东威科技 2024 年年度股东大会法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 昆山东威科技股份有限公司 2024 年年度股东大会法律意见书 致：昆山东威科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受昆山东威科技股份有限 公司（以下简称"公司"）委托，指派律师现场见证公司 2024 年年度股东大会 （以下简称"本次股东大会"），并依据《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》"）、 中国证券监督管理委员会（以下简称"中国证监会"）发布的《上市公司股东会 规则》（以下简称"《股东会规则》"）、《上市公司治理准则》（以下简称"《治 理准则》"）和上海证券交易所发布的《上海证券交易所科创板股票上市规则》 （以下简称"《上市规则》"）等法律、行政法规、规范性文件及现行有效的《昆 山东威科技股份有限公司章程》（以下简称"《公司章程》"）、《昆山东威科 技股份有限公司股东大会议事规则》（以下简称"《股东大会议事规则》"）的 规定，就本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、会 议的表决程序、表决结果等事宜出 ...

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 assigns a rating of "Accumulate" to the company, down from a previous "Buy" rating [1][4][6]. Core Views - The company's performance in 2024 was under pressure, with a revenue of 750 million RMB, a year-on-year decrease of 17.51%, and a net profit of 69 million RMB, down 54.25% year-on-year. However, the first quarter of 2025 showed signs of recovery with a revenue of 211 million RMB, up 7.08% year-on-year, although net profit still declined by 45.11% [4][9]. - The report highlights that the company's recent performance has been impacted by lower-than-expected demand for equipment in the downstream new energy sector. Future performance is expected to improve with a recovery in the PCB industry and breakthroughs in new products [4][9]. Financial Summary - For 2024, the company reported a revenue of 750 million RMB, with a significant decline in net profit to 69 million RMB. The gross margin decreased to 33.50%, down 8.22 percentage points year-on-year [10]. - The first quarter of 2025 showed a revenue of 211 million RMB, with a net profit of 17 million RMB. The gross margin for this quarter was 29.80%, down 9.31 percentage points year-on-year [11]. - The revenue projections for 2025-2027 are 995 million RMB, 1.174 billion RMB, and 1.299 billion RMB, respectively, with net profits expected to be 153 million RMB, 188 million RMB, and 237 million RMB [6][8]. Product Development and Market Position - The company is focusing on continuous product innovation, particularly in the PCB sector, with new products aimed at high-end semiconductor packaging and other applications. This includes the introduction of a horizontal TGV plating line and copper-plating equipment for photovoltaic applications [9][10]. - The report emphasizes that the successful development of new products will open up greater growth opportunities for the company [9].

Group 1 - The company, Kunshan Dongwei Technology Co., Ltd., announced the 2024 annual shareholders' meeting scheduled for May 16, 2025, at 13:30, which will utilize both on-site and online voting methods [1][4] - To enhance service for small and medium investors, the company will employ Shanghai Stock Exchange Information Co., Ltd. to provide a shareholder meeting reminder service, sending intelligent SMS notifications to remind shareholders to participate and vote [2] - Investors can vote directly through the provided link in the SMS or use existing trading and internet voting platforms in case of congestion [2]

昆山东威科技股份有限公司 2024 年年度股东大会会议材料 证券代码：688700 证券简称：东威科技 昆山东威科技股份有限公司 2024年年度股东大会会议资料 2 0 2 5年 5月 昆山东威科技股份有限公司 2024 年年度股东大会会议材料 目 录 | 2024 年年度股东大会会议须知 | 1 | | --- | --- | | 2024 年年度股东大会会议议程 | 3 | | 2024 年年度股东大会会议议案 | 5 | | 1、关于公司 2024 年度董事会工作报告的议案 5 | | | 2、关于公司 2024 年度监事会工作报告的议案 11 | | | 3、关于公司 2024 年度独立董事述职报告的议案 | 15 | | 4、关于公司 2024 年年度报告全文及摘要的议案 | 31 | | 5、关于公司 2024 年年度利润分配方案的议案 32 | | | 6、关于公司 2024 年度财务决算报告的议案 | 33 | | 7、关于公司 2025 年度董事薪酬方案的议案 | 40 | | 8、关于公司 2025 年度监事薪酬方案的议案 | 41 | | 9、关于公司 2025 年度高级管理人员薪酬方案 ...

关于股东大会开设网络投票提示服务的公告 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。 昆山东威科技股份有限公司（以下简称"公司"）于2025年4月26日披露了 关于召开2024年年度股东大会的通知，公司拟于2025年5月16日13:30召开2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表决方式，具体内 容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《关于召开2024 年年度股东大会的通知》（公告编号：2025-026）。 证券代码：688700 证券简称：东威科技 公告编号：2025-029 昆山东威科技股份有限公司 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"） 提 供的股东大会提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记 日的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀 请、议案情况等信息。投资者在收到智能短信后，可根据《上 市 公 司 股 东 会 网 ...

国投证券股份有限公司 关于昆山东威科技股份有限公司 首次公开发行股票并在科创板上市之持续督导保荐总结报告书 2021 年 6 月 15 日，昆山东威科技股份有限公司（以下简称"东威科技""公 司"或"发行人"）在上海证券交易所科创板上市。国投证券股份有限公司（以 下简称"国投证券"或"保荐机构"，曾用名为"安信证券股份有限公司"）作为 东威科技科创板上市的保荐机构，负责东威科技上市后的持续督导工作，持续督 导期为 2021 年 6 月 15 日至 2024 年 12 月 31 日。截至 2024 年 12 月 31 日，东威 科技首次公开发行股票并在科创板上市的持续督导期限己满，公司首次公开发行 股票募集资金已使用完毕。 2、保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项 进行的任何质询和调查。 3、保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》的有关规定采取的监管措施。 | 保荐机构名称 | 国投证券股份有限公司 | | --- | --- | | 注册地址 | 深圳市福田区福田街道福华一路 119 号安信金融大厦 | | 主要办公地址 | 上海市虹口区杨树浦路 ...

Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report indicates that the company's performance is under short-term pressure, but there is optimism regarding the ramp-up of PCB equipment and composite copper foil equipment [1] - The company has experienced a decline in revenue and net profit, primarily due to the impact of new energy electroplating equipment [7] - The report highlights the company's strong growth potential in the PCB electroplating and new energy electroplating equipment sectors, with successful product breakthroughs and increased technical capabilities [7] Financial Summary - Total revenue for 2023 was 909.23 million, projected to decline to 750 million in 2024, before rebounding to 964.39 million in 2025, representing a year-on-year growth of 28.59% [1][8] - The net profit attributable to the parent company is expected to drop from 151.43 million in 2023 to 69.27 million in 2024, but is forecasted to recover to 147.05 million in 2025, reflecting a significant year-on-year increase of 112.28% [1][8] - The report projects a dynamic P/E ratio of 69 for 2025, decreasing to 44.95 by 2027, indicating a favorable valuation outlook as earnings improve [1][8] Operational Insights - The company's PCB electroplating business saw a revenue increase of 37.7% year-on-year, contributing 65% to total revenue in Q1 2025 [7] - The report notes a significant increase in contract liabilities and inventory, with contract liabilities growing by 148.3% year-on-year as of Q1 2025, indicating strong demand and pre-sales activity [7] - The company is the only one globally to achieve large-scale production of new energy lithium electroplating film equipment, showcasing its competitive edge in the market [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The PCB industry is showing signs of recovery, with the company's VCP business improving and new products expected to contribute to growth. The composite conductive fluid industrialization is gradually advancing, and the company, as a leading player, is likely to benefit significantly [2][11]. Financial Performance Summary - In 2024, the company achieved revenue of 750 million yuan, a year-on-year decrease of 17.51%. The net profit attributable to the parent company was 69 million yuan, down 54.25%. In Q4 2024, revenue was 170 million yuan, a decline of 4.54%, with a net profit of 1 million yuan, down 62.99%. In Q1 2025, revenue was 211 million yuan, an increase of 7.08%, while net profit was 17 million yuan, down 45.11% [6][11]. Business Development Summary - The company is deepening its strategic partnerships with downstream customers and maintaining a leading market share in the domestic vertical continuous plating equipment market. In 2024, the order amount for PCB equipment reached a historical high, and the company is expanding its global market presence by establishing a production base in Thailand [11]. - The industrialization of composite conductive fluids is progressing, with composite aluminum foil already in application and market orders being converted. The company is the only global entity to achieve large-scale production of composite copper foil equipment, with significant first-mover advantages [11]. - The company is a pioneer in the photovoltaic copper plating field, actively exploring copper substitution for silver technology and has completed the shipment of third-generation photovoltaic copper plating equipment [11]. Profit Forecast - The company is expected to achieve net profits of 167 million yuan and 260 million yuan in 2025 and 2026, respectively, corresponding to PE ratios of 58 and 37 times [11].