Meeting Overview - The shareholders' meeting of Shaanxi Yuanjie Semiconductor Technology Co., Ltd. was held on June 26, 2025, at the company's conference room located at 1265 Kaiyuan Road, Xixian New District, Shaanxi Province [1] - A total of 74 ordinary shareholders attended the meeting, representing 31,767,835 voting rights, which accounts for 37.1573% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with a significant majority. For instance, one proposal received 31,760,722 votes in favor, representing 99.9776%, with only 7,113 votes against [1][2] - Another proposal also achieved a high approval rate, with 31,761,122 votes in favor, equating to 99.9789% [2] - The voting results consistently show a strong preference for the proposals, with most receiving over 99% approval from ordinary shareholders [3][4] Legal Compliance - The meeting was convened in accordance with the Company Law, Securities Law, and the company's articles of association, ensuring that all procedures were legally compliant [1][4] - The presence of legal representatives from King & Wood Mallesons confirmed that the meeting's procedures and voting results were valid and in compliance with relevant laws and regulations [4]

证券代码：688498 证券简称：源杰科技 公告编号：2025-037 陕西源杰半导体科技股份有限公司 2024年年度股东会决议公告 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。 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）股东会召开的时间：2025 年 6 月 26 日 （二）股东会召开的地点：陕西省西咸新区沣西新城开元路 1265 号公司会议室 （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： 本次股东会由董事会召集，以现场投票和网络投票相结合的方式进行表决， 由董事长 ZHANG XINGANG 先生主持。本次会议的召集、召开程序符合《公司法》 | 1、出席会议的股东和代理人人数 | 74 | | --- | --- | | 普通股股东人数 | 74 | | 2、出席会议的股东所持有的表决权数量 | 31,767,835 | | 普通股股东所持有表决权数量 | 31,767,835 | | 3、出席会议的股东所持有表决权数量占公司表决权数量 ...

北京市金杜律师事务所 关于陕西源杰半导体科技股份有限公司 2024 年年度股东会之 法律意见书 致：陕西源杰半导体科技股份有限公司 北京市金杜律师事务所（以下简称本所）受陕西源杰半导体科技股份有限公司 （以下简称公司）委托，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》（以下简称《股东会规则》）等中华人民共和国境内（以下简 称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别 行政区和中国台湾省）现行有效的法律、行政法规、规章及规范性文件和现行有效 的《陕西源杰半导体科技股份有限公司章程》（以下简称《公司章程》）有关规定， 指派律师出席了公司于 2025 年 6 月 26 日召开的 2024 年年度股东会（以下简称本 次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审阅了公司提供的以下文件，包括但不限于： 1. 公司于 2025 年 4 月 1 日刊登于上海证券交易所网站（http://www.sse.com.c n，下同）等中国证监会指定信息披露媒体的《 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The optical module market is rapidly expanding, driven by the demand for CW silicon photonic light sources and EML chips due to the growth of AI technologies and data centers [4][5] - The company is expected to see significant revenue growth, with projected revenues of 4.54 billion, 6.47 billion, and 8.88 billion yuan for the years 2025, 2026, and 2027 respectively [6][10] - The company has successfully delivered CW 70mW laser products and is advancing in the development of high-speed EML chips, positioning itself well in the market [5][6] Company Overview - The latest closing price of the company's stock is 166.50 yuan, with a total market capitalization of 143 billion yuan [3] - The company has a total share capital of 0.86 billion shares, with 0.60 billion shares in circulation [3] - The company has a low debt-to-asset ratio of 3.5% and a very high price-to-earnings ratio of -2,378.57 [3] Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 0.92 billion, 1.58 billion, and 2.66 billion yuan for the years 2025, 2026, and 2027 respectively [6][10] - The expected growth rates for revenue are 74.63%, 80.05%, 42.47%, and 37.27% for the years 2024, 2025, 2026, and 2027 respectively [10][11] - The company's gross margin is expected to improve significantly, reaching 57.7% by 2027 [11]

证券代码：688498 证券简称：源杰科技 陕西源杰半导体科技股份有限公司 2024 年年度股东会 会议资料 陕西源杰半导体科技股份有限公司 2025 年 6 月 陕西源杰半导体科技股份有限公司 2024 年年度股东会资料 目 录 陕西源杰半导体科技股份有限公司 2024 年年度股东会会议须知 为了维护全体股东的合法权益，保证股东在陕西源杰半导体科技股份有限公 司（以下简称"公司"）依法行使股东权利，确保股东会的正常秩序和议事效率， 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《陕西源杰半导体科技股份有限公司章程》《陕西源杰半导体科技股份有限 公司股东会议事规则》等有关规定，特制定本须知，请全体出席股东会的人员自 觉遵守。 一、会议设会务组，负责会议的组织工作，协调处理相关事宜。 二、经公司审核后符合参加本次股东会条件的股东（含股东代理人）、董事、 监事、高级管理人员及其他出席人员方可出席本次会议；公司有权拒绝不符合条 件的人士进入会场。 三、会议按照会议通知上所列顺序审议、表决议案。对所有已列入本次会议 议程的议案，股东会不得以任何理由搁置或不予表决。 四、会议期间，与会 ...

Market Overview - On June 18, A-shares saw a slight increase in the three major indices, with the Shanghai Composite Index rising by 0.04%, the Shenzhen Component Index by 0.24%, and the ChiNext Index by 0.23%. The total market turnover reached 12,217 billion [1]. Semiconductor Industry - The semiconductor industry chain experienced a significant rise in the afternoon, with sectors such as PCB, CPO, storage chips, and AI PCs leading the gains. PCB leader Huadian Co., Ltd. saw a limit-up, with a net inflow of 7.18 billion from main funds, ranking first in A-shares [4]. - Huadian's recent investor relations activity indicated a sustained growth in demand for AI-driven servers and high-speed network infrastructure, with expectations for capacity improvements by the second half of 2025 [4]. - In Q1, Huadian reported a revenue of 40.38 billion, a year-on-year increase of 56.25%, and a net profit of 7.62 billion, up 48.11% year-on-year, indicating rapid growth [4]. CPO Sector - The CPO (Co-Packaged Optics) sector surged in the afternoon, with stocks like Kexiang Co. hitting the limit-up, and other companies such as Lian Te Technology and Shengyi Electronics also seeing significant gains [6]. - According to YOLE Group, the CPO market is expected to reach a value of 8.1 billion by 2030, with a compound annual growth rate of 137%, driven by the transition from pluggable optical modules to CPO and from copper cables to optical communication [9]. - JPMorgan's report suggests that CPO technology is accelerating towards commercialization, with industry leaders positioned favorably for the next growth cycle [9]. Solid-State Battery Sector - The solid-state battery sector showed a rebound in the afternoon, with stocks like Pulutong and Nord Co. hitting the limit-up, and Jinyinhai rising over 10% [11]. - Xiaomi's recent patent for solid-state battery composite electrodes, which enhances ion transport efficiency, was published, indicating advancements in solid-state battery technology [13]. - The first "Lithium Sulfide and Sulfide Solid-State Battery Forum" is scheduled for June 25, focusing on the latest technologies and industrial applications in the field [14]. - China Galaxy Securities highlights that solid-state batteries are a core focus in the lithium battery supply chain, with significant growth potential for leading cell and material companies [14].

Core Viewpoint - The company is holding its 2024 annual shareholders' meeting to discuss various proposals, including the cancellation of the supervisory board and amendments to the company's articles of association, as well as financial reports and future plans [1][21]. Meeting Procedures - The meeting will be organized by a designated committee, ensuring that only eligible shareholders and representatives can attend [1][2]. - All agenda items must be voted on without postponement, and attendees are required to maintain order during the meeting [2][3]. - Shareholders have the right to speak, ask questions, and vote, but must register to speak and adhere to time limits [2][3][4]. Financial Performance - For the fiscal year 2024, the company reported a revenue of approximately 252.17 million yuan, a 74.63% increase from 2023 [9][11]. - The net profit attributable to shareholders was -6.13 million yuan, representing a 131.49% decrease compared to the previous year [9][11]. - The company’s total assets decreased by 3.99% to approximately 2.15 billion yuan [9][11]. Business Developments - The company has expanded its product offerings in the telecommunications market, particularly with the introduction of 10G EML products, which have seen significant order increases [24]. - In the AI data center market, the company achieved sales breakthroughs with high-power CW laser chips, indicating a successful adaptation to market demands [24][25]. - The overall gross margin has declined due to increased costs associated with production and R&D investments [25]. Future Plans - The company has proposed a financial budget for 2025, focusing on revenue growth and internal management improvements [13][14]. - A profit distribution plan has been outlined, proposing a cash dividend of approximately 8.55 million yuan based on the total shares eligible for distribution [15][16]. - The company plans to continue its strategy of enhancing shareholder returns through potential mid-term dividends, contingent on financial performance [16]. Governance Changes - A proposal to abolish the supervisory board and amend the company's articles of association has been submitted, transferring supervisory responsibilities to the audit committee of the board [21][22]. - The company aims to improve its internal governance mechanisms by revising and establishing new governance policies [22].

Core Viewpoint - The regular adjustment of A-share index samples has been implemented, reflecting a structural transformation in China's economy from "quantity" to "quality" and focusing on high-growth sectors such as information technology, advanced manufacturing, biomedicine, and new energy [3][5]. Group 1: Index Sample Adjustments - The adjustments affect major indices including the Shanghai Composite, Shenzhen Component, ChiNext, and various cross-market indices, with the changes officially taking effect on June 16 [4][5]. - The newly included companies predominantly belong to sectors that align with China's economic transformation, emphasizing the importance of capital market support for new productive forces [3][5]. Group 2: Investor Implications - The adjustment of index samples typically leads to increased attention and capital inflow towards newly included stocks, while index funds and passive investment strategies will realign their portfolios accordingly [6]. - Investors are advised to consider fundamental factors, industry trends, and market conditions rather than following short-term market movements blindly [6]. Group 3: Market Trends and Predictions - Analysts suggest that the market is shifting focus from geopolitical events to industry trends, with sectors like wind power equipment and computing gaining strength [7]. - Historical patterns indicate that the market may experience key turning points around mid to late June, particularly with expectations for strong performance in the computing supply chain [7][8]. - A report from CITIC Securities forecasts that the A-share market will gradually rise in the second half of 2025, driven by supportive policies and improved liquidity, with a focus on sectors such as innovative pharmaceuticals and AI applications [7].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report maintains a positive outlook on the AI industry as a key investment theme for the year, anticipating that 2025 may become a pivotal year for domestic AI infrastructure competition and application development [3][19] - The report emphasizes the importance of monitoring AI industry dynamics and investment opportunities in AI applications, as well as the potential for growth in the satellite internet sector due to recent domestic developments [3][20] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [4][22] - Switches and server PCBs: Recommended companies include Hudian Co., ZTE, and Unisplendour [4][22] - Low valuation, high dividend companies in cloud and computing IDC resources: China Mobile, China Telecom, and China Unicom [4][22] - AIDC & cooling solutions: Key recommendations include Yingweike and Runze Technology [4][22] - AIGC applications/edge computing: Focus on companies like Guohua Communication and Meige Intelligent [4][22] 2. Offshore Wind and Submarine Cables - Key recommendations for submarine cables: Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [5][23] - Focus on recovery and concentration of leading companies in overseas markets, with recommendations including Huace Navigation and Weisheng Information [5][23] 3. Satellite Internet and Low-altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy, with key recommendations including Huace Navigation and Haige Communication [6][24] - Suggested companies to watch include Chengchang Technology and Zhenlei Technology [6][24] 4. Industry Performance Review - The communication sector rose by 5.06% during the week of June 3-6, outperforming the CSI 300 index by 4.18 percentage points [25] - Notable individual stock performances included Huamai Technology and Zhongjia Bochuang, both showing significant gains [26][29]

Group 1 - The company held its 12th meeting of the second supervisory board on June 5, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] - The supervisory board approved a proposal to abolish the supervisory board and amend the company's articles of association, transferring the supervisory powers to the audit committee of the board of directors [1][2] - The proposal will be submitted for review at the company's 2024 annual shareholders' meeting [2] Group 2 - The decision to abolish the supervisory board is in accordance with the Company Law and the revised guidelines for listed companies, reflecting the company's actual situation [1] - The relevant rules and regulations regarding the supervisory board will be abolished, and corresponding amendments will be made to the articles of association and other governance documents [1]