关于广东聚石化学股份有限公司 2025年第四次临时股东会的 法律意见书 中国·北京 北京市朝阳区建外大街甲14号广播大厦5/9/10/13/17层，邮政编码：100022 电话(Tel):86-10-65219696 传真(Fax):86-10-88381869 二〇二五年十一月 北京海润天睿律师事务所 法律意见书 北京海润天睿律师事务所 关于广东聚石化学股份有限公司 2025 年第四次临时股东会的法律意见书 致：广东聚石化学股份有限公司 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》）以及《广东聚石化学股份有限公司章程》（以下简 称《公司章程》）等有关规定，北京海润天睿律师事务所（以下简称"本所"）接 受广东聚石化学股份有限公司（以下简称"公司"）委托，指派本所律师出席公 司 2025 年第四次临时股东会（以下简称"本次股东会"），并就本次股东会的召 集及召开程序、出席会议人员及会议召集人的资格、表决程序及表决结果等相关 事项发表法律意见。 关于本法律意见书，本所及本所律师谨作如下声明： （1）在本法律意见书中，本所及本所律师仅就本次股东会的召集及召开程 ...

Core Insights - The article highlights the rapid development of Chinese technology companies, exemplified by YingShi Innovation's panoramic cameras and SiKan Technology's 3D scanners, showcasing their global presence and innovation capabilities [5][7][12] - The role of the securities industry, particularly CITIC Securities, is emphasized as a crucial facilitator in supporting these technology firms through comprehensive financial services, aiding their growth and market expansion [6][13][19] Company Highlights - YingShi Innovation has maintained the largest market share in the global panoramic camera market for six consecutive years, with over 70% of its revenue coming from international sales [11][12] - SiKan Technology became the first A-share listed company in the 3D scanning sector, raising 569 million yuan during its IPO, with a revenue growth of 17.70% year-on-year [11][12] - Both companies have leveraged capital market support to enhance their R&D capabilities and expand production capacity, with significant increases in their respective R&D investments [11][12] Industry Trends - The securities industry is increasingly returning to its investment banking roots, providing tailored financial solutions to technology firms, thus fostering a healthy cycle between technology, capital, and industry [7][13] - The capital market is evolving to better accommodate technology innovation, with a focus on supporting high-tech enterprises through various financing methods, including IPOs and bond issuances [14][15] - The growth of the Sci-Tech Innovation Board (STAR Market) is highlighted, with a significant number of companies in new-generation information technology and high-end equipment manufacturing, indicating a strong trend towards supporting innovative industries [14][18]

Core Viewpoint - The article discusses the rise of China's smart imaging industry, focusing on two key players, Insta360 and DJI, and their impact on the global market for imaging devices, particularly in the context of video creation and social media sharing [5][21]. Industry Overview - The smart imaging industry has evolved from traditional photography to include new devices like action cameras and 360-degree cameras, driven by consumer demand for innovative recording tools [7][8]. - The market is currently transitioning from niche professional use to broader consumer adoption, with manufacturers exploring new applications in various sectors such as automotive, smart home, and education [20]. Key Players - Insta360 has successfully integrated panoramic technology into action cameras, creating a new market segment and focusing on user experience through innovative software and hardware solutions [24][25]. - DJI, initially a leader in drone technology, has entered the action camera market with products that leverage its existing imaging technology, quickly becoming a significant competitor [32][33]. Market Dynamics - The global shipment of smart cameras from the top three companies (Insta360, DJI, and GoPro) reached over 600,000 units in 2024, indicating a growing market despite still being in the early stages of penetration compared to traditional digital cameras [18][19]. - The competition between Insta360 and DJI has intensified, with both companies innovating rapidly and expanding their product lines to include various imaging solutions [40][41]. Future Trends - The smart imaging industry is expected to see continued innovation and competition, with potential developments in AI-powered devices and VR technology, indicating a shift towards more intelligent and interactive imaging solutions [41]. - The entry of smartphone manufacturers into the smart imaging space poses both opportunities and challenges, as they bring strong brand recognition and supply chain capabilities but may lack the specialized expertise required for high-performance imaging devices [44].

广东聚石化学股份有限公司 2025年第四次临时股东会会议资料 证券代码：688669 证券简称：聚石化学 广东聚石化学股份有限公司 2025年第四次临时股东会会议资料 二〇二五年十一月 1 | | | 广东聚石化学股份有限公司 2025年第四次临时股东会会议资料 广东聚石化学股份有限公司 2025年第四次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会会议秩序和议事效率，保证股东会 的顺利召开，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《广东聚石化学股份有限公司章程》《广东聚石化学股份有限 公司股东会议事规则》等相关规定，特制定广东聚石化学股份有限公司（以下简称 "公司"）2025年第四次临时股东会会议须知： 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作人 员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次会议的严肃性和正常秩序，切实维护股东的合法权益，请出席 会议的股东或其代理人或其他出席者准时到达会场签到确认参会资格。在会议主持 人宣布现场出席会议的股东和代理人人数及所持有表决权的股份总数之前，会议登 记应当 ...

Core Insights - The competition between YingShi Innovation Technology Co., Ltd. and DJI has become a focal point for investors, with both companies competing in the fields of panoramic cameras, action cameras, and drones [1][2][3] - YingShi Innovation reported a significant revenue growth of over 90% year-on-year in Q3 2025, driven by increased consumer interest due to competitive pricing strategies in the market [1][3] Company Performance - YingShi Innovation achieved a revenue of 29.40 billion yuan in Q3 2025, reflecting a year-on-year growth of 92.64%, with an acceleration of over 30 percentage points compared to Q2 [3][4] - The company holds an 85.8% global market share in the panoramic camera sector, with 87.5% of its share coming from overseas markets and nearly 80% from domestic markets [3][4] Competitive Landscape - DJI has entered the panoramic camera market, increasing competition and putting price pressure on YingShi Innovation, which has established a leading position in this sector [3] - The current market dynamics show a "YingShi leading, DJI chasing" scenario, with YingShi holding a 75% global market share in Q3 2025, while DJI has a 17.1% share [3] Research and Development - YingShi Innovation has invested over 10 billion yuan in R&D in the first three quarters of 2025, with Q3 R&D expenses reaching 5.24 billion yuan, a year-on-year increase of 164.81% [4] - R&D expenditures account for 17.81% of the company's revenue, focusing on core areas such as panoramic imaging technology and AI algorithms, as well as strategic projects like custom chips [4] Strategic Outlook - The company aims to strengthen its technological barriers and enhance its competitive edge through increased R&D investment and innovation [4] - YingShi Innovation is committed to developing high-value products and services to meet market demands and improve its core competitiveness [4]

Group 1 - The company held its seventh board meeting on November 3, 2025, to discuss urgent matters, with all nine directors present and the meeting deemed legally valid [2][3]. - The board approved the extension of the validity period for the 2024 A-share issuance resolution by 12 months, now set to expire on December 22, 2026, to ensure the continuity and effectiveness of the issuance process [3][10]. - The independent directors reviewed and agreed with the proposal to extend the validity period, stating it would facilitate the smooth progress of the issuance work and comply with relevant regulations [4][12]. Group 2 - The company announced an additional temporary proposal for the fourth extraordinary shareholders' meeting scheduled for November 13, 2025, which includes the extension of the A-share issuance resolution [15][16]. - The proposal was submitted by the chairman, Chen Gang, and has been approved by the board, ensuring it will be presented at the upcoming shareholders' meeting [17][18]. - The meeting will also allow for network voting, with specific timeframes outlined for shareholders to participate [20][21].

证券代码：688669 证券简称：聚石化学 公告编号：2025-065 广东聚石化学股份有限公司 关于延长 2024 年度向特定对象发行 A 股股票 股东会决议有效期及授权有效期的公告 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 广东聚石化学股份有限公司（以下简称"公司"）于 2025 年 11 月 3 日召开第七 届董事会第六次会议，审议通过了《关于延长 2024 年度向特定对象发行 A 股股票 股东会决议有效期的议案》《关于提请股东会延长授权董事会全权办理本次向特 定对象发行股票相关事宜有效期的议案》，现将有关事项公告如下： 一、关于延长2024年度向特定对象发行A股股票股东会决议有效期及授权有效期 的情况 公司分别于 2024 年 12 月 5 日、2024 年 12 月 23 日召开第六届董事会第二 十五次会议、2024 年第四次临时股东大会，审议通过了《关于公司 2024 年度向 特定对象发行 A 股股票方案的议案》《关于提请公司股东大会授权公司董事会 全权办理本次向特定对象发行股票事宜的议案》等相关议案。根据 ...

证券代码：688669 证券简称：聚石化学 公告编号：2025-066 广东聚石化学股份有限公司 关于2025年第四次临时股东会增加临时提案的公告 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。 一、 股东会有关情况 1. 股东会的类型和届次： 2025年第四次临时股东会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688669 | 聚石化学 | 2025/11/7 | 二、 增加临时提案的情况说明 公司已于2025 年 10 月 29 日公告了股东会召开通知，单独或者合计持有 4.99%股份的股东陈钢，在2025 年 11 月 3 日提出临时提案并书面提交股东会召 集人。股东会召集人按照《上海证券交易所科创板上市公司自律监管指引第 1 号 — 规范运作》有关规定，现予以公告。 四、 增加临时提案后股东会的有关情况。 （一） 现场会议召开的日期、时间和地点 召开日期、时间：2025 年 11 月 13 日 14 点 30 分 召开地点：广东 ...

证券代码：688669 证券简称：聚石化学 公告编号：2025-064 广东聚石化学股份有限公司 第七届董事会第六次会议决议公告 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。 一、董事会会议召开情况 （二）审议通过《关于提请股东会延长授权董事会全权办理本次向特定对 象发行股票相关事宜有效期的议案》 广东聚石化学股份有限公司（以下简称"公司"）第七届董事会第六次会议 于 2025 年 11 月 3 日以现场结合通讯的方式召开。会议通知及相关材料于 2025 年 11 月 3 日以通讯形式送达公司全体董事。因情况紧急，召集人陈钢先生进行 了说明，全体董事一致同意豁免本次会议通知时限。本次会议应出席董事 9 人， 实际出席董事 9 人。会议由董事长陈钢先生主持，公司高级管理人员列席了本 次会议。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》《上 海证券交易所科创板股票上市规则》等相关法律法规、行政法规、规范性文件 和《广东聚石化学股份有限公司章程》的有关规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议由 ...

Core Viewpoint - A business war ignited by social media comments is unfolding between two tech giants in Shenzhen,影石创新 and 大疆, highlighting the competitive landscape in the consumer electronics sector [1][5]. Group 1: Market Dynamics - 大疆 captured 43% of the global market share in the panoramic camera sector within three months of launching its first product, indicating aggressive market penetration [3][9]. - The competition has intensified as both companies have shifted from a non-competing stance to a full-scale market battle, with影石 being the leader in panoramic cameras and 大疆 dominating the drone market [5][12]. - 大疆's price cuts on popular products have been interpreted as a strategy to eliminate competition, with significant price reductions on models like Osmo Pocket 3 and Action 4 [6][7]. Group 2: Financial Performance -影石 reported a revenue of 29.40 billion yuan in Q3 2025, a year-on-year increase of 92.64%, but its net profit declined by 15.90%, indicating a struggle with profitability despite revenue growth [10][11]. - For the first three quarters of 2025,影石's cumulative revenue reached 66.11 billion yuan, up 67.18% year-on-year, while net profit fell by 5.95% [10]. Group 3: Strategic Responses - 刘靖康's comments about 大疆's "monopoly" may serve to divert attention from影石's financial challenges and create a narrative for strategic expansion [11]. - Both companies are expanding into new markets, with 大疆 launching a robot vacuum and影石 increasing R&D investment, reflecting their need to grow beyond their current market positions [20][21]. - The competition is not just about products and pricing but has evolved into a battle for market influence and narrative control within the industry [21].