法律意见书 浙江天册律师事务所 关于 新风光电子科技股份有限公司 2025 年第二次临时股东会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 新风光电子科技股份有限公司 2025 年第二次临时股东会的 （一）经本所律师核查，公司本次股东会由董事会提议并召集，召开本次股东 会的通知已于 2025 年 5 月 31 日在指定媒体及上海证券交易所网站上公告。 编号：TCYJS2025H0971 致：新风光电子科技股份有限公司 法律意见书 （二）本次股东会采取现场表决与网络投票相结合的方式。 1 浙江天册律师事务所（以下简称"本所"）接受新风光电子科技股份有限公司 （以下简称"新风光"或"公司"）的委托，指派本所律师参加公司 2025 年第二 次临时股东会，并根据《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》"）和《上市公司股东会规则》（以 下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求出具本法 律意见书 ...

证券代码：688663 证券简称：新风光 公告编号：2025-039 新风光电子科技股份有限公司 2025年第二次临时股东会决议公告 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 17 日 （二） 股东会召开的地点：山东省汶上县经济开发区金成路中段路北新风光电 子科技股份有限公司办公楼二楼会议中心亚洲厅 （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、出席会议的股东和代理人人数 | 71 | | --- | --- | | 普通股股东人数 | 71 | | 2、出席会议的股东所持有的表决权数量 | 71,992,999 | | 普通股股东所持有表决权数量 | 71,992,999 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 51.9508 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） ...

Core Points - The company announced a cash dividend of 0.6 yuan per share for the fiscal year 2024, approved at the annual shareholders' meeting on April 30, 2025 [2][3] - The total number of shares eligible for the dividend distribution is 138,579,091 shares, resulting in a total cash dividend payout of approximately 83,147,454.60 yuan (including tax) [3][6] - The company will not issue bonus shares or increase capital reserves during this distribution [3][4] Distribution Details - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the dividend record date [2][3] - The company’s repurchased shares will not participate in the dividend distribution [6][7] - The cash dividends for individual shareholders will be subject to different tax treatments based on their holding periods, with specific tax rates outlined for different categories of shareholders [8][9][10] Implementation Method - Cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with specific instructions for shareholders who have not completed designated trading [5][6] - The company will handle the cash dividend distribution for its major shareholder, Shandong Energy Group [7]

Group 1 - The core viewpoint of the legal opinion is that the differentiated equity distribution proposed by the company complies with relevant laws and regulations, and does not harm the interests of the company and its shareholders [7] - The company plans to distribute a cash dividend of 6.00 RMB per 10 shares (including tax) to all shareholders, with a total cash dividend amounting to approximately 83,239,654.80 RMB based on the share count as of March 31, 2025 [3][4] - The total share capital of the company is 139,950,000 shares, and after accounting for shares in the repurchase account, the number of shares eligible for profit distribution is 138,732,758 shares [3][4] Group 2 - The company has conducted a share buyback, increasing the number of shares in the repurchase account from 1,217,242 to 2,041,139 shares, which affects the number of shares eligible for profit distribution [4][5] - The adjusted total cash dividend amount based on the new share count is approximately 83,147,454.60 RMB, maintaining the cash dividend of 6.00 RMB per 10 shares [4][5] - The differentiated equity distribution does not involve stock dividends or capital reserve transfers, ensuring that the number of circulating shares remains unchanged [5][6] Group 3 - The legal opinion confirms that the shares in the repurchase account do not participate in the profit distribution, adhering to the principle of differentiated equity distribution [5][7] - The impact of the differentiated equity distribution on the ex-dividend reference price is minimal, with an absolute value impact of less than 1% [6][7] - The legal opinion concludes that the differentiated equity distribution does not violate the Company Law, Securities Law, or other relevant regulations [7]

Core Points - The company has announced a differentiated dividend distribution plan for the fiscal year 2024, which was approved at the annual shareholders' meeting on April 30, 2025 [1][2] - The cash dividend is set at 0.6 yuan per share, with a total cash dividend distribution amounting to approximately 83.24 million yuan (including tax) based on the number of shares eligible for distribution [2][3] - The total share capital of the company is 140,620,230 shares, with 138,732,758 shares eligible for the dividend after excluding shares held in the repurchase account [2][3] Dividend Distribution Details - The cash dividend distribution will not include stock dividends or capital reserve transfers, meaning the total number of circulating shares will remain unchanged [2] - The reference price for the ex-dividend trading will be calculated based on the formula: Ex-dividend reference price = (Previous closing price - Cash dividend) / (1 + Change in circulating shares ratio), with the circulating shares change ratio being 0 due to no changes in circulating shares [2][3] - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with specific arrangements for shareholders who have not completed designated transactions [3][4] Tax Implications - For individual shareholders holding shares for more than one year, the cash dividend will be exempt from personal income tax, resulting in an actual cash dividend of 0.6 yuan per share [5] - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but the tax will be calculated based on the holding period [5] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in an actual cash dividend of 0.54 yuan per share after tax [6]

证券代码：688663 证券简称：新风光 公告编号：2025-038 新风光电子科技股份有限公司2024年年度权益分派 实施公告 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： 每股现金红利0.6元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/19 | 2025/6/20 | 2025/6/20 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 30 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户除外）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规章及其他规范性文件以及《公 司章程》的有关规定，公司回 ...

法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 浙江天册律师事务所 关于 新风光电子科技股份有限公司 差异化权益分派事项的 法律意见书 释 义 在本法律意见书中，除非文意另有所指，下列词语具有下述涵义： | 本所 | 指 | 浙江天册律师事务所 | | --- | --- | --- | | 公司/新风光 | 指 | 新风光电子科技股份有限公司 | | 本次差异化权益分派 | 指 | 新风光本次拟进行的差异化权益分派 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《自律监管指引第 7 号》 | 指 | 《上海证券交易所上市公司自律监管指引第 7 号——回购 股份》 | | 《公司章程》 | 指 | 现行有效的《新风光电子科技股份有限公司章程》 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 上交所、证券交易所 | 指 | 上海证券交易所 | | 中国 | 指 | 中华人民共和国，为本法律意见书之目的，不包括香港特 ...

Group 1: Industry Overview - Huawei launched four new models of the Pura series, significantly enhancing the camera system with potential use of three different 1-inch sensors, indicating a shift towards domestic CIS manufacturers gaining recognition in high-end markets [2] - The global AI server shipments are projected to reach 1.81 million units in 2025, with high-end AI servers equipped with high bandwidth memory (HBM) expected to exceed 1 million units, marking a 40% year-on-year increase [3] Group 2: Advanced Manufacturing - CATL announced the mass production of a 587Ah battery cell with a high energy density of 435Wh/L and a cycle efficiency of 95.5%, positioning it competitively on a global scale [6] - The domestic energy storage industry is expected to grow significantly, with installed capacity projected to exceed 78GW in 2024, a year-on-year increase of over 147%, and the total industry output value expected to surpass 1 trillion yuan by 2025 [6] Group 3: Battery Market Dynamics - In May, China's power battery installation volume reached 57.1GWh, a year-on-year increase of 43.1%, with lithium iron phosphate batteries accounting for 81.6% of the total installed volume [7] - China holds over 70% of the global market share for power batteries, with domestic companies expanding their presence in Europe, South America, and Southeast Asia [7] Group 4: Consumer Electronics - Yingshi Innovation leads the global consumer-grade panoramic camera market, with an expected market share of 81.7% in 2024, significantly outpacing competitors [9] - The company's revenue is projected to grow from 159 million yuan in 2017 to 5.574 billion yuan in 2024, reflecting a compound annual growth rate of 66.2% [10]

Core Viewpoint - The outdoor sports and short video content trends, along with the maturity of VR/AR technology, are driving the transition of action cameras and panoramic cameras from niche equipment for extreme sports enthusiasts to mainstream creative production tools, leading to a high growth period for the industry [1][3]. Market Overview - The global action camera market reached a size of 31.44 billion yuan in 2023, projected to grow to 51.35 billion yuan by 2027, with a compound annual growth rate (CAGR) of 13.0%. The panoramic camera market is expected to grow from 5.03 billion yuan to 7.85 billion yuan during the same period, with a CAGR of 11.8% [3]. - Despite the current low market penetration, attributes such as "experience-oriented," "community-focused," and "user-generated content (UGC) tools" continue to attract consumers seeking personalized expression, highlighting the industry's "blue ocean" characteristics [3]. Competitive Landscape - Major players in the market include Yingshi Innovation, GoPro, and DJI, with the future competition likely focusing on AI-enabled features and software ecosystem innovation rather than just hardware iterations [1][4]. - The trend of technology integration between action cameras and panoramic cameras is evident, with the boundaries of their functionalities becoming increasingly blurred, potentially leading to the development of "all-in-one" personal imaging devices [3][4]. Future Growth Potential - The industry is currently at a critical "breaking out" phase, benefiting from the explosive demand for outdoor sports and short video content, indicating significant future growth potential [4]. - While concerns about low hardware barriers exist, the competition is expected to extend into AI, software ecosystems, and differentiated innovation, leading to a reconfiguration of industry barriers [4]. - With technological integration and evolving user demands, the action camera and panoramic camera industry may enter a new innovation cycle, with Chinese manufacturers likely to gain a more proactive position in global competition due to their technological accumulation and market insights [4].

Summary of the Conference Call for YingShi Innovation Company Overview - **Company**: YingShi Innovation - **Industry**: Smart Imaging Devices - **Key Products**: Insta360 ONE X series, Go series, S Pro series, modular cameras, and professional VR cameras [2][5][18] Financial Performance - **2024 Revenue**: 5.57 billion RMB, a 60% increase year-over-year - **2024 Profit**: 990 million RMB, a 106.6% increase year-over-year - **Revenue Forecast**: - 2025: 8 billion RMB - 2026: 10.8 billion RMB - 2027: 14 billion RMB - **Profit Forecast**: - 2025: 1.2 billion RMB - 2026: 1.7-1.8 billion RMB - 2027: 2.5 billion RMB [2][15] Market Position and Trends - **Market Share**: Over 60% in the global panoramic camera market - **Global Market Size**: - Panoramic camera market: 5 billion USD in 2023, expected to reach 7.9 billion USD by 2027 - Action camera market: Over 30 billion RMB in 2023, expected to maintain double-digit growth - Drone market: 50 billion RMB in 2023, projected to grow to over 100 billion RMB [2][8][30][32] Product and Technology Insights - **Core Product Contribution**: 86% of revenue from consumer-grade smart imaging products, with Insta360 ONE X series contributing over 50% [2][4] - **Software Capabilities**: Insta360 APP offers cloud storage, cloud services, and AI editing, addressing post-processing pain points [11][12] - **R&D Focus**: Increasing R&D expenditure and personnel ratio, with a strong emphasis on innovation [26][27] Sales and Distribution - **Sales Model**: Combination of online and offline sales, with online sales approaching 50% in 2024 - **Global Reach**: Revenue from overseas markets exceeds 75%, with distribution in over 50 countries [3][22] Competitive Landscape - **Key Competitors**: DJI (drones), GoPro (action cameras), and other emerging brands - **Market Dynamics**: Despite DJI's larger scale, YingShi Innovation is positioned to compete effectively through product expansion and innovation [16][33] Strategic Partnerships and Supply Chain - **Supply Chain Stability**: Collaborations with key suppliers like Luxshare Precision to address capacity bottlenecks and tariff issues [14][43] - **Strategic Allocations**: Attracting core employees and supply chain partners for future expansion [14][45] Future Growth Potential - **Growth Drivers**: Continuous product innovation, market expansion, and strong brand recognition in overseas markets [34][41] - **Profitability Outlook**: Expected to maintain high growth rates in both revenue and profit, particularly in professional-grade products [44] Conclusion YingShi Innovation is positioned as a leader in the smart imaging device market, with strong financial performance, a robust product lineup, and significant growth potential driven by innovation and market expansion strategies. The company is well-equipped to navigate competitive pressures and capitalize on emerging market opportunities.