北京市中伦（上海）律师事务所 关于杭州光云科技股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京市中伦（上海）律师事务所 关于杭州光云科技股份有限公司 2024 年年度股东大会的 法律意见书 致：杭州光云科技股份有限公司 杭州光云科技股份有限公司（下称"公司"）2024 年年度股东大会（下称 "本次股东大会"）于 2025 年 5 月 16 日召开。北京市中伦（上海）律师事务所 （下称"本所"）接受公司的委托，指派律师（下称"本所律师"）出席本次股 东大会，根据《中华人民共和国公司法》《上市公司股东会规则》等法律、行政 法规、部门规章、规范性文件（以下统称"适用法律"）以及《杭州光云科技股 份有限公司章程》（下称《公司章程》）的规定，对本次股东大会进行见证并出具 本法律意见书。 在本法律意见书中，本所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、会议表决程序以及表决结果是否符合适用法律及《公 司章程》的规定发表意见，并不对本次股东大会所审议的提案内容以及这些提案 所表述的事实或数据的真实性、准确性和完整性发表意见。本所及本所律师假定 公司提交给本所律师的文件、 ...

证券代码：688365 证券简称：光云科技 公告编号：2025-030 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） 股东大会召开的时间：2025 年 5 月 16 日 杭州光云科技股份有限公司 2024年年度股东大会决议公告 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。 （二） 股东大会召开的地点：杭州市滨江区坚塔街 599 号光云大厦 10 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： 2、 公司在任监事3人，出席3人； 3、 董事会秘书出席了本次会议；其他高级管理人员列席了本次会议。 公司部分董事及高级管理人员采用在线连接主会场方式参加了本次会议。 二、 议案审议情况 （一） 非累积投票议案 1、 议案名称：《关于 2024 年度董事会工作报告的议案》 审议结果：通过 | 1、出席会议的股东和代理人人数 | 77 | | --- | --- | | 普通股股东人数 | 77 | | 2、出席会议的股东所持有的表决权数量 | ...

Summary of Key Points from Conference Call Records Industry/Company Overview - **Industry**: Rare Earths, Highway Operations, Satellite Communication, Waste Management, Sports Nutrition, E-commerce SaaS, Data Center Cooling - **Companies Mentioned**: 四川成渝 (Sichuan Chengyu), 普大科技 (Puda Technology), 潮蓝坏境 (Chao Lan Environment), 康比特 (Kangbiter), 光云科技 (Guangyun Technology), 磁谷科技 (Magnetic Valley Technology), 广晟有色 (Guangsheng Color), 中国稀土 (China Rare Earth), 英思特 (Instech), 大地态 (Dadi Tai) Core Insights and Arguments Rare Earths Industry - Overseas medium and heavy rare earth prices have surged, with European prices for oxide rising by 204%, leading to a domestic price increase due to widening price differentials [1][7] - The Chinese government has implemented export controls on certain rare earth products, which may lead to a supply shortage in the international market [7] - The price of rare earths is expected to rise as the supply becomes more concentrated and import minerals are controlled [7] Highway Operations (四川成渝) - 四川成渝 has shown significant growth in net profit, with a 16.61% year-on-year increase in Q1 2025, reaching 4.56 billion yuan [2] - The company is expected to maintain a high dividend payout ratio of over 60% in 2024, with a projected dividend yield of 5.05% [2] - Future profit forecasts for 2025-2027 are estimated at 15.8 billion, 17.1 billion, and 18.4 billion yuan, with corresponding PE ratios of 11, 10, and 10 times [2] Satellite Communication (普大科技) - The company is positioned to play a key role in satellite operations due to its core advantages in ground networks and satellite communication [2] - Expected net profit growth from 2.54 billion to 4.21 billion yuan from 2025 to 2027, indicating a significant growth trajectory [2] Waste Management (潮蓝坏境) - The company is set to become the second-largest national waste incineration operator in A-shares after acquiring 粤丰环保 [2] - Projected net profit growth from 17.7 billion to 20.4 billion yuan from 2025 to 2027, with a commitment to increase cash dividends by at least 10% annually [2] Sports Nutrition (康比特) - The sports nutrition market is rapidly growing, with a projected CAGR of 12.82% from 2024 to 2026 [2] - The company has a leading position in product categories and has developed a comprehensive digital sports technology service system [2] E-commerce SaaS (光云科技) - The company is a leader in e-commerce SaaS, with products widely used across major platforms [2] - Expected EPS growth from 0.02 to 0.14 yuan from 2025 to 2027, indicating strong future performance [2] Data Center Cooling (磁悬浮压缩机) - The demand for magnetic levitation compressors is expected to grow rapidly, with a market demand increase of at least 50% this year [2] - These compressors can improve energy efficiency by 10% to 40% compared to traditional models [2] Other Important Insights - The overall market sentiment has improved following progress in US-China tariff negotiations, but challenges remain for growth-oriented investments [4][5] - The focus is shifting towards large-cap value stocks and sectors benefiting from policy catalysts, such as military and non-ferrous metals [6] - The A-share market is seeing a significant interest in sectors like healthcare, machinery, and electronics, indicating a broadening of investment focus [10]

证券时报•数据宝统计显示，今日科创板个股上涨的有88只，下跌的有487只。 资金流向方面，今日主力资金净流入的科创板股共有185只，其中，3只个股主力资金净流入超3000万 元，华熙生物主力资金净流入4047.09万元，净流入资金居首；光云科技、九号公司紧随其后，全天净 流入资金分别为3643.48万元、3420.34万元。主力资金净流出的有399只，净流出资金最多的是中芯国 际，该股今日下跌1.91%，全天主力资金净流出4.21亿元，其次是寒武纪、金山办公，主力资金净流出 分别为1.61亿元、1.21亿元。 从主力资金连续性进行观察，共有43只个股主力资金连续3个交易日以上持续净流入，连续净流入天数 最多的是瑞联新材、利扬芯片等2只股，主力资金均连续净流入9天。主力资金连续流出的个股有162 只，连续流出天数最多的是先锋精科，该股已连续21个交易日净流出；连续净流出天数较多的还有莱特 光电、三达膜等，主力资金分别连续流出14天、11天。（数据宝） 主力资金净流入排名 | 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][11]. Core Insights - The company, Guangyun Technology, is a leading e-commerce SaaS provider, focusing on offering SaaS products to e-commerce merchants based on various platforms [5][6]. - In 2024, the company achieved a total revenue of 478 million yuan, a year-on-year increase of 0.49%, with a significant improvement in operating cash flow [6]. - The company is actively embracing AI technology to enhance its product offerings and improve operational efficiency within the e-commerce ecosystem [7][10]. Company Overview - Guangyun Technology's main products include e-commerce SaaS solutions like Super Store Manager and Express Assistant, along with supporting hardware and value-added services [5]. - The company has established a strategic presence across nearly 40 e-commerce platforms, including major players like Alibaba and Pinduoduo [6]. Financial Performance - The company reported a net cash flow from operating activities of 54 million yuan in 2024, reflecting a 137.06% year-on-year increase [6]. - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.02, 0.07, and 0.14 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 575.14, 173.00, and 89.71 [11]. Strategic Initiatives - The company plans to acquire Shandong Yitao, a well-known e-commerce SaaS software provider, to strengthen its SaaS business layout and enhance market competitiveness [10]. - Guangyun Technology is focusing on integrating AI into its existing products to improve merchant efficiency and customer experience [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company, Guangyun Technology, is a leading e-commerce SaaS provider, offering a range of products and services to e-commerce merchants, including SaaS products, hardware, operational services, and CRM SMS [5][6]. - In 2024, the company achieved total revenue of 478 million yuan, a year-on-year increase of 0.49%, with a significant improvement in operating cash flow, which rose by 137.06% [6]. - The company is actively embracing AI technology to enhance its product offerings and improve operational efficiency, which is expected to contribute to the upgrade of the e-commerce ecosystem [7]. - Guangyun Technology plans to acquire Shandong Yitao, a well-known e-commerce SaaS software company, to strengthen its e-commerce SaaS business layout and enhance market competitiveness [10]. Financial Performance - The company reported a net cash flow from operating activities of 54 million yuan in 2024, indicating a positive trend in cash flow management [6]. - The forecasted earnings per share (EPS) for 2025-2027 are projected to be 0.02, 0.07, and 0.14 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 575.14, 173.00, and 89.71 [11]. - Revenue is expected to grow significantly, with projections of 553 million yuan in 2025, 658 million yuan in 2026, and 787 million yuan in 2027, reflecting growth rates of 15.73%, 18.98%, and 19.59% respectively [12].

Group 1 - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 1.55 billion yuan to repay the company's bonds [1] - Yidelong reported a net profit of 41.77 million yuan for Q1 2025, a year-on-year increase of 34.19% [1] - Overseas Chinese Town A achieved a contract sales amount of 1.78 billion yuan in April, a year-on-year increase of 10% [1][2] Group 2 - Dajin Heavy Industry's subsidiary signed a contract worth approximately 1 billion yuan for an offshore wind power project with a European energy company [4] - Liao Port Co. announced the resignation of Chairman Wang Zhixian due to reaching retirement age [4] - China Energy Construction's application for a specific stock issuance has been approved by the Shanghai Stock Exchange [6] Group 3 - Xinhua Insurance reported a 27% year-on-year increase in premium income from January to April, totaling 85.38 billion yuan [11] - 吉祥航空's passenger turnover increased by 6.34% in April, with a seat occupancy rate of 86.16% [13] - New City Holdings reported a contract sales amount of approximately 1.76 billion yuan in April, a year-on-year decrease of 52.46% [28] Group 4 - Three Yuan Bio announced a preliminary ruling of a 3.49% countervailing duty on its products in the U.S. [23] - Shanghai Pharmaceutical's product, Wengjing Decoction Granules, has been approved for production [20] - A strategic cooperation agreement was signed between *ST Dali and Zhuhai Yunzhou Intelligent Technology Co., Ltd. to promote the development of intelligent unmanned equipment [22] Group 5 - The construction of the automotive lightweight forging precision processing project by Sanlian Forging has been completed [25] - The company Tianma Technology reported an output of approximately 1,480.16 tons of eel in April [18][19] - The company Victory Technology plans to invest up to 3 billion yuan for share repurchase [42]

证券代码：688365 证券简称：光云科技 公告编号：2025-029 杭州光云科技股份有限公司（以下简称"公司"）分别于 2025 年 3 月 21 日、2025 年 4 月 7 日召开第三届董事会第二十七次会议、2025 年第一次临时股 东大会，审议通过了《关于以现金方式收购逸淘（山东）投资管理有限公司 100% 股权的议案》，同意公司以现金方式收购逸淘（山东）投资管理有限公司（以下 简称"逸淘"）100%股权，交易价格为人民币 20,000 万元。 具体内容详见披露于上海证券交易所网站（www.sse.com.cn）的《杭州光 云科技股份有限公司关于以现金方式收购逸淘（山东）投资管理有限公司 100% 股权的公告》（公告编号：2025-011）、《杭州光云科技股份有限公司关于以现 金方式收购逸淘（山东）投资管理有限公司 100%股权的补充公告》（公告编号： 2025-015）。 二、进展情况 2025 年 5 月 13 日，逸淘完成了上述 100%股权收购相关的工商变更登记手续， 取得中国（山东）自由贸易试验区济南片区管理委员会换发的《营业执照》。自 此，公司持有逸淘 100%股权，逸淘成为公司的全资子 ...

Summary of Key Points Core Viewpoint - Hainan Qiyu Enterprise Management Partnership (Limited Partnership) plans to reduce its holdings in Guangyun Technology (688365.SH) by up to 7,111,271 shares, representing no more than 1.67% of the company's total share capital [1]. Group 1: Shareholder Information - Hainan Qiyu directly holds 28,450,843 shares, accounting for 6.68% of the total share capital of Guangyun Technology [2][4]. - The shares held by Hainan Qiyu were acquired prior to the company's IPO [4]. Group 2: IPO and Fundraising Details - Guangyun Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 29, 2020, with an initial offering price of 10.80 yuan per share and a total of 40.1 million shares issued [2]. - The total amount raised from the IPO was 433.08 million yuan, with a net amount of 369.55 million yuan after deducting issuance costs [2][3]. - In 2022, Guangyun Technology conducted a private placement of 24,824,684 shares at a price of 7.13 yuan per share, raising approximately 176.99 million yuan, with a net amount of 171.86 million yuan after costs [3].

Core Viewpoint - The major shareholder, Hainan Qiyu Enterprise Management Partnership, plans to reduce its stake in Hangzhou Guangyun Technology Co., Ltd. by up to 7,111,271 shares, representing a maximum of 1.67% of the total shares outstanding [1][2]. Group 1: Major Shareholder Information - Hainan Qiyu directly holds 28,450,843 shares, accounting for 6.68% of the company [1]. - The shares held by Hainan Qiyu were acquired prior to the company's IPO, which took place on April 29, 2021 [1]. Group 2: Reduction Plan Details - The reduction plan includes selling up to 2,853,025 shares through centralized bidding and up to 4,258,246 shares through block trading [1]. - The planned reduction period is from June 5, 2025, to September 4, 2025 [1]. - The reason for the reduction is stated as the need for the shareholder's own business development [1]. Group 3: Previous Reduction Activity - Hainan Qiyu previously reduced its holdings by 4,200,000 shares at a price range of 0.99% during the period from October 9 to November 11, 2023 [1]. Group 4: Compliance and Commitments - Hainan Qiyu has made commitments regarding share lock-up and reduction intentions, including a promise not to transfer shares within 12 months of the IPO and to limit reductions to 20% of total shares held in the first and second years after the lock-up period [2][3]. - The company will adhere to relevant laws and regulations regarding share transfers and reductions [4].