上海市锦天城律师事务所 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于上海艾为电子技术股份有限公司 2025 年第二次临时股东大会 的 法律意见书 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海艾为电子技术股份有限公司 2025 年第二次 临时股东大会的法律意见书 致：上海艾为电子技术股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海艾为电子技术股份 有限公司（以下简称"公司"）委托，就公司召开 2025 年第二次临时股东大会 （以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以 下简称《公司法》）、《上市公司股东会规则》等法律、法规、规章和其他规范 性文件以及《上海艾为电子技术股份有限公司章程》（以下简称《公司章程》） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意 见书出具日以前已经发生或者 ...

Core Insights - The company has successfully achieved mass production of its self-developed ultra-low power high-voltage 180Vpp piezoelectric micro-pump liquid cooling drive product [1] - This product is applicable in various fields including AR/VR headsets, smartphones, and PCs [1] - The technology utilizes high voltage 180Vpp and mid-low frequency vibrations (10-5000Hz) to drive cooling media within microchannels, resulting in low power consumption, compact size, high back pressure flow, and silent cooling [1]

Core Viewpoint - Aiwai Electronics (688798.SH) has provided detailed disclosures regarding its sales model, distributor cooperation, and inventory management in response to an inquiry about its convertible bond issuance, highlighting concerns over gross margin differences and distributor stability [1][3]. Sales Model - The company primarily relies on a distribution channel, with distributor revenue accounting for over 80% of total revenue from 2022 to September 2025, while direct sales represent less than 20% [1]. - The distribution model allows for broader coverage of end customers and product variety, whereas direct sales focus on leading domestic and international consumer electronics clients [1]. Gross Margin - Gross margins for direct sales are slightly higher than those for the distribution model due to the higher performance, reliability, and customization demands from top-tier consumer electronics companies [3]. - The gross margin structure is similar to that of peers in the analog chip industry, such as Shengbang and SIRUI [3]. Distributor Stability - The company reported that major distributors have remained relatively stable, with core distributors contributing over 49% of total distributor revenue during the reporting period [3]. - The distributors are well-known professional distributors in the industry and are not related to the company [3]. - The company plans to maintain distributor stability through channel management, credit control, and collaborative efforts to develop end customers [3]. Inventory Management - Changes in distributor inventory levels are closely tied to industry cycles, with a general trend of destocking observed in 2023 [3]. - As demand is expected to recover in 2024 and 2025, there is an anticipated reasonable replenishment of distributor inventory [3]. - The company believes that inventory fluctuations align with the trend of business scale expansion and does not see any abnormal accumulation risks [3]. Operational Strategy - Aiwai Electronics emphasizes the need for refined operations in the use of funds from the convertible bonds, channel management, and inventory control to enhance its anti-cyclical capabilities [4]. - The inquiry response has clarified market concerns regarding gross margin differences in sales models and distributor stability, but ongoing observation of industry conditions and order fulfillment is necessary for assessing operational performance [4].

Core Viewpoint - The company disclosed key operational details regarding its sales model, distributor cooperation, and inventory management in response to regulatory inquiries about its convertible bond issuance, highlighting the differences in gross margins across sales models and the stability of its distributor relationships [1][2]. Sales Model - The company primarily relies on a distribution model, with distributor revenue accounting for over 80% from 2022 to September 2025, while direct sales contribute less than 20% [1]. - Gross margins differ between sales models, with direct sales having slightly higher margins due to higher pricing from leading consumer electronics companies, while the distribution model offers a wider range of products and a broader customer base, aligning more closely with the overall gross margin of the company [1]. Distributor Cooperation - The company maintained stable relationships with its main distributors during the reporting period, with revenue from major distributors consistently accounting for over 49% of total distributor revenue from 2022 to September 2025 [2]. - The main distributors are well-known professional distributors in the industry, with no related party transactions or other interest arrangements with the company [2]. Inventory Management - Inventory reduction aligns closely with industry cycles, with an overall upward trend in sales volume to major distributors as the business scales, matching revenue changes [2]. - In 2023, the industry is in a destocking phase, leading to a decrease in end-of-period inventory levels for major distributors; a reasonable rebound in inventory levels is expected in 2024 and the first nine months of 2025, with low ratios of end-of-period inventory to procurement and no issues of unsold or excess inventory [2].

Core Viewpoint - Shanghai Aiwei Electronics Technology Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing convertible bonds to unspecified objects, indicating the initiation of the review process [1][2]. Group 1 - The company’s board guarantees that the announcement contains no false records, misleading statements, or significant omissions, and assumes legal responsibility for its authenticity, accuracy, and completeness [1]. - The inquiry letter from the Shanghai Stock Exchange includes first-round inquiry questions regarding the company's application for issuing convertible bonds [1][2]. - The company, in response to the inquiry letter, has conducted thorough research and addressed the questions raised, with the detailed response disclosed on the Shanghai Stock Exchange's website [2]. Group 2 - The issuance of convertible bonds is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval process and timeline [2]. - The company commits to timely information disclosure based on the progress of the matter, urging investors to pay attention to investment risks [2].

证券代码：688798 证券简称：艾为电子 上海艾为电子技术股份有限公司 Shanghai Awinic Technology Co.,Ltd. （上海市闵行区秀文路 908 弄 2 号 1201 室） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐人（主承销商） 二〇二五年十一月 1-1-0 上海艾为电子技术股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 上海艾为电子技术股份有限公司 向不特定对象发行可转换公司债券募集说明书 重大事项提示 公司特别提示投资者对下列重大事项给予充分关注，并认真阅读本募集说明 书正文内容。 一、 ...

立信会计师事务所(特殊普通合伙〉 关于上海艾为电子技术股份有限公司向不特定对象 发行可转换公司债券申请文件的 审核问询函的回复 信会师函字 025] A589 上海证券交易所 贵所于 2025 10 27 日下发了《关于上海艾为电子技术股份有限公司向 不特定 象发行可转换公司债券申请文件 审核问询函)) (上证科审 再融资) (2025 ) 142 ，以下简称 ((问询函)) ") ，我们根据《审核 问询 函》的相关要 求， 结合申报财务报表审计工作，对《 问询 函》 要求发行人申 会计 核查 并发表意见的相关事项进项了核查 具体回复 后。 关于回复 内容释义、格式及补充更新披露等事项的说明: 、如无特殊说明， 本回复中使用的简称或名 词释义与《上海艾为电子技术 股份有限公司向不特定对象发行可转换公司债券募集说明书(申报稿))) (以下 简称 募集说明书 )一致 本回复中若出现总计数尾数与所 数值总和尾数不符的情况 均为四舍 五入所致 本回复 字体 以下含义 | 问询函所列问题 | 黑体(不加粗) | | --- | --- | | 询函所列问题的回复 | 体(不加粗〉 | | 引用原募集说明书所列内容 | ...

上海市锦天城律师事务所 关于上海艾为电子技术股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（一） | 声明事项 | | 2 | | --- | --- | --- | | 释 | 义 | 5 | | 正 | 文 | 6 | | 一、《审核问询函》第 | | 4.2 题 6 | | 二、《审核问询函》第 | | 题 4.3 8 | 上海市锦天城律师事务所 补充法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于上海艾为电子技术股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（一） 致：上海艾为电子技术股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海艾为电子技术股份 有限公司（以下简称"发行人"或"公司"或"艾为电子"）的委托，并根据发 行人与本所签订的《专项法律顾问聘请合同》，作为发行人向不特定对象发行可 转换公司债券（以下简称"本次发行可转债"或"本次发行"）的特聘专项法律 顾问。 本所根据《中华人民共和国证券法》（以下 ...

关于上海艾为电子技术股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函回复 保荐机构（主承销商） （北京市朝阳区安立路66号4号楼） 二〇二五年十一月 上海证券交易所： 根据贵所于 2025 年 10 月 27 日出具的上证科审（再融资）〔2025〕142 号 《关于上海艾为电子技术股份有限公司向不特定对象发行可转换公司债券申请 文件的审核问询函》（以下简称"问询函"）的要求，中信建投证券股份有限 公司（以下简称"中信建投证券"或"保荐机构"）作为上海艾为电子技术股 份有限公司（以下简称"艾为电子"、"发行人"或"公司"）本次向不特定 对象发行可转换公司债券的保荐机构（主承销商），会同发行人及发行人律师 上海市锦天城律师事务所（以下简称"锦天城"、"发行人律师"）和申报会 计师立信会计师事务所（特殊普通合伙）（以下简称"立信会计师"、"申报 会计师"）等相关各方，本着勤勉尽责、诚实守信的原则，就问询函所提问题 逐项进行认真讨论、核查与落实，并逐项进行了回复说明。具体回复内容附后。 关于回复内容释义、格式及补充更新披露等事项的说明： 1、如无特殊说明，本回复中使用的简称或名词释义与《上海艾为电子 ...

证券代码：688798 证券简称：艾为电子 公告编号：2025-055 上海艾为电子技术股份有限公司 关于向不特定对象发行可转换公司债券申请文件 审核问询函回复的提示性公告 特此公告。 上海艾为电子技术股份有限公司董事会 2025 年 11 月 14 日 上海艾为电子技术股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日 收到上海证券交易所（以下简称"上交所"）出具的《关于上海艾为电子技术股份有 限公司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证科审（再 融资）〔2025〕142 号）（以下简称"《审核问询函》"），上交所审核机构对公司向 不特定对象发行可转换公司债券申请文件进行了审核，并形成了首轮问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 提出的问题进行了认真研究和逐项落实，现根据相关要求对《审核问询函》回复 进行公开披露，具体内容详见公司同日在上交所网站（www.see.com.cn）上披露的 《关于上海艾为电子技术股份有限公司向不特定对象发行可转换公司债券申请文 件的审核问询函回复》等相关文件。 公司本次向不特定对象发行可转换公司债券事 ...