法律意见书 安徽天禾律师事务所关于 科威尔技术股份有限公司 安徽天禾律师事务所 ANHUI TIANHE LAW OFFICE 致：科威尔技术股份有限公司 地址：安徽省合肥市北一环财富广场 B 座东 16F 电话：（0551）62642792 传真：（0551）62620450 网址：http://www.tianhelaw.cn 法律意见书 安徽天禾律师事务所关于 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》）、《上市公司股东大会规则》等法律法 规、其他规范性文件的要求以及《科威尔技术股份有限公司章程》（以下简称 《公司章程》）的有关规定，安徽天禾律师事务所（以下简称"本所"）接受科 威尔技术股份有限公司（以下简称"科威尔"或"公司"）的委托，指派徐兵律 师、熊丽蓉律师（以下简称"本所律师"）出席见证于 2025 年 5 月 16 日召开的 科威尔 2024 年年度股东大会（以下简称"本次会议"），并出具本法律意见书。 本法律意见书仅供公司为本次会议之目的使用，不得用作任何其他目的。 本所律师已严格履行法定职责，遵循了勤勉尽责和诚实信用原则，对科威 尔的 ...

| 证券代码：688551 证券简称：科威尔 | | | | 公告编号：2025-036 | | | | --- | --- | --- | --- | --- | --- | --- | | 科威尔技术股份有限公司 | | | | | | | | 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） 股东大会召开的时间：2025 | 年 | 5 月 16 | 日 | | | | | （二） 股东大会召开的地点：合肥市高新区大龙山路 | | | 8 | 号科威尔技术股份有限 | | | | 公司 | | | | | | | | （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： | | | | | | | | 普通股 ...

证券代码：688551 证券简称：科威尔 公告编号：2025-036 科威尔技术股份有限公司 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。 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 （二）股东大会召开的地点：合肥市高新区大龙山路 8 号科威尔技术股份有限 公司 （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： 1 二、议案审议情况 审议结果：通过 表决情况： | 股东类型 | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 票数 | | 比例 | 票数 | 比例 | 票数 | 比例 | | | | | （%） | | （%） | | （%） | | 普通股 | 57,253,932 | | 99.7484 | 144,380 | 0.2516 | 0 | 0 ...

法律意见书 安徽天禾律师事务所关于 科威尔技术股份有限公司 2024 年年度股东大会之法律意见书 安徽天禾律师事务所 ANHUI TIANHE LAW OFFICE 地址：安徽省合肥市北一环财富广场 B 座东 16F 电话：（0551）62642792 传真：（0551）62620450 网址：http://www.tianhelaw.cn 法律意见书 安徽天禾律师事务所关于 科威尔技术股份有限公司 2024 年年度股东大会之法律意见书 天律意字[2025]第 01195 号 致：科威尔技术股份有限公司 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》）、《上市公司股东大会规则》等法律法 规、其他规范性文件的要求以及《科威尔技术股份有限公司章程》（以下简称 《公司章程》）的有关规定，安徽天禾律师事务所（以下简称"本所"）接受科 威尔技术股份有限公司（以下简称"科威尔"或"公司"）的委托，指派徐兵律 师、熊丽蓉律师（以下简称"本所律师"）出席见证于 2025 年 5 月 16 日召开的 科威尔 2024 年年度股东大会（以下简称"本次会议"），并出具本法律意见书 ...

国泰海通证券股份有限公司 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对 | 保荐机构已建立健全并有效执 | | | 具体的持续督导工作制定相应的工作计划 | 行了持续督导制度，并制定了 | | | | 相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与公司签订《保荐 | | 2 | 前，与上市公司或相关当事人签署持续督导协 | 协议》，该协议明确了双方在 | | | 议，明确双方在持续督导期间的权利义务，并报 | 持续督导期间的权利和义务， | | | 上海证券交易所备案 | 并报上海证券交易所备案 | | | | 保荐机构通过日常沟通、定期 | | 3 | 通过日常沟通、定期回访、现场检查、尽职调查 | 或不定期回访、现场检查等方 | | | 等方式开展持续督导工作 | 式，了解公司业务情况，对公 | | | | 司开展了持续督导工作 | | | 持续督导期间，按照有关规定对上市公司违法违 规事项公开发表声明的，应于披露前向上海证券 | 2024年度公司在持续督导期间 | | ...

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

Investment Rating - The report maintains a "Buy" rating for the company, projecting significant growth potential in the coming years [7]. Core Insights - The company reported a revenue of 478 million yuan for 2024, a year-on-year decrease of 9.58%, with a net profit attributable to shareholders of 49 million yuan, down 58.10% year-on-year [4]. - The company has seen a year-on-year increase in its order backlog, indicating strong future growth potential [6]. - The company is focusing on innovation and product iteration, with R&D expenses amounting to 79 million yuan, representing 16.5% of revenue [7]. Financial Performance Summary - For 2024, the company achieved a revenue of 478 million yuan, with a gross margin of 45.00%, down 8.87 percentage points year-on-year [4]. - The company expects revenues to grow to 615 million yuan in 2025, with a projected year-on-year growth of 28.6% [10]. - The net profit for 2025 is estimated to be 88 million yuan, reflecting a significant recovery from the previous year [10]. Business Segment Analysis - The testing power segment generated 365 million yuan in revenue for 2024, a slight increase of 0.86% year-on-year, with a gross margin of 44.17% [6]. - Hydrogen energy revenue was reported at 95 million yuan, down 15% year-on-year, with a gross margin of 46.86% [6]. - The power semiconductor segment saw a significant decline, with revenue of 16 million yuan, down 71% year-on-year [6]. Future Projections - The company forecasts net profits of 88 million yuan in 2025, 116 million yuan in 2026, and 141 million yuan in 2027, with corresponding P/E ratios of 25, 19, and 16 [7][10]. - Revenue is expected to reach 863 million yuan by 2027, with a projected growth rate of 12.7% [10].

Investment Rating - The report maintains a "Buy" rating for the company, projecting significant growth potential in the coming years [7]. Core Insights - The company reported a revenue of 478 million yuan for 2024, a year-over-year decrease of 9.58%, with a net profit attributable to shareholders of 49 million yuan, down 58.10% year-over-year [4]. - The company has seen a year-over-year increase in its order backlog, indicating strong future growth potential [6]. - The company is focusing on innovation and product iteration, with R&D expenses amounting to 79 million yuan, representing 16.5% of revenue [7]. Financial Performance - For 2024, the company achieved a gross margin of 45.00%, which is a decrease of 8.87 percentage points year-over-year [4]. - The revenue for Q4 2024 was 101 million yuan, reflecting a significant decline of 41.95% year-over-year [4]. - The company expects revenues to grow to 615 million yuan in 2025, representing a year-over-year increase of 28.6% [10]. Business Segments - The testing power segment generated 365 million yuan in revenue for 2024, a slight increase of 0.86% year-over-year, with a gross margin of 44.17% [6]. - Hydrogen energy revenue was reported at 95 million yuan, down 15% year-over-year, with a gross margin of 46.86% [6]. - The power semiconductor segment saw a significant decline in revenue, down 71% year-over-year, with a gross margin of 44.16% [6]. Future Projections - The company forecasts net profits of 88 million yuan, 116 million yuan, and 141 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 25, 19, and 16 [7][10]. - The gross margin is expected to stabilize around 43.1% from 2026 onwards [10].

科威尔技术股份有限公司 2024 年年度股东大会 会议材料 股票简称：科威尔 股票代码：688551 2025 年 5 月 科威尔技术股份有限公司 2024 年年度股东大会 目录 | 2024 | 年年度股东大会会议须知 | 2 | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | 4 | | 议案一：关于公司《2024 | 年年度报告》及其摘要的议案 | 6 | | 议案二：关于公司《2024 | 年度董事会工作报告》的议案 | 7 | | 议案三：关于公司《2024 | 年度独立董事述职报告》的议案 | 13 | | 议案四：关于公司《2024 | 年度监事会工作报告》的议案 | 14 | | 议案五：关于公司《2024 | 年度财务决算报告》的议案 | 18 | | 议案六：关于公司《2025 | 年度财务预算报告》的议案 | 23 | | 议案七：关于公司 2024 | 年度利润分配方案的议案 | 25 | | 议案八：关于公司董事 | 2025 年度薪酬方案的议案 | 27 | | 议案九：关于公司监事 | 年度薪酬方案的议案 2025 | 29 | | 议案十： ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% over the next six months [6][12]. Core Views - The company reported a revenue of 480 million yuan in 2024, a year-on-year decrease of 9.6%, and a net profit attributable to shareholders of 50 million yuan, down 58.1% year-on-year. The decline in performance is attributed to intensified market competition, delayed order deliveries, and increased investments in market expansion [4][5]. - The first quarter of 2025 showed a slight recovery with revenue of 110 million yuan, a year-on-year decrease of 3.6%, and a net profit of 20 million yuan, an increase of 11.3% year-on-year [4][5]. - The testing power business generated revenue of 360 million yuan in 2024, a slight increase of 0.9%, but faced pressure on profit margins due to fierce competition. The company anticipates a recovery in this segment as overseas markets and distribution channels are further developed [5][6]. - The hydrogen energy testing equipment business underperformed with revenue of 100 million yuan in 2024, down 15.1% year-on-year. The report suggests that the development of the hydrogen energy industry and the establishment of standards will take time, but policy support is expected to enhance industry prospects [5][6]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 550 million yuan, 660 million yuan, and 840 million yuan, respectively. Corresponding net profits are forecasted at 70 million yuan, 90 million yuan, and 130 million yuan, leading to price-to-earnings ratios of 34, 25, and 18 times [6][10]. - The report indicates a gradual improvement in profitability, with a projected net profit margin increase from 10.3% in 2024 to 15.3% in 2027 [11]. Key Financial Metrics - The company’s asset-liability ratio stands at 24.0%, indicating a relatively low level of debt [3][11]. - The earnings per share (EPS) is expected to rise from 0.58 yuan in 2024 to 1.53 yuan in 2027, reflecting the anticipated growth in profitability [10][11]. - The report highlights a decrease in expense ratios, contributing to improved net profit margins in the first quarter of 2025 [5].