label (ESL) chips have been adopted by several global retail giants, enhancing the company's market position [3]

Core Viewpoint - The financial report of Tiande Yu for the first half of 2025 shows significant growth in revenue and profit metrics, indicating strong operational performance and financial health. Financial Performance - The company's main revenue reached 1.208 billion yuan, a year-on-year increase of 43.35% [1] - The net profit attributable to shareholders was 152 million yuan, up 50.89% year-on-year [1] - The net profit excluding non-recurring items was 146 million yuan, reflecting a 73.56% increase year-on-year [1] - In Q2 2025, the single-quarter main revenue was 654 million yuan, a 31.43% increase year-on-year [1] - The single-quarter net profit attributable to shareholders was 81.81 million yuan, up 19.5% year-on-year [1] - The single-quarter net profit excluding non-recurring items was 79.47 million yuan, a 32.03% increase year-on-year [1] Profitability Metrics - The gross profit margin stood at 24.41%, an increase of 18.15% year-on-year [7] - The return on equity (ROE) was 6.78%, reflecting a year-on-year increase of 32.68% [7] - Earnings per share (EPS) reached 0.38 yuan, up 52.00% year-on-year [7] - The operating cash flow per share was 0.30 yuan [7] Shareholder Information - The largest circulating shareholder is Ningbo Qunzhi Optoelectronics Co., Ltd., holding 30.6 million shares, which is 16.78% of the total [11] - Other significant shareholders include Corich LP and Shanghai Moqin Intelligent Technology Co., Ltd. [11]

Core Viewpoint - The company Tian De Yu has shown significant revenue and profit growth in the first half of 2025, driven by the demand for its display driver chips and innovative products like electronic price tag driver chips [1]. Financial Performance - In the first half of 2025, Tian De Yu achieved operating revenue of 1.208 billion yuan, representing a year-on-year increase of 43.35% [1]. - The net profit attributable to shareholders was 152 million yuan, up 50.89% year-on-year [1]. - The non-recurring net profit reached 146 million yuan, reflecting a substantial growth of 73.56% compared to the previous year [1]. Market Activity - As of August 26, 2025, Tian De Yu's stock price was 28.45 yuan, down 0.87% from the previous trading day [1]. - The stock opened at 28.32 yuan, peaked at 28.78 yuan, and fell to a low of 28.00 yuan, with a trading volume of 103,470 hands and a total transaction value of 293 million yuan [1]. - On August 26, the net outflow of main funds was 254,000 yuan, while the net inflow over the past five days was 69.46 million yuan [2].

Core Insights - Shenzhen Tiande Yu Technology Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 1.208 billion yuan, a year-on-year growth of 43.35%, and a net profit attributable to shareholders of 152 million yuan, up 50.89% [1] - The company's growth is primarily driven by its deep engagement and innovation in the display driver chip sector, particularly in wearable devices, tablets, high-refresh-rate mobile phone display driver chips, and electronic price tag driver chips [1] Financial Performance - Operating income for the first half of 2025 was 1.208 billion yuan, reflecting a 43.35% increase compared to the previous year [1] - Net profit attributable to shareholders reached 152 million yuan, marking a 50.89% year-on-year growth [1] - The net profit after deducting non-recurring items was 146 million yuan, with a year-on-year increase of 73.56% [1] Product and Market Development - The electronic price tag product line achieved rapid revenue growth due to its global first-mover advantage and breakthroughs in narrow-border GIP architecture technology [1] - The company has successfully expanded its electronic price tag applications to innovative scenarios such as mobile phone back covers [1] - Audio coil motor driver chips are widely used in major mobile phone brands like Samsung, OPPO, and vivo, with long-term partnerships established with several module manufacturers [1] Research and Development - Research and development investment reached 99.0514 million yuan, a year-on-year increase of 25.77%, accounting for 8.2% of operating income [1] - The company is intensifying R&D efforts in smart mobile terminal display driver chips, camera audio coil motor driver chips, fast charging protocol chips, and electronic price tag driver chips [1] - Tiande Yu has pioneered the mass production of re-writable four-color electronic paper driver ICs, positioning itself for future growth in the smart retail and IoT markets [1]

Company Overview - Shenzhen Tiande Yu Technology Co., Ltd. is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board with the stock code 688252 [2] - The company reported total assets of approximately 2.76 billion RMB at the end of the reporting period, reflecting a 7.27% increase from the previous year [3] Financial Performance - The company achieved operating revenue of approximately 1.21 billion RMB, marking a 43.35% increase compared to the same period last year [3] - Total profit for the period was approximately 164.53 million RMB, representing a 53.79% increase year-on-year [3] - The net profit attributable to shareholders, after deducting non-recurring gains and losses, was approximately 146.04 million RMB, which is a 73.56% increase from the previous year [3] Shareholder Information - As of the end of the reporting period, the total number of shareholders was 13,638 [4] - The largest shareholder, Hengfeng Co., Ltd., holds 54.57% of the shares, amounting to approximately 223.22 million shares [4][5] - Other notable shareholders include Ningbo Qunzhi Optoelectronics Co., Ltd. with 7.48% and Corich LP with 5.52% [4][5]