湖南启元律师事务所 关于湖南华曙高科技股份有限公司 2025年第一次临时股东大会的 法律意见书 2025年9月 致：湖南华曙高科技股份有限公司 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》"）等我国现行法律法规、规范性文件以及《湖南 华曙高科技股份有限公司章程》（以下简称"《公司章程》"）的规定，湖南启元 律师事务所（以下简称"本所"）接受湖南华曙高科技股份有限公司（以下简称"公 司"）的委托，指派律师出席了公司 2025 年第一次临时股东大会（以下简称"本 次股东大会"），对本次股东大会的召集和召开程序、召集人及出席会议人员的资 格、表决程序和表决结果的合法有效性进行现场律师见证，并出具本法律意见。 为出具本法律意见，本所律师依法查验了公司提供的下列资料： （一）刊登在上海证券交易所网站（www.sse.com.cn）的关于召开 2025 年 第一次临时股东大会的通知公告； （二）出席现场会议的股东或其代理人的资格、身份证明文件等； （三）上海证券信息有限公司在本次股东大会网络投票结束后提供给公司的 网络投票统计结果； （四）公司本次股东大会股权登 ...

湖南华曙高科技股份有限公司 证券代码：688433 证券简称：华曙高科 公告编号：2025-039 关于参加2025年湖南辖区上市公司投资者 网上集体接待日暨半年度业绩说明会活动的公告 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、准确性和完整性依法承担法律责任。 电话：0731-88125688 邮箱：fsir@farsoon.com 特此公告。 湖南华曙高科技股份有限公司董事会 2025 年 9 月 12 日 1 为进一步加强与投资者的互动交流，湖南华曙高科技股份有限公司（以下简 称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限 公司联合举办的"资本聚三湘 楚光耀新程——2025年湖南辖区上市公司投资者网 上集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号"全景财经"，或下载全景路演APP， 参与本次互动交流，活动时间为2025年9月19日（星期五）14:00-17:00。 活动期间公司董事会秘书 ...

西部证券股份有限公司 关于湖南华曙高科技股份有限公司 一、持续督导工作情况 1 | | | 为规范 | | --- | --- | --- | | | 督导上市公司建立健全并有效执行内控制度，包括 | 保荐人对华曙高科的内控制度 | | | 但不限于财务管理制度、会计核算制度和内部审计 | 的设计、实施和有效性进行了核 | | 8 | 制度，以及募集资金使用、关联交易、对外担保、 | 查，华曙高科的内控制度符合相 | | | 对外投资、衍生品交易、对子公司的控制等重大经 | 关法规要求并得到了有效执行， | | | 营决策的程序与规则等 | 能够保证公司的规范运行 | | | 督导上市公司建立健全并有效执行信息披露制度， | 保荐人督促华曙高科严格执行 | | | 审阅信息披露文件及其他相关文件，并有充分理由 | 信息披露制度，审阅信息披露文 | | 9 | 确信上市公司向上海证券交易所提交的文件不存 | | | | 在虚假记载、误导性陈述或重大遗漏 | 件及其他相关文件 | | | 对上市公司的信息披露文件及向中国证监会、上海 | | | | 证券交易所提交的其他文件进行事前审阅，对存在 | | | | 问 ...

Core Viewpoint - The company has approved the 2025 Restricted Stock Incentive Plan and its summary during the board and supervisory committee meetings, ensuring compliance with relevant regulations and internal procedures [1][5]. Group 1: Announcement and Public Disclosure - The company announced the 2025 Restricted Stock Incentive Plan and related documents on August 28, 2025, on the Shanghai Stock Exchange website [1]. - The public disclosure period for the proposed incentive object list lasted 10 days, from August 28 to September 6, 2025, allowing employees to provide feedback [2]. Group 2: Review and Verification Process - The Compensation and Assessment Committee verified the proposed incentive objects' qualifications, including their identity documents and employment contracts [4]. - No objections were raised by employees regarding the proposed incentive object list during the public disclosure period [3]. Group 3: Compliance and Eligibility - The Compensation and Assessment Committee confirmed that all individuals on the incentive object list meet the qualifications set forth by the Company Law and the company's articles of association [5]. - The individuals listed do not fall under any disqualifying conditions as per the management regulations, including recent administrative penalties or legal restrictions [6][9]. - The basic information of the individuals on the list is accurate, with no falsehoods or significant omissions [7].

Core Viewpoint - The announcement details the public disclosure and verification opinions regarding the 2025 restricted stock incentive plan for Hunan Huashu High-Tech Co., Ltd, confirming that the proposed incentive objects meet all legal and regulatory requirements [1][4][6]. Disclosure and Verification Summary - The company held meetings on August 27, 2025, to approve the draft of the 2025 restricted stock incentive plan and related documents, which were publicly announced on August 28, 2025 [1][2]. - A public disclosure period lasted from August 28 to September 6, 2025, during which employees could provide feedback on the proposed incentive objects, with no objections received by the end of the period [2][3]. - The remuneration and assessment committee verified the proposed incentive objects' qualifications, including their identity documents and employment contracts [4]. Committee Verification Opinions - The remuneration and assessment committee confirmed that all individuals listed in the incentive object list meet the qualifications as per the Company Law and the company's articles of association [5]. - None of the proposed incentive objects were found to be ineligible based on the criteria set forth in the management regulations, including recent disqualifications or legal violations [5][6]. - The committee concluded that the basic information of the individuals listed is accurate, with no falsehoods or significant omissions [6].

证券代码：688433 证券简称：华曙高科 湖南华曙高科技股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年 9 月 | 2025 年第一次临时股东大会会议须知 3 | | --- | | 年第一次临时股东大会会议议程 2025 5 | | 关于使用部分超募资金永久补充流动资金的议案 7 | | 关于变更经营范围并修订《公司章程》的议案 9 | | 关于制订、修订公司部分治理制度的议案 10 | | 关于取消监事会、废止《湖南华曙高科技股份有限公司监事会议事规则》的议 | | 案 11 | | 关于湖南华曙高科技股份有限公司 2025 年限制性股票激励计划（草案）及其摘 | | 要的议案 12 | | 关于湖南华曙高科技股份有限公司 2025 年限制性股票激励计划实施考核管理办 | | 法的议案 13 | | 关于授权董事会办理公司股权激励计划相关事项的议案 14 | 湖南华曙高科技股份有限公司 2025 年第一次临时股东大会会议资料 湖南华曙高科技股份有限公司 2025 年第一次临时股东大会会议须知 为了维护湖南华曙高科技股份有限公司（以下简称"公司"）全体股东的合 法权益，确保股东大会的 ...

证券代码：688433 证券简称：华曙高科 公告编号：2025-038 湖南华曙高科技股份有限公司 董事会薪酬与考核委员会关于公司2025年限制性股票 激励计划激励对象名单的公示情况说明及核查意见 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、准确性和完整性依法承担法律责任。 湖南华曙高科技股份有限公司（以下简称"公司"）于2025年8月27日召开第 二届董事会第五次会议和第二届监事会第五次会议，审议通过了《关于湖南华曙 高科技股份有限公司2025年限制性股票激励计划（草案）及其摘要的议案》等相 关议案。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的 相关规定，公司对2025年限制性股票激励计划（以下简称"本次激励计划"）中 确定的激励对象名单在公司内部进行了公示，公司薪酬与考核委员会结合公示情 况对拟激励对象进行了核查，相关公示情况及核查意见如下： 一、公示情况及核查方式 1、公司对激励对象的公示情况 （1）公司于2025年8月28日在上海证券交易所网站（www.sse.com.cn）上公 告了《2025年限制性股票激励计划（草案）》（ ...

Core Viewpoint - The satellite ETF (159206) is the first and largest of its kind in the market, gaining significant attention as the satellite sector rebounds amid favorable market conditions [1][3]. Group 1: Market Performance - As of September 5, the satellite ETF (159206) increased by 2.4%, with constituent stocks such as Longsheng Technology rising over 8% and Guangku Technology and Zhuoshengwei both increasing by over 7% [1]. - Over the past month (August 4, 2025, to September 4, 2025), the scale of the satellite ETF (159206) surged by 482% [1]. Group 2: Industry Trends - Recent favorable policies in the satellite communication industry, driven by national strategic initiatives, have accelerated industry development [2]. - The commercial potential of satellite internet is expanding, with applications in smart driving, interstellar communication, and global satellite computing clusters [3]. - The satellite manufacturing sector is currently the core of China's satellite internet development, with the National Certificate Commercial Satellite Communication Industry Index focusing on "satellite manufacturing + satellite launch," allocating approximately 64% to satellite manufacturing [3][4]. Group 3: Investment Opportunities - The market recognizes a slow bull trend, with recommendations to focus on investment opportunities in artificial intelligence and commercial aerospace, which are expected to attract incremental institutional capital [3]. - The satellite ETF (159206) is the only ETF tracking the National Certificate Commercial Satellite Communication Industry Index, with a fund size of 691 million yuan as of September 4, 2025 [4].

Core Viewpoint - The company reported a decline in net profit for the first half of 2025, indicating ongoing challenges despite revenue growth, primarily due to increased R&D investments [1][3]. Financial Performance - In 1H25, the company achieved revenue of 239 million, a year-on-year increase of 5.4%, with Q2 revenue reaching 113 million, up 10.4% year-on-year [1]. - The net profit attributable to shareholders for 1H25 was 5 million, reflecting a significant year-on-year decline of 86.3%, with Q2 net profit at 3 million, down 53.2% year-on-year [1]. - The gross margin for 1H25 was 43.2%, a decrease of 6.4 percentage points year-on-year, while Q2 gross margin improved to 45.2%, an increase of 0.8 percentage points year-on-year [1]. R&D and Market Development - The company is focusing on expanding its applications in the 3D printing technology sector, addressing diverse customer needs across various industries [2]. - Significant advancements have been made in the aerospace sector, with successful breakthroughs in material support for lightweight designs [2]. - In the consumer goods sector, the company has developed high-performance nylon materials suitable for high-temperature applications [2]. - Collaborations with major automotive clients, including Volkswagen, have been established to utilize the company's 3D printing technology for metal parts and tooling [2]. Profit Forecast and Valuation - Due to slower-than-expected industrialization in the 3D printing sector, the company's net profit forecast for 2025 has been reduced by 67% to 87 million, with a new forecast for 2026 at 107 million [3]. - The company is expected to benefit from market demand changes over the next 3-5 years, leading to a potential rapid release of performance [3]. - A long-term valuation method has been adopted, projecting a P/E ratio of 38x for 2029, with a target price set at 53 yuan, indicating a 105% increase and a 12% upside from the current stock price [3].

Investment Rating - The report maintains a "Market Perform" rating for the 3D printing industry [5][76]. Core Insights - The global 3D printing market is projected to reach approximately $19.33 billion in 2024, with significant growth expected in various downstream applications, particularly in automotive manufacturing, consumer electronics, and medical devices [5][35]. - The Chinese 3D printing market is anticipated to grow to around 41.5 billion yuan in 2024, driven by industrial applications in aerospace, automotive, and medical sectors [5][35]. - The report highlights the low penetration rates of 3D printing technology in various sectors, indicating substantial growth potential, especially in aerospace, healthcare, automotive, consumer electronics, and robotics [5][27][52]. Summary by Sections 1. 3D Printing Overview - 3D printing technology has evolved through three stages: research and development, mass application, and profitability [12]. - The technology allows for high design freedom, complex structures, and efficient material usage, with a material utilization rate exceeding 95% [13]. 2. Industrial Dominance and Consumer Penetration - The industrial segment leads the market, with a shift towards consumer applications as technology matures [5][27]. - The report emphasizes the increasing demand for 3D printing in aerospace, automotive, and medical sectors, with significant growth expected in these areas [5][27]. 3. Low Penetration and Growth Potential - Aerospace: 3D printing is increasingly used for lightweight and complex components, with a projected market size of $2.77 billion in 2024, growing at a CAGR of 26.13% [56]. - Healthcare: The market for 3D printing in healthcare is expected to reach $1.7 billion in 2024, with a growth rate of 20.57% [57]. - Automotive: The automotive sector is projected to reach $3.36 billion in 2024, with applications in lightweight components and customized parts [63]. - Consumer Electronics: The market size for 3D printing in consumer electronics was $2.13 billion in 2022, with significant growth potential as technology advances [68]. - Robotics: The market for 3D printing in robotics is estimated at $1.5 billion in 2023, with a projected CAGR of 13.90% [75]. 4. Investment Recommendations - The report suggests maintaining a "Market Perform" rating and highlights companies to watch, including Plater (688333), Huazhu High-Tech (688433), Dazhu Laser (002008), Ruike Laser (300747), and Obi Zhongguang (688322) [5][76].