Core Viewpoint - As of April 30, 2024, a total of 2,462 A-share listed companies in China have published their sustainable development reports, with a notable focus on tax compliance management practices within these reports [1][3]. Group 1: Implementation of Sustainable Development Reporting - The "Guidelines for Sustainable Development Reporting of Listed Companies" came into effect on May 1, 2024, marking a new phase in the standardized disclosure of sustainable information [3]. - Companies included in major indices must disclose their 2025 sustainable development reports by April 30, 2026, while other companies are encouraged to voluntarily adopt these guidelines [3]. Group 2: Tax Compliance Commitments - Listed companies contributed a total of 4.54 trillion yuan in taxes in 2024, accounting for 25.96% of the national tax revenue, with many companies making commitments to comply with tax laws in their reports [3][5]. - Baoshan Iron & Steel Co., Ltd. outlined seven commitments regarding tax compliance, emphasizing adherence to local tax laws and transparent relationships with government entities [4]. Group 3: Tax Management Practices - Zhejiang Lino Fluid Control Technology Co., Ltd. highlighted its tax management procedures and commitment to tax compliance, reflecting the growing importance of tax issues among stakeholders [6]. - New Wind Technology Co., Ltd. adapted its internal tax management processes to align with business model changes and conducted employee training to enhance tax awareness [7]. Group 4: Digitalization and Risk Management - ZTE Corporation has established a global tax compliance committee to oversee tax governance and ensure compliance, reflecting a trend towards digitalization in tax management [9]. - Tianma Microelectronics Co., Ltd. developed a tax risk control system to monitor and manage tax risks proactively, shifting from reactive to preventive measures [10].

Core Insights - Insta360 has signed an agreement to establish its East China regional headquarters in Suzhou, Kunshan, focusing on the incubation and implementation of new business segments related to smart imaging and innovative product development [1] Group 1: Strategic Developments - The establishment of the headquarters aims to accelerate the gathering of upstream and downstream elements of the industry chain [1] - Insta360 has partnered with Nanjing University and the Suzhou municipal government to promote the establishment of a joint innovation laboratory, leveraging local resources and research capabilities [1] Group 2: Research and Development Focus - The collaboration will focus on AI vision and image processing, emphasizing the application and transformation of core capabilities such as AI image processing and anti-shake technology [1] - The initiative aims to create significant innovative outcomes by combining Insta360's technological advantages with Nanjing University's research strengths [1]

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, suggesting a focus on the expansion of capital expenditures and the associated opportunities in the power supply systems for FRC and Z-pinch devices [2]. Core Insights - The power supply is deemed the "lifeline" of controllable nuclear fusion devices, with a significant value contribution. The report highlights that the power supply systems for nuclear fusion devices require high capacity (around 100MW), high voltage (up to 1MV), and high current (up to 100kA), with low ripple (1%-2%), indicating a higher complexity compared to traditional industrial power supplies [4][18]. - The report emphasizes the expected release of multiple orders due to the expansion of capital expenditures in the controllable nuclear fusion sector, driven by the construction of Tokamak and Z-pinch devices, as well as the commercial development of FRC devices [4][21]. Summary by Sections Section 1: Power Supply as the Lifeline of Controllable Nuclear Fusion Devices - The report categorizes nuclear fusion technology into magnetic confinement, inertial confinement, and magneto-inertial confinement, with Tokamak being the mainstream approach [12][14]. - The power supply system is identified as a core component of nuclear fusion devices, with a high value contribution, particularly in Tokamak systems where the power supply accounts for approximately 15% of the total value [18][23]. Section 2: Tokamak Requires Long Pulse Operation, Core is Pulse Power Supply - The Tokamak pulse power supply consists of magnet power supply, auxiliary heating power supply, and reactive power compensation systems, which are critical for plasma formation and maintenance [27]. - The report details the technical requirements for the magnet power supply, including high current, low ripple, and fast response times, indicating significant technical barriers [30][37]. Section 3: High Value Contribution of FRC and Z-Pinch Power Supply, Focus on Core Components - The FRC device is noted for its simplicity and lower costs, with expectations for early commercialization, while the Z-pinch approach has a high value contribution from its driver components [4][21]. - The report highlights the importance of fast control switches and pulse capacitors in the power supply for both FRC and Z-pinch devices, indicating a growing market opportunity [4][21]. Section 4: Investment Recommendations - Specific companies are highlighted for their potential in the nuclear fusion power supply market, including Xuguang Electronics, Wangzi New Materials, Guoli Co., and others, which are positioned to benefit from the expanding demand in this sector [4][22].

Core Points - The company has completed the cancellation of certain fundraising special accounts as the projects funded by the initial public offering have been concluded and surplus funds will be permanently used to supplement working capital [1][3] Fundraising Overview - The company raised a total of RMB 506.66 million through the issuance of 34,990,000 shares at a price of RMB 14.48 per share, with a net amount of RMB 443.29 million after deducting issuance costs of RMB 63.36 million [1] - The funds were deposited in special accounts established in compliance with regulations to ensure proper management and protection of investor rights [2] Fund Management and Account Cancellation - The company established a fundraising management system to regulate the storage, use, and changes in the direction of the funds, ensuring that the funds are used specifically for their intended purposes [2] - As of the announcement date, the company had opened five fundraising special accounts with various banks, which have now all been canceled following the completion of the relevant projects [3]

证券代码：688663 证券简称：新风光 公告编号：2025-043 新风光电子科技股份有限公司 关于部分募集资金专户销户完成的公告 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。 资金专户开户银行中国农业银行股份有限公司汶上县支行、中国建设银行股份有限公 司汶上支行、中国工商银行股份有限公司汶上支行、济宁银行股份有限公司汶上支行、 招商银行股份有限公司济宁分行签订《募集资金三方监管协议》。 | 序号 | 开户主体 | 开户银行 | 募集资金专户账号 | 账户状态 | | --- | --- | --- | --- | --- | | 1 | 新风光电子科技股 | 济宁银行股份有限 | 815012301421042738 | 已注销 | | | 份有限公司 | 公司汶上支行 | | | | 2 | 新风光电子科技股 | 中国工商银行股份 | 1608004729088899986 | 本次注销 | | | 份有限公司 | 有限公司汶上支行 | | | | 3 | 新风光电子科技股 份有限公司 | 中国建设银行股份 有限公 ...

Core Viewpoint - The company reported a revenue of 1.918 billion yuan for 2024, representing a year-on-year growth of 12.75%, with a net profit of 174 million yuan, up 5.27% year-on-year. However, the growth rates for both revenue and net profit have slowed down, and the gross margins across various business segments have declined [2][12]. Summary by Sections Main Business - The company achieved a revenue of 1.918 billion yuan in 2024, with a net profit of 174 million yuan and a non-recurring net profit of 171 million yuan, reflecting growth rates of 12.75%, 5.27%, and 8.27% respectively. The fourth quarter accounted for 42.19% of the total annual revenue, amounting to 809 million yuan [2][12]. Revenue Recognition - The company confirmed that the high revenue in the fourth quarter was due to significant orders, with the top 200 orders contributing 677.65 million yuan. The revenue recognition process adhered to accounting standards, with evidence from customer acceptance reports [3][7][10]. Gross Margin Analysis - The gross margin for the wind power segment decreased by 6.37 percentage points due to intensified competition and rising raw material costs. The solar power segment faced similar challenges, with market saturation and policy changes affecting profitability [12][13][14]. Market Dynamics - The company is experiencing increased competition in the wind power sector, leading to price reductions and compressed profit margins. The average market price for SVG products has decreased by approximately 8%-10% in 2024 [12][13]. Customer Base and Orders - The company has expanded its customer base, securing contracts with major state-owned enterprises and entering new markets such as data centers. The total orders on hand as of May 2025 increased by 46.59% compared to the end of 2024 [16][18]. Response Strategies - The company plans to enhance R&D investment, focusing on core technologies to improve product performance and competitiveness. It aims to optimize customer structure and expand into emerging markets to mitigate risks associated with customer concentration [18][19][20]. Dealer Performance - The gross margin for dealer sales is significantly higher than direct sales, with a difference of 8.54%. This is attributed to the nature of products sold and the competitive landscape faced by direct sales [22][23]. Related Transactions - The company has engaged in significant related transactions with Shandong Energy Group, including a capital increase in a subsidiary, which is expected to enhance market share and operational efficiency [24][25].

证券代码：688663 证券简称：新风光 公告编号：2025-042 新风光电子科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 一、回购股份的基本情况 2024 年 12 月 23 日，公司召开第四届董事会第四次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集中竞 价交易方式回购公司已发行的部分人民币普通股（A 股）股票，并将回购股份在未 来适宜时机全部用于股权激励。本次回购资金总额不低于人民币 3,000 万元（含）， 不超过人民币 6,000 万元（含），回购价格不超过人民币 29.62 元/股（含）。回购 期限为自公司董事会审议通过回购股份方案之日起 12 个月内。具体内容详见公司 分别于2024年12月24日、2025年1月9日在上海证券交易所网站（www.sse.com.cn） 披露的《新风光电子科技股份有限公司关于以集中竞价交易方式回购股份的方案》 （公告编号：2024-045）、《新风光电子 ...

关于新风光电子科技股份有限公司 2024 年年度报告的信息披露监管 问询函的回复 信会师函字[2025]第 ZA312 号 一、关于主营业务 年报显示，公司 2024 年实现营业收入 19.18 亿元，同比增长 12.75%，其中，四季度 实现收入 8.09 亿元，占全年收入的 42.19%；实现归母净利润 1.74 亿元，同比增长 5.27%； 实现扣非净利润为 1.71 亿元，同比增长 8.27%，收入和净利润增速放缓，同时分行业各项 业务毛利率均出现下滑。区分销售模式来看，公司 2024 年经销收入同比增长 33.08%，毛 利率为 30.24%，高于直销模式的 21.70%。 请公司：（1）结合第四季度确认收入的主要订单金额、收入确认时间、签署合同时间、 应收款项余额、期后回款以及同行业可比公司情况，说明第四季度收入占比较高的合理性， 收入确认是否符合企业会计准则相关要求；（2）分别说明不同业务领域毛利率波动的原因 及合理性，结合行业形势、客户变化和订单情况，说明收入和净利润是否存在持续增速放缓 或同比下降的风险，以及公司的应对措施；（3）说明主要经销商的销售金额、销售内容、 成立年限、合作年限、毛利 ...

红塔证券股份有限公司 关于新风光电子科技股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查意见 上海证券交易所： 贵所出具的《关于新风光电子科技股份有限公司 2024 年年度报告的信息披 露监管问询函》（上证科创公函【2025】0236 号）（以下简称"问询函"）已收悉。 红塔证券股份有限公司（以下简称"红塔证券"、"保荐机构"）作为保荐机构， 与上市公司及上市公司年审会计师对问询函所列问题认真进行了逐项落实，回复 内容及保荐机构核查情况如下： 除非本核查意见中另有说明，公司 2024 年年度报告中使用的释义和简称适 用于本核查意见。本回复中如若明细项目金额加计之和与合计数存在尾差，系四 舍五入所致。 1 | 一、关于主营业务 | 3 | | --- | --- | | 二、关于关联交易 | 18 | | 三、关于应收账款和应收票据 | 37 | | 四、关于往来款 | 63 | | 五、关于存货 | 72 | | 六、关于货币资金 80 | | 一、关于主营业务 年报显示，公司 2024 年实现营业收入 19.18 亿元，同比增长 12.75%，其中， 四季度实现收入 8.09 亿元，占全年收 ...

中泰证券股份有限公司 关于新风光电子科技股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查意见 上海证券交易所： 贵所出具的《关于新风光电子科技股份有限公司 2024 年年度报告的信息披 露监管问询函》（上证科创公函【2025】0236 号）（以下简称"问询函"）已收悉。 中泰证券股份有限公司（以下简称"中泰证券"、"持续督导机构"）作为持续督 导机构，与上市公司及上市公司年审会计师对问询函所列问题认真进行了逐项落 实，回复内容及持续督导机构核查情况如下： 除非本核查意见中另有说明，公司 2024 年年度报告中使用的释义和简称适 用于本核查意见。本回复中如若明细项目金额加计之和与合计数存在尾差，系四 舍五入所致。 1 | 一、关于主营业务 | 3 | | --- | --- | | 二、关于关联交易 | 18 | | 三、关于应收账款和应收票据 | 37 | | 四、关于往来款 | 63 | | 五、关于存货 | 72 | | 六、关于货币资金 | 80 | 一、关于主营业务 年报显示，公司 2024 年实现营业收入 19.18 亿元，同比增长 12.75%，其中， 四季度实现收入 8.09 亿 ...