骄成超声 法律意见书 江苏世纪同仁律师事务所关于 上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会的法律意见书 致：上海骄成超声波技术股份有限公司 根据《公司法》《证券法》和中国证监会《上市公司股东大会规则》等法律、 法规和规范性文件以及《公司章程》的规定，本所受贵公司董事会的委托，指派 本所律师出席贵公司 2025 年第一次临时股东大会，并就本次股东大会的召集、 召开程序、出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效 性等事项出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所律师认为出具法律意见所必须查阅的文件，并对有关问题进行了 必要的核查和验证。 本所律师同意将本法律意见书随贵公司本次股东大会决议一并公告，并依法 对本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 1、本次股东大会由董事会召集。2025 年 7 月 23 日，贵公司召开第二届董 事会第九次会议，决定于 2025 年 8 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [7]. Core Insights - The company is a leading domestic player in ultrasonic equipment, experiencing a short-term performance inflection point due to strong growth in lithium battery production and rapid adoption of new products [3][25]. - The company has established a comprehensive ultrasonic technology platform, which supports its long-term growth logic by enabling expansion into various high-growth sectors such as solid-state batteries, medical devices, and robotics [4][54]. - The traditional lithium battery sector is recovering, with significant demand for ultrasonic welding equipment, particularly in multi-layer ear welding applications, which are critical for battery performance [63][69]. Summary by Sections Section 1: Domestic Ultrasonic Equipment Leader - The company specializes in ultrasonic equipment, with products including power battery welding equipment, automotive wiring harness welding equipment, and semiconductor ultrasonic devices, serving leading players in each segment [9][12]. - The revenue from the power battery segment has historically been the main driver of growth, with a CAGR of 48% from 2018 to 2022 [25][27]. Section 2: Mastery of Ultrasonic Platform Technology - The company has built a robust ultrasonic technology platform that spans theoretical, technical, and product levels, allowing for continuous innovation and revenue generation [4][54]. - The competitive landscape shows that the company faces high barriers to entry, with competitors primarily being foreign leaders, which enhances its profitability [4][57]. Section 3: Power Battery Sector - The recovery of traditional lithium batteries is evident, with major players like CATL and BYD restarting production, leading to a clear revival in demand for ultrasonic welding equipment [5][69]. - The company expects significant revenue growth from the power battery segment, with projected revenues of 1.5 billion yuan in 2024, supported by a high market share in ear welding applications [72]. Section 4: 3D Packaging as a Key Growth Area - The company is well-positioned to benefit from the expansion of advanced packaging technologies, with projected revenues from semiconductor equipment expected to grow significantly [6][54]. - The demand for ultrasonic scanning microscopes is anticipated to increase as traditional inspection methods become less effective in advanced packaging scenarios [6][54]. Section 5: Investment Recommendations - The report forecasts revenues of 7.58 billion, 10.44 billion, and 14.46 billion yuan for 2025-2027, with corresponding net profits of 1.40 billion, 2.25 billion, and 3.42 billion yuan, indicating strong growth potential [7].

Investment Rating - Overweight (Maintain) on new lithium battery materials, with expectations for accelerated industrialization [1] Core Viewpoints - Composite current collectors are a new type of material for lithium batteries, offering advantages in cost and performance compared to traditional copper and aluminum foils [4][18] - The transition from traditional copper foils to composite copper foils is expected to be the largest cost reduction segment in battery materials over the next 2-3 years [28] - The industrialization of composite current collectors is anticipated to accelerate, benefiting leading companies in the sector [66] Summary by Sections 1. Introduction to Composite Current Collectors - Composite current collectors differ from traditional materials by using a "metal-polymer substrate-metal" sandwich structure [15] - They are designed to reduce costs and improve safety, with composite copper foils reducing raw material costs by over 50% compared to traditional copper foils [19][23] 2. Advantages of Composite Current Collectors - Composite current collectors provide lower manufacturing costs, enhanced safety, lightweight properties, improved energy density, and extended cycle life [18][29][33] - The material's structure helps mitigate risks of thermal runaway in batteries, thus enhancing safety [29] 3. Application in Solid-State Batteries - The industrialization of solid-state batteries is accelerating, with composite current collectors being increasingly integrated into their applications [36][37] - Solid-state batteries have stringent requirements for current collectors, which composite materials can meet effectively [37] 4. Market Growth Potential - The market for composite current collectors is projected to grow significantly, with estimates suggesting a market size of 140 billion yuan by 2025 and over 700 billion yuan by 2030 [38] - The penetration rate of PET composite copper foils is expected to reach 25% by 2030, indicating strong demand [38] 5. Industry Chain Analysis - The industry chain includes upstream materials like PET and PP, core equipment for manufacturing, and downstream applications in various battery types [41][43] - The main manufacturing process for composite copper foils is the two-step method, which is currently the most mature and cost-effective [49][66] 6. Industrialization Acceleration - The production cost of composite copper foils is approaching that of traditional copper foils, with significant improvements in yield rates expected [66] - New national standards for battery safety are likely to create further opportunities for the adoption of composite current collectors in the market [67]

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 on August 8, 2025, to discuss several key proposals [6][7] - The proposals include changes to registered capital, the cancellation of the supervisory board, and amendments to the company's articles of association [10][11] - The company plans to authorize its management to handle related business registration changes [10][12] Proposal Summaries Proposal 1: Change of Registered Capital and Governance Structure - The company proposes to change its registered capital and eliminate the supervisory board, transferring its responsibilities to the audit committee of the board of directors [10][11] - This change aims to enhance the company's governance structure and operational efficiency [10] Proposal 2: Revision and Establishment of Governance Systems - The company intends to revise and establish several governance systems in accordance with relevant laws and regulations to ensure compliance and improve operational standards [11] - This includes the abolition of the supervisory board's rules and the revision of related governance documents [11] Proposal 3: Loan Application and Guarantee for Subsidiary - The company’s wholly-owned subsidiary, Shanghai Jiao Cheng Technology Development Co., Ltd., plans to apply for a project loan not exceeding 550 million yuan, secured by its land use rights and fixed assets [12] - The company will provide a joint liability guarantee for this loan to support the subsidiary's operational needs [12]

上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会会议资料 上海骄成超声波技术股份有限公司 证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会会议资料 二〇二五年八月 上海骄成超声波技术股份有限公司 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 | | --- | --- | | 年第一次临时股东大会会议议程 2025 | 3 | | 2025 年第一次临时股东大会会议议案 | 5 | | 议案一：关于变更注册资本、取消监事会、修订《公司章程》并办理工商变更登 | | | 记的议案 5 | | | 议案二：关于修订及制定公司部分治理制度的议案 | 6 | | 议案三：关于全资子公司以自有资产抵押向银行申请贷款暨公司对全资子公司提 | | | 供担保的议案 | 7 | 上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会会议资料 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，确保上海骄成超声波技术股份有限公司（以 下简称"公司"）股东大会的正常秩序和议事效率， ...

Investment Rating - The report maintains an "Outperform" rating for the machinery sector, indicating expected performance above the market average [1]. Core Insights - The report highlights the trend of companies expanding overseas and identifies 2025 as the year of mass production for humanoid robots, presenting hardware investment opportunities [1][3]. - The easing of trade tensions between China and the US is expected to support the growth of domestic companies in overseas markets, particularly in the tool market where relocation to the US is challenging due to cost and efficiency advantages [3]. - Key companies to watch include Giant Technology, Changrun Co., Honghua Digital Science, and others, which are positioned to benefit from these trends [3][4]. Summary by Sections Recommended Stocks - The report lists preferred stocks with ratings: - Jack Co. (603337.SH) - Buy-A - Hengli Hydraulic (601100.SH) - Buy-A - Zhejiang Rongtai (603119.SH) - Accumulate-A - Qiaocheng Ultrasonic (688392.SH) - Buy-A - Honghua Digital Science (688789.SH) - Buy-A - Tianzhun Technology (688003.SH) - Buy-A - Jiechang Drive (603583.SH) - Accumulate-A [2][10]. Industry Key Data Tracking - Forklifts: In June 2025, 137,570 units were sold, a 23.1% increase year-on-year. For the first half of 2025, sales totaled 739,334 units, up 11.7% [13]. - Excavators: June 2025 sales reached 18,804 units, a 13.3% increase. Total sales for the first half were 120,520 units, up 16.8% [14]. - Automotive Cranes: June sales were 1,649 units, down 5.28%. Total sales for the first half were 10,752 units, down 8.4% [17]. - Tower Cranes: June sales were 437 units, down 44.8%. Total sales for the first half were 2,771 units, down 38% [21]. - Loaders: June sales were 12,014 units, up 11.3%. Total sales for the first half were 64,769 units, up 13.6% [22]. - Metal Cutting Machine Tools: June production was 70,500 units, up 12.7%. Total production for the first half was 403,000 units, up 13.5% [24]. - Industrial Robots: June production was 74,764 units, up 37.9%. Total production for the first half was 379,000 units, up 35.6% [28].

Group 1 - The company held its 9th meeting of the second board on July 23, 2025, with all 5 directors present, and the meeting complied with relevant regulations [2][4]. - The board approved a proposal to change the registered capital from 114,800,000 yuan to 115,733,360 yuan due to the completion of the first vesting period of the 2024 restricted stock incentive plan, totaling 933,360 shares [3][30]. - The company will abolish the supervisory board, transferring its powers to the audit committee of the board, and relevant rules will be repealed [3][31]. Group 2 - The board approved multiple governance system revisions, including the rules for shareholder meetings, board meetings, and various management systems, all receiving unanimous support [6][8][12]. - A proposal for the wholly-owned subsidiary to apply for a bank loan of up to 550 million yuan, secured by its assets, was approved, with the company providing a guarantee [18][26]. - The company plans to hold its first temporary shareholders' meeting on August 8, 2025, to discuss the approved proposals [22][24].

Capital Change - The company has completed the registration of shares from the first vesting period of the 2024 restricted stock incentive plan, resulting in a change in registered capital [1][2] Cancellation of Supervisory Board - The company will no longer have a supervisory board, with its functions transferred to the audit committee of the board of directors, and relevant rules will be abolished [2][3] Amendment of Articles of Association - The company plans to comprehensively amend its Articles of Association to improve governance structure, including changing references from "shareholders' meeting" to "shareholders' assembly" and removing references to the supervisory board [2][4] Governance System Revision - The company will revise and establish certain governance systems to comply with the latest regulations and promote standardized operations, with some systems requiring shareholder approval [5][6]

上海骄成超声波技术股份有限公司 章程 目 录 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司以原上海骄成机电设备有限公司整体变更设立，在上海市市场监督管理 局注册登记，取得营业执照，统一社会信用代码为：91310112798906038F。 第三条 公司于 2022 年 7 月 18 日经中国证券监督管理委员会（以下简称"中 国证监会"）同意注册，首次向社会公众发行人民币普通股 2,050 万股，于 2022 年 9 月 27 日在上海证券交易所科创板上市。 第四条 公司注册名称： 中文全称：上海骄成超声波技术股份有限公司 英文全称：SBT Ultrasonic Technology Co.,Ltd 第五条 公司住所：上海市闵行区沧源路 1488 号 2 幢三层。 第六条 公司注册资本为人民币 115,733,360 元。 第七条 公司为永久存续的股份 ...

上海骄成超声波技术股份有限公司 股东会议事规则 第一章 总则 第一条 为规范上海骄成超声波技术股份有限公司（以下简称"公司"）行 为，保证股东会依法行使职权，根据《中华人民共和国公司法》（以下简称《公 司法》）、《中华人民共和国证券法》《上市公司股东会规则》《上海证券交易所科 创板股票上市规则》以及《上海骄成超声波技术股份有限公司章程》（以下简称 《公司章程》）的规定，制定本规则。 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公 司法》和《公司章程》规定的应当召开临时股东会的情形时，临时股东会应当在 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证券监督管 理委员会（以下简称"中国证监会"）派出机构和上海证券交易所，说明原因并 公告。 第六条 公司召开股东会，应当聘请律师对以下问题出具法律意见并公告： （一）会议的召集、召开程序是否符合法律、行政法规、《公司章程》和本 规则的规定； （二）出席会议人员的资格、召集人资格是否合法有效； （三 ...